Document:

EXHIBIT 10.1

EXHIBIT 10.1

FIRST AMENDMENT

TO THE

MANAGEMENT AGREEMENT

          THIS FIRST
AMENDMENT to the Management Agreement, dated as of November 1, 1999 (the
“Agreement”), by and between LASER Mortgage Management, Inc. (the
“Company”) and Mariner Mortgage Management, L.L.C., a Delaware limited
liability company, is made as of November 1, 2000. Capitalized terms used but
not defined herein shall have the meanings set forth in the Agreement. 

          
WHEREAS, pursuant to Section 12 of the Agreement the Company and Mariner desire
to amend the Agreement;

           NOW
THEREFORE, in consideration of the mutual covenants contained herein, the
parties hereto hereby agree as follows:

           1.
     Term.

            
      (a)    Section 2 of the
Agreement is hereby amended by replacing the phrase "November 1, 2000" with the
phrase "November 1, 2001".

            
      (b)    Section 2 of the
Agreement is hereby amended by replacing the clause "provided, however, the
Company may terminate this Agreement without cause and without penalty (but
subject to paying fees upon termination as provided herein) at any time during
the Term upon 30 days' prior written notice to Mariner" with the clause
"provided, however, the Company or Mariner may terminate this Agreement without
cause and without penalty (but subject to paying fees upon termination as
provided herein) at any time during the Term upon 30 days' prior written notice
to Mariner with respect to a termination by the Company and upon 90 days' prior
written notice to the Company with respect to a termination by Mariner (unless
the Company shall agree in writing to shorten the period)".

          2.   
  Compensation.

            
      (a)    Section 3(a)(i) of
the Agreement is hereby amended and restated in its entirety as follows:

          “(i) a base
fee (the “Base Fee”) payable in cash, in arrears, on the first
business day of each month (the “Base Fee Payment Date”),
appropriately prorated for any partial periods, equal to fifty thousand dollars
($50,000); and” 

            
      (b)    Section 3(a)(ii) of
the Agreement is hereby amended and restated in its entirety as
follows:

           "(ii) an
incentive fee (the "Incentive Compensation" or "IC") payable in cash according
to the following formula:

	 	IC = (.10 * VA) + (.15 * VA1) + (.20 * VA2);

A = ACP + CD;

	 	
ACP
= the average closing price of the Company’s Common Stock for the 15 days
preceding the Anniversary Date (except as provided in paragraph (e) of this
section);

	 	
CD
= the aggregate amount of distributions per share (other than distributions of
the Company’s Common Stock) made to stockholders by the Company during the
period between November 1, 2000 and November 1, 2001;

	 	 S = the number of shares of the Company's Common
Stock outstanding at the Anniversary Date;

if A is equal to or less than 3.317, then VA=0, VA1=0 and VA2=0;

	 	
if
A is greater than 3.317 and equal to or less than 3.50, then VA=S*(A-3.317); if
A is greater than 3.50, then VA=S*(3.50-3.317);

	 	
if A is greater than 3.50 and equal to or less than 4.00, then VA1=S*(A-3.50); if A
is greater than 4.00, t hen VA1=S*(4.00-3.50); and

if A is greater than 4.00, then VA2=S*(A-4.00).

	 	
If the Company pays a dividend or declares a distribution in shares of Common
Stock, subdivides its outstanding shares of Common Stock, combines its
outstanding shares into a smaller number of shares, issues by reclassification
or reorganization other securities of the Company to holders of shares generally
or effects a similar transaction, then the Board of Directors of the Company
shall cause an adjustment to be made to all of the elements of the formula used
to calculate Incentive Compensation so that Mariner shall be entitled to receive
the equivalent amount of cash compensation which Mariner would have been
entitled to receive in the absence of any such event. An adjustment made
pursuant hereto shall become effective immediately after the effective date of
such event, retroactive to the record date, if any, for such event, and prompt
notice thereof shall be given to Mariner. The parties hereto agree to negotiate
in good faith in connection with making additional adjustments that they deem
equitable to prevent dilution or enlargement of the benefits intended to be
granted to Mariner by this paragraph, including, but not limited to, in the
event the Company effectuates its stock repurchase program or a similar
transaction, after the effective date of this Agreement.”

            
      (c)    Section 3(d) of the
Agreement is hereby deleted in its entirety, and Mariner hereby waives any and
all rights arising in connection with Section 3(d) of the Agreement.

           3.   
 Notices. Section 13 of the Agreement is hereby amended by replacing the
phrase "Frederick N. Khedouri, Bear Stears & Co. Inc., 245 Park Avenue, New
York, New York 10167, facsimile 212-272-2295" with the phrase "Mr. William J.
Michaelcheck, c/o Mariner Mortgage Management, L.L.C., 65 East 55
th Street, New York, New York 10022".

 [Signature Page Follows]

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

	 	
LASER MORTGAGE MANAGEMENT, INC.

By:/s/ William J. Michaelcheck      
            

Name: William J. Michaelcheck

Title: President and Director

MARINER MORTGAGE MANAGEMENT,

L.L.C.

By:/s/ William J. Michaelcheck      
            

Name: William J. Michaelcheck

Title: ChairmanExhibit 4.7

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

                                    CONAGRA, INC.

                                       AND

                          FIRST TRUST NATIONAL ASSOCIATION,
                                     Trustee

                             Subordinated Indenture

                           Dated as of March 10, 1994

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

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

          CROSS REFERENCE SHEET

                             Subordinated Indenture

                              Dated March 10, 1994

<PAGE>
                                     Between

                                    CONAGRA, INC.

                                       and

                        FIRST TRUST NATIONAL ASSOCIATION

                    Provisions of Trust Indenture Act of 1939 and

          Subordinated Indenture to be dated as of March 10, 1994 between
          CONAGRA, INC. and FIRST TRUST NATIONAL ASSOCIATION, Trustee:
          Section of the Act                 Section of Indenture
          310(a)(1) and (2)................  6.9
          310(a)(3) and (4)................  Inapplicable
          310(a)(5)........................  6.9
          310(b)...........................  6.8 and 6.10(a), (b) and (d)
          310(c)...........................  Inapplicable
          311(a)...........................  6.13(a) and (c)(l) and (2)
          311(b)...........................  6.13(b)
          311(c)...........................  Inapplicable
          312(a)...........................  4.1 and 4.2(a)
          312(b)...........................  4.2(a) and (b)(i) and (ii)
          312(c)...........................  4.2(c)
          313(a)...........................  4.4(a)(i), (ii), (iii), (iv),
                                               (v) and (vi)
          313(b)(1)........................  Inapplicable
          313(b)(2)........................  4.4
          313(c)...........................  4.4
          313(d)...........................  4.4
          314(a)...........................  4.3
          314(b)...........................  Inapplicable
          314(c)(1) and (2)................  11.5
          314(c)(3)........................  Inapplicable
          314(d)...........................  Inapplicable
          314(e)...........................  11.5
          314(f)...........................  Inapplicable
          315(a), (c) and (d)..............  6.1
          315(b)...........................  5.11
          315(e)...........................  5.12
          316(a)(1)........................  5.9, 5.10
          316(a)(2)........................  Not required
          316(a) (last sentence)...........  7.4
          316(b)...........................  5.7
          317(a)...........................  5.2
          317(b)...........................  3.4(a) and (b)
          318(a)...........................  11.7

          *This Cross Reference Sheet is not part of the Indenture.

<PAGE>

                                TABLE OF CONTENTS

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

                                                                  Page

          PARTIES..............................................    1

          RECITALS

               Authorization of Subordinated Indenture.........    1
               Compliance with Legal Requirements..............    1
               Purpose of and Consideration for Indenture......    1

                                   ARTICLE ONE

                                   DEFINITIONS

          SECTION 1.1.   Certain Terms Defined.................    1
                         Authorized Newspaper..................    2
                         Board of Directors....................    2
                         Board Resolution......................    2
                         Business Day..........................    2
                         Commission............................    2
                         Composite Rate........................   2-3
                         Consolidated Subsidiaries.............    3
                         Corporate Trust Office................    3
                         Coupon................................    3
                         Depositary............................    3
                         Dollar................................    3
                         ECU...................................    3
                         Event of Default......................    3
                         Foreign Currency......................    3
                         Holder, Holder of Securities,
                           Securityholder......................    4
                         Indebtedness..........................    4
                         Indenture.............................    4
                         Interest..............................    4
                         Issuer................................    4
                         Issuer Order..........................    4
                         Officers' Certificate.................    4
                         Opinion of Counsel....................    5
                         Original Issue Date...................    5
                         Original Issue Discount Security......    5
                         Outstanding...........................   5-6
                         Person................................    6
                         Principal.............................    6
                         Registered Global Security............    6
                         Registered Security...................    6
                         Responsible Officer...................    6
                         Security or Securities................    6
                         Senior Indebtedness...................   6-7
                         Subsidiary............................    7
                         Trust Indenture Act of 1939...........    7
                         Trustee...............................    7
                         Unregistered Security.................    7
                         U.S. Government Obligations...........    7
                         Vice President........................    7
                         Yield to Maturity.....................    7

                                   ARTICLE TWO

                                   SECURITIES

          SECTION 2.1.   Forms Generally.......................   7-8
          SECTION 2.2.   Form of Trustee's Certificate
                           of Authentication...................    8
          SECTION 2.3.   Amount Unlimited; Issuable in Series..   8-12
          SECTION 2.4.   Authentication and Delivery of
                           Securities..........................  12-14
          SECTION 2.5.   Execution of Securities...............  14-15
          SECTION 2.6.   Certificate of Authentication.........    15
          SECTION 2.7.   Denomination and Date of
                           Securities; Payments of Interest....  15-16
          SECTION 2.8.   Registration, Transfer and Exchange...  16-20
          SECTION 2.9.   Mutilated, Defaced, Destroyed, Lost
                           and Stolen Securities...............  20-21
          SECTION 2.10.  Cancellation of Securities;
                           Destruction Thereof.................  21-22
          SECTION 2.11.  Temporary Securities..................  22-23

                                  ARTICLE THREE

                             COVENANTS OF THE ISSUER

          SECTION 3.1.   Payment of Principal and Interest.....   23
          SECTION 3.2.   Offices for Payments, etc.............  23-24
          SECTION 3.3.   Appointment to Fill a Vacancy in
                           Office of Trustee...................   24
          SECTION 3.4.   Paying Agents.........................  25-26
          SECTION 3.5.   Written Statement to Trustee..........   26
          SECTION 3.6.   Luxembourg Publications...............   26

                                  ARTICLE FOUR

                       SECURITYHOLDERS LISTS AND REPORTS BY THE
                             ISSUER AND THE TRUSTEE

          SECTION 4.1.   Issuer to Furnish Trustee Information
                           as to Names and Addresses of
                           Securityholders.....................  26-27
          SECTION 4.2.   Preservation and Disclosure of
                           Securityholders Lists...............  27-28
          SECTION 4.3.   Reports by the Issuer.................   28
          SECTION 4.4.   Reports by the Trustee................  29-31

                                  ARTICLE FIVE

                     REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS
                               ON EVENT OF DEFAULT

          SECTION 5.1.   Event of Default Defined; Acceleration
                           of Maturity; Waiver of Default......  32-34
          SECTION 5.2.   Collection of Indebtedness by Trustee;
                           Trustee May Prove Debt..............  35-37
          SECTION 5.3.   Application of Proceeds...............  37-38
          SECTION 5.4.   Suits for Enforcement.................    38
          SECTION 5.5.   Restoration of Rights on Abandonment
                           of Proceedings......................  38-39
          SECTION 5.6.   Limitations on Suits by
                           Securityholders.....................    39
          SECTION 5.7.   Unconditional Right of
                           Securityholders to Institute
                           Certain Suits.......................    39
          SECTION 5.8.   Powers and Remedies Cumulative;
                           Delay or Omission Not Waiver of
                           Default.............................    40
          SECTION 5.9.   Control by Holders of Securities......  40-41
          SECTION 5.10.  Waiver of Past Defaults...............    41
          SECTION 5.11.  Trustee to Give Notice of Default,
                           But May Withhold in Certain
                           Circumstances.......................  41-42
          SECTION 5.12.  Right of Court to Require Filing
                           of Undertaking to Pay Costs.........    42

                                   ARTICLE SIX

                             CONCERNING THE TRUSTEE

          SECTION 6.1.   Duties and Responsibilities of the
                           Trustee; During Default; Prior to
                           Default.............................  42-44
          SECTION 6.2.   Certain Rights of the Trustee.........  44-45
          SECTION 6.3.   Trustee Not Responsible for Recitals,
                           Disposition of Securities or
                           Application of Proceeds Thereof.....    45
          SECTION 6.4.   Trustee and Agents May Hold
                           Securities or Coupons;
                           Collections, etc....................    45
          SECTION 6.5.   Moneys Held by Trustee................    45
          SECTION 6.6.   Compensation and Indemnification
                           of Trustee and Its Prior Claim......  45-46
          SECTION 6.7.   Right of Trustee to Rely on
                           Officers' Certificate, etc..........    46
          SECTION 6.8.   Qualification of Trustee;
                           Conflicting Interests...............  47-54
          SECTION 6.9.   Persons Eligible for Appointment
                           as Trustee..........................    54
          SECTION 6.10.  Resignation and Removal; Appointment
                           of Successor Trustee................  54-56
          SECTION 6.11.  Acceptance of Appointment by
                           Successor Trustee...................  56-57
          SECTION 6.12.  Merger, Conversion, Consolidation or
                           Succession to Business of Trustee...  57-58
          SECTION 6.13.  Preferential Collection of Claims
                           Against the Issuer..................  58-62

                                  ARTICLE SEVEN

                         CONCERNING THE SECURITYHOLDERS

          SECTION 7.1.   Evidence of Action Taken by
                           Securityholders.....................  62-63
          SECTION 7.2.   Proof of Execution of Instruments and
                           of Holding of Securities............  63-64
          SECTION 7.3.   Holders to be Treated as Owners.......    64
          SECTION 7.4.   Securities Owned by Issuer Deemed Not
                           Outstanding.........................  64-65
          SECTION 7.5.   Right of Revocation of Action Taken...    65

                                  ARTICLE EIGHT

                             SUPPLEMENTAL INDENTURES

          SECTION 8.1.   Supplemental Indentures Without
                           Consent of Securityholders..........  65-67
          SECTION 8.2.   Supplemental Indentures With Consent
                           of Securityholders..................  67-68
          SECTION 8.3.   Effect of Supplemental Indenture......    69
          SECTION 8.4.   Documents to Be Given to Trustee......    69
          SECTION 8.5.   Notation on Securities in Respect of
                           Supplemental Indentures.............    69
          SECTION 8.6.   Subordination Unimpaired..............    69

                                  ARTICLE NINE

                      CONSOLIDATION, MERGER, SALE OR CONVEYANCE

          SECTION 9.1.   Issuer May Consolidate, etc., on
                           Certain Terms.......................   69-70
          SECTION 9.2.   Successor Issuer Substituted..........    70
          SECTION 9.3.   Opinion of Counsel Delivered to Trustee. 70-71

                                   ARTICLE TEN

                       SATISFACTION AND DISCHARGE OF INDENTURE;
                                UNCLAIMED MONEYS

          SECTION 10.1.  Satisfaction and Discharge of
                           Indenture...........................  71-74
          SECTION 10.2.  Application by Trustee of Funds
                           Deposited for Payment of Securities.  74-75
          SECTION 10.3.  Repayment of Moneys Held by Paying
                           Agent...............................    75
          SECTION 10.4.  Return of Moneys Held By Trustee and
                           Paying Agent Unclaimed for Two
                           Years...............................    75
          SECTION 10.5.  Indemnity For U.S. Government
                           Obligations.........................    75

                                 ARTICLE ELEVEN

                            MISCELLANEOUS PROVISIONS

          SECTION 11.1.  Incorporators, Stockholders, Officers
                           and Directors of Issuer Exempt from
                           Individual Liability................    76
          SECTION 11.2.  Provisions of Indenture for the Sole
                           Benefit of Parties and Holders of
                           Securities and Coupons..............    76
          SECTION 11.3.  Successors and Assigns of Issuer
                           Bound by Indenture..................    76
          SECTION 11.4.  Notices and Demands on Issuer,
                           Trustee and Holders of Securities
                           and Coupons.........................  76-77
          SECTION 11.5.  Officers' Certificates and Opinions
                           of Counsel; Statements to Be Con-
                           tained Therein......................  77-78
          SECTION 11.6.  Payments Due on Saturdays, Sundays
                           and Holidays........................    78
          SECTION 11.7.  Conflict of Any Provision of
                           Indenture with Trust Indenture
                           Act of 1939.........................  78-79
          SECTION 11.8.  New York Law to Govern................    79
          SECTION 11.9.  Counterparts..........................    79
          SECTION 11.10. Effect of Headings....................    79
          SECTION 11.11. Securities in a Foreign Currency
                           or in ECU...........................  79-80
          SECTION 11.12. Judgment Currency.....................    80

                                 ARTICLE TWELVE

                      REDEMPTION OF SECURITIES AND SINKING FUNDS

          SECTION 12.1.  Applicability of Article..............    80
          SECTION 12.2.  Election to Redeem; Notice of Redemption;
                           Partial Redemptions.................   81-82
          SECTION.12.3.  Payment of Securities Called for
                           Redemption..........................   82-83
          SECTION 12.4.  Exclusion of Certain Securities from
                           Eligibility for Selection for
                           Redemption..........................    84
          SECTION 12.5.  Mandatory and Optional Sinking
                           Funds...............................   84-86

                                ARTICLE THIRTEEN

                                  SUBORDINATION

          SECTION 13.1.  Securities and Coupons Subordinated to
                           Senior Indebtedness.................  86-89
          SECTION 13.2.  Disputes with Holders of Certain
                           Senior Indebtedness.................    89
          SECTION 13.3.  Subrogation...........................    89
          SECTION 13.4.  Obligation of Issuer Unconditional....    90
          SECTION 13.5.  Payments on Securities and Coupons
                           Permitted...........................    90
          SECTION 13.6.  Effectuation of Subordination by
                           Trustee.............................    90
          SECTION 13.7.  Knowledge of Trustee..................  90-91
          SECTION 13.8.  Trustee May Hold Senior Indebtedness..    91
          SECTION 13.9.  Rights of Holders of Senior
                           Indebtedness Not Impaired...........    91
          SECTION 13.10. Article Applicable to Paying Agents...    91
          SECTION 13.11. Trustee; Compensation Not Prejudiced..    92

          TESTIMONIUM..........................................    92
          SIGNATURES...........................................    92

<PAGE>

                    THIS  SUBORDINATED  INDENTURE,  dated as of March  10,  1994
          between  CONAGRA,  INC., a Delaware  corporation  (the "Issuer"),  and
          FIRST TRUST NATIONAL ASSOCIATION,  a national banking corporation (the
          "Trustee"),

                                W I T N E S S E T H :

                    WHEREAS,  the Issuer has duly authorized the issue from time
          to time of its  unsecured  subordinated  debentures,  notes  or  other
          evidences  of  indebtedness  to be issued in one or more  series  (the
          "Securities")  up to such principal amount or amounts as may from time
          to time be authorized in accordance with the terms of this Indenture;

                    WHEREAS,  the Issuer has duly  authorized  the execution and
          delivery of this  Indenture to provide,  among other  things,  for the
          authentication, delivery and administration of the Securities; and

                    WHEREAS, all things necessary to make this Indenture a valid
          indenture and agreement according to its terms have been done;

                    NOW, THEREFORE:

                    In  consideration  of the premises and the  purchases of the
          Securities by the holders thereof, the Issuer and the Trustee mutually
          covenant  and agree for the equal  and  proportionate  benefit  of the
          respective  holders  from  time to time of the  Securities  and of the
          Coupons, if any, appertaining thereto as follows:

                                   ARTICLE ONE

                                   DEFINITIONS

                    SECTION 1.1  Certain  Terms  Defined.  The  following  terms
          (except  as  otherwise   expressly  provided  or  unless  the  context
          otherwise  clearly requires) for all purposes of this Indenture and of
          any indenture  supplemental  hereto shall have the respective meanings
          specified in this Section. All other terms used in this Indenture that
          are defined in the Trust  Indenture Act of 1939 or the  definitions of
          which in the  Securities  Act of 1933  are  referred  to in the  Trust
          Indenture Act of 1939, including terms defined therein by reference to
          the  Securities  Act of 1933  (except  as herein  otherwise  expressly
          provided or unless the context otherwise clearly requires), shall have
          the meanings  assigned to such terms in said force at the date of this
          Indenture.  All accounting terms used herein and not expressly defined
          shall have the  meanings  assigned  to such terms in  accordance  with
          generally  accepted  accounting  principles,  and the term  "generally
          accepted  accounting  principles" means such accounting  principles as
          are  generally  accepted  at the time of any  computation.  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.  The terms defined in this Article have
          the  meanings  assigned to them in this Article and include the plural
          as well as the singular.

                    "Authorized Newspaper" means a newspaper (which, in the case
          of The City of New York,  will,  if  practicable,  be The Wall  Street
          Journal (Eastern Edition), in the case of the United Kingdom, will, if
          practicable,  be the Financial Times (London Edition) and, in the case
          of  Luxembourg,   will,  if  practicable,  be  the  Luxemburger  Wort)
          published  in an  official  language  of the  country  of  publication
          customarily  published  at least  once a day for at least five days in
          each calendar week and of general circulation in The City of New York,
          the  United  Kingdom  or  Luxembourg,  as  applicable.  If it shall be
          impractical  in the opinion of the Trustee to make any  publication of
          any notice required hereby in an Authorized Newspaper, any publication
          or other  notice  in lieu  thereof  which  is made or  given  with the
          approval of the Trustee shall  constitute a sufficient  publication of
          such notice.

                    "Board of Directors"  means either the Board of Directors of
          the Issuer or any  committee of such Board duly  authorized  to act on
          its behalf.

                    "Board  Resolution" means a copy of one or more resolutions,
          certified by the secretary or an assistant  secretary of the Issuer to
          have been duly adopted, or consented to, by the Board of Directors and
          to be in full force and effect, and delivered to the Trustee.

                    "Business  Day" means,  with respect to any Security,  a day
          that in the city (or in any of the cities,  if more than one) in which
          amounts are payable, as specified in the form of such Security, is not
          a day on which banking  institutions are authorized or required by law
          or regulation to close.

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

                    "Composite  Rate" means,  at any time, the rate of interest,
          per annum, compounded  semiannually,  equal to the sum of the rates of
          interest  borne by the  Securities of each series (as specified on the
          face of the Securities of each series,  provided, that, in the case of
          the Securities  with variable rates of interest,  the interest rate to
          be used in  calculating  the Composite Rate shall be the interest rate
          applicable  to such  Securities  at the beginning of the year in which
          the Composite Rate is being determined and, provided,  further,  that,
          in the case of  Securities  which do not bear  interest,  the interest
          rate to be used in  calculating  the  Composite  Rate  shall be a rate
          equal to the yield to maturity on such  Securities,  calculated at the
          time of issuance of such Securities)  multiplied,  in the case of each
          series of  Securities,  by the  percentage of the aggregate  principal
          amount of the Securities of all series Outstanding  represented by the
          Outstanding  Securities  of  such  series.  For the  purposes  of this
          calculation, the aggregate principal amounts of Outstanding Securities
          that are denominated in a foreign currency, shall be calculated in the
          manner set forth in Section 11.11.

                    "Consolidated  Subsidiaries" means subsidiaries the accounts
          of which are consolidated with those of the Issuer in the preparation,
          in accordance with generally accepted  accounting  principles,  of its
          consolidated financial statements.

                    "Corporate  Trust Office" means the office of the Trustee at
          which the  corporate  trust  business  of the  Trustee  shall,  at any
          particular time, be principally administered,  which office is, at the
          date as of  which  this  Indenture  is  dated,  located  in St.  Paul,
          Minnesota.

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

                    "Depositary"  means,  with respect to the  Securities of any
          series issuable or issued in the form of one or more Registered Global
          Securities,  the  Person  designated  as  Depositary  by  the  Company
          pursuant to Section 2.3 until a successor Depositary shall have become
          such  pursuant to the  applicable  provisions of this  Indenture,  and
          thereafter  "Depositary" shall mean or include each Person who is then
          a Depositary hereunder, and if at any time there is more than one such
          Person,  "Depositary"  as used with respect to the  Securities  of any
          such series shall mean the  Depositary  with respect to the Registered
          Global Securities of that series.

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

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

                    "Event of Default" means any event or condition specified as
          such in Section 5.1.

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

                    "Holder", "Holder of Securities",  "Securityholder" or other
          similar  terms mean (a) in the case of any  Registered  Security,  the
          person in whose  name such  Security  is  registered  in the  security
          register  kept by the Issuer for that purpose in  accordance  with the
          terms hereof,  and (b) in the case of any Unregistered  Security,  the
          bearer of such Security,  or any Coupon  appertaining  thereto, as the
          case may be.

                    "Indebtedness"   means   any  and  all   obligations   of  a
          corporation  for money  borrowed  which in accordance  with  generally
          accepted accounting principles would be reflected on the balance sheet
          of  such   corporation  as  a  liability  on  the  date  as  of  which
          Indebtedness  is to be  determined.  For the purpose of computing  the
          amount of any Indebtedness of any corporation, there shall be excluded
          all  Indebtedness of such corporation for the payment or redemption or
          satisfaction  of  which  money or  securities  (or  evidences  of such
          Indebtedness,  if permitted under the terms of the instrument creating
          such  Indebtedness)  in the necessary amount shall have been deposited
          in trust  with the  proper  depositary,  whether  upon or prior to the
          maturity or the date fixed for redemption of such  Indebtedness;  and,
          in any instance where Indebtedness is so excluded,  for the purpose of
          computing the assets of such  corporation  there shall be excluded the
          money,  securities  or  evidences  of  Indebtedness  deposited by such
          corporation  in trust for the  purpose  of paying or  satisfying  such
          Indebtedness.

                    "Indenture"   or   "Subordinated   Indenture"   means   this
          instrument  as  originally  executed and  delivered  or, if amended or
          supplemented  as herein  provided,  as so amended or  supplemented  or
          both,  and shall include the forms and terms of  particular  series of
          Securities established as contemplated hereunder.

                    "Interest"  means,  when used with respect to non-  interest
          bearing Securities, interest payable after maturity.

                    "Issuer" means (except as otherwise provided in Article Six)
          ConAgra,  Inc.  and,  subject  to Article  Nine,  its  successors  and
          assigns.

                    "Issuer Order" means a written  statement,  request or order
          of the  Issuer  signed  in its name by the  chairman  of the  Board of
          Directors, the president or any vice president of the Issuer.

                    "Officers'  Certificate"  means a certificate  signed by the
          chairman  of the  Board  of  Directors  or the  president  or any vice
          president  and by the  treasurer  or the  secretary  or any  assistant
          secretary  of the  Issuer  and  delivered  to the  Trustee.  Each such
          certificate shall include the statements provided for in Section 11.5.

                    "Opinion of Counsel"  means an opinion in writing  signed by
          the  general  corporate  counsel  of the  Issuer or such  other  legal
          counsel who may be an employee of or counsel to the Issuer.  Each such
          opinion shall include the statements provided for in Section 11.5.

                    "Original  Issue Date" of any Security (or portion  thereof)
          means the earlier of (a) the date of such  Security or (b) the date of
          any Security (or portion  thereof) for which such  Security was issued
          (directly or  indirectly)  on  registration  of transfer,  exchange or
          substitution.

                    "Original  Issue Discount  Security" means any Security that
          provides for an amount less than the  principal  amount  thereof to be
          due and payable upon a  declaration  of  acceleration  of the maturity
          thereof pursuant to Section 5.1.

                    "Outstanding" (except as otherwise provided in Section 6.8),
         when used with reference to Securities, shall, subject to

          the provisions of Section 7.4,  mean, as of any  particular  time, all
          Securities  authenticated  and  delivered  by the  Trustee  under this
          Indenture, except

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

                         (b) Securities, or portions thereof, for the payment or
                    redemption  of which moneys or U.S.  Government  Obligations
                    (as provided for in Section  10.1) in the  necessary  amount
                    shall have been  deposited in trust with the Trustee or with
                    any paying  agent (other than the Issuer) or shall have been
                    set  aside,  segregated  and held in trust by the Issuer for
                    the Holders of such  Securities  (if the Issuer shall act as
                    its own paying agent), provided that if such Securities,  or
                    portions  thereof,  are to be redeemed prior to the maturity
                    thereof,  notice of such redemption shall have been given as
                    herein  provided,  or provision  satisfactory to the Trustee
                    shall have been made for giving such notice; and

                         (c)   Securities  in   substitution   for  which  other
                    Securities shall have been  authenticated and delivered,  or
                    which shall have been paid, pursuant to the terms of Section
                    2.9 (except  with  respect to any such  Security as to which
                    proof  satisfactory  to the Trustee is  presented  that such
                    Security is held by a person in whose hands such Security is
                    a legal, valid and binding obligation of the Issuer).

                    In   determining   whether  the  Holders  of  the  requisite
          principal  amount of Outstanding  Securities of any or all series have
          given any request, demand,  authorization,  direction, notice, consent
          or  waiver  hereunder,  the  principal  amount  of an  Original  Issue
          Discount  Security  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 5.1.

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

                    "Principal"  whenever used with  reference to the Securities
          or any  Security  or any portion  thereof,  shall be deemed to include
          "and premium, if any".

                    "Registered  Global Security",  means a Security  evidencing
          all or a part of a series  of  Registered  Securities,  issued  to the
          Depositary for such series in accordance with Section 2.4, and bearing
          the legend prescribed in Section 2.4.

                    "Registered  Security" means any Security  registered on the
          Security register of the Issuer.

                    "Responsible  Officer" when used with respect to the Trustee
          means the chairman of the Board of Directors, any vice chairman of the
          board of directors,  the chairman of the trust committee, the chairman
          of the  executive  committee,  any  vice  chairman  of  the  executive
          committee,  the  president,  any  vice  president,  the  cashier,  the
          secretary,  the  treasurer,  any trust  officer,  any assistant  trust
          officer,  any assistant vice  president,  any assistant  cashier,  any
          assistant secretary,  any assistant treasurer, or any other officer or
          assistant  officer of the  Trustee  customarily  performing  functions
          similar to those  performed  by the  persons  who at the time shall be
          such officers,  respectively, or to whom any corporate trust matter is
          referred  because  of  his  knowledge  of  and  familiarity  with  the
          particular subject.

                    "Security" or "Securities"  (except as otherwise provided in
          Section  6.8) has the  meaning  stated  in the first  recital  of this
          Indenture,  or,  as  the  case  may  be,  Securities  that  have  been
          authenticated and delivered under this Indenture.

                    "Senior   Indebtedness"   means   obligations   (other  than
          non-recourse  obligations  and the  Securities)  of, or  guaranteed or
          assumed by, the Issuer for borrowed money  (including  both senior and
          subordinated   indebtedness   for  borrowed   money  (other  than  the
          Securities)) or evidenced by bonds, debentures, notes or other similar
          instruments, and amendments,  renewals, extensions,  modifications and
          refundings of any such indebtedness or obligation, whether existing as
          of the date hereof or subsequently incurred by the Issuer.

                    "Subsidiary"   means  a   corporation   a  majority  of  the
          outstanding voting stock of which is owned, directly or indirectly, by
          the Issuer or by one or more  subsidiaries  of the  Issuer,  or by the
          Issuer and one or more subsidiaries of the Issuer.

                    "Trust Indenture Act of 1939" (except as otherwise  provided
          in Sections 8.1 and 8.2) means the Trust  Indenture  Act of 1939 as in
          force at the date as of which this Indenture was originally executed.

                    "Trustee"  means the Person  identified  as "Trustee" in the
          first paragraph  hereof and, subject to the provisions of Article Six,
          shall also include any successor trustee. "Trustee" shall also 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
          the Securities of such series.

                    "Unregistered  Security"  means any  Security  other  than a
          Registered Security.

                    "U.S. Government  Obligations" shall  have the  meaning
          set forth in Section 10.1(A).

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

                    "Yield to Maturity"  means the yield to maturity on a series
          of securities,  calculated at the time of issuance of such series, or,
          if applicable,  at the most recent redetermination of interest on such
          series, and calculated in accordance with accepted financial practice.

                                   ARTICLE TWO

                                   SECURITIES

                    SECTION 2.1 Forms  Generally.  The Securities of each series
          and the Coupons, if any, to be attached thereto shall be substantially
          in such  form  (not  inconsistent  with  this  Indenture)  as shall be
          established  by or pursuant to one or more Board  Resolutions  (as set
          forth in a Board Resolution or, to the extent established  pursuant to
          rather than set forth in a Board Resolution,  an Officers' Certificate
          detailing   such   establishment)   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  imprinted  or  otherwise
          reproduced  thereon  such  legend  or  legends  or  endorsements,  not
          inconsistent with the provisions of this Indenture, as may be required
          to  comply  with any law or with any  rules  or  regulations  pursuant
          thereto, or with any rules of any securities exchange or to conform to
          general usage, all as may be determined by the officers executing such
          Securities  and Coupons,  if any, as  evidenced by their  execution of
          such Securities and Coupons.

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

                    SECTION 2.2 Form of Trustee's Certificate of Authentication.
          The Trustee's certificate of authentication on all Securities shall be
          in substantially the following form:

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

                                         First Trust National Association,
                                                as Trustee

                                        By                            ,
                                             Authorized Signatory

                    SECTION  2.3  Amount  Unlimited;  Issuable  in  Series.  The
          aggregate  principal  amount of Securities  which may be authenticated
          and delivered under this Indenture is unlimited.

                    The  Securities  may be issued in one or more series and the
          Securities  of each series  shall rank equally and pari passu with the
          Securities of each other series,  but all Securities  issued hereunder
          shall be subordinate and junior in right of payment, to the extent and
          in  the  manner  set  forth  in  Article   Thirteen,   to  all  Senior
          Indebtedness of the Issuer.  There shall be established in or pursuant
          to one or more Board Resolutions or to the extent established pursuant
          to  (rather  than set forth in) a Board  Resolution,  in an  Officers'
          Certificate  detailing such establishment and/or established in one or
          more indentures supplemental hereto,

                         (1)  the  designation  of  the Securities of the series
                    (which  may  be  part  of  a series of Securities previously
                    issued);

                         (2) any limit upon the  aggregate  principal  amount of
                    the Securities of the series that may be  authenticated  and
                    delivered  under  this  Indenture   (except  for  Securities
                    authenticated  and delivered upon  registration  of transfer
                    of, or in exchange  for, or in lieu of, other  Securities of
                    the series pursuant to Section 2.8, 2.9, 2.11, 8.5 or 12.3);

                         (3) if other  than  Dollars,  the coin or  currency  in
                    which  the   Securities  of  that  series  are   denominated
                    (including,  but not  limited  to, any  Foreign  Currency or
                    ECU);

                         (4)  the  date  or  dates on which the principal of the
                    Securities of  the series is payable;

                         (5) 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,  on which such interest
                    shall be payable and (in the case of Registered  Securities)
                    on which a record  shall be taken for the  determination  of
                    Holders to whom  interest  is  payable  and/or the method by
                    which  such  rate  or  rates  or  date  or  dates  shall  be
                    determined;

                         (6) the place or places where the  principal of and any
                    interest on  Securities  of the series  shall be payable (if
                    other than as provided in Section 3.2);

                         (7)  the  right,  if  any,  of  the  Issuer  to  redeem
                    Securities,  in  whole  or in part,  at its  option  and the
                    period  or  periods  within  which,  the  price or prices at
                    which,  and any terms and conditions upon which,  Securities
                    of the series may be redeemed,  pursuant to any sinking fund
                    or otherwise;

                         (8) the  obligation,  if any,  of the Issuer to redeem,
                    purchase or repay  Securities of the series  pursuant to any
                    mandatory  redemption,  sinking fund or analogous provisions
                    or at the option of a Holder thereof and the price or prices
                    at which and the  period  or  periods  within  which and any
                    terms and  conditions  upon which  Securities  of the series
                    shall be redeemed, purchased or repaid, in whole or in part,
                    pursuant  to such  obligation  or the right of the Issuer to
                    remarket  Securities of the series that have been  redeemed,
                    purchased or repaid;

                         (9) if  other  than  denominations  of  $1000  and  any
                    integral   multiple   thereof  in  the  case  of  Registered
                    Securities,  or $1000 and $5000 in the case of  Unregistered
                    Securities,  the  denominations  in which  Securities of the
                    series shall be issuable;

                         (10) if other than the principal  amount  thereof,  the
                    portion of the principal  amount of Securities of the series
                    which shall be payable upon  declaration of  acceleration of
                    the maturity thereof;

                         (11) if other  than the coin or  currency  in which the
                    Securities  of that  series  are  denominated,  the  coin or
                    currency in which payment of the principal of or interest on
                    the  Securities of such series shall be payable  (including,
                    but not limited to, any Foreign Currency or ECU);

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

                         (13) if the  amount of  payments  of  principal  of and
                    interest on the  Securities  of the series may be determined
                    with reference to an index, formula or method, the manner in
                    which such amounts shall be determined;

                         (14)  whether  the  Securities  of the  series  will be
                    issuable as Registered  Securities  (and if so, whether such
                    Securities will be issuable as Registered Global Securities)
                    or Unregistered Securities (with or without Coupons), or any
                    combination of the foregoing, any restrictions applicable to
                    the offer,  sale or delivery of  Unregistered  Securities or
                    the  payment  of  interest  thereon  and,  if other  than as
                    provided in Section 2.8,  the terms upon which  Unregistered
                    Securities  of any series may be  exchanged  for  Registered
                    Securities of such series and vice versa;

                         (15)  whether,  under  what  circumstances  and in what
                    amounts  the  Issuer  will  pay  additional  amounts  on the
                    Securities  of the series held by a person who is not a U.S.
                    person in respect  of any tax,  assessment  or  governmental
                    charge  withheld or deducted and, if so,  whether the Issuer
                    will have the option to redeem such  Securities  rather than
                    pay such additional amounts;

                         (16)  if  the  Securities  of  such  series  are  to be
                    issuable in definitive  form (whether upon original issue or
                    upon  exchange of a temporary  Security of such series) only
                    upon receipt of certain  certificates  or other documents or
                    satisfaction of other conditions, then the form and terms of
                    such certificates, documents or conditions;

                         (17)  whether  warrants  shall  be   attached  to  such
                    Securities  and the terms of  any such warrants;

                         (18)  whether  such  Securities  are   exchangeable  or
                    convertible into new Securities of a different series and/or
                    shares of stock of the Issuer  and/or other  securities  and
                    the terms of such  exchange  or  conversion  and the  terms,
                    rights and preferences of such Securities or stock;

                         (19)  any  trustees,  depositaries,  authenticating  or
                    paying  agents,  transfer  agents or registrars or any other
                    agents with respect to the Securities of such series;

                         (20)  any  other  events  of  default or covenants with
                    respect to the Securities of such series; and

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

                    All  Securities  of any  one  series  and  Coupons,  if any,
          appertaining thereto, shall be substantially identical,  except in the
          case of  Registered  Securities as to  denomination  and except as may
          otherwise  be  provided  by or  pursuant  to the Board  Resolution  or
          Officer's  Certificate  referred  to above or as set forth in any such
          indenture  supplemental  hereto. All Securities of any one series need
          not be issued  at the same  time and may be issued  from time to time,
          consistent  with the terms of this  Indenture,  if so  provided  by or
          pursuant to such Board  Resolution,  such Officer's  Certificate or in
          any such indenture supplemental hereto and, unless otherwise provided,
          a series may be reopened for  issuances of  additional  Securities  of
          such series.

                    If any of the foregoing  terms are not available at the time
          such Board Resolutions are adopted,  or such Officers'  Certificate or
          any  supplemental  indenture  is  executed,  such  Board  Resolutions,
          Officers'  Certificate  or  supplemental  indenture  may reference the
          document  or  documents  to be created in which such terms will be set
          forth prior to the issuance of such Securities.

                    SECTION 2.4 Authentication  and Delivery of Securities.  The
          Issuer may deliver  Securities of any series having  attached  thereto
          appropriate Coupons, if any, executed by the Issuer to the Trustee for
          authentication  together  with the  applicable  documents  referred to
          below in this Section,  and the Trustee shall  thereupon  authenticate
          and  deliver  such  Securities  to or upon  the  order  of the  Issuer
          (contained  in the Issuer Order  referred to below in this Section) or
          pursuant  to such  procedures  acceptable  to the  Trustee and to such
          recipients  as may be specified  from time to time by an Issuer Order.
          The maturity date,  original  issue date,  interest rate and any other
          terms  of  the  Securities  of  such  series  and  Coupons,   if  any,
          appertaining thereto shall be determined by or pursuant to such Issuer
          Order and procedures. If provided for in such procedures,  such Issuer
          Order may  authorize  authentication  and  delivery  pursuant  to oral
          instructions  from the  Issuer  or its duly  authorized  agent,  which
          instructions shall be promptly confirmed in writing. In authenticating
          such  Securities and accepting the additional  responsibilities  under
          this  Indenture in relation to such  Securities  the Trustee  shall be
          entitled  to  receive,  and  (subject  to Section  6.1) shall be fully
          protected in relying upon:

                         (1) an Issuer Order requesting such  authentication and
                    setting forth  delivery  instructions  if the Securities and
                    Coupons, if any, are not to be delivered to the Issuer;

                         (2) any Board Resolution,  Officers' Certificate and/or
                    executed supplemental  indenture referred to in Sections 2.1
                    and 2.3 by or  pursuant  to which the forms and terms of the
                    Securities and Coupons, if any, were established;

                         (3) an Officers'  Certificate setting forth the form or
                    forms  and  terms of the  Securities  and  Coupons,  if any,
                    stating  that the form or forms and terms of the  Securities
                    and  Coupons,  if any,  have been  established  pursuant  to
                    Sections  2.1 and 2.3 and comply  with this  Indenture,  and
                    covering  such other  matters as the Trustee may  reasonably
                    request; and

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

                              (a) the form or forms and terms of such Securities
                    and  Coupons,   if  any,  have  been  duly   authorized  and
                    established  in  conformity  with  the  provisions  of  this
                    Indenture;

                              (b)  the   authentication  and  delivery  of  such
                    Securities   and   Coupons,  if  any,  by  the  Trustee  are
                    authorized under the provisions of this Indenture;

                              (c) such  Securities  and  Coupons,  if any,  when
                    authenticated and delivered by the Trustee and issued by the
                    Issuer in the manner and subject to any conditions specified
                    in such  Opinion  of  Counsel,  will  constitute  valid  and
                    binding obligations of the Issuer; and

                              (d)  all  laws  and requirements in respect of the
                    execution  and  delivery by the Issuer of the Securities and
                    Coupons, if any, have been complied with;

          and covering such other matters as the Trustee may reasonably request.

                    Notwithstanding  the  provisions  of Section  2.3 and of the
          preceding  paragraph,  if all  Securities  of a  series  are not to be
          originally  issued at one time,  it shall not be  necessary to deliver
          the Board Resolution and/or Officers'  Certificate  otherwise required
          pursuant  to Section  2.3 or the Issuer  Order and  Opinion of Counsel
          otherwise required pursuant to such preceding paragraph at or prior to
          the time of  authentication  of each  Security  of such series if such
          documents are delivered at or prior to the time of authentication upon
          original  issuance  of the first  Security of such series to be issued
          and  reasonably  covers such  subsequent  issues.  After the  original
          issuance  of the  first  Security  of such  series to be  issued,  any
          separate   request  by  the  Issuer  that  the  Trustee   authenticate
          Securities of such series for original issuance will be deemed to be a
          certification  by  the  Issuer  that  it is  in  compliance  with  all
          conditions  precedent  provided for in this Indenture  relating to the
          authentication and delivery of such Securities.

                    The Trustee shall have the right to decline to  authenticate
          and deliver any  Securities  under this Section if the Trustee,  being
          advised by counsel,  determines  that such action may not  lawfully be
          taken by the  Issuer or if the  Trustee  in good faith by its board of
          directors  or  board  of  trustees,  executive  committee,  or a trust
          committee  of  directors  or trustees or  Responsible  Officers  shall
          determine  that such  action  would  expose the  Trustee  to  personal
          liability  to  existing  Holders  or would  affect the  Trustee's  own
          rights,  duties or immunities under the Securities,  this Indenture or
          otherwise.

                    If the Issuer shall  establish  pursuant to Section 2.3 that
          the Securities of a series are to be issued in the form of one or more
          Registered  Global  Securities,  then the Issuer shall execute and the
          Trustee  shall,  in accordance  with this Section and the Issuer Order
          with  respect to such  series,  authenticate  and  deliver one or more
          Registered  Global  Securities  that (i) shall  represent and shall be
          denominated  in an amount equal to the aggregate  principal  amount of
          all of the  Securities  of such series  issued and not yet  cancelled,
          (ii)  shall  be  registered  in the  name of the  Depositary  for such
          Registered  Global  Security  or  Securities  or the  nominee  of such
          Depositary, (iii) shall be delivered by the Trustee to such Depositary
          or pursuant to such  Depositary's  instructions  and (iv) shall bear a
          legend substantially to the following effect:  "Unless and until it is
          exchanged in whole or in part for Securities in definitive  registered
          form,  this Security may not be  transferred  except as a whole by the
          Depositary  to the  nominee of the  Depositary  or by a nominee of the
          Depositary to the  Depositary or another  nominee of the Depositary or
          by the  Depositary or any such nominee to a successor  Depositary or a
          nominee of such successor Depositary."

                    Each Depositary  designated pursuant to Section 2.3 must, at
          the  time of its  designation  and at all  times  while it  serves  as
          Depositary,  be a  clearing  agency  registered  under the  Securities
          Exchange Act of 1934 and any other applicable statute or regulation.

                    SECTION 2.5 Execution of Securities.  The Securities and, if
          applicable, each Coupon appertaining thereto shall be signed on behalf
          of the Issuer by the  chairman of its Board of  Directors  or any vice
          chairman  of its  Board  of  Directors  or its  president  or any vice
          president or its  treasurer,  under its corporate  seal (except in the
          case of Coupons) which may, but need not, be attested. Such signatures
          may be the manual or facsimile signatures of the present or any future
          such  Officers.  The  seal  of the  Issuer  may be in  the  form  of a
          facsimile  thereof  and  may  be  impressed,   affixed,  imprinted  or
          otherwise reproduced on the Securities.  Typographical and other minor
          errors or  defects  in any such  reproduction  of the seal or any such
          signature  shall not  affect the  validity  or  enforceability  of any
          Security  that  has  been  duly  authenticated  and  delivered  by the
          Trustee.

                    In case any  officer of the Issuer who shall have signed any
          of the  Securities or Coupons,  if any, shall cease to be such officer
          before the  Security or Coupon so signed (or the Security to which the
          Coupon so signed  appertains)  shall be authenticated and delivered by
          the  Trustee or disposed  of by the  Issuer,  such  Security or Coupon
          nevertheless  may be  authenticated  and  delivered  or disposed of as
          though the person who signed such Security or Coupon had not ceased to
          be such  officer  of the  Issuer;  and any  Security  or Coupon may be
          signed on behalf of the Issuer by such  persons as, at the actual date
          of the  execution  of such  Security  or  Coupon,  shall be the proper
          officers of the  Issuer,  although  at the date of the  execution  and
          delivery of this Indenture any such person was not such an officer.

                    SECTION  2.6  Certificate  of   Authentication.   Only  such
          Securities  as shall  bear  thereon a  certificate  of  authentication
          substantially  in  the  form  hereinbefore  recited,  executed  by the
          Trustee by the manual signature of one of its authorized  signatories,
          shall be entitled to the  benefits  of this  Indenture  or be valid or
          obligatory  for any  purpose.  No  Coupon  shall  be  entitled  to the
          benefits of this  Indenture or shall be valid and  obligatory  for any
          purpose until the  certificate  of  authentication  on the Security to
          which such  Coupon  appertains  shall have been duly  executed  by the
          Trustee.  The  execution of such  certificate  by the Trustee upon any
          Security executed by the Issuer shall be conclusive  evidence that the
          Security so authenticated  has been duly  authenticated  and delivered
          hereunder  and that the Holder is  entitled  to the  benefits  of this
          Indenture.

                    SECTION 2.7 Denomination and Date of Securities; Payments of
          Interest.   The  Securities  of  each  series  shall  be  issuable  as
          Registered  Securities or  Unregistered  Securities  in  denominations
          established  as  contemplated  by Section 2.3 or, with  respect to the
          Registered  Securities  of  any  series,  if not  so  established,  in
          denominations  of  $1,000  and  any  integral  multiple  thereof.   If
          denominations  of  Unregistered  Securities  of any  series are not so
          established,  such Securities  shall be issuable in  denominations  of
          $1,000 and $5,000.  The  Securities  of each series shall be numbered,
          lettered or otherwise  distinguished  in such manner or in  accordance
          with such plan as the  officers of the Issuer  executing  the same may
          determine  with the  approval  of the  Trustee,  as  evidenced  by the
          execution and authentication thereof.

                    Each  Registered  Security  shall be  dated  the date of its
          authentication.  Each Unregistered Security shall be dated as provided
          in the  resolution  or  resolutions  of the Board of  Directors of the
          Issuer referred to in Section 2.3. The Securities of each series shall
          bear  interest,  if any,  from the date,  and such  interest  shall be
          payable on the dates, established as contemplated by Section 2.3.

                    The  person in whose  name any  Registered  Security  of any
          series is  registered  at the close of  business  on any  record  date
          applicable to a particular series with respect to any interest payment
          date for such series  shall be entitled  to receive the  interest,  if
          any,  payable  on  such  interest  payment  date  notwithstanding  any
          transfer or exchange of such  Registered  Security  subsequent  to the
          record date and prior to such interest payment date,  except if and to
          the extent the Issuer shall default in the payment of the interest due
          on such  interest  payment  date for such  series,  in which case such
          defaulted  interest  shall  be  paid to the  persons  in  whose  names
          Outstanding  Registered  Securities  for such series are registered at
          the close of business on a subsequent  record date (which shall be not
          less than five  Business  Days  prior to the date of  payment  of such
          defaulted  interest)  established  by  notice  given  by mail by or on
          behalf of the Issuer to the Holders of Registered  Securities not less
          than 15 days preceding such  subsequent  record date. The term "record
          date" as used with respect to any interest payment date (except a date
          for payment of defaulted  interest)  for the  Securities of any series
          shall mean the date  specified as such in the terms of the  Registered
          Securities of such series  established as contemplated by Section 2.3,
          or, if no such date is so established,  if such interest  payment date
          is the first day of a calendar  month,  the  fifteenth day of the next
          preceding  calendar  month or, if such  interest  payment  date is the
          fifteenth  day of a  calendar  month,  the first day of such  calendar
          month, whether or not such record date is a Business Day.

                    SECTION 2.8 Registration,  Transfer and Exchange. The Issuer
          will keep at each office or agency to be maintained for the purpose as
          provided in Section 3.2 for each  series of  Securities  a register or
          registers in which,  subject to such reasonable  regulations as it may
          prescribe,  it will provide for the registration of Securities of such
          series and the  registration  of transfer of Registered  Securities of
          such  series.  Such  register  shall be in written form in the English
          language  or in any other form  capable of being  converted  into such
          form within a reasonable  time. At all reasonable  times such register
          or registers shall be open for inspection by the Trustee.

                    Upon due  presentation  for  registration of transfer of any
          Registered  Security  of any series at any such office or agency to be
          maintained  for the  purpose as provided  in Section  3.2,  the Issuer
          shall  execute and the Trustee shall  authenticate  and deliver in the
          name of the  transferee or  transferees a new  Registered  Security or
          Registered Securities of the same series, maturity date, interest rate
          and  original  issue  date  in  authorized  denominations  for a  like
          aggregate principal amount.

                    Unregistered    Securities   (except   for   any   temporary
          Unregistered  Securities) and Coupons (except for Coupons  attached to
          any temporary Unregistered Global Securities) shall be transferable by
          delivery.

                    At the option of the Holder thereof,  Registered  Securities
          of any series (other than a Registered Global Security,  except as set
          forth below) may be exchanged for a Registered  Security or Registered
          Securities of such series having authorized denominations and an equal
          aggregate   principal  amount,   upon  surrender  of  such  Registered
          Securities  to be  exchanged at the agency of the Issuer that shall be
          maintained  for such purpose in  accordance  with Section 3.2 and upon
          payment,  if the Issuer shall so require,  of the charges  hereinafter
          provided.  If  the  Securities  of  any  series  are  issued  in  both
          registered  and  unregistered  form,  except  as  otherwise  specified
          pursuant  to  Section  2.3,  at  the  option  of the  Holder  thereof,
          Unregistered  Securities of any series may be exchanged for Registered
          Securities of such series having authorized denominations and an equal
          aggregate  principal  amount,  upon  surrender  of  such  Unregistered
          Securities  to be  exchanged at the agency of the Issuer that shall be
          maintained  for such purpose in accordance  with Section 3.2, with, in
          the case of Unregistered  Securities that have Coupons  attached,  all
          unmatured   Coupons  and  all  matured   Coupons  in  default  thereto
          appertaining, and upon payment, if the Issuer shall so require, of the
          charges hereinafter  provided. At the option of the Holder thereof, if
          Unregistered  Securities of any series,  maturity date,  interest rate
          and  original  issue  date are  issued  in more  than  one  authorized
          denomination,  except as otherwise  specified pursuant to Section 2.3,
          such  Unregistered   Securities  may  be  exchanged  for  Unregistered
          Securities of such series having authorized denominations and an equal
          aggregate  principal  amount,  upon  surrender  of  such  Unregistered
          Securities  to be  exchanged at the agency of the Issuer that shall be
          maintained  for such  purpose in  accordance  with  Section  3.2 or as
          specified  pursuant to Section 2.3, with, in the case of  Unregistered
          Securities that have Coupons  attached,  all unmatured Coupons and all
          matured Coupons in default thereto appertaining,  and upon payment, if
          the Issuer  shall so  require,  of the charges  hereinafter  provided.
          Unless  otherwise   specified  pursuant  to  Section  2.3,  Registered
          Securities  of any  series  may  not  be  exchanged  for  Unregistered
          Securities of such series.  Whenever any Securities are so surrendered
          for  exchange,  the  Issuer  shall  execute,  and  the  Trustee  shall
          authenticate  and deliver,  the Securities which the Holder making the
          exchange  is  entitled  to  receive.   All   Securities   and  Coupons
          surrendered  upon  any  exchange  or  transfer  provided  for in  this
          Indenture  shall be promptly  cancelled and disposed of by the Trustee
          and the Trustee will deliver a certificate of  disposition  thereof to
          the Issuer.

                    All  Registered  Securities  presented for  registration  of
          transfer, exchange, redemption or payment shall (if so required by the
          Issuer or the  Trustee) be duly  endorsed by, or be  accompanied  by a
          written  instrument or instruments of transfer in form satisfactory to
          the Issuer and the Trustee duly executed by the Holder or his attorney
          duly authorized in writing.

                    The Issuer may require  payment of a sum sufficient to cover
          any tax or other governmental charge that may be imposed in connection
          with any  exchange  or  registration  of transfer  of  Securities.  No
          service charge shall be made for any such transaction.

                    The Issuer  shall not be  required to exchange or register a
          transfer of (a) any  Securities  of any series for a period of 15 days
          next preceding the first mailing of notice of redemption of Securities
          of such series to be redeemed or (b) any Securities  selected,  called
          or being called for redemption,  in whole or in part,  except,  in the
          case of any Security to be redeemed in part,  the portion  thereof not
          so to be redeemed.

                    Notwithstanding  any other  provision  of this  Section 2.8,
          unless and until it is exchanged in whole or in part for Securities in
          definitive  registered form, a Registered Global Security representing
          all or a portion of the  Securities of a series may not be transferred
          except as a whole by the  Depositary  for such  series to a nominee of
          such  Depositary or by a nominee of such Depositary to such Depositary
          or another  nominee of such  Depositary  or by such  Depositary or any
          such nominee to a successor Depositary for such series or a nominee of
          such successor Depositary.

                    If at any time the Depositary for any Registered  Securities
          of a series  represented by one or more Registered  Global  Securities
          notifies  the Issuer  that it is  unwilling  or unable to  continue as
          Depositary  for  such  Registered  Securities  or if at any  time  the
          Depositary for such Registered  Securities shall no longer be eligible
          under  Section 2.4, the Issuer  shall  appoint a successor  Depositary
          with respect to such Registered Securities.  If a successor Depositary
          for such  Registered  Securities is not appointed by the Issuer within
          90 days after the Issuer receives such notice or becomes aware of such
          ineligibility, the Issuer's election pursuant to Section 2.3 that such
          Registered  Securities be represented by one or more Registered Global
          Securities  shall no longer be effective  and the Issuer will execute,
          and the  Trustee,  upon receipt of an  Officer's  Certificate  for the
          authentication  and delivery of definitive  Securities of such series,
          will authenticate and deliver, Securities of such series in definitive
          registered form without coupons, in any authorized  denominations,  in
          an aggregate  principal  amount equal to the  principal  amount of the
          Registered Global Security or Securities  representing such Registered
          Securities  in  exchange  for  such  Registered   Global  Security  or
          Securities.

                    The  Issuer  may at any  time  and  in its  sole  discretion
          determine that the  Registered  Securities of any series issued in the
          form of one or more Registered  Global  Securities  shall no longer be
          represented by a Registered  Global  Security or  Securities.  In such
          event the Issuer will  execute,  and the  Trustee,  upon receipt of an
          Officer's   Certificate  for  the   authentication   and  delivery  of
          definitive  Securities of such series,  will authenticate and deliver,
          Securities  of such  series  in  definitive  registered  form  without
          coupons,  in any authorized  denominations,  in an aggregate principal
          amount equal to the principal amount of the Registered Global Security
          or Securities representing such Registered Securities, in exchange for
          such Registered Global Security or Securities.

                    If an Event of Default occurs and is continuing with respect
          to  Registered  Securities  of any series issued in the form of one or
          more  Registered  Global  Securities,  upon  written  notice  from the
          Depositary,  the Issuer will execute, and the Trustee, upon receipt of
          an  Officer's  Certificate  for the  authentication  and  delivery  of
          definitive  Securities of such series,  will authenticate and deliver,
          Securities  of such  series in  definitive  registered  forms  without
          Coupons,  in any authorized  denominations,  in an aggregate principal
          amount equal to the principal amount of the Registered Global Security
          or Securities,  representing such Registered  Securities,  in exchange
          for such Registered Global Security or Securities.

                    If  specified  by the Issuer  pursuant  to Section  2.3 with
          respect to Securities represented by a Registered Global Security, the
          Depositary  for such  Registered  Global  Security may surrender  such
          Registered  Global  Security  in  exchange  in  whole  or in part  for
          Securities  of the same series in definitive  registered  form on such
          terms as are acceptable to the Issuer and such Depositary.  Thereupon,
          the Issuer  shall  execute,  and the Trustee  shall  authenticate  and
          deliver, without service charge,

                         (i) to the Person  specified  by such  Depositary a new
                    Registered Security or Securities of the same series, of any
                    authorized  denominations as requested by such Person, in an
                    aggregate principal amount equal to and in exchange for such
                    Person's   beneficial  interest  in  the  Registered  Global
                    Security; and

                         (ii)  to  such  Depositary  a  new  Registered   Global
                    Security in a denomination equal to the difference,  if any,
                    between the principal  amount of the surrendered  Registered
                    Global  Security  and  the  aggregate  principal  amount  of
                    Registered  Securities  authenticated and delivered pursuant
                    to clause (i) above.

                    Upon  the  exchange  of a  Registered  Global  Security  for
          Securities  in  definitive   registered  form  without   coupons,   in
          authorized  denominations,  such  Registered  Global Security shall be
          cancelled  by the  Trustee or an agent of the  Issuer or the  Trustee.
          Securities in definitive  registered  form without  coupons  issued in
          exchange for a Registered Global Security pursuant to this Section 2.8
          shall be registered in such names and in such authorized denominations
          as the Depositary for such  Registered  Global  Security,  pursuant to
          instructions  from its direct or indirect  participants  or otherwise,
          shall  instruct  the Trustee or an agent of the Issuer or the Trustee.
          The  Trustee or such agent  shall  deliver  such  Securities  to or as
          directed  by  the  Persons  in  whose  names  such  Securities  are so
          registered.

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

                    Notwithstanding  anything  herein  or in  the  terms  of any
          series of Securities to the contrary,  none of the Issuer, the Trustee
          or any agent of the Issuer or the  Trustee  (any of which,  other than
          the Issuer,  shall rely on an Officers'  Certificate and an Opinion of
          Counsel) shall be required to exchange any Unregistered Security for a
          Registered  Security if such exchange would result in adverse  Federal
          income tax  consequences  to the Issuer  (such as,  for  example,  the
          inability  of the Issuer to deduct  from its income,  as computed  for
          Federal income tax purposes,  the interest payable on the Unregistered
          Securities)  under then  applicable  United States  Federal income tax
          laws.

                    SECTION 2.9 Mutilated,  Defaced,  Destroyed, Lost and Stolen
          Securities. In case any temporary or definitive Security or any Coupon
          appertaining  to any Security  shall become  mutilated,  defaced or be
          destroyed,  lost or stolen,  the Issuer in its discretion may execute,
          and upon the written request of any officer of the Issuer, the Trustee
          shall  authenticate  and deliver a new  Security  of the same  series,
          maturity date, interest rate and original issue date, bearing a number
          or other distinguishing symbol not contemporaneously  outstanding,  in
          exchange and substitution for the mutilated or defaced Security, or in
          lieu of and in  substitution  for the Security so  destroyed,  lost or
          stolen with Coupons  corresponding to the Coupons  appertaining to the
          Securities so mutilated,  defaced,  destroyed,  lost or stolen,  or in
          exchange or  substitution  for the  Security to which such  mutilated,
          defaced,  destroyed,  lost or stolen Coupon appertained,  with Coupons
          appertaining  thereto  corresponding  to  the  Coupons  so  mutilated,
          defaced,  destroyed, lost or stolen. In every case the applicant for a
          substitute  Security or Coupon shall  furnish to the Issuer and to the
          Trustee  and any agent of the Issuer or the Trustee  such  security or
          indemnity  as may be required by them to  indemnify  and defend and to
          save each of them harmless and, in every case of destruction,  loss or
          theft,  evidence to their  satisfaction  of the  destruction,  loss or
          theft of such Security or Coupon and of the  ownership  thereof and in
          the case of mutilation or defacement  shall surrender the Security and
          related Coupons to the Trustee or such agent.

                    Upon the issuance of any substitute  Security or Coupon, the
          Issuer 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 or
          its agent) connected  therewith.  In case any Security or Coupon which
          has matured or is about to mature or has been called for redemption in
          full  shall  become  mutilated  or defaced  or be  destroyed,  lost or
          stolen, the Issuer may instead of issuing a substitute  Security,  pay
          or authorize the payment of the same or the relevant  Coupon  (without
          surrender  thereof  except  in the  case  of a  mutilated  or  defaced
          Security or Coupon),  if the  applicant for such payment shall furnish
          to the  Issuer and to the  Trustee  and any agent of the Issuer or the
          Trustee such  security or indemnity as any of them may require to save
          each of them  harmless,  and,  in every case of  destruction,  loss or
          theft,  the applicant shall also furnish to the Issuer and the Trustee
          and  any  agent  of  the  Issuer  or the  Trustee  evidence  to  their
          satisfaction  of the  destruction,  loss or theft of such  Security or
          Coupon and of the ownership thereof.

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

                    SECTION  2.10   Cancellation   of  Securities;   Destruction
          Thereof.   All  Securities  and  Coupons   surrendered   for  payment,
          redemption,  registration  of  transfer  or  exchange,  or for  credit
          against  any  payment in respect of a sinking or  analogous  fund,  if
          surrendered to the Issuer or any agent of the Issuer or the Trustee or
          any agent of the  Trustee,  shall be  delivered  to the Trustee or any
          agent of the  Trustee  for  cancellation  or,  if  surrendered  to the
          Trustee,  shall be cancelled by it (unless such  Securities  are to be
          remarketed  pursuant  to the  terms  thereof);  and no  Securities  or
          Coupons shall be issued in lieu thereof except as expressly  permitted
          by any of the provisions of this Indenture.  The Trustee shall dispose
          of  cancelled  Securities  and  Coupons  held  by  it  and  deliver  a
          certificate of disposition to the Issuer.  If the Issuer shall acquire
          any of the Securities or Coupons,  such acquisition  shall not operate
          as a redemption or  satisfaction  of the  Indebtedness  represented by
          such  Securities or Coupons unless and until the same are delivered to
          the  Trustee or any agent of the  Trustee or the agent of the  Trustee
          for cancellation.

                    SECTION 2.11 Temporary  Securities.  Pending the preparation
          of definitive  Securities  for any series,  the Issuer may execute and
          the Trustee shall  authenticate and deliver  temporary  Securities for
          such  series   (printed,   lithographed,   typewritten   or  otherwise
          reproduced,  in  each  case  in  form  satisfactory  to the  Trustee).
          Temporary  Securities  of any series  shall be issuable as  Registered
          Securities  without  coupons,  or as  Unregistered  Securities with or
          without coupons attached thereto, of any authorized denomination,  and
          substantially in the form of the definitive  Securities of such series
          but  with  such  omissions,   insertions  and  variations  as  may  be
          appropriate  for  temporary  Registered  Securities,  all  as  may  be
          determined  by the  Issuer  with the  concurrence  of the  Trustee  as
          evidenced  by the  execution  and  authentication  thereof.  Temporary
          Securities  may contain  such  references  to any  provisions  of this
          Indenture as may be  appropriate.  Every  temporary  Security shall be
          executed by the Issuer and be  authenticated  by the Trustee  upon the
          same conditions and in  substantially  the same manner,  and with like
          effect, as the definitive  Securities.  Without unreasonable delay the
          Issuer shall execute and shall furnish  definitive  Securities of such
          series and thereupon  temporary  Registered  Securities of such series
          may be surrendered in exchange  therefor without charge at each office
          or agency to be maintained by the Issuer for that purpose  pursuant to
          Section 3.2 and, in the case of Unregistered Securities, at any agency
          maintained  by the Issuer for such  purpose as  specified  pursuant to
          Section  2.3,  and the  Trustee  shall  authenticate  and  deliver  in
          exchange  for  such  temporary  Securities  of such  series  an  equal
          aggregate principal amount of definitive Securities of the same series
          having  authorized  denominations  and,  in the  case of  Unregistered
          Securities,  having attached thereto any appropriate Coupons. Until so
          exchanged, the temporary Securities of any series shall be entitled to
          the same benefits  under this  Indenture as  definitive  Securities of
          such series, unless otherwise established pursuant to Section 2.3. The
          provisions  of  this  Section  are  subject  to  any  restrictions  or
          limitations  on the  issue  and  delivery  of  temporary  Unregistered
          Securities of any series that may be  established  pursuant to Section
          2.3  (including  any provision  that  Unregistered  Securities of such
          series initially be issued in the form of a single global Unregistered
          Security to be delivered to a depositary or agency located outside the
          United  States and the  procedures  pursuant  to which  definitive  or
          global  Unregistered  Securities  of such  series  would be  issued in
          exchange for such temporary global Unregistered Security).

                                  ARTICLE THREE

                             COVENANTS OF THE ISSUER

                    SECTION 3.1 Payment of Principal  and  Interest.  The Issuer
          covenants and agrees for the benefit of each series of Securities that
          it will duly and  punctually pay or cause to be paid the principal of,
          and interest on, each of the Securities of such series  (together with
          any  additional   amounts  payable  pursuant  to  the  terms  of  such
          Securities) at the place or places, at the respective times and in the
          manner  provided  in  such  Securities  and in the  Coupons,  if  any,
          appertaining thereto and in this Indenture. The interest on Securities
          with Coupons  attached  (together with any additional  amounts payable
          pursuant to the terms of such  Securities)  shall be payable only upon
          presentation  and  surrender of the several  Coupons for such interest
          installments as are evidenced thereby as they severally mature. If any
          temporary  Unregistered Security provides that interest thereon may be
          paid while such  Security is in  temporary  form,  the interest on any
          such  temporary  Unregistered  Security  (together with any additional
          amounts payable pursuant to the terms of such Security) shall be paid,
          as to the  installments  of  interest  evidenced  by Coupons  attached
          thereto, if any, only upon presentation and surrender thereof, and, as
          to the other installments of interest,  if any, only upon presentation
          of  such  Securities  for  notation  thereon  of the  payment  of such
          interest,  in  each  case  subject  to any  restrictions  that  may be
          established  pursuant  to Section  2.3.  The  interest  on  Registered
          Securities  (together with any additional  amounts payable pursuant to
          the terms of such  Securities)  shall be  payable  only to or upon the
          written  order of the Holders  thereof and at the option of the Issuer
          may be paid by wire  transfer  (to Holders of  $10,000,000  or more of
          Registered  Securities) or by mailing checks for such interest payable
          to or upon the written  order of such Holders at their last  addresses
          at they appear on the registry books of the Issuer.

                    SECTION  3.2  Offices  for  Payments,  etc.  The Issuer will
          maintain  in The City of New  York,  an agency  where  the  Registered
          Securities  of each series may be  presented  for  payment,  an agency
          where the  Securities  of each series may be presented for exchange as
          provided in this Indenture and, if applicable, pursuant to Section 2.3
          and an agency where the  Registered  Securities  of each series may be
          presented for registration of transfer as in this Indenture provided.

                    The Issuer will  maintain one or more  agencies in a city or
          cities located outside the United States  (including any city in which
          such an agency is  required  to be  maintained  under the rules of any
          stock  exchange  on which the  Securities  of such  series are listed)
          where the Unregistered Securities, if any, of each series and Coupons,
          if any,  appertaining thereto may be presented for payment. No payment
          on any Unregistered  Security or Coupon will be made upon presentation
          of such  Unregistered  Security  or Coupon at an agency of the  Issuer
          within the United  States nor will any  payment be made by transfer to
          an account in, or by mail to an address in, the United  States  unless
          pursuant to  applicable  United  States laws and  regulations  then in
          effect such payment can be made without  adverse tax  consequences  to
          the  Issuer.  Notwithstanding  the  foregoing,  payments in Dollars of
          Unregistered Securities of any series and Coupons appertaining thereto
          which are  payable in  Dollars  may be made at an agency of the Issuer
          maintained  in The City of New York if such payment in Dollars at each
          agency  maintained by the Issuer outside the United States for payment
          on such Unregistered Securities is illegal or effectively precluded by
          exchange controls or other similar restrictions.

                    The Issuer will  maintain in The City of New York, an agency
          where  notices  and  demands  to or upon the  Issuer in respect of the
          Securities of any series, the Coupons  appertaining  thereto,  or this
          Indenture may be served.

                    The Issuer  will give to the Trustee  written  notice of the
          location of each such agency and of any change of location thereof. In
          case the Issuer  shall fail to  maintain  any agency  required by this
          Section  to be located in the  Borough of  Manhattan,  The City of New
          York,  or shall  fail to give such  notice of the  location  or of any
          change in the location of any of the above agencies, presentations and
          demands may be made and notices may be served at the  Corporate  Trust
          Office of the Trustee.

                    The  Issuer  may  from  time to time  designate  one or more
          additional  agencies  where the Securities of a series and any Coupons
          appertaining   thereto  may  be  presented  for  payment,   where  the
          Securities of that series may be presented for exchange as provided in
          this  Indenture  and pursuant to Section 2.3 and where the  Registered
          Securities  of  that  series  may be  presented  for  registration  of
          transfer as in this Indenture  provided,  and the Issuer may from time
          to time rescind any such designation, as the Issuer may deem desirable
          or  expedient;   provided,   however,  that  no  such  designation  or
          rescission shall in any manner relieve the Issuer of its obligation to
          maintain the agencies  provided for in this  Section.  The Issuer will
          give to the Trustee prompt  written notice of any such  designation or
          rescission thereof.

                    SECTION  3.3  Appointment  to Fill a  Vacancy  in  Office of
          Trustee. The Issuer,  whenever necessary to avoid or fill a vacancy in
          the office of Trustee, will appoint, in the manner provided in Section
          6.10,  a Trustee,  so that there shall at all times be a Trustee  with
          respect to each series of Securities hereunder.

                    SECTION 3.4 Paying Agents. Whenever the Issuer shall appoint
          a paying agent other than the Trustee  with respect to the  Securities
          of any series,  it will cause such paying agent to execute and deliver
          to the Trustee an  instrument in which such agent shall agree with the
          Trustee, subject to the provisions of this Section,

                         (a) that it will hold all sums  received  by it as such
                    agent for the payment of the principal of or interest on the
                    Securities of such series  (whether such sums have been paid
                    to it  by  the  Issuer  or  by  any  other  obligor  on  the
                    Securities  of such  series) in trust for the benefit of the
                    Holders  of  the  Securities  of  such  series,  or  Coupons
                    appertaining thereto, if any, or of the Trustee,

                         (b) that it will give the Trustee notice of any failure
                    by the Issuer (or by any other obligor on the  Securities of
                    such  series)  to make any  payment of the  principal  of or
                    interest  on the  Securities  of such  series  when the same
                    shall be due and payable, and

                         (c) that at any time during the continuance of any such
                    failure,  upon the written  request of the Trustee,  it will
                    forthwith  pay to the  Trustee  all sums so held in trust by
                    such paying agent.

                    The  Issuer  will,  on or  prior  to  each  due  date of the
          principal of or interest on the  Securities  of such  series,  deposit
          with  the  paying  agent a sum  sufficient  to pay such  principal  or
          interest  so  becoming  due,  and  (unless  such  paying  agent is the
          Trustee) the Issuer will promptly notify the Trustee of any failure to
          take such action.

                    If the Issuer shall act as its own paying agent with respect
          to the  Securities of any series,  it will, on or before each due date
          of the principal of or interest on the Securities of such series,  set
          aside,  segregate  and hold in trust for the benefit of the Holders of
          the  Securities of such series or the Coupons  appertaining  thereto a
          sum  sufficient to pay such principal or interest so becoming due. The
          Issuer  will  promptly  notify the Trustee of any failure to take such
          action.

                    Anything in this  Section to the  contrary  notwithstanding,
          but  subject to  Section  10.1,  the  Issuer may at any time,  for the
          purpose of obtaining a satisfaction  and discharge with respect to one
          or  more or all  series  of  Securities  hereunder,  or for any  other
          reason,  pay or cause to be paid to the Trustee all sums held in trust
          for any such series by the Issuer or any paying  agent  hereunder,  as
          required by this Section, such sums to be held by the Trustee upon the
          trusts herein contained.

                    Anything in this  Section to the  contrary  notwithstanding,
          the  agreement  to hold sums in trust as provided  in this  Section is
          subject to the provisions of Sections 10.3 and 10.4.

                    SECTION 3.5 Written  Statement  to Trustee.  The Issuer will
          deliver to the Trustee on or before  April 15 in each year  (beginning
          in 1994) a written  statement,  signed by two of its  officers  (which
          need not comply with Section 11.5),  stating that in the course of the
          performance  by the signers of their  duties as officers of the Issuer
          they would normally have knowledge of any default by the Issuer in the
          performance  or  fulfillment  of any covenant,  agreement or condition
          contained  in  this  Indenture,  stating  whether  or  not  they  have
          knowledge of any such default and, if so, specifying each such default
          of which the signers have knowledge and the nature thereof.

                    SECTION  3.6  Luxembourg  Publications.  In the event of the
          publication  of any notice  pursuant to Section  5.11,  6.8,  6.10(a),
          6.11,  8.2, 10.4,  12.2 or 12.5, the party making such  publication in
          the Borough of Manhattan,  The City of New York and London shall also,
          to the  extent  that  notice is  required  to be given to  Holders  of
          Securities  of any  series  by  applicable  Luxembourg  law  or  stock
          exchange  regulation,   as  evidenced  by  an  Officers'   Certificate
          delivered to such party, make a similar publication in Luxembourg.

                                  ARTICLE FOUR

                       SECURITYHOLDERS LISTS AND REPORTS BY THE
                             ISSUER AND THE TRUSTEE

                    SECTION  4.1 Issuer to  Furnish  Trustee  Information  as to
          Names and  Addresses  of  Securityholders.  The Issuer  covenants  and
          agrees that it will  furnish or cause to be furnished to the Trustee a
          list in such form as the Trustee may  reasonably  require of the names
          and  addresses  of the Holders of the  Registered  Securities  of each
          series:

                         (a)  semiannually  and not more than 15 days after each
                    record date for the  payment of interest on such  Registered
                    Securities, as hereinabove specified, as of such record date
                    and on dates to be  determined  pursuant  to Section 2.3 for
                    noninterest bearing Registered Securities in each year, and

                         (b) at such other  times as the  Trustee may request in
                    writing,  within 30 days after  receipt by the Issuer of any
                    such request as of a date not more than 15 days prior to the
                    time such information is furnished,

          provided  that if and so long as the  Trustee  shall  be the  Security
          registrar for such series and all of the  Securities of any series are
          Registered  Securities,   such  list  shall  not  be  required  to  be
          furnished.

                    SECTION 4.2 Preservation  and Disclosure of  Securityholders
          Lists.

                    (a) The Trustee shall  preserve,  in as current a form as is
               reasonably  practicable,  all  information  as to the  names  and
               addresses of the Holders of each series of Registered  Securities
               (i) contained in the most recent list furnished to it as provided
               in Section 4.1,  (ii)  received by it in the capacity of Security
               registrar for such series, if so acting,  and (iii) filed with it
               within two preceding  years pursuant to  4.4(c)(ii).  The Trustee
               may destroy any list  furnished  to it as provided in Section 4.1
               upon receipt of a new list so furnished.

                    (b) In case three or more Holders of Securities (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  for a  period  of at  least  six  months
               preceding  the date of such  application,  and  such  application
               states  that the  applicants  desire to  communicate  with  other
               Holders of Securities  of a particular  series (in which case the
               applicants  must  all hold  Securities  of such  series)  or with
               holders  of all  Securities  respect to their  rights  under this
               Indenture  or  under  such  Securities  and such  application  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

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

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

                    If the Trustee shall elect not to afford to such  applicants
               access to such  information,  the Trustee shall, upon the written
               request of such applicants,  mail to each  Securityholder of such
               series or all Holders of Registered  Securities,  as the case may
               be, whose name and address appears in the  information  preserved
               at the time by the Trustee in accordance  with the  provisions of
               subsection  (a) of this  Section  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  Registered
               Securities of such series or of all Registered 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   Securityholders  with  reasonable
               promptness  after the entry of such order and the renewal of such
               tender; otherwise the Trustee shall be relieved of any obligation
               or duty to such applicants respecting their application.

                    (c) Each and every  Holder of  Securities  and  Coupons,  by
               receiving  and holding  the same,  agrees with the Issuer and the
               Trustee  that neither the Issuer nor the Trustee nor any agent of
               the Issuer or the Trustee 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 the
               provisions of subsection  (b) of this Section,  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 such subsection (b).

                    SECTION 4.3 Reports by the Issuer.  The Issuer covenants:

                    (a) to file  with the  Trustee,  within  15 days  after  the
               Issuer 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  Issuer  may be  required  to file with the
               Commission  pursuant  to  Section  13 or  Section  15(d)  of  the
               Securities Exchange Act of 1934, or if the Issuer is not required
               to file information,  documents, or reports pursuant to either of
               such Sections,  then to 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, or
               in  respect of a security  listed  and  registered  on a national
               securities  exchange  as may be  prescribed  from time to time in
               such rules and regulations;

                    (b)  to  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 Issuer with the
               conditions and covenants provided for in this Indenture as may be
               required from time to time by such rules and regulations; and

                    (c) to transmit by mail to the Holders of Securities, in the
               manner  and  to the  extent  provided  in  Section  4.4(c),  such
               summaries of any  information,  documents and reports required to
               be filed by the Issuer  pursuant  to  subsections  (a) and (b) of
               this Section as may be required to be transmitted to such Holders
               by rules  and  regulations  prescribed  from  time to time by the
               Commission.

                       SECTION 4.4 Reports by the Trustee.

                    (a) Within 60 days after December 31 of each year commencing
               with the year 1995,  the  Trustee  shall  transmit by mail to the
               Holders of  Securities,  as  provided in  Subsection  (c) of this
               Section, a brief report dated as of such December 31 with respect
               to:

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

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

                         (iii) the  character and amount of any advances (and if
                    the   Trustee   elects  so  to  state,   the   circumstances
                    surrounding  the making  thereof)  made by the  Trustee  (as
                    such) which remain unpaid on the date of such report and for
                    the  reimbursement of which it claims or may claim a lien or
                    charge,  prior to that of the  Securities of any series,  on
                    any  property or funds held or  collected  by it as Trustee,
                    except  that the  Trustee  shall  not be  required  (but may
                    elect) to report such advances if such advances so remaining
                    unpaid  aggregate  not more than 1/2 of 1% of the  principal
                    amount of the  Securities of any series  Outstanding  on the
                    date of such report;

                         (iv) the amount,  interest  rate,  and maturity date of
                    all other  indebtedness owing by the Issuer (or by any other
                    obligor on the  Securities) to the Trustee in its individual
                    capacity  on  the  date  of  such   report,   with  a  brief
                    description  of any  property  held as  collateral  security
                    therefor,  except  any  indebtedness  based  upon a creditor
                    relationship  arising  in any  manner  described  in Section
                    6.13(b)(2), (3), (4) or (6);

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

                         (vi) any  release,  or  release  and  substitution,  of
                    property subject to the lien, if any, of this Indenture (and
                    the  consideration  therefor,  if any) which the Trustee has
                    not previously reported;

                         (vii)  any  additional  issue  of  Securities which the
                    Trustee has not previously reported; and

                         (viii)  any  action   taken  by  the   Trustee  in  the
                    performance of its duties under this Indenture  which it has
                    not previously  reported and which in its opinion materially
                    affects  the  Securities,  except  action  in  respect  of a
                    default, notice of which has been or is to be withheld by it
                    in accordance with the provisions of Section 5.11.

                    (b) The Trustee  shall  transmit to the  Securityholders  of
               each series,  as provided in subsection  (c) of this  Section,  a
               brief  report  with  respect to the  character  and amount of any
               advances   (and  if  the   Trustee   elects  so  to  state,   the
               circumstances   surrounding  the  making  thereof)  made  by  the
               Trustee,  as such, since the date of the last report  transmitted
               pursuant to the  provisions of subsection (a) of this Section (or
               if no such report has yet been so transmitted,  since the date of
               this Indenture) for the  reimbursement  of which it claims or may
               claim a lien or charge  prior to that of the  Securities  of such
               series on  property or funds held or  collected  by it as Trustee
               and  which  it has  not  previously  reported  pursuant  to  this
               subsection  (b),  except that the  Trustee  shall not be required
               (but  may  elect)  to  report  such  advances  if  such  advances
               remaining  unpaid  at  any  time  aggregate  10% or  less  of the
               principal amount of Securities of such series outstanding at such
               time,  such  report to be  transmitted  within 90 days after such
               time.

                    (c) Reports pursuant to this Section shall be transmitted by
               mail:

                         (i)  to  all  Holders  of Registered Securities, as the
                    names and addresses of such Holders appear upon the registry
                    books of the Issuer;

                         (ii) to such  other  Holders  of  Securities  as  have,
                    within two years  preceding such  transmission,  filed their
                    names and addresses with the Trustee for that purpose; and

                         (iii)  except  in  the  case  of  reports  pursuant  to
                    subsection  (b), to each Holder of a Security whose name and
                    address are preserved at the time by the Trustee as provided
                    in Section 4.2(a).

                    (d) A copy of each such  report  shall,  at the time of such
               transmission to  Securityholders,  be furnished to the Issuer and
               be filed by the Trustee with each stock  exchange  upon which the
               Securities of any applicable  series are listed and also with the
               Commission.  The Issuer agrees to notify the Trustee with respect
               to any series when and as the  Securities  of such series  become
               admitted to trading on any national securities exchange.

                                  ARTICLE FIVE

                     REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS
                               ON EVENT OF DEFAULT

                    SECTION  5.1  Event  of  Default  Defined;  Acceleration  of
          Maturity;  Waiver of  Default.  "Event of  Default"  with  respect  to
          Securities of any series  wherever used herein,  means each one of the
          following events which shall have occurred and be continuing (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, except that any
          Securities,  or any series of  Securities,  may  provide for Events of
          Default in lieu of and in  substitution  of the Events of Default  set
          forth herein:

               (a) default in the payment of any instalment of interest upon any
          of the 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

               (b) default in the payment of all or any part of the principal on
          any of the Securities of such series as and when the same shall become
          due and payable either at maturity, upon redemption, by declaration or
          otherwise; or

               (c)  failure on the part of the Issuer duly to observe or perform
          any other  covenant or  agreement on the part of the Issuer in respect
          of the Securities of such series (other than a covenant or warranty in
          respect of the Securities of such series a default in the  performance
          or breach of which is  elsewhere in this  Section  specifically  dealt
          with) or contained in this Indenture,  and continuance of such default
          or breach  for a period of 90 days  after  there  has been  given,  by
          registered  or certified  mail, to the Issuer by the Trustee or to the
          Issuer  and the  Trustee by the  Holders of at least 25% in  principal
          amount of the Outstanding Securities of all series affected thereby, a
          written notice  specifying  such failure or breach and requiring it to
          be  remedied  and  stating  that such  notice is a "Notice of Default"
          hereunder; or

               (d) a court having  jurisdiction  in the  premises  shall enter a
          decree  or  order  for   relief  in  respect  of  the  Issuer  or  any
          Consolidated  Subsidiary in an  involuntary  case under any applicable
          bankruptcy,  insolvency  or  other  similar  law now or  hereafter  in
          effect,  or appointing a receiver,  liquidator,  assignee,  custodian,
          trustee or  sequestrator  (or similar  official)  of the Issuer or any
          subsidiary or for any substantial part of its property or ordering the
          winding up or  liquidation  of its  affairs,  and such decree or order
          shall  remain  unstayed  and in effect for a period of 60  consecutive
          days; or

               (e) the Issuer or any  Consolidated  Subsidiary  shall commence a
          voluntary  case under any applicable  bankruptcy,  insolvency or other
          similar law now or hereafter in effect,  or consent to the entry of an
          order for relief in an involuntary case under any such law, or consent
          to the appointment of or taking possession by a receiver,  liquidator,
          assignee,  custodian, trustee or sequestrator (or similar official) of
          the Issuer or any Consolidated  Subsidiary or for any substantial part
          of its  property,  or make any general  assignment  for the benefit of
          creditors; or

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

          If an Event of Default  described in clauses (a),  (b), (c) or (f) (if
          the Event of Default  under  clause (c) or (f), as the case may be, is
          with respect to less than all series of Securities  then  Outstanding)
          occurs  and is  continuing,  then,  and in each and every  such  case,
          unless the  principal  of all of the  Securities  of such series shall
          have already become due and payable, either the Trustee or the Holders
          of not less  than a  majority  in  aggregate  principal  amount of the
          Securities of each such  affected  series then  Outstanding  hereunder
          (each such series voting as a separate  class) by notice in writing to
          the  Issuer  (and to the  Trustee  if given by  Securityholders),  may
          declare the entire  principal  (or, if the Securities of such affected
          series are Original  Issue  Discount  Securities,  such portion of the
          principal  amount as may be  specified in the terms of such series) of
          all  Securities of such series and the interest  accrued  thereon,  if
          any, to be due and payable immediately,  and upon any such declaration
          the same shall become immediately due and payable, provided,  however,
          that payment of principal and interest,  if any, on the  Securities of
          such  series  shall  remain  subordinated  to the extent  provided  in
          Article Thirteen.  If an Event of Default described in clause (c), (f)
          (if the Event of Default  under clause (c) or (f), as the case may be,
          is with respect to all series of Securities then Outstanding),  (d) or
          (e)  occurs and is  continuing,  then and in each and every such case,
          unless the principal of all the  Securities  shall have already become
          due and payable,  either the Trustee or the Holders of not less than a
          majority in  aggregate  principal  amount of all the  Securities  then
          Outstanding  hereunder (treated as one class), by notice in writing to
          the Issuer (and to the  Trustee if given by  Security-  holders),  may
          declare the entire principal (or, if any Securities are Original Issue
          Discount Securities, such portion of the principal as may be specified
          in the terms  thereof) of all the  Securities  then  Outstanding,  and
          interest accrued thereon,  if any, to be due and payable  immediately,
          and upon any such  declaration  the same shall become  immediately due
          and  payable,  provided,   however,  that  payment  of  principal  and
          interest,  if any,  on the  Securities  of such  series  shall  remain
          subordinated to the extent provided in Article Thirteen.

                    The  foregoing  provisions,  however,  are  subject  to  the
          condition  that if,  at any  time  after  the  principal  (or,  if the
          Securities are Original Issue Discount Securities, such portion of the
          principal as may be specified in the terms  thereof) of the Securities
          of any  series  (or of all the  Securities,  as the case may be) shall
          have been so  declared  due and  payable,  and before any  judgment or
          decree for the  payment of the moneys due shall have been  obtained or
          entered as hereinafter provided, the Issuer shall pay or shall deposit
          with the Trustee a sum sufficient to pay all matured  installments  of
          interest  upon  all  the  Securities  of  such  series  (or of all the
          Securities,  as the  case  may be) and  the  principal  of any and all
          Securities of such series (or of all the  Securities,  as the case may
          be) which shall have become due otherwise than by  acceleration  (with
          interest upon such  principal) and, to the extent that payment of such
          interest is enforceable under applicable law, on overdue  installments
          of  interest,  at the same  rate as the rate of  interest  or Yield to
          Maturity (in the case of Original Issue Discount Securities) specified
          in the  Securities  of such  series  (or at the  respective  rates  of
          interest or Yields to Maturity of all the Securities,  as the case may
          be) to the date of such  payment or deposit)  and such amount as shall
          be sufficient to cover reasonable compensation to the Trustee and each
          predecessor Trustee, its agents,  attorneys and counsel, and all other
          expenses  and  liabilities  incurred,  and all advances  made,  by the
          Trustee except as a result of negligence or bad faith,  and if any and
          all Events of Default under the Indenture,  other than the non-payment
          of  the  principal  of  Securities  which  shall  have  become  due by
          acceleration,  shall have been cured,  waived or otherwise remedied as
          provided  herein  -- then and in every  such  case  the  Holders  of a
          majority in aggregate  principal  amount of all the Securities of such
          series,  each  series  voting  as a  separate  class,  (or of all  the
          Securities,  as the  case  may be,  voting  as a  single  class)  then
          Outstanding,  by written notice to the Issuer and to the Trustee,  may
          waive all  defaults  with respect to each such series (or with respect
          to all the Securities,  as the case may be) and rescind and annul such
          declaration and its consequences, but no such waiver or rescission and
          annulment  shall extend to or shall affect any  subsequent  default or
          shall impair any right consequent thereon.

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

                    SECTION 5.2 Collection of Indebtedness  by Trustee;  Trustee
          May Prove Debt. The Issuer covenants that (a) in case default shall be
          made  in the  payment  of any  instalment  of  interest  on any of the
          Securities of any series when such interest  shall have become due and
          payable, and such default shall have continued for a period of 30 days
          or (b) in case default shall be made in the payment of all or any part
          of the principal of any of the  Securities of any series when the same
          shall have  become  due and  payable,  whether  upon  maturity  of the
          Securities of such series or upon any  redemption or by declaration or
          otherwise--then upon demand of the Trustee, the Issuer will pay to the
          Trustee  for the  benefit  of the  Holders of the  Securities  of such
          series the whole amount that then shall have become due and payable on
          all  Securities  of such series,  and such  Coupons,  for principal or
          interest,  as the  case  may be  (with  interest  to the  date of such
          payment upon the overdue  principal and, to the extent that payment of
          such  interest  is  enforceable   under  applicable  law,  on  overdue
          installments  of  interest at the same rate as the rate of interest or
          Yield to Maturity (in the case of Original Issue Discount  Securities)
          specified in the Securities of such series);  and in addition thereto,
          such  further  amount  as shall be  sufficient  to cover the costs and
          expenses  of  collection,  including  reasonable  compensation  to the
          Trustee  and  each  predecessor  Trustee,   their  respective  agents,
          attorneys and counsel, and any expenses and liabilities incurred,  and
          all advances made, by the Trustee and each predecessor  Trustee except
          as a result of its negligence or bad faith.

                    In case the Issuer shall fail  forthwith to pay such amounts
          upon such demand,  the  Trustee,  in its own name and as trustee of an
          express trust, shall be entitled and empowered to institute any action
          or  proceedings  at law or in equity for the collection of the sums so
          due and unpaid,  and may prosecute any such action or  proceedings  to
          judgment or final  decree,  and may enforce any such judgment or final
          decree  against the Issuer or other obligor upon such  Securities  and
          collect  in the  manner  provided  by law out of the  property  of the
          Issuer or other obligor upon such Securities,  wherever situated,  the
          moneys adjudged or decreed to be payable.

                    In case there shall be pending  proceedings  relative to the
          Issuer or any other obligor upon the Securities  under Title 11 of the
          United  States  Code  or  any  other   applicable   Federal  or  state
          bankruptcy,  insolvency  or other  similar law, or in case a receiver,
          assignee  or  trustee in  bankruptcy  or  reorganization,  liquidator,
          sequestrator  or similar  official  shall have been  appointed  for or
          taken  possession of the Issuer or its property or such other obligor,
          or in case of any other comparable  judicial  proceedings  relative to
          the Issuer or other obligor upon the  Securities of any series,  or to
          the  creditors  or property of the Issuer or such other  obligor,  the
          Trustee, irrespective of whether the principal of any Securities shall
          then be due and  payable as therein  expressed  or by  declaration  or
          otherwise and  irrespective of whether the Trustee shall have made any
          demand  pursuant to the provisions of this Section,  shall be entitled
          and empowered, by intervention in such proceedings or otherwise:

                    (a) to file and prove a claim or claims for the whole amount
          of principal  and interest  (or, if the  Securities  of any series are
          Original  Issue  Discount  Securities,  such portion of the  principal
          amount  as may be  specified  in the terms of such  series)  owing and
          unpaid in respect of the  Securities  of any 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  reasonable
          compensation to the Trustee and each  predecessor  Trustee,  and their
          respective agents, attorneys and counsel, and for reimbursement of all
          expenses  and  liabilities  incurred,  and all advances  made,  by the
          Trustee and each predecessor Trustee, except as a result of negligence
          or bad  faith) and of the  Security  holders  allowed in any  judicial
          proceedings   relative  to  the  Issuer  or  other  obligor  upon  the
          Securities  of any  series,  or to the  creditors  or  property of the
          Issuer or such other obligor,

                    (b) unless prohibited by applicable law and regulations,  to
          vote on behalf of the Holders of the  Securities  of any series in any
          election   of  a  trustee  or  a  standby   trustee  in   arrangement,
          reorganization,   liquidation   or  other   bankruptcy  or  insolvency
          proceedings  or person  performing  similar  functions  in  comparable
          proceedings, and

                    (c) to collect  and  receive  any  moneys or other  property
          payable or  deliverable  on any such  claims,  and to  distribute  all
          amounts received with respect to the claims of the Securityholders and
          of the  Trustee  on  their  behalf;  and  any  trustee,  receiver,  or
          liquidator,  custodian or other similar official is hereby  authorized
          by each of the  Securityholders to make payments to the Trustee,  and,
          in the event that the Trustee  shall consent to the making of payments
          directly to the Securityholders, to pay to the Trustee such amounts as
          shall be sufficient to cover  reasonable  compensation to the Trustee,
          each predecessor  Trustee and their respective  agents,  attorneys and
          counsel,  and all other  expenses and  liabilities  incurred,  and all
          advances  made,  by the Trustee and each  predecessor  Trustee and all
          other amounts due to the Trustee or any predecessor  Trustee  pursuant
          to  Section  6.6  except as a result of  Trustee's  negligence  or bad
          faith.

               Nothing herein contained shall be deemed to authorize the Trustee
          to authorize or consent to or vote for or accept or adopt on behalf of
          any  Security   holder  any  plan  of   reorganization,   arrangement,
          adjustment or  composition  affecting the  Securities of any series or
          the rights of any Holder thereof,  or to authorize the Trustee to vote
          in respect of the claim of any  Securityholder  in any such proceeding
          except,  as  aforesaid,  to vote  for the  election  of a  trustee  in
          bankruptcy or similar person.

                    All  rights of action  and of  asserting  claims  under this
          Indenture,  or under any of the  Securities  of any  series or Coupons
          appertaining  to  such  Securities,  may be  enforced  by the  Trustee
          without  the  possession  of any of the  Securities  of such series or
          Coupons  appertaining to such Securities or the production  thereof on
          any trial or other proceedings  relative thereto,  and any such action
          or  proceedings  instituted by the Trustee shall be brought in its own
          name as trustee of an express  trust,  and any  recovery of  judgment,
          subject to the payment of the expenses, disbursements and compensation
          of the Trustee,  each predecessor  Trustee and their respective agents
          and attorneys,  shall be for the ratable benefit of the Holders of the
          Securities or Coupons  appertaining  to such  Securities in respect of
          which such action was taken.

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

                    SECTION 5.3 Application of Proceeds. Any moneys collected by
          the Trustee  pursuant to this Article in respect of any series  shall,
          subject  to the  subordination  provisions  hereof,  be applied in the
          following order at the date or dates fixed by the Trustee and, in case
          of the  distribution  of  such  moneys  on  account  of  principal  or
          interest,  upon  presentation  of the several  Securities  and Coupons
          appertaining  to such  Securities in respect of which monies have been
          collected and stamping (or otherwise  noting) thereon the payment,  or
          issuing  Securities  of such  series in reduced  principal  amounts in
          exchange for the presented Securities of like series if only partially
          paid, or upon surrender thereof if fully paid:

                    FIRST:  To the payment of costs and expenses  applicable  to
               such  series in  respect  of which  monies  have been  collected,
               including  reasonable   compensation  to  the  Trustee  and  each
               predecessor Trustee and their respective agents and attorneys and
               of all expenses and liabilities incurred,  and all advances made,
               by the Trustee and each predecessor Trustee and all other amounts
               due to the Trustee or any predecessor Trustee pursuant to Section
               6.6 except as a result of Trustee's negligence or bad faith;

                    SECOND:  In case the  principal  of the  Securities  of such
               series in respect of which moneys have been  collected  shall not
               have  become  and be then  due and  payable,  to the  payment  of
               interest on the Securities of such series in default in the order
               of the  maturity  of the  installments  of  such  interest,  with
               interest (to the extent that such interest has been  collected by
               the  Trustee)  upon the overdue  installments  of interest at the
               same rate as the rate of interest  or Yield to  Maturity  (in the
               case of Original  Issue  Discount  Securities)  specified in such
               Securities,  such  payments  to be made  ratably  to the  persons
               entitled thereto, without discrimination or preference;

                    THIRD:  In case  the  principal  of the  Securities  of such
               series in respect of which moneys have been collected  shall have
               become and shall be then due and  payable,  to the payment of the
               whole  amount  then owing and unpaid upon all the  Securities  of
               such series for principal  and  interest,  with interest upon the
               overdue principal, and (to the extent that such interest has been
               collected by the Trustee) upon overdue  installments  of interest
               at the same rate as the rate of interest or Yield to Maturity (in
               the case of Original Issue Discount Securities)  specified in the
               Securities  of such  series;  and in case  such  moneys  shall be
               insufficient  to pay in full the whole  amount so due and  unpaid
               upon the  Securities of such series,  then to the payment of such
               principal and interest or Yield to Maturity,  without  preference
               or priority of principal  over interest or Yield to Maturity,  or
               of  interest  or  Yield to  Maturity  over  principal,  or of any
               instalment of interest over any other instalment of interest,  or
               of any  Security of such  series over any other  Security of such
               series,  ratably to the  aggregate of such  principal and accrued
               and unpaid interest or Yield to Maturity; and

                    FOURTH:  To  the  payment  of  the remainder, if any, to the
               Issuer or any other person lawfully entitled thereto.

                    SECTION  5.4  Suits  for  Enforcement.  In case an  Event of
          Default  has  occurred,  has not been  waived and is  continuing,  the
          Trustee  may in its  discretion  proceed to protect  and  enforce  the
          rights  vested in it by this  Indenture by such  appropriate  judicial
          proceedings  as the Trustee  shall deem most  effectual to protect and
          enforce  any  of  such  rights,  either  at  law  or in  equity  or in
          bankruptcy or otherwise,  whether for the specific  enforcement of any
          covenant or  agreement  contained  in this  Indenture or in aid of the
          exercise  of any power  granted in this  Indenture  or to enforce  any
          other legal or equitable right vested in the Trustee by this Indenture
          or by law.

                    SECTION  5.5   Restoration   of  Rights  on  Abandonment  of
          Proceedings.  In case the Trustee shall have  proceeded to enforce any
          right  under  this  Indenture  and such  proceedings  shall  have been
          discontinued  or  abandoned  for  any  reason,   or  shall  have  been
          determined  adversely to the Trustee,  then and in every such case the
          Issuer and the Trustee shall be restored  respectively to their former
          positions and rights hereunder, and all rights, remedies and powers of
          the Issuer,  the Trustee and the Security  holders  shall  continue as
          though no such proceedings had been taken.

                    SECTION  5.6  Limitations  on Suits by  Securityholders.  No
          Holder of any  Security  of any series or of any  Coupon  appertaining
          thereto shall have any right by virtue or by availing of any provision
          of this  Indenture to institute  any action or proceeding at law or in
          equity or in bankruptcy or otherwise  upon or under or with respect to
          this  Indenture,  or  for  the  appointment  of a  trustee,  receiver,
          liquidator,  custodian  or other  similar  official  or for any  other
          remedy  hereunder,  unless such Holder  previously shall have given to
          the Trustee written notice of default and of the continuance  thereof,
          as hereinbefore provided, and unless also the Holders of not less than
          a majority in aggregate  principal  amount of the  Securities  of such
          series  then  Outstanding  shall have made  written  request  upon the
          Trustee to  institute  such action or  proceedings  in its own name as
          trustee   hereunder  and  shall  have  offered  to  the  Trustee  such
          reasonable indemnity as it may require against the costs, expenses and
          liabilities  to be incurred  therein or thereby and the Trustee for 60
          days after its receipt of such notice,  request and offer of indemnity
          shall have failed to institute  any such action or  proceeding  and no
          direction inconsistent with such written request shall have been given
          to the  Trustee  pursuant  to Section  5.9;  it being  understood  and
          intended,  and being  expressly  covenanted by the taker and Holder of
          every  Security  or Coupon  with every  other taker and Holder and the
          Trustee,  that no one or more Holders of  Securities  of any series or
          Coupons  appertaining to such  Securities  shall have any right in any
          manner  whatever  by virtue or by availing  of any  provision  of this
          Indenture to affect, disturb or prejudice the rights of any other such
          Holder of Securities or Coupons appertaining to such Securities, or to
          obtain or seek to obtain priority over or preference to any other such
          Holder or to enforce  any right  under this  Indenture,  except in the
          manner herein  provided and for the equal,  ratable and common benefit
          of all  Holders of  Securities  of the  applicable  series and Coupons
          appertaining to such Securities. For the protection and enforcement of
          the provisions of this Section, each and every Security holder and the
          Trustee shall be entitled to such relief as can be given either at law
          or in equity.

                    SECTION  5.7  Unconditional   Right  of  Securityholders  to
          Institute Certain Suits.  Notwithstanding  any other provision in this
          Indenture and any  provision of any Security,  the right of any Holder
          of any Security or Coupon to receive  payment of the  principal of and
          interest  on such  Security or Coupon on or after the  respective  due
          dates  expressed in such Security or Coupon,  or to institute suit for
          the enforcement of any such payment on or after such respective dates,
          shall not be impaired or affected without the consent of such Holder.

                    SECTION  5.8  Powers  and  Remedies  Cumulative;   Delay  or
          Omission Not Waiver of Default.  Except as provided in Section 5.6, no
          right or remedy herein conferred upon or reserved to the Trustee or to
          the Holders of  Securities  or Coupons 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.

                    No delay or  omission  of the  Trustee  or of any  Holder of
          Securities or Coupons to exercise any right or power accruing upon any
          Event of Default  occurring and  continuing as aforesaid  shall impair
          any such  right or power or shall be  construed  to be a waiver of any
          such Event of  Default or an  acquiescence  therein;  and,  subject to
          Section 5.6,  every power and remedy given by this Indenture or by law
          to the  Trustee or to the  Holders  of  Securities  or Coupons  may be
          exercised  from  time  to  time,  and as  often  as  shall  be  deemed
          expedient, by the Trustee or by the Holders of Securities or Coupons.

                    SECTION 5.9 Control by Holders of Securities. The Holders of
          a majority in aggregate  principal  amount of the  Securities  of each
          series  affected (with each series voting as a separate  class) at the
          time Outstanding 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 by this  Indenture;
          provided that such direction shall not be otherwise than in accordance
          with law and the  provisions of this  Indenture  and provided  further
          that (subject to the provisions of Section 6.1) the Trustee shall have
          the right to  decline  to follow any such  direction  if the  Trustee,
          being  advised  by  counsel,   shall  determine  that  the  action  or
          proceeding  so directed may not lawfully be taken or if the Trustee in
          good faith by its board of directors,  the executive  committee,  or a
          trust  committee of directors or  Responsible  Officers of the Trustee
          shall  determine  that the action or  proceedings  so  directed  would
          involve the Trustee in  personal  liability  or if the Trustee in good
          faith shall so determine that the actions or forbearances specified in
          or  pursuant  to such  direction  would be unduly  prejudicial  to the
          interests of Holders of the  Securities  of all series so affected not
          joining  in the giving of said  direction,  it being  understood  that
          (subject to Section  6.1) the Trustee  shall have no duty to ascertain
          whether or not such actions or forbearances are unduly  prejudicial to
          such Holders.

                    Nothing  in this  Indenture  shall  impair  the right of the
          Trustee  in its  discretion  to take any action  deemed  proper by the
          Trustee  and  which  is  not  inconsistent   with  such  direction  or
          directions by Securityholders.

                    SECTION  5.10  Waiver  of  Past   Defaults.   Prior  to  the
          acceleration  of the  maturity  of any  Securities  of any  series  as
          provided  in Section  5.1,  the  Holders of a  majority  in  aggregate
          principal  amount  of  the  Securities  of  all  series  at  the  time
          Outstanding  with  respect  to which an Event of  Default  shall  have
          occurred and be  continuing  voting as a single class may on behalf of
          the  Holders  of all the  Securities  of such  series  waive  any past
          default  or  Event  of  Default  described  in  Section  5.1  and  its
          consequences,  except a default in respect of a covenant or  provision
          hereof which cannot be modified or amended  without the consent of the
          Holder of each Security affected.  In the case of any such waiver, the
          Issuer,  the Trustee and the Holders of all such  Securities  shall be
          restored to their former positions and rights hereunder, respectively;
          but no such waiver shall extend to any  subsequent or other default or
          impair any right consequent thereon.

                    Upon any such waiver,  such default shall cease to exist and
          be deemed to have been cured and not to have  occurred,  and any Event
          of Default arising  therefrom shall be deemed to have been cured,  and
          not to have occurred for every purpose of this Indenture;  but no such
          waiver shall  extend to any  subsequent  or other  default or Event of
          Default or impair any right consequent thereon.

                    SECTION  5.11  Trustee to Give  Notice of  Default,  But May
          Withhold in Certain  Circumstances.  The Trustee shall,  within ninety
          days after the  occurrence of a default with respect to the Securities
          of any series, give notice of all defaults with respect to that series
          known to the Trustee (i) if any Unregistered Securities of that series
          are then Outstanding,  to the Holders thereof, by publication at least
          once in an Authorized Newspaper in the Borough of Manhattan,  The City
          of New York and at least  once in an  Authorized  Newspaper  in London
          (and,  if  required  by Section  3.6,  at least once in an  Authorized
          Newspaper in Luxembourg) and (ii) to all Holders of Securities of such
          series in the  manner and to the extent  provided  in Section  4.4(c),
          unless in each case such  defaults  shall have been  cured  before the
          mailing or  publication  of such notice (the term  "defaults"  for the
          purpose  of this  Section  being  hereby  defined to mean any event or
          condition  which  is, or with  notice  or lapse of time or both  would
          become,  an Event of Default);  provided  that,  except in the case of
          default in the payment of the  principal  of or interest on any of the
          Securities  of such  series,  or in the  payment of any  sinking  fund
          instalment  on  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 or trustees
          and/or  Responsible  Officers of the Trustee in good faith  determines
          that  the  withholding  of  such  notice  is in the  interests  of the
          Security holders of such series.

                    SECTION 5.12 Right of Court to Require Filing of Undertaking
          to Pay Costs.  All parties to this Indenture agree, and each Holder of
          any Security or Coupon by his  acceptance  thereof  shall be deemed to
          have agreed, that any court may in its discretion require, in any suit
          for the  enforcement of any right or remedy under this Indenture or in
          any suit against the Trustee for any action taken, suffered or omitted
          by it as Trustee,  the filing by any party litigant in such suit of an
          undertaking  to pay the costs of such suit, and that such court may in
          its  discretion   assess  reasonable   costs,   including   reasonable
          attorneys' fees,  against any party litigant in such suit,  having due
          regard to the merits and good faith of the claims or defenses  made by
          such party  litigant;  but the  provisions  of this Section  shall not
          apply to any suit instituted by the Trustee, to any suit instituted by
          any Security holder or group of Security holders of any series holding
          in the aggregate  more than 10% in aggregate  principal  amount of the
          Securities of such series,  or, in the case of any suit relating to or
          arising under clause (c) or (f) of Section 5.1 (if the suit relates to
          Securities  of more  than  one  but  less  than  all  series),  10% in
          aggregate principal amount of Securities then Outstanding and affected
          thereby,  or in the  case of any suit  relating  to or  arising  under
          clause (c),  (f),  (if the suit under clause (c) or (f) relates to all
          the Securities  then  Outstanding),  (d) or (e) of Section 5.1, 10% in
          aggregate  principal amount of all Securities then Outstanding,  or to
          any suit  instituted by any Security holder for the enforcement of the
          payment of the  principal  of or interest on any  Security on or after
          the due  date  expressed  in  such  Security  or any  date  fixed  for
          redemption.

                                   ARTICLE SIX

                             CONCERNING THE TRUSTEE

                    SECTION  6.1 Duties  and  Responsibilities  of the  Trustee;
          During Default;  Prior to Default.  With respect to the Holders of any
          series of  Securities  issued  hereunder,  the  Trustee,  prior to the
          occurrence of an Event of Default with respect to the  Securities of a
          particular  series  and after the  curing or  waiving of all Events of
          Default   which  may  have  occurred  with  respect  to  such  series,
          undertakes  to  perform  such  duties  and  only  such  duties  as are
          specifically set forth in this Indenture.  In case an Event of Default
          with respect to the Securities of a series has occurred (which has not
          been cured or waived) the Trustee  shall  exercise  such of the rights
          and powers vested in it by this Indenture,  and use the same degree of
          care and skill in their  exercise,  as a prudent man would exercise or
          use under the circumstances in the conduct of his own affairs.

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

                    (a)  prior to the  occurrence  of an Event of  Default  with
               respect to the  Securities  of any series and after the curing or
               waiving of all such Events of Default with respect to such series
               which may have occurred:

                         (i) the  duties and  obligations  of the  Trustee  with
                    respect to the  Securities of any series shall be determined
                    solely by the express provisions of this Indenture,  and the
                    Trustee  shall not be liable except for the  performance  of
                    such duties and obligations as are specifically set forth in
                    this  Indenture,  and no implied  covenants  or  obligations
                    shall be read into this Indenture against the Trustee; and

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

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

                    (c) the  Trustee  shall not be liable  with  respect  to any
               action  taken  or  omitted  to be  taken  by it in good  faith in
               accordance with the direction of the Holders  pursuant to Section
               5.9  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.

                    None of the  provisions  contained in this  Indenture  shall
               require the Trustee to expend or risk its own funds or  otherwise
               incur personal  financial  liability in the performance of any of
               its duties or in the exercise of any of its rights or powers,  if
               there shall be reasonable ground for believing that the repayment
               of such funds or adequate indemnity against such liability is not
               reasonably assured to it.

                    SECTION 6.2  Certain  Rights  Of  the  Trustee.  Subject  to
          Section 6.1:

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

                    (b) any  request,  direction,  order or demand of the Issuer
               mentioned herein shall be sufficiently  evidenced by an Officers'
               Certificate  (unless other evidence in respect  thereof be herein
               specifically  prescribed);  and any  resolution  of the  Board of
               Directors  may be  evidenced  to the  Trustee  by a copy  thereof
               certified  by the  secretary  or an  assistant  secretary  of the
               Issuer;

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

                    (d) the Trustee shall be under no obligation to exercise any
               of the  trusts or powers  vested in it by this  Indenture  at the
               request,  order  or  direction  of any of  the  Security  holders
               pursuant  to  the  provisions  of  this  Indenture,  unless  such
               Security  holders  shall have  offered to the Trustee  reasonable
               security or indemnity against the costs, expenses and liabilities
               which might be incurred therein or thereby;

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

                    (f) prior to the occurrence of an Event of Default hereunder
               and after the curing or waiving  of all  Events of  Default,  the
               Trustee  shall  not be bound to make any  investigation  into the
               facts  or  matters   stated  in  any   resolution,   certificate,
               statement, instrument, opinion, report, notice, request, consent,
               order,  approval,   appraisal,  bond,  debenture,  note,  coupon,
               security,  or other paper or document unless requested in writing
               so to do by the Holders of not less than a majority in  aggregate
               principal  amount of the  Securities of all series  affected then
               Outstanding;  provided  that, if the payment  within a reasonable
               time to the Trustee of the costs,  expenses or liabilities likely
               to be incurred by it in the making of such  investigation  is, in
               the opinion of the Trustee, not reasonably assured to the Trustee
               by the  security  afforded to it by the terms of this  Indenture,
               the  Trustee  may  require  reasonable   indemnity  against  such
               expenses  or  liabilities  as  a  condition  to  proceeding;  the
               reasonable  expenses of every such investigation shall be paid by
               the Issuer or, if paid by the Trustee or any predecessor Trustee,
               shall be repaid by the Issuer upon demand; and

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

                    SECTION   6.3   Trustee  Not   Responsible   for   Recitals,
          Disposition  of Securities or  Application  of Proceeds  Thereof.  The
          recitals contained herein and in the Securities,  except the Trustee's
          certificates  of  authentication,  shall be taken as the statements of
          the  Issuer,  and  the  Trustee  assumes  no  responsibility  for  the
          correctness of the same. The Trustee makes no representation as to the
          validity or  sufficiency  of this  Indenture or of the  Securities  or
          Coupons.  The  Trustee  shall  not  be  accountable  for  the  use  or
          application  by the Issuer of any of the Securities or of the proceeds
          thereof.

                    SECTION  6.4  Trustee  and  Agents  May Hold  Securities  or
          Coupons;  Collections,  etc. The Trustee or any agent of the Issuer or
          the Trustee,  in its individual or any other capacity,  may become the
          owner or pledgee of  Securities  or  Coupons  with the same  rights it
          would have if it were not the  Trustee  or such agent and,  subject to
          Sections 6.8 and 6.13, may otherwise deal with the Issuer and receive,
          collect,  hold and retain  collections  from the Issuer  with the same
          rights it would have if it were not the Trustee or such agent.

                    SECTION  6.5  Moneys   Held  by  Trustee,   Subject  to  the
          provisions of Section 10.4 hereof,  all moneys received by the Trustee
          shall, until used or applied as herein provided,  be held in trust for
          the purposes for which they were received,  but need not be segregated
          from other funds except to the extent required by mandatory provisions
          of law. Neither the Trustee nor any agent of the Issuer or the Trustee
          shall be under any liability for interest on any moneys received by it
          hereunder.

                    SECTION 6.6 Compensation and  Indemnification of Trustee and
          Its Prior Claim. The Issuer covenants and agrees to pay to the Trustee
          from time to time,  and the Trustee  shall be entitled to,  reasonable
          compensation  (which  shall not be limited by any  provision of law in
          regard to the  compensation  of a trustee of an express trust) and the
          Issuer  covenants  and agrees to pay or reimburse the Trustee and each
          predecessor  Trustee  upon its  request for all  reasonable  expenses,
          disbursements  and advances  incurred or made by or on behalf of it in
          accordance with any of the provisions of this Indenture (including the
          reasonable  compensation  and the  expenses and  disbursements  of its
          counsel  and of all  agents and other  persons  not  regularly  in its
          employ) except any such expense,  disbursement or advance as may arise
          from its  negligence  or bad  faith.  The  Issuer  also  covenants  to
          indemnify the Trustee and each predecessor Trustee for, and to hold it
          harmless  against,  any loss,  liability or expense  incurred  without
          negligence  or bad faith on its part,  arising out of or in connection
          with the acceptance or  administration of this Indenture or the trusts
          hereunder and its duties  hereunder,  including the costs and expenses
          of defending itself against or investigating any claim of liability in
          the  premises.  The  obligations  of the Issuer  under this Section to
          compensate and indemnify the Trustee and each predecessor  Trustee and
          to pay or  reimburse  the  Trustee  and each  predecessor  Trustee for
          expenses,  disbursements  and  advances  shall  constitute  additional
          indebtedness   hereunder  and  shall  survive  the   satisfaction  and
          discharge of this Indenture.  Such additional  indebtedness shall be a
          senior  claim to that of the  Securities  upon all  property and funds
          held or collected  by the Trustee as such,  except funds held in trust
          for the benefit of the Holders of  particular  Securities  or Coupons,
          and the Securities are hereby subordinated to such senior claim.

                    When the  Trustee  incurs  expenses  or renders  services in
          connection  with an Event of Default  specified in Section 5.2 (d) and
          (e), the expenses  (including the  reasonable  charges and expenses of
          its  counsel)  and the  compensation  for the services are intended to
          constitute expenses of administration  under any applicable Federal or
          State bankruptcy, insolvency, reorganization, or similar law.

                    SECTION   6.7  Right  of  Trustee   to  Rely  on   Officers'
          Certificate,  etc.  Subject to Sections  6.1 and 6.2,  whenever in the
          administration  of the trusts of this Indenture the Trustee shall deem
          it necessary or desirable that a matter be proved or established prior
          to taking or suffering or omitting any action  hereunder,  such matter
          (unless  other  evidence  in respect  thereof  be herein  specifically
          prescribed) may, in the absence of negligence or bad faith on the part
          of the Trustee, be deemed to be conclusively proved and established by
          an  Officers'   Certificate   delivered  to  the  Trustee,   and  such
          certificate,  in the absence of negligence or bad faith on the part of
          the  Trustee,  shall be full  warrant  to the  Trustee  for any action
          taken,  suffered  or  omitted  by it  under  the  provisions  of  this
          Indenture upon the faith thereof.

                    SECTION 6.8 Qualification of Trustee; Conflicting Interests.
          (a) If the Trustee has or shall acquire any conflicting  interest,  as
          defined in this Section, with respect to the Securities of any series,
          then,  within 90 days after  ascertaining that it has such conflicting
          interest and if the default (as provided in  subsection  (d)) to which
          such conflicting interest relates has not been cured or duly waived or
          otherwise eliminated before the end of such 90 day period, the Trustee
          shall  either  eliminate  such  conflicting  interest  or,  except  as
          otherwise  provided below in this Section,  resign with respect to the
          Securities   of  that  series  in  the  manner  and  with  the  effect
          hereinafter specified in this Article and the Issuer shall take prompt
          steps to have a successor appointed in the manner provided herein.

                    (b) In the event that the Trustee  shall fail to comply with
          the  provisions of subsection  (a) of this Section with respect to the
          Securities of any series, the Trustee shall,  within 10 days after the
          expiration of such 90 day period,  transmit  notice of such failure by
          mail to all Holders of Securities  of that series  entitled to receive
          reports pursuant to Section 4.4(c) and, if Unregistered  Securities of
          that series are outstanding,  shall cause notice of such failure to be
          published at least once in an  Authorized  Newspaper in the Borough of
          Manhattan,  The City of New York  and at least  once in an  Authorized
          Newspaper in London (and, if required by Section 3.6, at least once in
          an Authorized Newspaper in Luxembourg).

                    (c) Subject to Section 5.12,  unless the  Trustee's  duty to
          resign is stayed,  as provided  below in this  Section,  any Holder of
          Securities  of  that  series  who  has  been a  bona  fide  Holder  of
          Securities of any series referred to in subsection (a) of this Section
          for at least  six  months  may,  on behalf  of  himself  and all other
          Holders of Securities of that series similarly situated,  petition any
          court of competent  jurisdiction  for the removal of the Trustee,  and
          the  appointment of a successor,  if the Trustee fails,  after written
          request by such Holder to comply with the provisions of subsection (a)
          of this Section.

                    (d) For the purposes of this  Section,  the Trustee shall be
          deemed to have a  conflicting  interest  with respect to Securities of
          any series if the Securities of such series are in default  (exclusive
          of any  period of grace or  requirement  of  notice)  as  provided  in
          Section 5.1 and

                    (1) the Trustee is trustee under this Indenture with respect
               to the  Outstanding  Securities  of any  series  other  than that
               series or is trustee  under  another  indenture  under  which any
               other securities, or certificates of interest or participation in
               any other securities, of the Issuer are outstanding,  unless such
               other  indenture is a collateral  trust indenture under which the
               only  collateral   consists  of  Securities   issued  under  this
               Indenture;  provided  that  there  shall  be  excluded  from  the
               operation of this  paragraph  this  Indenture with respect to the
               Securities of any series other than that series and any indenture
               or indentures  under which other  securities,  or certificates of
               interest or participation in other securities,  of the Issuer are
               outstanding  if (i) this  Indenture  and such other  indenture or
               indentures (and all series of Securities issuable thereunder) are
               wholly  unsecured and rank equally,  and such other  indenture or
               indentures  (and such series) are hereafter  qualified  under the
               Trust  Indenture Act of 1939,  unless the  Commission  shall have
               found and declared by order pursuant to Section 305(b) or Section
               307(c) of the Trust Indenture Act of 1939 that differences  exist
               between  the   provisions  of  this  Indenture  with  respect  to
               Securities  of that series and one or more other  series,  or the
               provisions of such other indenture or indentures (or such series)
               which are so likely to involve a material conflict of interest as
               to make it necessary in the public interest or for the protection
               of investors to disqualify  the Trustee from acting as such under
               this  Indenture with respect to the Securities of that series and
               such other series,  or under such other  indenture or indentures,
               or (ii) the Issuer shall have sustained the burden of proving, on
               application to the Commission and after  opportunity  for hearing
               thereon,  that  trusteeship  under this Indenture with respect to
               Securities  of that  series and such  other  series or such other
               indenture  or  indentures  is not so likely to involve a material
               conflict  of  interest  as to make  it  necessary  in the  public
               interest or for the  protection  of investors to  disqualify  the
               Trustee from acting as such under this  Indenture with respect to
               the Securities of that series and such other series or under such
               other indenture or indentures;

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

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

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

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

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

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

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

                    (9) the  Trustee  owns,  on the  date of  default  upon  the
               Securities  of such series  (exclusive  of any period of grace or
               requirement  of  notice)  as  provided  in  Section  5.1  or  any
               anniversary   of  such  default   while  such   default   remains
               outstanding,   in  the  capacity  of   executor,   administrator,
               testamentary  or inter  vivos  trustee,  guardian,  committee  or
               conservator,  or in any other similar  capacity,  an aggregate of
               25% or  more  of  the  voting  securities,  or of  any  class  of
               security,  of any person, the beneficial ownership of a specified
               percentage of which would have constituted a conflicting interest
               under  paragraph  (6), (7) or (8) of this  subsection.  As to any
               such securities of which the Trustee acquired  ownership  through
               becoming executor,  administrator,  or testamentary trustee of an
               estate which  included  them,  the  provisions  of the  preceding
               sentence shall not apply, for a period of not more than two years
               from  the  date of such  acquisition,  to the  extent  that  such
               securities  included  in such  estate do not  exceed  25% of such
               voting securities or 25% of any such class of security.  Promptly
               after  the  dates  of any  such  default  and  annually  in  each
               succeeding  year that the  Securities  of that  series  remain in
               default,  the Trustee  shall make a check of its holdings of such
               securities  in any of the  above-mentioned  capacities as of such
               dates.  If the Issuer  fails to make payment in full of principal
               or interest on any of the Securities when and as the same becomes
               due  and  payable,   and  such  failure  continues  for  30  days
               thereafter, the Trustee shall make a prompt check of its holdings
               of such securities in any of the above-mentioned capacities as of
               the date of the expiration of such 30-day period,  and after such
               date, notwithstanding the foregoing provisions of this paragraph,
               all such  securities  so held by the Trustee,  with sole or joint
               control over such  securities  vested in it,  shall,  but only so
               long as such failure  shall  continue,  be  considered  as though
               beneficially  owned by the Trustee for the purposes of paragraphs
               (6), (7) and (8) of this subsection; or

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

                    For the purposes of paragraph (1) of this subsection, and of
          Sections  5.9 and 7.4,  the term  "series of  securities"  or "series"
          means a  series,  class  or  group  of  securities  issuable  under an
          indenture  pursuant to whose terms holders of one such series may vote
          to direct the indenture trustee,  or otherwise take action pursuant to
          a vote of such holders separately from holders of another such series;
          provided,  that "series of  securities"  or "series" shall not include
          any  series of  securities  issuable  under an  indenture  if all such
          series rank equally and are wholly unsecured.

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

                     For  the  purposes  of  paragraphs (6), (7), (8) and (9) of
          this subsection, only,

                    (i) the terms "security" and "securities" shall include only
               such securities as are generally  known as corporate  securities,
               but shall not include any note or other evidence of  indebtedness
               issued to evidence an obligation to repay moneys lent to a person
               by one or more banks,  trust companies,  or banking firms, or any
               certificate  of  interest  or  participation  in any such note or
               evidence of indebtedness;

                    (ii) an obligation shall be deemed to be "in default" when a
               default in payment of principal  shall have continued for 30 days
               or more and shall not have been cured; and

                    (iii)  the  Trustee  shall  not be deemed to be the owner or
               holder of (x) any security which it holds as collateral security,
               as  trustee  or  otherwise,  for an  obligation  which  is not in
               default as  defined in clause  (ii)  above,  or (y) any  security
               which it holds  as  collateral  security  under  this  Indenture,
               irrespective of any default hereunder,  or (z) any security which
               it holds as agent for collection, or as custodian,  escrow agent,
               or depositary, or in any similar representative capacity.

                    (e) For purposes of this Section:

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

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

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

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

                    (5)  the  term  "Issuer"  shall  mean  any  obligor upon the
               Securities; and

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

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

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

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

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

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

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

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

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

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

          provided,  however,  that any voting  securities of an issuer shall be
          deemed  outstanding if any person other than the issuer is entitled to
          exercise the voting rights thereof; and

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

                    (g)  Except in the case of a default  in the  payment of the
          principal  or interest  on the  Securities  of any  series,  or in the
          payment of any sinking or purchase fund installment, the Trustee shall
          not be required  to resign as provided in this  Section if the Trustee
          has sustained the burden of proving,  on application to the Commission
          and after opportunity for hearing thereon, that

                    (1) the default under this  Indenture may be cured or waived
               during a reasonable period and under the procedures  described in
               such application, and

                    (2) a stay of the  Trustee's  duty  to  resign  will  not be
               inconsistent  with the  interests of the Holders of Securities of
               the series.

               The filing of such an  application  will  automatically  stay the
          performance  of  the  duty  to  resign  until  the  Commission  orders
          otherwise.

                    (h) The  resignation  of the Trustee shall become  effective
          only upon the appointment of a successor trustee and the acceptance by
          the successor trustee of such appointment.

                    (i) If Section 310(b) of the Trust  Indenture Act is amended
          at  any  time  after  the  date  of  this   Indenture  to  change  the
          circumstances  under  which  a  Trustee  shall  be  deemed  to  have a
          conflicting  interest with respect to the  Securities of any series or
          to change any of the definitions in connection therewith, this Section
          6.8 shall be automatically amended to incorporate such changes, unless
          such changes would cause any Trustee then acting as Trustee  hereunder
          with  respect  to any  Outstanding  Securities  to be deemed to have a
          conflicting interest, in which case such changes shall be incorporated
          herein  only to the extent  that such  changes (i) would not cause the
          Trustee  to be  deemed  to have a  conflicting  interest  or (ii)  are
          required by law.

               SECTION 6.9 Persons  Eligible  for  Appointment  as Trustee.  The
          Trustee for each series of Securities  hereunder shall at all times be
          a  corporation  organized  and  doing  business  under the laws of the
          United  States of America or of any State or the  District of Columbia
          or the laws of a foreign  country  to the extent  permitted  under the
          Trust Indenture Act having a combined  capital and surplus of at least
          $25,000,000,  and which is  authorized  under  such  laws to  exercise
          corporate trust powers and is subject to supervision or examination by
          Federal,  State or  District  of Columbia  authority,  provided  that,
          neither the Company nor any person directly or indirectly controlling,
          controlled by, or under common control with the Company shall serve as
          Trustee  of  any  Security.  If  such  corporation  is  a  corporation
          organized under the laws of a foreign  country,  then such corporation
          shall have its principal place of business in The City of New York. If
          such  corporation  publishes  reports of condition at least  annually,
          pursuant to law or to the requirements of the aforesaid supervising or
          examining  authority,  then  for the  purposes  of this  Section,  the
          combined capital and surplus of such corporation shall be deemed to be
          its  combined  capital  and  surplus  as set forth in its most  recent
          report of  condition  so  published.  In case at any time the  Trustee
          shall cease to be eligible in accordance  with the  provisions of this
          Section,  the Trustee shall resign  immediately in the manner and with
          the effect specified in Section 6.10.

                    SECTION  6.10   Resignation  and  Removal;   Appointment  of
          Successor  Trustee.  (a)  The  Trustee,  or any  trustee  or  trustees
          hereafter  appointed,  may at any time resign  with  respect to one or
          more  or  all  series  of  Securities  by  giving  written  notice  of
          resignation to the Issuer and (i) if any Unregistered  Securities of a
          series  affected  are  then  Outstanding,  by  giving  notice  of such
          resignation to the Holders thereof, by publication at least once in an
          Authorized  Newspaper  in the  Borough of  Manhattan,  The City of New
          York, and at least once in an Authorized  Newspaper in London (and, if
          required by Section 3.6, at least once in an  Authorized  Newspaper in
          Luxembourg),  (ii) if any Unregistered Securities of a series affected
          are then  Outstanding,  by mailing  notice of such  resignation to the
          Holders  thereof  who have filed their  names and  addresses  with the
          Trustee  pursuant to Section  4.4(c)(ii) at such  addresses as were so
          furnished  to  the  Trustee  and  (iii)  by  mailing  notice  of  such
          resignation to the Holders of then Outstanding  Registered  Securities
          of each series affected at their addresses as they shall appear on the
          registry books. Upon receiving such notice of resignation,  the Issuer
          shall promptly appoint a successor trustee or trustees with respect to
          the applicable series by written instrument in duplicate,  executed by
          authority  of the  Board of  Directors,  one copy of which  instrument
          shall  be  delivered  to the  resigning  Trustee  and one  copy to the
          successor trustee or trustees. If no successor trustee shall have been
          so appointed with respect to any series and have accepted  appointment
          within 30 days after the  mailing of such notice of  resignation,  the
          resigning trustee may petition any court of competent jurisdiction for
          the appointment of a successor trustee,  or any Securityholder who has
          been a bona fide Holder of a Security or Securities of the  applicable
          series  for at least six months  may,  subject  to the  provisions  of
          Section 5.12, on behalf of himself and all others similarly  situated,
          petition any such court for the  appointment  of a successor  trustee.
          Such court may  thereupon,  after such notice,  if any, as it may deem
          proper and prescribe, appoint a successor trustee.

                    (b) In case at any time any of the following shall occur:

                    (i) the Trustee shall fail to comply with the  provisions of
               Section  6.8 with  respect  to any  series  of  Securities  after
               written request  therefor by the Issuer or by any  Securityholder
               who has been a bona fide  Holder of a Security or  Securities  of
               such series for at least six months; or

                    (ii) the Trustee  shall  cease to be eligible in  accordance
               with the provisions of Section 6.9 and shall fail to resign after
               written request therefor by the Issuer or by any  Securityholder;
               or

                    (iii) 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 or liquidator 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, the Issuer may remove the Trustee with respect
          to the applicable series of Securities and appoint a successor trustee
          for such series by written instrument, in duplicate, executed by order
          of the Board of Directors of the Issuer,  one copy of which instrument
          shall be  delivered  to the  Trustee  so  removed  and one copy to the
          successor trustee,  or, subject to the provisions of Section 5.12, any
          Securityholder  who has  been a bona  fide  Holder  of a  Security  or
          Securities  of such  series  for at least six  months may on behalf of
          himself  and all  others  similarly  situated,  petition  any court of
          competent  jurisdiction  for  the  removal  of  the  Trustee  and  the
          appointment of a successor  trustee with respect to such series.  Such
          court may thereupon,  after such notice, if any, as it may deem proper
          and prescribe, remove the Trustee and appoint a successor trustee.

               (c) The Holders of a majority in  aggregate  principal  amount of
          the Securities of each series at the time  outstanding may at any time
          remove the  Trustee  with  respect to  Securities  of such  series and
          appoint a successor  trustee  with respect to the  Securities  of such
          series by  delivering  to the  Trustee so  removed,  to the  successor
          trustee so appointed  and to the Issuer the  evidence  provided for in
          Section 7.1 of the action in that regard taken by the Securityholders.

               (d) Any resignation or removal of the Trustee with respect to any
          series and any appointment of a successor trustee with respect to such
          series  pursuant to any of the  provisions  of this Section 6.10 shall
          become  effective  upon  acceptance  of  appointment  by the successor
          trustee as provided in Section 6.11.

                    SECTION 6.11 Acceptance of Appointment by Successor Trustee.
          Any  successor  trustee  appointed  as provided in Section  6.10 shall
          execute  and deliver to the Issuer and to its  predecessor  trustee an
          instrument  accepting such  appointment  hereunder,  and thereupon the
          resignation or removal of the predecessor  trustee with respect to all
          or any  applicable  series shall become  effective and such  successor
          trustee,  without any further act,  deed or  conveyance,  shall become
          vested with all rights, powers, duties and obligations with respect to
          such  series of its  predecessor  hereunder,  with  like  effect as if
          originally   named  as  trustee  for  such  series   hereunder;   but,
          nevertheless, on the written request of the Issuer or of the successor
          trustee,  upon payment of its charges then unpaid, the trustee ceasing
          to act  shall,  subject  to Section  10.4,  pay over to the  successor
          trustee all moneys at the time held by it hereunder  and shall execute
          and deliver an instrument  transferring to such successor  trustee all
          such rights, powers, duties and obligations.  Upon request of any such
          successor trustee, the Issuer shall execute any and all instruments in
          writing for more fully and certainly vesting in and confirming to such
          successor  trustee all such rights and powers.  Any trustee ceasing to
          act shall,  nevertheless,  retain a prior  claim upon all  property or
          funds held or collected by such trustee to secure any amounts then due
          it pursuant to the provisions of Section 6.6.

                    If a  successor  trustee is  appointed  with  respect to the
          Securities  of one or more  (but  not all)  series,  the  Issuer,  the
          predecessor  Trustee and each  successor  trustee  with respect to the
          Securities  of any  applicable  series  shall  execute  and deliver an
          indenture  supplemental  hereto which shall contain such provisions as
          shall be deemed necessary or desirable to confirm that all the rights,
          powers,  trusts and duties of the predecessor  Trustee with respect to
          the  Securities of any series as to which the  predecessor  Trustee is
          not retiring shall continue to be vested in the  predecessor  Trustee,
          and shall add to or change any of the  provisions of this Indenture as
          shall be necessary to provide for or facilitate the  administration of
          the trusts  hereunder  by more than one trustee,  it being  understood
          that nothing herein or in such supplemental indenture shall constitute
          such trustees co-trustees of the same trust and that each such trustee
          shall be trustee of a trust or trusts under separate indentures.

                    No   successor   trustee  with  respect  to  any  series  of
          Securities  shall accept  appointment as provided in this Section 6.11
          unless at the time of such acceptance such successor  trustee shall be
          qualified  under the  provisions of Section 6.8 and eligible under the
          provisions of Section 6.9.

                    Upon  acceptance of appointment by any successor  trustee as
          provided in this Section  6.11,  the Issuer shall give notice  thereof
          (a) if any  Unregistered  Securities  of a  series  affected  are then
          Outstanding,  to the Holders thereof, by publication of such notice at
          least once in an Authorized Newspaper in the Borough of Manhattan, The
          City of New York  and at  least  once in an  Authorized  Newspaper  in
          London  (and,  if  required  by  Section  3.6,  at  least  once  in an
          Authorized   Newspaper  in  Luxembourg),   (b)  if  any   Unregistered
          Securities of a series affected are then  Outstanding,  to the Holders
          thereof  who have filed  their  names and  addresses  with the Trustee
          pursuant to Section 4.4(c)(ii), by mailing such notice to such Holders
          at such addresses as were so furnished to the Trustee (and the Trustee
          shall make such information  available to the Issuer for such purpose)
          and  (c) to the  Holders  of  Registered  Securities  of  each  series
          affected, by mailing such notice to such Holders at their addresses as
          they  shall  appear  on  the  registry  books.  If the  acceptance  of
          appointment is  substantially  contemporaneous  with the  resignation,
          then the notice called for by the  preceding  sentence may be combined
          with the notice  called for by Section  6.10.  If the Issuer  fails to
          give such notice within ten days after  acceptance of  appointment  by
          the successor  trustee,  the successor trustee shall cause such notice
          to be given at the expense of the Issuer.

                    SECTION 6.12 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 resulting from any merger,  conversion or consolidation to
          which the Trustee shall be a party, or any  corporation  succeeding to
          the corporate trust business of the Trustee, shall be the successor of
          the  Trustee  hereunder,  provided  that  such  corporation  shall  be
          qualified  under the  provisions of Section 6.8 and eligible under the
          provisions  of Section  6.9,  without the  execution  or filing of any
          paper or any  further  act on the part of any of the  parties  hereto,
          anything herein to the contrary notwithstanding.

                    In case at the time  such  successor  to the  Trustee  shall
          succeed to the trusts  created by this Indenture any of the Securities
          of any series shall have been  authenticated  but not  delivered,  any
          such   successor  to  the  Trustee  may  adopt  the   certificate   of
          authentication of any predecessor  Trustee and deliver such Securities
          so  authenticated;  and, in case at that time any of the Securities of
          any series  shall not have been  authenticated,  any  successor to the
          Trustee may  authenticate  such  Securities  either in the name of any
          predecessor  hereunder or in the name of the successor Trustee; and in
          all such cases such certificate  shall have the full force which it is
          anywhere  in the  Securities  of  such  series  or in  this  Indenture
          provided that the  certificate  of the Trustee  shall have;  provided,
          that the  right to adopt  the  certificate  of  authentication  of any
          predecessor Trustee or to authenticate Securities of any series in the
          name of any  predecessor  Trustee shall apply only to its successor or
          successors by merger, conversion or consolidation.

                    SECTION 6.13  Preferential  Collection of Claims Against the
          Issuer. (a) Subject to the provisions of this Section,  if the Trustee
          shall be or shall become a creditor,  directly or indirectly,  secured
          or unsecured, of the Issuer within three months prior to a default, as
          defined in  subsection  (c) of this  Section,  or subsequent to such a
          default,  then,  unless and until  such  default  shall be cured,  the
          Trustee shall set apart and hold in a special  account for the benefit
          of the Trustee  individually,  the Holders of the  Securities  and the
          holders of other indenture securities (as defined in this Section):

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

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

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

                    (A) to  retain  for its own  account  (i)  payments  made on
               account of any such claim by any person  (other  than the Issuer)
               who is liable thereon, (ii) the proceeds of the bona fide sale of
               any such  claim  by the  Trustee  to a third  person,  and  (iii)
               distributions  made in  cash,  securities  or other  property  in
               respect  of claims  filed  against  the Issuer in  bankruptcy  or
               receivership  or in proceedings  for  reorganization  pursuant to
               Title 11 of the United States Code or applicable state law;

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

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

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

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

                    If the Trustee  shall be required to account,  the funds and
          property held in such special  account and the proceeds  thereof shall
          be  apportioned  between  the  Trustee,  the  Securityholders  and the
          Holders of other indenture securities in such manner that the Trustee,
          such  Securityholders  and the Holders of other  indenture  securities
          realize,  as a result  of  payments  from  such  special  account  and
          payments of dividends on claims filed against the Issuer in bankruptcy
          or receivership or in proceedings for reorganization pursuant to Title
          11 of the  United  States  Code or  applicable  State  law,  the  same
          percentage of their respective claims, figured before crediting to the
          claim of the Trustee anything on account of the receipt by it from the
          Issuer of the funds and  property in such  special  account and before
          crediting   to   the   respective   claims   of  the   Trustee,   such
          Securityholders   and  the  Holders  of  other  indenture   securities
          dividends  on  claims  filed  against  the  Issuer  in  bankruptcy  or
          receivership or in proceedings for reorganization pursuant to Title 11
          of the United States Code or applicable State law, but after crediting
          thereon receipts on account of the  indebtedness  represented by their
          respective  claims from all sources other than from such dividends and
          from the funds and property so held in such special  account.  As used
          in this  paragraph,  with respect to any claim,  the term  "dividends"
          shall  include  any  distribution  with  respect  to  such  claim,  in
          bankruptcy  or  receivership  or  in  proceedings  for  reorganization
          pursuant  to Title 11 of the United  States Code or  applicable  State
          law,  whether such  distribution is made in cash,  securities or other
          property,  but shall not include any such distribution with respect to
          the secured  portion,  if any, of such claim.  The court in which such
          bankruptcy,  receivership or proceeding for  reorganization is pending
          shall have  jurisdiction  (i) to apportion  between the Trustee,  such
          Securityholders  and the  Holders of other  indenture  securities,  in
          accordance  with the  provisions  of this  paragraph,  the  funds  and
          property  held in such special  account and the proceeds  thereof,  or
          (ii) in lieu of such  apportionment,  in whole or in part,  to give to
          the provisions of this paragraph due  consideration in determining the
          fairness  of  the  distributions  to be  made  to  the  Trustee,  such
          Securityholders  and the Holders of other  indenture  securities  with
          respect to their  respective  claims,  in which  event it shall not be
          necessary to liquidate or to appraise the value of any  securities  or
          other  property  held in such  special  account or as security for any
          such claim, or to make a specific  allocation of such distributions as
          between  the  secured  and  unsecured  portions  of  such  claims,  or
          otherwise to apply the  provisions of this paragraph as a mathematical
          formula.

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

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

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

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

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

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

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

                    (4) an indebtedness created as a result of services rendered
               or  premises  rented or an  indebtedness  created  as a result of
               goods or  securities  sold in a cash  transaction  as  defined in
               subsection (c)(3) below;

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

                    (6) the acquisition, ownership, acceptance or negotiation of
               any drafts,  bills of exchange,  acceptances or obligations which
               fall  within the  classification  of self-  liquidating  paper as
               defined in subsection (c)(4) of this Section.

                    (c) As used in this Section:

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

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

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

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

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

                                  ARTICLE SEVEN

                         CONCERNING THE SECURITYHOLDERS

                    SECTION 7.1 Evidence of Action Taken by Securityholders. Any
          request, demand, authorization,  direction, notice, consent, waiver or
          other  action  provided  by this  Indenture  to be given or taken by a
          specified percentage in principal amount of the Securityholders of any
          or  all  series  may  be  embodied  in and  evidenced  by one or  more
          instruments  of  substantially  similar tenor signed by such specified
          percentage of  Securityholders in person or by 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. Proof of execution of any instrument or of a
          writing  appointing any such agent shall be sufficient for any purpose
          of this Indenture and (subject to Sections 6.1 and 6.2)  conclusive in
          favor of the Trustee and the Issuer, if made in the manner provided in
          this Article.

                    SECTION 7.2 Proof of Execution of Instruments and of Holding
          of  Securities.  Subject to Sections 6.1 and 6.2, the execution of any
          instrument by a Securityholder  or his agent or proxy may be proved in
          the following manner:

                    (a) The fact and date of the  execution by any Holder of any
               instrument may be proved by the  certificate of any notary public
               or  other  officer  of  any   jurisdiction   authorized  to  take
               acknowledgments  of deeds or  administer  oaths  that the  person
               executing  such  instruments  acknowledged  to him the  execution
               thereof,  or by an affidavit of a witness to such execution sworn
               to before  any such  notary or other  such  officer.  Where  such
               execution  is by or on behalf of any legal  entity  other than an
               individual,  such  certificate or affidavit shall also constitute
               sufficient  proof of the  authority of the person  executing  the
               same.  The fact of the  holding by any Holder of an  Unregistered
               Security  of any  series,  and  the  identifying  number  of such
               Security  and the date of his holding the same,  may be proved by
               the  production of such Security or by a certificate  executed by
               any trust company,  bank, banker or recognized  securities dealer
               wherever   situated   satisfactory   to  the  Trustee,   if  such
               certificate  shall be deemed by the  Trustee to be  satisfactory.
               Each such certificate  shall be dated and shall state that on the
               date  thereof a  Security  of such  series  bearing  a  specified
               identifying  number was deposited with or exhibited to such trust
               company,  bank,  banker or  recognized  securities  dealer by the
               person named in such  certificate.  Any such  certificate  may be
               issued in respect of one or more  Unregistered  Securities of one
               or more series specified therein. The holding by the person named
               in any such  certificate  of any  Unregistered  Securities of any
               series  specified  therein  shall be presumed  to continue  for a
               period  of one year from the date of such  certificate  unless at
               the  time  of any  determination  of  such  holding  (1)  another
               certificate  bearing a later  date  issued in respect of the same
               Securities shall be produced,  or (2) the Security of such series
               specified  in such  certificate  shall be  produced by some other
               person,  or (3) the  Security  of such series  specified  in such
               certificate  shall  have  ceased to be  Outstanding.  Subject  to
               Sections 6.1 and 6.2,  the fact and date of the  execution of any
               such  instrument  and the amount and numbers of Securities of any
               series held by the person so executing  such  instrument  and the
               amount and numbers of any Security or Securities  for such series
               may also be proven in accordance with such  reasonable  rules and
               regulations  as may be  prescribed by the Trustee for such series
               or in any other manner which the Trustee for such series may deem
               sufficient.

                    (b) In the case of Registered  Securities,  the ownership of
               such Securities shall be proved by the Security  register or by a
               certificate of the Security registrar.

               SECTION  7.3  Holders to be Treated as Owners.  The  Issuer,  the
          Trustee  and any agent of the Issuer or the Trustee may deem and treat
          the person in whose name any  Security  shall be  registered  upon the
          Security  register  for  such  series  as the  absolute  owner of such
          Security   (whether  or  not  such  Security   shall  be  overdue  and
          notwithstanding  any notation of ownership or other  writing  thereon)
          for the purpose of receiving payment of or on account of the principal
          of and, subject to the provisions of this Indenture,  interest on such
          Security  and for all other  purposes;  and neither the Issuer nor the
          Trustee nor any agent of the Issuer or the  Trustee  shall be affected
          by any notice to the contrary.  The Issuer,  the Trustee and any agent
          of the Issuer or the Trustee may treat the Holder of any  Unregistered
          Security  and the Holder of any Coupon as the  absolute  owner of such
          Unregistered  Security  or Coupon  (whether  or not such  Unregistered
          Security  or Coupon  shall be overdue)  for the  purpose of  receiving
          payment  thereof or on account  thereof and for all other purposes and
          neither the Issuer,  the  Trustee,  nor any agent of the Issuer or the
          Trustee  shall be  affected  by any notice to the  contrary.  All such
          payments  so made to any  such  person,  or upon his  order,  shall be
          valid,  and,  to the extent of the sum or sums so paid,  effectual  to
          satisfy and discharge  the liability for moneys  payable upon any such
          Unregistered Security or Coupon.

                    SECTION   7.4   Securities   Owned  by  Issuer   Deemed  Not
          Outstanding.  In  determining  whether  the  Holders of the  requisite
          aggregate  principal  amount of  Outstanding  Securities of any or all
          series have concurred in any  direction,  consent or waiver under this
          Indenture,  Securities  which  are  owned by the  Issuer  or any other
          obligor on the Securities with respect to which such  determination is
          being made or by any person  directly  or  indirectly  controlling  or
          controlled  by or under  direct or indirect  common  control  with the
          Issuer or any other  obligor on the  Securities  with respect to which
          such  determination  is being made shall be disregarded and deemed not
          to be Outstanding  for the purpose of any such  determination,  except
          that for the  purpose of  determining  whether  the  Trustee  shall be
          protected  in relying on any such  direction,  consent or waiver  only
          Securities   which  the  Trustee  knows  are  so  owned  shall  be  so
          disregarded. Securities so owned which have been pledged in good faith
          may be  regarded as  Outstanding  if the  pledgee  establishes  to the
          satisfaction of the Trustee the pledgee's right so to act with respect
          to such Securities and that the pledgee is not the Issuer or any other
          obligor  upon the  Securities  or any person  directly  or  indirectly
          controlling  or  controlled  by or under  direct  or  indirect  common
          control  with the Issuer or any other  obligor on the  Securities.  In
          case of a dispute as to such  right,  the  advice of counsel  shall be
          full  protection  in respect of any  decision  made by the  Trustee in
          accordance with such advice.  Upon request of the Trustee,  the Issuer
          shall furnish to the Trustee promptly an Officers' Certificate listing
          and  identifying  all  Securities,  if any,  known by the Issuer to be
          owned  or  held by or for the  account  of any of the  above-described
          persons;  and,  subject to Sections 6.1 and 6.2, the Trustee  shall be
          entitled to accept such Officers'  Certificate as conclusive  evidence
          of the facts therein set forth and of the fact that all Securities not
          listed   therein  are   Outstanding   for  the  purpose  of  any  such
          determination.

                    SECTION 7.5 Right of Revocation of Action Taken. At any time
          prior to (but not after) the evidencing to the Trustee, as provided in
          Section  7.1,  of the  taking  of any  action  by the  Holders  of the
          percentage in aggregate  principal  amount of the Securities of any or
          all  series,  as the  case  may be,  specified  in this  Indenture  in
          connection  with such  action,  any  Holder of a  Security  the serial
          number  of which is shown by the  evidence  to be  included  among the
          serial  numbers of the  Securities the Holders of which have consented
          to such action may, by filing  written  notice at the Corporate  Trust
          Office and upon proof of holding as provided in this  Article,  revoke
          such action so far as concerns such Security.  Except as aforesaid any
          such action  taken by the Holder of any Security  shall be  conclusive
          and binding upon such Holder and upon all future Holders and owners of
          such Security and of any Securities issued in exchange or substitution
          therefor or on  registration  of  transfer  thereof,  irrespective  of
          whether or not any  notation  in regard  thereto is made upon any such
          Security.  Any  action  taken  by the  Holders  of the  percentage  in
          aggregate  principal amount of the Securities of any or all series, as
          the case may be,  specified in this Indenture in connection  with such
          action shall be conclusively  binding upon the Issuer, the Trustee and
          the Holders of all the Securities affected by such action.

                                  ARTICLE EIGHT

                             SUPPLEMENTAL INDENTURES

                    SECTION  8.1  Supplemental  Indentures  Without  Consent  of
          Securityholders.  The Issuer,  when  authorized by a resolution of its
          Board of Directors  (which  resolution  may provide  general  terms or
          parameters  for such action and may provide that the specific terms of
          such action may be  determined  in  accordance  with or pursuant to an
          Issuer  Order),  and the Trustee may from time to time and at any time
          enter into an indenture or indentures supplemental hereto (which shall
          conform to the  provisions  of the Trust  Indenture  Act of 1939 as in
          force at the  date of the  execution  thereof)  for one or more of the
          following purposes:

                    (a)  to  convey, transfer, assign, mortgage or pledge to the
               Trustee  as security for the Securities of one or more series any
               property or assets;

                    (b) to evidence the succession of another corporation to the
               Issuer,  or  successive  successions,  and the  assumption by the
               successor   corporation   of  the   covenants,   agreements   and
               obligations of the Issuer pursuant to Article Nine;

                    (c) to  add to the  covenants  of the  Issuer  such  further
               covenants,  restrictions,  conditions or provisions as the Issuer
               and the Trustee  shall  consider to be for the  protection of the
               Holders of Securities or Coupons, and to make the occurrence,  or
               the  occurrence  and  continuance,  of  a  default  in  any  such
               additional covenants,  restrictions,  conditions or provisions an
               Event of Default  permitting the enforcement of all or any of the
               several remedies  provided in this Indenture as herein set forth;
               provided,  that  in  respect  of any  such  additional  covenant,
               restriction,  condition or provision such supplemental  indenture
               may provide for a particular period of grace after default (which
               period may be shorter or longer than that  allowed in the case of
               other defaults) or may provide for an immediate  enforcement upon
               such an Event of Default or may limit the  remedies  available to
               the Trustee  upon such an Event of Default or may limit the right
               of the Holders of a majority in aggregate principal amount of the
               Securities of such series to waive such an Event of Default;

                    (d) to cure any  ambiguity or to correct or  supplement  any
               provision contained herein or in any supplemental indenture which
               may  be  defective  or  inconsistent  with  any  other  provision
               contained herein or in any supplemental indenture, or to make any
               other  provisions as the Issuer may deem  necessary or desirable,
               provided that no such action shall adversely affect the interests
               of the Holders of the Securities or Coupons;

                    (e)  to  establish  the  form  of terms or Securities of any
               series  or  of  the  Coupons  appertaining  to such Securities as
               permitted by Sections 2.1 and 2.3; and

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

                    The Trustee is hereby  authorized to join with the Issuer in
          the execution of any such supplemental  indenture, to make any further
          appropriate agreements and stipulations which may be therein contained
          and to accept the conveyance, transfer, assignment, mortgage or pledge
          of any property thereunder,  but the Trustee shall not be obligated to
          enter into any such supplemental indenture which affects the Trustee's
          own rights, duties or immunities under this Indenture or otherwise.

                    Any supplemental  indenture  authorized by the provisions of
          this Section may be executed without the consent of the Holders of any
          of the Securities at the time outstanding,  notwithstanding any of the
          provisions of Section 8.2.

                    SECTION  8.2   Supplemental   Indentures   With  Consent  of
          Securityholders.  With the consent  (evidenced  as provided in Article
          Seven)  of the  Holders  of not  less  than a  majority  in  aggregate
          principal  amount of the  Securities  at the time  Outstanding  of all
          series affected by such supplemental  indenture (voting as one class),
          the Issuer,  when authorized by a resolution of its Board of Directors
          (which  resolution  may provide  general terms or parameters  for such
          action and may provide that the  specific  terms of such action may be
          determined in accordance with or pursuant to an Issuer Order), and the
          Trustee  may,  from  time  to  time  and at any  time,  enter  into an
          indenture or  indentures  supplemental  hereto (which shall conform to
          the  provisions of the Trust  Indenture Act of 1939 as in force at the
          date of execution thereof) for the purpose of adding any provisions to
          or changing in any manner or eliminating any of the provisions of this
          Indenture  or of any  supplemental  indenture  or of  modifying in any
          manner the rights of the Holders of the Securities of each such series
          or of the Coupons appertaining to such Securities;  provided,  that no
          such supplemental indenture shall (a) extend the final maturity of any
          Security,  or reduce the principal amount thereof,  or reduce the rate
          or extend  the time of  payment  of  interest  thereon,  or reduce any
          amount payable on redemption  thereof,  or make the principal  thereof
          (including  any amount in  respect of  original  issue  discount),  or
          interest  thereon  payable  in any coin or  currency  other  than that
          provided in the Securities and Coupons or in accordance with the terms
          thereof,  or reduce the amount of the  principal of an Original  Issue
          Discount  Security that would be due and payable upon an  acceleration
          of the maturity  thereof pursuant to Section 5.1 or the amount thereof
          provable  in  bankruptcy   pursuant  to  Section  5.2,  or  alter  the
          provisions  of Section 11.11 or 11.12 or impair or affect the right of
          any  Securityholder  to institute suit for the payment  thereof or, if
          the Securities provide therefor,  any right of repayment at the option
          of the Securityholder, or modify the provisions of this Indenture with
          respect to the  subordination of the Securities in a manner adverse to
          the  Holders,  in each case  without the consent of the Holder of each
          Security  so  affected,  or (b) reduce  the  aforesaid  percentage  of
          Securities  of any  series,  the  consent  of the  Holders of which is
          required for any such supplemental  indenture,  without the consent of
          the Holders of each Security so affected.

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

                    Upon the request of the Issuer,  accompanied  by a copy of a
          resolution  of the Board of Directors  (which  resolution  may provide
          general terms or  parameters  for such action and may provide that the
          specific terms of such action may be determined in accordance  with or
          pursuant  to  an  Issuer  Order)  certified  by  the  secretary  or an
          assistant  secretary of the Issuer  authorizing  the  execution of any
          such supplemental  indenture,  and upon the filing with the Trustee of
          evidence  of the consent of  Securityholders  as  aforesaid  and other
          documents,  if any,  required by Section 7.1,  the Trustee  shall join
          with the Issuer in the execution of such supplemental indenture unless
          such supplemental  indenture affects the Trustee's own rights,  duties
          or immunities  under this  Indenture or  otherwise,  in which case the
          Trustee may in its  discretion,  but shall not be obligated  to, enter
          into such supplemental indenture.

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

                  Promptly  after the execution by the Issuer and the Trustee of
          any supplemental indenture pursuant to the provisions of this Section,
          the  Trustee  shall give  notice  thereof  (i) to the  Holders of then
          Outstanding  Registered Securities of each series affected thereby, by
          mailing a notice thereof by first-class  mail to such Holders at their
          addresses as they shall appear on the Security  register,  (ii) if any
          Unregistered   Securities  of  a  series  affected  thereby  are  then
          Outstanding,  to the  Holders  thereof  who have filed their names and
          addresses with the Trustee pursuant to Section 4.4(c)(ii),  by mailing
          a notice thereof by first-class mail to such Holders at such addresses
          as were so  furnished  to the  Trustee  and (iii) if any  Unregistered
          Securities of a series affected thereby are then  Outstanding,  to all
          Holders  thereof,  by publication of a notice thereof at least once in
          an Authorized  Newspaper in the Borough of Manhattan,  The City of New
          York and at least once in an  Authorized  Newspaper in London (and, if
          required by Section 3.6, at least once in an, Authorized  Newspaper in
          Luxembourg),  and in each case such notice  shall set forth in general
          terms the substance of such supplemental indenture. Any failure of the
          Issuer to give such notice, or any defect therein, shall not, however,
          in any way  impair or affect  the  validity  of any such  supplemental
          indenture.

                    SECTION  8.3  Effect  of  Supplemental  Indenture.  Upon the
          execution of any  supplemental  indenture  pursuant to the  provisions
          hereof,  this  Indenture  shall be and be  deemed to be  modified  and
          amended in accordance therewith and the respective rights, limitations
          of rights, obligations,  duties and immunities under this Indenture of
          the Trustee,  the Issuer and the Holders of  Securities of each series
          affected  thereby  shall  thereafter  be  determined,   exercised  and
          enforced  hereunder subject in all respects to such  modifications and
          amendments,  and all the terms and conditions of any such supplemental
          indenture  shall  be  and be  deemed  to be  part  of  the  terms  and
          conditions of this Indenture for any and all purposes.

                    SECTION 8.4  Documents to Be Given to Trustee.  The Trustee,
          subject to the  provisions  of  Sections  6.1 and 6.2,  may receive an
          Officers' Certificate and an Opinion of Counsel as conclusive evidence
          that any supplemental  indenture  executed  pursuant to this Article 8
          complies with the applicable provisions of this Indenture.

                    SECTION   8.5   Notation   on   Securities   in  Respect  of
          Supplemental  Indentures.  Securities of any series  authenticated and
          delivered after the execution of any supplemental  indenture  pursuant
          to the provisions of this Article may bear a notation in form approved
          by the Trustee for such series as to any matter  provided  for by such
          supplemental  indenture or as to any action taken by  Securityholders.
          If the Issuer or the Trustee shall so determine, new Securities of any
          series so modified  as to  conform,  in the opinion of the Trustee and
          the  Board  of  Directors,  to  any  modification  of  this  Indenture
          contained in any such  supplemental  indenture  may be prepared by the
          Issuer, authenticated by the Trustee and delivered in exchange for the
          Securities of such series then Outstanding.

                    SECTION 8.6 Subordination Unimpaired. This Indenture may not
          be  amended  to  alter  the  subordination  of any of the  Outstanding
          Securities  without  the  written  consent  of each  holder  of Senior
          Indebtedness  then  outstanding  that  would  be  adversely   affected
          thereby.

                                  ARTICLE NINE

                      CONSOLIDATION, MERGER, SALE OR CONVEYANCE

                    SECTION 9.1 Issuer May Consolidate,  etc., on Certain Terms.
          The Issuer  covenants that it will not merge or  consolidate  with any
          other  person or sell or  convey  (including  by way of lease)  all or
          substantially  all of its assets to any Person,  unless (i) either the
          Issuer  shall  be  the  continuing   corporation,   or  the  successor
          corporation  or the  Person  which  acquires  by  sale  or  conveyance
          substantially  all the assets of the Issuer (if other than the Issuer)
          shall be a corporation  organized  under the laws of the United States
          or any  state  thereof  and  expressly  assumes  the due and  punctual
          payment of the  principal  of and interest on all the  Securities  and
          Coupons,   according  to  their  tenor,   and  the  due  and  punctual
          performance  and  observance of all of the covenants and conditions of
          this  Indenture  to  be  performed  or  observed  by  the  Issuer,  by
          supplemental  indenture  satisfactory  to the  Trustee,  executed  and
          delivered to the Trustee by such  corporation or entity,  and (ii) the
          Issuer,  such person or such successor  corporation or entity,  as the
          case  may  be,   shall  not,   immediately   after   such   merger  or
          consolidation,  or  such  sale or  conveyance,  be in  default  in the
          performance of any such covenant or condition.

                    SECTION 9.2  Successor  Issuer  Substituted.  In case of any
          such consolidation,  merger, sale or conveyance, and following such an
          assumption by the successor  corporation,  such successor  corporation
          shall  succeed to and be  substituted  for the  Issuer,  with the same
          effect as if it had been named herein. Such successor  corporation may
          cause to be  signed,  and may  issue  either in its own name or in the
          name  of  the  Issuer  prior  to  such  succession  any  or all of the
          Securities  issuable  hereunder  which,   together  with  any  Coupons
          appertaining  thereto,  theretofore  shall not have been signed by the
          Issuer  and  delivered  to the  Trustee;  and,  upon the order of such
          successor  corporation  instead of the  Issuer and  subject to all the
          terms,  conditions and limitations in this Indenture  prescribed,  the
          Trustee shall authenticate and shall deliver any Securities,  together
          with any Coupons  appertaining  thereto,  which  previously shall have
          been signed and delivered by the officers of the Issuer to the Trustee
          for  authentication,  and any  Securities,  together  with any Coupons
          appertaining  thereto,  which such  successor  corporation  thereafter
          shall  cause  to be  signed  and  delivered  to the  Trustee  for that
          purpose.  All of the  Securities so issued,  together with any Coupons
          appertaining  thereto,  shall in all respects have the same legal rank
          and  benefit  under  this  Indenture  as the  Securities  and  Coupons
          theretofore or thereafter  issued in accordance with the terms of this
          Indenture as though all of such Securities and Coupons had been issued
          at the date of the execution hereof.

                    In case of any such  consolidation,  merger,  sale, lease or
          conveyance such changes in phraseology and form (but not in substance)
          may be made in the Securities  and Coupons  thereafter to be issued as
          may be appropriate.

                    In the event of any such sale or  conveyance  (other  than a
          conveyance  by way of lease) the Issuer or any  successor  corporation
          which shall  theretofore  have become such in the manner  described in
          this Article shall be discharged  from all  obligations  and covenants
          under this  Indenture and the  Securities  and may be  liquidated  and
          dissolved.

                    SECTION 9.3  Opinion of Counsel  Delivered  to Trustee.  The
          Trustee,  subject  to the  provisions  of  Sections  6.1 and 6.2,  may
          receive an Opinion of Counsel,  prepared in  accordance  with  Section
          11.5, as  conclusive  evidence  that any such  consolidation,  merger,
          sale,  lease  or  conveyance,  and any such  assumption,  and any such
          liquidation or dissolution, complies with the applicable provisions of
          this Indenture.

                                   ARTICLE TEN

                       SATISFACTION AND DISCHARGE OF INDENTURE;
                                UNCLAIMED MONEYS

                    SECTION 10.1 Satisfaction and Discharge of Indenture. (A) If
          at any time (a) the  Issuer  shall  have paid or caused to be paid the
          principal  of  and  interest  on all  the  Securities  of  any  series
          Outstanding  hereunder and all unmatured Coupons  appertaining thereto
          (other than Securities of such series and Coupons appertaining thereto
          which have been destroyed, lost or stolen and which have been replaced
          or paid as  provided  in Section  2.9) as and when the same shall have
          become due and payable,  or (b) the Issuer shall have delivered to the
          Trustee for  cancellation  all  Securities  of any series  theretofore
          authenticated  and all unmatured Coupons  appertaining  thereto (other
          than any  Securities of such series and Coupons  appertaining  thereto
          which shall have been  destroyed,  lost or stolen and which shall have
          been  replaced or paid as provided in Section  2.9) or (c) in the case
          of any series of  Securities  where the exact  amount  (including  the
          currency  of  payment)  of  principal  of and  interest  due  on  such
          Securities  can be  determined  at the  time  of  making  the  deposit
          referred  to in clause  (ii)  below,  (i) all the  Securities  of such
          series and all unmatured Coupons  appertaining thereto not theretofore
          delivered  to the Trustee for  cancellation  shall have become due and
          payable,  or are by their terms to become due and  payable  within one
          year  or are  to be  called  for  redemption  within  one  year  under
          arrangements  satisfactory  to the Trustee for the giving of notice of
          redemption,  and (ii) the Issuer shall have  irrevocably  deposited or
          caused to be  deposited  with the  Trustee  as trust  funds the entire
          amount in cash (other than moneys  repaid by the Trustee or any paying
          agent to the Issuer in  accordance  with Section 10.4) or, in the case
          of any series of Securities  the payments on which may only be made in
          Dollars, direct obligations of the United States of America, backed by
          its full faith and credit ("U.S. Government Obligations"), maturing as
          to  principal  and  interest in such amounts and at such times as will
          insure the availability of cash, or a combination thereof,  sufficient
          in the opinion of a nationally  recognized firm of independent  public
          accountants  expressed in a written certification thereof delivered to
          the Trustee,  to pay (A) the principal and interest on all  Securities
          of such series and Coupons appertaining thereto on each date that such
          principal or interest is due and payable and (B) any mandatory sinking
          fund  payments on the dates on which such payments are due and payable
          in accordance  with the terms of the  Indenture and the  Securities of
          such  series,  and if, in any such case,  the Issuer shall also pay or
          cause to be paid all other sums  payable  hereunder by the Issuer with
          respect to Securities of such series,  then this Indenture shall cease
          to be of further  effect  with  respect to  Securities  of such series
          (except as to (i) rights of  registration  of transfer and exchange of
          Securities of such series, and of Coupons  appertaining  thereto,  and
          the Issuer's right of optional  redemption,  if any, (ii) substitution
          of  mutilated,  defaced,  destroyed,  lost  or  stolen  Securities  or
          Coupons,   (iii)   rights  of  Holders  of   Securities   and  Coupons
          appertaining  thereto to receive  payments  of  principal  thereof and
          interest thereon, upon the original stated due dates therefor (but not
          upon  acceleration)  and  remaining  rights of the  Holders to receive
          mandatory  sinking fund payments,  if any, (iv) the rights  (including
          the Trustee's  rights under Section 10.5),  obligations and immunities
          of the Trustee hereunder,  (v) the rights of the Holders of Securities
          of such  series and  Coupons  appertaining  thereto  as  beneficiaries
          hereof  with  respect to the  property so  deposited  with the Trustee
          payable to all or any of them and (vi) the  obligations  of the Issuer
          under  Section  3.2)  and  the  Trustee,   on  demand  of  the  Issuer
          accompanied  by an  Officers'  Certificate  and an  Opinion of Counsel
          which  complies  with  Section 11.5 and at the cost and expense of the
          Issuer,   shall  execute   proper   instruments   acknowledging   such
          satisfaction  of and  discharging  this Indenture with respect to such
          series;  provided,  that the rights of Holders of the  Securities  and
          Coupons to receive  amounts in respect of principal of and interest on
          the  Securities  and Coupons held by them shall not be delayed  longer
          than required by  then-applicable  mandatory  rules or policies of any
          securities  exchange upon which the Securities are listed.  The Issuer
          agrees to reimburse  the Trustee for any costs or expenses  thereafter
          reasonably and properly incurred and to compensate the Trustee for any
          services thereafter reasonably and properly rendered by the Trustee in
          connection with this Indenture or the Securities of such series.

                    (B) The following  provisions  shall apply to the Securities
          of each  series  unless  specifically  otherwise  provided  in a Board
          Resolution,  Officers'  Certificate or indenture  supplemental  hereto
          provided  pursuant to Section  2.3. In  addition to  discharge  of the
          Indenture pursuant to the next preceding paragraph, in the case of any
          series of  Securities  the exact  amounts  (including  the currency of
          payment) of principal of and interest subsequently due on which can be
          determined at the time of making the deposit referred to in clause (a)
          below,  the  Issuer  shall be deemed to have paid and  discharged  the
          entire  Indebtedness  on all the  Securities  of such a series and the
          Coupons  appertaining  thereto  on the 121st day after the date of the
          deposit  referred to in subparagraph  (a) below, and the provisions of
          this  Indenture  with  respect to the  Securities  of such  series and
          Coupons  appertaining  thereto shall no longer be in effect (except as
          to (i) rights of  registration  of transfer and exchange of Securities
          of such series, and of Coupons appertaining thereto, (ii) substitution
          of  mutilated,  defaced,  destroyed,  lost  or  stolen  Securities  or
          Coupons,   (iii)   rights  of  Holders  of   Securities   and  Coupons
          appertaining  thereto to receive  payments  of  principal  thereof and
          interest thereon, upon the original stated due dates therefor (but not
          upon  acceleration)  and  remaining  rights of the  Holders to receive
          sinking  fund  payments,  if  any,  (iv)  the  rights  (including  the
          Trustee's  rights under Section 10.5),  obligations  and immunities of
          the Trustee hereunder,  (v) the rights of the Holders of Securities of
          such series and Coupons  appertaining  thereto as beneficiaries hereof
          with respect to the property so deposited with the Trustee  payable to
          all or any of them  and  (vi)  the  obligations  of the  Issuer  under
          Section 3.2) and the Trustee,  at the expense of the Issuer,  shall at
          the Issuer's  request,  execute proper  instruments  acknowledging the
          same, if

                    (a)  with   reference  to  this  provision  the  Issuer  has
               irrevocably  deposited or caused to be irrevocably deposited with
               the  Trustee  as trust  funds in trust,  specifically  pledged as
               security for, and dedicated solely to, the benefit of the Holders
               of the Securities of such series and Coupons appertaining thereto
               (i)  cash in an  amount,  or (ii) in the  case of any  series  of
               Securities  the  payments  on which may only be made in  Dollars,
               U.S.  Government  Obligations,   maturing  as  to  principal  and
               interest  at such times and in such  amounts  as will  insure the
               availability of cash or (iii) a combination thereof,  sufficient,
               in the opinion of a  nationally  recognized  firm of  independent
               public accountants  expressed in a written  certification thereof
               delivered to the Trustee,  to pay (A) the  principal and interest
               on all Securities of such series and Coupons appertaining thereto
               on the date that such  principal  or  interest is due and payable
               and (B) any mandatory sinking fund payments on the dates on which
               such payments are due and payable in accordance with the terms of
               the Indenture and the Securities of such series;

                    (b) such  deposit  will not result in a breach or  violation
               of, or constitute a default under, any agreement or instrument to
               which the Issuer is a party or by which it is bound;

                    (c) the Issuer has  delivered  to the  Trustee an  Officers'
               Certificate  or an opinion of  independent  legal  counsel to the
               Trustee to the effect  that  Holders  of the  Securities  of such
               series  and  Coupons  appertaining  thereto  will  not  recognize
               income,  gain or loss for Federal income tax purposes as a result
               of such deposit,  defeasance and discharge and will be subject to
               Federal  income tax on the same amount and in the same manner and
               at the same times,  as would have been the case if such  deposit,
               defeasance and discharge had not occurred;

                    (d) the Issuer has  delivered  to the  Trustee an  Officers'
               Certificate  and an Opinion of  Counsel,  each  stating  that all
               conditions  precedent  provided  for  relating to the  defeasance
               contemplated  by this  provision have been complied with, and the
               Opinion of Counsel  shall also state that such  deposit  does not
               violate applicable law;

                    (e) no event or condition shall exist that,  pursuant to the
               provisions of Section 13.1,  would prevent the Issuer from making
               payments of the  principal  of or interest on the  Securities  of
               such series and Coupons  appertaining thereto on the date of such
               deposit or at any time during the period  ending on the 121st day
               after the date of such  deposit  (it being  understood  that this
               condition  shall not be deemed  satisfied until the expiration of
               such period); and

                    (f) the Issuer has  delivered  to the  Trustee an Opinion of
               Counsel  to the  effect  that  (x) the  trust  funds  will not be
               subject to any right of holders of Senior Indebtedness, including
               without  limitation  those arising under Article Thirteen of this
               Indenture,  and (y) after the 121st  day  following  the  deposit
               (assuming that the Holders are not  "insiders" of the Issuer,  as
               such term is defined in 11 U.S.C. 101(30) and applicable case law
               interpreting  same),  the trust  funds will not be subject to the
               effect of any applicable bankruptcy,  insolvency,  reorganization
               or similar laws affecting  creditors'  rights  generally,  except
               that if a court  were to rule  under  any such law in any case or
               proceeding that the trust funds remained  property of the Issuer,
               no  opinion  is given as to the  effect of such laws on the trust
               funds  except  the  following:  (A)  assuming  such  trust  funds
               remained in the Trustee's  possession  prior to such court ruling
               to the extent not paid to Holders of  Securities  of such  series
               and Coupons appertaining  thereto, the Trustee will hold, for the
               benefit of such Holders,  a valid and perfected security interest
               in such  trust  funds  that is not  avoidable  in  bankruptcy  or
               otherwise,  (B) such Holders will be entitled to receive adequate
               protection  of their  interests in such trust funds if such trust
               funds are used, and (C) no property,  rights in property or other
               interests  granted to the Trustee or such Holders in exchange for
               or with respect to any of such funds will be subject to any prior
               rights of  holders  of  Senior  Indebtedness,  including  without
               limitation   those  arising   under  Article   Thirteen  of  this
               Indenture.

                    SECTION 10.2  Application by Trustee of Funds  Deposited for
          Payment of Securities.  Subject to Section 10.4, all moneys  deposited
          with the Trustee (or other trustee)  pursuant to Section 10.1 shall be
          held in trust and  applied by it to the  payment,  either  directly or
          through  any paying  agent  (including  the  Issuer  acting as its own
          paying  agent),  to the Holders of the  particular  Securities of such
          series  and  of  Coupons  appertaining  thereto  for  the  payment  or
          redemption of which such moneys have been  deposited with the Trustee,
          of all sums due and to become due thereon for  principal and interest;
          but such money need not be  segregated  from other funds except to the
          extent required by law.

                    SECTION 10.3  Repayment of Moneys Held by Paying  Agent.  In
          connection with the  satisfaction and discharge of this Indenture with
          respect to  Securities  of any  series,  all  moneys  then held by any
          paying agent under the  provisions of this  Indenture  with respect to
          such series of Securities  shall, upon demand of the Issuer, be repaid
          to it or paid to the Trustee and thereupon  such paying agent shall be
          released from all further liability with respect to such moneys.

                    SECTION  10.4  Return of Moneys  Held by Trustee  and Paying
          Agent  Unclaimed for Two Years.  Any moneys  deposited with or paid to
          the Trustee or any paying agent for the payment of the principal of or
          interest on any Security of any series or Coupons attached thereto and
          not applied but remaining  unclaimed for two years after the date upon
          which such  principal  or interest  shall have become due and payable,
          shall,  upon the  written  request of the Issuer and unless  otherwise
          required by mandatory provisions of applicable escheat or abandoned or
          unclaimed  property  law,  be repaid to the Issuer by the  Trustee for
          such series or such paying agent,  and the Holder of the Securities of
          such  series and of any Coupons  appertaining  thereto  shall,  unless
          otherwise  required by mandatory  provisions of applicable  escheat or
          abandoned  or unclaimed  property  laws,  thereafter  look only to the
          Issuer for any  payment  which such Holder may be entitled to collect,
          and all  liability  of the Trustee or any paying agent with respect to
          such moneys shall thereupon cease; provided, however, that the Trustee
          or such paying agent, before being required to make any such repayment
          with  respect  to  moneys  deposited  with it for any  payment  (a) in
          respect of Registered  Securities of any series,  shall at the expense
          of the Issuer,  mail by first-class mail to Holders of such Securities
          at their addresses as they shall appear on the Security register,  and
          (b) in respect of Unregistered  Securities of any series, shall at the
          expense of the Issuer cause to be  published  once,  in an  Authorized
          Newspaper in the Borough of  Manhattan,  The City of New York and once
          in an Authorized  Newspaper in London (and if required by Section 3.6,
          once in an  Authorized  Newspaper in  Luxembourg),  notice,  that such
          moneys remain and that,  after a date specified  therein,  which shall
          not be less  than  thirty  days  from  the  date of  such  mailing  or
          publication,  any unclaimed  balance of such money then remaining will
          be repaid to the Issuer.

                    SECTION 10.5 Indemnity for U.S. Government Obligations.  The
          Issuer  shall pay and  indemnify  the Trustee  against any tax, fee or
          other  charge  imposed  on or  assessed  against  the U.S.  Government
          Obligations  deposited  pursuant to Section  10.1 or the  principal or
          interest received in respect of such obligations.

                                 ARTICLE ELEVEN

                            MISCELLANEOUS PROVISIONS

                    SECTION  11.1  Incorporators,   Stockholders,  Officers  and
          Directors  of Issuer  Exempt from  Individual  Liability.  No recourse
          under or upon any obligation,  covenant or agreement contained in this
          Indenture,  or  in  any  Security,  or  because  of  any  indebtedness
          evidenced thereby,  shall be had against any incorporator,  as such or
          against any past, present or future stockholder,  officer or director,
          as such,  of the Issuer or Trustee  or of any  successor  of either of
          them,  either  directly  or  through  the  Issuer  or  Trustee  or any
          successor  of  either  of  them,  under  any rule of law,  statute  or
          constitutional provision or by the enforcement of any assessment or by
          any legal or equitable  proceeding  or otherwise,  all such  liability
          being  expressly   waived  and  released  by  the  acceptance  of  the
          Securities and the Coupons appertaining thereto by the Holders thereof
          and as part of the  consideration  for the issue of the Securities and
          the Coupons appertaining thereto.

                    SECTION 11.2 Provisions of Indenture for the Sole Benefit of
          Parties  and  Holders  of  Securities  and  Coupons.  Nothing  in this
          Indenture,  in the Securities or in the Coupons appertaining  thereto,
          expressed  or  implied,  shall  give  or be  construed  to give to any
          person,  firm or corporation,  other than the parties hereto and their
          successors,  the holders of Senior Indebtedness and the Holders of the
          Securities or Coupons, if any, any legal or equitable right, remedy or
          claim under this  Indenture or under any covenant or provision  herein
          contained,  all  such  covenants  and  provisions  being  for the sole
          benefit of the  parties  hereto and their  successors,  the holders of
          Senior  Indebtedness and the Holders of the Securities or Coupons,  if
          any.

                    SECTION  11.3  Successors  and  Assigns  of Issuer  Bound by
          Indenture. All the covenants, stipulations, promises and agreements in
          this Indenture  contained by or in behalf of the Issuer shall bind its
          successors and assigns, whether so expressed or not.

                    SECTION  11.4  Notices  and  Demands on Issuer,  Trustee and
          Holders of Securities  and Coupons.  Any notice or demand which by any
          provision  of this  Indenture  is required or permitted to be given or
          served by the Trustee or by the Holders of Securities or Coupons to or
          on the  Issuer  may be given or  served  by  being  deposited  postage
          prepaid,  first class mail (except as otherwise  specifically provided
          herein) addressed (until another address of the Issuer is filed by the
          Issuer with the Trustee) to ConAgra,  Inc., One ConAgra Drive,  Omaha,
          Nebraska  68102,  Attention:   Vice  President-Finance.   Any  notice,
          direction, request or demand by the Issuer or any Holder of Securities
          or  Coupons  to or upon the  Trustee  shall  be  deemed  to have  been
          sufficiently  given or  made,  for all  purposes,  if given or made at
          First  Trust  National  Association,  180 East 5th  Street,  St.  Paul
          Minnesota 55101,  Attn:  Corporate Trust (until another address of the
          Trustee is given by notice to the Issuer and Holders of  Securities or
          Coupons).

                    Where  this  Indenture  provides  for  notice to  Holders of
          Registered Securities, such notice shall be sufficiently given (unless
          otherwise  herein  expressly  provided)  if  in  writing  and  mailed,
          first-class  postage prepaid,  to each Holder entitled thereto, at his
          last address as it appears in the Security register. In any case where
          notice to such  Holders is given by mail,  neither the failure to mail
          such notice, nor any defect in any notice so mailed, to any particular
          Holder  shall  affect the  sufficiency  of such notice with respect to
          other Holders. Where this Indenture provides for notice in any manner,
          such notice may be waived in writing by the person entitled to receive
          such notice,  either before or after the event,  and such waiver shall
          be the  equivalent of such notice.  Waivers of notice by Holders shall
          be filed with the  Trustee,  but such filing  shall not be a condition
          precedent to the  validity of any action  taken in reliance  upon such
          waiver.

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

                    SECTION 11.5 Officers' Certificates and Opinions of Counsel;
          Statements to Be Contained Therein.  Upon any application or demand by
          the  Issuer  to the  Trustee  to  take  any  action  under  any of the
          provisions of this Indenture,  the Issuer shall furnish to the Trustee
          an  Officers'   Certificate  stating  that  all  conditions  precedent
          provided for in this  Indenture  relating to the proposed  action have
          been  complied  with and an  Opinion of  Counsel  stating  that in the
          opinion  of such  counsel  all such  conditions  precedent  have  been
          complied  with,  except  that in the case of any such  application  or
          demand as to which the  furnishing of such  documents is  specifically
          required  by  any  provision  of  this  Indenture   relating  to  such
          particular application or demand, no additional certificate or opinion
          need be furnished.

                    Each  certificate or opinion  provided for in this Indenture
          and  delivered  to the  Trustee  with  respect  to  compliance  with a
          condition or covenant provided for in this Indenture shall include (a)
          a statement  that the person  making such  certificate  or opinion has
          read such  covenant  or  condition,  (b) 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,  (c) a statement  that,  in the opinion of such person,  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 (d) a statement as to whether or
          not, in the opinion of such  person,  such  condition  or covenant has
          been complied with.

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

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

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

                    SECTION  11.6  Payments  Due  on   Saturdays,   Sundays  and
          Holidays.  If the date of maturity of interest on or  principal of the
          Securities  of any series or any Coupons  appertaining  thereto or the
          date fixed for  redemption or repayment of any such Security or Coupon
          shall not be a Business  Day,  then  payment of interest or  principal
          need not be made on such date, but may be made on the next  succeeding
          Business  Day with the same force and effect as if made on the date of
          maturity  or the date  fixed for  redemption,  and no  interest  shall
          accrue for the period after such date.

                    SECTION 11.7  Conflict of Any  Provision  of Indenture  with
          Trust  Indenture  Act of 1939. If and to the extent that any provision
          of  this  Indenture  limits,   qualifies  or  conflicts  with  another
          provision  included in this Indenture which is required to be included
          herein  by any  of  Sections  310  to  317,  inclusive,  of the  Trust
          Indenture Act of 1939, such required provision shall control.

                    SECTION 11.8 New York Law to Govern. This Indenture and each
          Security and Coupon shall be deemed to be a contract under the laws of
          the State of New York,  and for all  purposes  shall be  construed  in
          accordance  with the laws of such State,  except as may  otherwise  be
          required by mandatory provisions of law.

                    SECTION 11.9 Counterparts. This Indenture may be executed in
          any number of  counterparts,  each of which shall be an original;  but
          such  counterparts  shall  together  constitute  but one and the  same
          instrument.

                    SECTION  11.10 Effect of  Headings.  The Article and Section
          headings herein and the Table of Contents are for convenience only and
          shall not affect the construction hereof.

                    SECTION 11.11  Securities  in a Foreign  Currency or in ECU.
          Unless  otherwise  specified  in an  Officer's  Certificate  delivered
          pursuant to Section 2.3 of this Indenture with respect to a particular
          series of  Securities,  whenever  for purposes of this  Indenture  any
          action  may be taken  by the  Holders  of a  specified  percentage  in
          aggregate  principal  amount of Securities of all series or all series
          affected by a particular  action at the time  Outstanding and, at such
          time,  there  are  Outstanding  Securities  of any  series  which  are
          denominated in a coin or currency other than Dollars (including ECUs),
          then the principal  amount of Securities of such series which shall be
          deemed to be  Outstanding  for the purpose of taking such action shall
          be that amount of Dollars  that could be  obtained  for such amount at
          the Market  Exchange Rate. For purposes of this Section 11.11,  Market
          Exchange Rate shall mean the noon Dollar buying rate for that currency
          for cable  transfers  quoted in The City of New York as certified  for
          customs  purposes by the Federal  Reserve Bank of New York;  provided,
          however, in the case of ECUs, Market Exchange Rate shall mean the rate
          of exchange  determined by the Commission of the European  Communities
          (or any successor thereto) as published in the Official Journal of the
          European  Communities (such publication or any successor  publication,
          the "Journal").  If such Market Exchange Rate is not available for any
          reason with respect to such  currency,  the Trustee  shall use, in its
          sole  discretion and without  liability on its part, such quotation of
          the Federal Reserve Bank of New York or, in the case of ECUs, the rate
          of  exchange  as  published  in the  Journal,  as of the  most  recent
          available  date,  or  quotations  or,  in the case of  ECUs,  rates of
          exchange  from one or more  major  banks in The City of New York or in
          the country of issue of the currency in  question,  which for purposes
          of the ECU shall be Brussels, Belgium, or such other quotations or, in
          the  case  of  ECU,  rates  of  exchange  as the  Trustee  shall  deem
          appropriate.   The  provisions  of  this  paragraph   shall  apply  in
          determining the equivalent  principal  amount in respect of Securities
          of a series denominated in a currency other than Dollars in connection
          with any action taken by Holders of  Securities  pursuant to the terms
          of this Indenture.

                    All decisions and  determinations  of the Trustee  regarding
          the Market Exchange Rate or any alternative determination provided for
          in the preceding  paragraph shall be in its sole discretion and shall,
          in the absence of manifest  error,  be conclusive for all purposes and
          irrevocably binding upon the Issuer and all Holders.

                    SECTION 11.12. Judgment Currency.  The Issuer 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 due in respect of the  principal  of or
          interest on the  Securities  of any series (the  "Required  Currency")
          into a currency in which a judgment  will be rendered  (the  "Judgment
          Currency"),  the rate of  exchange  used shall be the rate at which in
          accordance  with normal banking  procedures the Trustee could purchase
          in The City of New  York  the  Required  Currency  with  the  Judgment
          Currency  on the New York  Banking Day  preceding  that on which final
          unappealable  judgment  is given and (b) its  obligations  under  this
          Indenture to make  payments in the Required  Currency (i) shall not be
          discharged or satisfied by any tender, or any recovery pursuant to any
          judgment  (whether or not entered in accordance with subsection  (a)),
          in any currency other than the Required Currency, except to the extent
          that such tender or recovery  shall result in the actual  receipt,  by
          the payee, of the full amount of the Required Currency expressed to be
          payable in respect of such  payments,  (ii) shall be enforceable as an
          alternative  or  additional   cause  of  action  for  the  purpose  of
          recovering in the Required  Currency the amount, if any, by which such
          actual  receipt  shall fall short of the full  amount of the  Required
          Currency so expressed to be payable and (iii) shall not be affected by
          judgment  being  obtained for any other sum due under this  Indenture.
          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.

                                 ARTICLE TWELVE

                      REDEMPTION OF SECURITIES AND SINKING FUNDS

                    SECTION 12.1  Applicability  of Article.  The  provisions of
          this Article shall be applicable to the Securities of any series which
          are  redeemable  before their  maturity or to any sinking fund for the
          retirement of Securities of a series except as otherwise  specified as
          contemplated by Section 2.3 for Securities of such series.

                    SECTION  12.2  Election  to  Redeem;  Notice of  Redemption;
          Partial  Redemptions.  The  election  of  the  Issuer  to  redeem  any
          Securities  shall be evidenced by, or pursuant to, a Board  Resolution
          which shall identify the Securities to be redeemed. In the case of any
          redemption  at the  election  of the Issuer of the  Securities  of any
          series with the same issue date,  interest  rate and stated  maturity,
          the Issuer shall,  at least 60 days prior to the redemption date fixed
          by the Issuer  (unless a shorter notice shall be  satisfactory  to the
          Trustee),  notify the Trustee of the principal amount of securities of
          such series to be  redeemed.  Notice of  redemption  to the Holders of
          Registered  Securities  of any series to be  redeemed as a whole or in
          part at the option of the Issuer  shall be given by mailing  notice of
          such redemption by first class mail, postage prepaid, at least 30 days
          and not more than 60 days  prior to the date fixed for  redemption  to
          such Holders of Securities  of such series at their last  addresses as
          they shall appear upon the registry books. Notice of redemption to the
          Holders of  Unregistered  Securities  to be  redeemed as a whole or in
          part,  who have  filed  their  names and  addresses  with the  Trustee
          pursuant to Section  4.4(c)(ii),  shall be given by mailing  notice of
          such redemption, by first class mail, postage prepaid, at least thirty
          days and not more than sixty  prior to the date fixed for  redemption,
          to such Holders at such  addresses as were so furnished to the Trustee
          (and, in the case of any such notice given by the Issuer,  the Trustee
          shall make such information available to the Issuer for such purpose).
          Notice of redemption to all other Holders of  Unregistered  Securities
          shall be  published  in an  Authorized  Newspaper  in the  Borough  of
          Manhattan,  The  City of New York and in an  Authorized  Newspaper  in
          London (and, if required by Section 3.6, in an Authorized Newspaper in
          Luxembourg),  in each case, once in each of three successive  calendar
          weeks, the first  publication to be not less than thirty nor more than
          sixty days prior to the date fixed for redemption. Any notice which is
          mailed in the manner herein provided shall be conclusively presumed to
          have been duly given,  whether or not the Holder  receives the notice.
          Failure  to give  notice by mail,  or any  defect in the notice to the
          Holder of any  Security of a series  designated  for  redemption  as a
          whole or in part shall not affect the validity of the  proceedings for
          the redemption of any other Security of such series.

                    The notice of  redemption  to each such Holder shall specify
          the  principal  amount of each  Security  of such  series held by such
          Holder to be redeemed,  the date fixed for redemption,  the redemption
          price, the place or places of payment,  that payment will be made upon
          presentation  and  surrender  of such  Securities  and, in the case of
          Securities with Coupons attached thereto, of all Coupons  appertaining
          thereto  maturing  after  the date  fixed  for  redemption,  that such
          redemption is pursuant to the  mandatory or optional  sinking fund, or
          both, if such be the case, that interest accrued to the date fixed for
          redemption  will be paid as  specified  in such notice and that on and
          after  said date  interest  thereon or on the  portions  thereof to be
          redeemed will cease to accrue.  In case any Security of a series is to
          be  redeemed  in part only the notice of  redemption  shall  state the
          portion of the principal amount thereof to be redeemed and shall state
          that on and after the date fixed for  redemption,  upon  surrender  of
          such  Security,  a new  Security  or  Securities  of  such  series  in
          principal  amount  equal to the  unredeemed  portion  thereof  will be
          issued.

                    The notice of  redemption  of Securities of any series to be
          redeemed at the option of the Issuer  shall be given by the Issuer or,
          at the Issuer's request, by the Trustee in the name and at the expense
          of the Issuer.

                    On or before the redemption  date specified in the notice of
          redemption given as provided in this Section,  the Issuer will deposit
          with the Trustee or with one or more paying  agents (or, if the Issuer
          is acting as its own paying  agent,  set aside,  segregate and hold in
          trust as provided  in Section  3.4) an amount of money  sufficient  to
          redeem on the  redemption  date all the  Securities  of such series so
          called for redemption at the appropriate  redemption  price,  together
          with accrued  interest to the date fixed for redemption.  If less than
          all the  Outstanding  Securities of a series are to be redeemed at the
          election  of the  Issuer,  the Issuer  will  deliver to the Trustee at
          least 60 days prior to the date fixed for redemption (unless a shorter
          Notice shall be satisfactory to the Trustee) an Officers'  Certificate
          stating the aggregate  principal  amount of Securities to be redeemed.
          In case of a  redemption  at the  election of the Issuer  prior to the
          expiration of any  restriction  on such  redemption,  the Issuer shall
          deliver  to  the  Trustee,  prior  to the  giving  of  any  notice  of
          redemption  to  Holders   pursuant  to  this  Section,   an  Officers'
          Certificate stating that such restriction has been complied with.

                    If less than all the  Securities of any series with the same
          issue date, interest rate and stated maturity are to be redeemed,  the
          Trustee shall select,  in such manner as it shall deem appropriate and
          fair (which may provide for the selection  for  redemption of portions
          of the principal amount of Registered  Securities of such series), the
          particular Securities of such series to be redeemed. Securities may be
          redeemed  in  part  in  multiples  equal  to  the  minimum  authorized
          denomination  for  Securities of such series or any multiple  thereof.
          The  Trustee  shall  promptly  notify  the  Issuer in  writing  of the
          Securities  selected for redemption and, in the case of any Securities
          selected for partial  redemption,  the principal  amount thereof to be
          redeemed.  For all  purposes  of this  Indenture,  unless the  context
          otherwise  requires,  all  provisions  relating to the  redemption  of
          Securities shall relate, in the case of any Security redeemed or to be
          redeemed only in part, to the portion of the principal  amount of such
          Security which has been or is to be redeemed.

                    SECTION 12.3 Payment of Securities Called for Redemption. If
          notice of redemption has been given as above provided,  the Securities
          or portions of  Securities  specified  in such notice shall become due
          and payable on the date and at the place  stated in such notice at the
          applicable  redemption  price,  together with interest  accrued to the
          date  fixed for  redemption,  and on and after said date  (unless  the
          Issuer  shall  default  in  the  payment  of  such  Securities  at the
          redemption  price,  together  with  interest  accrued  to  said  date)
          interest on the  Securities  or portions of  Securities  so called for
          redemption shall cease to accrue, and the unmatured  Coupons,  if any,
          appertaining  thereto  shall be  void,  and,  except  as  provided  in
          Sections 6.5 and 10.4, such Securities  shall cease from and after the
          date fixed for  redemption  to be  entitled to any benefit or security
          under this  Indenture,  and the Holders thereof shall have no right in
          respect of such Securities  except the right to receive the redemption
          price thereof and unpaid interest to the date fixed for redemption. On
          presentation  and  surrender of such  Securities at a place of payment
          specified  in  said  notice,   together  with  all  Coupons,  if  any,
          appertaining  thereto  maturing  after the date fixed for  redemption,
          said  Securities or the specified  portions  thereof shall be paid and
          redeemed by the Issuer at the applicable  redemption  price,  together
          with  interest  accrued  thereon  to the date  fixed  for  redemption;
          provided that payment of interest becoming due on or prior to the date
          fixed for redemption  shall be payable in the case of Securities  with
          Coupons  attached  thereto,  to the  Holders of the  Coupons  for such
          interest  upon  surrender  thereof,  and in  the  case  of  Registered
          Securities, to the Holders of such Registered Securities registered as
          such on the relevant  record date subject to the terms and  provisions
          of Sections 2.3 and 2.7 hereof.

                 If any Security called for redemption shall not be so paid upon
          surrender thereof for redemption,  the principal shall,  until paid or
          duly provided for, bear interest from the date fixed for redemption at
          the rate of interest or Yield to Maturity  (in the case of an Original
          Issue Discount Security) borne by such Security.

                    If any Security with Coupons attached thereto is surrendered
          for  redemption  and is not  accompanied  by all  appurtenant  Coupons
          maturing  after the date fixed for  redemption,  the surrender of such
          missing Coupon or Coupons may be waived by the Issuer and the Trustee,
          if there be  furnished  to each of them such  security or indemnity as
          they may require to save each of them harmless.

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

                    SECTION   12.4   Exclusion   of  Certain   Securities   from
          Eligibility for Selection for Redemption. Securities shall be excluded
          from  eligibility  for selection for redemption if they are identified
          by  registration  and certificate  number in an Officers'  Certificate
          delivered  to the  Trustee  at least 40 days prior to the last date on
          which notice of  redemption  may be given as being owned of record and
          beneficially  by, and not  pledged or  hypothecated  by either (a) the
          Issuer  or (b) an  entity  specifically  identified  in  such  written
          statement as directly or  indirectly  controlling  or controlled by or
          under direct or indirect common control with the Issuer.

                    SECTION 12.5  Mandatory  and  Optional  Sinking  Funds.  The
          minimum  amount of any sinking fund payment  provided for by the terms
          of the 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 the  Securities  of any series is
          herein referred to as an "optional sinking fund payment".  The date on
          which a sinking  fund  payment is to be made is herein  referred to as
          the "sinking fund payment date."

                    In lieu of making all or any part of any  mandatory  sinking
          fund  payment with respect to any series of  Securities  in cash,  the
          Issuer may at its option (a) deliver to the Trustee Securities of such
          series  theretofore  purchased  or  otherwise  acquired  (except  upon
          redemption  pursuant to the  mandatory  sinking fund) by the Issuer or
          receive  credit for  Securities  of such  series  (not  previously  so
          credited)  theretofore  purchased  or  otherwise  acquired  (except as
          aforesaid) by the Issuer and delivered to the Trustee for cancellation
          pursuant to Section 2.10, (b) receive credit for optional sinking fund
          payments (not  previously so credited)  made pursuant to this Section,
          or (c) receive credit for Securities of such series (not previously so
          credited)  redeemed  by the Issuer  through  any  optional  redemption
          provision  contained  in the  terms  of  such  series.  Securities  so
          delivered or credited  shall be received or credited by the Trustee at
          the sinking fund redemption price specified in such Securities.

                    On or before the 60th day next  preceding  each sinking fund
          payment date for any series, the Issuer will deliver to the Trustee an
          Officers'  Certificate (which need not contain the statements required
          by Section 11.5) (a) specifying  the portion of the mandatory  sinking
          fund  payment to be satisfied by payment of cash and the portion to be
          satisfied  by credit of  Securities  of such  series and the basis for
          such credit,  (b) stating that none of the  Securities  of such series
          has theretofore been so credited,  (c) stating that no defaults in the
          payment of interest or Events of Default  with  respect to such series
          have occurred (which have not been waived or cured) and are continuing
          and (d)  stating  whether or not the Issuer  intends to  exercise  its
          right to make an optional  sinking  fund  payment with respect to such
          series and, if so, specifying the amount of such optional sinking fund
          payment  which  the  Issuer  intends  to pay  on or  before  the  next
          succeeding sinking fund payment date. Any Securities of such series to
          be credited  and  required to be delivered to the Trustee in order for
          the Issuer to be entitled to credit  therefor as aforesaid  which have
          not  theretofore  been delivered to the Trustee shall be delivered for
          cancellation  pursuant  to  Section  2.10  to the  Trustee  with  such
          Officers' Certificate (or reasonably promptly thereafter if acceptable
          to the Trustee).  Such Officers'  Certificate shall be irrevocable and
          upon  its   receipt   by  the   Trustee   the  Issuer   shall   become
          unconditionally  obligated  to make all the cash  payments or payments
          therein referred to, if any, on or before the next succeeding  sinking
          fund payment date.  Failure of the Issuer,  on or before any such 60th
          day, to deliver such Officers' Certificate and Securities specified in
          this  paragraph,  if any,  shall not  constitute  a default  but shall
          constitute,  on and as of such date, the  irrevocable  election of the
          Issuer (i) that the mandatory sinking fund payment for such series due
          on the  next  succeeding  sinking  fund  payment  date  shall  be paid
          entirely in cash without the option to deliver or credit Securities of
          such  series in respect  thereof and (ii) that the Issuer will make no
          optional  sinking fund payment with respect to such series as provided
          in this Section.

                    If the  sinking  fund  payment  or  payments  (mandatory  or
          optional  or both) to be made in cash on the next  succeeding  sinking
          fund payment  date plus any unused  balance of any  preceding  sinking
          fund  payments  made in cash shall exceed  $50,000 (or the  equivalent
          thereof in any  Foreign  Currency or ECU or a lesser sum in Dollars or
          in any Foreign  Currency or ECU if the Issuer  shall so request)  with
          respect to the Securities of any particular series, such cash shall be
          applied  on the  next  succeeding  sinking  fund  payment  date to the
          redemption of Securities of such series at the sinking fund redemption
          price together with accrued interest to the date fixed for redemption.
          If such  amount  shall be $50,000  (or the  equivalent  thereof in any
          Foreign  Currency or ECU) or less and the Issuer makes no such request
          then it shall be carried over until a sum in excess of $50,000 (or the
          equivalent  thereof in any Foreign Currency or ECU) is available.  The
          Trustee shall  select,  in the manner  provided in Section  12.2,  for
          redemption  on such sinking  fund payment date a sufficient  principal
          amount of  Securities of such series to absorb said cash, as nearly as
          may be, and shall (if  requested in writing by the Issuer)  inform the
          Issuer of the serial  numbers  of the  Securities  of such  series (or
          portions  thereof) so  selected.  Securities  shall be  excluded  from
          eligibility  for redemption  under this Section if they are identified
          by  registration  and certificate  number in an Officers'  Certificate
          delivered  to the Trustee at least 60 days prior to the  sinking  fund
          payment  date as being  owned of record and  beneficially  by, and not
          pledged  or  hypothecated  by either  (a) the  Issuer or (b) an entity
          specifically  identified in such Officers'  Certificate as directly or
          indirectly  controlling  or  controlled by or under direct or indirect
          common  control with the Issuer.  The Trustee,  in the name and at the
          expense  of the  Issuer (or the  Issuer,  if it shall so  request  the
          Trustee in writing) shall cause notice of redemption of the Securities
          of such  series to be given in  substantially  the manner  provided in
          Section  12.2 (and with the effect  provided in Section  12.3) for the
          redemption  of  Securities of such series in part at the option of the
          Issuer.  The amount of any  sinking  fund  payments  not so applied or
          allocated  to the  redemption  of  Securities  of such series shall be
          added to the next cash  sinking  fund  payment  for such  series  and,
          together  with such payment,  shall be applied in accordance  with the
          provisions  of this  Section.  Any and all sinking fund moneys held on
          the stated  maturity date of the Securities of any  particular  series
          (or earlier, if such maturity is accelerated),  which are not held for
          the payment or  redemption  of  particular  Securities  of such series
          shall be applied, together with other moneys, if necessary, sufficient
          for the purpose,  to the payment of the principal of, and interest on,
          the Securities of such series at maturity.

                    On or before each  sinking  fund  payment  date,  the Issuer
          shall pay to the  Trustee in cash or shall  otherwise  provide for the
          payment of all interest  accrued to the date fixed for  redemption  on
          Securities to be redeemed on the next  following  sinking fund payment
          date.

                    The  Trustee  shall not redeem or cause to be  redeemed  any
          Securities  of a series with sinking fund moneys or mail any notice of
          redemption of  Securities  for such series by operation of the sinking
          fund  during the  continuance  of a default in payment of  interest on
          such  Securities  or of any Event of Default  except  that,  where the
          mailing of notice of redemption of any  Securities  shall  theretofore
          have been made,  the Trustee shall redeem or cause to be redeemed such
          Securities, provided that it shall have received from the Issuer a sum
          sufficient for such redemption. Except as aforesaid, any moneys in the
          sinking  fund for such  series  at the time when any such  default  or
          Event of Default shall occur, and any moneys  thereafter paid into the
          sinking fund,  shall,  during the continuance of such default or Event
          of Default,  be deemed to have been  collected  under Article Five and
          held for the  payment  of all such  Securities.  In case such Event of
          Default  shall have been  waived as  provided  in Section  5.10 or the
          default  cured on or before the  sixteenth  day  preceding the sinking
          fund payment date in any year, such moneys shall thereafter be applied
          on the next  succeeding  sinking fund payment date in accordance  with
          this Section to the redemption of such Securities.

                                ARTICLE THIRTEEN

                                  SUBORDINATION

                    SECTION 13.1  Securities and Coupons  Subordinated to Senior
          Indebtedness.  The Issuer  covenants and agrees,  and each Holder of a
          Security or Coupon, by his acceptance thereof,  likewise covenants and
          agrees,  that the  indebtedness  represented by the Securities and any
          Coupons and the payment of the  principal  of and interest on each and
          all  of  the  Securities  and  of  any  Coupons  is  hereby  expressly
          subordinated,  to the extent and in the manner  hereinafter set forth,
          in  right  of  payment  to  the  prior   payment  in  full  of  Senior
          Indebtedness.

                    In the event (a) of any insolvency or bankruptcy proceedings
          or any  receivership,  liquidation,  reorganization  or other  similar
          proceedings  in  respect of the  Issuer or a  substantial  part of its
          property, or of any proceedings for liquidation,  dissolution or other
          winding up of the  Issuer,  whether  or not  involving  insolvency  or
          bankruptcy,  or (b) subject to the provisions of Section 13.2 that (i)
          a default shall have occurred with respect to the payment of principal
          of or  interest  on or other  monetary  amounts due and payable on any
          Senior  Indebtedness,  or (ii) there  shall have  occurred an event of
          default  (other than a default in the payment of principal or interest
          or other  monetary  amounts due and  payable) in respect of any Senior
          Indebtedness,  as defined therein or in the instrument under which the
          same is  outstanding,  permitting  the  holder or  holders  thereof to
          accelerate  the maturity  thereof  (with  notice or lapse of time,  or
          both),  and such event of  default  shall  have  continued  beyond the
          period of grace,  if any,  in respect  thereof,  and,  in the cases of
          subclauses  (i) and (ii) of this clause (b),  such default or event of
          default  shall not have been cured or waived or shall not have  ceased
          to exist,  or (c) that the  principal  of and accrued  interest on the
          Securities  of any series  shall have been  declared  due and  payable
          pursuant  to  Section  5.1 and such  declaration  shall  not have been
          rescinded and annulled as provided in Section 5.1 then:

                         (1) the holders of all Senior  Indebtedness shall first
                    be  entitled  to  receive  payment  of the full  amount  due
                    thereon,  or  provision  shall be made for such  payment  in
                    money or money's  worth,  before  the  Holders of any of the
                    Securities  or Coupons are  entitled to receive a payment on
                    account of the principal of or interest on the  indebtedness
                    evidenced by the  Securities  or of the Coupons,  including,
                    without  limitation,  any payments  made pursuant to Article
                    Twelve;

                         (2) any payment by, or  distribution  of assets of, the
                    Issuer of any kind or character,  whether in cash,  property
                    or securities, to which the Holders of any of the Securities
                    or Coupons or the Trustee  would be entitled  except for the
                    provisions of this Article shall be paid or delivered by the
                    person  making  such  payment  or  distribution,  whether  a
                    trustee in bankruptcy,  a receiver or liquidating trustee or
                    otherwise,   directly   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,  ratably  according  to the  aggregate
                    amounts   remaining   unpaid  on  account  of  such   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  (or  provision  therefor)  to the
                    holders of such Senior  Indebtedness,  before any payment or
                    distribution  is made  to the  holders  of the  indebtedness
                    evidenced  by the  Securities  or Coupons or to the  Trustee
                    under this instrument; and

                         (3) in the event that,  notwithstanding  the foregoing,
                    any payment by, or  distribution of assets of, the Issuer of
                    any  kind  or  character,   whether  in  cash,  property  or
                    securities,  in respect of  principal  of or interest on the
                    Securities  or in  connection  with  any  repurchase  by the
                    Issuer of the  Securities,  shall be received by the Trustee
                    or the Holders of any of the  Securities  or Coupons  before
                    all Senior  Indebtedness  is paid in full, or provision made
                    for such payment in money or money's worth,  such payment or
                    distribution  in respect of  principal of or interest on the
                    Securities  or in  connection  with  any  repurchase  by the
                    Issuer of the  Securities  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 such
                    Senior  Indebtedness  may  have  been  issued,   ratably  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   therefor)   to  the   holders  of  such   Senior
                    Indebtedness.

                              Notwithstanding  the foregoing,  at any time after
                    the 121st day  following  the date of deposit of cash or, in
                    the  case  of  Securities  payable  only  in  Dollars,  U.S.
                    Government Obligations pursuant to Section 10.1(B) (provided
                    all  conditions  set out in such  Section  shall  have  been
                    satisfied),  the funds so deposited and any interest thereon
                    will not be  subject  to any  rights  of  holders  of Senior
                    Indebtedness  including,  without limitation,  those arising
                    under this Article Thirteen.

                    SECTION  13.2  Disputes  with  Holders  of  Certain   Senior
          Indebtedness.  Any  failure  by the  Issuer to make any  payment on or
          perform any other obligation under Senior Indebtedness, other than any
          indebtedness incurred by the Issuer or assumed or guaranteed, directly
          or  indirectly,  by the Issuer for money  borrowed  (or any  deferral,
          renewal,  extension  or  refunding  thereof)  or any  indebtedness  or
          obligation as to which the  provisions of this Section shall have been
          waived by the Issuer in the  instrument  or  instruments  by which the
          Issuer  incurred,   assumed,  guaranteed  or  otherwise  created  such
          indebtedness or obligation,  shall not be deemed a default or event of
          default under Section 13.1(b) if (i) the Issuer shall be disputing its
          obligation  to make such payment or perform such  obligation  and (ii)
          either (A) no final judgment  relating to such dispute shall have been
          issued against the Issuer which is in full force and effect and is not
          subject to further review,  including a judgment that has become final
          by reason of the  expiration of the time within which a party may seek
          further  appeal or review,  and (B) in the event of a judgment that is
          subject to further review or appeal has been issued,  the Issuer shall
          in good faith be prosecuting an appeal or other  proceeding for review
          and a stay of execution  shall have been obtained  pending such appeal
          or review.

                    SECTION 13.3 Subrogation.  Subject to the payment in full of
          all Senior Indebtedness, the Holders of the Securities and any Coupons
          shall be  subrogated  (equally  and  ratably  with the  holders of any
          obligations   of  the  Issuer  which  by  their   express   terms  are
          subordinated  to Senior  Indebtedness of the Issuer to the same extent
          as the  Securities  are  subordinated  and which are  entitled to like
          rights  of  subrogation)  to the  rights  of  the  holders  of  Senior
          Indebtedness to receive payments or distributions of cash, property or
          securities of the Issuer applicable to the Senior  Indebtedness  until
          all amounts owing on the  Securities  and any Coupons shall be paid in
          full, and as between the Issuer,  its creditors  other than holders of
          such  Senior   Indebtedness  and  the  Holders,  no  such  payment  or
          distribution  made to the holders of Senior  Indebtedness by virtue of
          this Article that otherwise  would have been made to the Holders shall
          be deemed to be a payment  by the  Issuer on  account  of such  Senior
          Indebtedness,  it being understood that the provisions of this Article
          are and are  intended  solely for the purpose of defining the relative
          rights of the  Holders,  on the one hand,  and the  holders  of Senior
          Indebtedness, on the other hand.

                    SECTION 13.4  Obligation  of Issuer  Unconditional.  Nothing
          contained in this  Article or  elsewhere  in this  Indenture or in the
          Securities or any Coupons is intended to or shall impair, as among the
          Issuer,  its creditors  other than the holders of Senior  Indebtedness
          and the Holders,  the obligation of the Issuer,  which is absolute and
          unconditional,  to pay to the Holders the principal of and interest on
          the  Securities  and the amounts  owed  pursuant to any Coupons as and
          when the same shall  become due and payable in  accordance  with their
          terms,  or is intended to or shall affect the  relative  rights of the
          Holders and  creditors  of the Issuer other than the holders of Senior
          Indebtedness, nor shall anything herein or therein prevent the Trustee
          or any Holder from  exercising  all  remedies  otherwise  permitted by
          applicable  law upon  default  under  this  Indenture,  subject to the
          rights,   if  any,  under  this  Article  of  the  holders  of  Senior
          Indebtedness in respect of case,  property or securities of the Issuer
          received upon the exercise of any such remedy.

                    Upon  payment  or  distribution  of  assets  of  the  Issuer
          referred to in this  Article,  the  Trustee  and the Holders  shall be
          entitled  to rely  upon  any  order  or  decree  made by any  court of
          competent  jurisdiction  in which any such  dissolution,  winding  up,
          liquidation or reorganization  proceeding affecting the affairs of the
          Issuer is pending or upon a certificate  of the trustee in bankruptcy,
          receiver,  assignee for the benefit of creditors,  liquidating trustee
          or agent or other person making any payment or distribution, delivered
          to the Trustee or to the Holders,  for the purpose of ascertaining the
          persons entitled to participate in such payment or  distribution,  the
          holders  of the  Senior  Indebtedness  and other  indebtedness  of the
          Issuer,  the amount  thereof or payable  thereon,  the amount  paid or
          distributed  thereon and all other facts pertinent  thereto or to this
          Article.

                    SECTION 13.5 Payments on Securities  and Coupons  Permitted.
          Nothing contained in this Article or elsewhere in this Indenture or in
          the  Securities or Coupons shall affect the  obligations of the Issuer
          to make,  or prevent the Issuer from making,  payment of the principal
          of or interest on the Securities and of any Coupons in accordance with
          the  provisions  hereof and thereof,  except as otherwise  provided in
          this Article.

                    SECTION 13.6 Effectuation of Subordination by Trustee.  Each
          holder of Securities or Coupons, by his acceptance thereof, authorizes
          and  directs  the  Trustee on his behalf to take such action as may be
          necessary or appropriate to effectuate the  subordination  provided in
          this Article and appoints the Trustee his attorney-in-fact for any and
          all such purposes.

                    SECTION  13.7  Knowledge  of  Trustee.  Notwithstanding  the
          provisions of this Article or any other  provisions of this Indenture,
          the Trustee  shall not be charged with  knowledge of the  existence of
          any facts that would  prohibit  the making of any payment of moneys to
          or by the  Trustee,  or the taking of any other action by the Trustee,
          unless  and until the  Trustee  shall  have  received  written  notice
          thereof  mailed or  delivered  to the Trustee at its  Corporate  Trust
          Office from the Issuer,  any Holder, any paying agent or the holder or
          representative of any class of Senior  Indebtedness;  provided that if
          at least three Business Days prior to the date upon which by the terms
          hereof any such moneys may become payable for any purpose  (including,
          without  limitation,  the payment of the  principal or interest on any
          Security  or  interest  on any  Coupon)  the  Trustee  shall  not have
          received  with respect to such moneys the notice  provided for in this
          Section,   then,   anything   herein   contained   to   the   contrary
          notwithstanding,  the Trustee  shall have full power and  authority to
          receive  such  moneys and to apply the same to the  purpose  for which
          they were  received  and shall not be  affected  by any  notice to the
          contrary  that may be received by it within three  Business Days prior
          to or on or after such date.

                    SECTION  13.8  Trustee  May Hold  Senior  Indebtedness.  The
          Trustee  shall be entitled to all the rights set forth in this Article
          with respect to any Senior Indebtedness at the time held by it, to the
          same extent as any other holder of Senior Indebtedness, and nothing in
          Section 6.8 or elsewhere in this  Indenture  shall deprive the Trustee
          of any of its rights as such holder.

                    SECTION  13.9 Rights of Holders of Senior  Indebtedness  Not
          Impaired.  No right of any  present  or future  holder  of any  Senior
          Indebtedness to enforce the subordination  herein shall at any time or
          in any way be  prejudiced  or impaired by any act or failure to act on
          the part of the Issuer or by any  noncompliance by the Issuer with the
          terms,  provisions and covenants of this Indenture,  regardless of any
          knowledge  thereof  any such holder may have or be  otherwise  charged
          with.

                    With respect to the holders of Senior Indebtedness,  (i) the
          duties and  obligations  of the Trustee shall be determined  solely by
          the express  provisions of this Indenture,  (ii) the Trustee shall not
          be liable except for the performance of such duties and obligations as
          are  specifically  set  forth  in this  Indenture,  (iii)  no  implied
          covenants or obligations shall be read into this Indenture against the
          Trustee and (iv) the Trustee  shall not be deemed to be a fiduciary as
          to such holders.

                   SECTION 13.10 Article Applicable to Paying Agents. In case at
          any time any  paying  agent  other  than the  Trustee  shall have been
          appointed  by the  Issuer  and be  then  acting  hereunder,  the  term
          "Trustee"  as used in this  Article  shall in such  case  (unless  the
          context  shall  require  otherwise)  be  construed as extending to and
          including  such  paying  agent  within  its  meaning  as fully for all
          intents  and  purposes  as if such  paying  agent  were  named in this
          Article in addition to or in place of the Trustee, provided,  however,
          that  Sections  13.7 and 13.8 shall not apply to the Issuer if it acts
          as its own paying agent.

                    SECTION 13.11 Trustee; Compensation Not Prejudiced.  Nothing
          in this Article  shall apply to claims of, or payments to, the Trustee
          pursuant to Section 6.6.

                    IN WITNESS  WHEREOF,  the  parties  hereto  have caused this
          Indenture to be duly executed, and their respective corporate seals to
          be hereunto affixed and attested, all as of March 10, 1994.

                                             CONAGRA, INC.

                                             By:     /s/ James P. O'Donnell
                                             Title:       Vice   President,
          Finance                                         and Treasurer
          [CORPORATE SEAL]

          Attest:

          By:     /s/ Sue E. Badberg
          Title:  Assistant Secretary

                                           First Trust National
                                           Association, Trustee
                                           By:     /s/ Daniel Bluhm
                                           Title:  Vice President

          [CORPORATE SEAL]

          Attest:

          By:     /s/ Frank P. Leslie
          Title:  Assistant Secretary

          STATE OF NEBRASKA        )
                                   ) ss:
          COUNTY OF DOUGLAS        )

                    On this 10th day of March,  1994 before me  personally  came
          James P.  O'Donnell,  to me personally  known,  who,  being by me duly
          sworn, did depose and say that he resides at Omaha, Nebraska,  that he
          is the Vice President,  Finance and Treasurer of ConAgra, Inc., one of
          the corporations described in and which executed the above instrument;
          that he knows the corporate  seal of said  corporation;  that the seal
          affixed to said  instrument  is such  corporate  seal;  that it was so
          affixed by authority  of the Board of  Directors of said  corporation,
          and that he signed his name thereto by like authority.

          [NOTARIAL SEAL]
                                             /s/ Lillian Child
                                             Notary Public

          STATE OF MINNESOTA       )
                                   ) ss:
          COUNTY OF HENNEPIN       )

               On this 10th day of March,  1994 before me personally  came David
          Bluhm, to me personally known, who, being by me duly sworn, did depose
          and say that he resides in Apple  Valley,  Minnesota,  that he is Vice
          President of First Trust National Association, one of the corporations
          described in and which  executed the above  instrument;  that he knows
          the corporate seal of said corporation;  that the seal affixed to said
          instrument is such corporate seal; that it was so affixed by authority
          of the Board of Directors of said corporation,  and that he signed his
          name thereto by like authority.

          [NOTARIAL SEAL]
                                             /s/ Martina Mendez
                                             Notary Public

<PAGE>

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

                                    CONAGRA, INC.

                                       AND

                           FIRST TRUST NATIONAL ASSOCIATION
                                     Trustee

                             First Supplemental Indenture

                              Dated as of April 20, 1994

                            Providing for Issuance of

                           9% Series A Debentures due 2043
                          in connection with the issuance by
                             ConAgra Capital, L.C. of its
                     9% Series A Cumulative Preferred Securities

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

<PAGE>

                       FIRST    SUPPLEMENTAL    INDENTURE   (the   "Supplemental
             Indenture"),  dated as of April 20, 1994, between CONAGRA,  INC., a
             Delaware  corporation  (the  "Issuer"),  and FIRST  TRUST  NATIONAL
             ASSOCIATION, a national banking corporation (the "Trustee").

                                W I T N E S S E T H :

                       WHEREAS,  in accordance with Sections 2.1, 2.3 and 8.1 of
             the Subordinated  Indenture dated as of March 10, 1994, between the
             Issuer  and  the  Trustee  (the  "Indenture"),   this  Supplemental
             Indenture is being  entered into in order to establish the form and
             terms of a series of Securities to be issued in connection with the
             issuance  by  ConAgra  Capital,  L.C.,  an Iowa  limited  liability
             company  ("Capital"),  of  its 9%  Series  A  Cumulative  Preferred
             Securities (the "Series A Preferred Securities");

                       WHEREAS, the Issuer has duly authorized the execution and
             delivery of this  Supplemental  Indenture  to provide,  among other
             things, for the authentication, delivery and administration of such
             series of Securities;

                       WHEREAS,  all things necessary to make this  Supplemental
             Indenture a valid  supplement  to Indenture  according to its terms
             and the terms of the Indenture have been done;

                       NOW, THEREFORE:

                       In  consideration  of the premises  and the  purchases of
             such series of  Securities by the holders  thereof,  the Issuer and
             the  Trustee  mutually   covenant  and  agree  for  the  equal  and
             proportionate  benefit of the respective  holders from time to time
             of such series of Securities as follows:

                                   ARTICLE ONE

                                   DEFINITIONS

                       SECTION 1.1 Certain Terms Defined in the  Indenture.  All
             capitalized  terms used herein  without  definition  shall have the
             meanings specified in the Indenture.

                       SECTION 1.2  Additional  Terms  Defined.  As used in this
             Supplemental Indenture,  the additional terms set forth below shall
             have the following meanings:

                       "Additional Interest" shall have the meaning set forth in
             Section 2.8 hereof.

                       "Common Interests" shall mean Common Membership Interests
             as defined in the Operating Agreement.

                       "DTC" shall mean The Depository  Trust Company as initial
             depositary  of the Series A  Debentures  upon a Preferred  Security
             Exchange.

                       "Event  of  Default"  shall  (a)  prior  to  a  Preferred
             Security  Exchange,  have the  meaning  set forth in  Section  2.12
             hereof and (b) on and after a Preferred Security Exchange, have the
             meaning set forth in Section 5.1 of the Indenture.

                       "Expense  Agreement"  means the  Agreement as to Expenses
             and  Liabilities  dated as of April 20, 1994 between the Issuer and
             Capital.

                       "Guarantee"  means the  Payment and  Guarantee  Agreement
             dated as of April 20, 1994,  executed  and  delivered by the Issuer
             for the  benefit of the  holders  from time to time of the Series A
             Preferred Securities and other Preferred Interests of Capital.

                       "Managing Members" means HW Nebraska, Inc., a
             Nebraska corporation, and CP Nebraska, Inc., a Nebraska
             corporation, as managing members of Capital.

                       "Operating Agreement" means the Limited Liability Company
             Operating  Agreement  dated as of March  11,  1994 by and among the
             Managing Members.

                       "Preferred  Interests" means Series Preferred  Membership
             Interests as defined in the Operating Agreement.

                       "Preferred Security Exchange" means an exchange of Series
             A Debentures for Series A Preferred  Securities pursuant to Section
             7 of the Written Action.

                       "Underwriting Agreement" means the underwriting agreement
             dated as of April 20,  1994,  among the  Issuer,  Capital and Smith
             Barney  Shearson  Inc. and Merrill  Lynch,  Pierce,  Fenner & Smith
             Incorporated as representatives  of the several  underwriters named
             therein.

                       "Written Action" means the Written Action of the Managing
             Members  Pursuant to Section 3.02 of the Operating  Agreement dated
             April 20,  1994,  establishing  the terms of the Series A Preferred
             Securities.

                                   ARTICLE TWO

                          ISSUANCE OF 9% SERIES A DEBENTURES

                       SECTION  2.1  Issuance of 9% Series A  Debentures.  There
             shall be a series of Securities  designated "9% Series A Debentures
             due 2043" (the "Series A Debentures")  and such Series A Debentures
             shall have the terms set forth in this  Article  Two in  accordance
             with  the  provisions  of  the  Indenture  and  this   Supplemental
             Indenture.

                       SECTION 2.2 Limitation on Aggregate Principal Amount. The
             aggregate  principal amount of the Series A Debentures which may be
             authenticated and delivered shall be limited to $100,000,000 (or up
             to $115,000,000 aggregate principal amount if and to the extent the
             underwriters'  over-allotment  option  granted by the Issuer in the
             Underwriting Agreement is exercised).

                       SECTION 2.3 Maturity of the Series A Debentures.  Subject
             to the  provisions  of Sections 2.4 and 2.5,  the entire  principal
             amount of the Series A  Debentures  shall  become due and  payable,
             together with any accrued and unpaid  interest  thereon,  including
             Additional  Interest,  if  any,  on the earlier of (a) May 31, 2043
             (subject to the Issuer's right to exchange the Series A  Debentures
             for  new  debentures pursuant to Section 2.6) and (b) the date upon
             which Capital shall be dissolved, wound-up or liquidated;  provided
             that the parenthetical to clause (a) and the entirety of clause (b)
             shall  be  inapplicable  on  and  after  the  date of any Preferred
             Security Exchange.

                       SECTION 2.4  Mandatory  Prepayment of Series A Debentures
             upon redemption of Series A Preferred  Securities.  Notwithstanding
             the  provisions  of Section  2.3,  if Capital  redeems the Series A
             Preferred  Securities in  accordance  with the terms  thereof,  the
             Series A Debentures pertaining to the Series A Preferred Securities
             shall  become due and  payable in a principal  amount  equal to the
             aggregate stated  liquidation  preference of the Series A Preferred
             Securities so redeemed,  together with any and all accrued interest
             thereon,   including  Additional  Interest,  if  any.  Any  payment
             pursuant to this Section 2.4 shall be made prior to 12:00 noon, New
             York time,  on the date fixed for such  redemption or at such other
             time on such earlier date as Capital and the Issuer shall agree.

                       SECTION 2.5  Optional  Prepayment.  Upon not less than 30
             nor more than 60 days'  prior  notice,  the  Issuer  shall have the
             right to prepay the Series A  Debentures  relating  to the Series A
             Preferred   Securities   (together  with  any  accrued  but  unpaid
             interest,  including  Additional  Interest,  if any, on the portion
             being prepaid), without premium or penalty,

                       (i)  in whole or in part, as the case may be, at any time
                  on or after May 31, 1999; and

                       (ii) in whole at any time if the Issuer and Capital  have
                  been  advised  by  independent   nationally  recognized  legal
                  counsel  that,  as a result of any change after April 20, 1994
                  in United  States law  (including  the  enactment  or imminent
                  enactment of any legislation,  the publication of any judicial
                  decisions  or  regulatory  rulings or a change in the official
                  position  or in the  interpretation  of  law or  regulations),
                  there exists more than an  insubstantial  risk that the Issuer
                  will be precluded  from deducting the interest on the Series A
                  Debentures  for federal income tax purposes even if the Series
                  A  Preferred   Securities  are  exchanged  for  the  Series  A
                  Debentures pursuant to a Preferred Security Exchange.

                       SECTION  2.6  Exchange  of  Series A  Debentures  for New
             Debentures. Notwithstanding the provisions of Section 2.3, prior to
             a Preferred  Security  Exchange,  in lieu of repaying  the Series A
             Debentures relating to the Series A Preferred  Securities when due,
             the Issuer may elect to exchange  such Series A Debentures  for new
             debentures  with an equal aggregate  principal  amount issued under
             the Indenture  with terms  substantially  identical to the Series A
             Debentures;  provided  that the Issuer may not so elect to exchange
             any  Series  A  Debentures,  unless  at the  time of such  exchange
             Capital owns all of the Series A Debentures  and, as  determined in
             the  judgment  of the  Managing  Members  and  Capital's  financial
             advisor  (selected  by  the  Managing  Members  and  who  shall  be
             unaffiliated  with the  Issuer  and shall be among  the 30  largest
             investment banking firms,  measured by total capital, in the United
             States  at the  time  of such  exchange),  (a)  the  Issuer  is not
             bankrupt,  insolvent or in liquidation,  (b) no Event of Default or
             event that with the  giving of notice or the  passage of time would
             constitute  an Event of Default  on any  Securities  pertaining  to
             Preferred  Interests of any series, has occurred and is continuing,
             (c) the Issuer has made timely  payments on the Series A Debentures
             for the  immediately  preceding  18 months,  (d)  Capital is not in
             arrears on  payments  of  distributions  on the Series A  Preferred
             Securities,  (e) there is then no  present  reason to  believe  the
             Issuer  will be unable to make  timely  payment  of  principal  and
             interest on such new debentures,  (f) such new debentures are being
             issued on terms, and under circumstances,  that are consistent with
             those which a lender  would then require for a loan to an unrelated
             party,  (g)  such  new  debentures  are  being  issued  at  a  rate
             sufficient to provide  payments equal to or greater than the amount
             of distributions  required under the Series A Preferred Securities,
             (h) such  debentures are being issued for a term that is consistent
             with market circumstances and the Issuer's financial condition, (i)
             immediately  prior to  issuing  such  new  debentures,  the  senior
             unsecured  long-term  debt of the  Issuer is (or if no such debt is
             outstanding,  would be) rated not less than BBB (or the equivalent)
             by Standard & Poor's  Corporation  and Baa1 (or the  equivalent) by
             Moody's  Investors  Service,  Inc.  (or if  either  of such  rating
             organizations  is not then  rating the  Issuer's  senior  unsecured
             long-term  debt,  the  equivalent  of  such  rating  by  any  other
             "nationally  recognized  statistical rating  organization," as that
             term is defined by the  Commission  for purposes of Rule  436(g)(2)
             under the Securities Act of 1933, as amended) and any  subordinated
             unsecured long-term debt of the Issuer or, if there is no such debt
             then outstanding,  the Series A Preferred Securities, are rated not
             less than BBB- (or the equivalent) by Standard & Poor's Corporation
             or Baa3 (or the equivalent) by Moody's Investors  Service,  Inc. or
             the  equivalent  of either  such  rating  by any other  "nationally
             recognized  statistical  rating  organization"  and  (j)  such  new
             debentures  will  have a  final  maturity  no  later  than  the one
             hundredth anniversary of the issuance of the Preferred Interests of
             the first series issued.

                       SECTION  2.7  Denomination  and  Interest on the Series A
             Debentures.  (a) The  Series  A  Debentures  shall be  issuable  as
             Registered  Securities  in  denominations  of $25 and any  multiple
             thereof.

                       (b) The Series A Debentures shall bear interest at a rate
             of 9% per  annum  accruing  from  April  27,  1994 or from the most
             recent  Interest  Payment Date (as defined below) to which interest
             has been paid or provided  for on the Series A  Debentures.  To the
             extent allowed by law, the Issuer will also pay interest on overdue
             installments  of principal and interest at such rate. The amount of
             interest  payable for any full  monthly  interest  period  shall be
             computed on the basis of twelve  30-day  months and a 360-day  year
             and, for any period  shorter than a full monthly  interest  period,
             shall be computed on the basis of the actual number of days elapsed
             in such period.  Such interest shall be payable monthly on the last
             day (an "Interest Payment Date") of each calendar month, commencing
             on May 31,  1994 to the holder or holders of the Series A Debenture
             on the relevant record date (each, a "Record Date"), which shall be
             one Business Day prior to the relevant  Interest  Payment  Date. If
             Interest  Payment Date is not a Business  Day,  then payment of the
             interest  payable on such date will be made on the next  succeeding
             day which is a Business  Day (and  without  any  interest  or other
             payment in respect of any such delay) except that, if such Business
             Day is in the next succeeding  calendar year, such payment shall be
             made on the immediately preceding Business Day (and the Record Date
             for such  Interest  Payment Date shall be one Business Day prior to
             the date on which  payment  is to be  made),  in each case with the
             same force and effect as if made on such date.

                       SECTION 2.8 Additional Interest. If at any time following
             the  issuance of the Series A Preferred  Securities  and prior to a
             Preferred Security Exchange, Capital shall be required to pay, with
             respect to its income  derived  from the  interest  payments on the
             Series A Debentures relating to the Series A Preferred  Securities,
             any amounts, for or on account of any taxes, duties, assessments or
             governmental  charges  of  whatever  nature  imposed  by the United
             States or any other taxing  authority,  then, in any such case, the
             Issuer will pay as interest such  additional  amounts  ("Additional
             Interest")  as may be  necessary  in  order  that  the net  amounts
             received and  retained by Capital  after the payment of such taxes,
             duties,   assessments  or  governmental  charges  shall  result  in
             Capital's  having such funds as it would have had in the absence of
             the  payment of such taxes,  duties,  assessments  or  governmental
             charges.

                       SECTION 2.9 Extension of Interest Period. Notwithstanding
             the  provisions  of Section 2.7 hereof,  the Issuer  shall have the
             right  at any  time  or  times  during  the  term of the  Series  A
             Debentures,  so long as the Issuer is not in default in the payment
             of interest  under any of the  Securities,  to extend the  interest
             payment  period  for  the  Series  A  Debentures  up to 18  months;
             provided  that at the end of such  period the Issuer  shall pay all
             interest then accrued and unpaid (together with interest thereon at
             the rate  specified  for the  Series  A  Debentures  to the  extent
             permitted by applicable  law);  provided  further that,  during any
             such extended interest period,  neither the Issuer nor any majority
             owned  subsidiary  of the Issuer shall pay or declare any dividends
             on, or redeem, purchase, acquire or make a liquidation payment with
             respect to, any of its capital stock (other than payments to redeem
             common share purchase rights under the Issuer's  shareholder rights
             plan dated July 10, 1986,  as amended,  or to declare a dividend of
             similar share purchase rights in the future);  and provided further
             that any such  extended  interest  period may only be selected with
             respect to the Series A Debentures if an extended  interest  period
             of identical length is simultaneously  selected for all Securities.
             Prior to the  termination  of any such  extended  interest  payment
             period for the Series A Debentures,  the Issuer may further  extend
             the interest  payment period for the Series A Debentures;  provided
             that  such  extended  interest  payment  period  for the  Series  A
             Debentures together with all such further extensions  thereof,  may
             not exceed 18 months;  and  provided  further that any such further
             extended  interest  period may only be selected with respect to the
             Series A  Debentures  if a  further  extended  interest  period  of
             identical  length is  simultaneously  selected for all  Securities.
             Following the termination of any extended  interest payment period,
             if the Issuer has paid all accrued and unpaid interest  required by
             the  Debentures  for such  period,  then the Issuer  shall have the
             right to again extend the interest  payment  period up to 18 months
             as herein described.  Prior to any Preferred Security Exchange, the
             Issuer shall give Capital  notice of its  selection of any extended
             interest  payment  period one  Business Day prior to the earlier of
             (i) the date Capital  declares the related  distribution to holders
             of the Series A Preferred  Securities  or (ii) the date  Capital is
             required  to give  notice  of the  record or  payment  date of such
             related  distribution  to the New  York  Stock  Exchange  or  other
             applicable self-regulatory organization or to holders of the Series
             A Preferred Securities, but in any event not less than two Business
             Days prior to such record date;  the Issuer shall cause  Capital to
             give such notice of the Issuer's selection of any extended interest
             payment   period  to  all   holders  of  such  Series  A  Preferred
             Securities. After any Preferred Security Exchange, the Issuer shall
             give the Holders of the Series A Debentures notice of its selection
             of any extended  interest  payment prior to the date it is required
             to give  notice of the  record  or  payment  date of such  interest
             payment  to  the  New  York  Stock  Exchange  or  other  applicable
             self-regulatory  organization,  but in any  event not less than two
             Business Days prior to such Record Date.

                       SECTION  2.10  Set-off.  Notwithstanding  anything to the
             contrary  herein,  prior to any  Preferred  Security  Exchange  the
             Issuer  shall have the right to set off any payment it is otherwise
             required  to make  hereunder  with and to the extent the Issuer has
             theretofore  made, or is  concurrently  on the date of such payment
             making, a payment under the Guarantee.

                       SECTION 2.11 Certain Covenants. (a) So long as the Series
             A Preferred  Securities remain outstanding,  neither the Issuer nor
             any  majority-owned  subsidiary  of the Issuer shall declare or pay
             any dividend on, or redeem, purchase, acquire or make a liquidation
             payment with respect to, any of the Issuer's  capital stock or make
             any guarantee  payments  with respect to the foregoing  (other than
             payments  under the  Guarantee,  payments  to redeem  common  share
             purchase  rights under the Issuer's  shareholder  rights plan dated
             July 10,  1986,  as amended,  or the  declaration  of a dividend of
             similar  share  purchase  rights in the future) if at such time the
             Issuer is in default with respect to its payment  obligations under
             the Guarantee or the Expense Agreement or there shall have occurred
             an Event of Default or any event that, with the giving of notice or
             the lapse of time or both,  would  constitute  an Event of  Default
             under the Securities.

                       (b) So long as the Series A Preferred  Securities  remain
             outstanding,  the  Issuer  shall (i) not cause or permit any Common
             Interests  to be  transferred,  (ii)  maintain  direct or  indirect
             ownership of all  outstanding  securities in Capital other than the
             Preferred   Interests  of  any  series  and  any  other  securities
             permitted to be issued by Capital  that would not cause  Capital to
             become an "investment  company" under the Investment Company Act of
             1940,  as  amended,  (iii) cause at least 21% of the total value of
             Capital and at least 21% of all  interests in the capital,  income,
             gain,  loss,  deduction and credit of Capital to be  represented by
             Common  Interests,   (iv)  not  voluntarily  dissolve,   windup  or
             liquidate Capital or either of the Managing  Members,  (v) cause HW
             Nebraska, Inc. and CP Nebraska, Inc. to remain the Managing Members
             of Capital  and timely  perform all of their  respective  duties as
             Managing  Members of Capital,  and (vi) use  reasonable  efforts to
             cause Capital to remain a limited  liability  company and otherwise
             continue to be treated as a partnership for U.S. federal income tax
             purposes;  provided that the Issuer may permit Capital,  solely for
             the purpose of changing its  domicile or avoiding tax  consequences
             adverse to the  Issuer,  Capital  or holders of Series A  Preferred
             Securities,  to  consolidate  or  merge  with  or  into  a  limited
             liability company or a limited partnership formed under the laws of
             any state of the United  States of America;  provided that (1) such
             successor  limited  liability  company or limited  partnership  (x)
             expressly  assumes  all of the  obligations  of  Capital  under the
             Series  A  Preferred  Securities  and  other  series  of  Preferred
             Interests  then  outstanding  or (y)  substitutes  for the Series A
             Preferred  Securities and other series of Preferred  Interests then
             outstanding other securities having substantially the same terms as
             the  Series  A  Preferred   Securities  and  such  other  Preferred
             Interests  (the  "Successor  Securities")  so long as the Successor
             Securities  rank, with respect to  participation in the profits and
             assets of such successor entity, at least as senior as the Series A
             Preferred  Securities and such other Preferred  Interests rank with
             respect to participation in the profits and assets of Capital,  (2)
             the Issuer expressly  acknowledges  such successor as the holder of
             all of the  Series A  Debentures  and other  series  of  debentures
             issued under the  Indenture  then  outstanding,  (3) such merger or
             consolidation does not cause any series of Preferred Interests then
             outstanding to be delisted by any national  securities  exchange or
             other  organization  on which such series is then  listed,  (4) the
             holders of Series A Preferred  Securities and such other  Preferred
             Interests do not suffer any adverse tax consequences as a result of
             such merger or consolidation, (5) such merger or consolidation does
             not  cause  any  Preferred   Interests  to  be  downgraded  by  any
             "nationally  recognized  statistical rating  organization," as that
             term is defined  by the  Securities  and  Exchange  Commission  for
             purposes of Rule  436(g)(2)  under the  Securities  Act of 1933, as
             amended,  and (6) following such merger or  consolidation,  neither
             the Issuer nor such successor  limited liability company or limited
             partnership  will be an  "investment  company"  for purposes of the
             Investment Company Act of 1940, as amended.

                            (c) So long as the  Series  A  Preferred  Securities
             remain outstanding,  the Issuer shall not consolidate with or merge
             into any  other  Person  or sell its  property  and  assets  as, or
             substantially  as, an  entirety  to any Person and shall not permit
             any Person to merge into or consolidate  with the Issuer unless (i)
             in case the Issuer  shall  consolidate  with or merge into  another
             Person or sell its properties and assets as, or  substantially  as,
             an entirety to any Person,  the Person formed by such consolidation
             or into which the Issuer is merged or the  Person  which  purchases
             the properties and assets of the Issuer as, or substantially, as an
             entirety  shall be a corporation,  partnership  or trust,  shall be
             organized and validly  existing under the laws of the United States
             of  America,  any  State or the  District  of  Columbia,  and shall
             expressly assume the Issuer's obligations under the Indenture, this
             Supplemental  Indenture  and  the  Series  A  Debentures  and  (ii)
             immediately  after  giving  effect to the  transaction  no Event of
             Default shall have occurred and be continuing.

                            (d) So long as the  Series  A  Preferred  Securities
             remain  outstanding,  the  provisions  of Sections  2.11(b) and (c)
             shall remain in full force and effect notwithstanding  satisfaction
             and discharge of the Indenture pursuant to Section 10.1 thereof.

                       SECTION  2.12 Events of Default;  Remedies.  Prior to any
             Preferred  Security  Exchange,  "Event of Default" means any one of
             the following events:

                       (a)  failure  to pay  when  due any  interest  under  any
             Securities,  including any  Additional  Interest,  and such failure
             shall  continue for a period of 30 days  (whether or not payment is
             prohibited by the provisions  contained in Article  Thirteen of the
             Indenture or  otherwise);  provided  that a valid  extension of the
             interest  payment  period  by the  Issuer  shall not  constitute  a
             default in the payment of interest for this purpose;

                       (b)  failure  to pay when  due any  principal  under  any
             Securities  (whether or not payment is prohibited by the provisions
             contained in Article Thirteen of the Indenture or otherwise);

                       (c)  failure on the part of the Issuer duly to observe or
             perform any other  covenant or  agreement on the part of the Issuer
             in respect of the Securities  (other than a covenant or warranty in
             respect of the Series A Debentures a default in the  performance or
             breach of which is  elsewhere in this  Section  specifically  dealt
             with) or contained in the Indenture, this Supplemental Indenture or
             the Series A Debentures,  and continuance of such default or breach
             for a period of 90 days after there as been given, by registered or
             certified  mail, to the Issuer by the Trustee or any Holder hereof,
             a written notice specifying such failure or breach and requiring it
             to be  remedied  and  stating  that such  notice  is a  "Notice  of
             Default" hereunder;

                       (d)  the dissolution, or winding up or liquidation
             of Capital;

                       (e) a court having  jurisdiction  in the  premises  shall
             enter a decree or order for  relief in respect of the Issuer or any
             Consolidated Subsidiary in an involuntary case under any applicable
             bankruptcy,  insolvency  or other  similar law now or  hereafter in
             effect, or appointing a receiver, liquidator,  assignee, custodian,
             trustee or sequestrator (or similar  official) of the Issuer or any
             subsidiary or for any substantial  part of its property or ordering
             the winding up or  liquidation  of its affairs,  and such decree or
             order  shall  remain  unstayed  and in  effect  for a period  of 60
             consecutive days; or

                       (f)  the  Issuer  or any  Consolidated  Subsidiary  shall
             commence  a  voluntary  case  under  any   applicable   bankruptcy,
             insolvency  or other  similar law now or  hereafter  in effect,  or
             consent to the entry of an order for relief in an involuntary  case
             under any such law,  or  consent  to the  appointment  of or taking
             possession by a receiver, liquidator,  assignee, custodian, trustee
             or  sequestrator  (or  similar  official)  of  the  Issuer  or  any
             Consolidated   Subsidiary  or  for  any  substantial  part  of  its
             property,  or  make  any  general  assignment  for the  benefit  of
             creditors.

                       If an Event of  Default  shall  occur and be  continuing,
             then  Capital  will have the right (i) to declare the  principal of
             and  the  interest  on  the  Series  A  Debentures  (including  any
             Additional  Interest  and  any  interest  subject  to an  extension
             election)  and  any  other  amounts  payable  under  the  Series  A
             Debentures  to be  forthwith  due and payable,  whereupon  the same
             shall become and be forthwith due and payable, without presentment,
             demand,  protest  or other  notice  of any  kind,  all of which are
             hereby   expressly   waived,   anything  in  the  Indenture,   this
             Supplemental  Indenture or the Series A Debentures  to the contrary
             notwithstanding  and (ii) to enforce its other rights hereunder and
             thereunder.  Capital may not accelerate the principal amount of any
             Series A Debenture unless the principal amount of all Securities is
             accelerated.

                       If an Event of Default  specified  in clauses (d), (e) or
             (f) above shall have occurred, the principal of and interest on the
             Series A Debentures shall thereupon and concurrently become due and
             payable without presentment, demand, protest or other notice of any
             kind,  all of which are hereby  expressly  waived,  anything in the
             Indenture,  this Supplemental  Indenture or the Series A Debentures
             to the contrary notwithstanding.

                       If an Event of  Default  specified  in clause  (a) or (b)
             above shall have occurred and be continuing  and Capital shall have
             failed  to  pay  any   distributions  on  the  Series  A  Preferred
             Securities  when due (other than as a result of any valid extension
             of the  interest  payment  period by the  Issuer  for the  Series A
             Debentures  Securities)  or to pay any  portion  of the  redemption
             price of the Series A Preferred  Securities  called for redemption,
             then any Holder of Series A Preferred  Securities may, as set forth
             in the terms of the Series A Preferred Securities, enforce directly
             against the Issuer Capital's right hereunder to receive payments of
             principal and interest on the Series A Debentures  relating to such
             Series A Preferred  Securities but only in an amount  sufficient to
             enable Capital to pay such distributions or redemption price.

                       The Issuer expressly acknowledges that under the terms of
             Section  3.02(f) of the  Operating  Agreement  and Section 9 of the
             Written Action,  the holders of the outstanding  Series A Preferred
             Securities  together with the holder of other  Preferred  Interests
             shall in certain circumstances have the right to appoint a trustee,
             which trustee shall be  authorized to exercise  Capital's  creditor
             rights under the  Indenture,  this  Supplemental  Indenture and the
             Series A Debentures  and the Issuer  agrees to cooperate  with such
             trustee; provided that nay trustee so appointed shall vacate office
             immediately  in  accordance  with Section  3.02(f) of the Operating
             Agreement  if all  Events of Default  giving  rise to such right of
             appointment have been cured by the Issuer.

                       Except as  provided  in this  Section  2.12,  Holders  of
             Series A Preferred  Securities  shall have no rights to enforce any
             obligations  of the Issuer under the Indenture,  this  Supplemental
             Indenture or the Series A Debentures.

                       On  and  after  a  Preferred   Security   Exchange,   the
             provisions  of Article  Five of the  Indenture,  including  without
             limitation the definition of an "Event of Default",  shall apply to
             the  Series A  Debentures  and  this  Section  2.12  shall be of no
             further force or effect.

                       SECTION 2.13  Book-Entry-Only  Issuance;  The  Depository
             Trust  Company.  On and after a Preferred  Security  Exchange,  the
             provisions of this Section 2.13 shall apply.

                       (a) DTC,  New  York,  New  York,  will act as  securities
             depository  for the Series A  Debentures.  The Series A  Debentures
             will  be  issued  as  one  or  more  global  certificates  only  as
             fully-registered  securities  registered  in the name of Cede & Co.
             (DTC's partnership nominee).  Such global certificates shall bear a
             legend in the following form:

                       UNLESS THIS  CERTIFICATE  IS PRESENTED  BY AN  AUTHORIZED
                  REPRESENTATIVE  OF THE DEPOSITORY  TRUST  COMPANY,  A NEW YORK
                  CORPORATION   ("DTC"),   TO  THE   ISSUER  OR  ITS  AGENT  FOR
                  REGISTRATION  OF  TRANSFER,  EXCHANGE,  OR  PAYMENT,  AND  ANY
                  CERTIFICATE  ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
                  IN  SUCH  OTHER  NAME  AS  IS  REQUESTED   BY  AN   AUTHORIZED
                  REPRESENTATIVE  OF DTC (AND ANY  PAYMENT IS MADE TO CEDE & CO.
                  OR TO SUCH  OTHER  ENTITY  AS IS  REQUESTED  BY AN  AUTHORIZED
                  REPRESENTATIVE  OF DTC),  ANY  TRANSFER,  PLEDGE  OR OTHER USE
                  HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL,
                  INASMUCH AS THE  REGISTERED  OWNER HEREOF,  CEDE & CO., HAS AN
                  INTEREST HEREIN.

                       THIS  DEBENTURE  IS IN GLOBAL  FORM WITHIN THE MEANING OF
                  THE INDENTURE AND SUPPLEMENTAL  INDENTURE HEREINAFTER REFERRED
                  TO AND IS  REGISTERED  IN THE NAME OF DTC OR A NOMINEE OF DTC.
                  UNLESS  AND  UNTIL  IT IS  EXCHANGED  IN  WHOLE OR IN PART FOR
                  DEBENTURES IN  CERTIFICATED  FORM,  THIS  DEBENTURE MAY NOT BE
                  TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY
                  A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR
                  ANY SUCH  NOMINEE TO A  SUCCESSOR  DEPOSITARY  OR A NOMINEE OF
                  SUCH SUCCESSOR DEPOSITARY.

             or any other legend then customary for securities of a
             similar nature held by DTC.

                       (b)  Redemption  notices  shall be sent to Cede & Co.  If
             less then all of the Series A Debentures are being  redeemed,  such
             securities  shall be redeemed in accordance with DTC's then current
             practice.

                       (c)  DTC  may  discontinue   providing  its  services  as
             securities  depository  with respect to the Series A Debentures  by
             giving reasonable notice to the Issuer as provided in the agreement
             between  the  Issuer  and  DTC.  Under  such  circumstances,  if  a
             successor securities depository is not obtained,  the Issuer at its
             expense  shall cause  certificates  for Series A  Debentures  to be
             printed and delivered as promptly as practicable.

                       SECTION  2.14  Listing  on the New York  Stock  Exchange.
             Prior to a  Preferred  Security  Exchange,  the Issuer will use its
             best  efforts  to have the Series A  Debentures  listed on the same
             exchange on which the Series A Preferred Securities are listed.

                                  ARTICLE THREE

                                  MISCELLANEOUS

                       SECTION  3.1  Notices.  All  notices  hereunder  shall be
             deemed  given  by a  party  hereto  if  in  writing  and  delivered
             personally  or  by  telegram  or  facsimile   transmission   or  by
             registered  or certified  mail (return  receipt  requested)  to the
             other  party at the  following  address  for such party (or at such
             other address as shall be specified by like notice):

                       If to Capital, to:

                                 ConAgra Capital, L.C.
                                 c/o ConAgra, Inc.
                                 One ConAgra Drive
                                 Omaha, Nebraska 68102
                                 Attention: Vice President-Finance

                       If to the Issuer, to:

                                 ConAgra, Inc.
                                 One ConAgra Drive
                                 Omaha, Nebraska 68102
                                 Attention: Vice President-Finance

                       Any  notice  given  by  mail  or  telegram  or  facsimile
             transmission shall be effective when received.

                       SECTION 3.2 Assignment;  Binding Effect. The Issuer shall
             have  the  right  at all  times  to  assign  any of its  rights  or
             obligations under the Indenture,  this  Supplemental  Indenture and
             the  Series A  Debentures  to a direct  or  indirect  wholly  owned
             subsidiary  of  the  Issuer(other  than  to any  Managing  Member);
             provided  that,  in the event of any such  assignment,  the  Issuer
             shall remain jointly and severally liable for all such obligations;
             and provided  further that in the event of an assignment prior to a
             Preferred  Security  Exchange  the Issuer  shall have  received  an
             opinion of nationally  recognized tax counsel that such  assignment
             shall not  constitute  a taxable  event of the  holders of Series A
             Preferred  Securities  for federal  income tax purposes.  Except as
             otherwise provided in this Supplemental Indenture,  Capital may not
             assign any of its rights under the Series A Debentures  without the
             prior written consent of the Issuer. Subject to the foregoing,  the
             Indenture,  this Supplemental Indenture and the Series A Debentures
             shall be  binding  upon and  inure to the  benefit  of the  Issuer,
             Capital,  the Holders  from time to time of the Series A Debentures
             and their respective successors and assigns.  Except as provided in
             this Section 3.2 or elsewhere in this Supplemental Indenture,  none
             of the  Indenture,  this  Supplemental  Indenture  nor the Series A
             Debentures  may be assigned by either the Issuer or Capital and any
             assignment  by the  Issuer  or  Capital  in  contravention  of this
             Section 3.2 shall be null and void.

                       SECTION 3.3 Governing  Law. THIS  SUPPLEMENTAL  INDENTURE
             AND THE SERIES A DEBENTURES  SHALL BE GOVERNED BY AND  CONSTRUED IN
             ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

                       SECTION 3.4 Counterparts. This Supplemental Indenture may
             be  executed  in  counterparts,  each of which  shall be  deemed an
             original,  but all of which taken together shall constitute one and
             the same instrument.

                       Section 3.5 Amendments.  This Supplemental  Indenture may
             be  amended  as set  forth  in  Article  Eight  of  the  Indenture.
             Notwithstanding  the  foregoing,  so long as any Series A Preferred
             Securities  shall  remain  outstanding,  (i)  no  amendment  to the
             provisions of the  Indenture,  this  Supplemental  Indenture or the
             Series  A  Debentures  shall be made  that  adversely  affects  the
             holders of any Preferred  Interests then outstanding,  or terminate
             the  Indenture,   this  Supplemental  Indenture  or  the  Series  A
             Debentures,  without  in each case the prior  consent of holders of
             66-2/3% in stated liquidation preference of all Preferred Interests
             then  outstanding,  unless and until all Securities and all accrued
             and unpaid interest thereon (including Additional Interest, if any)
             shall have been paid in full and (ii) without the prior  consent of
             holders of 100% in stated  liquidation  preference  of all Series A
             Preferred  Securities then outstanding,  no amendment shall be made
             to the  provisions  of this  clause  (ii) of Section  3.5 or to (a)
             extend the stated  maturity of the principal of any  Debenture,  or
             reduce the  principal  amount  thereof or reduce the rate or extend
             the time of  payment  of  interest  thereon,  or reduce  any amount
             payable on  redemption  thereof or change the currency in which the
             principal  thereof  or  interest  thereon  is payable or impair the
             right to institute  suit for the  enforcement of any payment on any
             Debenture  when  due or (b)  reduce  the  aforesaid  percentage  in
             principal  amount of  Debentures  of any series the  consent of the
             holders  of  which  is  required  for any  such  modification.  Any
             required consent of holders of Preferred Interests pursuant to this
             Section  3.5 shall be in writing or shall be  obtained at a meeting
             of Preferred  Interestholders  convened in the manner  specified in
             3.02(e) of the Operating Agreement.

                       Section 3.6 Waivers.  Capital may not waive compliance or
             waive any default in  compliance  by the Issuer of any  covenant or
             other term in the  Indenture,  this  Supplemental  Indenture or the
             Series A Debentures  without the approval of the same percentage of
             holders of Preferred  Interests,  obtained in the same  manner,  as
             would  be  required  for  an  amendment  of  the  Indenture,   this
             Supplemental  Indenture  or the  Series  A  Debentures  to the same
             effect; provided that if no approval would be required for any such
             amendment, then Capital may waive such compliance or default in any
             manner that the parties shall agree.

                       Section 3.7 Third Party Beneficiaries.  The Issuer hereby
             acknowledges that until a Preferred Security Exchange,  the holders
             from  time to time  of the  Series  A  Preferred  Securities  shall
             expressly  be  third  party   beneficiaries  of  this  Supplemental
             Indenture.

                       Section 3.8 Amendment to  Indenture.  Pursuant to Section
             8.1 of the  Indenture,  Section  8.2 of  the  Indenture  is  hereby
             amended for purposes of any and all Securities,  including  without
             limitation  the Series A Debentures,  issued under the Indenture by
             substituting  the phrase "of not less than  66-2/3%" for the phrase
             "of not less than a majority"  in the first  clause of such Section
             8.2.

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

                                      CONAGRA, INC.

                                      By:  /s/  James P. O'Donnell
                                      Name:   James P. O'Donnell
                                      Title:  Vice President, Finance
                                                and Treasurer
             [SEAL]

             Attest:

              /s/  Sue E. Badberg
             Name:     Sue E. Badberg
             Title:    Assistant Secretary

                                      FIRST TRUST NATIONAL ASSOCIATION,
                                      as Trustee

                                      By:  /s/  David H. Bluhm
                                      Name:  David H. Bluhm
                                      Title: Vice President
             [SEAL]

             Attest:

               /s/  Frank P. Leslie
             Name:  Frank P. Leslie
             Title: Assistant Secretary

<PAGE>

                                                                       Exhibit A

                             [Form of Series A Debenture]

             No.                                     $

                                  ConAgra, Inc.

                          ____% Series A Debentures due 2043

                       ConAgra, Inc., a Delaware corporation (the
             "Issuer"), for value received, hereby promises to pay to

             or registered assigns, at the office or agency of the Issuer
             in The City of New York, the principal sum of
                                                                         Dollars

             on 2043,  in such coin or currency of the United  States of America
             as at the time of payment  shall be legal tender for the payment of
             public and private  debts,  and to pay interest,  at a rate of ___%
             per annum accruing from

                 , 1994 or from  the  most  recent  Interest  Payment  Date  (as
             defined  below) to which  interest has been paid or provided for on
             the Series A Debentures.  To the extent  allowed by law, the Issuer
             will also pay interest on overdue  installments  of  principal  and
             interest at such rate. The amount of interest  payable for any full
             monthly  interest  period  shall be computed on the basis of twelve
             30-day months and a 360-day year and, for any period shorter than a
             full monthly interest period, shall be computed on the basis of the
             actual number of days elapsed in such period.  Such interest  shall
             be payable monthly on the last day (an "Interest  Payment Date") of
             each  calendar  month,  commencing on May 31, 1994 to the holder or
             holders of this  Debenture  on the  relevant  record date (each,  a
             "Record  Date"),  which  shall  be one  Business  Day  prior to the
             relevant  Interest  Payment Date. If Interest Payment Date is not a
             Business  Day,  then payment of the  interest  payable on such date
             will be made on the next  succeeding  day which is a  Business  Day
             (and without any  interest or other  payment in respect of any such
             delay) except that, if such Business Day is in the next  succeeding
             calendar  year,  such  payment  shall  be made  on the  immediately
             preceding  Business  Day (and  the  Record  Date for such  Interest
             Payment  Date shall be one  Business Day prior to the date on which
             payment is to be made), in each case with the same force and effect
             as if made on such date.  If at any time  following the issuance of
             the Series A Preferred Securities and prior to a Preferred Security
             Exchange,  Capital  shall be required to pay,  with  respect to its
             income  derived  from  the  interest   payments  on  the  Series  A
             Debentures  relating  to the  Series A  Preferred  Securities,  any
             amounts,  for or on account of any taxes,  duties,  assessments  or
             governmental  charges  of  whatever  nature  imposed  by the United
             States or any other taxing  authority,  then, in any such case, the
             Issuer will pay as interest such  additional  amounts  ("Additional
             Interest")  as may be  necessary  in  order  that  the net  amounts
             received and  retained by Capital  after the payment of such taxes,
             duties,   assessments  or  governmental  charges  shall  result  in
             Capital's  having such funds as it would have had in the absence of
             the  payment of such taxes,  duties,  assessments  or  governmental
             charges.  Notwithstanding  the forgoing,  the Issuer shall have the
             right  at any  time  or  times  during  the  term of the  Series  A
             Debentures,  so long as the Issuer is not in default in the payment
             of interest  under any of the  Securities,  to extend the  interest
             payment  period  for  the  Series  A  Debentures  up to 18  months;
             provided  that at the end of such  period the Issuer  shall pay all
             interest then accrued and unpaid (together with interest thereon at
             the rate  specified  for the  Series  A  Debentures  to the  extent
             permitted by applicable  law);  provided  further that,  during any
             such extended interest period,  neither the Issuer nor any majority
             owned  subsidiary  of the Issuer shall pay or declare any dividends
             on, or redeem, purchase, acquire or make a liquidation payment with
             respect to, any of its capital stock (other than payments to redeem
             common share purchase rights under the Issuer's  shareholder rights
             plan dated July 10, 1986,  as amended,  or to declare a dividend of
             similar share purchase rights in the future);  and provided further
             that any such  extended  interest  period may only be selected with
             respect to the Series A Debentures if an extended  interest  period
             of identical length is simultaneously  selected for all Securities.
             Prior to the  termination  of any such  extended  interest  payment
             period for the Series A Debentures,  the Issuer may further  extend
             the interest  payment period for the Series A Debentures;  provided
             that  such  extended  interest  payment  period  for the  Series  A
             Debentures together with all such further extensions  thereof,  may
             not exceed 18 months;  and  provided  further that any such further
             extended  interest  period may only be selected with respect to the
             Series A  Debentures  if a  further  extended  interest  period  of
             identical  length is  simultaneously  selected for all  Securities.
             Following the termination of any extended  interest payment period,
             if the Issuer has paid all accrued and unpaid interest  required by
             the  Debentures  for such  period,  then the Issuer  shall have the
             right to again extend the interest  payment  period up to 18 months
             as herein described.  Prior to any Preferred Security Exchange, the
             Issuer shall give Capital  notice of its  selection of any extended
             interest  payment  period one  Business Day prior to the earlier of
             (i) the date  Capital  declares  the  related  distribution  to the
             holders  of the  Series  A  Preferred  Securities  or (ii) the date
             Capital is required to give notice of the record or payment date of
             such related  distribution to the holders of the Series A Preferred
             Securities  to the New York  Stock  Exchange  or  other  applicable
             self-regulatory   organization  or  to  holders  of  the  Series  A
             Preferred  Securities,  but in any event not less than two Business
             Days prior to such record date;  the Issuer shall cause  Capital to
             give such notice of the Issuer's selection of any extended interest
             payment   period  to  all   holders  of  such  Series  A  Preferred
             Securities. After any Preferred Security Exchange, the Issuer shall
             give the Holders of the Series A Debentures notice of its selection
             of any extended  interest  payment prior to the date it is required
             to give  notice of the  record  or  payment  date of such  interest
             payment  to  the  New  York  Stock  Exchange  or  other  applicable
             self-regulatory  organization,  but in any  event not less than two
             Business Days prior to such Record Date.

                       Reference  is  made  to  the  further  provisions of this
             Debenture  set  forth  below. Such further provisions shall for all
             purposes  have  the  same  effect as though fully set forth at this
             place.

                       This  Debenture  shall not be valid or become  obligatory
             for any purpose  until the  certificate  of  authentication  hereon
             shall have been signed by the Trustee under the Indenture  referred
             to below.

                       This  Debenture  is  one of a duly  authorized  issue  of
             debentures,  notes, bonds or other evidences of indebtedness of the
             Issuer   (hereinafter   called  the  "Securities")  of  the  series
             hereinafter  specified,  all  issued  or to  be  issued  under  and
             pursuant  to  an  indenture  dated  as  of  March  10,  1994  and a
             Supplemental  Indenture  dated  as of , 1994  (herein  collectively
             called the "Indenture"),  duly executed and delivered by the Issuer
             and First Trust National Association, as Trustee (herein called the
             "Trustee"),  to which  Indenture  and all  indentures  supplemental
             thereto  reference is hereby made for a description  of the rights,
             limitations   of  rights,   obligations,   duties  and   immunities
             thereunder  of the  Trustee,  the  Issuer  and the  holders  of the
             Securities.  The  Securities  may be issued in one or more  series,
             which different series may be issued in various aggregate principal
             amounts,  may mature at different times, may bear interest (if any)
             at  different  rates,  may  be  subject  to  different   redemption
             provisions (if any), may be subject to different sinking,  purchase
             or  analogous  funds  (if  any)  and may  otherwise  vary as in the
             Indenture provided. This Debenture is one of a series designated as
             the "___% Series A Debentures due 2043" (the "Series A Debentures")
             of  the  Issuer,   limited  in   aggregate   principal   amount  to
             $___________  (or up to $ aggregate  principal amount if and to the
             extent  the  underwriters'  over-allotment  option  granted  by the
             Issuer in the Underwriting Agreement is exercised).

                       In case an Event of Default  with respect to the Series A
             Debentures, as defined in the Indenture, shall have occurred and be
             continuing,  the  principal  hereof may be declared,  and upon such
             declaration shall become, due and payable,  in the manner, with the
             effect and subject to the conditions provided in the Indenture.

                       The Indenture contains  provisions  permitting the Issuer
             and the  Trustee,  with the consent of the Holders of not less than
             66-2/3% in aggregate principal amount of the Securities at the time
             Outstanding  (as  defined  in the  Indenture)  of all  series to be
             affected  (voting  as one  class),  evidenced  as in the  Indenture
             provided, to execute supplemental  indentures adding any provisions
             to or changing in any manner or  eliminating  any of the provisions
             of the Indenture or of any  supplemental  indenture or modifying in
             any manner the rights of the Holders of the Securities of each such
             series;  provided,  however,  that no such  supplemental  indenture
             shall (i) extend the final maturity of any Security,  or reduce the
             principal amount thereof or any premium thereon, or reduce the rate
             or extend the time of payment of any interest thereon, or impair or
             affect the rights of any Holder to  institute  suit for the payment
             thereof,  without  the  consent of the Holder of each  Security  so
             affected,  or (ii) reduce the aforesaid  percentage of  Securities,
             the  Holders  of  which  are   required  to  consent  to  any  such
             supplemental  indenture,  without the consent of the Holder of each
             Security affected.  It is also provided in the Indenture that, with
             respect to certain  defaults  or Events of  Default  regarding  the
             Securities of any series, prior to any declaration accelerating the
             maturity of such Securities, the Holders of a majority in aggregate
             principal amount  Outstanding of the Securities of such series (or,
             in the case of  certain  defaults  or  Events  of  Default,  all or
             certain series of the  Securities)  may on behalf of the Holders of
             all the  Securities of such series (or all or certain series of the
             Securities,  as the case may be)  waive any such  past  default  or
             Event of Default and its consequences. The preceding sentence shall
             not, however,  apply to a continuing  default in the payment of the
             principal  of or  premium,  if  any,  or  interest  on  any  of the
             Securities.  Any such  consent  or  waiver  by the  Holder  of this
             Debenture  (unless  revoked as provided in the Indenture)  shall be
             conclusive and binding upon such Holder and upon all future Holders
             and owners of this Debenture and any Debenture  which may be issued
             in exchange or substitution herefor, irrespective of whether or not
             any  notation  thereof  is made upon this  Debenture  or such other
             Debentures.

                       No reference  herein to the Indenture and no provision of
             this  Debenture  or of the  Indenture  shall  alter or  impair  the
             obligation of the Issuer,  which is absolute and unconditional,  to
             pay the principal of and any premium and interest on this Debenture
             in the manner, at the respective times, at the rate and in the coin
             or currency herein prescribed.

                       The Series A Debentures  are issuable in registered  form
             without coupons in denominations  of $25 and any integral  multiple
             of $25 at the  office  or agency of the  Issuer in the  Borough  of
             Manhattan,  The City of New York,  and in the manner and subject to
             the limitations provided in the Indenture,  but without the payment
             of any service charge,  notes may be exchanged for a like aggregate
             principal  amount  of  Series  A  Debentures  of  other  authorized
             denominations.

                       Upon  not  less  than 30 nor  more  than 60  days'  prior
             notice,  the  Issuer  shall  have the right to prepay  the Series A
             Debentures relating to the Series A Preferred  Securities (together
             with  any  accrued  but  unpaid  interest,   including   Additional
             Interest, if any, on the portion being prepaid), without premium or
             penalty,

                       (i)  in whole or in part, as the case may be, at any time
                  on or after            , 1999; and

                       (ii) in whole at any time if the Issuer and Capital  have
                  been  advised  by  independent   nationally  recognized  legal
                  counsel that, as a result of any change after , 1994 in United
                  States law (including  the enactment or imminent  enactment of
                  any legislation,  the publication of any judicial decisions or
                  regulatory  rulings or a change in the official position or in
                  the  interpretation of law or regulations),  there exists more
                  than an  insubstantial  risk that the Issuer will be precluded
                  from  deducting  the interest on the Series A  Debentures  for
                  federal  income tax  purposes  even if the Series A  Preferred
                  Securities are exchanged for the Series A Debentures  pursuant
                  to a Preferred Security  Exchange,  all as further provided in
                  the Indenture.

                       The  Series A  Debentures  are,  to the extent and in the
             manner provided in the Indenture,  expressly subordinate and junior
             in right of payment of all Senior  Indebtedness  as provided in the
             Indenture,  and each holder of this  Debenture,  by his  acceptance
             hereof,  agrees  to and  shall be bound by such  provisions  of the
             Indenture and  authorizes  and directs the Trustee in his behalf to
             take such action as  appropriate to effectuate  such  subordination
             and appoints the Trustee his  attorney-in-fact for any and all such
             purposes.  The Indenture defines Senior Indebtedness as obligations
             (other than  non-recourse  obligations  and the  Securities) of, or
             guaranteed or assumed by, the Issuer for borrowed money  (including
             both senior and subordinated indebtedness for borrowed money (other
             than the Securities)) or evidenced by bonds,  debentures,  notes or
             other similar instruments,  and amendments,  renewals,  extensions,
             modifications   and   refundings  of  any  such   indebtedness   or
             obligation,  whether existing as of the date hereof or subsequently
             incurred by the Issuer.

                       Upon due presentment for registration of transfer of this
             Debenture  at the office or agency of the Issuer in the  Borough of
             Manhattan,  The City of New York, a new  Debenture or Debentures of
             authorized  denominations  for an equal aggregate  principal amount
             will be issued to the transferee in exchange  therefor,  subject to
             the  limitations  provided in the Indenture,  without charge except
             for any tax or other  governmental  charge  imposed  in  connection
             therewith.

                       The Issuer,  the Trustee and any authorized  agent of the
             Issuer or the  Trustee  may deem and treat  the  registered  Holder
             hereof as the absolute owner of this Debenture (whether or not this
             Note shall be overdue and notwithstanding any notation of ownership
             or other writing hereon),  for the purpose of receiving payment of,
             or on account of, the  principal  hereof and  premium,  if any, and
             subject to the provisions on the face hereof,  interest hereon, and
             for all other purposes,  and neither the Issuer nor the Trustee nor
             any authorized agent of the Issuer or the Trustee shall be affected
             by any notice to the contrary.

                       No  recourse  under or upon any  obligation,  covenant or
             agreement  of  the  Issuer  in  the   Indenture  or  any  indenture
             supplemental  thereto  or in  any  Debenture,  or  because  of  the
             creation  of any  indebtedness  represented  thereby,  shall be had
             against any  incorporator,  stockholder,  officer or  director,  as
             such,  of  the  Issuer  or of  any  successor  corporation,  either
             directly or through the Issuer or any successor corporation,  under
             any rule of law,  statute  or  constitutional  provision  or by the
             enforcement  of  any  assessment  or  by  any  legal  or  equitable
             proceeding or otherwise,  all such liability being expressly waived
             and  released  by  the  acceptance   hereof  and  as  part  of  the
             consideration for the issue hereof.

                       Terms used  herein  which are  defined  in the  Indenture
             shall  have  the  respective   meanings  assigned  thereto  in  the
             Indenture.

                       IN  WITNESS  WHEREOF,   ConAgra,  Inc.  has  caused  this
             instrument  to be  signed  by  facsimile  by  its  duly  authorized
             officers  and has caused a facsimile  of its  corporate  seal to be
             affixed hereunto or imprinted hereon.

                  Dated:

                                      ConAgra, Inc.

                                      By______________________________

                  [FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION]

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

                                           First Trust National
                                           Association, as Trustee

                                           By__________________________
                                                Authorized Officer

<PAGE>

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

                                    CONAGRA, INC.

                                       AND

                           FIRST TRUST NATIONAL ASSOCIATION
                                     Trustee

                          Second Supplemental Indenture

                              Dated as of April 20, 1994

                              Providing for Issuance of
                           9% Series AA Debentures due 2043
                          in connection with the issuance by
                             ConAgra Capital, L.C. of its
                                   Common Interests

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

<PAGE>

                       SECOND   SUPPLEMENTAL    INDENTURE   (the   "Supplemental
             Indenture"),  dated as of April 20, 1994, between CONAGRA,  INC., a
             Delaware  corporation  (the  "Issuer"),  and FIRST  TRUST  NATIONAL
             ASSOCIATION, a national banking corporation (the "Trustee").

                                W I T N E S S E T H :

                       WHEREAS,  in accordance with Sections 2.1, 2.3 and 8.1 of
             the Subordinated  Indenture dated as of March 10, 1994, between the
             Issuer  and  the  Trustee  (the  "Indenture"),   this  Supplemental
             Indenture is being  entered into in order to establish the form and
             terms of a series of Securities to be issued in connection with the
             issuance  by  ConAgra  Capital,  L.C.,  an Iowa  limited  liability
             company   ("Capital"),   of  its  Common   Interests  (the  "Common
             Interests");

                       WHEREAS, the Issuer has duly authorized the execution and
             delivery of this  Supplemental  Indenture  to provide,  among other
             things, for the authentication, delivery and administration of such
             series of Securities;

                      WHEREAS,  all things  necessary to make this  Supplemental
             Indenture a valid  supplement  to Indenture  according to its terms
             and the terms of the Indenture have been done;

                       NOW, THEREFORE:

                       In  consideration  of the premises  and the  purchases of
             such series of  Securities by the holders  thereof,  the Issuer and
             the  Trustee  mutually   covenant  and  agree  for  the  equal  and
             proportionate  benefit of the respective  holders from time to time
             of such series of Securities as follows:

                                   ARTICLE ONE

                                   DEFINITIONS

                       SECTION 1.1 Certain Terms Defined in the  Indenture.  All
             capitalized  terms used herein  without  definition  shall have the
             meanings specified in the Indenture.

                       SECTION 1.2  Additional  Terms  Defined.  As used in this
             Supplemental Indenture,  the additional terms set forth below shall
             have the following meanings:

                       "Additional Interest" shall have the meaning set forth in
             Section 2.8 hereof.

                       "Common Interests" shall mean Common Membership Interests
             as defined in the Operating Agreement.

                       "DTC" shall mean The Depository  Trust Company as initial
             depositary  of the Series AA Debentures  upon a Preferred  Security
             Exchange.

                       "Event  of  Default"  shall  (a)  prior  to  a  Preferred
             Security  Exchange,  have the  meaning  set forth in  Section  2.12
             hereof and (b) on and after a Preferred Security Exchange, have the
             meaning set forth in Section 5.1 of the Indenture.

                       "Expense  Agreement"  means the  Agreement as to Expenses
             and  Liabilities  dated as of April 20, 1994 between the Issuer and
             Capital.

                       "Guarantee"  means the  Payment and  Guarantee  Agreement
             dated as of April 20, 1994,  executed  and  delivered by the Issuer
             for the  benefit  of the  holders  from time to time of the  Common
             Interests and other Preferred Interests of Capital.

                       "Managing  Members"  means  HW Nebraska, Inc., a Nebraska
             corporation,  and  CP  Nebraska,  Inc.,  a Nebraska corporation, as
             managing members of Capital.

                       "Operating Agreement" means the Limited Liability Company
             Operating  Agreement  dated as of March  11,  1994 by and among the
             Managing Members.

                       "Preferred  Interests" means Series Preferred  Membership
             Interests as defined in the Operating Agreement.

                       "Preferred  Security  Exchange"  means an  exchange of 9%
             Series A Debentures for 9% Series A Preferred  Securities  pursuant
             to Section 7 of the Written Action.

                       "Series  A  Debentures"   shall  mean  the  9%  Series  A
             Debentures  as defined in the First  Supplemental  Indenture  dated
             April 20, 1994.

                       "9% Series A Preferred Securities" shall mean 9% Series A
             Preferred Securities as defined in the Written Action.

                       "Underwriting Agreement" means the underwriting agreement
             dated as of April 20,  1994,  among the  Issuer,  Capital and Smith
             Barney  Shearson  Inc. and Merrill  Lynch,  Pierce,  Fenner & Smith
             Incorporated as representatives  of the several  underwriters named
             therein.

                       "Written Action" means the Written Action of the Managing
             Members  Pursuant to Section 3.02 of the Operating  Agreement dated
             April 20, 1994, establishing the terms of the Preferred Interests.

                                   ARTICLE TWO

                       ISSUANCE OF 9% SERIES AA DEBENTURES

                       SECTION 2.1  Issuance of 9% Series AA  Debentures.  There
             shall be a series of Securities designated "9% Series AA Debentures
             due  2043"  (the  "Series  AA  Debentures")   and  such  Series  AA
             Debentures  shall have the terms set forth in this  Article  Two in
             accordance   with  the   provisions   of  the  Indenture  and  this
             Supplemental Indenture.

                       SECTION 2.2 Limitation on Aggregate Principal Amount. The
             aggregate principal amount of the Series AA Debentures which may be
             authenticated  and delivered shall be limited to $26,600,000 (or up
             to $30,590,000  aggregate principal amount if and to the extent the
             underwriters'  over-allotment  option  granted by the Issuer in the
             Underwriting Agreement is exercised).

                       SECTION 2.3 Maturity of the Series AA Debentures. Subject
             to the  provisions  of Sections 2.4 and 2.5,  the entire  principal
             amount of the Series AA  Debentures  shall  become due and payable,
             together with any accrued and unpaid  interest  thereon,  including
             Additional  Interest,  if any,  on the  earlier of (a) May 31, 2043
             (subject to the Issuer's right to exchange the Series AA Debentures
             for new  debentures  pursuant to Section 2.6) and (b) the date upon
             which Capital shall be dissolved, wound-up or liquidated;  provided
             that the parenthetical to clause (a) and the entirety of clause (b)
             shall  be  inapplicable  on and  after  the  date of any  Preferred
             Security Exchange.

                       SECTION 2.4 Mandatory  Prepayment of Series AA Debentures
             upon redemption of Common Interests. Notwithstanding the provisions
             of Section  2.3, if Capital  redeems  the  Preferred  Interests  in
             accordance with the terms thereof,  the Series AA Debentures  shall
             become due and payable in a principal  amount together with any and
             all accrued interest thereon,  including  Additional  Interest,  if
             any.  Any payment  pursuant to this Section 2.4 shall be made prior
             to 12:00 noon, New York time, on the date fixed for such redemption
             or at such  other  time on such  earlier  date as  Capital  and the
             Issuer shall agree.

                       SECTION 2.5  Optional  Prepayment.  Upon not less than 30
             nor more than 60 days'  prior  notice,  the  Issuer  shall have the
             right to prepay the Series AA Debentures (together with any accrued
             but unpaid interest,  including Additional Interest, if any, on the
             portion being prepaid), without premium or penalty,

                       (i)  in whole or in part, as the case may be, at any time
                  on or after May 31, 1999; and

                       (ii) in whole at any time if the Issuer and Capital  have
                  been  advised  by  independent   nationally  recognized  legal
                  counsel  that,  as a result of any change after April 20, 1994
                  in United  States law  (including  the  enactment  or imminent
                  enactment of any legislation,  the publication of any judicial
                  decisions  or  regulatory  rulings or a change in the official
                  position  or in the  interpretation  of  law or  regulations),
                  there exists more than an  insubstantial  risk that the Issuer
                  will be precluded from deducting the interest on the Series AA
                  Debentures for federal income tax purposes.

                       SECTION  2.6  Exchange  of Series AA  Debentures  for New
             Debentures. Notwithstanding the provisions of Section 2.3, prior to
             a Preferred  Security  Exchange,  in lieu of repaying the Series AA
             Debentures  when due, the Issuer may elect to exchange  such Series
             AA Debentures for new debentures with an equal aggregate  principal
             amount  issued  under  the  Indenture   with  terms   substantially
             identical to the Series AA Debentures; provided that the Issuer may
             not so elect to exchange  any Series AA  Debentures,  unless at the
             time of such exchange  Capital owns all of the Series AA Debentures
             and, as  determined  in the  judgment of the  Managing  Members and
             Capital's  financial  advisor (selected by the Managing Members and
             who shall be unaffiliated with the Issuer and shall be among the 30
             largest investment banking firms, measured by total capital, in the
             United States at the time of such exchange),  (a) the Issuer is not
             bankrupt,  insolvent or in liquidation,  (b) no Event of Default or
             event that with the  giving of notice or the  passage of time would
             constitute  an Event of Default  on any  Securities  pertaining  to
             Preferred  Interests of any series, has occurred and is continuing,
             (c) the Issuer has made timely  payments on the Series A Debentures
             for the  immediately  preceding  18 months,  (d)  Capital is not in
             arrears on payments of  distributions  on the 9% Series A Preferred
             Securities,  (e) there is then no  present  reason to  believe  the
             Issuer  will be unable to make  timely  payment  of  principal  and
             interest on such new debentures,  (f) such new debentures are being
             issued on terms, and under circumstances,  that are consistent with
             those which a lender  would then require for a loan to an unrelated
             party,  (g)  such  new  debentures  are  being  issued  at  a  rate
             sufficient to provide  payments equal to or greater than the amount
             of  distributions  required  under the Common  Interests,  (h) such
             debentures  are being  issued  for a term that is  consistent  with
             market  circumstances  and the Issuer's  financial  condition,  (i)
             immediately  prior to  issuing  such  new  debentures,  the  senior
             unsecured  long-term  debt of the  Issuer is (or if no such debt is
             outstanding,  would be) rated not less than BBB (or the equivalent)
             by Standard & Poor's  Corporation  and Baa1 (or the  equivalent) by
             Moody's  Investors  Service,  Inc.  (or if  either  of such  rating
             organizations  is not then  rating the  Issuer's  senior  unsecured
             long-term  debt,  the  equivalent  of  such  rating  by  any  other
             "nationally  recognized  statistical rating  organization," as that
             term is defined by the  Commission  for purposes of Rule  436(g)(2)
             under the Securities Act of 1933, as amended) and any  subordinated
             unsecured long-term debt of the Issuer or, if there is no such debt
             then outstanding,  the Preferred Interests, are rated not less than
             BBB- (or the  equivalent) by Standard & Poor's  Corporation or Baa3
             (or the  equivalent)  by Moody's  Investors  Service,  Inc.  or the
             equivalent   of  either  such  rating  by  any  other   "nationally
             recognized  statistical  rating  organization"  and  (j)  such  new
             debentures  will  have a  final  maturity  no  later  than  the one
             hundredth anniversary of the issuance of the Preferred Interests of
             the first series issued.

                       SECTION 2.7  Denomination  and  Interest on the Series AA
             Debentures.  (a) The  Series AA  Debentures  shall be  issuable  as
             Registered  Securities  in  denominations  of $25 and any  multiple
             thereof.

                       (b) The Series AA  Debentures  shall bear  interest  at a
             rate of 9% per annum  accruing from April 27, 1994 or from the most
             recent  Interest  Payment Date (as defined below) to which interest
             has been paid or provided for on the Series AA  Debentures.  To the
             extent allowed by law, the Issuer will also pay interest on overdue
             installments  of principal and interest at such rate. The amount of
             interest  payable for any full  monthly  interest  period  shall be
             computed on the basis of twelve  30-day  months and a 360-day  year
             and, for any period  shorter than a full monthly  interest  period,
             shall be computed on the basis of the actual number of days elapsed
             in such period.  Such interest shall be payable monthly on the last
             day of each calendar month (an "Interest  Payment Date") commencing
             on May 31, 1994 to the holder or holders of the Series AA Debenture
             on the relevant record date (each, a "Record Date"), which shall be
             one Business Day prior to the relevant  Interest  Payment  Date. If
             Interest  Payment Date is not a Business  Day,  then payment of the
             interest  payable on such date will be made on the next  succeeding
             day which is a Business  Day (and  without  any  interest  or other
             payment in respect of any such delay) except that, if such Business
             Day is in the next succeeding  calendar year, such payment shall be
             made on the immediately preceding Business Day (and the Record Date
             for such  Interest  Payment Date shall be one Business Day prior to
             the date on which  payment  is to be  made),  in each case with the
             same force and effect as if made on such date.

                       SECTION 2.8 Additional Interest. If at any time following
             the issuance of the Common Interests,  Capital shall be required to
             pay, with respect to its income derived from the interest  payments
             on the Series AA Debentures,  any amounts, for or on account of any
             taxes,  duties,  assessments  or  governmental  charges of whatever
             nature imposed by the United States or any other taxing  authority,
             then,  in any such  case,  the  Issuer  will pay as  interest  such
             additional amounts  ("Additional  Interest") as may be necessary in
             order that the net amounts  received and retained by Capital  after
             the  payment of such taxes,  duties,  assessments  or  governmental
             charges  shall  result in  Capital's  having such funds as it would
             have had in the  absence  of the  payment  of such  taxes,  duties,
             assessments or governmental charges.

                       SECTION 2.9 Extension of Interest Period. Notwithstanding
             the  provisions  of Section 2.7 hereof,  the Issuer  shall have the
             right  at any  time or  times  during  the  term of the  Series  AA
             Debentures,  so long as the Issuer is not in default in the payment
             of interest  under any of the  Securities,  to extend the  interest
             payment  period  for the  Series  AA  Debentures  up to 18  months;
             provided  that at the end of such  period the Issuer  shall pay all
             interest then accrued and unpaid (together with interest thereon at
             the rate  specified  for the  Series AA  Debentures  to the  extent
             permitted by applicable  law);  provided  further that,  during any
             such extended interest period,  neither the Issuer nor any majority
             owned  subsidiary  of the Issuer shall pay or declare any dividends
             on, or redeem, purchase, acquire or make a liquidation payment with
             respect to, any of its capital stock (other than payments to redeem
             common share purchase rights under the Issuer's  shareholder rights
             plan dated July 10, 1986,  as amended,  or to declare a dividend of
             similar share purchase rights in the future);  and provided further
             that any such  extended  interest  period may only be selected with
             respect to the Series AA Debentures if an extended  interest period
             of identical length is simultaneously  selected for all Securities.
             Prior to the  termination  of any such  extended  interest  payment
             period for the Series AA Debentures,  the Issuer may further extend
             the interest payment period for the Series AA Debentures;  provided
             that  such  extended  interest  payment  period  for the  Series AA
             Debentures together with all such further extensions  thereof,  may
             not exceed 18 months;  and  provided  further that any such further
             extended  interest  period may only be selected with respect to the
             Series AA  Debentures  if a  further  extended  interest  period of
             identical  length is  simultaneously  selected for all  Securities.
             Following the termination of any extended  interest payment period,
             if the Issuer has paid all accrued and unpaid interest  required by
             the Series AA  Debentures  for such  period,  then the Issuer shall
             have the right to again extend the interest payment period up to 18
             months as herein described. The Issuer shall give Capital notice of
             its selection of any extended  interest payment period one Business
             Day  prior to the  earlier  of (i) the date  Capital  declares  the
             related distribution, if any, to holders of the Common Interests or
             (ii) the date  Capital is  required to give notice of the record or
             payment  date of such  related  distribution  to the New York Stock
             Exchange or other  applicable  self-regulatory  organization  or to
             holders of the Common Interests, but in any event not less than two
             Business Days prior to such record date.

                       SECTION  2.10  Set-off.  Notwithstanding  anything to the
             contrary  herein,  prior to any  Preferred  Security  Exchange  the
             Issuer  shall have the right to set off any payment it is otherwise
             required  to make  hereunder  with and to the extent the Issuer has
             theretofore  made, or is  concurrently  on the date of such payment
             making,  a payment  under the Guarantee  provided  Issuer shall not
             affect any set off with respect to the Series AA  Debentures  until
             all payments required under the Series A Debentures have been made.

                       SECTION  2.11  Certain  Covenants.  (a)  So  long  as the
             Preferred Interests remain outstanding,  neither the Issuer nor any
             majority-owned  subsidiary  of the Issuer shall  declare or pay any
             dividend  on, or redeem,  purchase,  acquire or make a  liquidation
             payment with respect to, any of the Issuer's  capital stock or make
             any guarantee  payments  with respect to the foregoing  (other than
             payments  under the  Guarantee,  payments  to redeem  common  share
             purchase  rights under the Issuer's  shareholder  rights plan dated
             July 10,  1986,  as amended,  or the  declaration  of a dividend of
             similar  share  purchase  rights in the future) if at such time the
             Issuer is in default with respect to its payment  obligations under
             the Guarantee or the Expense Agreement or there shall have occurred
             an Event of Default or any event that, with the giving of notice or
             the lapse of time or both,  would  constitute  an Event of  Default
             under the Securities.

                       (b)  So   long   as  the   Preferred   Interests   remain
             outstanding,  the  Issuer  shall (i) not cause or permit any Common
             Interests  to be  transferred,  (ii)  maintain  direct or  indirect
             ownership of all  outstanding  securities in Capital other than the
             Preferred   Interests  of  any  series  and  any  other  securities
             permitted to be issued by Capital  that would not cause  Capital to
             become an "investment  company" under the Investment Company Act of
             1940,  as  amended,  (iii) cause at least 21% of the total value of
             Capital and at least 21% of all  interests in the capital,  income,
             gain,  loss,  deduction and credit of Capital to be  represented by
             Common  Interests,   (iv)  not  voluntarily  dissolve,   windup  or
             liquidate Capital or either of the Managing  Members,  (v) cause HW
             Nebraska, Inc. and CP Nebraska, Inc. to remain the Managing Members
             of Capital  and timely  perform all of their  respective  duties as
             Managing  Members of Capital,  and (vi) use  reasonable  efforts to
             cause Capital to remain a limited  liability  company and otherwise
             continue to be treated as a partnership for U.S. federal income tax
             purposes;  provided that the Issuer may permit Capital,  solely for
             the purpose of changing its  domicile or avoiding tax  consequences
             adverse to the Issuer,  Capital or holders of Preferred  Interests,
             to consolidate or merge with or into a limited liability company or
             a  limited  partnership  formed  under the laws of any state of the
             United States of America;  provided that (1) such successor limited
             liability company or limited  partnership (x) expressly assumes all
             of the obligations of Capital under the Common  Interests and other
             series of Preferred  Interests then  outstanding or (y) substitutes
             for the Common Interests and any series of Preferred Interests then
             outstanding other securities having substantially the same terms as
             the  Common  Interests  and  any  such  Preferred   Interests  (the
             "Successor  Securities") so long as the Successor  Securities rank,
             with  respect to  participation  in the  profits and assets of such
             successor  entity,  at least as senior as the Common  Interests and
             any such Preferred  Interests rank,  respectively,  with respect to
             participation in the profits and assets of Capital,  (2) the Issuer
             expressly  acknowledges  such successor as the holder of all of the
             Series AA Debentures  and other series of  debentures  issued under
             the Indenture then  outstanding,  (3) such merger or  consolidation
             does not cause any series of Preferred  Interests then  outstanding
             to be  delisted  by  any  national  securities  exchange  or  other
             organization  on which such series is then listed,  (4) the holders
             of Common Interests and any such Preferred  Interests do not suffer
             any  adverse  tax  consequences  as a  result  of  such  merger  or
             consolidation,  (5) such merger or consolidation does not cause any
             Preferred Interests to be downgraded by any "nationally  recognized
             statistical  rating  organization,"  as that term is defined by the
             Securities  and Exchange  Commission for purposes of Rule 436(g)(2)
             under the  Securities  Act of 1933,  as amended,  and (6) following
             such merger or consolidation, neither the Issuer nor such successor
             limited  liability  company  or  limited  partnership  will  be  an
             "investment  company" for purposes of the Investment Company Act of
             1940, as amended.

                            (c)  So  long  as  the   Common   Interests   remain
             outstanding,  the Issuer shall not  consolidate  with or merge into
             any  other   Person  or  sell  its   property  and  assets  as,  or
             substantially  as, an  entirety  to any Person and shall not permit
             any Person to merge into or consolidate  with the Issuer unless (i)
             in case the Issuer  shall  consolidate  with or merge into  another
             Person or sell its properties and assets as, or  substantially  as,
             an entirety to any Person,  the Person formed by such consolidation
             or into which the Issuer is merged or the  Person  which  purchases
             the properties and assets of the Issuer as, or substantially, as an
             entirety  shall be a corporation,  partnership  or trust,  shall be
             organized and validly  existing under the laws of the United States
             of  America,  any  State or the  District  of  Columbia,  and shall
             expressly assume the Issuer's obligations under the Indenture, this
             Supplemental  Indenture  and the  Series  AA  Debentures  and  (ii)
             immediately  after  giving  effect to the  transaction  no Event of
             Default shall have occurred and be continuing.

                            (d) So long as the  Series  A  Preferred  Securities
             remain  outstanding,  the  provisions  of Sections  2.11(b) and 9c)
             shall remain in full force and effect notwithstanding  satisfaction
             and discharge of the Indenture pursuant to Section 10.1 thereof.

                       SECTION  2.12 Events of Default;  Remedies.  Prior to any
             Preferred  Security  Exchange,  "Event of Default" means any one of
             the following events:

                       (a)  failure  to pay  when  due any  interest  under  any
             Securities,  including any  Additional  Interest,  and such failure
             shall  continue for a period of 30 days  (whether or not payment is
             prohibited by the provisions  contained in Article  Thirteen of the
             Indenture or  otherwise);  provided  that a valid  extension of the
             interest  payment  period  by the  Issuer  shall not  constitute  a
             default in the payment of interest for this purpose;

                       (b)  failure  to pay when  due any  principal  under  any
             Securities  (whether or not payment is prohibited by the provisions
             contained in Article Thirteen of the Indenture or otherwise);

                       (c)  failure on the part of the Issuer duly to observe or
             perform any other  covenant or  agreement on the part of the Issuer
             in respect of the Securities  (other than a covenant or warranty in
             respect of the Series AA Debentures a default in the performance or
             breach of which is  elsewhere in this  Section  specifically  dealt
             with) or contained in the Indenture, this Supplemental Indenture or
             the Series AA Debentures, and continuance of such default or breach
             for a period of 90 days after there as been given, by registered or
             certified  mail, to the Issuer by the Trustee or any Holder hereof,
             a written notice specifying such failure or breach and requiring it
             to be  remedied  and  stating  that such  notice  is a  "Notice  of
             Default" hereunder;

                       (d)  the  dissolution,  or  winding  up or liquidation of
             Capital;

                       (e) a court having  jurisdiction  in the  premises  shall
             enter a decree or order for  relief in respect of the Issuer or any
             Consolidated Subsidiary in an involuntary case under any applicable
             bankruptcy,  insolvency  or other  similar law now or  hereafter in
             effect, or appointing a receiver, liquidator,  assignee, custodian,
             trustee or sequestrator (or similar  official) of the Issuer or any
             subsidiary or for any substantial  part of its property or ordering
             the winding up or  liquidation  of its affairs,  and such decree or
             order  shall  remain  unstayed  and in  effect  for a period  of 60
             consecutive days; or

                       (f)  the  Issuer  or any  Consolidated  Subsidiary  shall
             commence  a  voluntary  case  under  any   applicable   bankruptcy,
             insolvency  or other  similar law now or  hereafter  in effect,  or
             consent to the entry of an order for relief in an involuntary  case
             under any such law,  or  consent  to the  appointment  of or taking
             possession by a receiver, liquidator,  assignee, custodian, trustee
             or  sequestrator  (or  similar  official)  of  the  Issuer  or  any
             Consolidated   Subsidiary  or  for  any  substantial  part  of  its
             property,  or  make  any  general  assignment  for the  benefit  of
             creditors.

                       If an Event of  Default  shall  occur and be  continuing,
             then  Capital  will have the right (i) to declare the  principal of
             and  the  interest  on the  Series  AA  Debentures  (including  any
             Additional  Interest  and  any  interest  subject  to an  extension
             election)  and any  other  amounts  payable  under  the  Series  AA
             Debentures  to be  forthwith  due and payable,  whereupon  the same
             shall become and be forthwith due and payable, without presentment,
             demand,  protest  or other  notice  of any  kind,  all of which are
             hereby   expressly   waived,   anything  in  the  Indenture,   this
             Supplemental  Indenture or the Series AA Debentures to the contrary
             notwithstanding  and (ii) to enforce its other rights hereunder and
             thereunder.  Capital may not accelerate the principal amount of any
             Series AA Debenture  unless the principal  amount of all Securities
             is accelerated.

                       If an Event of Default  specified  in clauses (d), (e) or
             (f) above shall have occurred, the principal of and interest on the
             Series AA Debentures  shall thereupon and  concurrently  become due
             and payable without presentment, demand, protest or other notice of
             any kind, all of which are hereby expressly waived, anything in the
             Indenture,  this Supplemental Indenture or the Series AA Debentures
             to the contrary notwithstanding.

                       If an Event of  Default  specified  in clause  (a) or (b)
             above shall have occurred and be continuing  and Capital shall have
             failed to pay any  distributions  on the Common  Interests when due
             (other  than as a result of any  valid  extension  of the  interest
             payment  period by the Issuer for the Series AA  Debentures)  or to
             pay any  portion of the  redemption  price of the Common  Interests
             called for redemption,  then any Holder of Common Interests may, as
             set forth in the terms of the Common  Interests,  enforce  directly
             against the Issuer Capital's right hereunder to receive payments of
             principal and interest on the Series AA Debentures relating to such
             Common Interests but only in an amount sufficient to enable Capital
             to pay such distributions or redemption price.

                       Except as  provided  in this  Section  2.12,  Holders  of
             Common Interests shall have no rights to enforce any obligations of
             the Issuer under the Indenture,  this Supplemental Indenture or the
             Series AA Debentures.

                       On  and  after  a  Preferred   Security   Exchange,   the
             provisions  of Article  Five of the  Indenture,  including  without
             limitation the definition of an "Event of Default",  shall apply to
             the  Series AA  Debentures  and this  Section  2.12  shall be of no
             further force or effect.

                                  ARTICLE THREE

                                  MISCELLANEOUS

                       SECTION  3.1  Notices.  All  notices  hereunder  shall be
             deemed  given  by a  party  hereto  if  in  writing  and  delivered
             personally  or  by  telegram  or  facsimile   transmission   or  by
             registered  or certified  mail (return  receipt  requested)  to the
             other  party at the  following  address  for such party (or at such
             other address as shall be specified by like notice):

                       If to Capital, to:

                                 ConAgra Capital, L.C.
                                 c/o ConAgra, Inc.
                                 One ConAgra Drive
                                 Omaha, Nebraska 68102
                                 Attention: Vice President-Finance

                       If to the Issuer, to:

                                 ConAgra, Inc.
                                 One ConAgra Drive
                                 Omaha, Nebraska 68102
                                 Attention: Vice President-Finance

                       Any  notice  given  by  mail  or  telegram  or  facsimile
             transmission shall be effective when received.

                       SECTION 3.2 Assignment;  Binding Effect. The Issuer shall
             have  the  right  at all  times  to  assign  any of its  rights  or
             obligations under the Indenture,  this  Supplemental  Indenture and
             the  Series AA  Debentures  to a direct or  indirect  wholly  owned
             subsidiary  of  the  Issuer(other  than  to any  Managing  Member);
             provided  that,  in the event of any such  assignment,  the  Issuer
             shall remain jointly and severally liable for all such obligations;
             and provided  further that in the event of an assignment prior to a
             Preferred  Security  Exchange  the Issuer  shall have  received  an
             opinion of nationally  recognized tax counsel that such  assignment
             shall not  constitute  a  taxable  event of the  holders  of Common
             Interests  for federal  income tax  purposes.  Except as  otherwise
             provided in this Supplemental Indenture, Capital may not assign any
             of its rights  under the  Series AA  Debentures  without  the prior
             written  consent  of the  Issuer.  Subject  to the  foregoing,  the
             Indenture, this Supplemental Indenture and the Series AA Debentures
             shall be  binding  upon and  inure to the  benefit  of the  Issuer,
             Capital,  the Holders from time to time of the Series AA Debentures
             and their respective successors and assigns.  Except as provided in
             this Section 3.2 or elsewhere in this Supplemental Indenture,  none
             of the  Indenture,  this  Supplemental  Indenture nor the Series AA
             Debentures  may be assigned by either the Issuer or Capital and any
             assignment  by the  Issuer  or  Capital  in  contravention  of this
             Section 3.2 shall be null and void.

                       SECTION 3.3 Governing  Law. THIS  SUPPLEMENTAL  INDENTURE
             AND THE Series AA Debentures  SHALL BE GOVERNED BY AND CONSTRUED IN
             ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

                       SECTION 3.4 Counterparts. This Supplemental Indenture may
             be  executed  in  counterparts,  each of which  shall be  deemed an
             original,  but all of which taken together shall constitute one and
             the same instrument.

                       Section 3.5 Amendments.  This Supplemental  Indenture may
             be  amended  as set  forth  in  Article  Eight  of  the  Indenture.
             Notwithstanding  the  foregoing,  so long as any  Common  Interests
             shall remain outstanding, (i) no amendment to the provisions of the
             Indenture,  this Supplemental Indenture or the Series AA Debentures
             shall be made that  adversely  affects  the  holders  of any Common
             Interest  then  outstanding,   or  terminate  the  Indenture,  this
             Supplemental Indenture or the Series AA Debentures, without in each
             case the prior consent of holders of 66-2/3% of all Common Interest
             then  outstanding,  unless and until all Securities and all accrued
             and unpaid interest thereon (including Additional Interest, if any)
             shall have been paid in full and (ii) without the prior  consent of
             holders  of 100%  of all  Common  Interests  then  outstanding,  no
             amendment  shall be made to the  provisions  of this clause (ii) of
             Section 3.5 or to (a) extend the stated  maturity of the  principal
             of any Debenture,  or reduce the principal amount thereof or reduce
             the rate or extend  the time of  payment of  interest  thereon,  or
             reduce  any  amount  payable  on  redemption  thereof or change the
             currency  in which the  principal  thereof or  interest  thereon is
             payable or impair the right to institute  suit for the  enforcement
             of any  payment  on any  Debenture  when  due  or  (b)  reduce  the
             aforesaid  percentage  in  principal  amount of  Debentures  of any
             series the consent of the holders of which is required for any such
             modification.  Any required  consent of holders of Common  Interest
             pursuant  to this  Section  3.5  shall  be in  writing  or shall be
             obtained at a meeting of Common Interest holders.

                       Section 3.6 Waivers.  Capital may not waive compliance or
             waive any default in  compliance  by the Issuer of any  covenant or
             other term in the  Indenture,  this  Supplemental  Indenture or the
             Series AA Debentures without the approval of the same percentage of
             holders of Common Interests,  obtained in the same manner, as would
             be required for an amendment of the  Indenture,  this  Supplemental
             Indenture or the Series AA Debentures to the same effect;  provided
             that if no approval would be required for any such amendment,  then
             Capital may waive such compliance or default in any manner that the
             parties shall agree.

                       Section 3.7 Third Party Beneficiaries.  The Issuer hereby
             acknowledges  that  the  holders  from  time to time of the  Common
             Interests  shall  expressly  be third party  beneficiaries  of this
             Supplemental Indenture.

                       Section 3.8 Amendment to  Indenture.  Pursuant to Section
             8.1 of the  Indenture,  Section  8.2 of  the  Indenture  is  hereby
             amended for purposes of any and all Securities,  including  without
             limitation the Series AA Debentures,  issued under the Indenture by
             substituting  the phrase "of not less than  66-2/3%" for the phrase
             "of not less than a majority"  in the first  clause of such Section
             8.2.

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

                                      CONAGRA, INC.

                                      By  /s/ James P. O'Donnell
                                      Name:   James P. O'Donnell
                                      Title:  Vice President, Finance
                                                and Treasurer
             [SEAL]

             Attest:

              /s/  Sue E. Badberg
             Name:     Sue E. Badberg
             Title:    Assistant Secretary

                                      FIRST TRUST NATIONAL ASSOCIATION,
                                      as Trustee

                                      By  /s/ David G. Bluhm
                                      Name:   David H. Bluhm
                                      Title:  Vice President
             [SEAL]

             Attest:

             /s/  Frank P. Leslie
             Name:  Frank P. Leslie
             Title:  Assistant Secretary

<PAGE>

                                                                       Exhibit A

                        [Form of Face of Series AA Debenture]

             No.

                                  ConAgra, Inc.

                           9% Series AA Debentures due 2043

                       ConAgra, Inc., a Delaware corporation (the
             "Issuer"), for value received, hereby promises to pay to
                                          or registered assigns, at the
             office  or  agency  of the  Issuer  in The  City of New  York,  the
             principal  sum of Dollars on May 31, 1995, in such coin or currency
             of the United  States of America as at the time of payment shall be
             legal  tender for the payment of public and private  debts,  and to
             pay  interest,  at a rate of 9% per annum  accruing  from April 27,
             1994 or from the most  recent  Interest  Payment  Date (as  defined
             below)  to which  interest  has been  paid or  provided  for on the
             Series AA Debentures. To the extent allowed by law, the Issuer will
             also pay interest on overdue installments of principal and interest
             at such rate.  The amount of interest  payable for any full monthly
             interest  period  shall be computed  on the basis of twelve  30-day
             months and a 360-day year and,  for any period  shorter than a full
             monthly  interest  period,  shall be  computed  on the basis of the
             actual number of days elapsed in such period.  Such interest  shall
             be payable monthly on the last day (an "Interest  Payment Date") of
             each  calendar  month,  commencing on May 31, 1994 to the holder or
             holders of this  Debenture  on the  relevant  record date (each,  a
             "Record  Date"),  which  shall  be one  Business  Day  prior to the
             relevant  Interest  Payment Date. If Interest Payment Date is not a
             Business  Day,  then payment of the  interest  payable on such date
             will be made on the next  succeeding  day which is a  Business  Day
             (and without any  interest or other  payment in respect of any such
             delay) except that, if such Business Day is in the next  succeeding
             calendar  year,  such  payment  shall  be made  on the  immediately
             preceding  Business  Day (and  the  Record  Date for such  Interest
             Payment  Date shall be one  Business Day prior to the date on which
             payment is to be made), in each case with the same force and effect
             as if made on such date.  If at any time  following the issuance of
             the Common  Securities,  Capital  shall be  required  to pay,  with
             respect to its income  derived  from the  interest  payments on the
             Series AA Debentures,  any amounts, for or on account of any taxes,
             duties,  assessments  or  governmental  charges of whatever  nature
             imposed by the United States or any other taxing  authority,  then,
             in any such case,  the Issuer will pay as interest such  additional
             amounts  ("Additional  Interest") as may be necessary in order that
             the net amounts  received and retained by Capital after the payment
             of such taxes,  duties,  assessments or governmental  charges shall
             result in  Capital's  having such funds as it would have had in the
             absence  of the  payment  of such  taxes,  duties,  assessments  or
             governmental  charges.  Notwithstanding  the  forgoing,  the Issuer
             shall  have the right at any time or times  during  the term of the
             Series AA  Debentures,  so long as the  Issuer is not in default in
             the payment of interest under any of the Securities,  to extend the
             interest  payment  period  for the  Series AA  Debentures  up to 18
             months;  provided  that at the end of such period the Issuer  shall
             pay all interest  then accrued and unpaid  (together  with interest
             thereon at the rate  specified  for the Series AA Debentures to the
             extent permitted by applicable law);  provided further that, during
             any such  extended  interest  period,  neither  the  Issuer nor any
             majority  owned  subsidiary  of the Issuer shall pay or declare any
             dividends  on, or redeem,  purchase,  acquire or make a liquidation
             payment  with  respect  to, any of its  capital  stock  (other than
             payments to redeem common share purchase  rights under the Issuer's
             shareholder  rights plan dated July 10,  1986,  as  amended,  or to
             declare a dividend of similar share purchase rights in the future);
             and provided  further that any such  extended  interest  period may
             only be selected  with  respect to the Series AA  Debentures  if an
             extended  interest  period of  identical  length is  simultaneously
             selected for all  Securities.  Prior to the termination of any such
             extended interest payment period for the Series AA Debentures,  the
             Issuer may  further  extend  the  interest  payment  period for the
             Series AA Debentures;  provided that such extended interest payment
             period for the Series AA Debentures  together with all such further
             extensions thereof,  may not exceed 18 months; and provided further
             that any such further extended interest period may only be selected
             with  respect to the  Series AA  Debentures  if a further  extended
             interest period of identical length is simultaneously  selected for
             all Securities.  Following the termination of any extended interest
             payment  period,  if the  Issuer  has paid all  accrued  and unpaid
             interest  required  by the  Debentures  for such  period,  then the
             Issuer shall have the right to again  extend the  interest  payment
             period up to 18 months as herein  described.  The Issuer shall give
             Capital  notice of its selection of any extended  interest  payment
             period  one  Business  Day  prior  to the  earlier  of (i) the date
             Capital declares the related  distribution,  if any, to the holders
             of the Common  Interests  or (ii) the date  Capital is  required to
             give  notice  of  the  record  or  payment  date  of  such  related
             distribution, if any, to the holders of the Common Interests to the
             New  York  Stock  Exchange  or  other  applicable   self-regulatory
             organization  or to  holders of the  Common  Interests,  but in any
             event not less than two Business Days prior to such record date.

                       Reference  is  made  to the  further  provisions  of this
             Debenture set forth on the reverse hereof.  Such further provisions
             shall for all  purposes  have the same  effect as though  fully set
             forth at this place.

                       This  Debenture  shall not be valid or become  obligatory
             for any purpose  until the  certificate  of  authentication  hereon
             shall have been signed by the Trustee under the Indenture  referred
             to below.

                       This  Debenture  is  one of a duly  authorized  issue  of
             debentures,  notes, bonds or other evidences of indebtedness of the
             Issuer   (hereinafter   called  the  "Securities")  of  the  series
             hereinafter  specified,  all  issued  or to  be  issued  under  and
             pursuant  to an  indenture  dated as of March 10, 1994 and a Second
             Supplemental   Indenture   dated  as  of  April  20,  1994  (herein
             collectively  called the "Indenture"),  duly executed and delivered
             by the  Issuer and First  Trust  National  Association,  as Trustee
             (herein  called  the   "Trustee"),   to  which  Indenture  and  all
             indentures  supplemental  thereto  reference  is hereby  made for a
             description  of the  rights,  limitations  of rights,  obligations,
             duties and immunities thereunder of the Trustee, the Issuer and the
             holders of the  Securities.  The Securities may be issued in one or
             more  series,  which  different  series  may be issued  in  various
             aggregate  principal  amounts,  may mature at different  times, may
             bear  interest  (if any) at  different  rates,  may be  subject  to
             different  redemption  provisions  (if  any),  may  be  subject  to
             different  sinking,  purchase or  analogous  funds (if any) and may
             otherwise vary as in the Indenture provided.  This Debenture is one
             of a series  designated as the "9% Series AA  Debentures  due 2043"
             (the "Series AA  Debentures")  of the Issuer,  limited in aggregate
             principal  amount to $26,600,000  (or up to  $30,590,000  aggregate
             principal   amount  if  and  to  the   extent   the   underwriters'
             over-allotment  option  granted by the  Issuer in the  Underwriting
             Agreement is exercised).

                       In case an Event of Default with respect to the Series AA
             Debentures, as defined in the Indenture, shall have occurred and be
             continuing,  the  principal  hereof may be declared,  and upon such
             declaration shall become, due and payable,  in the manner, with the
             effect and subject to the conditions provided in the Indenture.

                       The Indenture contains  provisions  permitting the Issuer
             and the  Trustee,  with the consent of the Holders of not less than
             66-2/3% in aggregate principal amount of the Securities at the time
             Outstanding  (as  defined  in the  Indenture)  of all  series to be
             affected  (voting  as one  class),  evidenced  as in the  Indenture
             provided, to execute supplemental  indentures adding any provisions
             to or changing in any manner or  eliminating  any of the provisions
             of the Indenture or of any  supplemental  indenture or modifying in
             any manner the rights of the Holders of the Securities of each such
             series;  provided,  however,  that no such  supplemental  indenture
             shall (i) extend the final maturity of any Security,  or reduce the
             principal amount thereof or any premium thereon, or reduce the rate
             or extend the time of payment of any interest thereon, or impair or
             affect the rights of any Holder to  institute  suit for the payment
             thereof,  without  the  consent of the Holder of each  Security  so
             affected,  or (ii) reduce the aforesaid  percentage of  Securities,
             the  Holders  of  which  are   required  to  consent  to  any  such
             supplemental  indenture,  without the consent of the Holder of each
             Security affected.  It is also provided in the Indenture that, with
             respect to certain  defaults  or Events of  Default  regarding  the
             Securities of any series, prior to any declaration accelerating the
             maturity of such Securities, the Holders of a majority in aggregate
             principal amount  Outstanding of the Securities of such series (or,
             in the case of  certain  defaults  or  Events  of  Default,  all or
             certain series of the  Securities)  may on behalf of the Holders of
             all the  Securities of such series (or all or certain series of the
             Securities,  as the case may be)  waive any such  past  default  or
             Event of Default and its consequences. The preceding sentence shall
             not,  however,  apply to a continuing default in the payment of the
             principal  of  or  premium,  if  any,  or  interest  on  any of the
             Securities.  Any  such  consent  or  waiver  by  the Holder of this
             Debenture  (unless  revoked  as provided in the Indenture) shall be
             conclusive and binding upon such Holder and upon all future Holders
             and  owners of this Debenture and any Debenture which may be issued
             in exchange or substitution herefor, irrespective of whether or not
             any  notation  thereof  is  made  upon this Debenture or such other
             Debentures.

                       No reference  herein to the Indenture and no provision of
             this  Debenture  or of the  Indenture  shall  alter or  impair  the
             obligation of the Issuer,  which is absolute and unconditional,  to
             pay the principal of and any premium and interest on this Debenture
             in the manner, at the respective times, at the rate and in the coin
             or currency herein prescribed.

                       The Series AA Debentures are issuable in registered  form
             without coupons in denominations  of $25 and any integral  multiple
             of $25 at the  office  or agency of the  Issuer in the  Borough  of
             Manhattan,  The City of New York,  and in the manner and subject to
             the limitations provided in the Indenture,  but without the payment
             of any service charge,  notes may be exchanged for a like aggregate
             principal  amount  of  Series  AA  Debentures  of other  authorized
             denominations.

                       Upon  not  less  than 30 nor  more  than 60  days'  prior
             notice,  the  Issuer  shall  have the right to prepay the Series AA
             Debentures   (together  with  any  accrued  but  unpaid   interest,
             including  Additional  Interest,  if  any,  on  the  portion  being
             prepaid), without premium or penalty,

                       (i)  in whole or in part, as the case may be, at any time
                  on or after May 31, 1999; and

                       (ii) in whole at any time if the Issuer and Capital  have
                  been  advised  by  independent   nationally  recognized  legal
                  counsel  that,  as a result of any change after April 20, 1994
                  in United  States law  (including  the  enactment  or imminent
                  enactment of any legislation,  the publication of any judicial
                  decisions  or  regulatory  rulings or a change in the official
                  position  or in the  interpretation  of  law or  regulations),
                  there exists more than an  insubstantial  risk that the Issuer
                  will be precluded from deducting the interest on the Series AA
                  Debentures for federal income tax purposes,

             all as further provided in the Indenture.

                       The Series AA  Debentures  are,  to the extent and in the
             manner provided in the Indenture,  expressly subordinate and junior
             in right of payment of all Senior  Indebtedness  as provided in the
             Indenture,  and each holder of this  Debenture,  by his  acceptance
             hereof,  agrees  to and  shall be bound by such  provisions  of the
             Indenture and  authorizes  and directs the Trustee in his behalf to
             take such action as  appropriate to effectuate  such  subordination
             and appoints the Trustee his  attorney-in-fact for any and all such
             purposes.  The Indenture defines Senior Indebtedness as obligations
             (other than  non-recourse  obligations  and the  Securities) of, or
             guaranteed or assumed by, the Issuer for borrowed money  (including
             both senior and subordinated indebtedness for borrowed money (other
             than the Securities)) or evidenced by bonds,  debentures,  notes or
             other similar instruments,  and amendments,  renewals,  extensions,
             modifications   and   refundings  of  any  such   indebtedness   or
             obligation,  whether existing as of the date hereof or subsequently
             incurred by the Issuer.

                       Upon due presentment for registration of transfer of this
             Debenture  at the office or agency of the Issuer in the  Borough of
             Manhattan,  The City of New York, a new  Debenture or Debentures of
             authorized  denominations  for an equal aggregate  principal amount
             will be issued to the transferee in exchange  therefor,  subject to
             the  limitations  provided in the Indenture,  without charge except
             for any tax or other  governmental  charge  imposed  in  connection
             therewith.

                       The Issuer,  the Trustee and any authorized  agent of the
             Issuer or the  Trustee  may deem and treat  the  registered  Holder
             hereof as the absolute owner of this Debenture (whether or not this
             Note shall be overdue and notwithstanding any notation of ownership
             or other writing hereon),  for the purpose of receiving payment of,
             or on account of, the  principal  hereof and  premium,  if any, and
             subject to the provisions on the face hereof,  interest hereon, and
             for all other purposes,  and neither the Issuer nor the Trustee nor
             any authorized agent of the Issuer or the Trustee shall be affected
             by any notice to the contrary.

                       No  recourse  under or upon any  obligation,  covenant or
             agreement  of  the  Issuer  in  the   Indenture  or  any  indenture
             supplemental  thereto  or in  any  Debenture,  or  because  of  the
             creation  of any  indebtedness  represented  thereby,  shall be had
             against any  incorporator,  stockholder,  officer or  director,  as
             such,  of  the  Issuer  or of  any  successor  corporation,  either
             directly or through the Issuer or any successor corporation,  under
             any rule of law,  statute  or  constitutional  provision  or by the
             enforcement  of  any  assessment  or  by  any  legal  or  equitable
             proceeding or otherwise,  all such liability being expressly waived
             and  released  by  the  acceptance   hereof  and  as  part  of  the
             consideration for the issue hereof.

                       Terms used  herein  which are  defined  in the  Indenture
             shall  have  the  respective   meanings  assigned  thereto  in  the
             Indenture.

                  Dated:  April 27, 1994

                                      ConAgra, Inc.

                                      By______________________________

                  [FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION]

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

                                           First Trust National
                                           Association, as Trustee

                                           By__________________________
                                                Authorized Signatory

<PAGE>

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

                                    CONAGRA, INC.

                                       AND

                           FIRST TRUST NATIONAL ASSOCIATION
                                     Trustee

                             Third Supplemental Indenture

                               Dated as of June 1, 1994

                              Providing for Issuance of
                             Series B Debentures due 2043
                          in connection with the issuance by
                             ConAgra Capital, L.C. of its
                       Series B Cumulative Preferred Securities

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

<PAGE>

                       THIRD    SUPPLEMENTAL    INDENTURE   (the   "Supplemental
             Indenture"),  dated as of June 1, 1994,  between  CONAGRA,  INC., a
             Delaware  corporation  (the  "Issuer"),  and FIRST  TRUST  NATIONAL
             ASSOCIATION, a national banking corporation (the "Trustee").

                                W I T N E S S E T H :

                       WHEREAS,  in accordance with Sections 2.1, 2.3 and 8.1 of
             the Subordinated  Indenture dated as of March 10, 1994, between the
             Issuer  and  the  Trustee  (the  "Indenture"),   this  Supplemental
             Indenture is being  entered into in order to establish the form and
             terms of a series of Securities to be issued in connection with the
             issuance  by  ConAgra  Capital,  L.C.,  an Iowa  limited  liability
             company  ("Capital"),  of its Series B Adjustable  Rate  Cumulative
             Preferred Securities (the "Series B Preferred Securities");

                       WHEREAS, the Issuer has duly authorized the execution and
             delivery of this  Supplemental  Indenture  to provide,  among other
             things, for the authentication, delivery and administration of such
             series of Securities;

                       WHEREAS,  all things necessary to make this  Supplemental
             Indenture a valid  supplement  to Indenture  according to its terms
             and the terms of the Indenture have been done;

                       NOW, THEREFORE:

                       In  consideration  of the premises  and the  purchases of
             such series of  Securities by the holders  thereof,  the Issuer and
             the  Trustee  mutually   covenant  and  agree  for  the  equal  and
             proportionate  benefit of the respective  holders from time to time
             of such series of Securities as follows:

                                   ARTICLE ONE

                                   DEFINITIONS

                       SECTION 1.1 Certain Terms Defined in the  Indenture.  All
             capitalized  terms used herein  without  definition  shall have the
             meanings specified in the Indenture.

                       SECTION 1.2  Additional  Terms  Defined.  As used in this
             Supplemental Indenture,  the additional terms set forth below shall
             have the following meanings:

                       "Additional Interest" shall have the meaning set forth in
             Section 2.8 hereof.

                       "Common Interests" shall mean Common Membership Interests
             as defined in the Operating Agreement.

                       "DTC" shall mean The Depository  Trust Company as initial
             depositary  of the Series B  Debentures  upon a Preferred  Security
             Exchange.

                       "Event  of  Default"  shall  (a)  prior  to  a  Preferred
             Security  Exchange,  have the  meaning  set forth in  Section  2.12
             hereof and (b) on and after a Preferred Security Exchange, have the
             meaning set forth in Section 5.1 of the Indenture.

                       "Expense  Agreement"  means the  Agreement as to Expenses
             and  Liabilities  dated as of April 20, 1994 between the Issuer and
             Capital.

                       "Guarantee"  means the  Payment and  Guarantee  Agreement
             dated as of April 20, 1994,  executed  and  delivered by the Issuer
             for the  benefit of the  holders  from time to time of the Series B
             Preferred Securities and other Preferred Interests of Capital.

                       "Managing  Members"  means  HW Nebraska, Inc., a Nebraska
             corporation,  and  CP  Nebraska,  Inc.,  a Nebraska corporation, as
             managing members of Capital.

                       "Operating Agreement" means the Limited Liability Company
             Operating  Agreement  dated as of March  11,  1994 by and among the
             Managing Members.

                       "Preferred  Interests" means Series Preferred  Membership
             Interests as defined in the Operating Agreement.

                       "Preferred Security Exchange" means an exchange of Series
             B Debentures for Series B Preferred  Securities pursuant to Section
             7 of the Written Action.

                       "Underwriting Agreement" means the underwriting agreement
             dated as of June 1,  1994,  among  the  Issuer,  Capital  and Smith
             Barney  Shearson  Inc. and Merrill  Lynch,  Pierce,  Fenner & Smith
             Incorporated as representatives  of the several  underwriters named
             therein.

                       "Written Action" means the Written Action of the Managing
             Members  Pursuant to Section 3.02 of the Operating  Agreement dated
             June 1,  1994,  establishing  the terms of the  Series B  Preferred
             Securities.

                                   ARTICLE TWO

                         ISSUANCE OF SERIES B DEBENTURES

                       SECTION 2.1 Issuance of Series B Debentures.  There shall
             be a series of  Securities  designated  "Series B  Adjustable  Rate
             Debentures due 2043" (the "Series B Debentures")  and such Series B
             Debentures  shall have the terms set forth in this  Article  Two in
             accordance   with  the   provisions   of  the  Indenture  and  this
             Supplemental Indenture.

                       SECTION 2.2 Limitation on Aggregate Principal Amount. The
             aggregate  principal amount of the Series B Debentures which may be
             authenticated and delivered shall be limited to $175,000,000.

                       SECTION 2.3 Maturity of the Series B Debentures.  Subject
             to the  provisions  of Sections 2.4 and 2.5,  the entire  principal
             amount of the Series B  Debentures  shall  become due and  payable,
             together with any accrued and unpaid  interest  thereon,  including
             Additional  Interest,  if any,  on the earlier of (a) June 30, 2043
             (subject to the Issuer's  right to exchange the Series B Debentures
             for new  debentures  pursuant to Section 2.6) and (b) the date upon
             which  Capital shall be dissolved, wound-up or liquidated; provided
             that the parenthetical to clause (a) and the entirety of clause (b)
             shall  be  inapplicable  on  and  after  the  date of any Preferred
             Security Exchange.

                       SECTION 2.4  Mandatory  Prepayment of Series B Debentures
             upon redemption of Series B Preferred  Securities.  Notwithstanding
             the  provisions  of Section  2.3,  if Capital  redeems the Series B
             Preferred  Securities in  accordance  with the terms  thereof,  the
             Series B Debentures pertaining to the Series B Preferred Securities
             shall  become due and  payable in a principal  amount  equal to the
             aggregate stated  liquidation  preference of the Series B Preferred
             Securities so redeemed,  together with any and all accrued interest
             thereon,   including  Additional  Interest,  if  any.  Any  payment
             pursuant to this Section 2.4 shall be made prior to 12:00 noon, New
             York time,  on the date fixed for such  redemption or at such other
             time on such earlier date as Capital and the Issuer shall agree.

                       SECTION 2.5  Optional  Prepayment.  Upon not less than 30
             nor more than 60 days'  prior  notice,  the  Issuer  shall have the
             right to prepay the Series B  Debentures  relating  to the Series B
             Preferred   Securities   (together  with  any  accrued  but  unpaid
             interest,  including  Additional  Interest,  if any, on the portion
             being prepaid), without premium or penalty,

                       (i)  in whole or in part, as the case may be, at any time
                  on or after June 30, 1999; and

                       (ii) in whole at any time if the Issuer and Capital  have
                  been  advised  by  independent   nationally  recognized  legal
                  counsel  that, as a result of any change after June 1, 1994 in
                  United  States  law   (including  the  enactment  or  imminent
                  enactment of any legislation,  the publication of any judicial
                  decisions  or  regulatory  rulings or a change in the official
                  position  or in the  interpretation  of  law or  regulations),
                  there exists more than an  insubstantial  risk that the Issuer
                  will be precluded  from deducting the interest on the Series B
                  Debentures  for federal income tax purposes even if the Series
                  B  Preferred   Securities  are  exchanged  for  the  Series  B
                  Debentures pursuant to a Preferred Security Exchange.

                       SECTION  2.6  Exchange  of  Series B  Debentures  for New
             Debentures. Notwithstanding the provisions of Section 2.3, prior to
             a Preferred  Security  Exchange,  in lieu of repaying  the Series B
             Debentures relating to the Series B Preferred  Securities when due,
             the Issuer may elect to exchange  such Series B Debentures  for new
             debentures  with an equal aggregate  principal  amount issued under
             the Indenture  with terms  substantially  identical to the Series B
             Debentures;  provided  that the Issuer may not so elect to exchange
             any  Series  B  Debentures,  unless  at the  time of such  exchange
             Capital owns all of the Series B Debentures  and, as  determined in
             the  judgment  of the  Managing  Members  and  Capital's  financial
             advisor  (selected  by  the  Managing  Members  and  who  shall  be
             unaffiliated  with the  Issuer  and shall be among  the 30  largest
             investment banking firms,  measured by total capital, in the United
             States  at the  time  of such  exchange),  (a)  the  Issuer  is not
             bankrupt,  insolvent or in liquidation,  (b) no Event of Default or
             event that with the  giving of notice or the  passage of time would
             constitute  an Event of Default  on any  Securities  pertaining  to
             Preferred  Interests of any series, has occurred and is continuing,
             (c) the Issuer has made timely  payments on the Series B Debentures
             for the  immediately  preceding  18 months,  (d)  Capital is not in
             arrears on  payments  of  distributions  on the Series B  Preferred
             Securities,  (e) there is then no  present  reason to  believe  the
             Issuer  will be unable to make  timely  payment  of  principal  and
             interest on such new debentures,  (f) such new debentures are being
             issued on terms, and under circumstances,  that are consistent with
             those which a lender  would then require for a loan to an unrelated
             party,  (g)  such  new  debentures  are  being  issued  at  a  rate
             sufficient to provide  payments equal to or greater than the amount
             of distributions  required under the Series B Preferred Securities,
             (h) such  debentures are being issued for a term that is consistent
             with market circumstances and the Issuer's financial condition, (i)
             immediately  prior to  issuing  such  new  debentures,  the  senior
             unsecured  long-term  debt of the  Issuer is (or if no such debt is
             outstanding,  would be) rated not less than BBB (or the equivalent)
             by Standard & Poor's  Corporation  and Baa1 (or the  equivalent) by
             Moody's  Investors  Service,  Inc.  (or if  either  of such  rating
             organizations  is not then  rating the  Issuer's  senior  unsecured
             long-term  debt,  the  equivalent  of  such  rating  by  any  other
             "nationally  recognized  statistical rating  organization," as that
             term is defined by the  Commission  for purposes of Rule  436(g)(2)
             under the Securities Act of 1933, as amended) and any  subordinated
             unsecured long-term debt of the Issuer or, if there is no such debt
             then outstanding,  the Series B Preferred Securities, are rated not
             less than BBB- (or the equivalent) by Standard & Poor's Corporation
             or Baa3 (or the equivalent) by Moody's Investors  Service,  Inc. or
             the  equivalent  of either  such  rating  by any other  "nationally
             recognized  statistical  rating  organization"  and  (j)  such  new
             debentures  will  have a  final  maturity  no  later  than  the one
             hundredth anniversary of the issuance of the Preferred Interests of
             the first series issued.

                       SECTION  2.7  Denomination  and  Interest on the Series B
             Debentures.  (a) The  Series  B  Debentures  shall be  issuable  as
             Registered  Securities  in  denominations  of $25 and any  multiple
             thereof.

                       (b) The Series B Debentures shall bear interest at a rate
             equal to 7.06% per annum from June 8, 1994 to and including  August
             31, 1994 and will bear  interest for each monthly  interest  period
             thereafter  at a rate per annum  equal to the  Applicable  Interest
             Rate in effect  for the  Quarterly  Period in which  such  interest
             period occurs until the principal amount of the Series B Debentures
             has been paid or duly made available for payment.

                  Except as provided below in this  paragraph,  the  "Applicable
             Interest Rate" for any Quarterly Period will be equal to 95% of the
             Effective  Rate (as  defined  below),  but not less  than  5.0% per
             annum, or more than 10.5% per annum.  The "Effective  Rate" for any
             Quarterly  Period will be equal to the highest of the Treasury Bill
             Rate,  the Ten Year  Constant  Maturity  Rate and the  Thirty  Year
             Constant  Maturity Rate (each as defined  below) for such Quarterly
             Period.  In the event that the Issuer determines in good faith that
             for any reason:

                       (i) any  one of the  Treasury  Bill  Rate,  the Ten  Year
                  Constant  Maturity Rate or the Thirty Year  Constant  Maturity
                  Rate cannot be determined for any Quarterly  Period,  then the
                  Effective Rate for such Quarterly  Period will be equal to the
                  higher of whichever two of such rates can be so determined;

                       (ii) only one of the  Treasury  Bill  Rate,  the Ten Year
                  Constant  Maturity Rate or the Thirty Year  Constant  Maturity
                  Rate can be  determined  for any  Quarterly  Period,  then the
                  Effective  Rate for  such  Quarterly  Period  will be equal to
                  whichever such rate can be so determined; or

                       (iii)  none of the  Treasury  Bill  Rate,  the  Ten  Year
                  Constant  Maturity Rate or the Thirty Year  Constant  Maturity
                  Rate can be  determined  for any  Quarterly  Period,  then the
                  Effective  Rate for the  preceding  Quarterly  Period  will be
                  continued for such Quarterly Period.

                  Except as described  below in this  paragraph,  the  "Treasury
             Bill Rate" for each Quarterly Period will be the arithmetic average
             of the two most recent weekly per annum market  discount  rates (or
             the one weekly per annum  market  discount  rate,  if only one such
             rate is published  during the relevant  Calendar Period (as defined
             below)) for three-month U.S. Treasury bills, as published weekly by
             the Federal  Reserve  Board (as defined  below) during the Calendar
             Period  immediately  preceding the last ten calendar days preceding
             the  Quarterly  Period for which the interest  rate on the Series B
             Debentures  is being  determined.  In the  event  that the  Federal
             Reserve  Board  does not  publish  such a weekly  per annum  market
             discount  rate during any such Calendar  Period,  then the Treasury
             Bill Rate for such Quarterly Period will be the arithmetic  average
             of the two most recent weekly per annum market  discount  rates (or
             the one weekly per annum  market  discount  rate,  if only one such
             rate  is  published  during  the  relevant   Calendar  Period)  for
             three-month  U.S.  Treasury bills, as published  weekly during such
             Calendar  Period  by  any  Federal  Reserve  Bank  or by  any  U.S.
             Government  department  or agency  selected by the  Issuer.  In the
             event that a per annum market  discount rate for  three-month  U.S.
             Treasury bills is not published by the Federal  Reserve Board or by
             any Federal  Reserve Bank or by any U.S.  Government  department or
             agency during such Calendar Period, then the Treasury Bill Rate for
             such  Quarterly  Period will be the  arithmetic  average of the two
             most  recent  weekly per annum  market  discount  rates (or the one
             weekly per annum  market  discount  rate,  if only one such rate is
             published during the relevant  Calendar Period) for all of the U.S.
             Treasury bills then having remaining maturities of not less than 80
             nor more than 100 days, as published during such Calendar Period by
             the Federal Reserve Board or, if the Federal Reserve Board does not
             publish  such  rates,  by any Federal  Reserve  Bank or by any U.S.
             Government  department  or agency  selected by the  Issuer.  In the
             event that the Issuer  determines in good faith that for any reason
             no such U.S.  Treasury bill rates are  published as provided  above
             during such Calendar  Period,  then the Treasury Bill Rate for such
             Quarterly  Period will be the  arithmetic  average of the per annum
             market  discount  rates  based upon the  closing  bids  during such
             Calendar   Period   for   each   of  the   issues   of   marketable
             non-interest-bearing  U.S.  Treasury  securities  with a  remaining
             maturity  of not less  than 80 nor more than 100 days from the date
             of each  such  quotation,  as  chosen  and  quoted  daily  for each
             business  day in  New  York  City  (or  less  frequently  if  daily
             quotations  are not generally  available) to the Issuer by at least
             three recognized dealers in U.S. Government  securities selected by
             the Issuer.  In the event that the Issuer  determines in good faith
             that for any reason the Issuer  cannot  determine the Treasury Bill
             Rate for any Quarterly  Period as provided above in this paragraph,
             the  Treasury  Bill  Rate for  such  Quarterly  Period  will be the
             arithmetic  average of the per annum  market  discount  rates based
             upon the closing bids during such  Calendar  Period for each of the
             issues of marketable interest-bearing U.S. Treasury securities with
             a remaining maturity of not less than 80 nor more than 100 days, as
             chosen and quoted daily for each  business day in New York City (or
             less frequently if daily quotations are not generally available) to
             the Issuer by at least three recognized dealers in U.S.  Government
             securities selected by the Issuer.

                  Except as  described  below in this  paragraph,  the "Ten Year
             Constant  Maturity  Rate"  for each  Quarterly  Period  will be the
             arithmetic average of the two most recent weekly per annum Ten Year
             Average  Yields (as defined below) (or the one weekly per annum Ten
             Year Average Yield, if only one such yield is published  during the
             relevant  Calendar  Period),  as  published  weekly by the  Federal
             Reserve Board during the Calendar Period immediately  preceding the
             last ten calendar days preceding the Quarterly Period for which the
             interest  rate on the Series B Debentures is being  determined.  In
             the event that the Federal  Reserve  Board does not publish  such a
             weekly  per annum  Ten Year  Average  Yield  during  such  Calendar
             Period, then the Ten Year Constant Maturity Rate for such Quarterly
             Period will be the arithmetic average of the two most recent weekly
             per annum Ten Year Average  Yields (or the one weekly per annum Ten
             Year Average Yield, if only one such yield is published  during the
             relevant Calendar Period), as published weekly during such Calendar
             Period  by any  Federal  Reserve  Bank  or by any  U.S.  Government
             department  or agency  selected by the Issuer.  In the event that a
             per annum Ten Year  Average  Yield is not  published by the Federal
             Reserve  Board  or by any  Federal  Reserve  Bank  or by  any  U.S.
             Government  department or agency during such Calendar Period,  then
             the Ten Year Constant  Maturity Rate for such Quarterly Period will
             be the  arithmetic  average of the two most recent weekly per annum
             average  yields to  maturity  (or the one weekly per annum  average
             yield to maturity,  if only one such yield is published  during the
             relevant Calendar Period) for all of the actively traded marketable
             U.S.  Treasury fixed interest rate  securities  (other than Special
             Securities (as defined below)) then having remaining  maturities of
             not less than eight nor more than twelve years, as published during
             such  Calendar  Period  by the  Federal  Reserve  Board  or, if the
             Federal Reserve Board does not publish such yields,  by any Federal
             Reserve  Bank  or by  any  U.S.  Government  department  or  agency
             selected by the Issuer.  In the event that the Issuer determines in
             good faith that for any reason the Issuer cannot  determine the Ten
             Year Constant  Maturity  Rate for any Quarterly  Period as provided
             above in this paragraph,  then the Ten Year Constant  Maturity Rate
             for such Quarterly Period will be the arithmetic average of the per
             annum average yields to maturity based upon the closing bids during
             such  Calendar  Period  for each of the issues of  actively  traded
             marketable U.S. Treasury fixed interest rate securities (other than
             Special  Securities) with a final maturity date not less than eight
             nor more than twelve years from the date of each such quotation, as
             chosen and quoted daily for each  business day in New York City (or
             less frequently if daily quotations are not generally available) to
             the Issuer by at least three recognized dealers in U.S.  Government
             securities selected by the Issuer.

                  Except as described below in this paragraph,  the "Thirty Year
             Constant  Maturity  Rate"  for each  Quarterly  Period  will be the
             arithmetic  average of the two most recent  weekly per annum Thirty
             Year Average Yields (as defined below) (or the one weekly per annum
             Thirty  Year  Average  Yield,  if only one such yield is  published
             during the relevant  Calendar  Period),  as published weekly by the
             Federal  Reserve  Board  during  the  Calendar  Period  immediately
             preceding the last ten calendar days preceding the Quarterly Period
             for which the  interest  rate on the Series B  Debentures  is being
             determined.  In the event that the Federal  Reserve  Board does not
             publish such a weekly per annum  Thirty Year  Average  Yield during
             such Calendar Period,  then the Thirty Year Constant  Maturity Rate
             for such Quarterly Period will be the arithmetic average of the two
             most recent weekly per annum Thirty Year Average Yields (or the one
             weekly per annum Thirty Year Average Yield,  if only one such yield
             is published  during the relevant  Calendar  Period),  as published
             weekly during such Calendar  Period by any Federal  Reserve Bank or
             by any U.S. Government department or agency selected by the Issuer.
             In the event  that a per annum  Thirty  Year  Average  Yield is not
             published by the Federal  Reserve  Board or by any Federal  Reserve
             Bank or by any U.S.  Government  department  or agency  during such
             Calendar  Period,  then the Thirty Year Constant  Maturity Rate for
             such  Quarterly  Period will be the  arithmetic  average of the two
             most recent weekly per annum average yields to maturity (or the one
             weekly per annum average yield to maturity,  if only one such yield
             is published  during the relevant  Calendar  Period) for all of the
             actively  traded  marketable  U.S.  Treasury  fixed  interest  rate
             securities  (other than Special  Securities)  then having remaining
             maturities  of not less  than  twenty-eight  nor more  than  thirty
             years,  as  published  during such  Calendar  Period by the Federal
             Reserve  Board or, if the  Federal  Reserve  Board does not publish
             such yields, by any Federal Reserve Bank or by any U.S.  Government
             department or agency selected by the Issuer.  In the event that the
             Issuer  determines  in good  faith  that for any  reason the Issuer
             cannot  determine  the Thirty Year  Constant  Maturity Rate for any
             Quarterly  Period as  provided  above in this  paragraph,  then the
             Thirty Year Constant  Maturity Rate for such Quarterly  Period will
             be the  arithmetic  average  of the per  annum  average  yields  to
             maturity  based upon the closing bids during such  Calendar  Period
             for each of the issues of actively traded  marketable U.S. Treasury
             fixed interest rate securities (other than Special Securities) with
             a final  maturity  date not less  than  twenty-eight  nor more than
             thirty years (or, in the absence of which, having maturities of not
             less than  twenty-five  years or, in the further  absence of which,
             twenty years) from the date of each such  quotation,  as chosen and
             quoted  daily  for  each  business  day in New  York  City (or less
             frequently if daily quotations are not generally  available) to the
             Issuer by at least  three  recognized  dealers  in U.S.  Government
             securities selected by the Issuer.

                  The Treasury Bill Rate,  the Ten Year  Constant  Maturity Rate
             and the Thirty Year Constant  Maturity Rate will each be rounded to
             the nearest five hundredths of a percent.

                  The  Applicable  Interest Rate with respect to each  Quarterly
             Period will be calculated as promptly as  practicable by the Issuer
             according to the appropriate method described above.

                  As used above,  the term  "Calendar  Period" means a period of
             fourteen  calendar days; the term "Federal Reserve Board" means the
             Board  of  Governors  of  the  Federal  Reserve  System;  the  term
             "Quarterly Period" means the three-month period ending November 30,
             1994 and each  three-month  period ending  February 28 (or February
             29),  May 31,  August  31, and  November  30  thereafter;  the term
             "Special  Securities"  means securities which can, at the option of
             the holder,  be surrendered at face value in payment of any Federal
             estate  tax or which  provide  tax  benefits  to the holder and are
             priced to reflect such tax benefits or which were originally issued
             at a deep or  substantial  discount;  the term  "Ten  Year  Average
             Yield"  means the average  yield to maturity  for  actively  traded
             marketable U.S.  Treasury fixed interest rate securities  (adjusted
             to constant  maturities  of ten years);  and the term  "Thirty Year
             Average  Yield"  means the average  yield to maturity  for actively
             traded  marketable  U.S.  Treasury fixed  interest rate  securities
             (adjusted to constant maturities of thirty years).

                  To the  extent  allowed  by law,  the  Issuer  will  also  pay
             interest  on overdue  installments  of interest at the rate used to
             compute such  installments.  The amount of interest payable for any
             full  monthly  interest  period  shall be  computed on the basis of
             twelve 30-day months and a 360-day year and, for any period shorter
             than a full monthly interest period, shall be computed on the basis
             of the actual number of days elapsed in such period.  Such interest
             shall be  payable  monthly  on the last day (an  "Interest  Payment
             Date") of each calendar  month,  commencing on June 30, 1994 to the
             holder or holders of the Series B Debenture on the relevant  record
             date (each, a "Record Date"), which shall be one Business Day prior
             to the relevant  Interest Payment Date. If Interest Payment Date is
             not a Business  Day,  then payment of the interest  payable on such
             date will be made on the next  succeeding  day which is a  Business
             Day (and  without any  interest or other  payment in respect of any
             such  delay)  except  that,  if such  Business  Day is in the  next
             succeeding  calendar  year,  such  payment  shall  be  made  on the
             immediately  preceding  Business  Day (and the Record Date for such
             Interest  Payment  Date shall be one Business Day prior to the date
             on which  payment is to be made),  in each case with the same force
             and effect as if made on such date.

                       SECTION 2.8 Additional Interest. If at any time following
             the  issuance of the Series B Preferred  Securities  and prior to a
             Preferred Security Exchange, Capital shall be required to pay, with
             respect to its income  derived  from the  interest  payments on the
             Series B Debentures relating to the Series B Preferred  Securities,
             any amounts, for or on account of any taxes, duties, assessments or
             governmental  charges  of  whatever  nature  imposed  by the United
             States or any other taxing  authority,  then, in any such case, the
             Issuer will pay as interest such  additional  amounts  ("Additional
             Interest")  as may be  necessary  in  order  that  the net  amounts
             received and  retained by Capital  after the payment of such taxes,
             duties,   assessments  or  governmental  charges  shall  result  in
             Capital's  having such funds as it would have had in the absence of
             the  payment of such taxes,  duties,  assessments  or  governmental
             charges.

                       SECTION 2.9 Extension of Interest Period. Notwithstanding
             the  provisions  of Section 2.7 hereof,  the Issuer  shall have the
             right  at any  time  or  times  during  the  term of the  Series  B
             Debentures,  so long as the Issuer is not in default in the payment
             of interest  under any of the  Securities,  to extend the  interest
             payment  period  for  the  Series  B  Debentures  up to 18  months;
             provided  that at the end of such  period the Issuer  shall pay all
             installments  of interest  then accrued and unpaid  (together  with
             interest  thereon at the rate used to compute such  installments to
             the extent  permitted by applicable  law);  provided  further that,
             during any such extended  interest  period,  neither the Issuer nor
             any majority  owned  subsidiary  of the Issuer shall pay or declare
             any  dividends  on,  or  redeem,   purchase,   acquire  or  make  a
             liquidation  payment  with  respect  to, any of its  capital  stock
             (other than payments to redeem common share  purchase  rights under
             the  Issuer's  shareholder  rights  plan  dated July 10,  1986,  as
             amended,  or to declare a dividend of similar share purchase rights
             in the  future);  and  provided  further  that  any  such  extended
             interest  period may only be selected  with respect to the Series B
             Debentures if an extended  interest  period of identical  length is
             simultaneously   selected   for  all   Securities.   Prior  to  the
             termination  of any such extended  interest  payment period for the
             Series B  Debentures,  the Issuer may further  extend the  interest
             payment  period for the  Series B  Debentures;  provided  that such
             extended  interest  payment  period  for the  Series  B  Debentures
             together with all such further extensions  thereof,  may not exceed
             18 months;  and provided  further  that any such  further  extended
             interest  period may only be selected  with respect to the Series B
             Debentures  if a further  extended  interest  period  of  identical
             length is simultaneously selected for all Securities. Following the
             termination of any extended  interest payment period, if the Issuer
             has paid all accrued and unpaid interest required by the Securities
             for such  period,  then the  Issuer  shall  have the right to again
             extend  the  interest  payment  period  up to 18  months  as herein
             described.  Prior to any Preferred  Security  Exchange,  the Issuer
             shall give Capital notice of its selection of any extended interest
             payment  period one  Business  Day prior to the  earlier of (i) the
             date Capital  declares the related  distribution  to holders of the
             Series B Preferred  Securities or (ii) the date Capital is required
             to give  notice  of the  record  or  payment  date of such  related
             distribution  to the New York Stock  Exchange  or other  applicable
             self-regulatory   organization  or  to  holders  of  the  Series  B
             Preferred  Securities,  but in any event not less than two Business
             Days prior to such record date;  the Issuer shall cause  Capital to
             give such notice of the Issuer's selection of any extended interest
             payment   period  to  all   holders  of  such  Series  B  Preferred
             Securities. After any Preferred Security Exchange, the Issuer shall
             give the Holders of the Series B Debentures notice of its selection
             of any extended  interest  payment prior to the date it is required
             to give  notice of the  record  or  payment  date of such  interest
             payment  to  the  New  York  Stock  Exchange  or  other  applicable
             self-regulatory  organization,  but in any  event not less than two
             Business Days prior to such Record Date.

                       SECTION  2.10  Set-off.  Notwithstanding  anything to the
             contrary  herein,  prior to any  Preferred  Security  Exchange  the
             Issuer  shall have the right to set off any payment it is otherwise
             required  to make  hereunder  with and to the extent the Issuer has
             theretofore  made, or is  concurrently  on the date of such payment
             making, a payment under the Guarantee.

                       SECTION 2.11 Certain Covenants. (a) So long as the Series
             B Preferred  Securities remain outstanding,  neither the Issuer nor
             any  majority-owned  subsidiary  of the Issuer shall declare or pay
             any dividend on, or redeem, purchase, acquire or make a liquidation
             payment with respect to, any of the Issuer's  capital stock or make
             any guarantee  payments  with respect to the foregoing  (other than
             payments  under the  Guarantee,  payments  to redeem  common  share
             purchase  rights under the Issuer's  shareholder  rights plan dated
             July 10,  1986,  as amended,  or the  declaration  of a dividend of
             similar  share  purchase  rights in the future) if at such time the
             Issuer is in default with respect to its payment  obligations under
             the Guarantee or the Expense Agreement or there shall have occurred
             an Event of Default or any event that, with the giving of notice or
             the lapse of time or both,  would  constitute  an Event of  Default
             under the Securities.

                       (b) So long as the Series B Preferred  Securities  remain
             outstanding,  the  Issuer  shall (i) not cause or permit any Common
             Interests  to be  transferred,  (ii)  maintain  direct or  indirect
             ownership of all  outstanding  securities in Capital other than the
             Preferred   Interests  of  any  series  and  any  other  securities
             permitted to be issued by Capital  that would not cause  Capital to
             become an "investment  company" under the Investment Company Act of
             1940,  as  amended,  (iii) cause at least 21% of the total value of
             Capital and at least 21% of all  interests in the capital,  income,
             gain,  loss,  deduction and credit of Capital to be  represented by
             Common  Interests,   (iv)  not  voluntarily  dissolve,   windup  or
             liquidate Capital or either of the Managing  Members,  (v) cause HW
             Nebraska, Inc. and CP Nebraska, Inc. to remain the Managing Members
             of Capital  and timely  perform all of their  respective  duties as
             Managing  Members of Capital,  and (vi) use  reasonable  efforts to
             cause Capital to remain a limited  liability  company and otherwise
             continue to be treated as a partnership for U.S. federal income tax
             purposes;  provided that the Issuer may permit Capital,  solely for
             the purpose of changing its  domicile or avoiding tax  consequences
             adverse to the  Issuer,  Capital  or holders of Series B  Preferred
             Securities,  to  consolidate  or  merge  with  or  into  a  limited
             liability company or a limited partnership formed under the laws of
             any state of the United  States of America;  provided that (1) such
             successor  limited  liability  company or limited  partnership  (x)
             expressly  assumes  all of the  obligations  of  Capital  under the
             Series  B  Preferred  Securities  and  other  series  of  Preferred
             Interests  then  outstanding  or (y)  substitutes  for the Series B
             Preferred  Securities and other series of Preferred  Interests then
             outstanding other securities having substantially the same terms as
             the  Series  B  Preferred   Securities  and  such  other  Preferred
             Interests  (the  "Successor  Securities")  so long as the Successor
             Securities  rank, with respect to  participation in the profits and
             assets of such successor entity, at least as senior as the Series B
             Preferred  Securities and such other Preferred  Interests rank with
             respect to participation in the profits and assets of Capital,  (2)
             the Issuer expressly  acknowledges  such successor as the holder of
             all of the  Series B  Debentures  and other  series  of  debentures
             issued under the  Indenture  then  outstanding,  (3) such merger or
             consolidation does not cause any series of Preferred Interests then
             outstanding to be delisted by any national  securities  exchange or
             other  organization  on which such series is then  listed,  (4) the
             holders of Series B Preferred  Securities and such other  Preferred
             Interests do not suffer any adverse tax consequences as a result of
             such merger or consolidation, (5) such merger or consolidation does
             not  cause  any  Preferred   Interests  to  be  downgraded  by  any
             "nationally  recognized  statistical rating  organization," as that
             term is defined  by the  Securities  and  Exchange  Commission  for
             purposes of Rule  436(g)(2)  under the  Securities  Act of 1933, as
             amended,  and (6) following such merger or  consolidation,  neither
             the Issuer nor such successor  limited liability company or limited
             partnership  will be an  "investment  company"  for purposes of the
             Investment Company Act of 1940, as amended.

                            (c) So long as the  Series  B  Preferred  Securities
             remain outstanding,  the Issuer shall not consolidate with or merge
             into any  other  Person  or sell its  property  and  assets  as, or
             substantially  as, an  entirety  to any Person and shall not permit
             any Person to merge into or consolidate  with the Issuer unless (i)
             in case the Issuer  shall  consolidate  with or merge into  another
             Person or sell its properties and assets as, or  substantially  as,
             an entirety to any Person,  the Person formed by such consolidation
             or into which the Issuer is merged or the  Person  which  purchases
             the properties and assets of the Issuer as, or substantially, as an
             entirety  shall be a corporation,  partnership  or trust,  shall be
             organized and validly  existing under the laws of the United States
             of  America,  any  State or the  District  of  Columbia,  and shall
             expressly assume the Issuer's obligations under the Indenture, this
             Supplemental  Indenture  and  the  Series  B  Debentures  and  (ii)
             immediately  after  giving  effect to the  transaction  no Event of
             Default shall have occurred and be continuing.

                            (d) So long as the  Series  B  Preferred  Securities
             remain  outstanding,  the  provisions  of Sections  2.11(b) and (c)
             shall remain in full force and effect notwithstanding  satisfaction
             and discharge of the Indenture pursuant to Section 10.1 thereof.

                       SECTION  2.12 Events of Default;  Remedies.  Prior to any
             Preferred  Security  Exchange,  "Event of Default" means any one of
             the following events:

                       (a)  failure  to pay  when  due any  interest  under  any
             Securities,  including any  Additional  Interest,  and such failure
             shall  continue for a period of 30 days  (whether or not payment is
             prohibited by the provisions  contained in Article  Thirteen of the
             Indenture or  otherwise);  provided  that a valid  extension of the
             interest  payment  period  by the  Issuer  shall not  constitute  a
             default in the payment of interest for this purpose;

                       (b)  failure  to pay when  due any  principal  under  any
             Securities  (whether or not payment is prohibited by the provisions
             contained in Article Thirteen of the Indenture or otherwise);

                       (c)  failure on the part of the Issuer duly to observe or
             perform any other  covenant or  agreement on the part of the Issuer
             in respect of the Securities  (other than a covenant or warranty in
             respect of the Series B Debentures a default in the  performance or
             breach of which is  elsewhere in this  Section  specifically  dealt
             with) or contained in the Indenture, this Supplemental Indenture or
             the Series B Debentures,  and continuance of such default or breach
             for a period of 90 days after there as been given, by registered or
             certified  mail, to the Issuer by the Trustee or any Holder hereof,
             a written notice specifying such failure or breach and requiring it
             to be  remedied  and  stating  that such  notice  is a  "Notice  of
             Default" hereunder;

                       (d)  the  dissolution,  or  winding  up or liquidation of
             Capital;

                       (e) a court having  jurisdiction  in the  premises  shall
             enter a decree or order for  relief in respect of the Issuer or any
             Consolidated Subsidiary in an involuntary case under any applicable
             bankruptcy,  insolvency  or other  similar law now or  hereafter in
             effect, or appointing a receiver, liquidator,  assignee, custodian,
             trustee or sequestrator (or similar  official) of the Issuer or any
             subsidiary or for any substantial  part of its property or ordering
             the winding up or  liquidation  of its affairs,  and such decree or
             order  shall  remain  unstayed  and in  effect  for a period  of 60
             consecutive days; or

                       (f)  the  Issuer  or any  Consolidated  Subsidiary  shall
             commence  a  voluntary  case  under  any   applicable   bankruptcy,
             insolvency  or other  similar law now or  hereafter  in effect,  or
             consent to the entry of an order for relief in an involuntary  case
             under any such law,  or  consent  to the  appointment  of or taking
             possession by a receiver, liquidator,  assignee, custodian, trustee
             or  sequestrator  (or  similar  official)  of  the  Issuer  or  any
             Consolidated   Subsidiary  or  for  any  substantial  part  of  its
             property,  or  make  any  general  assignment  for the  benefit  of
             creditors.

                       If an Event of  Default  shall  occur and be  continuing,
             then  Capital  will have the right (i) to declare the  principal of
             and  the  interest  on  the  Series  B  Debentures  (including  any
             Additional  Interest  and  any  interest  subject  to an  extension
             election)  and  any  other  amounts  payable  under  the  Series  B
             Debentures  to be  forthwith  due and payable,  whereupon  the same
             shall become and be forthwith due and payable, without presentment,
             demand,  protest  or other  notice  of any  kind,  all of which are
             hereby   expressly   waived,   anything  in  the  Indenture,   this
             Supplemental  Indenture or the Series B Debentures  to the contrary
             notwithstanding  and (ii) to enforce its other rights hereunder and
             thereunder.  Capital may not accelerate the principal amount of any
             Series B Debenture unless the principal amount of all Securities is
             accelerated.

                       If an Event of Default  specified  in clauses (d), (e) or
             (f) above shall have occurred, the principal of and interest on the
             Series B Debentures shall thereupon and concurrently become due and
             payable without presentment, demand, protest or other notice of any
             kind,  all of which are hereby  expressly  waived,  anything in the
             Indenture,  this Supplemental  Indenture or the Series B Debentures
             to the contrary notwithstanding.

                       If an Event of  Default  specified  in clause  (a) or (b)
             above shall have occurred and be continuing  and Capital shall have
             failed  to  pay  any   distributions  on  the  Series  B  Preferred
             Securities  when due (other than as a result of any valid extension
             of the  interest  payment  period by the  Issuer  for the  Series B
             Debentures  Securities)  or to pay any  portion  of the  redemption
             price of the Series B Preferred  Securities  called for redemption,
             then any Holder of Series B Preferred  Securities may, as set forth
             in the terms of the Series B Preferred Securities, enforce directly
             against the Issuer Capital's right hereunder to receive payments of
             principal and interest on the Series B Debentures  relating to such
             Series B Preferred  Securities but only in an amount  sufficient to
             enable Capital to pay such distributions or redemption price.

                       The Issuer expressly acknowledges that under the terms of
             Section  3.02(f) of the  Operating  Agreement  and Section 9 of the
             Written Action,  the holders of the outstanding  Series B Preferred
             Securities  together with the holder of other  Preferred  Interests
             shall in certain circumstances have the right to appoint a trustee,
             which trustee shall be  authorized to exercise  Capital's  creditor
             rights under the  Indenture,  this  Supplemental  Indenture and the
             Series B Debentures  and the Issuer  agrees to cooperate  with such
             trustee; provided that any trustee so appointed shall vacate office
             immediately  in  accordance  with Section  3.02(f) of the Operating
             Agreement  if all  Events of Default  giving  rise to such right of
             appointment have been cured by the Issuer.

                       Except as  provided  in this  Section  2.12,  Holders  of
             Series B Preferred  Securities  shall have no rights to enforce any
             obligations  of the Issuer under the Indenture,  this  Supplemental
             Indenture or the Series B Debentures.

                       On  and  after  a  Preferred   Security   Exchange,   the
             provisions  of Article  Five of the  Indenture,  including  without
             limitation the definition of an "Event of Default",  shall apply to
             the  Series B  Debentures  and  this  Section  2.12  shall be of no
             further force or effect.

                       SECTION 2.13  Book-Entry-Only  Issuance;  The  Depository
             Trust  Company.  On and after a Preferred  Security  Exchange,  the
             provisions of this Section 2.13 shall apply.

                       (a) DTC,  New  York,  New  York,  will act as  securities
             depository  for the Series B  Debentures.  The Series B  Debentures
             will  be  issued  as  one  or  more  global  certificates  only  as
             fully-registered  securities  registered  in the name of Cede & Co.
             (DTC's partnership nominee).  Such global certificates shall bear a
             legend in the following form:

                       UNLESS THIS  CERTIFICATE  IS PRESENTED  BY AN  AUTHORIZED
                  REPRESENTATIVE  OF THE DEPOSITORY  TRUST  COMPANY,  A NEW YORK
                  CORPORATION   ("DTC"),   TO  THE   ISSUER  OR  ITS  AGENT  FOR
                  REGISTRATION  OF  TRANSFER,  EXCHANGE,  OR  PAYMENT,  AND  ANY
                  CERTIFICATE  ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
                  IN  SUCH  OTHER  NAME  AS  IS  REQUESTED   BY  AN   AUTHORIZED
                  REPRESENTATIVE  OF DTC (AND ANY  PAYMENT IS MADE TO CEDE & CO.
                  OR TO SUCH  OTHER  ENTITY  AS IS  REQUESTED  BY AN  AUTHORIZED
                  REPRESENTATIVE  OF DTC),  ANY  TRANSFER,  PLEDGE  OR OTHER USE
                  HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL,
                  INASMUCH AS THE  REGISTERED  OWNER HEREOF,  CEDE & CO., HAS AN
                  INTEREST HEREIN.

                       THIS  DEBENTURE  IS IN GLOBAL  FORM WITHIN THE MEANING OF
                  THE INDENTURE AND SUPPLEMENTAL  INDENTURE HEREINAFTER REFERRED
                  TO AND IS  REGISTERED  IN THE NAME OF DTC OR A NOMINEE OF DTC.
                  UNLESS  AND  UNTIL  IT IS  EXCHANGED  IN  WHOLE OR IN PART FOR
                  DEBENTURES IN  CERTIFICATED  FORM,  THIS  DEBENTURE MAY NOT BE
                  TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY
                  A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR
                  ANY SUCH  NOMINEE TO A  SUCCESSOR  DEPOSITARY  OR A NOMINEE OF
                  SUCH SUCCESSOR DEPOSITARY.

             or  any  other  legend  then  customary for securities of a similar
             nature held by DTC.

                       (b)  Redemption  notices  shall be sent to Cede & Co.  If
             less then all of the Series B Debentures are being  redeemed,  such
             securities  shall be redeemed in accordance with DTC's then current
             practice.

                       (c)  DTC  may  discontinue   providing  its  services  as
             securities  depository  with respect to the Series B Debentures  by
             giving reasonable notice to the Issuer as provided in the agreement
             between  the  Issuer  and  DTC.  Under  such  circumstances,  if  a
             successor securities depository is not obtained,  the Issuer at its
             expense  shall cause  certificates  for Series B  Debentures  to be
             printed and delivered as promptly as practicable.

                       SECTION  2.14  Listing  on the New York  Stock  Exchange.
             Following a Preferred  Security  Exchange,  the Issuer will use its
             best  efforts  to have the Series B  Debentures  listed on the same
             exchange on which the Series B Preferred Securities are listed.

                                  ARTICLE THREE

                                  MISCELLANEOUS

                       SECTION  3.1  Notices.  All  notices  hereunder  shall be
             deemed  given  by a  party  hereto  if  in  writing  and  delivered
             personally  or  by  telegram  or  facsimile   transmission   or  by
             registered  or certified  mail (return  receipt  requested)  to the
             other  party at the  following  address  for such party (or at such
             other address as shall be specified by like notice):

                       If to Capital, to:

                                 ConAgra Capital, L.C.
                                 c/o ConAgra, Inc.
                                 One ConAgra Drive
                                 Omaha, Nebraska 68102
                                 Attention: Vice President-Finance

                       If to the Issuer, to:

                                 ConAgra, Inc.
                                 One ConAgra Drive
                                 Omaha, Nebraska 68102
                                 Attention: Vice President-Finance

                       Any  notice  given  by  mail  or  telegram  or  facsimile
             transmission shall be effective when received.

                       SECTION 3.2 Assignment;  Binding Effect. The Issuer shall
             have  the  right  at all  times  to  assign  any of its  rights  or
             obligations under the Indenture,  this  Supplemental  Indenture and
             the  Series B  Debentures  to a direct  or  indirect  wholly  owned
             subsidiary  of  the  Issuer(other  than  to any  Managing  Member);
             provided  that,  in the event of any such  assignment,  the  Issuer
             shall remain jointly and severally liable for all such obligations;
             and provided  further that in the event of an assignment prior to a
             Preferred  Security  Exchange  the Issuer  shall have  received  an
             opinion of nationally  recognized tax counsel that such  assignment
             shall not  constitute  a taxable  event of the  holders of Series B
             Preferred  Securities  for federal  income tax purposes.  Except as
             otherwise provided in this Supplemental Indenture,  Capital may not
             assign any of its rights under the Series B Debentures  without the
             prior written consent of the Issuer. Subject to the foregoing,  the
             Indenture,  this Supplemental Indenture and the Series B Debentures
             shall be  binding  upon and  inure to the  benefit  of the  Issuer,
             Capital,  the Holders  from time to time of the Series B Debentures
             and their respective successors and assigns.  Except as provided in
             this Section 3.2 or elsewhere in this Supplemental Indenture,  none
             of the  Indenture,  this  Supplemental  Indenture  nor the Series B
             Debentures  may be assigned by either the Issuer or Capital and any
             assignment  by the  Issuer  or  Capital  in  contravention  of this
             Section 3.2 shall be null and void.

                       SECTION 3.3 Governing  Law. THIS  SUPPLEMENTAL  INDENTURE
             AND THE SERIES B DEBENTURES  SHALL BE GOVERNED BY AND  CONSTRUED IN
             ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

                       SECTION 3.4 Counterparts. This Supplemental Indenture may
             be  executed  in  counterparts,  each of which  shall be  deemed an
             original,  but all of which taken together shall constitute one and
             the same instrument.

                       Section 3.5 Amendments.  This Supplemental  Indenture may
             be  amended  as set  forth  in  Article  Eight  of  the  Indenture.
             Notwithstanding  the  foregoing,  so long as any Series B Preferred
             Securities  shall  remain  outstanding,  (i)  no  amendment  to the
             provisions of the  Indenture,  this  Supplemental  Indenture or the
             Series  B  Debentures  shall be made  that  adversely  affects  the
             holders of any Preferred  Interests then outstanding,  or terminate
             the  Indenture,   this  Supplemental  Indenture  or  the  Series  B
             Debentures,  without  in each case the prior  consent of holders of
             66-2/3% in stated liquidation preference of all Preferred Interests
             then  outstanding,  unless and until all Securities and all accrued
             and unpaid interest thereon (including Additional Interest, if any)
             shall have been paid in full and (ii) without the prior  consent of
             holders of 100% in stated  liquidation  preference  of all Series B
             Preferred  Securities then outstanding,  no amendment shall be made
             to the  provisions  of this  clause  (ii) of Section  3.5 or to (a)
             extend the stated  maturity of the  principal of any  Security,  or
             reduce the  principal  amount  thereof or reduce the rate or extend
             the time of  payment  of  interest  thereon,  or reduce  any amount
             payable on  redemption  thereof or change the currency in which the
             principal  thereof  or  interest  thereon  is payable or impair the
             right to institute  suit for the  enforcement of any payment on any
             Security  when  due or  (b)  reduce  the  aforesaid  percentage  in
             principal  amount of  Securities  of any series the  consent of the
             holders  of  which  is  required  for any  such  modification.  Any
             required consent of holders of Preferred Interests pursuant to this
             Section  3.5 shall be in writing or shall be  obtained at a meeting
             of Preferred  Interestholders  convened in the manner  specified in
             3.02(e) of the Operating Agreement.

                       Section 3.6 Waivers.  Capital may not waive compliance or
             waive any default in  compliance  by the Issuer of any  covenant or
             other term in the  Indenture,  this  Supplemental  Indenture or the
             Series B Debentures  without the approval of the same percentage of
             holders of Preferred  Interests,  obtained in the same  manner,  as
             would  be  required  for  an  amendment  of  the  Indenture,   this
             Supplemental  Indenture  or the  Series  B  Debentures  to the same
             effect; provided that if no approval would be required for any such
             amendment, then Capital may waive such compliance or default in any
             manner that the parties shall agree.

                       Section 3.7 Third Party Beneficiaries.  The Issuer hereby
             acknowledges that until a Preferred Security Exchange,  the holders
             from  time to time  of the  Series  B  Preferred  Securities  shall
             expressly  be  third  party   beneficiaries  of  this  Supplemental
             Indenture.

                       Section 3.8 Amendment to  Indenture.  Pursuant to Section
             8.1 of the  Indenture,  Section  8.2 of  the  Indenture  is  hereby
             amended for purposes of any and all Securities,  including  without
             limitation  the Series B Debentures,  issued under the Indenture by
             substituting  the phrase "of not less than  66-2/3%" for the phrase
             "of not less than a majority"  in the first  clause of such Section
             8.2.

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

                                      CONAGRA, INC.

                                      By:  /s/ James P. O'Donnell
                                      Name:   James P. O'Donnell
                                      Title:  Vice President, Finance
                                                and Treasurer
             [SEAL]

             Attest:

              /s/ Sue E.  Badberg
             Name:     Sue E. Badberg
             Title:    Assistant Secretary

                                      FIRST TRUST NATIONAL ASSOCIATION,
                                      as Trustee

                                      By  /s/  G. S. Kessler
                                      Name:  G. S. Kessler
                                      Title: Assistant Vice President
             [SEAL]

             Attest:

               /s/  Sheryl A. Christopherson
             Name:  Sheryl A. Christopherson
             Title: Assistant Secretary

<PAGE>

                                                                       Exhibit A

                             [Form of Series B Debenture]

             No. 1

                                  ConAgra, Inc.

                             Series B Debentures due 2043

                       ConAgra, Inc., a Delaware corporation (the "Issuer"), for
             value received,  hereby promises to pay to ConAgra Capital, L.C. or
             registered  assigns,  at the  office or agency of the Issuer in The
             City of New York, the principal sum of $175,000,000 Dollars on June
             30, 2043,  in such coin or currency of the United States of America
             as at the time of payment  shall be legal tender for the payment of
             public and private debts,  and to pay interest,  at a rate equal to
             7.06% per annum from June 8, 1994 to and including  August 31, 1994
             and interest for each monthly interest period  thereafter at a rate
             per annum equal to the  Applicable  Interest Rate in effect for the
             Quarterly  Period in which such  interest  period occurs until such
             principal sum is paid or duly made available for payment.

                  Except as provided below in this  paragraph,  the  "Applicable
             Interest Rate" for any Quarterly Period will be equal to 95% of the
             Effective  Rate (as  defined  below),  but not less  than  5.0% per
             annum, or more than 10.5% per annum.  The "Effective  Rate" for any
             Quarterly  Period will be equal to the highest of the Treasury Bill
             Rate,  the Ten Year  Constant  Maturity  Rate and the  Thirty  Year
             Constant  Maturity Rate (each as defined  below) for such Quarterly
             Period.  In the event that the Issuer determines in good faith that
             for any reason:

                       (i) any  one of the  Treasury  Bill  Rate,  the Ten  Year
                  Constant  Maturity Rate or the Thirty Year  Constant  Maturity
                  Rate cannot be determined for any Quarterly  Period,  then the
                  Effective Rate for such Quarterly  Period will be equal to the
                  higher of whichever two of such rates can be so determined;

                       (ii) only one of the  Treasury  Bill  Rate,  the Ten Year
                  Constant  Maturity Rate or the Thirty Year  Constant  Maturity
                  Rate can be  determined  for any  Quarterly  Period,  then the
                  Effective  Rate for  such  Quarterly  Period  will be equal to
                  whichever such rate can be so determined; or

                       (iii)  none of the  Treasury  Bill  Rate,  the  Ten  Year
                  Constant  Maturity Rate or the Thirty Year  Constant  Maturity
                  Rate can be  determined  for any  Quarterly  Period,  then the
                  Effective  Rate for the  preceding  Quarterly  Period  will be
                  continued for such Quarterly Period.

                  Except as described  below in this  paragraph,  the  "Treasury
             Bill Rate" for each Quarterly Period will be the arithmetic average
             of the two most recent weekly per annum market  discount  rates (or
             the one weekly per annum  market  discount  rate,  if only one such
             rate is published  during the relevant  Calendar Period (as defined
             below)) for three-month U.S. Treasury bills, as published weekly by
             the Federal  Reserve  Board (as defined  below) during the Calendar
             Period  immediately  preceding the last ten calendar days preceding
             the  Quarterly  Period for which the interest  rate on the Series B
             Debentures  is being  determined.  In the  event  that the  Federal
             Reserve  Board  does not  publish  such a weekly  per annum  market
             discount  rate during any such Calendar  Period,  then the Treasury
             Bill Rate for such Quarterly Period will be the arithmetic  average
             of the two most recent weekly per annum market  discount  rates (or
             the one weekly per annum  market  discount  rate,  if only one such
             rate  is  published  during  the  relevant   Calendar  Period)  for
             three-month  U.S.  Treasury bills, as published  weekly during such
             Calendar  Period  by  any  Federal  Reserve  Bank  or by  any  U.S.
             Government  department  or agency  selected by the  Issuer.  In the
             event that a per annum market  discount rate for  three-month  U.S.
             Treasury bills is not published by the Federal  Reserve Board or by
             any Federal  Reserve Bank or by any U.S.  Government  department or
             agency during such Calendar Period, then the Treasury Bill Rate for
             such  Quarterly  Period will be the  arithmetic  average of the two
             most  recent  weekly per annum  market  discount  rates (or the one
             weekly per annum  market  discount  rate,  if only one such rate is
             published during the relevant  Calendar Period) for all of the U.S.
             Treasury bills then having remaining maturities of not less than 80
             nor more than 100 days, as published during such Calendar Period by
             the Federal Reserve Board or, if the Federal Reserve Board does not
             publish  such  rates,  by any Federal  Reserve  Bank or by any U.S.
             Government  department  or agency  selected by the  Issuer.  In the
             event that the Issuer  determines in good faith that for any reason
             no such U.S.  Treasury bill rates are  published as provided  above
             during such Calendar  Period,  then the Treasury Bill Rate for such
             Quarterly  Period will be the  arithmetic  average of the per annum
             market  discount  rates  based upon the  closing  bids  during such
             Calendar   Period   for   each   of  the   issues   of   marketable
             non-interest-bearing  U.S.  Treasury  securities  with a  remaining
             maturity  of not less  than 80 nor more than 100 days from the date
             of each  such  quotation,  as  chosen  and  quoted  daily  for each
             business  day in  New  York  City  (or  less  frequently  if  daily
             quotations  are not generally  available) to the Issuer by at least
             three recognized dealers in U.S. Government  securities selected by
             the Issuer.  In the event that the Issuer  determines in good faith
             that for any reason the Issuer  cannot  determine the Treasury Bill
             Rate for any Quarterly  Period as provided above in this paragraph,
             the  Treasury  Bill  Rate for  such  Quarterly  Period  will be the
             arithmetic  average of the per annum  market  discount  rates based
             upon the closing bids during such  Calendar  Period for each of the
             issues of marketable interest-bearing U.S. Treasury securities with
             a remaining maturity of not less than 80 nor more than 100 days, as
             chosen and quoted daily for each  business day in New York City (or
             less frequently if daily quotations are not generally available) to
             the Issuer by at least three recognized dealers in U.S.  Government
             securities selected by the Issuer.

                  Except as  described  below in this  paragraph,  the "Ten Year
             Constant  Maturity  Rate"  for each  Quarterly  Period  will be the
             arithmetic average of the two most recent weekly per annum Ten Year
             Average  Yields (as defined below) (or the one weekly per annum Ten
             Year Average Yield, if only one such yield is published  during the
             relevant  Calendar  Period),  as  published  weekly by the  Federal
             Reserve Board during the Calendar Period immediately  preceding the
             last ten calendar days preceding the Quarterly Period for which the
             interest  rate on the Series B Debentures is being  determined.  In
             the event that the Federal  Reserve  Board does not publish  such a
             weekly  per annum  Ten Year  Average  Yield  during  such  Calendar
             Period, then the Ten Year Constant Maturity Rate for such Quarterly
             Period will be the arithmetic average of the two most recent weekly
             per annum Ten Year Average  Yields (or the one weekly per annum Ten
             Year Average Yield, if only one such yield is published  during the
             relevant Calendar Period), as published weekly during such Calendar
             Period  by any  Federal  Reserve  Bank  or by any  U.S.  Government
             department  or agency  selected by the Issuer.  In the event that a
             per annum Ten Year  Average  Yield is not  published by the Federal
             Reserve  Board  or by any  Federal  Reserve  Bank  or by  any  U.S.
             Government  department or agency during such Calendar Period,  then
             the Ten Year Constant  Maturity Rate for such Quarterly Period will
             be the  arithmetic  average of the two most recent weekly per annum
             average  yields to  maturity  (or the one weekly per annum  average
             yield to maturity,  if only one such yield is published  during the
             relevant Calendar Period) for all of the actively traded marketable
             U.S.  Treasury fixed interest rate  securities  (other than Special
             Securities (as defined below)) then having remaining  maturities of
             not less than eight nor more than twelve years, as published during
             such  Calendar  Period  by the  Federal  Reserve  Board  or, if the
             Federal Reserve Board does not publish such yields,  by any Federal
             Reserve  Bank  or by  any  U.S.  Government  department  or  agency
             selected by the Issuer.  In the event that the Issuer determines in
             good faith that for any reason the Issuer cannot  determine the Ten
             Year Constant  Maturity  Rate for any Quarterly  Period as provided
             above in this paragraph,  then the Ten Year Constant  Maturity Rate
             for such Quarterly Period will be the arithmetic average of the per
             annum average yields to maturity based upon the closing bids during
             such  Calendar  Period  for each of the issues of  actively  traded
             marketable U.S. Treasury fixed interest rate securities (other than
             Special  Securities) with a final maturity date not less than eight
             nor more than twelve years from the date of each such quotation, as
             chosen and quoted daily for each  business day in New York City (or
             less frequently if daily quotations are not generally available) to
             the Issuer by at least three recognized dealers in U.S.  Government
             securities selected by the Issuer.

                  Except as described below in this paragraph,  the "Thirty Year
             Constant  Maturity  Rate"  for each  Quarterly  Period  will be the
             arithmetic  average of the two most recent  weekly per annum Thirty
             Year Average Yields (as defined below) (or the one weekly per annum
             Thirty  Year  Average  Yield,  if only one such yield is  published
             during the relevant  Calendar  Period),  as published weekly by the
             Federal  Reserve  Board  during  the  Calendar  Period  immediately
             preceding the last ten calendar days preceding the Quarterly Period
             for which the  interest  rate on the Series B  Debentures  is being
             determined.  In the event that the Federal  Reserve  Board does not
             publish such a weekly per annum  Thirty Year  Average  Yield during
             such Calendar Period,  then the Thirty Year Constant  Maturity Rate
             for such Quarterly Period will be the arithmetic average of the two
             most recent weekly per annum Thirty Year Average Yields (or the one
             weekly per annum Thirty Year Average Yield,  if only one such yield
             is published  during the relevant  Calendar  Period),  as published
             weekly during such Calendar  Period by any Federal  Reserve Bank or
             by any U.S. Government department or agency selected by the Issuer.
             In the event  that a per annum  Thirty  Year  Average  Yield is not
             published by the Federal  Reserve  Board or by any Federal  Reserve
             Bank or by any U.S.  Government  department  or agency  during such
             Calendar  Period,  then the Thirty Year Constant  Maturity Rate for
             such  Quarterly  Period will be the  arithmetic  average of the two
             most recent weekly per annum average yields to maturity (or the one
             weekly per annum average yield to maturity,  if only one such yield
             is published  during the relevant  Calendar  Period) for all of the
             actively  traded  marketable  U.S.  Treasury  fixed  interest  rate
             securities  (other than Special  Securities)  then having remaining
             maturities  of not less  than  twenty-eight  nor more  than  thirty
             years,  as  published  during such  Calendar  Period by the Federal
             Reserve  Board or, if the  Federal  Reserve  Board does not publish
             such yields, by any Federal Reserve Bank or by any U.S.  Government
             department or agency selected by the Issuer.  In the event that the
             Issuer  determines  in good  faith  that for any  reason the Issuer
             cannot  determine  the Thirty Year  Constant  Maturity Rate for any
             Quarterly  Period as  provided  above in this  paragraph,  then the
             Thirty Year Constant  Maturity Rate for such Quarterly  Period will
             be the  arithmetic  average  of the per  annum  average  yields  to
             maturity  based upon the closing bids during such  Calendar  Period
             for each of the issues of actively traded  marketable U.S. Treasury
             fixed interest rate securities (other than Special Securities) with
             a final  maturity  date not less  than  twenty-eight  nor more than
             thirty years (or, in the absence of which, having maturities of not
             less than  twenty-five  years or, in the further  absence of which,
             twenty years) from the date of each such  quotation,  as chosen and
             quoted  daily  for  each  business  day in New  York  City (or less
             frequently if daily quotations are not generally  available) to the
             Issuer by at least  three  recognized  dealers  in U.S.  Government
             securities selected by the Issuer.

                  The Treasury Bill Rate,  the Ten Year  Constant  Maturity Rate
             and the Thirty Year Constant  Maturity Rate will each be rounded to
             the nearest five hundredths of a percent.

                  The  Applicable  Interest Rate with respect to each  Quarterly
             Period will be calculated as promptly as  practicable by the Issuer
             according to the appropriate method described above.

                  As used above,  the term  "Calendar  Period" means a period of
             fourteen  calendar days; the term "Federal Reserve Board" means the
             Board  of  Governors  of  the  Federal  Reserve  System;  the  term
             "Quarterly Period" means the three-month period ending November 30,
             1994 and each  three-month  period ending  February 28 (or February
             29),  May 31,  August  31, and  November  30  thereafter;  the term
             "Special  Securities"  means securities which can, at the option of
             the holder,  be surrendered at face value in payment of any Federal
             estate  tax or which  provide  tax  benefits  to the holder and are
             priced to reflect such tax benefits or which were originally issued
             at a deep or  substantial  discount;  the term  "Ten  Year  Average
             Yield"  means the average  yield to maturity  for  actively  traded
             marketable U.S.  Treasury fixed interest rate securities  (adjusted
             to constant  maturities  of ten years);  and the term  "Thirty Year
             Average  Yield"  means the average  yield to maturity  for actively
             traded  marketable  U.S.  Treasury fixed  interest rate  securities
             (adjusted to constant maturities of thirty years).

                  To the  extent  allowed  by law,  the  Issuer  will  also  pay
             interest  on overdue  installments  of interest at the rate used to
             compute such  installments.  The amount of interest payable for any
             full  monthly  interest  period  shall be  computed on the basis of
             twelve 30-day months and a 360-day year and, for any period shorter
             than a full monthly interest period, shall be computed on the basis
             of the actual number of days elapsed in such period.  Such interest
             shall be  payable  monthly  on the last day (an  "Interest  Payment
             Date") of each calendar  month,  commencing on June 30, 1994 to the
             holder or holders of this  Debenture  on the  relevant  record date
             (each, a "Record  Date"),  which shall be one Business Day prior to
             the relevant Interest Payment Date. If Interest Payment Date is not
             a Business Day,  then payment of the interest  payable on such date
             will be made on the next  succeeding  day which is a  Business  Day
             (and without any  interest or other  payment in respect of any such
             delay) except that, if such Business Day is in the next  succeeding
             calendar  year,  such  payment  shall  be made  on the  immediately
             preceding  Business  Day (and  the  Record  Date for such  Interest
             Payment  Date shall be one  Business Day prior to the date on which
             payment is to be made), in each case with the same force and effect
             as if made on such date.  If at any time  following the issuance of
             the Series B Preferred Securities and prior to a Preferred Security
             Exchange,  Capital  shall be required to pay,  with  respect to its
             income  derived  from  the  interest   payments  on  the  Series  B
             Debentures  relating  to the  Series B  Preferred  Securities,  any
             amounts,  for or on account of any taxes,  duties,  assessments  or
             governmental  charges  of  whatever  nature  imposed  by the United
             States or any other taxing  authority,  then, in any such case, the
             Issuer will pay as interest such  additional  amounts  ("Additional
             Interest")  as may be  necessary  in  order  that  the net  amounts
             received and  retained by Capital  after the payment of such taxes,
             duties,   assessments  or  governmental  charges  shall  result  in
             Capital's  having such funds as it would have had in the absence of
             the  payment of such taxes,  duties,  assessments  or  governmental
             charges.  Notwithstanding  the forgoing,  the Issuer shall have the
             right  at any  time  or  times  during  the  term of the  Series  B
             Debentures,  so long as the Issuer is not in default in the payment
             of interest  under any of the  Securities,  to extend the  interest
             payment  period  for  the  Series  B  Debentures  up to 18  months;
             provided  that at the end of such  period the Issuer  shall pay all
             installments  of interest  then accrued and unpaid  (together  with
             interest  thereon at the rate used to compute such  installments to
             the extent  permitted by applicable  law);  provided  further that,
             during any such extended  interest  period,  neither the Issuer nor
             any majority  owned  subsidiary  of the Issuer shall pay or declare
             any  dividends  on,  or  redeem,   purchase,   acquire  or  make  a
             liquidation  payment  with  respect  to, any of its  capital  stock
             (other than payments to redeem common share  purchase  rights under
             the  Issuer's  shareholder  rights  plan  dated July 10,  1986,  as
             amended,  or to declare a dividend of similar share purchase rights
             in the  future);  and  provided  further  that  any  such  extended
             interest  period may only be selected  with respect to the Series B
             Debentures if an extended  interest  period of identical  length is
             simultaneously   selected   for  all   Securities.   Prior  to  the
             termination  of any such extended  interest  payment period for the
             Series B  Debentures,  the Issuer may further  extend the  interest
             payment  period for the  Series B  Debentures;  provided  that such
             extended  interest  payment  period  for the  Series  B  Debentures
             together with all such further extensions  thereof,  may not exceed
             18 months;  and provided  further  that any such  further  extended
             interest  period may only be selected  with respect to the Series B
             Debentures  if a further  extended  interest  period  of  identical
             length is

             simultaneously  selected   for  all   Securities.   Following   the
             termination of any extended  interest payment period, if the Issuer
             has paid all accrued and unpaid interest required by the Securities
             for such  period,  then the  Issuer  shall  have the right to again
             extend  the  interest  payment  period  up to 18  months  as herein
             described.  Prior to any Preferred  Security  Exchange,  the Issuer
             shall give Capital notice of its selection of any extended interest
             payment  period one  Business  Day prior to the  earlier of (i) the
             date Capital  declares the related  distribution  to the holders of
             the  Series B  Preferred  Securities  or (ii) the date  Capital  is
             required  to give  notice  of the  record or  payment  date of such
             related  distribution  to the  holders  of the  Series B  Preferred
             Securities  to the New York  Stock  Exchange  or  other  applicable
             self-regulatory   organization  or  to  holders  of  the  Series  B
             Preferred  Securities,  but in any event not less than two Business
             Days prior to such record date;  the Issuer shall cause  Capital to
             give such notice of the Issuer's selection of any extended interest
             payment   period  to  all   holders  of  such  Series  B  Preferred
             Securities. After any Preferred Security Exchange, the Issuer shall
             give the Holders of the Series B Debentures notice of its selection
             of any extended  interest  payment prior to the date it is required
             to give  notice of the  record  or  payment  date of such  interest
             payment  to  the  New  York  Stock  Exchange  or  other  applicable
             self-regulatory  organization,  but in any  event not less than two
             Business Days prior to such Record Date.

                       Reference  is  made  to the  further  provisions  of this
             Debenture set forth below.  Such further  provisions  shall for all
             purposes  have the same  effect as  though  fully set forth at this
             place.

                       This  Debenture  shall not be valid or become  obligatory
             for any purpose  until the  certificate  of  authentication  hereon
             shall have been signed by the Trustee under the Indenture  referred
             to on the reverse or succeeding pages hereof.

                       This  Debenture  is  one of a duly  authorized  issue  of
             debentures,  notes, bonds or other evidences of indebtedness of the
             Issuer   (hereinafter   called  the  "Securities")  of  the  series
             hereinafter  specified,  all  issued  or to  be  issued  under  and
             pursuant  to  an   indenture  dated  as  of  March   10,  1994  and
             supplemental  indentures  thereto  (herein  collectively called the
             "Indenture"),  duly  executed and delivered by the Issuer and First
             Trust   National   Association,   as  Trustee  (herein  called  the
             "Trustee"),  to  which  Indenture  and  all indentures supplemental
             thereto  reference  is hereby made for a description of the rights,
             limitations   of   rights,   obligations,   duties  and  immunities
             thereunder  of  the  Trustee,  the  Issuer  and  the holders of the
             Securities.  The  Securities  may  be issued in one or more series,
             which different series may be issued in various aggregate principal
             amounts,  may mature at different times, may bear interest (if any)
             at  different   rates,  may  be  subject  to  different  redemption
             provisions  (if any), may be subject to different sinking, purchase
             or  analogous  funds  (if  any)  and  may  otherwise vary as in the
             Indenture provided. This Debenture is one of a series designated as
             the  "Series  B Adjustable Rate Debentures due 2043" (the "Series B
             Debentures")  of  the Issuer, limited in aggregate principal amount
             to $175,000,000.

                       In case an Event of Default  with respect to the Series B
             Debentures, as defined in the Indenture, shall have occurred and be
             continuing,  the  principal  hereof may be declared,  and upon such
             declaration shall become, due and payable,  in the manner, with the
             effect and subject to the conditions provided in the Indenture.

                       The Indenture contains  provisions  permitting the Issuer
             and the  Trustee,  with the consent of the Holders of not less than
             66-2/3% in aggregate principal amount of the Securities at the time
             Outstanding  (as  defined  in the  Indenture)  of all  series to be
             affected  (voting  as one  class),  evidenced  as in the  Indenture
             provided, to execute supplemental  indentures adding any provisions
             to or changing in any manner or  eliminating  any of the provisions
             of the Indenture or of any  supplemental  indenture or modifying in
             any manner the rights of the Holders of the Securities of each such
             series;  provided,  however,  that no such  supplemental  indenture
             shall (i) extend the final maturity of any Security,  or reduce the
             principal amount thereof or any premium thereon, or reduce the rate
             or extend the time of payment of any interest thereon, or impair or
             affect the rights of any Holder to  institute  suit for the payment
             thereof,  without  the  consent of the Holder of each  Security  so
             affected,  or (ii) reduce the aforesaid  percentage of  Securities,
             the  Holders  of  which  are   required  to  consent  to  any  such
             supplemental  indenture,  without the consent of the Holder of each
             Security affected.  It is also provided in the Indenture that, with
             respect to certain  defaults  or Events of  Default  regarding  the
             Securities of any series, prior to any declaration accelerating the
             maturity of such Securities, the Holders of a majority in aggregate
             principal amount  Outstanding of the Securities of such series (or,
             in the case of  certain  defaults  or  Events  of  Default,  all or
             certain series of the  Securities)  may on behalf of the Holders of
             all the  Securities of such series (or all or certain series of the
             Securities,  as the case may be)  waive any such  past  default  or
             Event of Default and its consequences. The preceding sentence shall
             not, however,  apply to a continuing  default in the payment of the
             principal  of or  premium,  if  any,  or  interest  on  any  of the
             Securities.  Any such  consent  or  waiver  by the  Holder  of this
             Debenture  (unless  revoked as provided in the Indenture)  shall be
             conclusive and binding upon such Holder and upon all future Holders
             and owners of this Debenture and any Debenture  which may be issued
             in exchange or substitution herefor, irrespective of whether or not
             any  notation  thereof  is made upon this  Debenture  or such other
             Debentures.

                     No reference  herein to the  Indenture  and no provision of
             this  Debenture  or of the  Indenture  shall  alter or  impair  the
             obligation of the Issuer,  which is absolute and unconditional,  to
             pay the principal of and any premium and interest on this Debenture
             in the manner, at the respective times, at the rate and in the coin
             or currency herein prescribed.

                       The Series B Debentures  are issuable in registered  form
             without coupons in denominations  of $25 and any integral  multiple
             of $25 at the  office  or agency of the  Issuer in the  Borough  of
             Manhattan,  The City of New York,  and in the manner and subject to
             the limitations provided in the Indenture,  but without the payment
             of any service  charge,  Series B Debentures may be exchanged for a
             like  aggregate  principal  amount of Series B Debentures  of other
             authorized denominations.

                       Upon  not  less  than 30 nor  more  than 60  days'  prior
             notice,  the  Issuer  shall  have the right to prepay  the Series B
             Debentures relating to the Series B Preferred  Securities (together
             with  any  accrued  but  unpaid  interest,   including   Additional
             Interest, if any, on the portion being prepaid), without premium or
             penalty,

                       (i)  in whole or in part, as the case may be, at any time
                  on or after June 30, 1999; and

                       (ii) in whole at any time if the Issuer and Capital  have
                  been  advised  by  independent   nationally  recognized  legal
                  counsel  that, as a result of any change after June 1, 1994 in
                  United  States  law   (including  the  enactment  or  imminent
                  enactment of any legislation,  the publication of any judicial
                  decisions  or  regulatory  rulings or a change in the official
                  position  or in the  interpretation  of  law or  regulations),
                  there exists more than an  insubstantial  risk that the Issuer
                  will be precluded  from deducting the interest on the Series B
                  Debentures  for federal income tax purposes even if the Series
                  B  Preferred   Securities  are  exchanged  for  the  Series  B
                  Debentures pursuant to a Preferred Security Exchange,

             all as further provided in the Indenture.

                       The  Series B  Debentures  are,  to the extent and in the
             manner provided in the Indenture,  expressly subordinate and junior
             in right of payment of all Senior  Indebtedness  as provided in the
             Indenture,  and each holder of this  Debenture,  by his  acceptance
             hereof,  agrees  to and  shall be bound by such  provisions  of the
             Indenture and  authorizes  and directs the Trustee in his behalf to
             take such action as  appropriate to effectuate  such  subordination
             and appoints the Trustee his  attorney-in-fact for any and all such
             purposes.  The Indenture defines Senior Indebtedness as obligations
             (other than  non-recourse  obligations  and the  Securities) of, or
             guaranteed or assumed by, the Issuer for borrowed money  (including
             both senior and subordinated indebtedness for borrowed money (other
             than the Securities)) or evidenced by bonds,  debentures,  notes or
             other similar instruments,  and amendments,  renewals,  extensions,
             modifications   and   refundings  of  any  such   indebtedness   or
             obligation,  whether existing as of the date hereof or subsequently
             incurred by the Issuer.

                       Upon due presentment for registration of transfer of this
             Debenture  at the office or agency of the Issuer in the  Borough of
             Manhattan,  The City of New York, a new  Debenture or Debentures of
             authorized  denominations  for an equal aggregate  principal amount
             will be issued to the transferee in exchange  therefor,  subject to
             the  limitations  provided in the Indenture,  without charge except
             for any tax or other  governmental  charge  imposed  in  connection
             therewith.

                       The Issuer,  the Trustee and any authorized  agent of the
             Issuer or the  Trustee  may deem and treat  the  registered  Holder
             hereof as the absolute owner of this Debenture (whether or not this
             Debenture  shall be overdue  and  notwithstanding  any  notation of
             ownership or other  writing  hereon),  for the purpose of receiving
             payment of, or on account of, the principal hereof and premium,  if
             any, and subject to the  provisions  on the face  hereof,  interest
             hereon, and for all other purposes,  and neither the Issuer nor the
             Trustee nor any authorized agent of the Issuer or the Trustee shall
             be affected by any notice to the contrary.

                       No  recourse  under or upon any  obligation,  covenant or
             agreement  of  the  Issuer  in  the   Indenture  or  any  indenture
             supplemental  thereto  or in  any  Debenture,  or  because  of  the
             creation  of any  indebtedness  represented  thereby,  shall be had
             against any  incorporator,  stockholder,  officer or  director,  as
             such,  of  the  Issuer  or of  any  successor  corporation,  either
             directly or through the Issuer or any successor corporation,  under
             any rule of law,  statute  or  constitutional  provision  or by the
             enforcement  of  any  assessment  or  by  any  legal  or  equitable
             proceeding or otherwise,  all such liability being expressly waived
             and  released  by  the  acceptance   hereof  and  as  part  of  the
             consideration for the issue hereof.

                       Terms used  herein  which are  defined  in the  Indenture
             shall  have  the  respective   meanings  assigned  thereto  in  the
             Indenture.

                       IN  WITNESS  WHEREOF,   ConAgra,  Inc.  has  caused  this
             instrument  to be  signed  by  facsimile  by  its  duly  authorized
             officers  and has caused a facsimile  of its  corporate  seal to be
             affixed hereunto or imprinted hereon.

                  Dated:
                                      ConAgra, Inc.

                                      By______________________________

                  [FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION]

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

                                           First Trust National
                                           Association, as Trustee

                                           By__________________________
                                                Authorized Officer

<PAGE>

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

                                    CONAGRA, INC.

                                       AND

                           FIRST TRUST NATIONAL ASSOCIATION
                                     Trustee

                          Fourth Supplemental Indenture

                               Dated as of June 1, 1994

                            Providing for Issuance of

                            Series BB Debentures due 2043
                          in connection with the issuance by
                             ConAgra Capital, L.C. of its
                                   Common Interests

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

<PAGE>

                       FOURTH   SUPPLEMENTAL    INDENTURE   (the   "Supplemental
             Indenture"),  dated as of June 1, 1994,  between  CONAGRA,  INC., a
             Delaware  corporation  (the  "Issuer"),  and FIRST  TRUST  NATIONAL
             ASSOCIATION, a national banking corporation (the "Trustee").

                                W I T N E S S E T H :

                       WHEREAS,  in accordance with Sections 2.1, 2.3 and 8.1 of
             the Subordinated  Indenture dated as of March 10, 1994, between the
             Issuer  and  the  Trustee  (the  "Indenture"),   this  Supplemental
             Indenture is being  entered into in order to establish the form and
             terms of a series of Securities to be issued in connection with the
             issuance  by  ConAgra  Capital,  L.C.,  an Iowa  limited  liability
             company   ("Capital"),   of  its  Common   Interests  (the  "Common
             Interests");

                       WHEREAS, the Issuer has duly authorized the execution and
             delivery of this  Supplemental  Indenture  to provide,  among other
             things, for the authentication, delivery and administration of such
             series of Securities;

                       WHEREAS,  all things necessary to make this  Supplemental
             Indenture a valid  supplement  to Indenture  according to its terms
             and the terms of the Indenture have been done;

                       NOW, THEREFORE:

                       In  consideration  of the premises  and the  purchases of
             such series of  Securities by the holders  thereof,  the Issuer and
             the  Trustee  mutually   covenant  and  agree  for  the  equal  and
             proportionate  benefit of the respective  holders from time to time
             of such series of Securities as follows:

                                   ARTICLE ONE

                                   DEFINITIONS

                       SECTION 1.1 Certain Terms Defined in the  Indenture.  All
             capitalized  terms used herein  without  definition  shall have the
             meanings specified in the Indenture.

                       SECTION 1.2  Additional  Terms  Defined.  As used in this
             Supplemental Indenture,  the additional terms set forth below shall
             have the following meanings:

                       "Additional Interest" shall have the meaning set forth in
             Section 2.8 hereof.

                       "Common Interests" shall mean Common Membership Interests
             as defined in the Operating Agreement.

                       "Event  of  Default"  shall  (a)  prior  to  a  Preferred
             Security  Exchange,  have the  meaning  set forth in  Section  2.12
             hereof and (b) on and after a Preferred Security Exchange, have the
             meaning set forth in Section 5.1 of the Indenture.

                       "Expense  Agreement"  means the  Agreement as to Expenses
             and  Liabilities  dated as of April 20, 1994 between the Issuer and
             Capital.

                       "Guarantee"  means the  Payment and  Guarantee  Agreement
             dated as of April 20, 1994,  executed  and  delivered by the Issuer
             for the  benefit  of the  holders  from time to time of the  Common
             Interests and other Preferred Interests of Capital.

                       "Managing Members" means HW Nebraska, Inc., a
             Nebraska corporation, and CP Nebraska, Inc., a Nebraska
             corporation, as managing members of Capital.

                       "Operating Agreement" means the Limited Liability Company
             Operating  Agreement  dated as of March  11,  1994 by and among the
             Managing Members.

                       "Preferred  Interests" means Series Preferred  Membership
             Interests as defined in the Operating Agreement.

                       "Preferred Security Exchange" means an exchange of Series
             B Debentures for Series B Preferred  Securities pursuant to Section
             7 of the Written Action.

                       "Series   BB   Debentures"   shall  mean  the  Series  BB
             Adjustable  Rate  Debentures as defined in the Fourth  Supplemental
             Indenture dated June 1, 1994.

                       "Series  B  Preferred  Securities"  shall  mean  Series B
             Adjustable Rate Cumulative  Preferred  Securities as defined in the
             Written Action.

                       "Underwriting Agreement" means the underwriting agreement
             dated as of June 1,  1994,  among  the  Issuer,  Capital  and Smith
             Barney  Shearson  Inc. and Merrill  Lynch,  Pierce,  Fenner & Smith
             Incorporated as representatives  of the several  underwriters named
             therein.

                       "Written Action" means the Written Action of the Managing
             Members  Pursuant to Section 3.02 of the Operating  Agreement dated
             June 1, 1994,  establishing  the terms of the  Preferred  Interests
             relating to the Series BB Debentures.

                                   ARTICLE TWO

                           ISSUANCE OF SERIES BB DEBENTURES

                       SECTION 2.1 Issuance of Series BB Debentures. There shall
             be a series of Securities  designated  "Series BB  Adjustable  Rate
             Debentures due 2043" (the "Series BB  Debentures")  and such Series
             BB Debentures shall have the terms set forth in this Article Two in
             accordance   with  the   provisions   of  the  Indenture  and  this
             Supplemental Indenture.

                       SECTION 2.2 Limitation on Aggregate Principal Amount. The
             aggregate principal amount of the Series BB Debentures which may be
             authenticated and delivered shall be limited to $46,519,000.

                       SECTION 2.3 Maturity of the Series BB Debentures. Subject
             to the  provisions  of Sections 2.4 and 2.5,  the entire  principal
             amount of the Series BB  Debentures  shall  become due and payable,
             together with any accrued and unpaid  interest  thereon,  including
             Additional  Interest,  if any,  on the earlier of (a) June 30, 2043
             (subject to the Issuer's right to exchange the Series BB Debentures
             for new  debentures  pursuant to Section 2.6) and (b) the date upon
             which Capital shall be dissolved, wound-up or liquidated;  provided
             that the parenthetical to clause (a) and the entirety of clause (b)
             shall  be  inapplicable  on and  after  the  date of any  Preferred
             Security Exchange.

                       SECTION 2.4 Mandatory  Prepayment of Series BB Debentures
             upon redemption of Common Interests. Notwithstanding the provisions
             of Section  2.3, if Capital  redeems  the  Preferred  Interests  in
             accordance with the terms thereof,  the Series BB Debentures  shall
             become due and payable in a principal  amount together with any and
             all accrued interest thereon,  including  Additional  Interest,  if
             any.  Any payment  pursuant to this Section 2.4 shall be made prior
             to 12:00 noon, New York time, on the date fixed for such redemption
             or at such  other  time on such  earlier  date as  Capital  and the
             Issuer shall agree.

                       SECTION 2.5  Optional  Prepayment.  Upon not less than 30
             nor more than 60 days'  prior  notice,  the  Issuer  shall have the
             right to prepay the Series BB Debentures (together with any accrued
             but unpaid interest,  including Additional Interest, if any, on the
             portion being prepaid), without premium or penalty,

                       (i)  in whole or in part, as the case may be, at any time
                  on or after June 30, 1999; and

                       (ii) in whole at any time if the Issuer and Capital  have
                  been  advised  by  independent   nationally  recognized  legal
                  counsel  that, as a result of any change after June 1, 1994 in
                  United  States  law   (including  the  enactment  or  imminent
                  enactment of any legislation,  the publication of any judicial
                  decisions  or  regulatory  rulings or a change in the official
                  position  or in the  interpretation  of  law or  regulations),
                  there exists more than an  insubstantial  risk that the Issuer
                  will be precluded from deducting the interest on the Series BB
                  Debentures for federal income tax purposes.

                       SECTION  2.6  Exchange  of Series BB  Debentures  for New
             Debentures. Notwithstanding the provisions of Section 2.3, prior to
             a Preferred  Security  Exchange,  in lieu of repaying the Series BB
             Debentures  when due, the Issuer may elect to exchange  such Series
             BB Debentures for new debentures with an equal aggregate  principal
             amount  issued  under  the  Indenture   with  terms   substantially
             identical to the Series BB Debentures; provided that the Issuer may
             not so elect to exchange  any Series BB  Debentures,  unless at the
             time of such exchange  Capital owns all of the Series BB Debentures
             and, as  determined  in the  judgment of the  Managing  Members and
             Capital's  financial  advisor (selected by the Managing Members and
             who shall be unaffiliated with the Issuer and shall be among the 30
             largest investment banking firms, measured by total capital, in the
             United States at the time of such exchange),  (a) the Issuer is not
             bankrupt,  insolvent or in liquidation,  (b) no Event of Default or
             event that with the  giving of notice or the  passage of time would
             constitute  an Event of Default  on any  Securities  pertaining  to
             Preferred  Interests of any series, has occurred and is continuing,
             (c) the Issuer has made timely payments on the Series BB Debentures
             for the  immediately  preceding  18 months,  (d)  Capital is not in
             arrears on  payments  of  distributions  on the Series B  Preferred
             Securities,  (e) there is then no  present  reason to  believe  the
             Issuer  will be unable to make  timely  payment  of  principal  and
             interest on such new debentures,  (f) such new debentures are being
             issued on terms, and under circumstances,  that are consistent with
             those which a lender  would then require for a loan to an unrelated
             party,  (g)  such  new  debentures  are  being  issued  at  a  rate
             sufficient to provide  payments equal to or greater than the amount
             of  distributions  required  under the Common  Interests,  (h) such
             debentures  are being  issued  for a term that is  consistent  with
             market  circumstances  and the Issuer's  financial  condition,  (i)
             immediately  prior to  issuing  such  new  debentures,  the  senior
             unsecured  long-term  debt of the  Issuer is (or if no such debt is
             outstanding,  would be) rated not less than BBB (or the equivalent)
             by Standard & Poor's  Corporation  and Baa1 (or the  equivalent) by
             Moody's  Investors  Service,  Inc.  (or if  either  of such  rating
             organizations  is not then  rating the  Issuer's  senior  unsecured
             long-term  debt,  the  equivalent  of  such  rating  by  any  other
             "nationally  recognized  statistical rating  organization," as that
             term is defined by the  Commission  for purposes of Rule  436(g)(2)
             under the Securities Act of 1933, as amended) and any  subordinated
             unsecured long-term debt of the Issuer or, if there is no such debt
             then outstanding,  the Preferred Interests, are rated not less than
             BBB- (or the  equivalent) by Standard & Poor's  Corporation or Baa3
             (or the  equivalent)  by Moody's  Investors  Service,  Inc.  or the
             equivalent   of  either  such  rating  by  any  other   "nationally
             recognized  statistical  rating  organization"  and  (j)  such  new
             debentures  will  have a  final  maturity  no  later  than  the one
             hundredth anniversary of the issuance of the Preferred Interests of
             the first series issued.

                       SECTION 2.7  Denomination  and  Interest on the Series BB
             Debentures.  (a) The  Series BB  Debentures  shall be  issuable  as
             Registered  Securities  in  denominations  of $25 and any  multiple
             thereof.

                       (b) The Series BB  Debentures  shall bear  interest  at a
             rate  equal to 7.06% per annum  from June 8, 1994 to and  including
             August 31, 1994 and will bear  interest for each  monthly  interest
             period  thereafter  at a rate per  annum  equal  to the  Applicable
             Interest  Rate in effect  for the  Quarterly  Period in which  such
             interest  period occurs until the principal  amount of the Series B
             Debentures has been paid or duly made available for payment.

                  Except as provided below in this  paragraph,  the  "Applicable
             Interest Rate" for any Quarterly Period will be equal to 95% of the
             Effective  Rate (as  defined  below),  but not less  than  5.0% per
             annum, or more than 10.5% per annum.  The "Effective  Rate" for any
             Quarterly  Period will be equal to the highest of the Treasury Bill
             Rate,  the Ten Year  Constant  Maturity  Rate and the  Thirty  Year
             Constant  Maturity Rate (each as defined  below) for such Quarterly
             Period.  In the event that the Issuer determines in good faith that
             for any reason:

                       (i) any  one of the  Treasury  Bill  Rate,  the Ten  Year
                  Constant  Maturity Rate or the Thirty Year  Constant  Maturity
                  Rate cannot be determined for any Quarterly  Period,  then the
                  Effective Rate for such Quarterly  Period will be equal to the
                  higher of whichever two of such rates can be so determined;

                       (ii) only one of the  Treasury  Bill  Rate,  the Ten Year
                  Constant  Maturity Rate or the Thirty Year  Constant  Maturity
                  Rate can be  determined  for any  Quarterly  Period,  then the
                  Effective  Rate for  such  Quarterly  Period  will be equal to
                  whichever such rate can be so determined; or

                       (iii)  none of the  Treasury  Bill  Rate,  the  Ten  Year
                  Constant  Maturity Rate or the Thirty Year  Constant  Maturity
                  Rate can be  determined  for any  Quarterly  Period,  then the
                  Effective  Rate for the  preceding  Quarterly  Period  will be
                  continued for such Quarterly Period.

                  Except as described  below in this  paragraph,  the  "Treasury
             Bill Rate" for each Quarterly Period will be the arithmetic average
             of the two most recent weekly per annum market  discount  rates (or
             the one weekly per annum  market  discount  rate,  if only one such
             rate is published  during the relevant  Calendar Period (as defined
             below)) for three-month U.S. Treasury bills, as published weekly by
             the Federal  Reserve  Board (as defined  below) during the Calendar
             Period  immediately  preceding the last ten calendar days preceding
             the  Quarterly  Period for which the interest rate on the Series BB
             Debenture  is being  determined.  In the  event  that  the  Federal
             Reserve  Board  does not  publish  such a weekly  per annum  market
             discount  rate during any such Calendar  Period,  then the Treasury
             Bill Rate for such Quarterly Period will be the arithmetic  average
             of the two most recent weekly per annum market  discount  rates (or
             the one weekly per annum  market  discount  rate,  if only one such
             rate  is  published  during  the  relevant   Calendar  Period)  for
             three-month  U.S.  Treasury bills, as published  weekly during such
             Calendar  Period  by  any  Federal  Reserve  Bank  or by  any  U.S.
             Government  department  or agency  selected by the  Issuer.  In the
             event that a per annum market  discount rate for  three-month  U.S.
             Treasury bills is not published by the Federal  Reserve Board or by
             any Federal  Reserve Bank or by any U.S.  Government  department or
             agency during such Calendar Period, then the Treasury Bill Rate for
             such  Quarterly  Period will be the  arithmetic  average of the two
             most  recent  weekly per annum  market  discount  rates (or the one
             weekly per annum  market  discount  rate,  if only one such rate is
             published during the relevant  Calendar Period) for all of the U.S.
             Treasury bills then having remaining maturities of not less than 80
             nor more than 100 days, as published during such Calendar Period by
             the Federal Reserve Board or, if the Federal Reserve Board does not
             publish  such  rates,  by any Federal  Reserve  Bank or by any U.S.
             Government  department  or agency  selected by the  Issuer.  In the
             event that the Issuer  determines in good faith that for any reason
             no such U.S.  Treasury bill rates are  published as provided  above
             during such Calendar  Period,  then the Treasury Bill Rate for such
             Quarterly  Period will be the  arithmetic  average of the per annum
             market  discount  rates  based upon the  closing  bids  during such
             Calendar   Period   for   each   of  the   issues   of   marketable
             non-interest-bearing  U.S.  Treasury  securities  with a  remaining
             maturity  of not less  than 80 nor more than 100 days from the date
             of each  such  quotation,  as  chosen  and  quoted  daily  for each
             business  day in  New  York  City  (or  less  frequently  if  daily
             quotations  are not generally  available) to the Issuer by at least
             three recognized dealers in U.S. Government  securities selected by
             the Issuer.  In the event that the Issuer  determines in good faith
             that for any reason the Issuer  cannot  determine the Treasury Bill
             Rate for any Quarterly  Period as provided above in this paragraph,
             the  Treasury  Bill  Rate for  such  Quarterly  Period  will be the
             arithmetic  average of the per annum  market  discount  rates based
             upon the closing bids during such  Calendar  Period for each of the
             issues of marketable interest-bearing U.S. Treasury securities with
             a remaining maturity of not less than 80 nor more than 100 days, as
             chosen and quoted daily for each  business day in New York City (or
             less frequently if daily quotations are not generally available) to
             the Issuer by at least three recognized dealers in U.S.  Government
             securities selected by the Issuer.

                  Except as  described  below in this  paragraph,  the "Ten Year
             Constant  Maturity  Rate"  for each  Quarterly  Period  will be the
             arithmetic average of the two most recent weekly per annum Ten Year
             Average  Yields (as defined below) (or the one weekly per annum Ten
             Year Average Yield, if only one such yield is published  during the
             relevant  Calendar  Period),  as  published  weekly by the  Federal
             Reserve Board during the Calendar Period immediately  preceding the
             last ten calendar days preceding the Quarterly Period for which the
             interest  rate on the Series BB Debenture is being  determined.  In
             the event that the Federal  Reserve  Board does not publish  such a
             weekly  per annum  Ten Year  Average  Yield  during  such  Calendar
             Period, then the Ten Year Constant Maturity Rate for such Quarterly
             Period will be the arithmetic average of the two most recent weekly
             per annum Ten Year Average  Yields (or the one weekly per annum Ten
             Year Average Yield, if only one such yield is published  during the
             relevant Calendar Period), as published weekly during such Calendar
             Period  by any  Federal  Reserve  Bank  or by any  U.S.  Government
             department  or agency  selected by the Issuer.  In the event that a
             per annum Ten Year  Average  Yield is not  published by the Federal
             Reserve  Board  or by any  Federal  Reserve  Bank  or by  any  U.S.
             Government  department or agency during such Calendar Period,  then
             the Ten Year Constant  Maturity Rate for such Quarterly Period will
             be the  arithmetic  average of the two most recent weekly per annum
             average  yields to  maturity  (or the one weekly per annum  average
             yield to maturity,  if only one such yield is published  during the
             relevant Calendar Period) for all of the actively traded marketable
             U.S.  Treasury fixed interest rate  securities  (other than Special
             Securities (as defined below)) then having remaining  maturities of
             not less than eight nor more than twelve years, as published during
             such  Calendar  Period  by the  Federal  Reserve  Board  or, if the
             Federal Reserve Board does not publish such yields,  by any Federal
             Reserve  Bank  or by  any  U.S.  Government  department  or  agency
             selected by the Issuer.  In the event that the Issuer determines in
             good faith that for any reason the Issuer cannot  determine the Ten
             Year Constant  Maturity  Rate for any Quarterly  Period as provided
             above in this paragraph,  then the Ten Year Constant  Maturity Rate
             for such Quarterly Period will be the arithmetic average of the per
             annum average yields to maturity based upon the closing bids during
             such  Calendar  Period  for each of the issues of  actively  traded
             marketable U.S. Treasury fixed interest rate securities (other than
             Special  Securities) with a final maturity date not less than eight
             nor more than twelve years from the date of each such quotation, as
             chosen and quoted daily for each  business day in New York City (or
             less frequently if daily quotations are not generally available) to
             the Issuer by at least three recognized dealers in U.S.  Government
             securities selected by the Issuer.

                  Except as described below in this paragraph,  the "Thirty Year
             Constant  Maturity  Rate"  for each  Quarterly  Period  will be the
             arithmetic  average of the two most recent  weekly per annum Thirty
             Year Average Yields (as defined below) (or the one weekly per annum
             Thirty  Year  Average  Yield,  if only one such yield is  published
             during the relevant  Calendar  Period),  as published weekly by the
             Federal  Reserve  Board  during  the  Calendar  Period  immediately
             preceding the last ten calendar days preceding the Quarterly Period
             for which the  interest  rate on the Series BB  Debenture  is being
             determined.  In the event that the Federal  Reserve  Board does not
             publish such a weekly per annum  Thirty Year  Average  Yield during
             such Calendar Period,  then the Thirty Year Constant  Maturity Rate
             for such Quarterly Period will be the arithmetic average of the two
             most recent weekly per annum Thirty Year Average Yields (or the one
             weekly per annum Thirty Year Average Yield,  if only one such yield
             is published  during the relevant  Calendar  Period),  as published
             weekly during such Calendar  Period by any Federal  Reserve Bank or
             by any U.S. Government department or agency selected by the Issuer.
             In the event  that a per annum  Thirty  Year  Average  Yield is not
             published by the Federal  Reserve  Board or by any Federal  Reserve
             Bank or by any U.S.  Government  department  or agency  during such
             Calendar  Period,  then the Thirty Year Constant  Maturity Rate for
             such  Quarterly  Period will be the  arithmetic  average of the two
             most recent weekly per annum average yields to maturity (or the one
             weekly per annum average yield to maturity,  if only one such yield
             is published  during the relevant  Calendar  Period) for all of the
             actively  traded  marketable  U.S.  Treasury  fixed  interest  rate
             securities  (other than Special  Securities)  then having remaining
             maturities  of not less  than  twenty-eight  nor more  than  thirty
             years,  as  published  during such  Calendar  Period by the Federal
             Reserve  Board or, if the  Federal  Reserve  Board does not publish
             such yields, by any Federal Reserve Bank or by any U.S.  Government
             department or agency selected by the Issuer.  In the event that the
             Issuer  determines  in good  faith  that for any  reason the Issuer
             cannot  determine  the Thirty Year  Constant  Maturity Rate for any
             Quarterly  Period as  provided  above in this  paragraph,  then the
             Thirty Year Constant  Maturity Rate for such Quarterly  Period will
             be the  arithmetic  average  of the per  annum  average  yields  to
             maturity  based upon the closing bids during such  Calendar  Period
             for each of the issues of actively traded  marketable U.S. Treasury
             fixed interest rate securities (other than Special Securities) with
             a final  maturity  date not less  than  twenty-eight  nor more than
             thirty years (or, in the absence of which, having maturities of not
             less than  twenty-five  years or, in the further  absence of which,
             twenty years) from the date of each such  quotation,  as chosen and
             quoted  daily  for  each  business  day in New  York  City (or less
             frequently if daily quotations are not generally  available) to the
             Issuer by at least  three  recognized  dealers  in U.S.  Government
             securities selected by the Issuer.

                  The Treasury Bill Rate,  the Ten Year  Constant  Maturity Rate
             and the Thirty Year Constant  Maturity Rate will each be rounded to
             the nearest five hundredths of a percent.

                  The  Applicable  Interest Rate with respect to each  Quarterly
             Period will be calculated as promptly as  practicable by the Issuer
             according to the appropriate method described above.

                  As used above,  the term  "Calendar  Period" means a period of
             fourteen  calendar days; the term "Federal Reserve Board" means the
             Board  of  Governors  of  the  Federal  Reserve  System;  the  term
             "Quarterly Period" means the three-month period ending November 30,
             1994 and each  three-month  period ending  February 28 (or February
             29),  May 31,  August  31, and  November  30  thereafter;  the term
             "Special  Securities"  means securities which can, at the option of
             the holder,  be surrendered at face value in payment of any Federal
             estate  tax or which  provide  tax  benefits  to the holder and are
             priced to reflect such tax benefits or which were originally issued
             at a deep or  substantial  discount;  the term  "Ten  Year  Average
             Yield"  means the average  yield to maturity  for  actively  traded
             marketable U.S.  Treasury fixed interest rate securities  (adjusted
             to constant  maturities  of ten years);  and the term  "Thirty Year
             Average  Yield"  means the average  yield to maturity  for actively
             traded  marketable  U.S.  Treasury fixed  interest rate  securities
             (adjusted to constant maturities of thirty years).

                  To the  extent  allowed  by law,  the  Issuer  will  also  pay
             interest  on overdue  installments  of interest at the rate used to
             compute such  installments.  The amount of interest payable for any
             full  monthly  interest  period  shall be  computed on the basis of
             twelve 30-day months and a 360-day year and, for any period shorter
             than a full monthly interest period, shall be computed on the basis
             of the actual number of days elapsed in such period.  Such interest
             shall be payable monthly on the last day of each calendar month (an
             "Interest  Payment Date") commencing on June 30, 1994 to the holder
             or holders of the Series BB Debenture  on the relevant  record date
             (each, a "Record  Date"),  which shall be one Business Day prior to
             the relevant Interest Payment Date. If Interest Payment Date is not
             a Business Day,  then payment of the interest  payable on such date
             will be made on the next  succeeding  day which is a  Business  Day
             (and without any  interest or other  payment in respect of any such
             delay) except that, if such Business Day is in the next  succeeding
             calendar  year,  such  payment  shall  be made  on the  immediately
             preceding  Business  Day (and  the  Record  Date for such  Interest
             Payment  Date shall be one  Business Day prior to the date on which
             payment is to be made), in each case with the same force and effect
             as if made on such date.

                       SECTION 2.8 Additional Interest. If at any time following
             the issuance of the Common Interests,  Capital shall be required to
             pay, with respect to its income derived from the interest  payments
             on the Series BB Debentures,  any amounts, for or on account of any
             taxes,  duties,  assessments  or  governmental  charges of whatever
             nature imposed by the United States or any other taxing  authority,
             then,  in any such  case,  the  Issuer  will pay as  interest  such
             additional amounts  ("Additional  Interest") as may be necessary in
             order that the net amounts  received and retained by Capital  after
             the  payment of such taxes,  duties,  assessments  or  governmental
             charges  shall  result in  Capital's  having such funds as it would
             have had in the  absence  of the  payment  of such  taxes,  duties,
             assessments or governmental charges.

                       SECTION 2.9 Extension of Interest Period. Notwithstanding
             the  provisions  of Section 2.7 hereof,  the Issuer  shall have the
             right  at any  time or  times  during  the  term of the  Series  BB
             Debentures,  so long as the Issuer is not in default in the payment
             of interest  under any of the  Securities,  to extend the  interest
             payment  period  for the  Series  BB  Debentures  up to 18  months;
             provided  that at the end of such  period the Issuer  shall pay all
             installments  of interest  then accrued and unpaid  (together  with
             interest  thereon at the rate used to compute such  installments to
             the extent  permitted by applicable  law);  provided  further that,
             during any such extended  interest  period,  neither the Issuer nor
             any majority  owned  subsidiary  of the Issuer shall pay or declare
             any  dividends  on,  or  redeem,   purchase,   acquire  or  make  a
             liquidation  payment  with  respect  to, any of its  capital  stock
             (other than payments to redeem common share  purchase  rights under
             the  Issuer's  shareholder  rights  plan  dated July 10,  1986,  as
             amended,  or to declare a dividend of similar share purchase rights
             in the  future);  and  provided  further  that  any  such  extended
             interest  period may only be selected with respect to the Series BB
             Debentures if an extended  interest  period of identical  length is
             simultaneously   selected   for  all   Securities.   Prior  to  the
             termination  of any such extended  interest  payment period for the
             Series BB  Debentures,  the Issuer may further  extend the interest
             payment  period for the Series BB  Debentures;  provided  that such
             extended  interest  payment  period  for the  Series BB  Debentures
             together with all such further extensions  thereof,  may not exceed
             18 months;  and provided  further  that any such  further  extended
             interest  period may only be selected with respect to the Series BB
             Debentures  if a further  extended  interest  period  of  identical
             length is simultaneously selected for all Securities. Following the
             termination of any extended  interest payment period, if the Issuer
             has paid all accrued and unpaid interest  required by the Series BB
             Debentures for such period, then the Issuer shall have the right to
             again extend the interest  payment period up to 18 months as herein
             described. The Issuer shall give Capital notice of its selection of
             any extended  interest payment period one Business Day prior to the
             earlier of (i) the date Capital declares the related  distribution,
             if any, to holders of the Common Interests or (ii) the date Capital
             is required  to give  notice of the record or payment  date of such
             related  distribution  to the New  York  Stock  Exchange  or  other
             applicable self-regulatory organization or to holders of the Common
             Interests,  but in any event not less than two Business  Days prior
             to such record date.

                       SECTION  2.10  Set-off.  Notwithstanding  anything to the
             contrary  herein,  prior to any  Preferred  Security  Exchange  the
             Issuer  shall have the right to set off any payment it is otherwise
             required  to make  hereunder  with and to the extent the Issuer has
             theretofore  made, or is  concurrently  on the date of such payment
             making,  a payment  under the Guarantee  provided  Issuer shall not
             affect any set off with respect to the Series BB  Debentures  until
             all  payments  required  under the Series BB  Debentures  have been
             made.

                       SECTION  2.11  Certain  Covenants.  (a)  So  long  as the
             Preferred Interests remain outstanding,  neither the Issuer nor any
             majority-owned  subsidiary  of the Issuer shall  declare or pay any
             dividend  on, or redeem,  purchase,  acquire or make a  liquidation
             payment with respect to, any of the Issuer's  capital stock or make
             any guarantee  payments  with respect to the foregoing  (other than
             payments  under the  Guarantee,  payments  to redeem  common  share
             purchase  rights under the Issuer's  shareholder  rights plan dated
             July 10,  1986,  as amended,  or the  declaration  of a dividend of
             similar  share  purchase  rights in the future) if at such time the
             Issuer is in default with respect to its payment  obligations under
             the Guarantee or the Expense Agreement or there shall have occurred
             an Event of Default or any event that, with the giving of notice or
             the lapse of time or both,  would  constitute  an Event of  Default
             under the Securities.

                       (b)  So   long   as  the   Preferred   Interests   remain
             outstanding,  the  Issuer  shall (i) not cause or permit any Common
             Interests  to be  transferred,  (ii)  maintain  direct or  indirect
             ownership of all  outstanding  securities in Capital other than the
             Preferred   Interests  of  any  series  and  any  other  securities
             permitted to be issued by Capital  that would not cause  Capital to
             become an "investment  company" under the Investment Company Act of
             1940,  as  amended,  (iii) cause at least 21% of the total value of
             Capital and at least 21% of all  interests in the capital,  income,
             gain,  loss,  deduction and credit of Capital to be  represented by
             Common  Interests,   (iv)  not  voluntarily  dissolve,   windup  or
             liquidate Capital or either of the Managing  Members,  (v) cause HW
             Nebraska, Inc. and CP Nebraska, Inc. to remain the Managing Members
             of Capital  and timely  perform all of their  respective  duties as
             Managing  Members of Capital,  and (vi) use  reasonable  efforts to
             cause Capital to remain a limited  liability  company and otherwise
             continue to be treated as a partnership for U.S. federal income tax
             purposes;  provided that the Issuer may permit Capital,  solely for
             the purpose of changing its  domicile or avoiding tax  consequences
             adverse to the Issuer,  Capital or holders of Preferred  Interests,
             to consolidate or merge with or into a limited liability company or
             a  limited  partnership  formed  under the laws of any state of the
             United States of America;  provided that (1) such successor limited
             liability company or limited  partnership (x) expressly assumes all
             of the obligations of Capital under the Common  Interests and other
             series of Preferred  Interests then  outstanding or (y) substitutes
             for the Common Interests and any series of Preferred Interests then
             outstanding other securities having substantially the same terms as
             the  Common  Interests  and  any  such  Preferred   Interests  (the
             "Successor  Securities") so long as the Successor  Securities rank,
             with  respect to  participation  in the  profits and assets of such
             successor  entity,  at least as senior as the Common  Interests and
             any such Preferred  Interests rank,  respectively,  with respect to
             participation in the profits and assets of Capital,  (2) the Issuer
             expressly  acknowledges  such successor as the holder of all of the
             Series BB Debentures  and other series of  debentures  issued under
             the Indenture then  outstanding,  (3) such merger or  consolidation
             does not cause any series of Preferred  Interests then  outstanding
             to be  delisted  by  any  national  securities  exchange  or  other
             organization  on which such series is then listed,  (4) the holders
             of Common Interests and any such Preferred  Interests do not suffer
             any  adverse  tax  consequences  as a  result  of  such  merger  or
             consolidation,  (5) such merger or consolidation does not cause any
             Preferred Interests to be downgraded by any "nationally  recognized
             statistical  rating  organization,"  as that term is defined by the
             Securities  and Exchange  Commission for purposes of Rule 436(g)(2)
             under the  Securities  Act of 1933,  as amended,  and (6) following
             such merger or consolidation, neither the Issuer nor such successor
             limited  liability  company  or  limited  partnership  will  be  an
             "investment  company" for purposes of the Investment Company Act of
             1940, as amended.

                            (c)  So  long  as  the   Common   Interests   remain
             outstanding,  the Issuer shall not  consolidate  with or merge into
             any  other   Person  or  sell  its   property  and  assets  as,  or
             substantially  as, an  entirety  to any Person and shall not permit
             any Person to merge into or consolidate  with the Issuer unless (i)
             in case the Issuer  shall  consolidate  with or merge into  another
             Person or sell its properties and assets as, or  substantially  as,
             an entirety to any Person,  the Person formed by such consolidation
             or into which the Issuer is merged or the  Person  which  purchases
             the properties and assets of the Issuer as, or substantially, as an
             entirety  shall be a corporation,  partnership  or trust,  shall be
             organized and validly  existing under the laws of the United States
             of  America,  any  State or the  District  of  Columbia,  and shall
             expressly assume the Issuer's obligations under the Indenture, this
             Supplemental  Indenture  and the  Series  BB  Debentures  and  (ii)
             immediately  after  giving  effect to the  transaction  no Event of
             Default shall have occurred and be continuing.

                            (d) So long as the  Series  B  Preferred  Securities
             remain  outstanding,  the  provisions  of Sections  2.11(b) and (c)
             shall remain in full force and effect notwithstanding  satisfaction
             and discharge of the Indenture pursuant to Section 10.1 thereof.

                       SECTION  2.12 Events of Default;  Remedies.  Prior to any
             Preferred  Security  Exchange,  "Event of Default" means any one of
             the following events:

                       (a)  failure  to pay  when  due any  interest  under  any
             Securities,  including any  Additional  Interest,  and such failure
             shall  continue for a period of 30 days  (whether or not payment is
             prohibited by the provisions  contained in Article  Thirteen of the
             Indenture or  otherwise);  provided  that a valid  extension of the
             interest  payment  period  by the  Issuer  shall not  constitute  a
             default in the payment of interest for this purpose;

                       (b)  failure  to pay when  due any  principal  under  any
             Securities  (whether or not payment is prohibited by the provisions
             contained in Article Thirteen of the Indenture or otherwise);

                       (c)  failure on the part of the Issuer duly to observe or
             perform any other  covenant or  agreement on the part of the Issuer
             in respect of the Securities  (other than a covenant or warranty in
             respect of the Series BB Debentures a default in the performance or
             breach of which is  elsewhere in this  Section  specifically  dealt
             with) or contained in the Indenture, this Supplemental Indenture or
             the Series BB Debentures, and continuance of such default or breach
             for a period of 90 days after there as been given, by registered or
             certified  mail, to the Issuer by the Trustee or any Holder hereof,
             a written notice specifying such failure or breach and requiring it
             to be  remedied  and  stating  that such  notice  is a  "Notice  of
             Default" hereunder;

                       (d)  the dissolution, or winding up or liquidation
             of Capital;

                       (e) a court having  jurisdiction  in the  premises  shall
             enter a decree or order for  relief in respect of the Issuer or any
             Consolidated Subsidiary in an involuntary case under any applicable
             bankruptcy,  insolvency  or other  similar law now or  hereafter in
             effect, or appointing a receiver, liquidator,  assignee, custodian,
             trustee or sequestrator (or similar  official) of the Issuer or any
             subsidiary or for any substantial  part of its property or ordering
             the winding up or  liquidation  of its affairs,  and such decree or
             order  shall  remain  unstayed  and in  effect  for a period  of 60
             consecutive days; or

                       (f)  the  Issuer  or any  Consolidated  Subsidiary  shall
             commence  a  voluntary  case  under  any   applicable   bankruptcy,
             insolvency  or other  similar law now or  hereafter  in effect,  or
             consent to the entry of an order for relief in an involuntary  case
             under any such law,  or  consent  to the  appointment  of or taking
             possession by a receiver, liquidator,  assignee, custodian, trustee
             or  sequestrator  (or  similar  official)  of  the  Issuer  or  any
             Consolidated   Subsidiary  or  for  any  substantial  part  of  its
             property,  or  make  any  general  assignment  for the  benefit  of
             creditors.

                       If an Event of  Default  shall  occur and be  continuing,
             then  Capital  will have the right (i) to declare the  principal of
             and  the  interest  on the  Series  BB  Debentures  (including  any
             Additional  Interest  and  any  interest  subject  to an  extension
             election)  and any  other  amounts  payable  under  the  Series  BB
             Debentures  to be  forthwith  due and payable,  whereupon  the same
             shall become and be forthwith due and payable, without presentment,
             demand,  protest  or other  notice  of any  kind,  all of which are
             hereby   expressly   waived,   anything  in  the  Indenture,   this
             Supplemental  Indenture or the Series BB Debentures to the contrary
             notwithstanding  and (ii) to enforce its other rights hereunder and
             thereunder.  Capital may not accelerate the principal amount of any
             Series BB Debenture  unless the principal  amount of all Securities
             is accelerated.

                       If an Event of Default  specified  in clauses (d), (e) or
             (f) above shall have occurred, the principal of and interest on the
             Series BB Debentures  shall thereupon and  concurrently  become due
             and payable without presentment, demand, protest or other notice of
             any kind, all of which are hereby expressly waived, anything in the
             Indenture,  this Supplemental Indenture or the Series BB Debentures
             to the contrary notwithstanding.

                       If an Event of  Default  specified  in clause  (a) or (b)
             above shall have occurred and be continuing  and Capital shall have
             failed to pay any  distributions  on the Common  Interests when due
             (other  than as a result of any  valid  extension  of the  interest
             payment  period by the Issuer for the Series BB  Debentures)  or to
             pay any  portion of the  redemption  price of the Common  Interests
             called for redemption,  then any Holder of Common Interests may, as
             set forth in the terms of the Common  Interests,  enforce  directly
             against the Issuer Capital's right hereunder to receive payments of
             principal and interest on the Series BB Debentures relating to such
             Common Interests but only in an amount sufficient to enable Capital
             to pay such distributions or redemption price.

                       Except as  provided  in this  Section  2.12,  Holders  of
             Common Interests shall have no rights to enforce any obligations of
             the Issuer under the Indenture,  this Supplemental Indenture or the
             Series BB Debentures.

                      On and after a Preferred Security Exchange, the provisions
             of Article Five of the Indenture,  including without limitation the
             definition  of an "Event of Default",  shall apply to the Series BB
             Debentures  and this Section  2.12 shall be of no further  force or
             effect.

                                  ARTICLE THREE

                                  MISCELLANEOUS

                       SECTION  3.1  Notices.  All  notices  hereunder  shall be
             deemed  given  by a  party  hereto  if  in  writing  and  delivered
             personally  or  by  telegram  or  facsimile   transmission   or  by
             registered  or certified  mail (return  receipt  requested)  to the
             other  party at the  following  address  for such party (or at such
             other address as shall be specified by like notice):

                       If to Capital, to:

                                 ConAgra Capital, L.C.
                                 c/o ConAgra, Inc.
                                 One ConAgra Drive
                                 Omaha, Nebraska 68102
                                 Attention: Vice President-Finance

                       If to the Issuer, to:

                                 ConAgra, Inc.
                                 One ConAgra Drive
                                 Omaha, Nebraska 68102
                                 Attention: Vice President-Finance

                       Any  notice  given  by  mail  or  telegram  or  facsimile
             transmission shall be effective when received.

                       SECTION 3.2 Assignment;  Binding Effect. The Issuer shall
             have  the  right  at all  times  to  assign  any of its  rights  or
             obligations under the Indenture,  this  Supplemental  Indenture and
             the  Series BB  Debentures  to a direct or  indirect  wholly  owned
             subsidiary  of  the  Issuer(other  than  to any  Managing  Member);
             provided  that,  in the event of any such  assignment,  the  Issuer
             shall remain jointly and severally liable for all such obligations;
             and provided  further that in the event of an assignment prior to a
             Preferred  Security  Exchange  the Issuer  shall have  received  an
             opinion of nationally  recognized tax counsel that such  assignment
             shall not  constitute  a  taxable  event of the  holders  of Common
             Interests  for federal  income tax  purposes.  Except as  otherwise
             provided in this Supplemental Indenture, Capital may not assign any
             of its rights  under the  Series BB  Debentures  without  the prior
             written  consent  of the  Issuer.  Subject  to the  foregoing,  the
             Indenture, this Supplemental Indenture and the Series BB Debentures
             shall be  binding  upon and  inure to the  benefit  of the  Issuer,
             Capital,  the Holders from time to time of the Series BB Debentures
             and their respective successors and assigns.  Except as provided in
             this Section 3.2 or elsewhere in this Supplemental Indenture,  none
             of the  Indenture,  this  Supplemental  Indenture nor the Series BB
             Debentures  may be assigned by either the Issuer or Capital and any
             assignment  by the  Issuer  or  Capital  in  contravention  of this
             Section 3.2 shall be null and void.

                       SECTION 3.3 Governing  Law. THIS  SUPPLEMENTAL  INDENTURE
             AND THE SERIES BB DEBENTURES  SHALL BE GOVERNED BY AND CONSTRUED IN
             ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

                       SECTION 3.4 Counterparts. This Supplemental Indenture may
             be  executed  in  counterparts,  each of which  shall be  deemed an
             original,  but all of which taken together shall constitute one and
             the same instrument.

                       Section 3.5 Amendments.  This Supplemental  Indenture may
             be  amended  as set  forth  in  Article  Eight  of  the  Indenture.
             Notwithstanding  the  foregoing,  so long as any  Common  Interests
             shall remain outstanding, (i) no amendment to the provisions of the
             Indenture,  this Supplemental Indenture or the Series BB Debentures
             shall be made that  adversely  affects  the  holders  of any Common
             Interest  then  outstanding,   or  terminate  the  Indenture,  this
             Supplemental Indenture or the Series BB Debentures, without in each
             case  the  prior  consent  of  holders  of  66-2/3%  of all  Common
             Interests then outstanding, unless and until all Securities and all
             accrued and unpaid interest thereon (including Additional Interest,
             if any)  shall  have been paid in full and (ii)  without  the prior
             consent  of  holders   of  100%  of  all  Common   Interests   then
             outstanding,  no amendment  shall be made to the provisions of this
             clause (ii) of Section 3.5 or to (a) extend the stated  maturity of
             the  principal of any  Debenture,  or reduce the  principal  amount
             thereof  or  reduce  the  rate or  extend  the time of  payment  of
             interest  thereon,  or reduce  any  amount  payable  on  redemption
             thereof or change the  currency in which the  principal  thereof or
             interest  thereon is payable or impair the right to institute  suit
             for the enforcement of any payment on any Debenture when due or (b)
             reduce the aforesaid  percentage in principal  amount of Debentures
             of any series the consent of the  holders of which is required  for
             any such  modification.  Any required  consent of holders of Common
             Interest  pursuant to this Section 3.5 shall be in writing or shall
             be obtained at a meeting of Common Interest holders.

                       Section 3.6 Waivers.  Capital may not waive compliance or
             waive any default in  compliance  by the Issuer of any  covenant or
             other term in the  Indenture,  this  Supplemental  Indenture or the
             Series BB Debentures without the approval of the same percentage of
             holders of Common Interests,  obtained in the same manner, as would
             be required for an amendment of the  Indenture,  this  Supplemental
             Indenture or the Series BB Debentures to the same effect;  provided
             that if no approval would be required for any such amendment,  then
             Capital may waive such compliance or default in any manner that the
             parties shall agree.

                       Section 3.7 Third Party Beneficiaries.  The Issuer hereby
             acknowledges  that  the  holders  from  time to time of the  Common
             Interests  shall  expressly  be third party  beneficiaries  of this
             Supplemental Indenture.

                       Section 3.8 Amendment to  Indenture.  Pursuant to Section
             8.1 of the  Indenture,  Section  8.2 of  the  Indenture  is  hereby
             amended for purposes of any and all Securities,  including  without
             limitation the Series BB Debentures,  issued under the Indenture by
             substituting  the phrase "of not less than  66-2/3%" for the phrase
             "of not less than a majority"  in the first  clause of such Section
             8.2.

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

                                     CONAGRA, INC.

                                     By:  /s/ James P. O'Donnell
                                     Name:   James P. O'Donnell
                                     Title:  Vice President, Finance
                                             and Treasurer
             [SEAL]

             Attest:

               /s/ Sue E. Badberg
             Name:     Sue E. Badberg
             Title:    Assistant Secretary

                                      FIRST TRUST NATIONAL ASSOCIATION,
                                      as Trustee

                                       By:  /s/ G. S. Kessler
                                       Name:  G.S.  Kessler
                                       Title: Assistant Vice President
             [SEAL]

             Attest:

             /s/  Sheryl A. Christopherson
             Name:  Sheryl A. Christopherson
             Title: Assistant Secretary

<PAGE>

                                                                       Exhibit A

                        [Form of Face of Series BB Debenture]

             No.

                                  ConAgra, Inc.

                          Series BB Debentures due 2043

                       ConAgra, Inc., a Delaware corporation (the "Issuer"), for
             value received, hereby promises to pay to or registered assigns, at
             the  office or agency  of the  Issuer in The City of New York,  the
             principal sum of $46,519,000  Dollars on May 31, 1995, in such coin
             or  currency  of the  United  States of  America  as at the time of
             payment shall be legal tender for the payment of public and private
             debts, and to pay interest, at a rate equal to 7.06% per annum from
             June 8, 1994 to and including August 31, 1994 and interest for each
             monthly interest period thereafter at a rate per annum equal to the
             Applicable  Interest  Rate in effect  for the  Quarterly  Period in
             which such interest  period occurs until such principal sum is paid
             or duly made available for payment.

                  Except as provided below in this  paragraph,  the  "Applicable
             Interest Rate" for any Quarterly Period will be equal to 95% of the
             Effective  Rate (as  defined  below),  but not less  than  5.0% per
             annum, or more than 10.5% per annum.  The "Effective  Rate" for any
             Quarterly  Period will be equal to the highest of the Treasury Bill
             Rate,  the Ten Year  Constant  Maturity  Rate and the  Thirty  Year
             Constant  Maturity Rate (each as defined  below) for such Quarterly
             Period.  In the event that the Issuer determines in good faith that
             for any reason:

                       (i) any  one of the  Treasury  Bill  Rate,  the Ten  Year
                  Constant  Maturity Rate or the Thirty Year  Constant  Maturity
                  Rate cannot be determined for any Quarterly  Period,  then the
                  Effective Rate for such Quarterly  Period will be equal to the
                  higher of whichever two of such rates can be so determined;

                       (ii) only one of the  Treasury  Bill  Rate,  the Ten Year
                  Constant  Maturity Rate or the Thirty Year  Constant  Maturity
                  Rate can be  determined  for any  Quarterly  Period,  then the
                  Effective  Rate for  such  Quarterly  Period  will be equal to
                  whichever such rate can be so determined; or

                       (iii)  none of the  Treasury  Bill  Rate,  the  Ten  Year
                  Constant  Maturity Rate or the Thirty Year  Constant  Maturity
                  Rate can be  determined  for any  Quarterly  Period,  then the
                  Effective  Rate for the  preceding  Quarterly  Period  will be
                  continued for such Quarterly Period.

                  Except as described  below in this  paragraph,  the  "Treasury
             Bill Rate" for each Quarterly Period will be the arithmetic average
             of the two most recent weekly per annum market  discount  rates (or
             the one weekly per annum  market  discount  rate,  if only one such
             rate is published  during the relevant  Calendar Period (as defined
             below)) for three-month U.S. Treasury bills, as published weekly by
             the Federal  Reserve  Board (as defined  below) during the Calendar
             Period  immediately  preceding the last ten calendar days preceding
             the  Quarterly  Period for which the interest rate on the Series BB
             Debentures  is being  determined.  In the  event  that the  Federal
             Reserve  Board  does not  publish  such a weekly  per annum  market
             discount  rate during any such Calendar  Period,  then the Treasury
             Bill Rate for such Quarterly Period will be the arithmetic  average
             of the two most recent weekly per annum market  discount  rates (or
             the one weekly per annum  market  discount  rate,  if only one such
             rate  is  published  during  the  relevant   Calendar  Period)  for
             three-month  U.S.  Treasury bills, as published  weekly during such
             Calendar  Period  by  any  Federal  Reserve  Bank  or by  any  U.S.
             Government  department  or agency  selected by the  Issuer.  In the
             event that a per annum market  discount rate for  three-month  U.S.
             Treasury bills is not published by the Federal  Reserve Board or by
             any Federal  Reserve Bank or by any U.S.  Government  department or
             agency during such Calendar Period, then the Treasury Bill Rate for
             such  Quarterly  Period will be the  arithmetic  average of the two
             most  recent  weekly per annum  market  discount  rates (or the one
             weekly per annum  market  discount  rate,  if only one such rate is
             published during the relevant  Calendar Period) for all of the U.S.
             Treasury bills then having remaining maturities of not less than 80
             nor more than 100 days, as published during such Calendar Period by
             the Federal Reserve Board or, if the Federal Reserve Board does not
             publish  such  rates,  by any Federal  Reserve  Bank or by any U.S.
             Government  department  or agency  selected by the  Issuer.  In the
             event that the Issuer  determines in good faith that for any reason
             no such U.S.  Treasury bill rates are  published as provided  above
             during such Calendar  Period,  then the Treasury Bill Rate for such
             Quarterly  Period will be the  arithmetic  average of the per annum
             market  discount  rates  based upon the  closing  bids  during such
             Calendar   Period   for   each   of  the   issues   of   marketable
             non-interest-bearing  U.S.  Treasury  securities  with a  remaining
             maturity  of not less  than 80 nor more than 100 days from the date
             of each  such  quotation,  as  chosen  and  quoted  daily  for each
             business  day in  New  York  City  (or  less  frequently  if  daily
             quotations  are not generally  available) to the Issuer by at least
             three recognized dealers in U.S. Government  securities selected by
             the Issuer.  In the event that the Issuer  determines in good faith
             that for any reason the Issuer  cannot  determine the Treasury Bill
             Rate for any Quarterly  Period as provided above in this paragraph,
             the  Treasury  Bill  Rate for  such  Quarterly  Period  will be the
             arithmetic  average of the per annum  market  discount  rates based
             upon the closing bids during such  Calendar  Period for each of the
             issues of marketable interest-bearing U.S. Treasury securities with
             a remaining maturity of not less than 80 nor more than 100 days, as
             chosen and quoted daily for each  business day in New York City (or
             less frequently if daily quotations are not generally available) to
             the Issuer by at least three recognized dealers in U.S.  Government
             securities selected by the Issuer.

                  Except as  described  below in this  paragraph,  the "Ten Year
             Constant  Maturity  Rate"  for each  Quarterly  Period  will be the
             arithmetic average of the two most recent weekly per annum Ten Year
             Average  Yields (as defined below) (or the one weekly per annum Ten
             Year Average Yield, if only one such yield is published  during the
             relevant  Calendar  Period),  as  published  weekly by the  Federal
             Reserve Board during the Calendar Period immediately  preceding the
             last ten calendar days preceding the Quarterly Period for which the
             interest rate on the Series BB Debentures is being  determined.  In
             the event that the Federal  Reserve  Board does not publish  such a
             weekly  per annum  Ten Year  Average  Yield  during  such  Calendar
             Period, then the Ten Year Constant Maturity Rate for such Quarterly
             Period will be the arithmetic average of the two most recent weekly
             per annum Ten Year Average  Yields (or the one weekly per annum Ten
             Year Average Yield, if only one such yield is published  during the
             relevant Calendar Period), as published weekly during such Calendar
             Period  by any  Federal  Reserve  Bank  or by any  U.S.  Government
             department  or agency  selected by the Issuer.  In the event that a
             per annum Ten Year  Average  Yield is not  published by the Federal
             Reserve  Board  or by any  Federal  Reserve  Bank  or by  any  U.S.
             Government  department or agency during such Calendar Period,  then
             the Ten Year Constant  Maturity Rate for such Quarterly Period will
             be the  arithmetic  average of the two most recent weekly per annum
             average  yields to  maturity  (or the one weekly per annum  average
             yield to maturity,  if only one such yield is published  during the
             relevant Calendar Period) for all of the actively traded marketable
             U.S.  Treasury fixed interest rate  securities  (other than Special
             Securities (as defined below)) then having remaining  maturities of
             not less than eight nor more than twelve years, as published during
             such  Calendar  Period  by the  Federal  Reserve  Board  or, if the
             Federal Reserve Board does not publish such yields,  by any Federal
             Reserve  Bank  or by  any  U.S.  Government  department  or  agency
             selected by the Issuer.  In the event that the Issuer determines in
             good faith that for any reason the Issuer cannot  determine the Ten
             Year Constant  Maturity  Rate for any Quarterly  Period as provided
             above in this paragraph,  then the Ten Year Constant  Maturity Rate
             for such Quarterly Period will be the arithmetic average of the per
             annum average yields to maturity based upon the closing bids during
             such  Calendar  Period  for each of the issues of  actively  traded
             marketable U.S. Treasury fixed interest rate securities (other than
             Special  Securities) with a final maturity date not less than eight
             nor more than twelve years from the date of each such quotation, as
             chosen and quoted daily for each  business day in New York City (or
             less frequently if daily quotations are not generally available) to
             the Issuer by at least three recognized dealers in U.S.  Government
             securities selected by the Issuer.

                  Except as described below in this paragraph,  the "Thirty Year
             Constant  Maturity  Rate"  for each  Quarterly  Period  will be the
             arithmetic  average of the two most recent  weekly per annum Thirty
             Year Average Yields (as defined below) (or the one weekly per annum
             Thirty  Year  Average  Yield,  if only one such yield is  published
             during the relevant  Calendar  Period),  as published weekly by the
             Federal  Reserve  Board  during  the  Calendar  Period  immediately
             preceding the last ten calendar days preceding the Quarterly Period
             for which the interest  rate on the Series BB  Debentures  is being
             determined.  In the event that the Federal  Reserve  Board does not
             publish such a weekly per annum  Thirty Year  Average  Yield during
             such Calendar Period,  then the Thirty Year Constant  Maturity Rate
             for such Quarterly Period will be the arithmetic average of the two
             most recent weekly per annum Thirty Year Average Yields (or the one
             weekly per annum Thirty Year Average Yield,  if only one such yield
             is published  during the relevant  Calendar  Period),  as published
             weekly during such Calendar  Period by any Federal  Reserve Bank or
             by any U.S. Government department or agency selected by the Issuer.
             In the event  that a per annum  Thirty  Year  Average  Yield is not
             published by the Federal  Reserve  Board or by any Federal  Reserve
             Bank or by any U.S.  Government  department  or agency  during such
             Calendar  Period,  then the Thirty Year Constant  Maturity Rate for
             such  Quarterly  Period will be the  arithmetic  average of the two
             most recent weekly per annum average yields to maturity (or the one
             weekly per annum average yield to maturity,  if only one such yield
             is published  during the relevant  Calendar  Period) for all of the
             actively  traded  marketable  U.S.  Treasury  fixed  interest  rate
             securities  (other than Special  Securities)  then having remaining
             maturities  of not less  than  twenty-eight  nor more  than  thirty
             years,  as  published  during such  Calendar  Period by the Federal
             Reserve  Board or, if the  Federal  Reserve  Board does not publish
             such yields, by any Federal Reserve Bank or by any U.S.  Government
             department or agency selected by the Issuer.  In the event that the
             Issuer  determines  in good  faith  that for any  reason the Issuer
             cannot  determine  the Thirty Year  Constant  Maturity Rate for any
             Quarterly  Period as  provided  above in this  paragraph,  then the
             Thirty Year Constant  Maturity Rate for such Quarterly  Period will
             be the  arithmetic  average  of the per  annum  average  yields  to
             maturity  based upon the closing bids during such  Calendar  Period
             for each of the issues of actively traded  marketable U.S. Treasury
             fixed interest rate securities (other than Special Securities) with
             a final  maturity  date not less  than  twenty-eight  nor more than
             thirty years (or, in the absence of which, having maturities of not
             less than  twenty-five  years or, in the further  absence of which,
             twenty years) from the date of each such  quotation,  as chosen and
             quoted  daily  for  each  business  day in New  York  City (or less
             frequently if daily quotations are not generally  available) to the
             Issuer by at least  three  recognized  dealers  in U.S.  Government
             securities selected by the Issuer.

                  The Treasury Bill Rate,  the Ten Year  Constant  Maturity Rate
             and the Thirty Year Constant  Maturity Rate will each be rounded to
             the nearest five hundredths of a percent.

                  The  Applicable  Interest Rate with respect to each  Quarterly
             Period will be calculated as promptly as  practicable by the Issuer
             according to the appropriate method described above.

                  As used above,  the term  "Calendar  Period" means a period of
             fourteen  calendar days; the term "Federal Reserve Board" means the
             Board  of  Governors  of  the  Federal  Reserve  System;  the  term
             "Quarterly Period" means the three-month period ending November 30,
             1994 and each  three-month  period ending  February 28 (or February
             29),  May 31,  August  31, and  November  30  thereafter;  the term
             "Special  Securities"  means securities which can, at the option of
             the  holder, be surrendered at face value in payment of any Federal
             estate  tax  or  which  provide  tax benefits to the holder and are
             priced to reflect such tax benefits or which were originally issued
             at  a  deep  or  substantial  discount;  the term "Ten Year Average
             Yield"  means  the  average  yield  to maturity for actively traded
             marketable  U.S.  Treasury fixed interest rate securities (adjusted
             to  constant  maturities  of  ten years); and the term "Thirty Year
             Average  Yield"  means  the  average yield to maturity for actively
             traded  marketable  U.S.  Treasury  fixed  interest rate securities
             (adjusted to constant maturities of thirty years).

                  To the  extent  allowed  by law,  the  Issuer  will  also  pay
             interest  on overdue  installments  of interest at the rate used to
             compute such  installments.  The amount of interest payable for any
             full  monthly  interest  period  shall be  computed on the basis of
             twelve 30-day months and a 360-day year and, for any period shorter
             than a full monthly interest period, shall be computed on the basis
             of the actual number of days elapsed in such period.  Such interest
             shall be  payable  monthly  on the last day (an  "Interest  Payment
             Date") of each  calendar  month,  commencing on May 31, 1994 to the
             holder or holders of this  Debenture  on the  relevant  record date
             (each, a "Record  Date"),  which shall be one Business Day prior to
             the relevant Interest Payment Date. If Interest Payment Date is not
             a Business Day,  then payment of the interest  payable on such date
             will be made on the next  succeeding  day which is a  Business  Day
             (and without any  interest or other  payment in respect of any such
             delay) except that, if such Business Day is in the next  succeeding
             calendar  year,  such  payment  shall  be made  on the  immediately
             preceding  Business  Day (and  the  Record  Date for such  Interest
             Payment  Date shall be one  Business Day prior to the date on which
             payment is to be made), in each case with the same force and effect
             as if made on such date.  If at any time  following the issuance of
             the Common  Securities,  Capital  shall be  required  to pay,  with
             respect to its income  derived  from the  interest  payments on the
             Series BB Debentures,  any amounts, for or on account of any taxes,
             duties,  assessments  or  governmental  charges of whatever  nature
             imposed by the United States or any other taxing  authority,  then,
             in any such case,  the Issuer will pay as interest such  additional
             amounts  ("Additional  Interest") as may be necessary in order that
             the net amounts  received and retained by Capital after the payment
             of such taxes,  duties,  assessments or governmental  charges shall
             result in  Capital's  having such funds as it would have had in the
             absence  of the  payment  of such  taxes,  duties,  assessments  or
             governmental  charges.  Notwithstanding  the  forgoing,  the Issuer
             shall  have the right at any time or times  during  the term of the
             Series BB  Debentures,  so long as the  Issuer is not in default in
             the payment of interest under any of the Securities,  to extend the
             interest  payment  period  for the  Series BB  Debentures  up to 18
             months;  provided  that at the end of such period the Issuer  shall
             pay all  installments of interest then accrued and unpaid (together
             with interest thereon at the rate used to compute such installments
             to the extent permitted by applicable law);  provided further that,
             during any such extended  interest  period,  neither the Issuer nor
             any majority  owned  subsidiary  of the Issuer shall pay or declare
             any  dividends  on,  or  redeem,   purchase,   acquire  or  make  a
             liquidation  payment  with  respect  to, any of its  capital  stock
             (other than payments to redeem common share  purchase  rights under
             the  Issuer's  shareholder  rights  plan  dated July 10,  1986,  as
             amended,  or to declare a dividend of similar share purchase rights
             in the  future);  and  provided  further  that  any  such  extended
             interest  period may only be selected with respect to the Series BB
             Debentures if an extended  interest  period of identical  length is
             simultaneously   selected   for  all   Securities.   Prior  to  the
             termination  of any such extended  interest  payment period for the
             Series BB  Debentures,  the Issuer may further  extend the interest
             payment  period for the Series BB  Debentures;  provided  that such
             extended  interest  payment  period  for the  Series BB  Debentures
             together with all such further extensions  thereof,  may not exceed
             18 months;  and provided  further  that any such  further  extended
             interest  period may only be selected with respect to the Series BB
             Debentures  if a further  extended  interest  period  of  identical
             length is simultaneously selected for all Securities. Following the
             termination of any extended  interest payment period, if the Issuer
             has paid all accrued and unpaid interest required by the Securities
             for such  period,  then the  Issuer  shall  have the right to again
             extend  the  interest  payment  period  up to 18  months  as herein
             described. The Issuer shall give Capital notice of its selection of
             any extended  interest payment period one Business Day prior to the
             earlier of (i) the date Capital declares the related  distribution,
             if any,  to the  holders of the Common  Interests  or (ii) the date
             Capital is required to give notice of the record or payment date of
             such  related  distribution,  if any,  to the holders of the Common
             Interests  to the New  York  Stock  Exchange  or  other  applicable
             self-regulatory organization or to holders of the Common Interests,
             but in any  event  not less than two  Business  Days  prior to such
             Record Date.

                       Reference  is  made  to the  further  provisions  of this
             Debenture set forth on the reverse hereof.  Such further provisions
             shall for all  purposes  have the same  effect as though  fully set
             forth at this place.

                       This  Debenture  shall not be valid or become  obligatory
             for any purpose  until the  certificate  of  authentication  hereon
             shall have been signed by the Trustee under the Indenture  referred
             to below.

                       This  Debenture  is  one of a duly  authorized  issue  of
             debentures,  notes, bonds or other evidences of indebtedness of the
             Issuer   (hereinafter   called  the  "Securities")  of  the  series
             hereinafter  specified,  all  issued  or to  be  issued  under  and
             pursuant  to  an   indenture   dated  as  of  March  10,  1994  and
             supplemental  indentures  thereto (herein  collectively  called the
             "Indenture"),  duly  executed and delivered by the Issuer and First
             Trust  National   Association,   as  Trustee   (herein  called  the
             "Trustee"),  to which  Indenture  and all  indentures  supplemental
             thereto  reference is hereby made for a description  of the rights,
             limitations   of  rights,   obligations,   duties  and   immunities
             thereunder  of the  Trustee,  the  Issuer  and the  holders  of the
             Securities.  The  Securities  may be issued in one or more  series,
             which different series may be issued in various aggregate principal
             amounts,  may mature at different times, may bear interest (if any)
             at  different  rates,  may  be  subject  to  different   redemption
             provisions (if any), may be subject to different sinking,  purchase
             or  analogous  funds  (if  any)  and may  otherwise  vary as in the
             Indenture provided. This Debenture is one of a series designated as
             the "Series BB Debentures due 2043" (the "Series BB Debentures") of
             the Issuer, limited in aggregate principal amount to $46,519,000.

                       In case an Event of Default with respect to the Series BB
             Debentures, as defined in the Indenture, shall have occurred and be
             continuing,  the  principal  hereof may be declared,  and upon such
             declaration shall become, due and payable,  in the manner, with the
             effect and subject to the conditions provided in the Indenture.

                       The Indenture contains  provisions  permitting the Issuer
             and the  Trustee,  with the consent of the Holders of not less than
             66-2/3% in aggregate principal amount of the Securities at the time
             Outstanding  (as  defined  in the  Indenture)  of all  series to be
             affected  (voting  as one  class),  evidenced  as in the  Indenture
             provided, to execute supplemental  indentures adding any provisions
             to or changing in any manner or  eliminating  any of the provisions
             of the Indenture or of any  supplemental  indenture or modifying in
             any manner the rights of the Holders of the Securities of each such
             series;  provided,  however,  that no such  supplemental  indenture
             shall (i) extend the final maturity of any Security,  or reduce the
             principal amount thereof or any premium thereon, or reduce the rate
             or extend the time of payment of any interest thereon, or impair or
             affect the rights of any Holder to  institute  suit for the payment
             thereof,  without  the  consent of the Holder of each  Security  so
             affected,  or (ii) reduce the aforesaid  percentage of  Securities,
             the  Holders  of  which  are   required  to  consent  to  any  such
             supplemental  indenture,  without the consent of the Holder of each
             Security affected.  It is also provided in the Indenture that, with
             respect to certain  defaults  or Events of  Default  regarding  the
             Securities of any series, prior to any declaration accelerating the
             maturity of such Securities, the Holders of a majority in aggregate
             principal amount  Outstanding of the Securities of such series (or,
             in the case of  certain  defaults  or  Events  of  Default,  all or
             certain series of the  Securities)  may on behalf of the Holders of
             all the  Securities of such series (or all or certain series of the
             Securities,  as the case may be)  waive any such  past  default  or
             Event of Default and its consequences. The preceding sentence shall
             not, however,  apply to a continuing  default in the payment of the
             principal  of or  premium,  if  any,  or  interest  on  any  of the
             Securities.  Any such  consent  or  waiver  by the  Holder  of this
             Debenture  (unless  revoked as provided in the Indenture)  shall be
             conclusive and binding upon such Holder and upon all future Holders
             and owners of this Debenture and any Debenture  which may be issued
             in exchange or substitution herefor, irrespective of whether or not
             any  notation  thereof  is made upon this  Debenture  or such other
             Debentures.

                       No reference  herein to the Indenture and no provision of
             this  Debenture  or of the  Indenture  shall  alter or  impair  the
             obligation of the Issuer,  which is absolute and unconditional,  to
             pay the principal of and any premium and interest on this Debenture
             in the manner, at the respective times, at the rate and in the coin
             or currency herein prescribed.

                       The Series BB Debentures are issuable in registered  form
             without coupons in denominations  of $25 and any integral  multiple
             of $25 at the  office  or agency of the  Issuer in the  Borough  of
             Manhattan,  The City of New York,  and in the manner and subject to
             the limitations provided in the Indenture,  but without the payment
             of any service charge,  Series BB Debentures may be exchanged for a
             like  aggregate  principal  amount of Series BB Debentures of other
             authorized denominations.

                       Upon  not  less  than 30 nor  more  than 60  days'  prior
             notice,  the  Issuer  shall  have the right to prepay the Series BB
             Debentures   (together  with  any  accrued  but  unpaid   interest,
             including  Additional  Interest,  if  any,  on  the  portion  being
             prepaid), without premium or penalty,

                       (i)  in whole or in part, as the case may be, at any time
                  on or after June 30, 1999; and

                       (ii) in whole at any time if the Issuer and Capital  have
                  been  advised  by  independent   nationally  recognized  legal
                  counsel  that, as a result of any change after June 1, 1994 in
                  United  States  law   (including  the  enactment  or  imminent
                  enactment of any legislation,  the publication of any judicial
                  decisions  or  regulatory  rulings or a change in the official
                  position  or in the  interpretation  of  law or  regulations),
                  there exists more than an  insubstantial  risk that the Issuer
                  will be precluded from deducting the interest on the Series BB
                  Debentures for federal income tax purposes,

             all as further provided in the Indenture.

                       The Series BB  Debentures  are,  to the extent and in the
             manner provided in the Indenture,  expressly subordinate and junior
             in right of payment of all Senior  Indebtedness  as provided in the
             Indenture,  and each holder of this  Debenture,  by his  acceptance
             hereof,  agrees  to and  shall be bound by such  provisions  of the
             Indenture and  authorizes  and directs the Trustee in his behalf to
             take such action as  appropriate to effectuate  such  subordination
             and appoints the Trustee his  attorney-in-fact for any and all such
             purposes.  The Indenture defines Senior Indebtedness as obligations
             (other than  non-recourse  obligations  and the  Securities) of, or
             guaranteed or assumed by, the Issuer for borrowed money  (including
             both senior and subordinated indebtedness for borrowed money (other
             than the Securities)) or evidenced by bonds,  debentures,  notes or
             other similar instruments,  and amendments,  renewals,  extensions,
             modifications   and   refundings  of  any  such   indebtedness   or
             obligation,  whether existing as of the date hereof or subsequently
             incurred by the Issuer.

                       Upon due presentment for registration of transfer of this
             Debenture  at the office or agency of the Issuer in the  Borough of
             Manhattan,  The City of New York, a new  Debenture or Debentures of
             authorized  denominations  for an equal aggregate  principal amount
             will be issued to the transferee in exchange  therefor,  subject to
             the  limitations  provided in the Indenture,  without charge except
             for any tax or other  governmental  charge  imposed  in  connection
             therewith.

                       The Issuer,  the Trustee and any authorized  agent of the
             Issuer or the  Trustee  may deem and treat  the  registered  Holder
             hereof as the absolute owner of this Debenture (whether or not this
             Debenture  shall be overdue  and  notwithstanding  any  notation of
             ownership or other  writing  hereon),  for the purpose of receiving
             payment of, or on account of, the principal hereof and premium,  if
             any, and subject to the  provisions  on the face  hereof,  interest
             hereon, and for all other purposes,  and neither the Issuer nor the
             Trustee nor any authorized agent of the Issuer or the Trustee shall
             be affected by any notice to the contrary.

                    No  recourse  under  or upon  any  obligation,  covenant  or
             agreement  of  the  Issuer  in  the   Indenture  or  any  indenture
             supplemental  thereto  or in  any  Debenture,  or  because  of  the
             creation  of any  indebtedness  represented  thereby,  shall be had
             against any  incorporator,  stockholder,  officer or  director,  as
             such,  of  the  Issuer  or of  any  successor  corporation,  either
             directly or through the Issuer or any successor corporation,  under
             any rule of law,  statute  or  constitutional  provision  or by the
             enforcement  of  any  assessment  or  by  any  legal  or  equitable
             proceeding or otherwise,  all such liability being expressly waived
             and  released  by  the  acceptance   hereof  and  as  part  of  the
             consideration for the issue hereof.

                       Terms used  herein  which are  defined  in the  Indenture
             shall  have  the  respective   meanings  assigned  thereto  in  the
             Indenture.

                  Dated:

                                      ConAgra, Inc.

                                      By______________________________

                  [FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION]

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

                                           First Trust National
                                           Association, as Trustee

                                           By__________________________
                                                Authorized Signatory

<PAGE>

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

                                    CONAGRA, INC.

                                       AND

                           FIRST TRUST NATIONAL ASSOCIATION
                                     Trustee

                             Fifth Supplemental Indenture

                             Dated as of January 26, 1995

                           Providing for Issuance of 9.35%
                             Series C Debentures due 2044
                          in connection with the issuance by
                             ConAgra Capital, L.C. of its
                       Series C Cumulative Preferred Securities

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

<PAGE>
                       FIFTH    SUPPLEMENTAL    INDENTURE   (the   "Supplemental
             Indenture"), dated as of January 26, 1995, between CONAGRA, INC., a
             Delaware  corporation  (the  "Issuer"),  and FIRST  TRUST  NATIONAL
             ASSOCIATION, a national banking corporation (the "Trustee").

                                W I T N E S S E T H :

                       WHEREAS,  in accordance with Sections 2.1, 2.3 and 8.1 of
             the Subordinated  Indenture dated as of March 10, 1994, between the
             Issuer  and  the  Trustee  (the  "Indenture"),   this  Supplemental
             Indenture is being  entered into in order to establish the form and
             terms of a series of Securities to be issued in connection with the
             issuance  by  ConAgra  Capital,  L.C.,  an Iowa  limited  liability
             company   ("Capital"),   of  its  Series  C  Cumulative   Preferred
             Securities (the "Series C Preferred Securities");

                       WHEREAS, the Issuer has duly authorized the execution and
             delivery of this  Supplemental  Indenture  to provide,  among other
             things, for the authentication, delivery and administration of such
             series of Securities;

                       WHEREAS,  all things necessary to make this  Supplemental
             Indenture a valid  supplement  to Indenture  according to its terms
             and the terms of the Indenture have been done;

                       NOW, THEREFORE:

                       In  consideration  of the premises  and the  purchases of
             such series of  Securities by the holders  thereof,  the Issuer and
             the  Trustee  mutually   covenant  and  agree  for  the  equal  and
             proportionate  benefit of the respective  holders from time to time
             of such series of Securities as follows:

                                   ARTICLE ONE

                                   DEFINITIONS

                       SECTION 1.1 Certain Terms Defined in the  Indenture.  All
             capitalized  terms used herein  without  definition  shall have the
             meanings specified in the Indenture.

                       SECTION 1.2  Additional  Terms  Defined.  As used in this
             Supplemental Indenture,  the additional terms set forth below shall
             have the following meanings:

                       "Additional Interest" shall have the meaning set forth in
             Section 2.8 hereof.

                       "Common Interests" shall mean Common Membership Interests
             as defined in the Operating Agreement.

                       "DTC" shall mean The Depository  Trust Company as initial
             depositary  of the Series C  Debentures  upon a Preferred  Security
             Exchange.

                       "Event  of  Default"  shall  (a)  prior  to  a  Preferred
             Security  Exchange,  have the  meaning  set forth in  Section  2.12
             hereof and (b) on and after a Preferred Security Exchange, have the
             meaning set forth in Section 5.1 of the Indenture.

                       "Expense  Agreement"  means the  Agreement as to Expenses
             and Liabilities dated as of April 20, 1994,  between the Issuer and
             Capital.

                       "Guarantee"  means the  Payment and  Guarantee  Agreement
             dated as of April 20, 1994,  executed  and  delivered by the Issuer
             for the  benefit of the  holders  from time to time of the Series C
             Preferred Securities and other Preferred Interests of Capital.

                       "Managing Members" means HW Nebraska, Inc., a
             Nebraska corporation, and CP Nebraska, Inc., a Nebraska
             corporation, as managing members of Capital.

                       "Operating Agreement" means the Limited Liability Company
             Operating  Agreement  dated as of March 11, 1994,  by and among the
             Managing Members.

                       "Preferred  Interests" means Series Preferred  Membership
             Interests as defined in the Operating Agreement.

                       "Preferred Security Exchange" means an exchange of Series
             C Debentures for Series C Preferred  Securities pursuant to Section
             7 of the Written Action.

                       "Underwriting Agreement" means the underwriting agreement
             dated as of January 26, 1995,  among the Issuer,  Capital and Smith
             Barney Inc. as  representative  of the several  underwriters  named
             therein.

                       "Written Action" means the Written Action of the Managing
             Members  Pursuant to Section 3.02 of the Operating  Agreement dated
             January 26, 1995,  establishing the terms of the Series C Preferred
             Securities.

                                   ARTICLE TWO

                         ISSUANCE OF SERIES C DEBENTURES

                       SECTION 2.1 Issuance of Series C Debentures.  There shall
             be a series of Securities designated "Series C Debentures due 2044"
             (the "Series C Debentures") and such Series C Debentures shall have
             the terms  set forth in this  Article  Two in  accordance  with the
             provisions of the Indenture and this Supplemental Indenture.

                       SECTION 2.2 Limitation on Aggregate Principal Amount. The
             aggregate  principal amount of the Series C Debentures which may be
             authenticated and delivered shall be limited to $250,000,000.

                       SECTION 2.3 Maturity of the Series C Debentures.  Subject
             to the  provisions  of Sections 2.4 and 2.5,  the entire  principal
             amount of the Series C  Debentures  shall  become due and  payable,
             together with any accrued and unpaid  interest  thereon,  including
             Additional  Interest,  if any, on the earlier of (a)  February  29,
             2044  (subject  to the  Issuer's  right to  exchange  the  Series C
             Debentures for new debentures  pursuant to Section 2.6) and (b) the
             date upon which Capital shall be dissolved, wound-up or liquidated;
             provided that the  parenthetical  to clause (a) and the entirety of
             clause  (b)  shall be  inapplicable  on and  after  the date of any
             Preferred Security Exchange.

                       SECTION 2.4  Mandatory  Prepayment of Series C Debentures
             upon redemption of Series C Preferred  Securities.  Notwithstanding
             the  provisions  of Section  2.3,  if Capital  redeems the Series C
             Preferred  Securities in  accordance  with the terms  thereof,  the
             Series C Debentures pertaining to the Series C Preferred Securities
             shall become due and payable in a principal  equal to the aggregate
             stated liquidation  preference of the Series C Preferred Securities
             so redeemed,  together with any and all accrued  interest  thereon,
             including Additional Interest, if any. Any payment pursuant to this
             Section  2.4 shall be made prior to 12:00 noon,  New York time,  on
             the date  fixed for such  redemption  or at such other time on such
             earlier date as Capital and the Issuer shall agree.

                       SECTION 2.5  Optional  Prepayment.  Upon not less than 30
             nor more than 60 days'  prior  notice,  the  Issuer  shall have the
             right to prepay the Series C  Debentures  relating  to the Series C
             Preferred   Securities   (together  with  any  accrued  but  unpaid
             interest,  including  Additional  Interest,  if any, on the portion
             being prepaid), without premium or penalty,

                       (i)  in whole or in part, as the case may be, at any time
                  on or after February 29, 2000; and

                       (ii) in whole at any time if the Issuer and Capital  have
                  been  advised  by  independent   nationally  recognized  legal
                  counsel that, as a result of any change after January 26, 1995
                  in United  States law  (including  the  enactment  or imminent
                  enactment of any legislation,  the publication of any judicial
                  decisions  or  regulatory  rulings or a change in the official
                  position  or in the  interpretation  of  law or  regulations),
                  there exists more than an  insubstantial  risk that the Issuer
                  will be precluded  from deducting the interest on the Series C
                  Debentures  for federal income tax purposes even if the Series
                  C  Preferred   Securities  are  exchanged  for  the  Series  C
                  Debentures pursuant to a Preferred Security Exchange.

                       SECTION  2.6  Exchange  of  Series C  Debentures  for New
             Debentures. Notwithstanding the provisions of Section 2.3, prior to
             a Preferred  Security  Exchange,  in lieu of repaying  the Series C
             Debentures relating to the Series C Preferred  Securities when due,
             the Issuer may elect to exchange  such Series C Debentures  for new
             debentures  with an equal aggregate  principal  amount issued under
             the Indenture  with terms  substantially  identical to the Series C
             Debentures;  provided  that the Issuer may not so elect to exchange
             any  Series  C  Debentures,  unless  at the  time of such  exchange
             Capital owns all of the Series C Debentures  and, as  determined in
             the  judgment  of the  Managing  Members  and  Capital's  financial
             advisor  (selected  by  the  Managing  Members  and  who  shall  be
             unaffiliated  with the  Issuer  and shall be among  the 30  largest
             investment banking firms,  measured by total capital, in the United
             States  at the  time  of such  exchange),  (a)  the  Issuer  is not
             bankrupt,  insolvent or in liquidation,  (b) no Event of Default or
             event that with the  giving of notice or the  passage of time would
             constitute  an Event of Default  on any  Securities  pertaining  to
             Preferred  Interests of any series, has occurred and is continuing,
             (c) the Issuer has made timely  payments on the Series C Debentures
             for the  immediately  preceding  18 months,  (d)  Capital is not in
             arrears on  payments  of  distributions  on the Series C  Preferred
             Securities,  (e) there is then no  present  reason to  believe  the
             Issuer  will be unable to make  timely  payment  of  principal  and
             interest on such new debentures,  (f) such new debentures are being
             issued on terms, and under circumstances,  that are consistent with
             those which a lender  would then require for a loan to an unrelated
             party,  (g)  such  new  debentures  are  being  issued  at  a  rate
             sufficient to provide  payments equal to or greater than the amount
             of distributions  required under the Series C Preferred Securities,
             (h) such  debentures are being issued for a term that is consistent
             with market circumstances and the Issuer's financial condition, (i)
             immediately  prior to  issuing  such  new  debentures,  the  senior
             unsecured  long-term  debt of the  Issuer is (or if no such debt is
             outstanding,  would be) rated not less than BBB (or the equivalent)
             by Standard & Poor's  Corporation  and Baa1 (or the  equivalent) by
             Moody's  Investors  Service,  Inc.  (or if  either  of such  rating
             organizations  is not then  rating the  Issuer's  senior  unsecured
             long-term  debt,  the  equivalent  of  such  rating  by  any  other
             "nationally  recognized  statistical rating  organization," as that
             term is defined by the  Commission  for purposes of Rule  436(g)(2)
             under the Securities Act of 1933, as amended) and any  subordinated
             unsecured long-term debt of the Issuer or, if there is no such debt
             then outstanding,  the Series C Preferred Securities, are rated not
             less than BBB- (or the equivalent) by Standard & Poor's Corporation
             or Baa3 (or the equivalent) by Moody's Investors  Service,  Inc. or
             the  equivalent  of either  such  rating  by any other  "nationally
             recognized  statistical  rating  organization"  and  (j)  such  new
             debentures  will  have a  final  maturity  no  later  than  the one
             hundredth  anniversary  of the  issuance  of the Series C Preferred
             Securities.

                       SECTION  2.7  Denomination  and  Interest on the Series C
             Debentures.  (a) The  Series  C  Debentures  shall be  issuable  as
             Registered  Securities  in  denominations  of $25 and any  multiple
             thereof.

                       (b) The Series C Debentures shall bear interest at a rate
             equal to 9.35% per  annum  from  February  2, 1995 or from the most
             recent  Interest  Payment Date (as defined below) to which interest
             has been paid or provided  for on the Series C  Debentures.  To the
             extent allowed by law, the Issuer will also pay interest on overdue
             installments  of  interest  at such rate.  The  amount of  interest
             payable for any full monthly  interest  period shall be computed on
             the basis of twelve  30-day  months and a 360-day year and, for any
             period  shorter  than a full  monthly  interest  period,  shall  be
             computed on the basis of the actual  number of days elapsed in such
             period.  Such interest shall be payable  monthly on the last day of
             each calendar  month (an  "Interest  Payment  Date")  commencing on
             February  28,  1995  to the  holder  or  holders  of the  Series  C
             Debenture  on the  relevant  record date (each,  a "Record  Date"),
             which  shall be one  Business  Day prior to the  relevant  Interest
             Payment Date. If Interest  Payment Date is not a Business Day, then
             payment  of the  interest  payable on such date will be made on the
             next  succeeding  day  which is a  Business  Day (and  without  any
             interest  or other  payment in respect  of any such  delay)  except
             that, if such Business Day is in the next succeeding calendar year,
             such payment shall be made on the  immediately  preceding  Business
             Day (and the Record Date for such  Interest  Payment  Date shall be
             one Business Day prior to the date on which payment is to be made),
             in each  case  with the same  force  and  effect as if made on such
             date.

                       SECTION 2.8 Additional Interest. If at any time following
             the  issuance of the Series C Preferred  Securities  and prior to a
             Preferred Security Exchange, Capital shall be required to pay, with
             respect to its income  derived  from the  interest  payments on the
             Series C Debentures relating to the Series C Preferred  Securities,
             any amounts, for or on account of any taxes, duties, assessments or
             governmental  charges  of  whatever  nature  imposed  by the United
             States or any other taxing  authority,  then, in any such case, the
             Issuer will pay as interest such  additional  amounts  ("Additional
             Interest")  as may be  necessary  in  order  that  the net  amounts
             received and  retained by Capital  after the payment of such taxes,
             duties,   assessments  or  governmental  charges  shall  result  in
             Capital's  having such funds as it would have had in the absence of
             the  payment of such taxes,  duties,  assessments  or  governmental
             charges.

                       SECTION 2.9 Extension of Interest Period. Notwithstanding
             the  provisions  of Section 2.7 hereof,  the Issuer  shall have the
             right  at any  time  or  times  during  the  term of the  Series  C
             Debentures,  so long as the Issuer is not in default in the payment
             of interest  under any of the  Securities,  to extend the  interest
             payment  period  for  the  Series  C  Debentures  up to 18  months;
             provided  that at the end of such  period the Issuer  shall pay all
             installments  of interest  then accrued and unpaid  (together  with
             interest  thereon at the rate specified for the Series C Debentures
             to the extent permitted by applicable law);  provided further that,
             during any such extended  interest  period,  neither the Issuer nor
             any majority  owned  subsidiary  of the Issuer shall pay or declare
             any  dividends  on,  or  redeem,   purchase,   acquire  or  make  a
             liquidation  payment  with  respect  to, any of its  capital  stock
             (other than payments to redeem common share  purchase  rights under
             the  Issuer's  shareholder  rights  plan  dated July 10,  1986,  as
             amended,  or to declare a dividend of similar share purchase rights
             in the future); and provided furtherthat any such extended interest
             period may only be selected with respect to the Series C Debentures
             if  an   extended   interest   period   of   identical   length  is
             simultaneously   selected   for  all   Securities.   Prior  to  the
             termination  of any such extended  interest  payment period for the
             Series C  Debentures,  the Issuer may further  extend the  interest
             payment  period for the  Series C  Debentures;  provided  that such
             extended  interest  payment  period  for the  Series  C  Debentures
             together with all such further extensions  thereof,  may not exceed
             18 months;  and provided  further  that any such  further  extended
             interest  period may only be selected  with respect to the Series C
             Debentures  if a further  extended  interest  period  of  identical
             length is simultaneously selected for all Securities. Following the
             termination of any extended  interest payment period, if the Issuer
             has paid all accrued and unpaid  interest  required by the Series C
             Debentures for such period, then the Issuer shall have the right to
             again extend the interest  payment period up to 18 months as herein
             described.  Prior to any Preferred  Security  Exchange,  the Issuer
             shall give Capital notice of its selection of any extended interest
             payment  period one  Business  Day prior to the  earlier of (i) the
             date Capital declares the related distribution,  if any, to holders
             of the Common  Interests  or (ii) the date  Capital is  required to
             give  notice  of  the  record  or  payment  date  of  such  related
             distribution  to the New York Stock  Exchange  or other  applicable
             self-regulatory   organization  or  to  holders  of  the  Series  C
             Preferred  Securities,  but in any event not less than two Business
             Days prior to such record date;  the Issuer shall cause  Capital to
             give such notice of the Issuer's selection of any extended interest
             payment   period  to  all   holders  of  Such  Series  C  Preferred
             Securities. After any Preferred Security Exchange, the Issuer shall
             give the Holders of the Series C Debentures notice of its selection
             of any extended  interest  payment prior to the date it is required
             to give  notice of the  record  of  payment  date of such  interest
             payment  to  the  New  York  Stock  Exchange  or  other  applicable
             self-regulatory  organization,  but in any  event not less than two
             Business Days prior to such Record Date.

                       SECTION  2.10  Set-off.  Notwithstanding  anything to the
             contrary  herein,  prior to any  Preferred  Security  Exchange  the
             Issuer  shall have the right to set off any payment it is otherwise
             required  to make  hereunder  with and to the extent the Issuer has
             theretofore  made, or is  concurrently  on the date of such payment
             making, a payment under the Guarantee.

                       SECTION 2.11 Certain Covenants. (a) So long as the Series
             C Preferred  Securities remain outstanding,  neither the Issuer nor
             any  majority-owned  subsidiary  of the Issuer shall declare or pay
             any dividend on, or redeem, purchase, acquire or make a liquidation
             payment with respect to, any of the Issuer's  capital stock or make
             any guarantee  payments  with respect to the foregoing  (other than
             payments  under the  Guarantee,  payments  to redeem  common  share
             purchase  rights under the Issuer's  shareholder  rights plan dated
             July 10,  1986,  as amended,  or the  declaration  of a dividend of
             similar  share  purchase  rights in the future) if at such time the
             Issuer is in default with respect to its payment  obligations under
             the Guarantee or the Expense Agreement or there shall have occurred
             an Event of Default or any event that, with the giving of notice or
             the lapse of time or both,  would  constitute  an Event of  Default
             under the Securities.

                       (b) So long as the Series C Preferred  Securities  remain
             outstanding,  the  Issuer  shall (i) not cause or permit any Common
             Interests  to be  transferred,  (ii)  maintain  direct or  indirect
             ownership of all  outstanding  securities in Capital other than the
             Preferred   Interests  of  any  series  and  any  other  securities
             permitted to be issued by Capital  that would not cause  Capital to
             become an "investment  company" under the Investment Company Act of
             1940,  as  amended,  (iii) cause at least 21% of the total value of
             Capital and at least 21% of all  interests in the capital,  income,
             gain,  loss,  deduction and credit of Capital to be  represented by
             Common  Interests,   (iv)  not  voluntarily  dissolve,   windup  or
             liquidate Capital or either of the Managing  Members,  (v) cause HW
             Nebraska, Inc. and CP Nebraska, Inc. to remain the Managing Members
             of Capital  and timely  perform all of their  respective  duties as
             Managing  Members of Capital,  and (vi) use  reasonable  efforts to
             cause Capital to remain a limited  liability  company and otherwise
             continue to be treated as a partnership for U.S. federal income tax
             purposes;  provided that the Issuer may permit Capital,  solely for
             the purpose of changing its  domicile or avoiding tax  consequences
             adverse to the  Issuer,  Capital  or holders of Series C  Preferred
             Securities,  to  consolidate  or  merge  with  or  into  a  limited
             liability company or a limited partnership formed under the laws of
             any state of the United  States of America;  provided that (1) such
             successor  limited  liability  company or limited  partnership  (x)
             expressly  assumes  all of the  obligations  of  Capital  under the
             Series  C  Preferred  Securities  and  other  series  of  Preferred
             Interests  then  outstanding  or (y)  substitutes  for the Series C
             Preferred  Securities  and any series of Preferred  Interests  then
             outstanding other securities having substantially the same terms as
             the Series C Preferred  Securities and any such Preferred Interests
             (the "Successor  Securities")  so long as the Successor  Securities
             rank,  with respect to  participation  in the profits and assets of
             such successor entity, at least as senior as the Series C Preferred
             Securities and any such  Preferred  Interests  rank,  respectively,
             with respect to participation in the profits and assets of Capital,
             (2) the Issuer expressly  acknowledges such successor as the holder
             of all of the Series C Debentures  and other  series of  debentures
             issued under the  Indenture  then  outstanding,  (3) such merger or
             consolidation does not cause any series of Preferred Interests then
             outstanding to be delisted by any national  securities  exchange or
             other  organization  on which such series is then  listed,  (4) the
             holders of Series C  Preferred  Securities  and any such  Preferred
             Interests do not suffer any adverse tax consequences as a result of
             such merger or consolidation, (5) such merger or consolidation does
             not  cause  any  Preferred   Interests  to  be  downgraded  by  any
             "nationally  recognized  statistical rating  organization," as that
             term is defined  by the  Securities  and  Exchange  Commission  for
             purposes of Rule  436(g)(2)  under the  Securities  Act of 1933, as
             amended,  and (6) following such merger or  consolidation,  neither
             the Issuer nor such successor  limited liability company or limited
             partnership  will be an  "investment  company"  for purposes of the
             Investment Company Act of 1940, as amended.

                            (c) So long as the  Series  C  Preferred  Securities
             remain outstanding,  the Issuer shall not consolidate with or merge
             into any  other  Person  or sell its  property  and  assets  as, or
             substantially  as, an  entirety  to any Person and shall not permit
             any Person to merge into or consolidate  with the Issuer unless (i)
             in case the Issuer  shall  consolidate  with or merge into  another
             Person or sell its properties and assets as, or  substantially  as,
             an entirety to any Person,  the Person formed by such consolidation
             or into which the Issuer is merged or the  Person  which  purchases
             the properties and assets of the Issuer as, or substantially, as an
             entirety  shall be a corporation,  partnership  or trust,  shall be
             organized and validly  existing under the laws of the United States
             of  America,  any  State or the  District  of  Columbia,  and shall
             expressly assume the Issuer's obligations under the Indenture, this
             Supplemental  Indenture  and  the  Series  C  Debentures  and  (ii)
             immediately  after  giving  effect to the  transaction  no Event of
             Default shall have occurred and be continuing.

                            (d) So long as the  Series  C  Preferred  Securities
             remain  outstanding,  the  provisions  of Sections  2.11(b) and (c)
             shall remain in full force and effect notwithstanding  satisfaction
             and discharge of the Indenture pursuant to Section 10.1 thereof.

                       SECTION  2.12 Events of Default;  Remedies.  Prior to any
             Preferred  Security  Exchange,  "Event of Default" means any one of
             the following events:

                       (a)  failure  to pay  when  due any  interest  under  any
             Securities,  including any  Additional  Interest,  and such failure
             shall  continue for a period of 30 days  (whether or not payment is
             prohibited by the provisions  contained in Article  Thirteen of the
             Indenture or  otherwise);  provided  that a valid  extension of the
             interest  payment  period  by the  Issuer  shall not  constitute  a
             default in the payment of interest for this purpose;

                       (b)  failure  to pay when  due any  principal  under  any
             Securities  (whether or not payment is prohibited by the provisions
             contained in Article Thirteen of the Indenture or otherwise);

                       (c)  failure on the part of the Issuer duly to observe or
             perform any other  covenant or  agreement on the part of the Issuer
             in respect of the Securities  (other than a covenant or warranty in
             respect of the Series C Debentures a default in the  performance or
             breach of which is  elsewhere in this  Section  specifically  dealt
             with) or contained in the Indenture, this Supplemental Indenture or
             the Series C Debentures,  and continuance of such default or breach
             for a period of 90 days after there has been given,  by  registered
             or  certified  mail,  to the  Issuer by the  Trustee  or any Holder
             hereof,  a written  notice  specifying  such  failure or breach and
             requiring  it to be  remedied  and  stating  that such  notice is a
             "Notice of Default" hereunder;

                       (d)  the  dissolution,  or  winding  up or liquidation of
             Capital;

                       (e) a court having  jurisdiction  in the  premises  shall
             enter a decree or order for  relief in respect of the Issuer or any
             Consolidated Subsidiary in an involuntary case under any applicable
             bankruptcy,  insolvency  or other  similar law now or  hereafter in
             effect, or appointing a receiver, liquidator,  assignee, custodian,
             trustee or sequestrator (or similar  official) of the Issuer or any
             subsidiary or for any substantial  part of its property or ordering
             the winding up or  liquidation  of its affairs,  and such decree or
             order  shall  remain  unstayed  and in  effect  for a period  of 60
             consecutive days; or

                       (f)  the  Issuer  or any  Consolidated  Subsidiary  shall
             commence  a  voluntary  case  under  any   applicable   bankruptcy,
             insolvency  or other  similar law now or  hereafter  in effect,  or
             consent to the entry of an order for relief in an involuntary  case
             under any such law,  or  consent  to the  appointment  of or taking
             possession by a receiver, liquidator,  assignee, custodian, trustee
             or  sequestrator  (or  similar  official)  of  the  Issuer  or  any
             Consolidated   Subsidiary  or  for  any  substantial  part  of  its
             property,  or  make  any  general  assignment  for the  benefit  of
             creditors.

                       If an Event of  Default  shall  occur and be  continuing,
             then  Capital  will have the right (i) to declare the  principal of
             and  the  interest  on  the  Series  C  Debentures  (including  any
             Additional  Interest  and  any  interest  subject  to an  extension
             election)  and  any  other  amounts  payable  under  the  Series  C
             Debentures  to be  forthwith  due and payable,  whereupon  the same
             shall become and be forthwith due and payable, without presentment,
             demand,  protest  or other  notice  of any  kind,  all of which are
             hereby   expressly   waived,   anything  in  the  Indenture,   this
             Supplemental  Indenture or the Series C Debentures  to the contrary
             notwithstanding  and (ii) to enforce its other rights hereunder and
             thereunder.  Capital may not accelerate the principal amount of any
             Series C Debenture unless the principal amount of all Securities is
             accelerated.

                       If an Event of Default  specified  in clauses (d), (e) or
             (f) above shall have occurred, the principal of and interest on the
             Series C Debentures shall thereupon and concurrently become due and
             payable without presentment, demand, protest or other notice of any
             kind,  all of which are hereby  expressly  waived,  anything in the
             Indenture,  this Supplemental  Indenture or the Series C Debentures
             to the contrary notwithstanding.

                       If an Event of  Default  specified  in clause  (a) or (b)
             above shall have occurred and be continuing  and Capital shall have
             failed  to  pay  any   distributions  on  the  Series  C  Preferred
             Securities  when due (other than as a result of any valid extension
             of the  interest  payment  period by the  Issuer  for the  Series C
             Debentures)  or to pay any portion of the  redemption  price of the
             Series C  Preferred  Securities  called  for  redemption,  then any
             Holder of Series C  Preferred  Securities  may, as set forth in the
             terms  of the  Series  C  Preferred  Securities,  enforce  directly
             against the Issuer Capital's right hereunder to receive payments of
             principal and interest on the Series C Debentures  relating to such
             Series C Preferred  Interests  but only in an amount  sufficient to
             enable Capital to pay such distributions or redemption price.

                       The Issuer expressly acknowledges that under the terms of
             Section  3.02(f) of the  Operating  Agreement  and Section 9 of the
             Written Action,  the holders of the outstanding  Series C Preferred
             Securities  together with the holder of other  Preferred  Interests
             shall in certain circumstances have the right to appoint a trustee,
             which trustee shall be  authorized to exercise  Capital's  creditor
             rights under the  Indenture,  this  Supplemental  Indenture and the
             Series C Debentures  and the Issuer  agrees to cooperate  with such
             trustee; provided that any trustee so appointed shall vacate office
             immediately  in  accordance  with Section  3.02(f) of the Operating
             Agreement  if all  Events of Default  giving  rise to such right of
             appointment have been cured by the Issuer.

                       Except as  provided  in this  Section  2.12,  Holders  of
             Series C  Preferred  Interests  shall have no rights to enforce any
             obligations  of the Issuer under the Indenture,  this  Supplemental
             Indenture or the Series C Debentures.

                       On  and  after  a  Preferred   Security   Exchange,   the
             provisions  of Article  Five of the  Indenture,  including  without
             limitation the definition of an "Event of Default",  shall apply to
             the  Series C  Debentures  and  this  Section  2.12  shall be of no
             further force or effect.

                       SECTION 2.13  Book-Entry-Only  Issuance;  The  Depository
             Trust  Company.  On and after a Preferred  Security  Exchange,  the
             provisions of this Section 2.13 shall apply.

                       (a) DTC,  New  York,  New  York,  will act as  securities
             depository  for the Series C  Debentures.  The Series C  Debentures
             will  be  issued  as  one  or  more  global  certificates  only  as
             fully-registered  securities  registered  in the name of Cede & Co.
             (DTC's nominee).  Such global  certificates  shall bear a legend in
             the following form:

                       UNLESS THIS  CERTIFICATE  IS PRESENTED  BY AN  AUTHORIZED
                  REPRESENTATIVE  OF THE DEPOSITORY  TRUST  COMPANY,  A NEW YORK
                  CORPORATION   ("DTC"),   TO  THE   ISSUER  OR  ITS  AGENT  FOR
                  REGISTRATION  OF  TRANSFER,  EXCHANGE,  OR  PAYMENT,  AND  ANY
                  CERTIFICATE  ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
                  IN  SUCH  OTHER  NAME  AS  IS  REQUESTED   BY  AN   AUTHORIZED
                  REPRESENTATIVE  OF DTC (AND ANY  PAYMENT IS MADE TO CEDE & CO.
                  OR TO SUCH  OTHER  ENTITY  AS IS  REQUESTED  BY AN  AUTHORIZED
                  REPRESENTATIVE  OF DTC),  ANY  TRANSFER,  PLEDGE  OR OTHER USE
                  HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL,
                  INASMUCH AS THE  REGISTERED  OWNER HEREOF,  CEDE & CO., HAS AN
                  INTEREST HEREIN.

                       THIS  DEBENTURE  IS IN GLOBAL  FORM WITHIN THE MEANING OF
                  THE INDENTURE AND SUPPLEMENTAL  INDENTURE HEREINAFTER REFERRED
                  TO AND IS  REGISTERED  IN THE NAME OF DTC OR A NOMINEE OF DTC.
                  UNLESS  AND  UNTIL  IT IS  EXCHANGED  IN  WHOLE OR IN PART FOR
                  DEBENTURES IN  CERTIFICATED  FORM,  THIS  DEBENTURE MAY NOT BE
                  TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY
                  A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR
                  ANY SUCH  NOMINEE TO A  SUCCESSOR  DEPOSITARY  OR A NOMINEE OF
                  SUCH SUCCESSOR DEPOSITARY.

             or  any  other  legend  then  customary for securities of a similar
             nature held by DTC.

                       (b)  Redemption  notices  shall be sent to Cede & Co.  If
             less than all of the Series C Debentures are being  redeemed,  such
             securities  shall be redeemed in accordance with DTC's then current
             practice.

                       (c)  DTC  may  discontinue   providing  its  services  as
             securities  depository  with respect to the Series C Debentures  by
             giving reasonable notice to the Issuer as provided in the agreement
             between  the  Issuer  and  DTC.  Under  such  circumstances,  if  a
             successor securities depository is not obtained,  the Issuer at its
             expense  shall cause  certificates  for Series C  Debentures  to be
             printed and delivered as promptly as practicable.

                       SECTION  2.14  Listing  on the New York  Stock  Exchange.
             Following a Preferred  Security  Exchange,  the Issuer will use its
             best  efforts  to have the Series C  Debentures  listed on the same
             exchange on which the Series C Preferred Securities are listed.

                                  ARTICLE THREE

                                  MISCELLANEOUS

                       SECTION  3.1  Notices.  All  notices  hereunder  shall be
             deemed  given  by a  party  hereto  if  in  writing  and  delivered
             personally  or  by  telegram  or  facsimile   transmission   or  by
             registered  or certified  mail (return  receipt  requested)  to the
             other  party at the  following  address  for such party (or at such
             other address as shall be specified by like notice):

                       If to Capital, to:

                                 ConAgra Capital, L.C.
                                 c/o ConAgra, Inc.
                                 One ConAgra Drive
                                 Omaha, Nebraska 68102
                                 Attention: Vice President-Finance

                       If to the Issuer, to:

                                 ConAgra, Inc.
                                 One ConAgra Drive
                                 Omaha, Nebraska 68102
                                 Attention: Vice President-Finance

                       Any  notice  given  by  mail  or  telegram  or  facsimile
             transmission shall be effective when received.

                       SECTION 3.2 Assignment;  Binding Effect. The Issuer shall
             have  the  right  at all  times  to  assign  any of its  rights  or
             obligations under the Indenture,  this  Supplemental  Indenture and
             the  Series C  Debentures  to a direct  or  indirect  wholly  owned
             subsidiary  of the  Issuer  (other  than to any  Managing  Member);
             provided  that,  in the event of any such  assignment,  the  Issuer
             shall remain jointly and severally liable for all such obligations;
             and provided  further that in the event of an assignment prior to a
             Preferred  Security  Exchange  the Issuer  shall have  received  an
             opinion of nationally  recognized tax counsel that such  assignment
             shall not  constitute  a taxable  event of the  holders of Series C
             Preferred  Securities  for federal  income tax purposes.  Except as
             otherwise provided in this Supplemental Indenture,  Capital may not
             assign any of its rights under the Series C Debentures  without the
             prior written consent of the Issuer. Subject to the foregoing,  the
             Indenture,  this Supplemental Indenture and the Series C Debentures
             shall be  binding  upon and  inure to the  benefit  of the  Issuer,
             Capital,  the Holders  from time to time of the Series C Debentures
             and their respective successors and assigns.  Except as provided in
             this Section 3.2 or elsewhere in this Supplemental Indenture,  none
             of the  Indenture,  this  Supplemental  Indenture  nor the Series C
             Debentures  may be assigned by either the Issuer or Capital and any
             assignment  by the  Issuer  or  Capital  in  contravention  of this
             Section 3.2 shall be null and void.

                       SECTION 3.3 Governing  Law. THIS  SUPPLEMENTAL  INDENTURE
             AND THE SERIES C DEBENTURES  SHALL BE GOVERNED BY AND  CONSTRUED IN
             ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

                       SECTION 3.4 Counterparts. This Supplemental Indenture may
             be  executed  in  counterparts,  each of which  shall be  deemed an
             original,  but all of which taken together shall constitute one and
             the same instrument.

                       Section 3.5 Amendments.  This Supplemental  Indenture may
             be  amended  as set  forth  in  Article  Eight  of  the  Indenture.
             Notwithstanding  the  foregoing,  so long as any Series C Preferred
             Securities  shall  remain  outstanding,  (i)  no  amendment  to the
             provisions of the  Indenture,  this  Supplemental  Indenture or the
             Series  C  Debentures  shall be made  that  adversely  affects  the
             holders of any Series C Preferred  Securities then outstanding,  or
             terminate the Indenture,  this Supplemental Indenture or the Series
             C Debentures,  without in each case the prior consent of holders of
             66-2/3% in stated liquidation  preference of all Series C Preferred
             Securities  then  outstanding,  unless and until all Securities and
             all  accrued  and unpaid  interest  thereon  (including  Additional
             Interest, if any) shall have been paid in full and (ii) without the
             prior consent of holders of 100% in stated  liquidation  preference
             of all Series C Preferred Securities then outstanding, no amendment
             shall be made to the  provisions of this clause (ii) of Section 3.5
             or to (a)  extend  the  stated  maturity  of the  principal  of any
             Debenture,  or reduce the  principal  amount  thereof or reduce the
             rate or extend the time of payment of interest  thereon,  or reduce
             any amount payable on redemption  thereof or change the currency in
             which the  principal  thereof  or  interest  thereon  is payable or
             impair  the  right to  institute  suit for the  enforcement  of any
             payment  on any  Debenture  when due or (b)  reduce  the  aforesaid
             percentage  in  principal  amount of  Debentures  of any series the
             consent  of  the  holders  of  which  is  required   for  any  such
             modification. Any required consent of holders of Series C Preferred
             Securities  pursuant  to this  Section  3.5 shall be in  writing or
             shall be  obtained  at a meeting of Series C  Preferred  Securities
             holders  convened  in  the  manner  specified  in  3.02(e)  of  the
             Operating Agreement.

                       Section 3.6 Waivers.  Capital may not waive compliance or
             waive any default in  compliance  by the Issuer of any  covenant or
             other term in the  Indenture,  this  Supplemental  Indenture or the
             Series C Debentures  without the approval of the same percentage of
             holders  of Series C  Preferred  Securities,  obtained  in the same
             manner,  as would be required for an  amendment  of the  Indenture,
             this Supplemental  Indenture or the Series C Debentures to the same
             effect; provided that if no approval would be required for any such
             amendment, then Capital may waive such compliance or default in any
             manner that the parties shall agree.

                       Section 3.7 Third Party Beneficiaries.  The Issuer hereby
             acknowledges  that the  holders  from time to time of the  Series C
             Preferred  Securities shall expressly be third party  beneficiaries
             of this Supplemental Indenture.

                       Section 3.8 Amendment to  Indenture.  Pursuant to Section
             8.1 of the  Indenture,  Section  8.2 of  the  Indenture  is  hereby
             amended for purposes of any and all Securities,  including  without
             limitation  the Series C Debentures,  issued under the Indenture by
             substituting  the phrase "of not less than  66-2/3%" for the phrase
             "of not less than a majority"  in the first  clause of such Section
             8.2.

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

                                         CONAGRA, INC.

                                         By:    /s/ J.P. O'Donnell
                                         Name:  J. P. O'Donnell
                                         Title:  Vice President, Finance
                                                   and Treasurer
             [SEAL]

             Attest:  /s/ Sue E. Badberg
             Name:     Sue E. Badberg
             Title:    Assistant Secretary

                                                FIRST TRUST NATIONAL
                                                ASSOCIATION, as Trustee

                                                By:    /s/ David H. Bluhm
                                                Name:  David H. Bluhm
                                                Title: Vice President
             [SEAL]

             Attest:  /s/ K. Barrett
             Name:     Kathe Barrett
             Title:    Assoc. Admin.

<PAGE>

                                                                       Exhibit A

                         [Form of Face of Series C Debenture]
             No.

                                  ConAgra, Inc.

                             Series C Debentures due 2044

                       ConAgra, Inc., a Delaware corporation (the "Issuer"), for
             value received,  hereby promises to pay to ConAgra Capital, L.C. or
             registered  assigns,  at the  office or agency of the Issuer in The
             City of New York,  the  principal  sum of  $250,000,000  Dollars on
             February 29, 2044, in such coin or currency of the United States of
             America  as at the time of  payment  shall be legal  tender for the
             payment of public and private debts, and to pay interest, at a rate
             equal to 9.35% per annum accruing from February 2, 1995 or from the
             most  recent  Interest  Payment  Date (as  defined  below) to which
             interest has been paid or provided for on the Series C  Debentures.
             To the extent  allowed by law, the Issuer will also pay interest on
             overdue  installments  of  interest  at such  rate.  The  amount of
             interest  payable for any full  monthly  interest  period  shall be
             computed on the basis of twelve  30-day  months and a 360-day  year
             and, for any period  shorter than a full monthly  interest  period,
             shall be computed on the basis of the actual number of days elapsed
             in such period.  Such interest shall be payable monthly on the last
             day (an "Interest Payment Date") of each calendar month, commencing
             on February 28, 1995 to the holder or holders of this  Debenture on
             the relevant  record date (each, a "Record  Date"),  which shall be
             one Business Day prior to the relevant  Interest  Payment  Date. If
             Interest  Payment Date is not a Business  Day,  then payment of the
             interest  payable on such date will be made on the next  succeeding
             day which is a Business  Day (and  without  any  interest  or other
             payment in respect of any such delay) except that, if such Business
             Day is in the next succeeding  calendar year, such payment shall be
             made on the immediately preceding Business Day (and the Record Date
             for such  Interest  Payment Date shall be one Business Day prior to
             the date on which  payment  is to be  made),  in each case with the
             same  force  and  effect  as if made on such  date.  If at any time
             following the issuance of the Common  Securities,  Capital shall be
             required  to pay,  with  respect  to its  income  derived  from the
             interest payments on the Series C Debentures,  any amounts,  for or
             on  account  of any  taxes,  duties,  assessments  or  governmental
             charges of  whatever  nature  imposed  by the United  States or any
             other taxing authority, then, in any such case, the Issuer will pay
             as interest such additional amounts ("Additional  Interest") as may
             be necessary in order that the net amounts received and retained by
             Capital  after the payment of such taxes,  duties,  assessments  or
             governmental charges shall result in Capital's having such funds as
             it would  have had in the  absence of the  payment  of such  taxes,
             duties,  assessments or governmental  charges.  Notwithstanding the
             forgoing,  the  Issuer  shall  have the  right at any time or times
             during the term of the Series C  Debentures,  so long as the Issuer
             is not in  default  in the  payment  of  interest  under any of the
             Securities,  to extend the interest payment period for the Series C
             Debentures up to 18 months; provided that at the end of such period
             the Issuer shall pay all  installments of interest then accrued and
             unpaid  (together  with interest  thereon at the rate specified for
             the Series C Debentures to the extent permitted by applicable law);
             provided  further that,  during any such extended  interest period,
             neither the Issuer nor any majority owned  subsidiary of the Issuer
             shall pay or declare any dividends on, or redeem, purchase, acquire
             or make a  liquidation  payment with respect to, any of its capital
             stock (other than payments to redeem common share  purchase  rights
             under the Issuer's  shareholder rights plan dated July 10, 1986, as
             amended,  or to declare a dividend of similar share purchase rights
             in the  future);  and  provided  further  that  any  such  extended
             interest  period may only be selected  with respect to the Series C
             Debentures if an extended  interest  period of identical  length is
             simultaneously   selected   for  all   Securities.   Prior  to  the
             termination  of any such extended  interest  payment period for the
             Series C  Debentures,  the Issuer may further  extend the  interest
             payment  period for the  Series C  Debentures;  provided  that such
             extended  interest  payment  period  for the  Series  C  Debentures
             together with all such further extensions  thereof,  may not exceed
             18 months;  and provided  further  that any such  further  extended
             interest  period may only be selected  with respect to the Series C
             Debentures  if a further  extended  interest  period  of  identical
             length is simultaneously selected for all Securities. Following the
             termination of any extended  interest payment period, if the Issuer
             has paid all accrued and unpaid interest required by the Securities
             for such  period,  then the  Issuer  shall  have the right to again
             extend  the  interest  payment  period  up to 18  months  as herein
             described.  Prior to any Preferred  Security  Exchange,  the Issuer
             shall give Capital notice of its selection of any extended interest
             payment  period one  Business  Day prior to the  earlier of (i) the
             date  Capital  declares  the related  distribution,  if any, to the
             holders  of the  Series  C  Preferred  Securities  or (ii) the date
             Capital is required to give notice of the record or payment date of
             such related  distribution,  if any, to the holders of the Series C
             Preferred  Securities  to the New  York  Stock  Exchange  or  other
             applicable self-regulatory organization or to holders of the Series
             C Preferred Securities, but in any event not less than two Business
             Days prior to such Record Date;  the Issuer shall cause  Capital to
             give such notice of the Issuer's selection of any extended interest
             payment   period  to  all   holders  of  such  Series  C  Preferred
             Securities. After any Preferred Security Exchange, the Issuer shall
             give the Holders of the Series C Debentures notice of its selection
             of any extended  interest  payment prior to the date it is required
             to give  notice of the  record  or  payment  date of such  interest
             payment  to  the  New  York  Stock  Exchange  or  other  applicable
             self-regulatory  organization,  but in any  event not less than two
             Business Days prior to such Record Date.

                       Reference  is  made  to the  further  provisions  of this
             Debenture set forth on the reverse hereof.  Such further provisions
             shall for all  purposes  have the same  effect as though  fully set
             forth at this place.

                       This  Debenture  shall  not be valid or become obligatory
             for  any  purpose  until  the  certificate of authentication hereon
             shall  have been signed by the Trustee under the Indenture referred
             to below.

                       This  Debenture  is  one of a duly  authorized  issue  of
             debentures,  notes, bonds or other evidences of indebtedness of the
             Issuer   (hereinafter   called  the  "Securities")  of  the  series
             hereinafter  specified,  all  issued  or to  be  issued  under  and
             pursuant  to  an   indenture   dated  as  of  March  10,  1994  and
             supplemental  indentures  thereto (herein  collectively  called the
             "Indenture"),  duly  executed and delivered by the Issuer and First
             Trust  National   Association,   as  Trustee   (herein  called  the
             "Trustee"),  to which  Indenture  and all  indentures  supplemental
             thereto  reference is hereby made for a description  of the rights,
             limitations   of  rights,   obligations,   duties  and   immunities
             thereunder  of the  Trustee,  the  Issuer  and the  holders  of the
             Securities.  The  Securities  may be issued in one or more  series,
             which different series may be issued in various aggregate principal
             amounts,  may mature at different times, may bear interest (if any)
             at  different  rates,  may  be  subject  to  different   redemption
             provisions (if any), may be subject to different sinking,  purchase
             or  analogous  funds  (if  any)  and may  otherwise  vary as in the
             Indenture provided. This Debenture is one of a series designated as
             the "Series C Debentures due 2044" (the "Series C  Debentures")  of
             the Issuer, limited in aggregate principal amount to $250,000,000.

                       In case an Event of Default  with respect to the Series C
             Debentures, as defined in the Indenture, shall have occurred and be
             continuing,  the  principal  hereof may be declared,  and upon such
             declaration shall become, due and payable,  in the manner, with the
             effect and subject to the conditions provided in the Indenture.

                       The Indenture contains  provisions  permitting the Issuer
             and the  Trustee,  with the consent of the Holders of not less than
             66-2/3% in aggregate principal amount of the Securities at the time
             Outstanding  (as  defined  in the  Indenture)  of all  series to be
             affected  (voting  as one  class),  evidenced  as in the  Indenture
             provided, to execute supplemental  indentures adding any provisions
             to or changing in any manner or  eliminating  any of the provisions
             of the Indenture or of any  supplemental  indenture or modifying in
             any manner the rights of the Holders of the Securities of each such
             series;  provided,  however,  that no such  supplemental  indenture
             shall (i) extend the final maturity of any Security,  or reduce the
             principal amount thereof or any premium thereon, or reduce the rate
             or extend the time of payment of any interest thereon, or impair or
             affect the rights of any Holder to  institute  suit for the payment
             thereof,  without  the  consent of the Holder of each  Security  so
             affected,  or (ii) reduce the aforesaid  percentage of  Securities,
             the  Holders  of  which  are   required  to  consent  to  any  such
             supplemental  indenture,  without the consent of the Holder of each
             Security affected.  It is also provided in the Indenture that, with
             respect to certain  defaults  or Events of  Default  regarding  the
             Securities of any series, prior to any declaration accelerating the
             maturity of such Securities, the Holders of a majority in aggregate
             principal amount  Outstanding of the Securities of such series (or,
             in the case of  certain  defaults  or  Events  of  Default,  all or
             certain series of the  Securities)  may on behalf of the Holders of
             all the  Securities of such series (or all or certain series of the
             Securities,  as the case may be)  waive any such  past  default  or
             Event of Default and its consequences. The preceding sentence shall
             not, however,  apply to a continuing  default in the payment of the
             principal  of or  premium,  if  any,  or  interest  on  any  of the
             Securities.  Any such  consent  or  waiver  by the  Holder  of this
             Debenture  (unless  revoked as provided in the Indenture)  shall be
             conclusive and binding upon such Holder and upon all future Holders
             and owners of this Debenture and any Debenture  which may be issued
             in exchange or substitution herefor, irrespective of whether or not
             any  notation  thereof  is made upon this  Debenture  or such other
             Debentures.

                       No reference  herein to the Indenture and no provision of
             this  Debenture  or of the  Indenture  shall  alter or  impair  the
             obligation of the Issuer,  which is absolute and unconditional,  to
             pay the principal of and any premium and interest on this Debenture
             in the manner, at the respective times, at the rate and in the coin
             or currency herein prescribed.

                       The Series C Debentures  are issuable in registered  form
             without coupons in denominations  of $25 and any integral  multiple
             of $25 at the  office  or agency of the  Issuer in the  Borough  of
             Manhattan,  The City of New York,  and in the manner and subject to
             the limitations provided in the Indenture,  but without the payment
             of any service  charge,  Series C Debentures may be exchanged for a
             like  aggregate  principal  amount of Series C Debentures  of other
             authorized denominations.

                       Upon  not  less  than 30 nor  more  than 60  days'  prior
             notice,  the  Issuer  shall  have the right to prepay  the Series C
             Debentures   (together  with  any  accrued  but  unpaid   interest,
             including  Additional  Interest,  if  any,  on  the  portion  being
             prepaid), without premium or penalty,

                       (i)  in whole or in part, as the case may be, at any time
                  on or after February 29, 2000; and

                       (ii) in whole at any time if the Issuer and Capital  have
                  been  advised  by  independent   nationally  recognized  legal
                  counsel that, as a result of any change after January 26, 1995
                  in United  States law  (including  the  enactment  or imminent
                  enactment of any legislation,  the publication of any judicial
                  decisions  or  regulatory  rulings or a change in the official
                  position  or in the  interpretation  of  law or  regulations),
                  there exists more than an  insubstantial  risk that the Issuer
                  will be precluded  from deducting the interest on the Series C
                  Debentures for federal income tax purposes, even if the Series
                  C  Preferred   Securities  are  exchanged  for  the  Series  C
                  Debentures pursuant to a Preferred Security Exchange,

             all as further provided in the Indenture.

                       The  Series C  Debentures  are,  to the extent and in the
             manner provided in the Indenture,  expressly subordinate and junior
             in right of payment of all Senior  Indebtedness  as provided in the
             Indenture,  and each holder of this  Debenture,  by his  acceptance
             hereof,  agrees  to and  shall be bound by such  provisions  of the
             Indenture and  authorizes  and directs the Trustee in his behalf to
             take such action as  appropriate to effectuate  such  subordination
             and appoints the Trustee his  attorney-in-fact for any and all such
             purposes.  The Indenture defines Senior Indebtedness as obligations
             (other than  non-recourse  obligations  and the  Securities) of, or
             guaranteed or assumed by, the Issuer for borrowed money  (including
             both senior and subordinated indebtedness for borrowed money (other
             than the Securities)) or evidenced by bonds,  debentures,  notes or
             other similar instruments,  and amendments,  renewals,  extensions,
             modifications   and   refundings  of  any  such   indebtedness   or
             obligation,  whether existing as of the date hereof or subsequently
             incurred by the Issuer.

                       Upon due presentment for registration of transfer of this
             Debenture  at the office or agency of the Issuer in the  Borough of
             Manhattan,  The City of New York, a new  Debenture or Debentures of
             authorized  denominations  for an equal aggregate  principal amount
             will be issued to the transferee in exchange  therefor,  subject to
             the  limitations  provided in the Indenture,  without charge except
             for any tax or other  governmental  charge  imposed  in  connection
             therewith.

                       The Issuer,  the Trustee and any authorized  agent of the
             Issuer or the  Trustee  may deem and treat  the  registered  Holder
             hereof as the absolute owner of this Debenture (whether or not this
             Debenture  shall be overdue  and  notwithstanding  any  notation of
             ownership or other  writing  hereon),  for the purpose of receiving
             payment of, or on account of, the principal hereof and premium,  if
             any, and subject to the  provisions  on the face  hereof,  interest
             hereon, and for all other purposes,  and neither the Issuer nor the
             Trustee nor any authorized agent of the Issuer or the Trustee shall
             be affected by any notice to the contrary.

                       No  recourse  under or upon any  obligation,  covenant or
             agreement  of  the  Issuer  in  the   Indenture  or  any  indenture
             supplemental  thereto  or in  any  Debenture,  or  because  of  the
             creation  of any  indebtedness  represented  thereby,  shall be had
             against any  incorporator,  stockholder,  officer or  director,  as
             such,  of  the  Issuer  or of  any  successor  corporation,  either
             directly or through the Issuer or any successor corporation,  under
             any rule of law,  statute  or  constitutional  provision  or by the
             enforcement  of  any  assessment  or  by  any  legal  or  equitable
             proceeding or otherwise,  all such liability being expressly waived
             and  released  by  the  acceptance   hereof  and  as  part  of  the
             consideration for the issue hereof.

                       Terms used  herein  which are  defined  in the  Indenture
             shall  have  the  respective   meanings  assigned  thereto  in  the
             Indenture.

                 Dated:  February 2, 1995

                                          ConAgra, Inc.

                                          By______________________________

                  [FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION]

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

                                           First Trust National
                                           Association, as Trustee

                                           By__________________________
                                                Authorized Signatory

<PAGE>

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

                                    CONAGRA, INC.

                                       AND

                           FIRST TRUST NATIONAL ASSOCIATION
                                     Trustee

                             Sixth Supplemental Indenture

                             Dated as of January 26, 1995

                         Providing for Issuance of 9.35%

                            Series CC Debentures due 2044
                          in connection with the issuance by
                             ConAgra Capital, L.C. of its
                                   Common Interests

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

<PAGE>

                       SIXTH    SUPPLEMENTAL    INDENTURE   (the   "Supplemental
             Indenture"), dated as of January 26, 1995, between CONAGRA, INC., a
             Delaware  corporation  (the  "Issuer"),  and FIRST  TRUST  NATIONAL
             ASSOCIATION, a national banking corporation (the "Trustee").

                                W I T N E S S E T H :

                       WHEREAS,  in accordance with Sections 2.1, 2.3 and 8.1 of
             the Subordinated  Indenture dated as of March 10, 1994, between the
             Issuer  and  the  Trustee  (the  "Indenture"),   this  Supplemental
             Indenture is being  entered into in order to establish the form and
             terms of a series of Securities to be issued in connection with the
             issuance  by  ConAgra  Capital,  L.C.,  an Iowa  limited  liability
             company   ("Capital"),   of  its  Common   Interests  (the  "Common
             Interests");

                       WHEREAS, the Issuer has duly authorized the execution and
             delivery of this  Supplemental  Indenture  to provide,  among other
             things, for the authentication, delivery and administration of such
             series of Securities;

                       WHEREAS,  all things necessary to make this  Supplemental
             Indenture a valid  supplement  to Indenture  according to its terms
             and the terms of the Indenture have been done;

                       NOW, THEREFORE:

                       In  consideration  of the premises  and the  purchases of
             such series of  Securities by the holders  thereof,  the Issuer and
             the  Trustee  mutually   covenant  and  agree  for  the  equal  and
             proportionate  benefit of the respective  holders from time to time
             of such series of Securities as follows:

                                   ARTICLE ONE

                                   DEFINITIONS

                       SECTION 1.1 Certain Terms Defined in the  Indenture.  All
             capitalized  terms used herein  without  definition  shall have the
             meanings specified in the Indenture.

                       SECTION 1.2  Additional  Terms  Defined.  As used in this
             Supplemental Indenture,  the additional terms set forth below shall
             have the following meanings:

                       "Additional Interest" shall have the meaning set forth in
             Section 2.8 hereof.

                       "Common Interests" shall mean Common Membership Interests
             as defined in the Operating Agreement.

                      "Event of Default" shall (a) prior to a Preferred Security
             Exchange, have the meaning set forth in Section 2.12 hereof and (b)
             on and after a Preferred  Security  Exchange,  have the meaning set
             forth in Section 5.1 of the Indenture.

                       "Expense  Agreement"  means the  Agreement as to Expenses
             and  Liabilities  dated as of April 20, 1994 between the Issuer and
             Capital.

                       "Guarantee"  means the  Payment and  Guarantee  Agreement
             dated as of April 20, 1994,  executed  and  delivered by the Issuer
             for the  benefit  of the  holders  from time to time of the  Common
             Interests and other Preferred Interests of Capital.

                       "Managing Members" means HW Nebraska, Inc., a
             Nebraska corporation, and CP Nebraska, Inc., a Nebraska
             corporation, as managing members of Capital.

                       "Operating Agreement" means the Limited Liability Company
             Operating  Agreement  dated as of March  11,  1994 by and among the
             Managing Members.

                       "Preferred  Interests" means Series Preferred  Membership
             Interests as defined in the Operating Agreement.

                       "Preferred Security Exchange" means an exchange of Series
             C Debentures for Series C Preferred  Securities pursuant to Section
             7 of the Written Action.

                       "Series   CC   Debentures"   shall  mean  the  Series  CC
             Debentures  as defined in the Sixth  Supplemental  Indenture  dated
             January 26, 1995.

                       "Series  C  Preferred  Securities"  shall  mean  Series C
             Cumulative Preferred Securities as defined in the Written Action.

                       "Underwriting Agreement" means the underwriting agreement
             dated as of January 26, 1995,  among the Issuer,  Capital and Smith
             Barney Inc. as  representative  of the several  underwriters  named
             therein.

                       "Written Action" means the Written Action of the Managing
             Members  Pursuant to Section 3.02 of the Operating  Agreement dated
             January 26, 1995, establishing the terms of the Preferred Interests
             relating to the Series C Debentures.

                                   ARTICLE TWO

                           ISSUANCE OF Series CC DEBENTURES

                       SECTION 2.1 Issuance of Series CC Debentures. There shall
             be a series of  Securities  designated  "Series CC  Debentures  due
             2044" (the "Series CC  Debentures")  and such Series CC  Debentures
             shall have the terms set forth in this  Article  Two in  accordance
             with  the  provisions  of  the  Indenture  and  this   Supplemental
             Indenture.

                       SECTION 2.2 Limitation on Aggregate Principal Amount. The
             aggregate principal amount of the Series CC Debentures which may be
             authenticated and delivered shall be limited to $66,500,000.

                       SECTION 2.3 Maturity of the Series CC Debentures. Subject
             to the  provisions  of Sections 2.4 and 2.5,  the entire  principal
             amount of the Series CC  Debentures  shall  become due and payable,
             together with any accrued and unpaid  interest  thereon,  including
             Additional  Interest,  if any, on the earlier of (a)  February  29,
             2044  (subject  to the  Issuer's  right to  exchange  the Series CC
             Debentures for new debentures  pursuant to Section 2.6) and (b) the
             date upon which Capital shall be dissolved, wound-up or liquidated;
             provided that the  parenthetical  to clause (a) and the entirety of
             clause  (b)  shall be  inapplicable  on and  after  the date of any
             Preferred Security Exchange.

                       SECTION 2.4 Mandatory  Prepayment of Series CC Debentures
             upon redemption of Common Interests. Notwithstanding the provisions
             of Section  2.3, if Capital  redeems  the  Preferred  Interests  in
             accordance with the terms thereof,  the Series CC Debentures  shall
             become due and payable in a principal  amount together with any and
             all accrued interest thereon,  including  Additional  Interest,  if
             any.  Any payment  pursuant to this Section 2.4 shall be made prior
             to 12:00 noon, New York time, on the date fixed for such redemption
             or at such  other  time on such  earlier  date as  Capital  and the
             Issuer shall agree.

                       SECTION 2.5  Optional  Prepayment.  Upon not less than 30
             nor more than 60 days'  prior  notice,  the  Issuer  shall have the
             right to prepay the Series CC Debentures (together with any accrued
             but unpaid interest,  including Additional Interest, if any, on the
             portion being prepaid), without premium or penalty,

                       (i)  in whole or in part, as the case may be, at any time
                  on or after February 29, 2000; and

                       (ii) in whole at any time if the Issuer and Capital  have
                  been  advised  by  independent   nationally  recognized  legal
                  counsel that, as a result of any change after January 26, 1995
                  in United  States law  (including  the  enactment  or imminent
                  enactment of any legislation,  the publication of any judicial
                  decisions  or  regulatory  rulings or a change in the official
                  position  or in the  interpretation  of  law or  regulations),
                  there exists more than an  insubstantial  risk that the Issuer
                  will be precluded from deducting the interest on the Series CC
                  Debentures for federal income tax purposes.

                       SECTION  2.6  Exchange  of Series CC  Debentures  for New
             Debentures. Notwithstanding the provisions of Section 2.3, prior to
             a Preferred  Security  Exchange,  in lieu of repaying the Series CC
             Debentures  when due, the Issuer may elect to exchange  such Series
             CC Debentures for new debentures with an equal aggregate  principal
             amount  issued  under  the  Indenture   with  terms   substantially
             identical to the Series CC Debentures; provided that the Issuer may
             not so elect to exchange  any Series CC  Debentures,  unless at the
             time of such exchange  Capital owns all of the Series CC Debentures
             and, as  determined  in the  judgment of the  Managing  Members and
             Capital's  financial  advisor (selected by the Managing Members and
             who shall be unaffiliated with the Issuer and shall be among the 30
             largest investment banking firms, measured by total capital, in the
             United States at the time of such exchange),  (a) the Issuer is not
             bankrupt,  insolvent or in liquidation,  (b) no Event of Default or
             event that with the  giving of notice or the  passage of time would
             constitute  an Event of Default  on any  Securities  pertaining  to
             Preferred  Interests of any series, has occurred and is continuing,
             (c) the Issuer has made timely payments on the Series CC Debentures
             for the  immediately  preceding  18 months,  (d)  Capital is not in
             arrears on  payments  of  distributions  on the Series C  Preferred
             Securities,  (e) there is then no  present  reason to  believe  the
             Issuer  will be unable to make  timely  payment  of  principal  and
             interest on such new debentures,  (f) such new debentures are being
             issued on terms, and under circumstances,  that are consistent with
             those which a lender  would then require for a loan to an unrelated
             party,  (g)  such  new  debentures  are  being  issued  at  a  rate
             sufficient to provide  payments equal to or greater than the amount
             of  distributions  required  under the Common  Interests,  (h) such
             debentures  are being  issued  for a term that is  consistent  with
             market  circumstances  and the Issuer's  financial  condition,  (i)
             immediately  prior to  issuing  such  new  debentures,  the  senior
             unsecured  long-term  debt of the  Issuer is (or if no such debt is
             outstanding,  would be) rated not less than BBB (or the equivalent)
             by Standard & Poor's  Corporation  and Baa1 (or the  equivalent) by
             Moody's  Investors  Service,  Inc.  (or if  either  of such  rating
             organizations  is not then  rating the  Issuer's  senior  unsecured
             long-term  debt,  the  equivalent  of  such  rating  by  any  other
             "nationally  recognized  statistical rating  organization," as that
             term is defined by the  Commission  for purposes of Rule  436(g)(2)
             under the Securities Act of 1933, as amended) and any  subordinated
             unsecured long-term debt of the Issuer or, if there is no such debt
             then outstanding,  the Preferred Interests, are rated not less than
             BBB- (or the  equivalent) by Standard & Poor's  Corporation or Baa3
             (or the  equivalent)  by Moody's  Investors  Service,  Inc.  or the
             equivalent   of  either  such  rating  by  any  other   "nationally
             recognized  statistical  rating  organization"  and  (j)  such  new
             debentures  will  have a  final  maturity  no  later  than  the one
             hundredth  anniversary  of the  issuance  of the Series C Preferred
             Securities.

                       SECTION 2.7  Denomination  and  Interest on the Series CC
             Debentures.  (a) The  Series CC  Debentures  shall be  issuable  as
             Registered  Securities  in  denominations  of $25 and any  multiple
             thereof.

                       (b) The Series CC  Debentures  shall bear  interest  at a
             rate  equal to 9.35% per annum  from  February  2, 1995 or from the
             most  recent  Interest  Payment  Date (as  defined  below) to which
             interest has been paid or provided for on the Series CC Debentures.
             To the extent  allowed by law, the Issuer will also pay interest on
             overdue  installments  of  interest  at such  rate.  The  amount of
             interest  payable for any full  monthly  interest  period  shall be
             computed on the basis of twelve  30-day  months and a 360-day  year
             and, for any period  shorter than a full monthly  interest  period,
             shall be computed on the basis of the actual number of days elapsed
             in such period.  Such interest shall be payable monthly on the last
             day of each calendar month (an "Interest  Payment Date") commencing
             on  February  28,  1995 to the  holder or  holders of the Series CC
             Debenture  on the  relevant  record date (each,  a "Record  Date"),
             which  shall be one  Business  Day prior to the  relevant  Interest
             Payment Date. If Interest  Payment Date is not a Business Day, then
             payment  of the  interest  payable on such date will be made on the
             next  succeeding  day  which is a  Business  Day (and  without  any
             interest  or other  payment in respect  of any such  delay)  except
             that, if such Business Day is in the next succeeding calendar year,
             such payment shall be made on the  immediately  preceding  Business
             Day (and the Record Date for such  Interest  Payment  Date shall be
             one Business Day prior to the date on which payment is to be made),
             in each  case  with the same  force  and  effect as if made on such
             date.

                       SECTION 2.8 Additional Interest. If at any time following
             the issuance of the Common Interests,  Capital shall be required to
             pay, with respect to its income derived from the interest  payments
             on the Series CC Debentures,  any amounts, for or on account of any
             taxes,  duties,  assessments  or  governmental  charges of whatever
             nature imposed by the United States or any other taxing  authority,
             then,  in any such  case,  the  Issuer  will pay as  interest  such
             additional amounts  ("Additional  Interest") as may be necessary in
             order that the net amounts  received and retained by Capital  after
             the  payment of such taxes,  duties,  assessments  or  governmental
             charges  shall  result in  Capital's  having such funds as it would
             have had in the  absence  of the  payment  of such  taxes,  duties,
             assessments or governmental charges.

                       SECTION 2.9 Extension of Interest Period. Notwithstanding
             the  provisions  of Section 2.7 hereof,  the Issuer  shall have the
             right  at any  time or  times  during  the  term of the  Series  CC
             Debentures,  so long as the Issuer is not in default in the payment
             of interest  under any of the  Securities,  to extend the  interest
             payment  period  for the  Series  CC  Debentures  up to 18  months;
             provided  that at the end of such  period the Issuer  shall pay all
             installments  of interest  then accrued and unpaid  (together  with
             interest thereon at the rate specified for the Series CC Debentures
             to the extent permitted by applicable law);  provided further that,
             during any such extended  interest  period,  neither the Issuer nor
             any majority  owned  subsidiary  of the Issuer shall pay or declare
             any  dividends  on,  or  redeem,   purchase,   acquire  or  make  a
             liquidation  payment  with  respect  to, any of its  capital  stock
             (other than payments to redeem common share  purchase  rights under
             the  Issuer's  shareholder  rights  plan  dated July 10,  1986,  as
             amended,  or to declare a dividend of similar share purchase rights
             in the  future);  and  provided  further  that  any  such  extended
             interest  period may only be selected with respect to the Series CC
             Debentures if an extended  interest  period of identical  length is
             simultaneously   selected   for  all   Securities.   Prior  to  the
             termination  of any such extended  interest  payment period for the
             Series CC  Debentures,  the Issuer may further  extend the interest
             payment  period for the Series CC  Debentures;  provided  that such
             extended  interest  payment  period  for the  Series CC  Debentures
             together with all such further extensions  thereof,  may not exceed
             18 months;  and provided  further  that any such  further  extended
             interest  period may only be selected with respect to the Series CC
             Debentures  if a further  extended  interest  period  of  identical
             length is simultaneously selected for all Securities. Following the
             termination of any extended  interest payment period, if the Issuer
             has paid all accrued and unpaid interest  required by the Series CC
             Debentures for such period, then the Issuer shall have the right to
             again extend the interest  payment period up to 18 months as herein
             described. The Issuer shall give Capital notice of its selection of
             any extended  interest payment period one Business Day prior to the
             earlier of (i) the date Capital declares the related  distribution,
             if any, to holders of the Common Interests or (ii) the date Capital
             is required  to give  notice of the record or payment  date of such
             related  distribution  to the New  York  Stock  Exchange  or  other
             applicable self-regulatory organization or to holders of the Common
             Interests,  but in any event not less than two Business  Days prior
             to such record date.

                       SECTION  2.10  Set-off.  Notwithstanding  anything to the
             contrary  herein,  prior to any  Preferred  Security  Exchange  the
             Issuer  shall have the right to set off any payment it is otherwise
             required  to make  hereunder  with and to the extent the Issuer has
             theretofore  made, or is  concurrently  on the date of such payment
             making,  a payment  under the Guarantee  provided  Issuer shall not
             affect any set off with respect to the Series CC  Debentures  until
             all payments required under the Series C Debentures have been made.

                       SECTION  2.11  Certain  Covenants.  (a)  So  long  as the
             Preferred Interests remain outstanding,  neither the Issuer nor any
             majority-owned  subsidiary  of the Issuer shall  declare or pay any
             dividend  on, or redeem,  purchase,  acquire or make a  liquidation
             payment with respect to, any of the Issuer's  capital stock or make
             any guarantee  payments  with respect to the foregoing  (other than
             payments  under the  Guarantee,  payments  to redeem  common  share
             purchase  rights under the Issuer's  shareholder  rights plan dated
             July 10,  1986,  as amended,  or the  declaration  of a dividend of
             similar  share  purchase  rights in the future) if at such time the
             Issuer is in default with respect to its payment  obligations under
             the Guarantee or the Expense Agreement or there shall have occurred
             an Event of Default or any event that, with the giving of notice or
             the lapse of time or both,  would  constitute  an Event of  Default
             under the Securities.

                       (b)  So   long   as  the   Preferred   Interests   remain
             outstanding,  the  Issuer  shall (i) not cause or permit any Common
             Interests  to be  transferred,  (ii)  maintain  direct or  indirect
             ownership of all  outstanding  securities in Capital other than the
             Preferred   Interests  of  any  series  and  any  other  securities
             permitted to be issued by Capital  that would not cause  Capital to
             become an "investment  company" under the Investment Company Act of
             1940,  as  amended,  (iii) cause at least 21% of the total value of
             Capital and at least 21% of all  interests in the capital,  income,
             gain,  loss,  deduction and credit of Capital to be  represented by
             Common  Interests,   (iv)  not  voluntarily  dissolve,   windup  or
             liquidate Capital or either of the Managing  Members,  (v) cause HW
             Nebraska, Inc. and CP Nebraska, Inc. to remain the Managing Members
             of Capital  and timely  perform all of their  respective  duties as
             Managing  Members of Capital,  and (vi) use  reasonable  efforts to
             cause Capital to remain a limited  liability  company and otherwise
             continue to be treated as a partnership for U.S. federal income tax
             purposes;  provided that the Issuer may permit Capital,  solely for
             the purpose of changing its  domicile or avoiding tax  consequences
             adverse to the Issuer,  Capital or holders of Preferred  Interests,
             to consolidate or merge with or into a limited liability company or
             a  limited  partnership  formed  under the laws of any state of the
             United States of America;  provided that (1) such successor limited
             liability company or limited  partnership (x) expressly assumes all
             of the obligations of Capital under the Common  Interests and other
             series of Preferred  Interests then  outstanding or (y) substitutes
             for the Common Interests and any series of Preferred Interests then
             outstanding other securities having substantially the same terms as
             the  Common  Interests  and  any  such  Preferred   Interests  (the
             "Successor  Securities") so long as the Successor  Securities rank,
             with  respect to  participation  in the  profits and assets of such
             successor  entity,  at least as senior as the Common  Interests and
             any such Preferred  Interests rank,  respectively,  with respect to
             participation in the profits and assets of Capital,  (2) the Issuer
             expressly  acknowledges  such successor as the holder of all of the
             Series CC Debentures  and other series of  debentures  issued under
             the Indenture then  outstanding,  (3) such merger or  consolidation
             does not cause any series of Preferred  Interests then  outstanding
             to be  delisted  by  any  national  securities  exchange  or  other
             organization  on which such series is then listed,  (4) the holders
             of Common Interests and any such Preferred  Interests do not suffer
             any  adverse  tax  consequences  as a  result  of  such  merger  or
             consolidation,  (5) such merger or consolidation does not cause any
             Preferred Interests to be downgraded by any "nationally  recognized
             statistical  rating  organization,"  as that term is defined by the
             Securities  and Exchange  Commission for purposes of Rule 436(g)(2)
             under the  Securities  Act of 1933,  as amended,  and (6) following
             such merger or consolidation, neither the Issuer nor such successor
             limited  liability  company  or  limited  partnership  will  be  an
             "investment  company" for purposes of the Investment Company Act of
             1940, as amended.

                            (c)  So  long  as  the   Common   Interests   remain
             outstanding,  the Issuer shall not  consolidate  with or merge into
             any  other   Person  or  sell  its   property  and  assets  as,  or
             substantially  as, an  entirety  to any Person and shall not permit
             any Person to merge into or consolidate  with the Issuer unless (i)
             in case the Issuer  shall  consolidate  with or merge into  another
             Person or sell its properties and assets as, or  substantially  as,
             an entirety to any Person,  the Person formed by such consolidation
             or into which the Issuer is merged or the  Person  which  purchases
             the properties and assets of the Issuer as, or substantially, as an
             entirety  shall be a corporation,  partnership  or trust,  shall be
             organized and validly  existing under the laws of the United States
             of  America,  any  State or the  District  of  Columbia,  and shall
             expressly assume the Issuer's obligations under the Indenture, this
             Supplemental  Indenture  and the  Series  CC  Debentures  and  (ii)
             immediately  after  giving  effect to the  transaction  no Event of
             Default shall have occurred and be continuing.

                            (d) So long as the  Series  C  Preferred  Securities
             remain  outstanding,  the  provisions  of Sections  2.11(b) and (c)
             shall remain in full force and effect notwithstanding  satisfaction
             and discharge of the Indenture pursuant to Section 10.1 thereof.

                       SECTION  2.12 Events of Default;  Remedies.  Prior to any
             Preferred  Security  Exchange,  "Event of Default" means any one of
             the following events:

                       (a)  failure  to pay  when  due any  interest  under  any
             Securities,  including any  Additional  Interest,  and such failure
             shall  continue for a period of 30 days  (whether or not payment is
             prohibited by the provisions  contained in Article  Thirteen of the
             Indenture or  otherwise);  provided  that a valid  extension of the
             interest  payment  period  by the  Issuer  shall not  constitute  a
             default in the payment of interest for this purpose;

                       (b)  failure  to pay when  due any  principal  under  any
             Securities  (whether or not payment is prohibited by the provisions
             contained in Article Thirteen of the Indenture or otherwise);

                       (c)  failure on the part of the Issuer duly to observe or
             perform any other  covenant or  agreement on the part of the Issuer
             in respect of the Securities  (other than a covenant or warranty in
             respect of the Series CC Debentures a default in the performance or
             breach of which is  elsewhere in this  Section  specifically  dealt
             with) or contained in the Indenture, this Supplemental Indenture or
             the Series CC Debentures, and continuance of such default or breach
             for a period of 90 days after there has been given,  by  registered
             or  certified  mail,  to the  Issuer by the  Trustee  or any Holder
             hereof,  a written  notice  specifying  such  failure or breach and
             requiring  it to be  remedied  and  stating  that such  notice is a
             "Notice of Default" hereunder;

                       (d)  the dissolution, or winding up or liquidation
             of Capital;

                       (e) a court having  jurisdiction  in the  premises  shall
             enter a decree or order for  relief in respect of the Issuer or any
             Consolidated Subsidiary in an involuntary case under any applicable
             bankruptcy,  insolvency  or other  similar law now or  hereafter in
             effect, or appointing a receiver, liquidator,  assignee, custodian,
             trustee or sequestrator (or similar  official) of the Issuer or any
             subsidiary or for any substantial  part of its property or ordering
             the winding up or  liquidation  of its affairs,  and such decree or
             order  shall  remain  unstayed  and in  effect  for a period  of 60
             consecutive days; or

                       (f)  the  Issuer  or any  Consolidated  Subsidiary  shall
             commence  a  voluntary  case  under  any   applicable   bankruptcy,
             insolvency  or other  similar law now or  hereafter  in effect,  or
             consent to the entry of an order for relief in an involuntary  case
             under any such law,  or  consent  to the  appointment  of or taking
             possession by a receiver, liquidator,  assignee, custodian, trustee
             or  sequestrator  (or  similar  official)  of  the  Issuer  or  any
             Consolidated   Subsidiary  or  for  any  substantial  part  of  its
             property,  or  make  any  general  assignment  for the  benefit  of
             creditors.

                       If an Event of  Default  shall  occur and be  continuing,
             then  Capital  will have the right (i) to declare the  principal of
             and  the  interest  on the  Series  CC  Debentures  (including  any
             Additional  Interest  and  any  interest  subject  to an  extension
             election)  and any  other  amounts  payable  under  the  Series  CC
             Debentures  to be  forthwith  due and payable,  whereupon  the same
             shall become and be forthwith due and payable, without presentment,
             demand,  protest  or  other  notice  of  any kind, all of which are
             hereby   expressly   waived,   anything   in   the  Indenture, this
             Supplemental  Indenture or the Series CC Debentures to the contrary
             notwithstanding  and (ii) to enforce its other rights hereunder and
             thereunder.  Capital may not accelerate the principal amount of any
             Series CC Debenture  unless the principal  amount of all Securities
             is accelerated.

                      If an Event of Default  specified  in clauses  (d), (e) or
             (f) above shall have occurred, the principal of and interest on the
             Series CC Debentures  shall thereupon and  concurrently  become due
             and payable without presentment, demand, protest or other notice of
             any kind, all of which are hereby expressly waived, anything in the
             Indenture,  this Supplemental Indenture or the Series CC Debentures
             to the contrary notwithstanding.

                       If an Event of  Default  specified  in clause  (a) or (b)
             above shall have occurred and be continuing  and Capital shall have
             failed to pay any  distributions  on the Common  Interests when due
             (other  than as a result of any  valid  extension  of the  interest
             payment  period by the Issuer for the Series CC  Debentures)  or to
             pay any  portion of the  redemption  price of the Common  Interests
             called for redemption,  then any Holder of Common Interests may, as
             set forth in the terms of the Common  Interests,  enforce  directly
             against the Issuer Capital's right hereunder to receive payments of
             principal and interest on the Series CC Debentures relating to such
             Common Interests but only in an amount sufficient to enable Capital
             to pay such distributions or redemption price.

                       Except as  provided  in this  Section  2.12,  Holders  of
             Common Interests shall have no rights to enforce any obligations of
             the Issuer under the Indenture,  this Supplemental Indenture or the
             Series CC Debentures.

                       On  and  after  a  Preferred   Security   Exchange,   the
             provisions  of Article  Five of the  Indenture,  including  without
             limitation the definition of an "Event of Default",  shall apply to
             the  Series CC  Debentures  and this  Section  2.12  shall be of no
             further force or effect.

                                  ARTICLE THREE

                                  MISCELLANEOUS

                       SECTION  3.1  Notices.  All  notices  hereunder  shall be
             deemed  given  by a  party  hereto  if  in  writing  and  delivered
             personally  or  by  telegram  or  facsimile   transmission   or  by
             registered  or certified  mail (return  receipt  requested)  to the
             other  party at the  following  address  for such party (or at such
             other address as shall be specified by like notice):

                       If to Capital, to:

                                 ConAgra Capital, L.C.
                                 c/o ConAgra, Inc.
                                 One ConAgra Drive
                                 Omaha, Nebraska 68102
                                 Attention: Vice President-Finance

                      If to the Issuer, to:

                                 ConAgra, Inc.
                                 One ConAgra Drive
                                 Omaha, Nebraska 68102
                                 Attention: Vice President-Finance

                       Any  notice  given  by  mail  or  telegram  or  facsimile
             transmission shall be effective when received.

                       SECTION 3.2 Assignment;  Binding Effect. The Issuer shall
             have  the  right  at all  times  to  assign  any of its  rights  or
             obligations under the Indenture,  this  Supplemental  Indenture and
             the  Series CC  Debentures  to a direct or  indirect  wholly  owned
             subsidiary  of the  Issuer  (other  than to any  Managing  Member);
             provided  that,  in the event of any such  assignment,  the  Issuer
             shall remain jointly and severally liable for all such obligations;
             and provided  further that in the event of an assignment prior to a
             Preferred  Security  Exchange  the Issuer  shall have  received  an
             opinion of nationally  recognized tax counsel that such  assignment
             shall not  constitute  a  taxable  event of the  holders  of Common
             Interests  for federal  income tax  purposes.  Except as  otherwise
             provided in this Supplemental Indenture, Capital may not assign any
             of its rights  under the  Series CC  Debentures  without  the prior
             written  consent  of the  Issuer.  Subject  to the  foregoing,  the
             Indenture, this Supplemental Indenture and the Series CC Debentures
             shall be  binding  upon and  inure to the  benefit  of the  Issuer,
             Capital,  the Holders from time to time of the Series CC Debentures
             and their respective successors and assigns.  Except as provided in
             this Section 3.2 or elsewhere in this Supplemental Indenture,  none
             of the  Indenture,  this  Supplemental  Indenture nor the Series CC
             Debentures  may be assigned by either the Issuer or Capital and any
             assignment  by the  Issuer  or  Capital  in  contravention  of this
             Section 3.2 shall be null and void.

                       SECTION 3.3 Governing  Law. THIS  SUPPLEMENTAL  INDENTURE
             AND THE SERIES CC DEBENTURES  SHALL BE GOVERNED BY AND CONSTRUED IN
             ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

                       SECTION 3.4 Counterparts. This Supplemental Indenture may
             be  executed  in  counterparts,  each of which  shall be  deemed an
             original,  but all of which taken together shall constitute one and
             the same instrument.

                       Section 3.5 Amendments.  This Supplemental  Indenture may
             be  amended  as set  forth  in  Article  Eight  of  the  Indenture.
             Notwithstanding  the  foregoing,  so long as any  Common  Interests
             shall remain outstanding, (i) no amendment to the provisions of the
             Indenture,  this Supplemental Indenture or the Series CC Debentures
             shall be made that  adversely  affects  the  holders  of any Common
             Interest  then  outstanding,   or  terminate  the  Indenture,  this
             Supplemental Indenture or the Series CC Debentures, without in each
             case  the  prior  consent  of  holders  of  66-2/3%  of all  Common
             Interests then outstanding, unless and until all Securities and all
             accrued and unpaid interest thereon (including Additional Interest,
             if any)  shall  have been paid in full and (ii)  without  the prior
             consent  of  holders   of  100%  of  all  Common   Interests   then
             outstanding,  no amendment  shall be made to the provisions of this
             clause (ii) of Section 3.5 or to (a) extend the stated  maturity of
             the  principal of any  Debenture,  or reduce the  principal  amount
             thereof  or  reduce  the  rate or  extend  the time of  payment  of
             interest  thereon,  or reduce  any  amount  payable  on  redemption
             thereof or change the  currency in which the  principal  thereof or
             interest  thereon is payable or impair the right to institute  suit
             for the enforcement of any payment on any Debenture when due or (b)
             reduce the aforesaid  percentage in principal  amount of Debentures
             of any series the consent of the  holders of which is required  for
             any such  modification.  Any required  consent of holders of Common
             Interest  pursuant to this Section 3.5 shall be in writing or shall
             be obtained at a meeting of Common Interest holders.

                       Section 3.6 Waivers.  Capital may not waive compliance or
             waive any default in  compliance  by the Issuer of any  covenant or
             other term in the  Indenture,  this  Supplemental  Indenture or the
             Series CC Debentures without the approval of the same percentage of
             holders of Common Interests,  obtained in the same manner, as would
             be required for an amendment of the  Indenture,  this  Supplemental
             Indenture or the Series CC Debentures to the same effect;  provided
             that if no approval would be required for any such amendment,  then
             Capital may waive such compliance or default in any manner that the
             parties shall agree.

                       Section 3.7 Third Party Beneficiaries.  The Issuer hereby
             acknowledges  that  the  holders  from  time to time of the  Common
             Interests  shall  expressly  be third party  beneficiaries  of this
             Supplemental Indenture.

                       Section 3.8 Amendment to  Indenture.  Pursuant to Section
             8.1 of the  Indenture,  Section  8.2 of  the  Indenture  is  hereby
             amended for purposes of any and all Securities,  including  without
             limitation the Series CC Debentures,  issued under the Indenture by
             substituting  the phrase "of not less than  66-2/3%" for the phrase
             "of not less than a majority"  in the first  clause of such Section
             8.2.

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

                                                CONAGRA, INC.

                                                By:      /s/ J.P. O'Donnell
                                                Name:  J. P. O'Donnell
                                                Title: Vice President, Finance
[SEAL]                                                 and Treasurer

Attest: /s/ Sue E. Badberg
Name:   Sue E. Badberg
Title:  Assistant Secretary

                                                FIRST TRUST NATIONAL
                                                ASSOCIATION, as Trustee

                                                By: /s/ David H. Bluhm
                                                Name:  David H. Bluhm
                                                Title: Vice President
             [SEAL]

             Attest:   /s/ K. Barrett
             Name:   Kathe Barrett
             Title:  Assoc. Admin.
<PAGE>

                                                                       Exhibit A

                        [Form of Face of Series CC Debenture]

             No.

                                  ConAgra, Inc.

                          Series CC Debentures due 2044

                       ConAgra, Inc., a Delaware corporation (the "Issuer"), for
             value received,  hereby promises to pay to ConAgra Capital, L.C. or
             registered  assigns,  at the  office or agency of the Issuer in The
             City of New York,  the  principal  sum of  $66,500,000  Dollars  on
             February 29, 2044, in such coin or currency of the United States of
             America  as at the time of  payment  shall be legal  tender for the
             payment of public and private debts, and to pay interest, at a rate
             equal to 9.35% per annum accruing from February 2, 1995 or from the
             most  recent  Interest  Payment  Date (as  defined  below) to which
             interest has been paid or provided for on the Series CC Debentures.
             To the extent  allowed by law, the Issuer will also pay interest on
             overdue  installments  of  interest  at such  rate.  The  amount of
             interest  payable for any full  monthly  interest  period  shall be
             computed on the basis of twelve  30-day  months and a 360-day  year
             and, for any period  shorter than a full monthly  interest  period,
             shall be computed on the basis of the actual number of days elapsed
             in such period.  Such interest shall be payable monthly on the last
             day (an "Interest Payment Date") of each calendar month, commencing
             on February 28, 1995 to the holder or holders of this  Debenture on
             the relevant  record date (each, a "Record  Date"),  which shall be
             one Business Day prior to the relevant  Interest  Payment  Date. If
             Interest  Payment Date is not a Business  Day,  then payment of the
             interest  payable on such date will be made on the next  succeeding
             day which is a Business  Day (and  without  any  interest  or other
             payment in respect of any such delay) except that, if such Business
             Day is in the next succeeding  calendar year, such payment shall be
             made on the immediately preceding Business Day (and the Record Date
             for such  Interest  Payment Date shall be one Business Day prior to
             the date on which  payment  is to be  made),  in each case with the
             same  force  and  effect  as if made on such  date.  If at any time
             following the issuance of the Common  Securities,  Capital shall be
             required  to pay,  with  respect  to its  income  derived  from the
             interest payments on the Series CC Debentures,  any amounts, for or
             on  account  of any  taxes,  duties,  assessments  or  governmental
             charges of  whatever  nature  imposed  by the United  States or any
             other taxing authority, then, in any such case, the Issuer will pay
             as interest such additional amounts ("Additional  Interest") as may
             be necessary in order that the net amounts received and retained by
             Capital  after the payment of such taxes,  duties,  assessments  or
             governmental charges shall result in Capital's having such funds as
             it would  have had in the  absence of the  payment  of such  taxes,
             duties,  assessments or governmental  charges.  Notwithstanding the
             forgoing,  the  Issuer  shall  have the  right at any time or times
             during the term of the Series CC Debentures,  so long as the Issuer
             is not in  default  in the  payment  of  interest  under any of the
             Securities, to extend the interest payment period for the Series CC
             Debentures up to 18 months; provided that at the end of such period
             the Issuer shall pay all  installments of interest then accrued and
             unpaid  (together  with interest  thereon at the rate specified for
             the Series CC  Debentures  to the extent  permitted  by  applicable
             law);  provided  further that,  during any such  extended  interest
             period, neither the Issuer nor any majority owned subsidiary of the
             Issuer shall pay or declare any dividends on, or redeem,  purchase,
             acquire or make a  liquidation  payment with respect to, any of its
             capital stock (other than payments to redeem common share  purchase
             rights  under the Issuer's  shareholder  rights plan dated July 10,
             1986,  as  amended,  or to  declare a  dividend  of  similar  share
             purchase rights in the future);  and provided further that any such
             extended  interest  period may only be selected with respect to the
             Series CC  Debentures if an extended  interest  period of identical
             length is simultaneously selected for all Securities.  Prior to the
             termination  of any such extended  interest  payment period for the
             Series CC  Debentures,  the Issuer may further  extend the interest
             payment  period for the Series CC  Debentures;  provided  that such
             extended  interest  payment  period  for the  Series CC  Debentures
             together with all such further extensions  thereof,  may not exceed
             18 months;  and provided  further  that any such  further  extended
             interest  period may only be selected with respect to the Series CC
             Debentures  if a further  extended  interest  period  of  identical
             length is simultaneously selected for all Securities. Following the
             termination of any extended  interest payment period, if the Issuer
             has paid all accrued and unpaid interest required by the Securities
             for such  period,  then the  Issuer  shall  have the right to again
             extend  the  interest  payment  period  up to 18  months  as herein
             described. The Issuer shall give Capital notice of its selection of
             any extended  interest payment period one Business Day prior to the
             earlier of (i) the date Capital declares the related  distribution,
             if any,  to the  holders of the Common  Interests  or (ii) the date
             Capital is required to give notice of the record or payment date of
             such  related  distribution,  if any,  to the holders of the Common
             Interests to the New York Stock Exchange or other  applicable self-
             regulatory organization or to holders of the Common Interests,  but
             in any event not less than two  Business  Days prior to such Record
             Date.

                       Reference  is  made  to the  further  provisions  of this
             Debenture set forth on the reverse hereof.  Such further provisions
             shall for all  purposes  have the same  effect as though  fully set
             forth at this place.

                       This  Debenture  shall not be valid or become  obligatory
             for any purpose  until the  certificate  of  authentication  hereon
             shall have been signed by the Trustee under the Indenture  referred
             to below.

                       This  Debenture  is  one of a duly  authorized  issue  of
             debentures,  notes, bonds or other evidences of indebtedness of the
             Issuer   (hereinafter   called  the  "Securities")  of  the  series
             hereinafter  specified,  all  issued  or to  be  issued  under  and
             pursuant  to  an   indenture   dated  as  of  March  10,  1994  and
             supplemental  indentures  thereto (herein  collectively  called the
             "Indenture"),  duly  executed and delivered by the Issuer and First
             Trust  National   Association,   as  Trustee   (herein  called  the
             "Trustee"),  to which  Indenture  and all  indentures  supplemental
             thereto  reference is hereby made for a description  of the rights,
             limitations   of  rights,   obligations,   duties  and   immunities
             thereunder  of the  Trustee,  the  Issuer  and the  holders  of the
             Securities.  The  Securities  may be issued in one or more  series,
             which different series may be issued in various aggregate principal
             amounts,  may mature at different times, may bear interest (if any)
             at  different  rates,  may  be  subject  to  different   redemption
             provisions (if any), may be subject to different sinking,  purchase
             or  analogous  funds  (if  any)  and may  otherwise  vary as in the
             Indenture provided. This Debenture is one of a series designated as
             the "Series CC Debentures due 2044" (the "Series CC Debentures") of
             the Issuer, limited in aggregate principal amount to $66,500,000.

                       In case an Event of Default with respect to the Series CC
             Debentures, as defined in the Indenture, shall have occurred and be
             continuing,  the  principal  hereof may be declared,  and upon such
             declaration shall become, due and payable,  in the manner, with the
             effect and subject to the conditions provided in the Indenture.

                       The Indenture contains  provisions  permitting the Issuer
             and the  Trustee,  with the consent of the Holders of not less than
             66-2/3% in aggregate principal amount of the Securities at the time
             Outstanding  (as  defined  in the  Indenture)  of all  series to be
             affected  (voting  as one  class),  evidenced  as in the  Indenture
             provided, to execute supplemental  indentures adding any provisions
             to or changing in any manner or  eliminating  any of the provisions
             of the Indenture or of any  supplemental  indenture or modifying in
             any manner the rights of the Holders of the Securities of each such
             series;  provided,  however,  that no such  supplemental  indenture
             shall (i) extend the final maturity of any Security,  or reduce the
             principal amount thereof or any premium thereon, or reduce the rate
             or extend the time of payment of any interest thereon, or impair or
             affect the rights of any Holder to  institute  suit for the payment
             thereof,  without  the  consent of the Holder of each  Security  so
             affected,  or (ii) reduce the aforesaid  percentage of  Securities,
             the  Holders  of  which  are   required  to  consent  to  any  such
             supplemental  indenture,  without the consent of the Holder of each
             Security affected.  It is also provided in the Indenture that, with
             respect to certain  defaults  or Events of  Default  regarding  the
             Securities of any series, prior to any declaration accelerating the
             maturity of such Securities, the Holders of a majority in aggregate
             principal amount  Outstanding of the Securities of such series (or,
             in the case of  certain  defaults  or  Events  of  Default,  all or
             certain series of the  Securities)  may on behalf of the Holders of
             all the  Securities of such series (or all or certain series of the
             Securities,  as the case may be)  waive any such  past  default  or
             Event of Default and its consequences. The preceding sentence shall
             not, however,  apply to a continuing  default in the payment of the
             principal  of or  premium,  if  any,  or  interest  on  any  of the
             Securities.  Any such  consent  or  waiver  by the  Holder  of this
             Debenture  (unless  revoked as provided in the Indenture)  shall be
             conclusive and binding upon such Holder and upon all future Holders
             and owners of this Debenture and any Debenture  which may be issued
             in exchange or substitution herefor, irrespective of whether or not
             any  notation  thereof  is made upon this  Debenture  or such other
             Debentures.

                       No reference  herein to the Indenture and no provision of
             this  Debenture  or of the  Indenture  shall  alter or  impair  the
             obligation of the Issuer,  which is absolute and unconditional,  to
             pay the principal of and any premium and interest on this Debenture
             in the manner, at the respective times, at the rate and in the coin
             or currency herein prescribed.

                       The Series CC Debentures are issuable in registered  form
             without coupons in denominations  of $25 and any integral  multiple
             of $25 at the  office  or agency of the  Issuer in the  Borough  of
             Manhattan,  The City of New York,  and in the manner and subject to
             the limitations provided in the Indenture,  but without the payment
             of any service charge,  Series CC Debentures may be exchanged for a
             like  aggregate  principal  amount of Series CC Debentures of other
             authorized denominations.

                       Upon  not  less  than 30 nor  more  than 60  days'  prior
             notice,  the  Issuer  shall  have the right to prepay the Series CC
             Debentures   (together  with  any  accrued  but  unpaid   interest,
             including  Additional  Interest,  if  any,  on  the  portion  being
             prepaid), without premium or penalty,

                       (i)  in whole or in part, as the case may be, at any time
                  on or after February 29, 2000; and

                       (ii) in whole at any time if the Issuer and Capital  have
                  been  advised  by  independent   nationally  recognized  legal
                  counsel that, as a result of any change after January 26, 1995
                  in United  States law  (including  the  enactment  or imminent
                  enactment of any legislation,  the publication of any judicial
                  decisions  or  regulatory  rulings or a change in the official
                  position  or in the  interpretation  of  law or  regulations),
                  there exists more than an  insubstantial  risk that the Issuer
                  will be precluded from deducting the interest on the Series CC
                  Debentures for federal income tax purposes,

             all as further provided in the Indenture.

                       The Series CC  Debentures  are,  to the extent and in the
             manner provided in the Indenture,  expressly subordinate and junior
             in right of payment of all Senior  Indebtedness  as provided in the
             Indenture,  and each holder of this  Debenture,  by his  acceptance
             hereof,  agrees  to and  shall be bound by such  provisions  of the
             Indenture and  authorizes  and directs the Trustee in his behalf to
             take such action as  appropriate to effectuate  such  subordination
             and appoints the Trustee his  attorney-in-fact for any and all such
             purposes.  The Indenture defines Senior Indebtedness as obligations
             (other than  non-recourse  obligations  and the  Securities) of, or
             guaranteed or assumed by, the Issuer for borrowed money  (including
             both senior and subordinated indebtedness for borrowed money (other
             than the Securities)) or evidenced by bonds,  debentures,  notes or
             other similar instruments,  and amendments,  renewals,  extensions,
             modifications   and   refundings  of  any  such   indebtedness   or
             obligation,  whether existing as of the date hereof or subsequently
             incurred by the Issuer.

                       Upon due presentment for registration of transfer of this
             Debenture  at the office or agency of the Issuer in the  Borough of
             Manhattan,  The City of New York, a new  Debenture or Debentures of
             authorized  denominations  for an equal aggregate  principal amount
             will be issued to the transferee in exchange  therefor,  subject to
             the  limitations  provided in the Indenture,  without charge except
             for any tax or other  governmental  charge  imposed  in  connection
             therewith.

                       The Issuer,  the Trustee and any authorized  agent of the
             Issuer or the  Trustee  may deem and treat  the  registered  Holder
             hereof as the absolute owner of this Debenture (whether or not this
             Debenture  shall be overdue  and  notwithstanding  any  notation of
             ownership or other  writing  hereon),  for the purpose of receiving
             payment of, or on account of, the principal hereof and premium,  if
             any, and subject to the  provisions  on the face  hereof,  interest
             hereon, and for all other purposes,  and neither the Issuer nor the
             Trustee nor any authorized agent of the Issuer or the Trustee shall
             be affected by any notice to the contrary.

                       No  recourse  under or upon any  obligation,  covenant or
             agreement  of  the  Issuer  in  the   Indenture  or  any  indenture
             supplemental  thereto  or in  any  Debenture,  or  because  of  the
             creation  of any  indebtedness  represented  thereby,  shall be had
             against any  incorporator,  stockholder,  officer or  director,  as
             such,  of  the  Issuer  or of  any  successor  corporation,  either
             directly or through the Issuer or any successor corporation,  under
             any rule of law,  statute  or  constitutional  provision  or by the
             enforcement  of  any  assessment  or  by  any  legal  or  equitable
             proceeding or otherwise,  all such liability being expressly waived
             and  released  by  the  acceptance   hereof  and  as  part  of  the
             consideration for the issue hereof.

                       Terms used  herein  which are  defined  in the  Indenture
             shall  have  the  respective   meanings  assigned  thereto  in  the
             Indenture.

                  Dated:  February 2, 1995

                                           ConAgra, Inc.

                                           By

                  [FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION]

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

                                           First Trust National
                                           Association, as Trustee

                                           By:
                                                Authorized Signatory

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