Document:

122701 S3 Exhibit 4.7

                                                               Exhibit 4.7

      

SANGSTAT MEDICAL
CORPORATION,

Issuer 

  

  

  

  

AND

  

  

[
], 

Trustee

  

  

___________________________________

  

  

  

INDENTURE

  

Dated as of [                ]

  

  

___________________________________

  

  

  

Subordinated Debt
Securities

  

   

CROSS-REFERENCE
TABLE(1)  

  

	

Trust Indenture Act of 1939, as amended

	

Section of Indenture

	

 
310(a)
 	

          7.09
 

	

 
310(b)
 	

          7.08

          7.10
 

	

 
310(c)
 	

          Inapplicable 

 
	

 
311(a)
 	

          7.13(a) 

 
	

 
311(b)
 	

          7.13(b) 

 
	

 
311(c)
 	

          Inapplicable
 

	

 
312(b)
 	

          5.02(a)

          5.02(b)
 

	

 
312(c)
 	

          5.02(c)
 

	

 
313(a)
 	

          5.04(a)
 

	

 
313(b)
 	

          5.04(b)
 

	

 
313(c)
 	

          5.04(a)

          5.04(b)
 

	

 
313(d)
 	

          5.04(c)
 

	

 
314(a)
 	

          5.03
 

	

 
314(b)
 	

          Inapplicable
 

	

 
314(c)
 	

          13.06
 

	

 
314(d)
 	

          Inapplicable
 

	

 
314(e)
 	

          13.06
 

	

 
314(f)
 	

          Inapplicable
 

	

 
315(a)
 	

          7.01(a)

          7.02
 

	

 
315(b)
 	

          6.07
 

	

 
315(c)
 	

          7.01
 

	

 
315(d)
 	

          7.01(b)

          7.01(c)
 

	

 
315(e)
 	

          6.07
 

	

 
316(a)
 	

          6.06

          8.04
 

	

 
316(b)
 	

          6.04
 

	

 
316(c)
 	

          8.01
 

	

 
317(a)
 	

          6.02
 

	

 
317(b)
 	

          4.03
 

	

 
318(a)
 	

          13.08
 

____________________

(1)  This Cross-Reference Table does not constitute part of
the Indenture and shall not have any
bearing on the interpretation of any of its terms or provisions.

TABLE OF CONTENTS(1)  

	
 
	Page

	
PARTIES
	1

	
RECITALS
	1

	
ARTICLE IDEFINITIONS

SECTION 1.01Definitions of Terms

Authenticating Agent

Bankruptcy Law

Board of Directors

Board Resolution

Business Day

Certificate

Company

Corporate Trust Office

Custodian

Default

Depositary

Event of Default

Global Security

Governmental Obligations

"herein", "hereof" and "hereunder

Indenture

Interest Payment Date

Officers' Certificate

Opinion of Counsel

Outstanding

Person

Predecessor Security

Responsible Officer

Securities

Securityholder

Subsidiary

Trustee

Trust Indenture Act

Voting Stock

Yield to Maturity

	
 

 

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ARTICLE IIISSUE, DESCRIPTION, TERMS, EXECUTION,

REGISTRATION AND EXCHANGE OF SECURITIES

SECTION 2.01Designation and Terms of Securities

SECTION 2.02Form of Securities and Trustee's Certificate

SECTION 2.03Denominations: Provisions for Payment

SECTION 2.04Execution and Authentication

SECTION 2.05Registration of Transfer and Exchange

SECTION 2.06Temporary Securities

SECTION 2.07Mutilated, Destroyed, Lost or Stolen Securities

SECTION 2.08Cancellation

SECTION 2.09Benefits of Indenture

SECTION 2.10Authenticating Agent

SECTION 2.11Global Securities

	
 

 

 

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ARTICLE IIIREDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS

SECTION 3.01Redemption

SECTION 3.02Notice of Redemption

SECTION 3.03Payment Upon Redemption

SECTION 3.04Sinking Fund

SECTION 3.05Satisfaction of Sinking Fund Payments with Securities

SECTION 3.06Redemption of Securities for Sinking Fund

	
 

 

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ARTICLE IV

SECTION 4.01Payment of Principal, Premium and Interest

SECTION 4.02Maintenance of Office or Agency

SECTION 4.03Paying Agents

SECTION 4.04Appointment to Fill Vacancy in Office of Trustee

SECTION 4.05Statement by Officers as to Default

	
 

 

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ARTICLE VSECURITYHOLDERS' LISTS AND REPORTS

BY THE COMPANY AND THE TRUSTEE

SECTION 5.01Company to Furnish Trustee Names and Addresses of  Securityholders

SECTION 5.02Preservation Of Information; Communications With  Securityholders

SECTION 5.03Reports by the Company

SECTION 5.04Reports by the Trustee

	
 

 

 

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ARTICLE VIREMEDIES OF THE TRUSTEE AND SECURITYHOLDERS

ON EVENT OF DEFAULT

SECTION 6.01Events of Default

SECTION 6.02Collection of Indebtedness and Suits for Enforcement by  Trustee

SECTION 6.03Application of Moneys Collected

SECTION 6.04Limitation on Suits

SECTION 6.05Rights and Remedies Cumulative; Delay or Omission Not  Waiver

SECTION 6.06Control by Securityholders

SECTION 6.07Undertaking to Pay Costs

	
 

 

 

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ARTICLE VIICONCERNING THE TRUSTEE

SECTION 7.01Certain Duties and Responsibilities of Trustee

SECTION 7.02Certain Rights of Trustee

SECTION 7.03Trustee Not Responsible for Recitals or Issuance or  Securities

SECTION 7.04May Hold Securities

SECTION 7.05Moneys Held in Trust

SECTION 7.06Compensation and Reimbursement

SECTION 7.07Reliance on Officers' Certificate

SECTION 7.08Disqualification; Conflicting Interests

SECTION 7.09Corporate Trustee Required; Eligibility

SECTION 7.10Resignation and Removal; Appointment of Successor

SECTION 7.11Acceptance of Appointment By Successor

SECTION 7.12Merger, Conversion, Consolidation or Succession to  Business

SECTION 7.13Preferential Collection of Claims Against the  Company

	
 

 

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ARTICLE VIIICONCERNING THE SECURITYHOLDERS

SECTION 8.01Evidence of Action by Securityholders

SECTION 8.02Proof of Execution by Securityholders

SECTION 8.03Who May be Deemed Owners

SECTION 8.04Certain Securities Owned by Company Disregarded

SECTION 8.05Actions Binding on Future Securityholders

	
 

 

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ARTICLE IXSUPPLEMENTAL INDENTURES

SECTION 9.01Supplemental Indentures Without the Consent of  Securityholders

SECTION 9.02Supplemental Indentures With Consent of  Securityholders

SECTION 9.03Effect of Supplemental Indentures

SECTION 9.04Securities Affected by Supplemental Indentures

SECTION 9.05Execution of Supplemental Indentures

	
 

 

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ARTICLE XSUCCESSOR CORPORATION

SECTION 10.01Limitations On Mergers, Consolidations Or Sales Of  Assets

SECTION 10.02Successor Corporation Substituted

	
 

 

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ARTICLE XIDISCHARGE OF INDENTURE; DEFEASANCE

SECTION 11.01Discharge of Liability or Securities;  Defeasance.

SECTION 11.02Conditions to Defeasance.

SECTION 11.03Deposited Moneys to be Held in Trust

SECTION 11.04Payment of Moneys Held by Paying Agents

SECTION 11.05Repayment to Company

	
 

 

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ARTICLE XIIIMMUNITY OF INCORPORATORS, STOCKHOLDERS, 

OFFICERS AND DIRECTORS

SECTION 12.01No Recourse

	
 

 

 

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ARTICLE XIIIMISCELLANEOUS PROVISIONS

SECTION 13.01Effect on Successors and Assigns

SECTION 13.02Actions by Successor

SECTION 13.03Surrender of Company Powers

SECTION 13.04Notices

SECTION 13.05Governing Law

SECTION 13.06Treatment of Securities as Debt

SECTION 13.07Compliance Certificates and Opinions

SECTION 13.08Payments on Business Days

SECTION 13.09Conflict with Trust Indenture Act

SECTION 13.10Counterparts

SECTION 13.11Separability

SECTION 13.12Assignment

	
 

 

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ARTICLE XIVSUBORDINATION OF SECURITIES

SECTION 14.01Subordination Terms

	
 

 

39

(1)  This Table of Contents does not constitute part of the
Indenture and shall not have any
bearing upon the interpretation of any of its terms or provisions.  

                  INDENTURE, dated as of [         ], among SangStat
Medical Corporation, a
Delaware corporation (the "Company"), and [          ], as trustee (the
"Trustee"): 

                  WHEREAS, for its lawful corporate purposes, the
Company has duly authorized the
execution and delivery of this Indenture to provide for the issuance of
subordinated debt securities
(hereinafter referred to as the "Securities"), in an unlimited aggregate
principal amount to be issued
from time to time in one or more series as in this Indenture provided, as
registered Securities without
coupons, to be authenticated by the certificate of the Trustee; 

                  WHEREAS, to provide the terms and conditions upon
which the Securities are to be
authenticated, issued and delivered, the Company has duly authorized the
execution of this Indenture;
and 

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

                  NOW, THEREFORE, in consideration of the premises
and the purchase of the
Securities by the holders thereof, it is mutually covenanted and agreed as
follows for the equal and
ratable benefit of the holders of Securities: 

ARTICLE I

DEFINITIONS

                  SECTION 1.01    Definitions of Terms.

                  The terms defined in this Section (except as in
this Indenture otherwise expressly
provided or unless the context otherwise requires) for all purposes of this
Indenture and of any
indenture supplemental hereto shall have the respective meanings specified in
this Section and shall
include the plural as well as the singular.  All other terms used in this
Indenture that are defined in the
Trust Indenture Act of 1939, as amended, or that are by reference in such Act
defined in the
Securities Act of 1933, as amended (except as herein otherwise expressly provided
or unless the
context otherwise requires), shall have the meanings assigned to such terms in
said Trust Indenture
Act and in said Securities Act as in force at the date of the execution of this
instrument. 

                  "Authenticating Agent" means an authenticating
agent with respect to all or any of
the series of Securities appointed with respect to all or any series of the
Securities by the Trustee
pursuant to Section 2.10. 

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

                  "Board of Directors" means the Board of Directors
of the Company or any duly
authorized committee of such Board. 

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

                  "Business Day" means, with respect to any series
of Securities, any day other than a
day on which Federal or State banking institutions in the Borough of Manhattan,
The City of New
York, are authorized or obligated by law, executive order or regulation to
close. 

                  "Certificate" means a certificate signed by the
principal executive officer, the
principal financial officer or the principal accounting officer of the Company.
The Certificate need
not comply with the provisions of Section 13.07. 

                  "Company" means SangStat Medical Corporation, a
corporation duly organized and
existing under the laws of the State of Delaware, and, subject to the provisions
of Article Ten, shall
also include its successors and assigns. 

                  "Corporate Trust Office" means the office of the
Trustee at which, at any particular
time, its corporate trust business shall be principally administered, which
office at the date hereof is
located at [                                            ], except that whenever
a provision herein refers to an office or
agency of the Trustee in the Borough of Manhattan, The City of New York, such
office is located, at
the date hereof, at  [                       ]. 

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

                  "Default" means any event, act or condition that
with notice or lapse of time, or
both, would constitute an Event of Default. 

                  "Depositary" means, with respect to Securities of
any series, for which the
Company shall determine that such Securities will be issued as a Global
Security, The Depository
Trust Company, New York, New York, another clearing agency, or any successor
registered as a
clearing agency under the Securities and Exchange Act of 1934, as amended (the
"Exchange Act"), or
other applicable statute or regulation, which, in each case, shall be designated
by the Company
pursuant to either Section 2.01 or 2.11. 

                  "Event of Default" means, with respect to
Securities of a particular series any event
specified in Section 6.01, continued for the period of time, if any, therein
designated. 

                  "Global Security" means, with respect to any
series of Securities, a Security
executed by the Company and delivered by the Trustee to the Depositary or
pursuant to the Depositary's instruction, all in accordance with the Indenture,
which shall be registered in the name of the
Depositary or its nominee. 

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

                  "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.

                  "Indenture" means this instrument as originally
executed or as it may from time to
time be supplemented or amended by one or more indentures supplemental hereto
entered into in
accordance with the terms hereof. 

                  "Interest" when used with respect to an Original
Issue Discount Security which by
its terms bears interest only after maturity, means interest payable after
maturity.

                  "Interest Payment Date", when used with respect to
any installment of interest on a
Security of a particular series, means the date specified in such Security or in
a Board Resolution or in
an indenture supplemental hereto with respect to such series as the fixed date
on which an installment
of interest with respect to Securities of that series is due and payable.

                  "Officers' Certificate" means a certificate signed
by the President or a Vice
President and by the Treasurer or an Assistant Treasurer or the Controller or an
Assistant Controller
or the Secretary or an Assistant Secretary of the Company that is delivered to
the Trustee in accordance with the terms hereof.  Each such certificate shall
include the statements provided for in
Section 13.07, if and to the extent required by the provisions thereof.

                  "Opinion of Counsel" means an opinion in writing
of legal counsel, who may be an
employee of or counsel for the Company that is delivered to the Trustee in
accordance with the terms
hereof.  Each such opinion shall include the statements provided for in Section
13.07, if and to the
extent required by the provisions thereof. 

                  "Original Issue Discount Security" means any
Security which provides for an
amount less than the principal amount thereof to be due and payable upon a
declaration of acceleration of the maturity thereof pursuant to Section
6.01.

                  "Outstanding", when used with reference to
Securities of any series, means, subject
to the provisions of Section 8.04, as of any particular time, all Securities of
that series theretofore
authenticated and delivered by the Trustee under this Indenture, except (a)
Securities theretofore
canceled by the Trustee or any paying agent, or delivered to the Trustee or any
paying agent for
cancellation or that have previously been canceled; (b) Securities or portions
thereof for the payment
or redemption of which moneys or Governmental Obligations in the necessary
amount shall have
been deposited in trust with the Trustee or with any paying agent (other than
the Company) or shall
have been set aside and segregated in trust by the Company (if the Company shall
act as its own
paying agent); provided, however, that if such Securities or portions of such
Securities are to be
redeemed prior to the maturity thereof, notice of such redemption shall have
been given as in Article
Three provided, or provision satisfactory to the Trustee shall have been made
for giving such notice;
and (c) Securities in lieu of or in substitution for which other Securities
shall have been authenticated
and delivered pursuant to the terms of Section 2.07. 

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

                  "Predecessor Security" of any particular Security
means every previous Security
evidencing all or a portion of the same debt as that evidenced by such
particular Security; and, for the
purposes of this definition, any Security authenticated and delivered under
Section 2.07 in lieu of a
lost, destroyed or stolen Security shall be deemed to evidence the same debt as
the lost, destroyed or
stolen Security. 

                  "Responsible Officer" when used with respect to
the Trustee means the Chairman of
the Board of Directors, the President, any Vice President, the Secretary, the
Treasurer, any trust
officer, any corporate trust officer or any other officer or assistant officer
of the Trustee customarily
performing functions similar to those performed by the Persons who at the time
shall be such officers,
respectively, or to whom any corporate trust matter is referred because of his
or her knowledge of and
familiarity with the particular subject. 

                  "Securities" means the debt Securities
authenticated and delivered under this
Indenture. 

                  "Securityholder", "holder of Securities",
"registered holder", or other similar term,
means the Person or Persons in whose name or names a particular Security shall
be registered on the
books of the Company kept for that purpose in accordance with the terms of this
Indenture. 

                  "Subsidiary" means, with respect to any Person,
(i) any corporation at least a
majority of whose outstanding Voting Stock shall at the time be owned, directly
or indirectly, by such
Person or by one or more of its Subsidiaries or by such Person and one or more
of its Subsidiaries,
(ii) any general partnership, limited liability company, joint venture or
similar entity, at least a
majority of whose outstanding partnership or similar interests shall at the time
be owned by such
Person, or by one or more of its Subsidiaries, or by such Person and one or more
of its Subsidiaries
and (iii) any limited partnership of which such Person or any of its
Subsidiaries is a general partner. 

                  "Trustee" means [                       ], and,
subject to the provisions of Article Seven,
shall also include its successors and assigns, and, if at any time there is more
than one Person acting
in such capacity hereunder, "Trustee" shall mean each such Person.  The term
"Trustee" as used with
respect to a particular series of the Securities shall mean the trustee with
respect to that series. 

                  "Trust Indenture Act" means the Trust Indenture
Act of 1939, as amended, subject
to the provisions of Sections 9.01, 9.02, and 10.01, as in effect at the date of
execution of this
instrument. 

                  "Voting Stock", as applied to stock of any Person,
means shares, interests,
participations or other equivalents in the equity interest (however designated)
in such Person having
ordinary voting power for the election of a majority of the directors (or the
equivalent) of such
Person, other than shares, interests, participations or other equivalents having
such power only by
reason of the occurrence of a contingency.   

                  "Yield to Maturity" means the yield 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 II

ISSUE, DESCRIPTION, TERMS,  EXECUTION,

REGISTRATION AND EXCHANGE OF SECURITIES  

                  SECTION 2.01    Designation and Terms of
Securities.

                  (a)     The aggregate principal amount of Securities
that may be authenticated
and delivered under this Indenture is unlimited.  The Securities may be issued
in one or more series
up to the aggregate principal amount of Securities of that series from time to
time authorized by or
pursuant to a Board Resolution of the Company or pursuant to one or more
indentures supplemental
hereto.  Prior to the initial issuance of Securities of any series, there shall
be established in or pursuant
to a Board Resolution of the Company, and set forth in an Officers' Certificate
of the Company, or
established in one or more indentures supplemental hereto:

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

                          (2)     any limit upon the aggregate principal
amount of the Securities of
that 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 that series);

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

                          (4)     the rate or rates at which the
Securities of the series shall bear
interest or the manner of calculation of such rate or rates, if any, including
whether the Securities are
issued with original issue discount;

                          (5)     the date or dates from which such
interest shall accrue, the
Interest Payment Dates on which such interest will be payable or the manner of
determination of such
Interest Payment Dates and the record date for the determination of holders to
whom interest is
payable on any such Interest Payment Dates and the place where payments shall be
payable;

                          (6)     the right, if any, to extend the
interest payment periods and the
duration of such extension;

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

                          (8)     the obligation, if any, of the Company
to redeem or purchase
Securities of the series pursuant to any sinking fund or analogous provisions
(including payments
made in cash in participation of future sinking fund obligations) or at the
option of a holder thereof
and the period or periods within which, the price or prices at which, and the
terms and conditions
upon which, Securities of the series shall be redeemed or purchased, in whole or
in part, pursuant to
such obligation;

                          (9)     the subordination terms of the
Securities of the series; 

                          (10)    the form of the Securities of the
series including the form of the
Certificate of Authentication for such series;

                          (11)    if other than denominations of one
thousand U.S. dollars ($1,000)
or any integral multiple thereof, the denominations in which the Securities of
the series shall be
issuable;

                          (12)    any and all other terms with respect
to such series (which terms
shall not be inconsistent with the terms of this Indenture) including any terms
which may be required
by or advisable under United States laws or regulations or advisable in
connection with the marketing
of Securities of that series; 

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

                          (14)    whether the Securities will be
convertible into shares of common
stock or other securities of the Company and, if  so, the terms and conditions
upon which such
Securities will be so convertible, including the conversion price and the
conversion period;

                          (15)    if other than the principal amount
thereof, the portion of the
principal amount of Securities of the series which shall be payable upon
declaration of acceleration of
the maturity thereof pursuant to Section 6.01; and

                          (16)    any addition to, or modification or
deletion of Events of Default
or restrictive covenants provided for with respect to the Securities of the
series; and

                          (17)    terms and conditions; if any, pursuant
to which the debt securities
are secured. 

                  All Securities of any one series shall be
substantially identical except as to
denomination and except as may otherwise be provided in or pursuant to any such
Board Resolution
or in any indentures supplemental hereto. 

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

                  Securities of any particular series may be issued
at various times, with different
dates on which the principal or any installment of principal is payable, with
different rates of interest,
if any, or different methods by which rates of interest may be determined, with
different dates on
which such interest may be payable and with different redemption dates.   Unless
otherwise provided,
a series may be reopened for issuances of additional Securities of such series
without the consent of
the holders.  Any such reopened series shall all vote together as one series on
any matter to which
they are entitled to vote.

                  SECTION 2.02    Form of Securities and Trustee's
Certificate.

                  The Securities of any series and the Trustee's
certificate of authentication to be
borne by such Securities shall be substantially of the tenor and purport as set
forth in one or more
indentures supplemental hereto or as provided in a Board Resolution of the
Company and as set forth
in an Officers' Certificate of the Company and may have such letters, numbers or
other marks of
identification or designation and such legends or endorsements printed,
lithographed or engraved
thereon as the Company may deem appropriate and as are not inconsistent with the
provisions of this
Indenture, or as may be required to comply with any law or with any rule or
regulation made pursuant
thereto or with any rule or regulation of any stock exchange on which Securities
of that series may be
listed, or to conform to usage. 

                  SECTION 2.03    Denominations:  Provisions for
Payment.

                  The Securities shall be issuable as registered
Securities and in the denominations of
one thousand U.S. dollars ($1,000) or any integral multiple thereof, subject to
Section 2.01(a)(11).
The Securities of a particular series shall bear interest payable on the dates
and at the rate specified
with respect to that series.  Unless otherwise provided pursuant to Section
2.01, the principal of and
the interest on the Securities of any series, as well as any premium thereon in
case of redemption
thereof prior to maturity, shall be payable in the coin or currency of the
United States of America that
at the time is legal tender for public and private debt, at the office or agency
of the Company
maintained for that purpose in the Borough of Manhattan, the City and State of
New York.  Each
Security shall be dated the date of its authentication.  Unless otherwise
provided pursuant to
Section 2.01, interest on the Securities shall be computed on the basis of
a 360-day year composed of
twelve 30-day months. 

                  The interest installment on any Security that is
payable, and is punctually paid or
duly provided for, on any Interest Payment Date for Securities of that series
shall be paid to the
Person in whose name said Security (or one or more Predecessor Securities) is
registered at the close
of business on the regular record date for such interest installment.  In the
event that any Security of a
particular series or portion thereof is called for redemption and the redemption
date is subsequent to a
regular record date with respect to any Interest Payment Date and prior to such
Interest Payment Date,
interest on such Security will be paid upon presentation and surrender of such
Security as provided in
Section 3.03. 

                  Any interest on any Security that is payable, but
is not punctually paid or duly
provided for, on any Interest Payment Date for Securities of the same series
(herein called "Defaulted
Interest") shall forthwith cease to be payable to the registered holder on the
relevant regular record
date by virtue of having been such holder; and such Defaulted Interest shall be
paid by the Company,
at its election, as provided in clause (1) or clause (2) below: 

                          (1)     The Company may make payment of any
Defaulted Interest on
Securities to the Persons in whose names such Securities (or their respective
Predecessor Securities)
are registered at the close of business on a special record date for the payment
of such Defaulted
Interest, which shall be fixed in the following manner:  the Company shall
notify the Trustee in
writing of the amount of Defaulted Interest proposed to be paid on each such
Security and the date of
the proposed payment, and at the same time the Company shall deposit with the
Trustee an amount of
money equal to the aggregate amount proposed to be paid in respect of such
Defaulted Interest or
shall make arrangements satisfactory to the Trustee for such deposit prior to
the date of the proposed
payment, such money when deposited to be held in trust for the benefit of the
Persons entitled to such
Defaulted Interest as in this clause provided.  Thereupon the Trustee shall fix
a special record date for
the payment of such Defaulted Interest which shall not be more than 15 nor less
than 10 days prior to
the date of the proposed payment and not less than 10 days after the receipt by
the Trustee of the
notice of the proposed payment.  The Trustee shall promptly notify the Company
of such special
record date and, in the name and at the expense of the Company, shall cause
notice of the proposed
payment of such Defaulted Interest and the special record date therefor to be
mailed, first class
postage prepaid, to each Securityholder at his or her address as it appears in
the Security Register (as
hereinafter defined), not less than 10 days prior to such special record date.
Notice of the proposed
payment of such Defaulted Interest and the special record date therefor having
been mailed as
aforesaid, such Defaulted Interest shall be paid to the Persons in whose names
such Securities (or
their respective Predecessor Securities) are registered on such special record
date and shall be no
longer payable pursuant to the following clause (2).

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

                  Unless otherwise set forth in a Board Resolution
of the Company or one or more
indentures supplemental hereto establishing the terms of any series of
Securities pursuant to Section
2.01 hereof, the term "regular record date" as used in this Section with respect
to a series of Securities
with respect to any Interest Payment Date for such series shall mean either the
fifteenth day of the
month immediately preceding the month in which an Interest Payment Date
established for such
series pursuant to Section 2.01 hereof shall occur, if such Interest Payment
Date is the first day of a
month, or the last day of the month immediately preceding the month in which an
Interest Payment
Date established for such series pursuant to Section 2.01 hereof shall occur, if
such Interest Payment
Date is the fifteenth day of a month, whether or not such date is a Business
Day. 

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

                  SECTION 2.04    Execution and
Authentication.

                  The Securities shall be signed on behalf of the
Company by its President, or one of
its Vice Presidents, or its Treasurer, or one of its Assistant Treasurers, or
its Secretary, or one of its
Assistant Secretaries, under its corporate seal attested by its Secretary or one
of its Assistant
Secretaries.  Signatures may be in the form of a manual or facsimile signature.
The Company may
use the facsimile signature of any Person who shall have been a President or
Vice President thereof,
or of any Person who shall have been a Secretary or Assistant Secretary thereof,
notwithstanding the
fact that at the time the Securities shall be authenticated and delivered or
disposed of such Person
shall have ceased to be the President or a Vice President, or the Secretary or
an Assistant Secretary, of
the Company.  The seal of the Company may be in the form of a facsimile of such
seal and may be
impressed, affixed, imprinted or otherwise reproduced on the Securities.  The
Securities may contain
such notations, legends or endorsements required by law, stock exchange rule or
usage.  Each
Security shall be dated the date of its authentication by the Trustee.

                  A Security shall not be valid until authenticated
manually by an authorized
signatory of the Trustee, or by an Authenticating Agent.  Such signature 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. 

                  At any time and from time to time after the
execution and delivery of this Indenture,
the Company may deliver Securities of any series executed by the Company to the
Trustee for
authentication, together with a written order of the Company for the
authentication and delivery of
such Securities, signed by its President or any Vice President and its Secretary
or any Assistant
Secretary, and the Trustee in accordance with such written order shall
authenticate and deliver such
Securities. 

                  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 7.01) shall be fully protected in relying upon, an Opinion of Counsel
stating that the form and
terms thereof have been established in conformity with the provisions of this
Indenture. 

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

                  SECTION 2.05    Registration of Transfer and
Exchange.

                  (a)     Securities of any series may be exchanged
upon presentation thereof at the
office or agency of the Company designated for such purpose in the Borough of
Manhattan, the City
and State of New York, for other Securities of such series of authorized
denominations, and for a like
aggregate principal amount, upon payment of a sum sufficient to cover any tax or
other governmental
charge in relation thereto, all as provided in this Section.  In respect of any
Securities so surrendered
for exchange, the Company shall execute, the Trustee shall authenticate and such
office or agency
shall deliver in exchange therefor the Security or Securities of the same series
that the Securityholder
making the exchange shall be entitled to receive, bearing numbers not
contemporaneously outstanding.

                  (b)     The Company shall keep, or cause to be kept,
at its office or agency
designated for such purpose in the Borough of Manhattan, the City and State of
New York, or such
other location designated by the Company a register or registers (herein
referred to as the "Security
Register") in which, subject to such reasonable regulations as it may prescribe,
the Company shall
register the Securities and the transfers of Securities as in this Article
provided and which at all
reasonable times shall be open for inspection by the Trustee.  The registrar for
the purpose of
registering Securities and transfer of Securities as herein provided shall be
appointed as authorized by
Board Resolution (the "Security Registrar").

                          Upon surrender for transfer of any Security
at the office or agency of the
Company designated for such purpose, the Company shall execute, the Trustee
shall authenticate and
such office or agency shall deliver in the name of the transferee or transferees
a new Security or
Securities of the same series as the Security presented for a like aggregate
principal amount. 

                          All Securities presented or surrendered for
exchange or registration of
transfer, as provided in this Section, shall be accompanied (if so required by
the Company or the
Security Registrar) by a written instrument or instruments of transfer, in form
satisfactory to the
Company or the Security Registrar, duly executed by the registered holder or by
such holder's duly
authorized attorney in writing. 

                  (c)     No service charge shall be made for any
exchange or registration of
transfer of Securities, or issue of new Securities in case of partial redemption
of any series, but the
Company may require payment of a sum sufficient to cover any tax or other
governmental charge in
relation thereto, other than exchanges pursuant to Section 2.06, the second
paragraph of Section 3.03
and Section 9.04 not involving any transfer.

                          The Company shall not be required (i) to
issue, exchange or register the
transfer of any Securities during a period beginning at the opening of business
15 days before the day
of the mailing of a notice of redemption of less than all the Outstanding
Securities of the same series
and ending at the close of business on the day of such mailing, nor (ii) to
register the transfer of or
exchange any Securities of any series or portions thereof called for redemption.
The provisions of
this Section 2.05 are, with respect to any Global Security, subject to Section
2.11 hereof.

                  SECTION 2.06    Temporary Securities.

                  Pending the preparation of definitive Securities
of any series, the Company may
execute, and the Trustee shall authenticate and deliver, temporary Securities
(printed, lithographed or
typewritten) of any authorized denomination.  Such temporary Securities shall be
substantially in the
form of the definitive Securities in lieu of which they are issued, but with
such omissions, insertions
and variations as may be appropriate for temporary Securities, all as may be
determined by the
Company.  Every temporary Security of any series shall be executed by the
Company and be
authenticated by the Trustee upon the same conditions and in substantially the
same manner, and with
like effect, as the definitive Securities of such series.  Without unnecessary
delay the Company will
execute and will furnish definitive Securities of such series and thereupon any
or all temporary
Securities of such series may be surrendered in exchange therefor (without
charge to the holders), at
the office or agency of the Company designated for the purpose in the Borough of
Manhattan, the
City and State of New York, and the Trustee shall authenticate and such office
or agency shall deliver
in exchange for such temporary Securities an equal aggregate principal amount of
definitive
Securities of such series, unless the Company advises the Trustee to the effect
that definitive
Securities need not be executed and furnished until further notice from the
Company.  Until so
exchanged, the temporary Securities of such series shall be entitled to the same
benefits under this
Indenture as definitive Securities of such series authenticated and delivered
hereunder. 

                  SECTION 2.07    Mutilated, Destroyed, Lost or
Stolen Securities.

                  In case any temporary or definitive Security shall
become mutilated or be destroyed, lost or stolen, the Company (subject to the
next succeeding sentence) shall execute, and upon
the Company's request the Trustee (subject as aforesaid) shall authenticate and
deliver, a new Security
of the same series, bearing a number not contemporaneously outstanding, in
exchange and substitution for the mutilated Security, or in lieu of and in
substitution for the Security so destroyed, lost or
stolen.  In every case the applicant for a substituted Security shall furnish to
the Company and the
Trustee such security or indemnity as may be required by them to save each of
them harmless, and, in
every case of destruction, loss or theft, the applicant shall also furnish to
the Company and the
Trustee evidence to their satisfaction of the destruction, loss or theft of the
applicant's Security and of
the ownership thereof.  The Trustee may authenticate any such substituted
Security and deliver the
same upon the written request or authorization of any officer of the Company.
Upon the issuance of
any substituted Security, the Company may require the payment of a sum
sufficient to cover any tax
or other governmental charge that may be imposed in relation thereto and any
other expenses
(including the fees and expenses of the Trustee) connected therewith.  In case
any Security that has
matured or is about to mature shall become mutilated or be destroyed, lost or
stolen, the Company
may, instead of issuing a substitute Security, pay or authorize the payment of
the same (without
surrender thereof except in the case of a mutilated Security) if the applicant
for such payment shall
furnish to the Company and the Trustee such security or indemnity as they may
require to save them
harmless, and, in case of destruction, loss or theft, evidence to the
satisfaction of the Company and
the Trustee of the destruction, loss or theft of such Security and of the
ownership thereof. 

                  Every replacement Security issued pursuant to the
provisions of this Section shall
constitute an additional contractual obligation of the Company whether or not
the mutilated,
destroyed, lost or stolen Security shall be found at any time, or be enforceable
by anyone, and shall be
entitled to all the benefits of this Indenture equally and proportionately with
any and all other
Securities of the same series duly issued hereunder.  All Securities shall be
held and owned upon the
express condition that the foregoing provisions are exclusive with respect to
the replacement or
payment of mutilated, destroyed, lost or stolen Securities, and shall preclude
(to the extent lawful) 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 2.08    Cancellation.

                  All Securities surrendered for the purpose of
payment, redemption, exchange or
registration of transfer shall, if surrendered to the Company or any paying
agent, be delivered to the
Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled
by it, and no Securities
shall be issued in lieu thereof except as expressly required or permitted by any
of the provisions of
this Indenture.  On request of the Company at the time of such surrender, the
Trustee shall deliver to
the Company canceled Securities held by the Trustee.  In the absence of such
request the Trustee may
dispose of canceled Securities in accordance with its standard procedures and
deliver a certificate of
disposition to the Company.  If the Company shall otherwise acquire any of the
Securities, however,
such acquisition shall not operate as a redemption or satisfaction of the
indebtedness represented by
such Securities unless and until the same are delivered to the Trustee for
cancellation. 

                  SECTION 2.09    Benefits of
Indenture.

                  Nothing in this Indenture or in the Securities,
express or implied, shall give or be
construed to give to any Person, other than the parties hereto and the holders
of the Securities (and,
with respect to the provisions of Article Fourteen, the holders of senior
indebtedness) any legal or
equitable right, remedy or claim under or in respect of this Indenture, or under
any covenant,
condition or provision herein contained; all such covenants, conditions and
provisions being for the
sole benefit of the parties hereto and of the holders of the Securities (and,
with respect to the
provisions of Article Fourteen, the holders of senior indebtedness). 

                  SECTION 2.10    Authenticating Agent.

                  So long as any of the Securities of any series
remain Outstanding there may be an
Authenticating Agent for any or all such series of Securities which the Trustee
shall have the right to
appoint.  Said Authenticating Agent shall be authorized to act on behalf of the
Trustee to authenticate
Securities of such series issued upon exchange, transfer or partial redemption
thereof, and Securities
so authenticated shall be entitled to the benefits of this Indenture and shall
be valid and obligatory for
all purposes as if authenticated by the Trustee hereunder.  All references in
this Indenture to the
authentication of Securities by the Trustee shall be deemed to include
authentication by an Authenticating Agent for such series.  Each Authenticating
Agent shall be acceptable to the Company and
shall be a corporation that has a combined capital and surplus, as most recently
reported or determined by it, sufficient under the laws of any jurisdiction
under which it is organized or in which it is
doing business to conduct a trust business, and that is otherwise authorized
under such laws to
conduct such business and is subject to supervision or examination by Federal or
State authorities.  If
at any time any Authenticating Agent shall cease to be eligible in accordance
with these provisions, it
shall resign immediately. 

                  Any Authenticating Agent may at any time resign by
giving written notice of
resignation to the Trustee and to the Company.  The Trustee may at any time (and
upon request by the
Company shall) terminate the agency of any Authenticating Agent by giving
written notice of
termination to such Authenticating Agent and to the Company.  Upon resignation,
termination or
cessation of eligibility of any Authenticating Agent, the Trustee may appoint an
eligible successor
Authenticating Agent acceptable to the Company.  Any successor Authenticating
Agent, upon
acceptance of its appointment hereunder, shall become vested with all the
rights, powers and duties of
its predecessor hereunder as if originally named as an Authenticating Agent
pursuant hereto. 

                  SECTION 2.11    Global Securities.

                  (a)     If the Company shall establish pursuant to
Section 2.01 that the Securities
of a particular series are to be issued as a Global Security, then the Company
shall execute and the
Trustee shall, in accordance with Section 2.04, authenticate and deliver, a
Global Security that (i)
shall represent, and shall be denominated in an amount equal to the aggregate
principal amount of,
such of the Outstanding Securities of such series, as shall be specified therein
and that the aggregate
amount of Outstanding Securities represented thereby may from time to time be
increased or reduced
to reflect exchanges, (ii) shall be registered in the name of the Depositary or
its nominee, (iii) shall be
delivered by the Trustee to the Depositary or pursuant to the Depositary's
instruction and (iv) shall
bear a legend substantially to the following effect:  "Except as otherwise
provided in Section 2.11 of
the Indenture, this Security may be transferred, in whole but not in part, only
to another nominee of
the Depositary or to a successor Depositary or to a nominee of such successor
Depositary."  Any
endorsement of a Security in global form to reflect the amount, or any increase
or decrease in the
amount, of Outstanding  Securities represented thereby shall be made by the
Trustee in such manner
and upon instructions given by such Person or Persons as shall be specified
therein or in the written
request signed in the name of the Company, by two officers thereof to be
delivered to the Trustee
pursuant to Section 2.04 or Section 2.06.

                  (b)     Notwithstanding the provisions of Section
2.05, the Global Security of a
series may be transferred, in whole but not in part and in the manner provided
in Section 2.05, only to
another nominee of the Depositary for such series, or to a successor Depositary
for such series
selected or approved by the Company or to a nominee of such successor
Depositary.

                  (c)     If at any time the Depositary for a series
of the Securities notifies the
Company that it is unwilling or unable to continue as Depositary for such series
or if at any time the
Depositary for such series shall no longer be registered or in good standing
under the Exchange Act,
or other applicable statute or regulation, and a successor Depositary for such
series is not appointed
by the Company within 90 days after the Company receives such notice or becomes
aware of such
condition, as the case may be, this Section 2.11 shall no longer be applicable
to the Securities of such
series and the Company will execute, and subject to Section 2.05, the Trustee
will authenticate and
deliver the Securities of such series in definitive registered form without
coupons, in authorized
denominations, and in an aggregate principal amount equal to the principal
amount of the Global
Security of such series in exchange for such Global Security.  In addition, the
Company may at any
time determine that the Securities of any series shall no longer be represented
by a Global Security
and that the provisions of this Section 2.11 shall no longer apply to the
Securities of such series.  In
such event the Company will execute and subject to Section 2.05, the Trustee,
upon receipt of an
Officers' Certificate evidencing such determination by the Company, will
authenticate and deliver the
Securities of such series in definitive registered form without coupons, in
authorized denominations,
and in an aggregate principal amount equal to the principal amount of the Global
Security of such
series in exchange for such Global Security.  Upon the exchange of the Global
Security for such
Securities in definitive registered form without coupons, in authorized
denominations, the Global
Security shall be canceled by the Trustee.  Such Securities in definitive
registered form issued in
exchange for the Global Security pursuant to this Section 2.11(c) shall be
registered in such names
and in such authorized denominations as the Depositary, pursuant to instructions
from its direct or
indirect participants or otherwise, shall instruct the Trustee.  The Trustee
shall deliver such Securities
to the Depositary for delivery to the Persons in whose names such Securities are
so registered.

ARTICLE III

REDEMPTION OF SECURITIES AND
SINKING FUND PROVISIONS

                  SECTION 3.01    Redemption.

                  The Company may redeem the Securities of any
series issued hereunder on and
after the dates and in accordance with the terms established for such series
pursuant to Section 2.01
hereof. 

                  SECTION 3.02    Notice of Redemption.

                  (a)     In case the Company shall desire to exercise
such right to redeem all or, as
the case may be, a portion of the Securities of any series in accordance with
the right reserved so to
do, the Company shall, or shall cause the Trustee to, give notice of such
redemption to holders of the
Securities of such series to be redeemed by mailing, first class postage
prepaid, a notice of such
redemption not less than 30 days and not more than 90 days before the date fixed
for redemption of
that series to such holders at their last addresses as they shall appear upon
the Security Register unless
a shorter period is specified in the Securities to be redeemed.  Any notice that
is mailed in the manner
herein provided shall be conclusively presumed to have been duly given, whether
or not the registered
holder receives the notice.  In any case, failure duly to give such notice to
the holder of any Security
of any series designated for redemption in whole or in part, or any defect in
the notice, shall not affect
the validity of the proceedings for the redemption of any other Securities of
such series or any other
series.  In the case of any redemption of Securities prior to the expiration of
any restriction on such
redemption provided in the terms of such Securities or elsewhere in this
Indenture, the Company shall
furnish the Trustee with an Officers' Certificate evidencing compliance with any
such restriction.

                          Each such notice of redemption shall specify
the date fixed for redemption
and the redemption price (or the manner of calculation thereof) at which
Securities of that series are
to be redeemed, and shall state that payment of the redemption price of such
Securities to be
redeemed will be made at the office or agency of the Company in the Borough of
Manhattan, the City
and State of New York, upon presentation and surrender of such Securities, that
interest accrued to
the date fixed for redemption will be paid as specified in said notice, that
from and after said date
interest will cease to accrue and that the redemption is for a sinking fund, if
such is the case.  If less
than all the Securities of a series are to be redeemed, the notice to the
holders of Securities of that
series to be redeemed in whole or in part shall specify the particular
Securities to be so redeemed.  In
case any Security is to be redeemed in part only, the notice that relates to
such Security shall state the
portion of the principal amount thereof to be redeemed, and shall state that on
and after the redemption date, upon surrender of such Security, a new Security
or Securities of such series in principal
amount equal to the unredeemed portion thereof will be issued. 

                  (b)     If less than all the Securities of a series
are to be redeemed, the Company
shall give the Trustee at least 45 days' notice in advance of the date fixed for
redemption as to the
aggregate principal amount of Securities of the series to be redeemed, and
thereupon the Trustee shall
select, by lot or in such other manner as it shall deem appropriate and fair in
its discretion and that
may provide for the selection of a portion or portions (equal to one thousand
U.S. dollars ($1,000) or
any integral multiple thereof) of the principal amount of such Securities of a
denomination larger than
$1,000, the Securities to be redeemed and shall thereafter promptly notify the
Company in writing of
the numbers of the Securities to be redeemed, in whole or in part.

                          The Company may, if and whenever it shall so
elect, by delivery of
instructions signed on its behalf by its Chairman of the Board of Directors, the
Chief Executive
Officer, any Executive Vice President or any Vice President, instruct the
Trustee or any paying agent
to call all or any part of the Securities of a particular series for redemption
and to give notice of
redemption in the manner set forth in this Section, such notice to be in the
name of the Company or
its own name as the Trustee or such paying agent may deem advisable.  In any
case in which notice of
redemption is to be given by the Trustee or any such paying agent, the Company
shall deliver or
cause to be delivered to, or permit to remain with, the Trustee or such paying
agent, as the case may
be, such Security Register, transfer books or other records, or suitable copies
or extracts therefrom,
sufficient to enable the Trustee or such paying agent to give any notice by mail
that may be required
under the provisions of this Section. 

                  SECTION 3.03    Payment Upon
Redemption.

                  (a)     If the giving of notice of redemption shall
have been completed as above
provided, the Securities or portions of Securities of the series to be redeemed
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 interest on such
Securities or portions of Securities shall cease to accrue on and after the date
fixed for redemption,
unless the Company shall default in the payment of such redemption price and
accrued interest with
respect to any such Security or portion thereof.  On presentation and surrender
of such Securities on
or after the date fixed for redemption at the place of payment specified in the
notice, said Securities
shall be paid and redeemed at the applicable redemption price for such series,
together with interest
accrued thereon to the date fixed for redemption (but if the date fixed for
redemption is an interest
payment date, the interest installment payable on such date shall be payable to
the registered holder at
the close of business on the applicable record date pursuant to Section
2.03).

                  (b)     Upon presentation of any Security of such
series that is to be redeemed in
part only, the Company shall execute and the Trustee shall authenticate and the
office or agency
where the Security is presented shall deliver to the holder thereof, at the
expense of the Company, a
new Security of the same series of authorized denominations in principal amount
equal to the
unredeemed portion of the Security so presented.

                  SECTION 3.04    Sinking Fund.

                  The provisions of Sections 3.04, 3.05 and 3.06
shall be applicable to any sinking
fund for the retirement of Securities of a series, except as otherwise specified
as contemplated by
Section 2.01 for Securities of such series. 

                  The minimum amount of any sinking fund payment
provided for by the terms of
Securities of any series is herein referred to as a "mandatory sinking fund
payment," and any payment
in excess of such minimum amount provided for by the terms of Securities of any
series is herein
referred to as an "optional sinking fund payment".  If provided for by the terms
of Securities of any
series, the cash amount of any sinking fund payment may be subject to reduction
as provided in
Section 3.05.  Each sinking fund payment shall be applied to the redemption of
Securities of any
series as provided for by the terms of Securities of such series. 

                  SECTION 3.05    Satisfaction of Sinking Fund
Payments with Securities.

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

                  SECTION 3.06    Redemption of Securities for
Sinking Fund.

                  Not less than 45 days prior to each sinking fund
payment date for any series of
Securities, the Company will deliver to the Trustee an Officers' Certificate
specifying the amount of
the next ensuing sinking fund payment for that series pursuant to the terms of
the series, the portion
thereof, if any, that is to be satisfied by delivering and crediting Securities
of that series pursuant to
Section 3.05 and the basis for such credit and will, together with such
Officers' Certificate, deliver to
the Trustee any Securities to be so delivered.  Not less than 30 days before
each such sinking fund
payment date the Trustee shall select the Securities to be redeemed upon such
sinking fund payment
date in the manner specified in Section 3.02 and cause notice of the redemption
thereof to be given in
the name of and at the expense of the Company in the manner provided in Section
3.02.  Such notice
having been duly given, the redemption of such Securities shall be made upon the
terms and in the
manner stated in Section 3.03. 

ARTICLE IV

                  SECTION 4.01    Payment of Principal, Premium
and Interest.

                  The Company will duly and punctually pay or cause
to be paid the principal of (and
premium, if any) and interest on the Securities of that series at the time and
place and in the manner
provided herein and established with respect to such Securities. 

                  SECTION 4.02    Maintenance of Office or
Agency.

                  So long as any series of the Securities remain
Outstanding, the Company agrees to
maintain an office or agency in the Borough of Manhattan, the City and State of
New York, with
respect to each such series and at such other location or locations as may be
designated as provided in
this Section 4.02, where (i) Securities of that series may be presented for
payment, (ii) Securities of
that series may be presented as herein above authorized for registration of
transfer and exchange, and
(iii) notices and demands to or upon the Company in respect of the Securities of
that series and this
Indenture may be given or served, such designation to continue with respect to
such office or agency
until the Company shall, by written notice signed by its Chairman of the Board
of Directors, the Chief
Executive Officer, any Executive Vice President or a Vice President and
delivered to the trustee,
designate some other office or agency for such purposes or any of them.  If at
any time the Company
shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the
address thereof, such presentations, notices and demands may be made or served
at the Corporate
Trust Office of the Trustee, and the Company hereby appoints the Trustee as its
agent to receive all
such presentations, notices and demands. 

                  SECTION 4.03    Paying Agents.

                  (a)     If the Company shall appoint one or more
paying agents for all or any
series of the Securities, other than the Trustee, the Company will cause each
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:

                          (1)     that it will hold all sums held by it
as such agent for the payment
of the principal of (and premium, if any) or interest on the Securities of that
series (whether such
sums have been paid to it by the Company or by any other obligor of such
Securities) in trust for the
benefit of the Persons entitled thereto;

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

                          (3)     that it will, at any time during the
continuance of any failure
referred to in the preceding paragraph (a)(2) above, upon the written request of
the Trustee, forthwith
pay to the Trustee all sums so held in trust by such paying agent;
and

                          (4)     that it will perform all other duties
of paying agent as set forth in
this Indenture.

                  (b)     If the Company shall act as its own paying
agent with respect to any series
of the Securities, it will on or before each due date of the principal of (and
premium, if any) or
interest on Securities of that series, set aside, segregate and hold in trust
for the benefit of the Persons
entitled thereto a sum sufficient to pay such principal (and premium, if any) or
interest so becoming
due on Securities of that series until such sums shall be paid to such Persons
or otherwise disposed of
as herein provided and will promptly notify the Trustee of such action, or any
failure (by it or any
other obligor on such Securities) to take such action.  Whenever the Company
shall have one or more
paying agents for any series of Securities, it will, prior to each due date of
the principal of (and
premium, if any) or interest on any Securities of that series, deposit with the
paying agent a sum
sufficient to pay the principal (and premium, if any) or interest so becoming
due, such sum to be held
in trust for the benefit of the Persons entitled to such principal, premium or
interest, and (unless such
paying agent is the Trustee) the Company will promptly notify the Trustee of
this action or failure so
to act.

                  (c)     Notwithstanding anything in this Section to
the contrary, (i) the agreement
to hold sums in trust as provided in this Section is subject to the provisions
of Section 11.05, and (ii)
the Company may at any time, for the purpose of obtaining the satisfaction and
discharge of this
Indenture or for any other purpose, pay, or direct any paying agent to pay, to
the Trustee all sums
held in trust by the Company or such paying agent, such sums to be held by the
Trustee upon the
same terms and conditions as those upon which such sums were held by the Company
or such paying
agent; and, upon such payment by any paying agent to the Trustee, such paying
agent shall be
released from all further liability with respect to such money.

                  SECTION 4.04    Appointment to Fill Vacancy in
Office of Trustee.

                  The Company, whenever necessary to avoid or fill a
vacancy in the office of
Trustee, will appoint, in the manner provided in Section 7.10, a Trustee, so
that there shall at all times
be a Trustee hereunder.   

                  SECTION 4.05    Statement by Officers as to
Default.

                  The Company will deliver to the Trustee, within
120 days after the end of each
fiscal year of the Company ending after the date hereof, an Officers'
Certificate signed by its principal
executive officer, principal financial officer or principal accounting officer
stating whether or not to
the best knowledge of the signer thereof the Company is in default in the
performance and observance
of any of the terms, provisions and conditions of this Indenture, and if the
Company shall be in
default, specifying all such defaults and the nature and status thereof of which
they may have
knowledge.

ARTICLE V

SECURITYHOLDERS' LISTS AND
REPORTS

             
BY THE COMPANY AND THE TRUSTEE

                  SECTION 5.01    Company to Furnish Trustee Names
and Addresses of Securityholders. 

                  The Company will furnish or cause to be furnished
to the Trustee (a) on each
regular record date (as defined in Section 2.03) a list, in such form as the
Trustee may reasonably
require, of the names and addresses of the holders of each series of Securities
as of such regular
record date, provided that the Company shall not be obligated to furnish or
cause to furnish such list
at any time that the list shall not differ in any respect from the most recent
list furnished to the Trustee
by the Company and (b) at such other times as the Trustee may request in writing
within 30 days after
the receipt by the Company of any such request, a list of similar form and
content as of a date not
more than 15 days prior to the time such list is furnished; provided, however,
that, in either case, no
such list need be furnished for any series for which the Trustee shall be the
Security Registrar. 

                  SECTION 5.02    Preservation Of Information;
Communications With Securityholders. 

                  (a)     The Trustee shall preserve, in as current a
form as is reasonably practicable, all information as to the names and addresses
of the holders of Securities contained in the most
recent list furnished to it as provided in Section 5.01 and as to the names and
addresses of holders of
Securities received by the Trustee in its capacity as Security Registrar (if
acting in such capacity).

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

                  (c)     Securityholders may communicate as provided
in Section 312(b) of the
Trust Indenture Act with other Securityholders with respect to their rights
under this Indenture or
under the Securities.  The Company, the Trustee and the Security Registrar shall
have the protection
of Section 312(c) of the Trust Indenture Act.

                  SECTION 5.03    Reports by the
Company.

                  (a)     The Company covenants and agrees to file
with the Trustee, within 15
days after the Company is required to file the same with the Commission, copies
of the annual reports
and of the information, documents and other reports (or copies of such portions
of any of the
foregoing as the Commission may from time to time by rules and regulations
prescribe) that the
Company may be required to file with the Commission pursuant to Section 13 or
Section 15(d) of the
Exchange Act; provided that, if the Company is not required to file information,
documents or reports
pursuant to either of such sections, then to file with the Trustee and the
Commission, as the case may
be, only such other information as is required pursuant to Section 5.03(b)
below.

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

                  (c)     The Company covenants and agrees to transmit
by mail, first class postage
prepaid, or reputable over-night delivery service that provides for evidence of
receipt, to the
Securityholders, as their names and addresses appear upon the Security Register,
within 30 days after
the filing thereof with the Trustee, such summaries of any information,
documents and reports
required to be filed by the Company pursuant to subsections (a) and (b) of this
Section as may be
required by rules and regulations prescribed from time to time by the
Commission.

                  SECTION 5.04    Reports by the
Trustee.

                  (a)     On or before [       ] in each year in which
any of the Securities are
Outstanding, the Trustee shall transmit by mail, first class postage prepaid, to
the Securityholders, as
their names and addresses appear upon the Security Register, a brief report
dated as of the preceding
[_________], if and to the extent required under Section 313(a) of the Trust
Indenture Act.

                  (b)     The Trustee shall comply with Section 313(b)
and 313(c) of the Trust
Indenture Act.

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

ARTICLE VI

REMEDIES OF THE TRUSTEE AND
SECURITYHOLDERS

ON EVENT OF DEFAULT

                  SECTION 6.01    Events of Default.

                  (a)     Whenever used herein with respect to
Securities of a particular series,
"Event of Default" means any one or more of the following events that has
occurred and is continuing:

                          (1)     the Company defaults in the payment of
any installment of
interest upon any of the Securities of that series, as and when the same shall
become due and payable,
and continuance of such default for a period of 30 days; provided, however, that
a valid extension of
an interest payment period by the Company in accordance with the terms of any
indenture supplemental hereto, shall not constitute a default in the payment of
interest for this purpose;

                          (2)     the Company defaults in the payment of
the principal of (or
premium, if any, on) any of the Securities of that series as and when the same
shall become due and
payable whether at maturity, upon redemption, by declaration or otherwise, or in
any payment
required by any sinking or analogous fund established with respect to that
series; provided, however,
that a valid extension of the maturity of such Securities in accordance with the
terms of any indenture
supplemental hereto shall not constitute a default in the payment of principal
or premium, if any;

                          (3)     the Company fails to observe or
perform any other of its
covenants or agreements with respect to that series contained in this Indenture
or otherwise established with respect to that series of Securities pursuant to
Section 2.01 hereof (other than a covenant
or agreement that has been expressly included in this Indenture solely for the
benefit of one or more
series of Securities other than such series) for a period of 90 days after the
date on which written
notice of such failure, requiring the same to be remedied and stating that such
notice is a "Notice of
Default" hereunder, shall have been given to the Company by the Trustee, by
registered or certified
mail, or to the Company and the Trustee by the holders of at least 25% in
principal amount of the
Securities of that series at the time Outstanding;

                          (4)     if the Securities are convertible into
shares of common stock or
other securities of the Company, failure by the Company to deliver common stock
or the other
securities when the holder or holders of such Securities elect to convert such
Securities into shares of common stock or other securities of the Company;

                          (5)     the Company pursuant to or within the
meaning of any applicable
Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry
of an order for relief
against it in an involuntary case, (iii) consents to the appointment of a
Custodian of it or for all or
substantially all of its property or (iv) makes a general assignment for the
benefit of its creditors; or

                          (6)     a court of competent jurisdiction
enters an order under any
applicable Bankruptcy Law that (i) is for relief against the Company in an
involuntary case, (ii)
appoints a Custodian of the Company for all or substantially all of its
property, or (iii) orders the
liquidation of the Company, and the order or decree remains unstayed and in
effect for 90 days.

                  (b)     In each and every such case, unless the
principal of all the Securities of
that series shall have already become due and payable, either the Trustee or the
holders of not less
than 25% in aggregate principal amount of the Securities of that series then
Outstanding hereunder,
by notice in writing to the Company (and to the Trustee if given by such
Securityholders), may
declare the principal (or, if the Securities of such series are Original Issue
Discount Securities, such
portion of the principal amount as may be specified in the terms of such series)
of all the Securities of
that series to be due and payable immediately, and upon any such declaration the
same shall become
and shall be immediately due and payable, notwithstanding anything contained in
this Indenture or in
the Securities of that series or established with respect to that series
pursuant to Section 2.01 to the
contrary.

                  (c)     At any time after the principal of the
Securities of that series 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 holders of
a majority in aggregate
principal amount of the Securities of that series then Outstanding hereunder, by
written notice to the
Company and the Trustee, may rescind and annul such declaration and its
consequences if:  (i) the
Company has paid or deposited with the Trustee a sum sufficient to pay all
matured installments of
interest upon all the Securities of that series and the principal of (and
premium, if any, on) any and all
Securities of that series that shall have become due otherwise than by
acceleration (with interest upon
such principal and premium, if any, and, to the extent that such payment is
enforceable under
applicable law, upon overdue installments of interest, at the rate per annum or
Yield to Maturity (in
the case of Original Issue Discount Securities) expressed in the Securities of
that 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 the amount payable to the Trustee under Section
7.06, and (ii) any and
all Events of Default under the Indenture with respect to such series, other
than the nonpayment of
principal, premium, if any, or interest on Securities of that series that (or,
if any Securities are
Original Issue Discount Securities, such portion of the principal as may be
specified in the terms
thereof) shall not have become due by their terms, shall have been remedied or
waived as provided in
Section 6.06.

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

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

                  SECTION 6.02    Collection of Indebtedness and
Suits for Enforcement by Trustee. 

                  (a)     The Company covenants that (1) in case it
shall default in the payment of
any installment of interest on any of the Securities of a series, or any payment
required by any sinking
or analogous fund established with respect to that series as and when the same
shall have become due
and payable, and such default shall have continued for a period of 30 days, or
(2) in case it shall
default in the payment of the principal of (or premium, if any, on) any of the
Securities of a series
when the same shall have become due and payable, whether upon maturity of the
Securities of a
series or upon redemption or upon declaration or otherwise, then, upon demand of
the Trustee, the
Company will pay to the Trustee, for the benefit of the holders of the
Securities of that series, the
whole amount that then shall have been become due and payable on all such
Securities for principal
(and premium, if any) or interest, or both, as the case may be, with interest
upon the overdue principal
(and premium, if any) and (to the extent that payment of such interest is
enforceable under applicable
law) upon overdue installments of interest at the rate per annum expressed in
the Securities of that
series; and, in addition thereto, such further amount as shall be sufficient to
cover the costs and
expenses of collection, and the amount payable to the Trustee under Section
7.06.

                  (b)     If the Company shall fail to pay such
amounts forthwith 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 proceeding to judgment or
final decree, and
may enforce any such judgment or final decree against the Company or other
obligor upon the
Securities of that series and collect the moneys adjudged or decreed to be
payable in the manner
provided by law out of the property of the Company or other obligor upon the
Securities of that
series, wherever situated.

                  (c)     In case of any receivership, insolvency,
liquidation, bankruptcy, reorganization, readjustment, arrangement, composition
or judicial proceedings affected the Company, or its
creditors or property, the Trustee shall have power to intervene in such
proceedings and take any
action therein that may be permitted by the court and shall (except as may be
otherwise provided by
law) be entitled to file such proofs of claim and other papers and documents as
may be necessary or
advisable in order to have the claims of the Trustee and of the holders of
Securities of such series
allowed for the entire amount due and payable by the Company under the Indenture
at the date of
institution of such proceedings and for any additional amount that may become
due and payable by
the Company after such date, and to collect and receive any moneys or other
property payable or
deliverable on any such claim, and to distribute the same after the deduction of
the amount payable to
the Trustee under Section 7.06; and any receiver, assignee or trustee in
bankruptcy or reorganization
is hereby authorized by each of the holders of Securities of such series to make
such payments to the
Trustee, and, in the event that the Trustee shall consent to the making of such
payments directly to
such Securityholders, to pay to the Trustee any amount due it under Section
7.06.

                  (d)     All rights of action and of asserting claims
under this Indenture, or under
any of the terms established with respect to Securities of that series, may be
enforced by the Trustee
without the possession of any of such Securities, or the production thereof at
any trial or other
proceeding relative thereto, and any such suit or proceeding instituted by the
Trustee shall be brought
in its own name as trustee of an express trust, and any recovery of judgment
shall, after provision for
payment to the Trustee of any amounts due under Section 7.06, be for the ratable
benefit of the
holders of the Securities of such series.

                  In case of an Event of Default hereunder, 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 the 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. 

                  Nothing contained herein shall be deemed to
authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Securityholder any plan of
reorganization, arrangement, adjustment or composition affecting the Securities
of that 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. 

                  SECTION 6.03    Application of Moneys
Collected.

                  Any moneys collected by the Trustee pursuant to
this Article with respect to a
particular series of Securities shall 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 premium, if any) or
interest, upon presentation of the Securities of that series, and notation
thereon the payment, if only
partially paid, and upon surrender thereof if fully paid: 

                  FIRST:  To the payment of costs and expenses of
collection and of all amounts
payable to the Trustee under Section 7.06; 

                  SECOND:  To the payment of all senior indebtedness
of the Company if and to the
extent required by Article Fourteen; and  

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

                  SECTION 6.04    Limitation on Suits.

                  No holder of any Security of any series shall have
any right by virtue or by availing
of any provision of this Indenture to institute any suit, action or proceeding
in equity or at law upon or
under or with respect to this Indenture or for the appointment of a receiver or
trustee, or for any other
remedy hereunder, unless (i) such holder previously shall have given to the
Trustee written notice of
an Event of Default and of the continuance thereof with respect to the
Securities of such series
specifying such Event of Default, as hereinbefore provided; (ii) the holders of
not less than 25% in
aggregate principal amount of the Securities of such series then Outstanding
shall have made written
request upon the Trustee to institute such action, suit or proceeding in its own
name as trustee
hereunder; (iii) such holder or holders 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 (iv) the
Trustee for 60 days after its receipt of such notice, request and offer of
indemnity, shall have failed to
institute any such action, suit or proceeding and (v) during such 60 day period,
the holders of a
majority in principal amount of the Securities of that series do not give the
Trustee a direction
inconsistent with the request. 

                  Notwithstanding anything contained herein to the
contrary, any other provisions of
this Indenture, the right of any holder of any Security to receive payment of
the principal of (and
premium, if any) and interest on such Security, as therein provided, on or after
the respective due
dates expressed in such Security (or in the case of redemption, on the
redemption date), or to institute
suit for the enforcement of any such payment on or after such respective dates
or redemption date,
shall not be impaired or affected without the consent of such holder and by
accepting a Security
hereunder it is expressly understood, intended and covenanted by the taker and
holder of every
Security of such series with every other such taker and holder and the Trustee,
that no one or more
holders of Securities of such series shall have any right in any manner
whatsoever by virtue or by
availing of any provision of this Indenture to affect, disturb or prejudice the
rights of the holders of
any other of 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 such
series.  For the
protection and enforcement of the provisions of this Section, each and every
Securityholder and the
Trustee shall be entitled to such relief as can be given either at law or in
equity. 

                  SECTION 6.05    Rights and Remedies Cumulative;
Delay or Omission Not Waiver. 

                  (a)     Except as otherwise provided in Section
2.07, all powers and remedies
given by this Article to the Trustee or to the Securityholders shall, to the
extent permitted by law, be
deemed cumulative and not exclusive of any other powers and remedies available
to the Trustee or
the holders of the Securities, by judicial proceedings or otherwise, to enforce
the performance or
observance of the covenants and agreements contained in this Indenture or
otherwise established with
respect to such Securities.  

                  (b)     No delay or omission of the Trustee or of
any holder of any of the
Securities 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
default or on acquiescence therein; and, subject to the provisions of Section
6.04, every power and
remedy given by this Article or by law to the Trustee or the Securityholders may
be exercised from
time to time, and as often as shall be deemed expedient, by the Trustee or by
the Securityholders.

                  SECTION 6.06    Control by
Securityholders.

                  The holders of a majority in aggregate principal
amount of the Securities of any
series at the time Outstanding, determined in accordance with Section 8.04,
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 such series;
provided, however, that such direction shall not be in conflict with any rule of
law or with this
Indenture or be unduly prejudicial to the rights of holders of Securities of any
other series at the time
Outstanding determined in accordance with Section 8.04; and provided, further,
that the Trustee may
take any other action deemed proper by the Trustee which is not inconsistent
with such direction.
Prior to the taking of any action hereunder, the Trustee shall be entitled to
reasonable indemnification
satisfactory to the Trustee against all losses and expenses caused by taking or
not taking such action.
Subject to the provisions of Section 7.01, the Trustee shall have the right to
decline to follow any
such direction if the Trustee in good faith shall, by a Responsible Officer or
Officers of the Trustee,
determine that the proceeding so directed would involve the Trustee in personal
liability.  The holders
of a majority in aggregate principal amount of the Securities of any series at
the time Outstanding
affected thereby, determined in accordance with Section 8.04, may on behalf of
the holders of all of
the Securities of such series waive any past default in the performance of any
of the covenants
contained herein or established pursuant to Section 2.01 with respect to such
series and its consequences, except a default in the payment of the principal
of, or premium, if any, or interest on, any of
the Securities of that series as and when the same shall become due by the terms
of such Securities
otherwise than by acceleration (unless such default has been cured and a sum
sufficient to pay all
matured installments of interest and principal and any premium has been
deposited with the Trustee
(in accordance with Section 6.01(c)).  Upon any such waiver, the default covered
thereby shall be
deemed to be cured for all purposes of this Indenture and the Company, the
Trustee and the holders of
the Securities of such series shall be restored to their former positions and
rights hereunder, respectively; but no such waiver shall extend to any
subsequent or other default or impair any right
consequent thereon. 

                  SECTION 6.07    Undertaking to Pay Costs.

                  All parties to this Indenture agree, and each
holder of any Securities by such
holder's acceptance thereof shall be deemed to have agreed, that any court may
in its discretion
require, in any suit for the enforcement of any right or remedy under this
Indenture, or in any suit
against the Trustee for any action taken or omitted by it as Trustee, the filing
by any party litigant in
such suit of an undertaking to pay the costs of such suit, and that such court
may in its discretion
assess reasonable costs, including reasonable attorneys' fees, against any party
litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by
such party litigant;
but the provisions of this Section shall not apply to any suit instituted by the
Trustee, to any suit
instituted by any Securityholder, or group of Securityholders, holding more than
10% in aggregate
principal amount of the Outstanding Securities of any series, or to any suit
instituted by any Securityholder for the enforcement of the payment of the
principal of (or premium, if any) or interest on any
Security of such series, on or after the respective due dates expressed in such
Security or established
pursuant to this Indenture. 

ARTICLE VII

CONCERNING THE
TRUSTEE

                  SECTION 7.01    Certain Duties and
Responsibilities of Trustee.

                  (a)     The Trustee, prior to the occurrence of an
Event of Default with respect to
the Securities of a series and after the curing of all Events of Default with
respect to the Securities of
that series that may have occurred, shall undertake to perform with respect to
the Securities of such
series such duties and only such duties as are specifically set forth in this
Indenture, and no implied
covenants shall be read into this Indenture against the Trustee.  In case an
Event of Default with
respect to the Securities of a series has occurred (that has not been cured or
waived), the Trustee shall
exercise with respect to Securities of that series 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.

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

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

                                  (i)     the duties and obligations of
the Trustee shall with
respect to the Securities of such series be determined solely by the express
provisions of this
Indenture, and the Trustee shall not be liable with respect to the Securities of
such series 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 with respect to the Securities of such series conclusively rely, as
to the truth of the
statements and the correctness of the opinions expressed therein, upon any
certificates or opinions
furnished to the Trustee and conforming to the requirements of this Indenture;
but in the case of any
such certificates or opinions that 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 requirement of this Indenture;

                          (2)     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;

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

                          (4)     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 is reasonable
ground for believing that the repayment of such funds or liability is not
reasonably assured to it under
the terms of this Indenture or adequate indemnity against such risk is not
reasonably assured to it.

                  SECTION 7.02    Certain Rights of
Trustee.

                  Except as otherwise provided in Section 7.01:

                  (a)     The Trustee may rely and shall be protected
in acting or refraining from
acting upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, consent,
order, approval, bond, 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 Company mentioned herein
shall be sufficiently evidenced by a Board Resolution or an instrument signed in
the name of the
Company, by the President or any Vice President and by the Secretary or an
Assistant Secretary or the
Treasurer or an Assistant Treasurer thereof (unless other evidence in respect
thereof is specifically
prescribed herein);

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

                  (d)     The Trustee shall be under no obligation to
exercise any of the rights or
powers vested in it by this Indenture at the request, order or direction of any
of the Securityholders,
pursuant to the provisions of this Indenture, unless such Securityholders shall
have offered to the
Trustee reasonable security or indemnity against the costs, expenses and
liabilities that may be
incurred therein or thereby; nothing contained herein shall, however, relieve
the Trustee of the
obligation, upon the occurrence of an Event of Default with respect to a series
of the Securities (that
has not been cured or waived) to exercise with respect to Securities of that
series such of the rights
and powers vested in it by this Indenture, and to 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;

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

                  (f)     The Trustee shall not be bound to make any
investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request,
consent, order, approval, bond, security, or other papers or documents, unless
requested in writing so
to do by the holders of not less than a majority in principal amount of the
Outstanding Securities of
the particular series affected thereby (determined as provided in Section 8.04);
provided, however,
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 costs, expenses or liabilities as a
condition to so proceeding.  The reasonable expense of every such examination
shall be paid by the Company or, if paid by
the Trustee, shall be repaid by the Company 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 and
the Trustee shall not be
responsible for any misconduct or negligence on the part of any agent or
attorney appointed with due
care by it hereunder.

                  SECTION 7.03    Trustee Not Responsible for
Recitals or Issuance or Securities. 

                  (a)     The recitals contained herein and in the
Securities shall be taken as the
statements of the Company, and the Trustee assumes no responsibility for the
correctness of the same.

                  (b)     The Trustee makes no representations as to
the validity or sufficiency of
this Indenture or of the Securities.  

                  (c)     The Trustee shall not be accountable for the
use or application by the
Company of any of the Securities or of the proceeds of such Securities, or for
the use or application of
any moneys paid over by the Trustee in accordance with any provision of this
Indenture or established pursuant to Section 2.01, or for the use or application
of any moneys received by any paying
agent other than the Trustee.

                  SECTION 7.04    May Hold Securities.

                  The Trustee or any paying agent or Security
Registrar, in its individual or any other
capacity, may become the owner or pledgee of Securities with the same rights it
would have if it were
not Trustee, paying agent or Security Registrar. 

                  SECTION 7.05    Moneys Held in Trust.

                  Subject to the provisions of Section 11.05, all
moneys received by the Trustee shall,
until used or applied as herein provided, be held in trust for the purposes for
which they were
received, but need not be segregated from other funds except to the extent
required by law.  The
Trustee shall be under no liability for interest on any moneys received by it
hereunder except such as
it may agree with the Company to pay thereon. 

                  SECTION 7.06    Compensation and
Reimbursement.

                  (a)     The Company covenants and agrees to pay to
the Trustee, and the Trustee
shall be entitled to, such reasonable compensation (which shall not be limited
by any provision of law
in regard to the compensation of a trustee of an express trust), as the Company,
and the Trustee may
from time to time agree in writing, for all services rendered by it in the
execution of the trusts hereby
created and in the exercise and performance of any of the powers and duties
hereunder of the Trustee,
and, except as otherwise expressly provided herein, the Company will pay or
reimburse the Trustee
upon its request for all reasonable expenses, disbursements and advances
incurred or made by the
Trustee in accordance with any of the provisions of this Indenture (including
the reasonable
compensation and the expenses and disbursements of its counsel and of all
Persons not regularly in its
employ) except any such expense, disbursement or advance as may arise from its
negligence or bad
faith.  The Company also covenants to indemnify the Trustee (and its officers,
agents, directors and
employees) for, and to hold it harmless against, any loss, liability or expense
incurred without
negligence or bad faith on the part of the Trustee and arising out of or in
connection with the
acceptance or administration of this trust, including the costs and expenses of
defending itself against
any claim of liability in the premises.

                  (b)     The obligations of the Company under this
Section to compensate and
indemnify the Trustee and to pay or reimburse the Trustee for expenses,
disbursements and advances
shall constitute additional indebtedness hereunder.  Such additional
indebtedness shall be secured by a
lien prior 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.

                  SECTION 7.07    Reliance on Officers'
Certificate.

                  Except as otherwise provided in Section 7.01,
whenever in the administration of the
provisions 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 to take 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 to be taken by it under the provisions of this Indenture upon the faith
thereof.   

                  SECTION 7.08    Disqualification; Conflicting
Interests.

                  If the Trustee has or shall acquire any
"conflicting interest" within the meaning of
Section 310(b) of the Trust Indenture Act, the Trustee and the Company shall in
all respects comply
with the provisions of Section 310(b) of the Trust Indenture Act. 

                  SECTION 7.09    Corporate Trustee Required;
Eligibility.

                  There shall at all times be a Trustee with respect
to the Securities issued hereunder
which shall at all times be a corporation organized and doing business under the
laws of the United
States of America or any State or Territory thereof or of the District of
Columbia, or a corporation or
other Person permitted to act as trustee by the Commission, authorized under
such laws to exercise
corporate trust powers, having a combined capital and surplus of at least 50
million U.S. dollars
($50,000,000), and subject to supervision or examination by Federal, State,
Territorial, or District of
Columbia authority.  If such corporation publishes reports of condition at least
annually, pursuant to
law or to the requirements of the aforesaid supervising or examining authority,
then for the purposes
of this Section, the combined capital and surplus of such corporation shall be
deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published.  The
Company may not, nor may any Person directly or indirectly controlling,
controlled by, or under
common control with the Company, serve as Trustee.  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 7.10.   

                  SECTION 7.10    Resignation and Removal;
Appointment of Successor.

                  (a)     The Trustee or any successor hereafter
appointed, may at any time resign
with respect to the Securities of one or more series by giving written notice
thereof to the Company
and by transmitting notice of resignation by mail, first class postage prepaid,
to the Securityholders of
such series, as their names and addresses appear upon the Security Register.
Upon receiving such
notice of resignation, the Company shall promptly appoint a successor trustee
with respect to
Securities of such series by written instrument, in duplicate, executed by order
of the Board of
Directors, one copy of which instrument shall be delivered to the resigning
Trustee and one copy to
the successor trustee.  If no successor trustee shall have been so appointed 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 with respect to
Securities of such series, or any Securityholder of that series who has been a
bona fide holder of a
Security or Securities for at least six months may 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 one of the following
shall occur:

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

                          (2)     the Trustee shall cease to be eligible
in accordance with the
provisions of Section 7.09 and shall fail to resign after written request
therefor by the Company or by
any such Securityholder; or

                          (3)     the Trustee shall become incapable of
acting, or shall be adjudged
a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding, or a
receiver of the Trustee
or of its property shall be appointed or consented to, 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 Company may remove the
Trustee with respect to all Securities and
appoint a successor trustee by written instrument, in duplicate, executed by
order of the Board of
Directors, one copy of which instrument shall be delivered to the Trustee so
removed and one copy to
the successor trustee, or, unless the Trustee's duty to resign is stayed as
provided herein, any
Securityholder who has been a bona fide holder of a Security or Securities for
at least six months
may, on behalf of that holder and all others similarly situated, petition any
court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor
trustee.  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 any series at the time Outstanding may at any time remove the Trustee with
respect to such series
by so notifying the Trustee and the Company and may appoint a successor Trustee
for such series
with the consent of the Company.

                  (d)     Any resignation or removal of the Trustee
and appointment of a successor
trustee with respect to the Securities of a series pursuant to any of the
provisions of this Section shall
become effective upon acceptance of appointment by the successor trustee as
provided in Section
7.11.

                  (e)     Any successor trustee appointed pursuant to
this Section may be appointed
with respect to the Securities of one or more series or all of such series, and
at any time there shall be
only one Trustee with respect to the Securities of any particular
series.

                  SECTION 7.11    Acceptance of Appointment By
Successor.

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

                  (b)     In case of the appointment hereunder of a
successor trustee with respect to
the Securities of one or more (but not all) series, the Company, the retiring
Trustee and each
successor trustee with respect to the Securities of one or more series shall
execute and deliver an
indenture supplemental hereto wherein each successor trustee shall accept such
appointment and
which (1) shall contain such provisions as shall be necessary or desirable to
transfer and confirm to,
and to vest in, each successor trustee all the rights, powers, trusts and duties
of the retiring Trustee
with respect to the Securities of that or those series to which the appointment
of such successor trustee
relates, (2) shall contain such provisions as shall be deemed necessary or
desirable to confirm that all
the rights, powers, trusts and duties of the retiring Trustee with respect to
the Securities of that or
those series as to which the retiring Trustee is not retiring shall continue to
be vested in the retiring
Trustee, and (3) shall add to or change any of the provisions of this Indenture
as shall be necessary to
provide for or facilitate the administration of the trusts hereunder by more
than one Trustee, it being
understood that nothing herein or in such supplemental indenture shall
constitute such Trustees co-trustees of the same trust, that each such Trustee
shall be trustee of a trust or trusts hereunder separate
and apart from any trust or trusts hereunder administered by any other such
Trustee and that no
Trustee shall be responsible for any act or failure to act on the part of any
other Trustee hereunder;
and upon the execution and delivery of such supplemental indenture the
resignation or removal of the
retiring Trustee shall become effective to the extent provided therein, such
retiring Trustee shall with
respect to the Securities of that or those series to which the appointment of
such successor trustee
relates have no further responsibility for the exercise of rights and powers or
for the performance of
the duties and obligations vested in the Trustee under this Indenture, and each
such successor trustee,
without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities of that or
those series to which the
appointment of such successor trustee relates; but, on request of the Company or
any successor
trustee, such retiring Trustee shall duly assign, transfer and deliver to such
successor trustee, to the
extent contemplated by such supplemental indenture, the property and money held
by such retiring
Trustee hereunder with respect to the Securities of that or those series to
which the appointment of
such successor trustee relates.

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

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

                  (e)     Upon acceptance of appointment by a
successor trustee as provided in this
Section, the Company shall transmit notice of the succession of such trustee
hereunder by mail, first
class postage prepaid, to the Securityholders, as their names and addresses
appear upon the Security
Register.  If the Company fails to transmit such notice within ten days after
acceptance of appointment by the successor trustee, the successor trustee shall
cause such notice to be transmitted at the
expense of the Company.

                  SECTION 7.12    Merger, Conversion,
Consolidation or Succession to Business.

                  Any corporation into which the Trustee may be
merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to
which the Trustee shall be a party, or any corporation succeeding to 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 7.08 and eligible under the provisions
of Section 7.09,
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 any Securities shall
have been authenticated,
but not delivered, by the Trustee then in office, any successor by merger,
conversion or consolidation
to such authenticating Trustee may adopt such authentication and deliver the
Securities so authenticated with the same effect as if such successor Trustee
had itself authenticated such Securities. 

                  SECTION 7.13    Preferential Collection of
Claims Against the Company.

                  The Trustee shall comply with Section 311(a) of
the Trust Indenture Act, excluding
any creditor relationship described in Section 311(b) of the Trust Indenture
Act.  A Trustee who has
resigned or been removed shall be subject to Section 311(a) of the Trust
Indenture Act to the extent
included therein. 

ARTICLE VIII

CONCERNING THE
SECURITYHOLDERS

                  SECTION 8.01    Evidence of Action by
Securityholders.

                  Whenever in this Indenture it is provided that the
holders of a majority or specified
percentage in aggregate principal amount of the Securities of a particular
series may take any action
(including the making of any demand or request, the giving of any notice,
consent or waiver or the
taking of any other action), the fact that at the time of taking any such action
the holders of such
majority or specified percentage of that series have joined therein may be
evidenced by any instrument or any number of instruments of similar tenor
executed by such holders of Securities of that
series in Person or by agent or proxy appointed in writing. 

                  If the Company shall solicit from the
Securityholders of any series any request,
demand, authorization, direction, notice, consent, waiver or other action, the
Company may, at its
option, as evidenced by an Officers' Certificate, fix in advance a record date
for such series for the
determination of Securityholders entitled to give such request, demand,
authorization, direction,
notice, consent, waiver or other action, but the Company shall have no
obligation to do so.  If such a
record date is fixed, such request, demand, authorization, direction, notice,
consent, waiver or other
action may be given before or after the record date, but only the
Securityholders of record at the close
of business on the record date shall be deemed to be Securityholders for the
purposes of determining
whether Securityholders of the requisite proportion of Outstanding Securities of
that series have
authorized or agreed or consented to such request, demand, authorization,
direction, notice, consent,
waiver or other action, and for that purpose the Outstanding Securities of that
series shall be
computed as of the record date; provided, however, that no such authorization,
agreement or consent
by such Securityholders on the record date shall be deemed effective unless it
shall become effective
pursuant to the provisions of this Indenture not later than six months after the
record date. 

                  SECTION 8.02    Proof of Execution by
Securityholders.

                  Subject to the provisions of Section 7.01, proof
of the execution of any instrument
by a Securityholder (such proof will not require notarization) or his agent or
proxy and proof of the
holding by any Person of any of the Securities shall be sufficient if made in
the following manner: 

                  (a)     The fact and date of the execution by any
such Person of any instrument
may be proved in any reasonable manner acceptable to the Trustee.

                  (b)     The ownership of Securities shall be proved
by the Security Register of
such Securities or by a certificate of the Security Registrar
thereof.

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

                  SECTION 8.03    Who May be Deemed
Owners.

                  Prior to the due presentment for registration of
transfer of any Security, the
Company, the Trustee, any paying agent and any Security Registrar may deem and
treat the Person in
whose name such Security shall be registered upon the books of the Company as
the absolute owner
of such Security (whether or not such Security shall be overdue and
notwithstanding any notice of
ownership or writing thereon made by anyone other than the Security Registrar)
for the purpose of
receiving payment of or on account of the principal of, premium, if any, and
(subject to Section 2.03)
interest on such Security and for all other purposes; and neither the Company
nor the Trustee nor any
paying agent nor any Security Registrar shall be affected by any notice to the
contrary. 

                  SECTION 8.04    Certain Securities Owned by
Company Disregarded.

                  In determining whether the holders of the
requisite aggregate principal amount of
Securities of a particular series have concurred in any direction, consent of
waiver under this
Indenture, the Securities of that series that are owned by the Company or any
other obligor on the
Securities of that series or by any Person directly or indirectly controlling or
controlled by or under
common control with the Company or any other obligor on the Securities of that
series 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 of such series that the Trustee
actually knows are so
owned shall be so disregarded.  The Securities so owned that have been pledged
in good faith may be
regarded as Outstanding for the purposes of this Section, if the pledgee shall
establish to the
satisfaction of the Trustee the pledgee's right so to act with respect to such
Securities and that the
pledgee is not a Person directly or indirectly controlling or controlled by or
under direct or indirect
common control with the Company or any such other obligor.  In case of a dispute
as to such right,
any decision by the Trustee taken upon the advice of counsel shall be full
protection to the Trustee.   

                  SECTION 8.05    Actions Binding on Future
Securityholders.

                  At any time prior to (but not after) the
evidencing to the Trustee, as provided in
Section 8.01, of the taking of any action by the holders of the majority or
percentage in aggregate
principal amount of the Securities of a particular series specified in this
Indenture in connection with
such action, any holder of a Security of that series that is shown by the
evidence to be included in the
Securities the holders of which have consented to such action may, by filing
written notice with the
Trustee, and upon proof of holding as provided in Section 8.02, 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 Security issued in exchange therefor, on registration of transfer
thereof or in place thereof,
irrespective of whether or not any notation in regard thereto is made upon such
Security.  Any action
taken by the holders of the majority or percentage in aggregate principal amount
of the Securities of a
particular series specified in this Indenture in connection with such action
shall be conclusively
binding upon the Company, the Trustee and the holders of all the Securities of
that series. 

ARTICLE IX

SUPPLEMENTAL
INDENTURES

             SECTION 9.01    Supplemental Indentures Without
the Consent of Securityholders.

                  In addition to any supplemental indenture
otherwise authorized by this Indenture,
the Company 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 as
then in effect), without the consent of the Securityholders, for one or more of
the following purposes: 

                  (a)     to cure any ambiguity, defect, or
inconsistency herein, in the Securities of
any series;

                  (b)     to comply with Article Ten;

                  (c)     to provide for uncertificated Securities in
addition to or in place of
certificated Securities;

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

                  (e)     to make any change that does not adversely
affect the rights of any
Securityholder in any material respect;

                  (f)     to provide for the issuance of and establish
the form and terms and
conditions of the Securities of any series as provided in Section 2.01, to
establish the form of any
certifications required to be furnished pursuant to the terms of this Indenture
or any series of
Securities, or to add to the rights of the holders of any series of Securities;
or

                  (g)     to comply with any requirements of the
Securities and Exchange Commission in connection with qualifying, or maintaining
the qualification of, this Indenture under the Trust
Indenture Act.

                  The Trustee is hereby authorized to join with the
Company in the execution of any
such supplemental indenture, and to make any further appropriate agreements and
stipulations that
may be therein contained, but the Trustee shall not be obligated to enter into
any such supplemental
indenture that 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 by the Company and the Trustee without the consent of the holders of
any of the Securities
at the time Outstanding, notwithstanding any of the provisions of Section 9.02.

                  SECTION 9.02    Supplemental Indentures With
Consent of Securityholders.

                  With the consent (evidenced as provided in Section
8.01) of the holders of not less
than a majority in aggregate principal amount of the Securities of each series
affected by such
supplemental indenture or indentures at the time Outstanding, the Company, when
authorized by
Board Resolutions, 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 as
then in effect) 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 not covered by Section 9.01 the rights of the holders of the Securities
of such series under this
Indenture; provided, however, that no such supplemental indenture shall, without
the consent of the
holders of each Security then Outstanding and affected thereby change the fixed
maturity of any
Securities of any series, or reduce the principal amount thereof, or reduce the
rate or extend the time
of payment of interest thereon, or reduce any premium payable upon the
redemption thereof.

                  In addition, any reduction in the percentage of
principal amount of notes, the
holders of which are required to consent to any amendment, modification or
waiver under the
applicable indenture will require the affirmative consent of at least the
percentage of notes which
would originally have been required to make such consent, modification or waiver
effective.  

                  It shall not be necessary for the consent of the
Securityholders of any series affected
thereby 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.

                  SECTION 9.03    Effect of Supplemental
Indentures.

                  Upon the execution of any supplemental indenture
pursuant to the provisions of this
Article or of Section 10.01, this Indenture shall, with respect to such series,
be and be deemed to be
modified and amended in accordance therewith and the respective rights,
limitations of rights,
obligations, duties and immunities under this Indenture of the Trustee, the
Company and the holders
of Securities of the 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 9.04    Securities Affected by
Supplemental Indentures.

                  Securities of any series, affected by a
supplemental indenture, authenticated and
delivered after the execution of such supplemental indenture pursuant to the
provisions of this Article
or of Section 10.01, may bear a notation in form approved by the Company,
provided such form
meets the requirements of any exchange upon which such series may be listed, as
to any matter
provided for in such supplemental indenture.  If the Company shall so determine,
new Securities of
that series so modified as to conform, in the opinion of the Board of Directors
of the Company, to any
modification of this Indenture contained in any such supplemental indenture may
be prepared by the
Company, authenticated by the Trustee and delivered in exchange for the
Securities of that series then
Outstanding.   

                  SECTION 9.05    Execution of Supplemental
Indentures.

                  Upon the request of the Company, accompanied by
its Board Resolutions authorizing the execution of any such supplemental
indenture, and upon the filing with the Trustee of
evidence of the consent of Securityholders required to consent thereto as
aforesaid, the Trustee shall
join with the Company 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.  The Trustee, subject to the provisions of Section 7.01, may receive
an Opinion of Counsel
as conclusive evidence that any supplemental indenture executed pursuant to this
Article is authorized
or permitted by, and conforms to, the terms of this Article and that it is
proper for the Trustee under
the provisions of this Article to join in the execution thereof; provided,
however, that such Opinion of
Counsel need not be provided in connection with the execution of a supplemental
indenture that
establishes the terms of a series of Securities pursuant to Section 2.01 hereof.

                  Promptly after the execution by the Company and
the Trustee of any supplemental
indenture pursuant to the provisions of this Section, the Trustee shall transmit
by mail, first class
postage prepaid, a notice, setting forth in general terms the substance of such
supplemental indenture,
to the Securityholders of all series affected thereby as their names and
addresses appear upon the
Security Register.  Any failure of the Trustee to mail such notice, or any
defect therein, shall not,
however, in any way impair or affect the validity of any such supplemental
indenture. 

ARTICLE X

SUCCESSOR  CORPORATION 

                  SECTION 10.01   Limitations On Mergers,
Consolidations Or Sales Of Assets.

                  The Company may not consolidate or merge with or
into (whether or not the
Company is the surviving corporation), or sell, assign, transfer, lease, convey
or otherwise dispose of
all or substantially all of its assets in one or more related transactions to,
another Person or Persons
unless: 

                          (i)     the Company is the surviving
corporation or the entity or the
Person formed by or surviving any such consolidation or merger (if other than
the Company) or to
which such sale, assignment, transfer, lease, conveyance or other disposition
shall have been made is
a corporation organized or existing under the laws of the United States, any
state thereof or the
District of Columbia; 

                          (ii)    the entity or Person formed by or
surviving any such consolidation or merger (if other than the Company) or the
entity or Person to which such sale, assignment,
transfer, lease, conveyance or other disposition shall have been made assumes
all the obligations of
the Company under this Indenture and the Securities pursuant to a supplemental
indenture in a form
reasonably satisfactory to the Trustee; and 

                          (iii)   immediately after such transaction no
Event of Default exists.  

                  If a supplemental indenture is required to be
executed, the Company shall deliver to
the Trustee prior to the consummation of the proposed transaction an Officers'
Certificate to the
foregoing effect and an Opinion of Counsel, covering clauses (i) through (iii)
above, stating that the
proposed transaction and such supplemental indenture comply with this Indenture.
The Trustee shall
be entitled to conclusively rely upon such Officers' Certificate and Opinion of
Counsel.  

                  SECTION 10.02   Successor Corporation
Substituted.

                  (a)     In case of any such consolidation, merger,
sale, conveyance, transfer or
other disposition and upon the assumption by the successor corporation, by
supplemental indenture,
executed and delivered to the Trustee and satisfactory in form to the Trustee,
of the due and punctual
payment of the principal of, premium, if any, and interest on all of the
Securities of all series
Outstanding and the due and punctual performance of all of the obligations,
covenants and conditions
of this Indenture or established with respect to each series of the Securities
pursuant to Section 2.01 to
be performed by the Company with respect to each series, such successor
corporation shall succeed to
and be substituted for the Company with the same effect as if it had been named
as the Company
herein, and thereupon the predecessor corporation shall be relieved of all
obligations and covenants
under this Indenture and the Securities.

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

ARTICLE XI

DISCHARGE OF INDENTURE;  DEFEASANCE 

                  SECTION 11.01   Discharge of Liability or
Securities; Defeasance.

                  (a)     When (i) the Company delivers to the Trustee
all outstanding Securities
(other than Securities replaced pursuant to Section 2.07) for cancellation or
(ii) all outstanding
Securities have become due and payable at maturity and the Company irrevocable
deposits with the
Trustee funds sufficient to pay at maturity all outstanding Securities,
including interest thereon to
maturity (other than Securities replaced pursuant to Section 2.07), and if in
either case the Company
pays all other sums payable hereunder by the Company, then this Indenture shall,
subject to Section
11.01(c), cease to be of further effect.  The Trustee shall acknowledge
satisfaction and discharge of
this Indenture on demand of the Company accompanied by an Officers' Certificate
and an Opinion of
Counsel and at the cost and expense of the Company.

                  (b)     Subject to Sections 11.01(c) and 11.02, the
Company at any time may
terminate (i) all its obligations under the Securities and this Indenture
("legal defeasance option") or
(ii) its obligations under Sections 5.03,  4.04 and 4.05 and any other sections
of a supplemental
indenture specifically identified therein as being subject to this section
("covenant defeasance
option").  The Company may exercise its legal defeasance option notwithstanding
its prior exercise of
its covenant defeasance option.

                          If the Company exercises its legal
defeasance option, payment of the
Securities may not be accelerated because of an Event of Default with respect
thereto.  If the
Company exercises its covenant defeasance option, payment of the Securities may
not be accelerated
because of an Event of Default with respect to a failure to comply with its
obligations under 5.03,
4.04, 4.05 and any other section contained in a supplemental indenture which are
specifically
identified as being the subject of this section.  

                          Upon satisfaction of the conditions set
forth herein and upon request of the
Company, the Trustee shall acknowledge in writing the discharge of those
obligations that the
Company terminated.

                  (c)     Notwithstanding clauses (a) and (b) above,
the Company's obligations in
Sections 4.02, 4.03, 5.02 2.05, 2.07, 2.08, 7.06, and 7.10 and in this Article
Eleven shall survive until
the Securities have been paid in full.  The rights of outstanding securities to
receive solely from the
trust funds described in Section 11.03 payments in respect of principal of,
premium, if any, and
interest on such Securities when such payments are due shall also survive until
the Securities have
been paid in full.  Thereafter, the Company's obligations in Section 7.06 and
11.05  shall survive.

                  SECTION 11.02   Conditions to Defeasance.  The
Company may exercise its legal
defeasance option or its covenant defeasance option only if:

                  (a)     the Company irrevocably deposits in trust
with the Trustee money
sufficient or Government Obligations, the principal of and interest on which
when due, will be
sufficient, or a combination thereof, sufficient for the payment of principal of
and interest on the
Securities to maturity or redemption, as the case may be;

                  (b)     the Company delivers to the Trustee a
certificate from a nationally
recognized firm of independent accountants expressing their opinion that the
payments of principal
and interest when due and without reinvestment on the deposited Government
Obligations plus any
deposited money without investment will provide cash at such times and in such
amounts as will be
sufficient to pay principal and interest when due on all the Securities to
maturity or redemption, as the
case may be;

                  (c)     123 days pass after the deposit is made and
during the 123-day period no
Default specified in Sections 6.01(a)(5) or (a)(6) with respect to the Company
occurs which is
continuing at the end of the period;

                  (d)     the deposit does not constitute a default
under any other material agreement binding on the Company; 

                  (e)     in the case of the legal defeasance option,
the Company shall have
delivered to the Trustee an Opinion of Counsel stating that (i) the Company has
received from, or
there has been published by, the Internal Revenue Service a ruling, or (ii)
since the date of this
Indenture there has been a change in the applicable Federal income tax law, in
either case to the effect
that, and based thereon such Option of Counsel shall confirm that, the
Securityholders will not
recognize income, gain or loss of Federal income tax purposes as a result of
such defeasance and will
be subject to Federal income tax on the same amounts, in the same manner and at
the same times as
would have been the case if such defeasance had not occurred;

                  (f)     in the case of the covenant defeasance
option, the Company shall have
delivered to the Trustee an Opinion of Counsel to the effect that the
Securityholders will not
recognize income, gain or loss for Federal income tax purposes as a result of
such covenant defeasance and will be subject to Federal income tax on the same
amounts, in the same manner and at the
same times as would have been the case if such covenant defeasance had not
occurred; and 

                  (g)     the Company delivers to the Trustee an
Officers' Certificate and an
Opinion of Counsel, each stating that all conditions precedent to either legal
defeasance or covenant
defeasance  as contemplated by this Article Eleven have been complied
with.

                  SECTION 11.03   Deposited Moneys to be Held in
Trust.

                  All moneys or Governmental Obligations deposited
with the Trustee pursuant to
Sections 11.01 or 11.02 shall be held in trust and shall be available for
payment as due, either directly
or through any paying agent (including the Company acting as its own paying
agent), to the holders
of the particular series of Securities for the payment or redemption of which
such moneys or
Governmental Obligations have been deposited with the Trustee. 

                  SECTION 11.04   Payment of Moneys Held by Paying
Agents.

                  In connection with the satisfaction and discharge
of this Indenture all moneys or
Governmental Obligations then held by any paying agent under the provisions of
this Indenture shall,
upon demand of the Company, be paid to the Trustee and thereupon such paying
agent shall be
released from all further liability with respect to such moneys or Governmental
Obligations. 

                  SECTION 11.05   Repayment to Company.

                  Any moneys or Governmental Obligations deposited
with any paying agent or the
Trustee, or then held by the Company, in trust for payment of principal of or
premium or interest on
the Securities of a particular series that are not applied but remain unclaimed
by the holders of such
Securities for at least two years after the date upon which the principal of
(and premium, if any) or
interest on such Securities shall have respectively become due and payable,
shall be repaid to the
Company on May 31 of each year or (if then held by the Company) shall be
discharged from such
trust; and thereupon the paying agent and the Trustee shall be released from all
further liability with
respect to such moneys or Governmental Obligations, and the holder of any of the
Securities entitled
to receive such payment shall thereafter, as an unsecured general creditor, look
only to the Company
for the payment thereof. 

ARTICLE XII

IMMUNITY OF INCORPORATORS,  STOCKHOLDERS, 

OFFICERS AND  DIRECTORS

                  SECTION 12.01   No Recourse.

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

ARTICLE XIII

MISCELLANEOUS  PROVISIONS 

                  SECTION 13.01   Effect on Successors and
Assigns.

                  All the covenants, stipulations, promises and
agreements in this Indenture contained
by or on behalf of the Company shall bind their respective successors and
assigns, whether so
expressed or not. 

                  SECTION 13.02   Actions by Successor.

                  Any act or proceeding by any provision of this
Indenture authorized or required to
be done or performed by any board, committee or officer of the Company shall and
may be done and
performed with like force and effect by the corresponding board, committee or
officer of any
corporation that shall at the time be the lawful sole successor of the Company.

                  SECTION 13.03   Surrender of Company
Powers.

                  The Company by instrument in writing executed by
authority of 2/3 (two-thirds) of
its Board of Directors and delivered to the Trustee may surrender any of the
powers reserved to the
Company, and thereupon such power so surrendered shall terminate both as to the
Company and as to
any successor corporation. 

                  SECTION 13.04   Notices.

                  Except as otherwise expressly provided herein any
notice or demand that by any
provision of this Indenture is required or permitted to be given or served by
the Trustee or by the
holders of Securities to or on the Company may be given or served by being
deposited first class
postage prepaid in a post-office letterbox addressed (until another address is
filed in writing by the
Company with the Trustee), as follows:  SangStat Medical Corporation,
6300 Dumbarton Circle,
Fremont, California
94555; Attention: Senior Vice President, Finance.  Any
notice, election, request
or demand by the Company or any Securityholder to or upon the Trustee shall be
deemed to have
been sufficiently given or made, for all purposes, if given or made in writing
at the Corporate Trust
Office of the Trustee.   

                  SECTION 13.05   Governing Law.

                  This Indenture and each Security shall be deemed
to be a contract made under the
internal laws of the State of New York, and for all purposes shall be construed
in accordance with the
laws of said State. 

                  SECTION 13.06   Treatment of Securities as
Debt.

                  It is intended that the Securities will be treated
as indebtedness and not as equity for
federal income tax purposes.  The provisions of this Indenture shall be
interpreted to further this
intention. 

                  SECTION 13.07   Compliance Certificates and
Opinions.

                  (a)     Upon any application or demand by the
Company to the Trustee to take
any action under any of the provisions of this Indenture, the Company, 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.

                  (b)     Each certificate or opinion provided for in
this Indenture and delivered to
the Trustee with respect to compliance with a condition or covenant in this
Indenture shall include
(1) a statement that the Person making such certificate or opinion has read
such covenant or
condition; (2) a brief statement as to the nature and scope of the
examination or investigation upon
which the statements or opinions contained in such certificate or opinion are
based; (3) a statement
that, in the opinion of 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 (4) a statement as to whether or not, in the opinion of such
Person, such condition
or covenant has been complied with.

                  SECTION 13.08   Payments on Business
Days.

                  Except as provided pursuant to Section 2.01
pursuant to a Board Resolution, and as
set forth in an Officers' Certificate, or established in one or more indentures
supplemental to this
Indenture, in any case where the date of maturity of interest or principal of
any Security or the date of
redemption of any Security shall not be a Business Day, then payment of interest
or principal (and
premium, if any) may be made on the next succeeding Business Day with the same
force and effect as
if made on the nominal date of maturity or redemption, and no interest shall
accrue for the period
after such nominal date.   

                  SECTION 13.09   Conflict with Trust Indenture
Act.

                  If and to the extent that any provision of this
Indenture limits, qualifies or conflicts
with the duties imposed by Sections 310 to 317, inclusive, of the Trust
Indenture Act, such imposed
duties shall control.   

                  SECTION 13.10   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 13.11   Separability.

                  In case any one or more of the provisions
contained in this Indenture or in the
Securities of any series shall for any reason be held to be invalid, illegal or
unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any
other provisions of this
Indenture or of such Securities, but this Indenture and such Securities shall be
construed as if such
invalid or illegal or unenforceable provision had never been contained herein or
therein. 

                  SECTION 13.12   Assignment.

                  The Company will have the right at all times to
assign any of its rights or obligations under this Indenture to a direct or
indirect wholly- owned Subsidiary of the Company, provided
that, in the event of any such assignment, the Company, will remain liable for
all such obligations.
Subject to the foregoing, the Indenture is binding upon and inures to the
benefit of the parties thereto
and their respective successors and assigns.  This Indenture may not otherwise
be assigned by the
parties thereto. 

ARTICLE XIV

SUBORDINATION OF  SECURITIES 
  

                  SECTION 14.01   Subordination Terms.

                  The payment by the Company of the principal of,
premium, if any, and interest on
any series of Securities issued hereunder shall be subordinated to the extent
set forth in an indenture
supplemental hereto relating to such Securities.  

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

		
	 	
                             SANGSTAT MEDICAL CORPORATION

  By:______________________________

      Name:

      Title:________________________

  [           ],

 as Trustee

  By:______________________________

      Name:

      Title:________________________<PAGE>

                                                                     EXHIBIT 4.2

                        FBR ASSET INVESTMENT CORPORATION

                                       TO
                              ---------------------
                                     Trustee

                                    Indenture

                     Dated as of __________________, 200___

                             Senior Debt Securities
<PAGE>

                               TABLE OF CONTENTS

                                                                            Page
                                                                            ----
                                  ARTICLE ONE

            DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

SECTION 101.  Definitions ...................................................  1
              Acquired Debt .................................................  2
              Act ...........................................................  2
              Additional Amounts ............................................  2
              Affiliate .....................................................  2
              Annual Service Charge .........................................  2
              Authenticating Agent ..........................................  2
              Authorized Newspaper ..........................................  2
              Bankruptcy Law ................................................  2
              Bearer Security ...............................................  3
              Board of Directors ............................................  3
              Board Resolution ..............................................  3
              Business Day ..................................................  3
              Capital Stock .................................................  3
              CEDEL .........................................................  3
              Commission ....................................................  3
              Company .......................................................  3
              Company Request and Company Order .............................  3
              Consolidated Income Available for Debt Service ................  3
              Conversion Event ..............................................  3
              Corporate Trust Office ........................................  4
              corporation ...................................................  4
              coupon ........................................................  4
              Custodian .....................................................  4
              Debt ..........................................................  4
              Defaulted Interest ............................................  4
              Disqualified Stock ............................................  4
              Dollar or $ ...................................................  5
              DTC ...........................................................  5
              ECU ...........................................................  5
              Euroclear .....................................................  5
              European Communities ..........................................  5
              European Monetary System ......................................  5
              Event of Default ..............................................  5
              Exchange Act ..................................................  5
              Foreign Currency ..............................................  5

                                        i
<PAGE>

              Funds from Operations .........................................  5
              GAAP ..........................................................  5
              Government Obligations ........................................  6
              Holder ........................................................  6
              Indenture .....................................................  6
              Indexed Security ..............................................  6
              interest ......................................................  6
              Interest Payment Date .........................................  7
              Make-Whole Amount .............................................  7
              Maturity ......................................................  7
              Officers' Certificate .........................................  7
              Opinion of Counsel ............................................  7
              Original Issue Discount Security ..............................  7
              Outstanding ...................................................  7
              Paying Agent ..................................................  9
              Person ........................................................  9
              Place of Payment ..............................................  9
              Predecessor Security ..........................................  9
              Redemption Date ...............................................  9
              Redemption Price ..............................................  9
              Registered Security ...........................................  9
              Regular Record Date ...........................................  9
              Repayment Date ................................................  9
              Repayment Price ...............................................  9
              Responsible Officer ...........................................  9
              Securities Act ................................................ 10
              Security ...................................................... 10
              Security Register" and "Security Registrar .................... 10
              Significant Subsidiary ........................................ 10
              Special Record Date ........................................... 10
              Stated Maturity ............................................... 10
              Subsidiary .................................................... 10
              Total Assets .................................................. 10
              Trust Indenture Act" or "TIA .................................. 10
              Trustee ....................................................... 11
              Undepreciated Real Estate Assets .............................. 11
              United States ................................................. 11
              United States person .......................................... 11
              Yield to Maturity ............................................. 11
SECTION 102.  Compliance Certificates and Opinions .......................... 11
SECTION 103.  Form of Documents Delivered to Trustee ........................ 12
SECTION 104.  Acts of Holders ............................................... 13

                                       ii
<PAGE>

SECTION 105.  Notices, etc., to Trustee and Company ......................... 14
SECTION 106.  Notice to Holders; Waiver ..................................... 15
SECTION 107.  Effect of Headings and Table of Contents ...................... 16
SECTION 108.  Successors and Assigns ........................................ 16
SECTION 109.  Separability Clause ........................................... 16
SECTION 110.  Benefits of Indenture ......................................... 16
SECTION 111.  No Personal Liability ......................................... 16
SECTION 112.  Governing Law ................................................. 17
SECTION 113.  Legal Holidays ................................................ 17

                                   ARTICLE TWO

                                SECURITIES FORMS

SECTION 201.  Forms of Securities ........................................... 18
SECTION 202.  Form of Trustee's Certificate of Authentication ............... 18
SECTION 203.  Securities Issuable in Global Form ............................ 19

                                  ARTICLE THREE

                                 THE SECURITIES

SECTION 301.  Amount Unlimited; Issuable in Series .......................... 20
SECTION 302.  Denominations ................................................. 24
SECTION 303.  Execution, Authentication Delivery and Dating ................. 24
SECTION 304.  Temporary Securities .......................................... 26
SECTION 305.  Registration, Registration of Transfer and Exchange ........... 29
SECTION 306.  Mutilated, Destroyed, Lost and Stolen Securities .............. 32
SECTION 307.  Payment of Interest; Interest Rights Preserved ................ 33
SECTION 308.  Persons Deemed Owners ......................................... 35
SECTION 309.  Cancellation .................................................. 36
SECTION 310.  Computation of Interest ....................................... 37

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

SECTION 401.  Satisfaction and Discharge of Indenture ....................... 37
SECTION 402.  Application of Trust Funds .................................... 38

                                       iii
<PAGE>

                                  ARTICLE FIVE

                                    REMEDIES

SECTION 501.  Events of Default ............................................. 39
SECTION 502.  Acceleration of Maturity; Rescission and Annulment ............ 41
SECTION 503.  Collection of Indebtedness and Suits for Enforcement by
                  Trustee ................................................... 42
SECTION 504.  Trustee May File Proofs of Claim .............................. 43
SECTION 505.  Trustee May Enforce Claims Without Possession of Securities
                  or Coupons ................................................ 43
SECTION 506.  Application of Money Collected ................................ 44
SECTION 507.  Limitation on Suits ........................................... 44
SECTION 508.  Unconditional Right of Holders to Receive Principal,
                  Premium or Make-Whole Amount, if any, Interest and
                  Additional Amounts ........................................ 45
SECTION 509.  Restoration of Rights and Remedies ............................ 45
SECTION 510.  Rights and Remedies Cumulative ................................ 45
SECTION 511.  Delay or Omission Not Waiver .................................. 46
SECTION 512.  Control by Holders of Securities .............................. 46
SECTION 513.  Waiver of Past Defaults ....................................... 46
SECTION 514.  Waiver of Usury, Stay or Extension Laws ....................... 47
SECTION 515.  Undertaking for Costs ......................................... 47

                                   ARTICLE SIX

                                   THE TRUSTEE

SECTION 601.  Notice of Defaults ............................................ 48
SECTION 602.  Certain Rights of Trustee ..................................... 48
SECTION 603.  Not Responsible for Recitals or Issuance of Securities ........ 49
SECTION 604.  May Hold Securities ........................................... 50
SECTION 605.  Money Held in Trust ........................................... 50
SECTION 606.  Compensation and Reimbursement ................................ 50
SECTION 607.  Corporate Trustee Required; Eligibility; Conflicting
                  Interests.................................................. 51
SECTION 608.  Resignation and Removal; Appointment of Successor ............. 51
SECTION 609.  Acceptance of Appointment By Successor ........................ 53
SECTION 610.  Merger, Conversion, Consolidation or Succession to Business.... 54
SECTION 611.  Appointment of Authenticating Agent ........................... 54

                                       iv
<PAGE>

                                  ARTICLE SEVEN

                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

SECTION 701.  Disclosure of Names and Addresses of Holders................... 56
SECTION 702.  Reports by Trustee............................................. 56
SECTION 703.  Reports by Company............................................. 56
SECTION 704.  Company to Furnish Trustee Names and Addresses of Holders...... 57

                                  ARTICLE EIGHT

                CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE

SECTION 801.  Consolidations and Mergers of Company and Sales, Leases and
                  Conveyances Permitted Subject to Certain Conditions........ 58
SECTION 802.  Rights and Duties of Successor Corporation..................... 58
SECTION 803.  Officers' Certificate and Opinion of Counsel................... 59

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

SECTION 901.  Supplemental Indentures Without Consent of Holders............. 60
SECTION 902.  Supplemental Indentures with Consent of Holders................ 61
SECTION 903.  Execution of Supplemental Indentures........................... 63
SECTION 904.  Effect of Supplemental Indentures.............................. 63
SECTION 905.  Conformity with Trust Indenture Act............................ 63
SECTION 906.  Reference in Securities to Supplemental Indentures............. 63
SECTION 907.  Notice of Supplemental Indentures.............................. 63

                                   ARTICLE TEN

                                    COVENANTS

SECTION 1001. Payment of Principal, Premium or Make-Whole Amount, if
                  any, Interest and Additional Amounts....................... 64
SECTION 1002. Maintenance of Office or Agency................................ 64
SECTION 1003. Money for Securities Payments to Be Held in Trust.............. 66
SECTION 1004. Limitations on Incurrence of Debt.............................. 68
SECTION 1005. Existence    .................................................. 69
SECTION 1006. Maintenance of Properties...................................... 69
SECTION 1007. Insurance    .................................................. 69
SECTION 1008. Payment of Taxes and Other Claims.............................. 69
SECTION 1009. Provision of Financial Information............................. 70

                                        v
<PAGE>

SECTION 1010. Statement as to Compliance..................................... 70
SECTION 1011. Additional Amounts............................................. 70
SECTION 1012. Waiver of Certain Covenants.................................... 71

                                 ARTICLE ELEVEN

                            REDEMPTION OF SECURITIES

SECTION 1101. Applicability of Article....................................... 72
SECTION 1102. Election to Redeem; Notice to Trustee.......................... 72
SECTION 1103. Selection by Trustee of Securities to Be Redeemed.............. 72
SECTION 1104. Notice of Redemption........................................... 73
SECTION 1105. Deposit of Redemption Price.................................... 74
SECTION 1106. Securities Payable on Redemption Date.......................... 74
SECTION 1107. Securities Redeemed in Part.................................... 75

                                 ARTICLE TWELVE

                                  SINKING FUNDS

SECTION 1201. Applicability of Article....................................... 76
SECTION 1202. Satisfaction of Sinking Fund Payments with Securities.......... 76
SECTION 1203. Redemption of Securities for Sinking Fund...................... 76

                                ARTICLE THIRTEEN

                       REPAYMENT AT THE OPTION OF HOLDERS

SECTION 1301. Applicability of Article....................................... 77
SECTION 1302. Repayment of Securities........................................ 77
SECTION 1303. Exercise of Option............................................. 77
SECTION 1304. When Securities Presented for Repayment Become Due and
                           Payable........................................... 78
SECTION 1305. Securities Repaid in Part...................................... 79

                                ARTICLE FOURTEEN

                       DEFEASANCE AND COVENANT DEFEASANCE

SECTION 1401. Applicability of Article; Company's Option to Effect Defeasance
                  or Covenant Defeasance..................................... 80
SECTION 1402  Defeasance and Discharge....................................... 80
SECTION 1403. Covenant Defeasance............................................ 81
SECTION 1404. Conditions to Defeasance or Covenant Defeasance................ 81

                                       vi
<PAGE>

SECTION 1405. Deposited Money and Government Obligations to Be Held in
                  Trust; Other Miscellaneous Provisions...................... 83

                                 ARTICLE FIFTEEN

                        MEETINGS OF HOLDERS OF SECURITIES

SECTION 1501. Purposes for Which Meetings May Be Called...................... 84
SECTION 1502. Call, Notice and Place of Meetings............................. 84
SECTION 1503. Persons Entitled to Vote at Meetings........................... 85
SECTION 1504. Quorum; Action................................................. 85
SECTION 1505. Determination of Voting Rights; Conduct and Adjournment
                  of Meetings................................................ 86
SECTION 1506. Counting Votes and Recording Action of Meetings................ 87
SECTION 1507. Evidence of Action Taken by Holders............................ 87
SECTION 1508. Proof of Execution of Instruments.............................. 88

TESTIMONIUM
SIGNATURES AND SEALS
ACKNOWLEDGMENTS
EXHIBIT A -- FORMS OF CERTIFICATION

                                       vii
<PAGE>

                       FBR ASSET INVESTMENT CORPORATION

Reconciliation  and tie between  Trust  Indenture  Act of 1939,  as amended (the
"1939 Act"), and Indenture, dated as of _________________, 200___

Trust Indenture Act Section                                    Indenture Section
---------------------------                                    -----------------

ss. 310    (a)(1).........................................................607(a)
           (a)(2).........................................................607(a)
           (b).......................................................607(b), 608
ss. 312    (c)...............................................................701
ss. 314    (a)...............................................................703
           (a)(4)...........................................................1011
           (c)(1)............................................................102
           (c)(2)............................................................102
           (e)...............................................................102
ss. 315    (b)...............................................................601
ss. 316    (a) (last sentence)...............................101 ("Outstanding")
           (a)(1)(A)....................................................502, 512
           (a)(1)(B).........................................................513
           (b)...............................................................508
ss. 317    (a)(1)............................................................503
           (a)(2)............................................................504
ss. 318    (a)...............................................................112
           (c)...............................................................112

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

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

           Attention should also be directed to Section 318(c) of the 1939 Act,
           which provides that the provisions of Sections 310 to and including
           317 of the 1939 Act are a part of and govern every qualified
           indenture, whether or not physically contained therein.

                                      viii
<PAGE>

         INDENTURE, dated as of ___________________, 200__, between FBR ASSET
INVESTMENT CORPORATION, a Virginia corporation (hereinafter called the
"Company"), having its principal office at Potomac Tower, 1001 Nineteenth Street
North, Arlington, Virginia 22209, and _____________________________, a ________
banking ___________, as Trustee hereunder (hereinafter called the "Trustee"),
having its Corporate Trust Office at __________________________________________.

                              RECITALS OF THE COMPANY

         The Company deems it necessary to issue from time to time for its
lawful purposes senior debt securities (hereinafter called the "Securities")
evidencing its unsecured and unsubordinated indebtedness, and has duly
authorized the execution and delivery of this Indenture to provide for the
issuance from time to time of the Securities, unlimited as to aggregate
principal amount, to bear interest at the rates or formulas, to mature at such
times and to have such other provisions as shall be fixed therefor as
hereinafter provided.

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

         NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

                                   ARTICLE ONE

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

         SECTION 101. Definitions.

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

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

                  (2) all other terms used herein which are defined in the TIA,
         either directly or by reference therein, have the meanings assigned to
         them therein, and the terms "cash transaction" and "self-liquidating
         paper," as used in TIA Section 311, shall have the meanings assigned to
         them in the rules of the Commission adopted under the TIA;

                  (3) all accounting terms not otherwise defined herein have the
         meanings assigned to them in accordance with GAAP; and
<PAGE>

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

         Certain terms, used principally in Article Three, Article Five, Article
Six and Article Ten, are defined in those Articles. In addition, the following
terms shall have the indicated respective meanings:

         "Acquired Debt" means Debt of a Person (i) existing at the time such
Person becomes a Subsidiary or (ii) assumed in connection with the acquisition
of assets from such Person, in each case, other than Debt incurred in connection
with, or in contemplation of, such Person becoming a Subsidiary or such
acquisition. Acquired Debt shall be deemed to be incurred on the date of the
related acquisition of assets from any Person or the date the acquired Person
becomes a Subsidiary.

         "Act" has the meaning specified in Section 104.

         "Additional Amounts" means any additional amounts which are required by
a Security, under circumstances specified therein, to be paid by the Company in
respect of certain taxes imposed on certain Holders and which are owing to such
Holders.

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

         "Annual Service Charge" as of any date means the maximum amount which
is payable in any period for interest on, and original issue discount of, Debt
of the Company and its Subsidiaries and the amount of dividends which are
payable in respect of any Disqualified Stock.

         "Authenticating Agent" means any authenticating agent appointed by the
Trustee pursuant to Section 611.

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

         "Bankruptcy Law" has the meaning specified in Section 501.

                                        2
<PAGE>

         "Bearer Security" means a Security which is payable to bearer.

         "Board of Directors" means the Board of Directors of the Company, the
executive committee or any other committee of that board duly authorized to act
for it in respect hereof.

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

         "Business Day," when used with respect to any Place of Payment or any
other particular location referred to in this Indenture or in the Securities,
means, unless otherwise specified with respect to any Securities pursuant to
Section 301, any day, other than a Saturday or Sunday, that is neither a legal
holiday nor a day on which banking institutions in that Place of Payment or
particular location are authorized or required by law, regulation or executive
order to close.

         "Capital Stock" means, with respect to any Person, any capital stock
(including preferred stock), shares, interests, participations or other
ownership interests (however designated) of such Person and any rights (other
than debt securities convertible or exchangeable for corporate stock), warrants
or options to purchase any thereof.

         "CEDEL" means Centrale de Livraison de Valeurs Mobilieres, S.A., or its
successor.

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

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

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

         "Consolidated Income Available for Debt Service" for any period means
Funds from Operations of the Company and its Subsidiaries plus amounts which
have been deducted for interest on Debt of the Company and its Subsidiaries.

         "Conversion Event" means the cessation of use of (i) a Foreign Currency
(other than the ECU or other currency unit) both by the government of the
country which issued such currency and for the settlement of transactions by a
central bank or other public institutions of or within the international banking
community, (ii) the ECU both within the European Monetary System and for the
settlement of transactions by public institutions of or within the European
Communities or (iii) any currency unit (or composite currency) other than the
ECU for the purposes for which it was established.

         "Corporate Trust Office" means the office of the Trustee at which, at
any particular time, its corporate trust business shall be principally
administered, at which the principal of (and Make-Whole Amount, if any),
interest, if any, on, and Additional Amounts, if any, payable in respect of,
Securities of or within a series shall be payable and any Registered Securities
of or within such series may be surrendered for registration of transfer or
exchange, and at which

                                        3
<PAGE>

notices or demands to or upon the Company in respect of the Securities of or
within a series and this Indenture may be served, which office at the date
hereof is located at _______________________________________________________.

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

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

         "Custodian" has the meaning set forth in Section 501.

         "Debt" of the Company or any Subsidiary means any indebtedness of the
Company or any Subsidiary, whether or not contingent, in respect of (without
duplication) (i) borrowed money or evidenced by bonds, notes, debentures or
similar instruments, (ii) indebtedness secured by any mortgage, pledge, lien,
charge, encumbrance or any security interest existing on property owned by the
Company or any Subsidiary, (iii) the reimbursement obligations, contingent or
otherwise, in connection with any letters of credit actually issued or amounts
representing the balance deferred and unpaid of the purchase price of any
property or services, except any such balance that constitutes an accrued
expense or trade payable, or all conditional sale obligations or obligations
under any title retention agreement, (iv) the principal amount of all
obligations of the Company or any Subsidiary with respect to redemption,
repayment or other repurchase of any Disqualified Stock or (v) any lease of
property by the Company or any Subsidiary as lessee which is reflected on the
Company's consolidated balance sheet as a capitalized lease in accordance with
GAAP to the extent, in the case of items of indebtedness under (i) through (iii)
above, that any such items (other than letters of credit) would appear as a
liability on the Company's consolidated balance sheet in accordance with GAAP,
and also includes, to the extent not otherwise included, any obligation by the
Company or any Subsidiary to be liable for, or to pay, as obligor, guarantor or
otherwise (other than for purposes of collection in the ordinary course of
business), Debt of another Person (other than the Company or any Subsidiary).

         "Defaulted Interest" has the meaning specified in Section 307.

         "Disqualified Stock" means, with respect to any Person, any Capital
Stock of such Person which by the terms of such Capital Stock (or by the terms
of any security into which it is convertible or for which it is exchangeable or
exercisable), upon the happening of any event or otherwise (i) matures or is
mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, (ii)
is convertible into or exchangeable or exercisable for Debt or Disqualified
Stock or (iii) is redeemable at the option of the holder thereof, in whole or in
part, in each case on or prior to the Stated Maturity of the series of Debt
Securities.

         "Dollar" or "$" means a dollar or other equivalent unit in such coin or
currency of the United States of America as at the time shall be legal tender
for payment of public and private debts.

         "DTC" means The Depository Trust Company.

                                        4
<PAGE>

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

         "Euroclear" means Morgan Guaranty Trust Company of New York, Brussels
Office, or its successor as operator of the Euroclear System.

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

         "European Monetary System" means the European Monetary System
established by the Resolution of December 5, 1978 of the Council of the European
Communities.

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

         "Exchange Act" means the Securities Exchange Act of 1934, as amended,
and the rules and regulations promulgated thereunder by the Commission.

         "Foreign Currency" means any currency, currency unit or composite
currency, including, without limitation, the ECU, issued by the government of
one or more countries other than the United States of America or by any
recognized confederation or association of such governments.

         "Funds from Operations" for any period means income before gains
(losses) on investments and extraordinary items plus amounts which have been
deducted, and minus amounts which have been added, for the following items
(without duplication): (a) provision for Preferred Stock dividends, (b)
provision for property depreciation and amortization and (c) the effect of any
adjustments for significant non-recurring items, including any noncash charge
resulting from a change in accounting principles in determining income before
gains (losses) on investments and extraordinary items for such period, as
reflected in the financial statements of the Company and its Subsidiaries for
such period determined on a consolidated basis in accordance with GAAP.

         "GAAP" means generally accepted accounting principles as used in the
United States applied on a consistent basis as in effect from time to time;
provided, that solely for purposes of any calculation required by the financial
covenants contained herein, "GAAP" shall mean generally accepted accounting
principles as used in the United States on the date hereof, applied on a
consistent basis.

         "Government Obligations" means securities which are (i) direct
obligations of the United States of America or the government which issued the
Foreign Currency in which the Securities of a particular series are payable, for
the payment of which its full faith and credit is pledged or (ii) obligations of
a Person controlled or supervised by and acting as an agency or instrumentality
of the United States of America or such government which issued the Foreign
Currency in which the Securities of such series are payable, the payment of
which is unconditionally guaranteed as a full faith and credit obligation by the
United States of America

                                        5
<PAGE>

or such other government, which, in either case, are not callable or redeemable
at the option of the issuer thereof, and shall also include a depository receipt
issued by a bank or trust company as custodian with respect to any such
Government Obligation or a specific payment of interest on or principal of any
such Government Obligation held by such custodian for the account of the holder
of a depository receipt, provided that (except as required by law) such
custodian is not authorized to make any deduction from the amount payable to the
holder of such depository receipt from any amount received by the custodian in
respect of the Government Obligation or the specific payment of interest on or
principal of the Government Obligation evidenced by such depository receipt.

         "Holder" means, in the case of a Registered Security, the Person in
whose name a Security is registered in the Security Register and, in the case of
a Bearer Security, the bearer thereof and, when used with respect to any coupon,
shall mean the bearer thereof.

         "Indenture" means this instrument as originally executed or as it may
from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof,
and shall include the terms of particular series of Securities established as
contemplated by Section 301; provided, however, that, if at any time more than
one Person is acting as Trustee under this instrument, "Indenture" shall mean,
with respect to any one or more series of Securities for which such Person is
Trustee, this instrument as originally executed or as it may from time to time
be supplemented or amended by one or more indentures supplemental hereto entered
into pursuant to the applicable provisions hereof and shall include the terms of
the or those particular series of Securities for which such Person is Trustee
established as contemplated by Section 301, exclusive, however, of any
provisions or terms which relate solely to other series of Securities for which
such Person is not Trustee, regardless of when such terms or provisions were
adopted, and exclusive of any provisions or terms adopted by means of one or
more indentures supplemental hereto executed and delivered after such Person had
become such Trustee but to which such Person, as such Trustee, was not a party.

         "Indexed Security" means a Security the terms of which provide that the
principal amount thereof payable at Stated Maturity may be more or less than the
principal face amount thereof at original issuance.

         "interest" when used with respect to an Original Issue Discount
Security which by its terms bears interest only after Maturity, shall mean
interest payable after Maturity, and, when used with respect to a Security which
provides for the payment of Additional Amounts pursuant to Section 1011,
includes such Additional Amounts.

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

         "Make-Whole Amount" means the amount, if any, in addition to principal
which is required by a Security, under the terms and conditions specified
therein or as otherwise specified

                                        6
<PAGE>

as contemplated by Section 301, to be paid by the Company to the Holder thereof
in connection with any optional redemption or accelerated payment of such
Security.

         "Maturity" means, when used with respect to any Security, the date on
which the principal of such Security or an installment of principal become due
and payable as therein or herein provided, whether at the Stated Maturity or by
declaration of acceleration, notice of redemption, notice of option to elect
repayment, repurchase or otherwise.

         "Officers' Certificate" means a certificate signed by the President or
a Vice President and by the Treasurer, an Assistant Treasurer, the Secretary of
an Assistant Secretary, of the Company, and delivered to the Trustee.

         "Opinion of Counsel" means a written opinion of counsel, who may be an
employee of or counsel for the Company or other counsel satisfactory to the
Trustee.

         "Original Issue Discount Security" means any Security which provides
for an amount less than the principal amount thereof to be due and payable upon
a declaration of acceleration of the Maturity thereof pursuant to Section 502.

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

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

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

                  (iii) Securities, except solely to the extent provided in
         Sections 1402 or 1403, as applicable, with respect to which the Company
         has effected defeasance and/or covenant defeasance as provided in
         Article Fourteen;

                  (iv) Securities which have been paid pursuant to Section 306
         or in exchange for or in lieu of which other Securities have been
         authenticated and delivered pursuant to this Indenture, other than any
         such Securities in respect of which there shall have been presented to
         the Trustee proof satisfactory to it that such Securities are held by a
         bona fide purchaser in whose hands such Securities are valid
         obligations of the Company; and

                                        7
<PAGE>

                  (v) Securities converted into Capital Stock of the Company
         pursuant to or in accordance with this Indenture if the terms of such
         Securities provide for convertibility pursuant to Section 301;

provided, however, that in determining whether the Holders of the requisite
principal amount of the Outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder or are present at
a meeting of Holders for quorum purposes, and for the purpose of making the
calculations required by TIA Section 313, (i) the principal amount of an
Original Issue Discount Security that may be counted in making such
determination or calculation and that shall be deemed to be Outstanding for such
purpose shall be equal to the amount of principal thereof that would be (or
shall have been declared to be) due and payable, at the time of such
determination, upon a declaration of acceleration of the maturity thereof
pursuant to Section 502, (ii) the principal amount of any Security denominated
in a Foreign Currency that may be counted in making such determination or
calculation and that shall be deemed Outstanding for such purpose shall be equal
to the Dollar equivalent, determined pursuant to Section 301 as of the date such
Security is originally issued by the Company, of the principal amount (or, in
the case of an Original Issue Discount Security, the Dollar equivalent as of
such date of original issuance of the amount determined as provided in clause
(i) above) of such Security, (iii) the principal amount of any Indexed Security
that may be counted in making such determination or calculation and that shall
be deemed outstanding for such purpose shall be equal to the principal face
amount of such Indexed Security at original issuance, unless otherwise provided
with respect to such Indexed Security pursuant to Section 301, and (iv)
Securities owned by the Company or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor shall be disregarded and
deemed not to be Outstanding, except that, in determining whether the Trustee
shall be protected in making such calculation or in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only
Securities which the Trustee knows to be so owned shall be so disregarded.
Securities so owned which have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Trustee the
pledgee's right so to act with respect to such Securities and that the pledgee
is not the Company or any other obligor upon the Securities or any Affiliate of
the Company or of such other obligor.

         "Paying Agent" means any Person authorized by the Company to pay the
principal of (and premium or Make-Whole Amount, if any) or interest on any
Securities or coupons on behalf of the Company, or if no such Person is
authorized, the Company.

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

         "Place of Payment" means, when used with respect to the Securities of
or within any series, the place or places where the principal of (and premium or
Make-Whole Amount, if any) and interest on such Securities are payable as
specified as contemplated by Sections 301 and 1002.

                                        8
<PAGE>

         "Predecessor Security" of any particular Security means every previous
Security evidencing all or a portion of the same debt as that evidenced by such
particular Security; and, for the purposes of this definition, any Security
authenticated and delivered under Section 306 in exchange for or in lieu of a
mutilated, destroyed, lost or stolen Security or a Security to which a
mutilated, destroyed, lost or stolen coupon appertains shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Security or
the Security to which the mutilated, destroyed, lost or stolen coupon
appertains.

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

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

         "Registered Security" means any Security which is registered in the
Security Register.

         "Regular Record Date" for the installment of interest payable on any
Interest Payment Date on the Registered Securities of or within any series means
the date specified for that purpose as contemplated by Section 301, whether or
not a Business Day.

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

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

         "Responsible Officer" means, when used with respect to the Trustee, any
officer of the Trustee assigned by the Trustee to administer its corporate trust
matters.

         "Securities Act" means the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder by the Commission.

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

         "Security Register" and "Security Registrar" have the respective
meanings specified in Section 305.

                                        9
<PAGE>

         "Significant Subsidiary" means any Subsidiary which is a "significant
subsidiary" (within the meaning of Regulation S-X, promulgated under the
Securities Act) of the Company.

         "Special Record Date" for the payment of any Defaulted Interest on the
Registered Securities of or within any series means a date fixed by the Trustee
pursuant to Section 307.

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

         "Subsidiary" means, with respect to any Person, any corporation or
other entity of which a majority of (a) the voting power of the voting equity
securities or (b) the outstanding equity interests of which are owned, directly
or indirectly, by such Person. For the purposes of this definition, "voting
equity securities" means equity securities having voting power for the election
of directors, whether at all times or only so long as no senior class of
security has such voting power by reason of any contingency.

         "Total Assets" as of any date means the sum of (i) the Company's
Undepreciated Real Estate Assets and (ii) all other assets of the Company
determined in accordance with GAAP (but excluding intangibles).

         "Trust Indenture Act" or "TIA" means the Trust Indenture Act of 1939,
as amended and as in force at the date as of which this Indenture was executed,
except as provided in Section 905.

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

                                       10
<PAGE>

         "Undepreciated Real Estate Assets" as of any date means the cost
(original cost plus capital improvements) of real estate assets of the Company
and its Subsidiaries on such date, before depreciation and amortization
determined on a consolidated basis in accordance with GAAP.

         "United States" means, unless otherwise specified with respect to any
Securities pursuant to Section 301, the United States of America (including the
states and the District of Columbia), its territories, its possessions and other
areas subject to its jurisdiction.

         "United States person" means, unless otherwise specified with respect
to any Securities pursuant to Section 301, an individual who is a citizen or
resident of the United States, a corporation, partnership or other entity
created or organized in or under the laws of the United States or an estate or
trust the income of which is subject to United States federal income taxation
regardless of its source.

         "Yield to Maturity" means the yield to maturity, computed at the time
of issuance of a Security (or, if applicable, at the most recent redetermination
of interest on such Security) and as set forth in such Security in accordance
with generally accepted United States bond yield computation principles.

         SECTION 102. Compliance Certificates and Opinions.

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

         Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture (excluding certificates
delivered pursuant to Section 1010) shall include:

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

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

                                       11
<PAGE>

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

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

         SECTION 103. Form of Documents Delivered to Trustee.

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

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

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

         SECTION 104. Acts of Holders.

                  (a) Any request, demand, authorization, direction, notice,
         consent, waiver or other action provided by this Indenture to be given
         or taken by Holders of the Outstanding Securities of all series or one
         or more series, as the case may be, may be embodied in and evidenced by
         one or more instruments of substantially similar tenor signed by such
         Holders in person or by agents duly appointed in writing. If Securities
         of a series are issuable as Bearer Securities, any request, demand,
         authorization, direction, notice, consent, waiver or other action
         provided by this Indenture to be given or taken by Holders of
         Securities of such series may, alternatively, be embodied in and
         evidenced by the record of Holders of Securities of such series voting
         in favor thereof, whether in person or by proxies duly appointed in
         writing, at any meeting of Holders of Securities of such series duly
         called and held in accordance with the provisions of Article Fifteen,
         or a combination of such instruments and any such record. Except as
         herein

                                       12
<PAGE>

         otherwise expressly provided, such action shall become effective when
         such instrument or instruments or record or both instruments or record
         or both are delivered to the Trustee and, where it is hereby expressly
         required, to the Company. Such instrument or instrument and any such
         record (and the action embodied therein and evidenced thereby) are
         herein sometimes referred to as the "Act" of the Holders signing such
         instrument or instruments or so voting at any such meeting. Proof of
         execution of any such instrument or of a writing appointing any such
         agent, or of the holding by any Person of a Security, shall be
         sufficient for any purpose of this Indenture and conclusive in favor of
         the Trustee and the Company and any agent of the Trustee or the
         Company, if made in the manner provided in this Section. The record of
         any meeting of Holders of Securities shall be proved in the manner
         provided in Section 1506.

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

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

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

                  (e) If the Company shall solicit from the Holders of
         Registered Securities any request, demand, authorization, direction,
         notice, consent, waiver or other Act, the Company may, at its option,
         in or pursuant to a Board Resolution, fix in advance a record date for
         the determination of Holders entitled to give such request, demand,
         authorization,

                                       13
<PAGE>

         direction, notice, consent, waiver or other Act, but the Company shall
         have no obligation to do so. Notwithstanding TIA Section 316(c), such
         record date shall be the record date specified in or pursuant to such
         Board Resolution, which shall be a date not earlier than the date 30
         days prior to the first solicitation of Holders generally in connection
         therewith and not later than the date such solicitation is completed.
         If such a record date is fixed, such request, demand, authorization,
         direction, notice, consent, waiver or other Act may be given before or
         after such record date, but only the Holders of record at the close of
         business on such record date shall be deemed to be Holders for the
         purposes of determining whether Holders of the requisite proportion of
         Outstanding Securities have authorized or agreed or consented to such
         request, demand, authorization, direction, notice, consent, waiver or
         other Act, and for that purpose the Outstanding Securities shall be
         computed as of such record date; provided that no such authorization,
         agreement or consent by the Holders on such record date shall be deemed
         effective unless it shall become effective pursuant to the provisions
         of this Indenture not later than eleven months after the record date.

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

         SECTION 105. Notices, etc., to Trustee and Company.

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

                  (1) the Trustee by any Holder or by the Company shall be
         sufficient for every purpose hereunder if made, given, furnished or
         filed in writing to or with the Trustee at its Corporate Trust Office,
         Attention: Corporate Trust Operations, or

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

         SECTION 106. Notice to Holders; Waiver.

         Where this Indenture provides for notice of any event to Holders of
Registered Securities by the Company or the Trustee, such notice shall be
sufficiently given (unless otherwise herein

                                       14
<PAGE>

expressly provided) if in writing and mailed, first-class postage prepaid, to
each such Holder affected by such event, at his address as it appears in the
Security Register, not later than the latest date, and not earlier than the
earliest date, prescribed for the giving of such notice. In any case where
notice to Holders of Registered Securities is given by mail, neither the failure
to mail such notice, nor any defect in any notice so mailed, to any particular
Holder shall affect the sufficiency of such notice with respect to other Holders
of Registered Securities or the sufficiency of any notice to Holders of Bearer
Securities given as provided herein. Any notice mailed to a Holder in the manner
herein prescribed shall be conclusively deemed to have been received by such
Holder, whether or not such Holder actually receives such notice.

         If by reason of the suspension of or irregularities in regular mail
service or by reason of any other cause it shall be impracticable to give such
notice by mail, then such notification to Holders of Registered Securities as
shall be made with the approval of the Trustee shall constitute a sufficient
notification to such Holders for every purpose hereunder.

         Except as otherwise expressly provided herein or otherwise qualified
with respect to any Securities pursuant to Section 301, where this Indenture
provides for notice to Holders of Bearer Securities of any event, such notices
shall be sufficiently given if published in an Authorized Newspaper in The City
of New York and in such other city or cities as may be specified in such
Securities, and if the Securities of such series are listed on any stock
exchange outside the United States, in any place at which such Securities are
listed on a securities exchange to the extent that such securities exchange so
requires, on a Business Day, such publication to be not later than the latest
date, and not earlier than the earliest date, prescribed for the giving of such
notice. Any such notice shall be deemed to have been given on the date of such
publication or, if published more than once, on the date of the first such
publication.

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

         Any request, demand, authorization, direction, notice, consent or
waiver required or permitted under this Indenture shall be in the English
language, except that any published notice may be in an official language of the
country of publication.

         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

                                       15
<PAGE>

the Trustee, but such filing shall not be a condition precedent to the validity
of any action taken in reliance upon such waiver.

         SECTION 107. Effect of Headings and Table of Contents.

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

         SECTION 108. Successors and Assigns.

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

         SECTION 109. Separability Clause.

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

         SECTION 110. Benefits of Indenture.

         Nothing in this Indenture or in the Securities or coupons appertaining
thereto, express or implied, shall give to any Person, other than the parties
hereto, any Security Registrar, any Paying Agent, any Authenticating Agent and
their successors hereunder and the Holders any benefit or any legal or equitable
right, remedy or claim under this Indenture.

         SECTION 111. No Personal Liability.

         No recourse under or upon any obligation, covenant or agreement
contained in this Indenture, in any Security or coupon appertaining thereto, or
because of any indebtedness evidenced thereby, shall be had against any
promoter, as such or, against any past, present or future shareholder, officer
or director, as such, of the Company or of any successor, either directly or
through the Company or any successor, 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 by the Holders thereof and as
part of the consideration for the issue of the Securities.

         SECTION 112. Governing Law.

         This Indenture and the Securities and coupons shall be governed by and
construed in accordance with the law of the Commonwealth of Virginia. This
Indenture is subject to the provisions of the TIA that are required to be part
of this Indenture and shall, to the extent applicable, be governed by such
provisions.

                                       16
<PAGE>

         SECTION 113. Legal Holidays.

         In any case where any Interest Payment Date, Redemption Date, Repayment
Date, sinking fund payment date, Stated Maturity or Maturity of any Security
shall not be a Business Day at any Place of Payment, then (notwithstanding any
other provision of this Indenture or any Security or coupon other than a
provision in the Securities of any series which specifically states that such
provision shall apply in lieu hereof), payment of interest or any Additional
Amounts or principal (and premium or Make-Whole Amount, if any) need not be made
at such Place of Payment on such date, but may be made on the next succeeding
Business Day at such Place of Payment with the same force and effect as if made
on the Interest Payment Date, Redemption Date, Repayment Date or sinking fund
payment date, or at the Stated Maturity or Maturity, provided that no interest
shall accrue on the amount so payable for the period from and after such
Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment
date, Stated Maturity or Maturity, as the case may be.

                                       17
<PAGE>

                                   ARTICLE TWO

                                SECURITIES FORMS

         SECTION 201. Forms of Securities.

         The Registered Securities, if any, of each series and the Bearer
Securities, if any, and related coupons of each series, shall be in
substantially the forms as shall be established in or pursuant to one or more
indentures supplemental hereto or Board Resolutions, shall have such appropriate
insertions, omissions, substitutions and other variations as are required or
permitted by this Indenture or any indenture supplemental hereto, and may have
such letters, numbers or other marks of identification or designation and such
legends or endorsements placed thereon as the Company may deem appropriate and
as are not inconsistent with the provisions of this Indenture, or as may be
required to comply with any law or with any rule or regulation made pursuant
thereto or with any rule or regulation of any stock exchange on which the
Securities may be listed, or to conform to usage.

         Unless otherwise specified as contemplated by Section 301, Bearer
Securities shall have interest coupons attached.

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

         SECTION 202. Form of Trustee's Certificate of Authentication.

         Subject to Section 611, the Trustee's certificate of authentication
shall be in substantially the following form:

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

                                       _____________________________, as
                                       Trustee

                                       By  _____________________________
                                           Authorized Signatory

                                       18
<PAGE>

         SECTION 203. Securities Issuable in Global Form.

         If Securities of or within a series are issuable in global form, as
specified as contemplated by Section 301, then, notwithstanding clause (8) of
Section 301 and the provisions of Section 302, any such Security shall represent
such of the Outstanding Securities of such series as shall be specified therein
and may provide that it shall represent the aggregate amount of Outstanding
Securities of such series from time to time endorsed thereon and that the
aggregate amount of Outstanding Securities of such series represented thereby
may from time to time be increased or decreased to reflect exchanges. Any
endorsement of a Security in global form to reflect the amount, or any increase
or decrease in the amount, of Outstanding Securities represented thereby shall
be made by the Trustee in such manner and upon instructions given by such Person
or Persons as shall be specified therein or in the Company Order to be delivered
to the Trustee pursuant to Section 303 or 304. Subject to the provisions of
Section 303 and, if applicable, the Trustee shall deliver and redeliver any
Security in permanent global form in the manner and upon instructions given by
the Person or Persons specified therein or in the applicable Company Order. If a
Company Order pursuant to Section 303 or 304 has been, or simultaneously is,
delivered, any instructions by the Company with respect to endorsement or
delivery or redelivery of a Security in global form shall be in writing but need
not comply with Section 102 and need not be accompanied by an Opinion of
Counsel.

         The provisions of the last sentence of Section 303 shall apply to any
Security represented by a Security in global form if such Security was never
issued and sold by the Company and the Company delivers to the Trustee the
Security in global form together with written instructions (which need not
comply with Section 102 and need not be accompanied by an Opinion of Counsel)
with regard to the reduction in the principal amount of Securities represented
thereby, together with the written statement contemplated by the last sentence
of Section 303.

         Notwithstanding the provisions of Section 307, unless otherwise
specified as contemplated by Section 301, payment of principal of and any
premium or Make-Whole Amount and interest on any Security in permanent global
form shall be made to the Person or Persons specified therein.

         Notwithstanding the provisions of Section 308 and except as provided in
the preceding paragraph, the Company, the Trustee and any agent of the Company
and the Trustee shall treat as the Holder of such principal amount of
Outstanding Securities represented by a permanent global Security (i) in the
case of a permanent global Security in registered form, the Holder of such
permanent global Security in registered form, or (ii) in the case of a permanent
global Security in bearer form, Euroclear or CEDEL.

                                       19
<PAGE>

                                  ARTICLE THREE

                                 THE SECURITIES

         SECTION 301. 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. There shall be
established in or pursuant to one or more Board Resolutions, or indentures
supplemental hereto, prior to the issuance of Securities of any series, any or
all of the following, as applicable (each of which (except for the matters set
forth in clauses (1), (2) and (15) below), if so provided, may be determined
from time to time by the Company with respect to unissued Securities of or
within the series when issued from time to time):

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

                  (2) any limit upon the aggregate principal amount of the
         Securities of or within 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 or within the series pursuant to Section
         304, 305, 306, 906, 1107 or 1305);

                  (3) the date or dates, or the method by which such date or
         dates will be determined, on which the principal of the Securities of
         or within the series shall be payable and the amount of principal
         payable thereon;

                  (4) the rate or rates at which the Securities of or within the
         series shall bear interest, if any, or the method by which such rate or
         rates shall be determined, the date or dates from which such interest
         shall accrue or the method by which such date or dates shall be
         determined, the Interest Payment Dates on which such interest will be
         payable and the Regular Record Date, if any, for the interest payable
         on any Registered Security on any Interest Payment Date, or the method
         by which such date shall be determined, and the basis upon which
         interest shall be calculated if other than that of a 360-day year
         consisting of twelve 30-day months;

                  (5) the place or places, if any, other than or in addition to
         the Borough of Manhattan, The City of New York, where the principal of
         (and premium or Make-Whole Amount, if any), interest, if any, on, and
         Additional Amounts, if any, payable in respect of, Securities of or
         within the series shall be payable, any Registered Securities of or
         within the series may be surrendered for registration of transfer or
         exchange and notices

                                       20
<PAGE>

         or demands to or upon the Company in respect of the Securities of or
         within the series and this Indenture may be served;

                  (6) the period or periods within which, the price or prices
         (including the premium or Make-Whole Amount, if any) at which, the
         currency or currencies, currency unit or units or composite currency or
         currencies in which and other terms and conditions upon which
         Securities of or within the series may be redeemed in whole or in part,
         at the option of the Company, if the Company is to have the option;

                  (7) the obligation, if any, of the Company to redeem, repay or
         purchase Securities of or within the series pursuant to any sinking
         fund or analogous provision or at the option of a Holder thereof, and
         the period or periods within which or the date or dates on which, the
         price or prices at which, the currency or currencies, currency unit or
         units or composite currency or currencies in which, and other terms and
         conditions upon which Securities of or within the series shall be
         redeemed, repaid or purchased, in whole or in part, pursuant to such
         obligation;

                  (8) if other than denominations of $1,000 and any integral
         multiple thereof, the denominations in which any Registered Securities
         of or within the series shall be issuable and, if other than the
         denomination of $5,000, the denomination or denominations in which any
         Bearer Securities of or within the series shall be issuable;

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

                  (10) if other than the principal amount thereof, the portion
         of the principal amount of Securities of or within the series that
         shall be payable upon declaration of acceleration of the maturity
         thereof pursuant to Section 502, or the method by which such portion
         shall be determined;

                  (11) if other than Dollars, the Foreign Currency or Currencies
         in which payment of the principal of (and premium or Make-Whole Amount,
         if any) or interest or Additional Amounts, if any, on the Securities of
         or within the series shall be payable or in which the Securities of or
         within the series shall be denominated;

                  (12) whether the amount of payments of principal of (and
         premium or Make- Whole Amount, if any) or interest, if any, on the
         Securities of or within the series may be determined with reference to
         an index, formula or other method (which index, formula or method may
         be based, without limitation, on one or more currencies, currency
         units, composite currencies, commodities, equity indices or other
         indices), and the manner in which such amounts shall be determined;

                  (13) whether the principal of (and premium or Make-Whole
         Amount, if any) or interest or Additional Amounts, if any, on the
         Securities of or within the series are

                                       21
<PAGE>

         to be payable, at the election of the Company or a Holder thereof, in a
         currency or currencies, currency unit or units or composite currency or
         currencies other than that in which such Securities are denominated or
         stated to be payable, the period or periods within which, and the terms
         and conditions upon which, such election may be made, and the time and
         manner of, and identity of the exchange rate agent with responsibility
         for, determining the exchange rate between the currency or currencies,
         currency unit or units or composite currency or currencies in which
         such Securities are denominated or stated to be payable and the
         currency or currencies, currency unit or units or composite currency or
         currencies in which such Securities are to be so payable;

                  (14) provisions, if any, granting special rights to the
         Holders of Securities of or within the series upon the occurrence of
         such events as may be specified;

                  (15) any deletions from, modifications of or additions to the
         Events of Default or covenants of the Company with respect to
         Securities of or within the series, whether or not such Events of
         Default or covenants are consistent with the Events of Default or
         covenants set forth herein;

                  (16) whether Securities of or within the series are to be
         issuable as Registered Securities, Bearer Securities (with or without
         coupons) or both, any restrictions applicable to the offer, sale or
         delivery of Bearer Securities and the terms upon which Bearer
         Securities of or within the series may be exchanged for Registered
         Securities of or within the series and vice versa (if permitted by
         applicable laws and regulations), whether any Securities of or within
         the series are to be issuable initially in temporary global form and
         whether any Securities of or within the series are to be issuable in
         permanent global form (with or without coupons) and, if so, whether
         beneficial owners of interests in any such permanent global Security
         may exchange such interests for Securities of such series and of like
         tenor of any authorized form and denomination and the circumstances
         under which any such exchanges may occur, if other than in the manner
         provided in Section 305, and, if Registered Securities of or within the
         series are to be issuable as a global Security, the identity of the
         depositary for such series;

                  (17) the date as of which any Bearer Securities of or within
         the series and any temporary global Security representing Outstanding
         Securities of or within the series shall be dated if other than the
         date of original issuance of the first Security of the series to be
         issued;

                  (18) the Person to whom any interest on any Registered
         Security of the series shall be payable, if other than the Person in
         whose name that Security (or one or more Predecessor Securities) is
         registered at the close of business on the Regular Record Date for such
         interest, the manner in which, or the Person to whom, any interest on
         any Bearer Security of the series shall be payable, if otherwise than
         upon presentation and surrender of the coupons appertaining thereto as
         they severally mature, and the extent to which, or the manner in which,
         any interest payable on a temporary global Security on

                                       22
<PAGE>

         an Interest Payment Date will be paid if other than in the manner
         provided in Section 304;

                  (19) the applicability, if any, of Sections 1402 and/or 1403
         to the Securities of or within the series and any provisions in
         modification of, in addition to or in lieu of any of the provisions of
         Article Fourteen;

                  (20) 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/or terms of such certificates, documents or
         conditions;

                  (21) if the Securities of or within the series are to be
         issued upon the exercise of debt warrants, the time, manner and place
         for such Securities to be authenticated and delivered;

                  (22) whether and under what circumstances the Company will pay
         Additional Amounts as contemplated by Section 1011 on the Securities of
         or within the series to any Holder who is not a United States person
         (including any modification to the definition of such term) in respect
         of any tax, assessment or governmental charge and, if so, whether the
         Company will have the option to redeem such Securities rather than pay
         such Additional Amounts (and the terms of any such option);

                  (23) the obligation, if any, of the Company to permit the
         conversion of the Securities of such series into shares of Capital
         Stock of the Company and the terms and conditions upon which such
         conversion shall be effected (including, without limitation, the
         initial conversion price or rate, the conversion period, any adjustment
         of the applicable conversion price or rate and any requirements
         relative to the reservation of such shares for purposes of conversion);
         and

                  (24) 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 the coupons appertaining to any
Bearer Securities of such series, if any, shall be substantially identical
except, in the case of Registered or Bearer Securities issued in global form, as
to denomination and except as may otherwise be provided in or pursuant to such
Board Resolution or in any such indenture supplemental hereto. All Securities of
any one series need not be issued at the same time and unless otherwise
provided, a series may be reopened, without the consent of the Holders, for
issuances of additional Securities of such series.

         If any of the terms of the Securities of any series are established by
action taken pursuant to one or more Board Resolutions or supplemental
indentures, a copy of an appropriate record of such action(s) shall be certified
by the Secretary or an Assistant Secretary of the Company and

                                       23
<PAGE>

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

         SECTION 302. Denominations.

         The Securities of each series shall be issuable in such denominations
as shall be specified as contemplated by Section 301. With respect to Securities
of any series denominated in Dollars, in the absence of any such provisions with
respect to the Securities of any series, the Registered Securities of such
series, other than Registered Securities issued in global form (which may be of
any denomination), shall be issuable in denominations of $1,000 and any integral
multiple thereof and the Bearer Securities of such series other than Bearer
Securities issued in global form (which may be of any denomination), shall be
issuable in denominations of $5,000.

         SECTION 303. Execution, Authentication Delivery and Dating.

         The Securities and any coupons appertaining thereto shall be executed
on behalf of the Company by its President or a Vice President, under its
corporate seal reproduced thereon, and attested by its Secretary or an Assistant
Secretary. The signature of any of these officers on the Securities and coupons
may be manual or facsimile signatures of the present or any future such
authorized officer and may be imprinted or otherwise reproduced on the
Securities.

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

         At any time and from time to time after the execution and delivery of
this Indenture, the Company may deliver Securities of any series, together with
any coupon appertaining thereto, executed by the Company to the Trustee for
authentication, together with a Company Order for the authentication and
delivery of such Securities, and the Trustee in accordance with the Company
Order shall authenticate and deliver such Securities; provided, however, that,
in connection with its original issuance, no Bearer Security shall be mailed or
otherwise delivered to any location in the United States; and provided further
that, unless otherwise specified with respect to any series of Securities
pursuant to Section 301 a Bearer Security may be delivered in connection with
its original issuance only if the Person entitled to receive such Bearer
Security shall have furnished a certificate to Euroclear or CEDEL, as the case
may be, in the form set forth in Exhibit A-1 to this Indenture or such other
certificate as may be specified with respect to any series of Securities
pursuant to Section 301, dated no earlier than 15 days prior to the earlier of
the date on which such Bearer Security is delivered and the date on which any
temporary Security first becomes exchangeable for such Bearer Security in
accordance with the terms of such temporary Security and this Indenture. Except
as permitted by Section 306, the Trustee

                                       24
<PAGE>

shall not authenticate and deliver any Bearer Security unless all appurtenant
coupons for interest then matured have been detached and cancelled.

         If all of the Securities of any series are not to be issued at one time
and if the Board Resolution or supplemental indenture establishing such series
shall so permit, such Company Order may set forth procedures acceptable to the
Trustee for the issuance of such Securities and determining the terms of
particular Securities of such series, such as interest rate or formula, maturity
date, date of issuance and date from which interest shall accrue. In
authenticating such Securities, and accepting the additional responsibilities
under this Indenture in relation to such Securities, the Trustee shall be
entitled to receive, and (subject to TIA Section 315(a) through 315(d)) shall be
fully protected in relying upon:

                  (i) an Opinion of Counsel complying with Section 102 and
         stating that:

                           (a) the form or forms of such Securities and any
                  coupons have been, or will have been upon compliance with such
                  procedures as may be specified therein, established in
                  conformity with the provisions of this Indenture;

                           (b) the terms of such Securities and any coupons have
                  been, or will have been upon compliance with such procedures
                  as may be specified therein, established in conformity with
                  the provisions of this Indenture; and

                           (c) such Securities, together with any coupons
                  appertaining thereto, when completed pursuant to such
                  procedures as may be specified therein, and executed and
                  delivered by the Company to the Trustee for authentication in
                  accordance with this Indenture, authenticated and delivered by
                  the Trustee in accordance with this Indenture and issued by
                  the Company in the manner and subject to any conditions
                  specified in such Opinion of Counsel, will constitute legal,
                  valid and binding obligations of the Company, enforceable in
                  accordance with their terms, subject to applicable bankruptcy,
                  insolvency, reorganization and other similar laws of general
                  applicability relating to or affecting the enforcement of
                  creditors' rights generally and to general equitable
                  principles and to such other matters as may be specified
                  therein; and

                  (ii) an Officers' Certificate complying with Section 102 and
         stating that all conditions precedent provided for in this Indenture
         relating to the issuance of such Securities have been, or will have
         been upon compliance with such procedures as may be specified therein,
         complied with and that, to the best of the knowledge of the signers of
         such certificate, no Event of Default with respect to such Securities
         shall have occurred and be continuing.

The Trustee shall not be required to authenticate such Securities if the issue
of such Securities pursuant to this Indenture will affect the Trustee's own
rights, duties, obligations or immunities

                                       25
<PAGE>

under the Securities and this Indenture or otherwise in a manner which is not
reasonably acceptable to the Trustee.

         Notwithstanding the provisions of Section 301 and of the preceding
paragraph, if all the Securities of any series are not to be issued at one time,
it shall not be necessary to deliver a Company Order, an Opinion of Counsel or
an Officers' Certificate otherwise required pursuant to the preceding paragraph
at the time of issuance of each Security of such series, but such order, opinion
and certificate, with appropriate modifications to cover such future issuances,
shall be delivered at or before the time of issuance of the first Security of
such series.

         Each Registered Security shall be dated the date of its authentication
and each Bearer Security shall be dated as of the date specified as contemplated
by Section 301.

         No Security or coupon appertaining thereto shall be entitled to any
benefit under this Indenture or be valid or obligatory for any purpose unless
there appears on such Security or the Security to which such coupon appertains a
certificate of authentication substantially in the form provided for herein duly
executed by the Trustee by manual signature of an authorized officer, and such
certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered hereunder
and is entitled to the benefits of this Indenture. Notwithstanding the
foregoing, if any Security shall have been authenticated and delivered hereunder
but never issued and sold by the Company, and the Company shall deliver such
Security to the Trustee for cancellation as provided in Section 309 together
with a written statement (which need not comply with Section 102 and need not be
accompanied by an Opinion of Counsel) stating that such Security has never been
issued or sold by the Company, for all purposes of this Indenture such Security
shall be deemed never to have been authenticated and delivered hereunder and
shall never be entitled to the benefits of this Indenture.

         SECTION 304. Temporary Securities.

                  (a) Pending the preparation of definitive Securities of any
         series, the Company may execute, and upon Company Order the Trustee
         shall authenticate and deliver, temporary Securities which are printed,
         lithographed, typewritten, mimeographed or otherwise produced, in any
         authorized denomination; substantially of the tenor of the definitive
         Securities in lieu of which they are issued, in registered form, or, if
         authorized, in bearer form with one or more coupons or without coupons,
         and with such appropriate insertions, omissions, substitutions and
         other variations as the officers executing such Securities may
         determine, as conclusively evidenced by their execution of such
         Securities. In the case of Securities of any series, such temporary
         Securities may be in global form.

                  Except in the case of temporary Securities in global form
         (which shall be exchanged in accordance with Section 304(b) or as
         otherwise provided in or pursuant to a Board Resolution), if temporary
         Securities of any series are issued, the Company will cause definitive
         Securities of that series to be prepared without unreasonable delay.
         After the

                                       26
<PAGE>

         preparation of definitive Securities of such series, the temporary
         Securities of such series shall be exchangeable for definitive
         Securities of such series upon surrender of the temporary Securities of
         such series at the office or agency of the Company in a Place of
         Payment for that series, without charge to the Holder. Upon surrender
         for cancellation of any one or more temporary Securities of any series
         (accompanied by any non-matured coupons appertaining thereto), the
         Company shall execute and the Trustee shall authenticate and deliver in
         exchange therefor a like principal amount of definitive Securities of
         the same series of authorized denominations; provided, however, that no
         definitive Bearer Security shall be delivered in exchange for a
         temporary Registered Security; and provided further that a definitive
         Bearer Security shall be delivered in exchange for a temporary Bearer
         Security only in compliance with the conditions set forth in Section
         303. Until so exchanged, the temporary Securities of any series shall
         in all respects be entitled to the same benefits under this Indenture
         as definitive Securities of such series.

                  (b) Unless otherwise provided as contemplated in Section 301,
         this Section 304(b) shall govern the exchange of temporary Securities
         issued in global form other than through the facilities of DTC. If any
         such temporary Security is issued in global form, then such temporary
         global Security shall, unless otherwise provided therein, be delivered
         to the London office of a depositary or common depositary (the "Common
         Depositary"), for the benefit of Euroclear and CEDEL.

         Without unnecessary delay but in any event not later than the date
specified in, or determined pursuant to the terms of, any such temporary global
Security (the "Exchange Date"), the Company shall deliver to the Trustee
definitive Securities, in an aggregate principal amount equal to the principal
amount of such temporary global Security, executed by the Company. On or after
the Exchange Date, such temporary global Security shall be surrendered by the
Common Depositary to the Trustee, as the Company's agent for such purpose, to be
exchanged, in whole or from time to time in part, for definitive Securities
without charge, and the Trustee shall authenticate and deliver, in exchange for
each portion of such temporary global Security, an equal aggregate principal
amount of definitive Securities of or within the same series of authorized
denominations and of like tenor as the portion of such temporary global Security
to be exchanged. The definitive Securities to be delivered in exchange for any
such temporary global Security shall be in bearer form, registered form,
permanent global bearer form or permanent global registered form, or any
combination thereof, as specified as contemplated by Section 301, and, if any
combination thereof is so specified, as requested by the beneficial owner
thereof, provided, however, that, unless otherwise specified in such temporary
global Security, upon such presentation by the Common Depositary, such temporary
global Security is accompanied by a certificate dated the Exchange Date or a
subsequent date and signed by Euroclear as to the portion of such temporary
global Security held for its account then to be exchanged and a certificate
dated the Exchange Date or a subsequent date and signed by CEDEL as to the
portion of such temporary global Security held for its account then to be
exchanged, each in the form set forth in Exhibit A-2 to this Indenture or in
such other form as may be established pursuant to Section 301; and provided
further that definitive Bearer Securities shall

                                       27
<PAGE>

be delivered in exchange for a portion of a temporary global Security only in
compliance with the requirements of Section 303.

         Unless otherwise specified in such temporary global Security, the
interest of a beneficial owner of Securities of a series in a temporary global
Security shall be exchanged for definitive Securities of the same series and of
like tenor following the Exchange Date when the account holder instructs
Euroclear or CEDEL, as the case may be, to request such exchange on his behalf
and delivers to Euroclear or CEDEL, as the case may be, a certificate in the
form set forth in Exhibit A-1 to this Indenture (or in such other form as may be
established pursuant to Section 301), dated no earlier than 15 days prior to the
Exchange Date, copies of which certificate shall be available from the offices
of Euroclear and CEDEL, the Trustee, any Authenticating Agent appointed for such
series of Securities and each Paying Agent. Unless otherwise specified in such
temporary global Security, any such exchange shall be made free of charge to the
beneficial owners of such temporary global Security, except that a Person
receiving definitive Securities must bear the cost of insurance, postage,
transportation and the like unless such Person takes delivery of such definitive
Securities in person at the offices of Euroclear or CEDEL. Definitive Securities
in bearer form to be delivered in exchange for any portion of a temporary global
Security shall be delivered only outside the United States.

         Until exchanged in full as hereinabove provided, the temporary
Securities of any series shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities of the same series and of like
tenor authenticated and delivered hereunder, except that, unless otherwise
specified as contemplated by Section 301, interest payable on a temporary global
Security on an Interest Payment Date for Securities of such series occurring
prior to the applicable Exchange Date shall be payable to Euroclear and CEDEL on
such Interest Payment Date upon delivery by Euroclear and CEDEL to the Trustee
of a certificate or certificates in the form set forth in Exhibit A-2 to this
Indenture (or in such other forms as may be established pursuant to Section
301), for credit without further interest on or after such Interest Payment Date
to the respective accounts of Persons who are the beneficial owners of such
temporary global Security on such Interest Payment Date and who have each
delivered to Euroclear or CEDEL, as the case may be, a certificate dated no
earlier than 15 days prior to the Interest Payment Date occurring prior to such
Exchange Date in the form set forth as Exhibit A-1 to this Indenture (or in such
other forms as may be established pursuant to Section 301). Notwithstanding
anything to the contrary herein contained, the certifications made pursuant to
this paragraph shall satisfy the certification requirements of the preceding two
paragraphs of this Section 304(b) and of the third paragraph of Section 303 of
this Indenture and the interests of the Persons who are the beneficial owners of
the temporary global Security with respect to which such certification was made
will be exchanged for definitive Securities of the same series and of like tenor
on the Exchange Date or the date of certification if such date occurs after the
Exchange Date, without further act or deed by such beneficial owners. Except as
otherwise provided in this paragraph, no payments of principal or interest owing
with respect to a beneficial interest in a temporary global Security will be
made unless and until such interest in such temporary global Security shall have
been exchanged for an interest in a definitive Security. Any interest so
received by Euroclear and CEDEL and not paid as herein provided shall be

                                       28
<PAGE>

returned to the Trustee prior to the expiration of two years after such Interest
Payment Date in order to be repaid to the Company.

         SECTION 305. Registration, Registration of Transfer and Exchange.

         The Company shall cause to be kept at the Corporate Trust Office of the
Trustee or in any office or agency of the Company in a Place of Payment a
register for each series of Securities (the registers maintained in such office
or in any such office or agency of the Company in a Place of Payment being
herein sometimes referred to collectively as the "Security Register") in which,
subject to such reasonable regulations as it may prescribe, the Company shall
provide for the registration of Registered Securities and of transfers of
Registered Securities. The Security Register shall be in written form or any
other form capable of being converted into written form within a reasonable
time. The Trustee is hereby initially appointed "Security Registrar" for the
purpose of registering Registered Securities and transfers of Registered
Securities on such Security Register as herein provided. In the event that the
Trustee shall cease to be Security Registrar, it shall have the right to examine
the Security Register at all reasonable times.

         Subject to the provisions of this Section 305, upon surrender for
registration of transfer of any Registered Security of any series at any office
or agency of the Company in a Place of Payment for that series, the Company
shall execute, and the Trustee shall authenticate and deliver, in the name of
the designated transferee or transferees, one or more new Registered Securities
of the same series, of any authorized denominations and of a like aggregate
principal amount, being a number not contemporaneously outstanding, and
containing identical terms and provisions.

         Subject to the provisions of this Section 305, at the option of the
Holder, Registered Securities of any series may be exchanged for other
Registered Securities of the same series, of any authorized denomination or
denominations and of a like aggregate principal amount, containing identical
terms and provisions, upon surrender of the Registered Securities to be
exchanged at any such office or agency. Whenever any such Registered Securities
are so surrendered for exchange, the Company shall execute, and the Trustee
shall authenticate and deliver, the Registered Securities which the Holder
making the exchange is entitled to receive. Unless otherwise specified with
respect to any series of Securities as contemplated by Section 301, Bearer
Securities may not be issued in exchange for Registered Securities.

         If (but only if) permitted as contemplated by Section 301, at the
option of the Holder, Bearer Securities of any series may be exchanged for
Registered Securities of the same series of any authorized denominations and of
a like aggregate principal amount and tenor, upon surrender of the Bearer
Securities to be exchanged at any such office or agency, with all unmatured
coupons and all matured coupons in default thereto appertaining. If the Holder
of a Bearer Security is unable to produce any such unmatured coupon or coupons
or matured coupon or coupons in default, any such permitted exchange may be
effected if the Bearer Securities are accompanied by payment in funds acceptable
to the Company in an amount equal to the face amount of such missing coupon or
coupons, or the surrender of such missing coupon

                                       29
<PAGE>

or coupons may be waived by the Company and the Trustee if there is furnished to
them such security or indemnity as they may require to save each of them and any
Paying Agent harmless. If thereafter the Holder of such Security shall surrender
to any Paying Agent any such missing coupon in respect of which such a payment
shall have been made, such Holder shall be entitled to receive the amount of
payment; provided, however, that, except as otherwise provided in Section 1002,
interest represented by coupons shall be payable only upon presentation and
surrender of those coupons at an office or agency located outside the United
States. Notwithstanding the foregoing, in case a Bearer Security of any series
is surrendered at any such office or agency in a permitted exchange for a
Registered Security of the same series and like tenor after the close of
business at such office or agency on (i) any Regular Record Date and before the
Opening of business at such office or agency on the relevant Interest Payment
Date, or (ii) any Special Record Date and before the opening of business at such
office or agency on the related proposed date for payment of Defaulted Interest,
such Bearer Security shall be surrendered without the coupon relating to such
Interest Payment Date or proposed date for payment, as the case may be, and
interest or Defaulted Interest, as the case may be, will not be payable on such
Interest Payment Date or proposed date for payment, as the case may be, in
respect of the Registered Security issued in exchange for such Bearer Security,
but will be payable only to the Holder of such coupon when due in accordance
with the provisions of this Indenture. Whenever any Securities are so
surrendered for exchange, the Company shall execute, and the Trustee shall
authenticate and deliver, the Securities which the holder making the exchange is
entitled to receive.

         Notwithstanding the foregoing, except as otherwise specified as
contemplated by Section 301, any permanent global Security shall be exchangeable
only as provided in this paragraph. If the depositary for any permanent global
Security is DTC, then, unless the terms of such global Security expressly permit
such global Security to be exchanged in whole or in part for definitive
Securities, a global Security may be transferred, in whole but not in part, only
to a nominee of DTC, or by a nominee of DTC to DTC, or to a successor to DTC for
such global Security selected and approved by the Company or to a nominee of
such successor to DTC. If at any time DTC notifies the Company that it is
unwilling or unable to continue as depositary for the applicable global Security
or Securities or if at any time DTC ceases to be a clearing agency registered
under the Exchange Act if so required by applicable law or regulation, the
Company shall appoint a successor depositary with respect to such global
Security or Securities. If (x) a successor depositary for such global Security
or Securities is not appointed by the Company within 90 days after the Company
receives such notice or becomes aware of such unwillingness, inability or
ineligibility, (y) an Event of Default has occurred and is continuing and the
beneficial owners representing a majority in principal amount of the applicable
series of Securities represented by such global Security or Securities advise
DTC to cease acting as depositary for such global Security or Securities or (z)
the Company, in its sole discretion, determines at any time that all Outstanding
Securities (but not less than all) Securities of any series issued or issuable
in the form of one or more global Securities shall no longer be represented by
such global Security or Securities (provided, however, the Company may not make
such determination during the 40-day restricted period provided by Regulation S
under the Securities Act or during any other similar period during which the
Securities must be held in global form as may be required by the

                                       30
<PAGE>

Securities Act), then the Company shall execute, and the Trustee shall
authenticate and deliver definitive Securities of like series, rank, tenor and
terms in definitive form in an aggregate principal amount equal to the principal
amount of such global Security or Securities. If any beneficial owner of an
interest in a permanent global Security is otherwise entitled to exchange such
interest for Securities of such series and of like tenor and principal amount of
another authorized form and denomination, as specified as contemplated by
Section 301 and provided that any applicable notice provided in the permanent
global Security shall have been given, then without unnecessary delay but in any
event not later than the earliest date on which such interest may be so
exchanged, the Company shall execute, and the Trustee shall authenticate and
deliver definitive Securities in aggregate principal amount equal to the
principal amount of such beneficial owner's interest in such permanent global
Security. On or after the earliest date on which such interests may be so
exchanged, such permanent global Security shall be surrendered for exchange by
DTC or such other depositary as shall be specified in the Company Order with
respect thereto to the Trustee, as the Company's agent for such purpose;
provided, however, that no such exchanges may occur during a period beginning at
the opening of business 15 days before any selection of Securities to be
redeemed and ending on the relevant Redemption Date if the Security for which
exchange is requested may be among those selected for redemption; and provided
further that no Bearer Security delivered in exchange for a portion of a
permanent global Security shall be mailed or otherwise delivered to any location
in the United States. If a Registered Security is issued in exchange for any
portion of a permanent global Security after the close of business at the office
or agency where such exchange occurs on (i) any Regular Record Date and before
the opening of business at such office or agency on the relevant Interest
Payment Date, or (ii) any Special Record Date and the opening of business at
such office or agency on the related proposed date for payment of Defaulted
Interest, interest or Defaulted Interest, as the case may be, will not be
payable on such Interest Payment Date or proposed date for payment, as the case
may be, in respect of such Registered Security, but will be payable on such
Interest Payment Date or proposed date for payment, as the case may be, only to
the Person to whom interest in respect of such portion of such permanent global
Security is payable in accordance with the provisions of this Indenture.

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

         Every Registered Security presented or surrendered for registration of
transfer or for exchange or redemption shall be duly endorsed, or be accompanied
by a written instrument of transfer in form satisfactory to the Security
Registrar, duly executed by the Holder thereof or his attorney duly authorized
in writing.

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

                                       31
<PAGE>

exchange of Securities, other than exchanges pursuant to Section 304, 906, 1107
or 1305 not involving any transfer.

         The Company or the Trustee, as applicable, shall not be required (i) to
issue, register the transfer of or exchange any Security if such Security may be
among those selected for redemption during a period beginning at the opening of
business 15 days before selection of the Securities to be redeemed under Section
1103 and ending at the close of business on (A) if such Securities are issuable
only as Registered Securities, the day of the mailing of the relevant notice of
redemption and (B) if such Securities are issuable as Bearer Securities, the day
of the first publication of the relevant notice of redemption or, if such
Securities are also issuable as Registered Securities and there is no
publication, the mailing of the relevant notice of redemption, or (ii) to
register the transfer of or exchange any Registered Security so selected for
redemption in whole or in part, except, in the case of any Registered Security
to be redeemed in part, the portion thereof not to be redeemed, or (iii) to
exchange any Bearer Security so selected for redemption except that such a
Bearer Security may be exchanged for a Registered Security of that series and
like tenor; provided that such Registered Security shall be simultaneously
surrendered for redemption, or (iv) to issue, register the transfer of or
exchange any Security which has been surrendered for repayment at the option of
the Holder, except the portion, if any, of such Security not to be so repaid.

         SECTION 306. Mutilated, Destroyed, Lost and Stolen Securities.

         If any mutilated Security or a Security with a mutilated coupon
appertaining to it is surrendered to the Trustee or the Company, together with,
in proper cases, such security or indemnity as may be required by the Company or
the Trustee to save each of them or any agent of either of them harmless, the
Company shall execute and the Trustee shall authenticate and deliver in exchange
therefor a new Security of the same series and principal amount, containing
identical terms and provisions and bearing a number not contemporaneously
outstanding, with coupons corresponding to the coupons, if any, appertaining to
the surrendered Security.

         If there shall be delivered to the Company and to the Trustee (i)
evidence to their satisfaction of the destruction, loss or theft of any Security
or coupon, and (ii) such security or indemnity as may be required by them to
save each of them and any agent of either of them harmless, then, in the absence
of actual notice to the Company or the Trustee that such Security or coupon has
been acquired by a bona fide purchaser, the Company shall execute and upon its
request the Trustee shall authenticate and deliver, in lieu of any such
destroyed, lost or stolen Security or in exchange for the Security to which a
destroyed, lost or stolen coupon appertains (with all appurtenant coupons not
destroyed, lost or stolen), a new Security of the same series and principal
amount, containing identical terms and provisions and bearing a number not
contemporaneously outstanding, with coupons corresponding to the coupons, if
any, appertaining to such destroyed, lost or stolen Security or to the Security
to which such destroyed, lost or stolen coupon appertains.

                                       32
<PAGE>

         Notwithstanding the provisions of the previous two paragraphs, in case
any such mutilated, destroyed, lost or stolen Security or coupon has become or
is about to become due and payable, the Company in its discretion may, instead
of issuing a new Security, with coupons corresponding to the coupons, if any,
appertaining to such destroyed, lost or stolen Security or to the Security to
which such destroyed, lost or stolen coupon appertains, pay such Security or
coupon; provided, however, that payment of principal of (and premium or
Make-Whole Amount, if any), any interest on and any Additional Amounts with
respect to, Bearer Securities shall, except as otherwise provided in Section
1002, be payable only at an office or agency located outside the United States
and, unless otherwise specified as contemplated by Section 301, any interest on
Bearer Securities shall be payable only upon presentation and surrender of the
coupons appertaining thereto.

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

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

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

         SECTION 307. Payment of Interest; Interest Rights Preserved.

         Except as otherwise specified with respect to a series of Securities in
accordance with the provisions of Section 301, interest on any Registered
Security that is payable, and is punctually paid or duly provided for, on any
Interest Payment Date shall be paid to the Person in whose name that Security
(or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest at the office or agency of the
Company maintained for such purpose pursuant to Section 1002; provided, however,
that each installment of interest on any Registered Security may at the
Company's option be paid by (i) mailing a check for such interest, payable to or
upon the written order of the Person entitled thereto pursuant to Section 308,
to the address of such Person as it appears on the Security Register or (ii)
transfer to an account maintained by the payee located inside the United States.

                                       33
<PAGE>

         Unless otherwise provided as contemplated by Section 301 with respect
to the Securities of any series, payment of interest may be made, in the case of
a Bearer Security, by transfer to an account maintained by the payee with a bank
located outside the United States.

         Unless otherwise provided as contemplated by Section 301, every
permanent global Security will provide that interest, if any, payable on any
Interest Payment Date will be paid to DTC, Euroclear and/or CEDEL, as the case
may be, with respect to that portion of such permanent global Security held for
its account by Cede & Co. or the Common Depositary, as the case may be, for the
purpose of permitting such party to credit the interest received by it in
respect of such permanent global Security to the accounts of the beneficial
owners thereof.

         In case a Bearer Security of any series is surrendered in exchange for
a Registered Security of such series after the close of business (at an office
or agency in a Place of Payment for such series) on any Regular Record Date and
before the opening of business (at such office or agency) on the next succeeding
Interest Payment Date, such Bearer Security shall be surrendered without the
coupon relating to such Interest Payment Date and interest will not be payable
on such Interest Payment Date in respect of the Registered Security issued in
exchange for such Bearer Security, but will be payable only to the Holder of
such coupon when due in accordance with the provisions of this Indenture.

         Except as otherwise specified with respect to a series of Securities in
accordance with the provisions of Section 301, any interest on any Registered
Security of any series that is payable, but is not punctually paid or duly
provided for, on any Interest Payment Date (herein called "Defaulted Interest")
shall forthwith cease to be payable to the registered Holder thereof on the
relevant Regular Record Date by virtue of having been such Holder, and such
Defaulted Interest may be paid by the Company, at its election in each case, as
provided in clause (1) or (2) below:

                  (1) The Company may elect to make payment of any Defaulted
         Interest to the Persons in whose names the Registered Securities of
         such series (or their respective Predecessor Securities) are registered
         at the close of business on a Special Record Date for the payment of
         such Defaulted Interest, which shall be fixed in the following manner.
         The Company shall notify the Trustee in writing of the amount of
         Defaulted Interest proposed to be paid on each Registered Security of
         such series and the date of the proposed payment (which shall not be
         less than 20 days after such notice is received by the Trustee), and at
         the same time the Company shall deposit with the Trustee an amount of
         money in the currency or currencies, currency unit or units or
         composite currency or currencies in which the Securities of such series
         are payable (except as otherwise specified pursuant to Section 301 for
         the Securities of such series) equal to the aggregate amount proposed
         to be paid in respect of such Defaulted Interest or shall make
         arrangements satisfactory to the Trustee for such deposit on or prior
         to the date of the proposed payment, such money when deposited to be
         held in trust for the benefit of the Persons entitled to such Defaulted
         Interest as in this clause provided. Thereupon the Trustee shall fix a
         Special Record Date for the payment of such Defaulted Interest which
         shall be not more than 15 days and not less than 10 days prior to the
         date of the proposed

                                       34
<PAGE>

         payment and not less than 10 days after the receipt by the Trustee of
         the notice of the proposed payment. The Trustee shall promptly notify
         the Company of such Special Record Date and, in the name and at the
         expense of the Company, shall cause notice of the proposed payment of
         such Defaulted Interest and the Special Record Date therefor to be
         mailed, first-class postage prepaid, to each Holder of Registered
         Securities of such series at his address as it appears in the Security
         Register not less than 10 days prior to such Special Record Date. The
         Trustee may, in its discretion, in the name and at the expense of the
         Company, cause a similar notice to be published at least once in an
         Authorized Newspaper in each place of payment, but such publications
         shall not be a condition precedent to the establishment of such Special
         Record Date. Notice of the proposed payment of such Defaulted Interest
         and the Special Record Date therefor having been mailed as aforesaid,
         such Defaulted Interest shall be paid to the Persons in whose names the
         Registered Securities of such series (or their respective Predecessor
         Securities) are registered at the close of business on such Special
         Record Date and shall no longer be payable pursuant to the following
         clause (2). In case a Bearer Security of any series is surrendered at
         the office or agency in a Place of Payment for such series in exchange
         for a Registered Security of such series after the close of business at
         such office or agency on any Special Record Date and before the opening
         of business at such office or agency on the related proposed date for
         payment of Defaulted Interest, such Bearer Security shall be
         surrendered without the coupon relating to such proposed date of
         payment and Defaulted Interest will not be payable on such proposed
         date of payment in respect of the Registered Security issued in
         exchange for such Bearer Security, but will be payable only to the
         Holder of such coupon when due in accordance with the provisions of
         this Indenture.

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

         Subject to the foregoing provisions of this Section and Section 305,
each Security delivered under this Indenture upon registration of transfer of or
in exchange for or in lieu of any other Security shall carry the rights to
interest accrued and unpaid, and to accrue, which were carried by such other
Security.

         SECTION 308. Persons Deemed Owners.

         Prior to due presentment of a Registered Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name such Registered Security is registered as the
owner of such Security for the purpose of receiving payment of principal of (and
premium or Make-Whole Amount, if any), and (subject to Sections 305 and 307)
interest on, such Registered Security and for all other purposes whatsoever,

                                       35
<PAGE>

whether or not such Registered Security be overdue, and neither the Company, the
Trustee nor any agent of the Company or the Trustee shall be affected by notice
to the contrary.

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

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

         Notwithstanding the foregoing, with respect to any global Security,
nothing herein shall prevent the Company, the Trustee, or any agent of the
Company or the Trustee, from giving effect to any written certification, proxy
or other authorization furnished by any depositary, as a Holder, with respect to
such global Security or impair, as between such depositary and owners of
beneficial interests in such global Security, the operation of customary
practices governing the exercise of the rights of such depositary (or its
nominee) as Holder of such global Security.

         SECTION 309. Cancellation.

         All Securities and coupons surrendered for payment, redemption,
repayment at the option of the Holder, registration of transfer or exchange or
for credit against any sinking find payment shall, if surrendered to any Person
other than the Trustee, be delivered to the Trustee, and any such Securities and
coupons and Securities and coupons surrendered directly to the Trustee for any
such purpose shall be promptly cancelled by it. The Company may at any time
deliver to the Trustee for cancellation any Securities previously authenticated
and delivered hereunder which the Company may have acquired in any manner
whatsoever, and may deliver to the Trustee (or to any other Person for delivery
to the Trustee) for cancellation any Securities previously authenticated
hereunder which the Company has not issued and sold, and all Securities so
delivered shall be promptly cancelled by the Trustee. If the Company shall so
acquire any of the Securities, however, such acquisition shall not operate as a
redemption or satisfaction of the indebtedness represented by such Securities
unless and until the same are surrendered to the Trustee for cancellation. No
Securities shall be authenticated in lieu of or in exchange for any Securities
cancelled as provided in this Section, except as expressly permitted by this
Indenture. Cancelled Securities and coupons held by the Trustee shall be
destroyed by the Trustee and the Trustee shall deliver a certificate of such
destruction to the Company, unless by a Company Order the Company directs their
return to it.

                                       36
<PAGE>

         SECTION 310. Computation of Interest.

         Except as otherwise specified as contemplated by Section 301 with
respect to Securities of any series, interest on the Securities of each series
shall be computed on the basis of a 360- day year consisting of twelve 30-day
months.

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

         SECTION 401.  Satisfaction and Discharge of Indenture.

         This Indenture shall upon Company Request cease to be of further effect
with respect to any series of Securities specified in such Company Request
(except as to any surviving rights of registration of transfer or exchange of
Securities of such series herein expressly provided for and any right to receive
Additional Amounts, as provided in Section 1011), and the Trustee, upon receipt
of a Company Order, and at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture as to
such series when

                 (1) either

                           (A) all Securities of such series theretofore
                  authenticated and delivered and all coupons, if any,
                  appertaining thereto (other than (i) coupons appertaining to
                  Bearer Securities surrendered for exchange for Registered
                  Securities and maturing after such exchange, whose surrender
                  is not required or has been waived as provided in Section 305,
                  (ii) Securities and coupons of such series which have been
                  destroyed, lost or stolen and which have been replaced or paid
                  as provided in Section 306, (iii) coupons appertaining to
                  Securities called for redemption and maturing after the
                  relevant Redemption Date, whose surrender has been waived as
                  provided in Section 1106, and (iv) Securities and coupons of
                  such series for whose payment money has theretofore been
                  deposited in trust or segregated and held in trust by the
                  Company and thereafter repaid to the Company for discharge
                  from such trust, as provided in Section 1003) have been
                  delivered to the Trustee for cancellation; or

                           (B) all Securities of such series and, in the case of
                  (i) and (ii) below, any coupons appertaining thereto not
                  theretofore delivered to the Trustee for cancellation

                                    (i) have become due and payable, or

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

                                       37
<PAGE>

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

                  and the Company, in the case of (i), (ii) or (iii) above, has
                  irrevocably deposited or caused to be deposited with the
                  Trustee as trust funds in trust for the purpose an amount in
                  the currency or currencies, currency unit or units or
                  composite currency or currencies in which the Securities of
                  such series are payable, sufficient to pay and discharge the
                  entire indebtedness on such Securities and such coupons not
                  theretofore delivered to the Trustee for cancellation, for
                  principal (and premium or Make-Whole Amount, if any) and
                  interest, and any Additional Amounts with respect thereto, to
                  the date of such deposit (in the case of Securities which have
                  become due and payable) or the Stated Maturity or Redemption
                  Date, as the case may be;

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

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

Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee and any predecessor Trustee under
Section 606, the obligations of the Company to any Authenticating Agent under
Section 611 and, if money shall have been deposited with and held by the Trustee
pursuant to subclause (B) of clause (1) of this Section, the obligations of the
Trustee under Section 402 and the last paragraph of Section 1003, shall survive.

         SECTION 402. Application of Company Funds.

         Subject to the provisions of the last paragraph of Section 1003, all
money deposited with the Trustee pursuant to Section 401 shall be held in trust
and applied by it, in accordance with the provisions of the Securities, the
coupons and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent) as the
Trustee may determine, to the Persons entitled thereto, of the principal (and
premium or Make-Whole Amount, if any), and any interest and Additional Amounts
for whose payment such money has been deposited with or received by the Trustee,
but such money need not be segregated from other funds except to the extent
required by law.

                                       38
<PAGE>

                                  ARTICLE FIVE

                                    REMEDIES

         SECTION 501. Events of Default.

         Subject to any modifications, additions or deletions relating to any
series of Securities as contemplated pursuant to Section 301, "Event of
Default," wherever used herein with respect to any particular series of
Securities, means any one of the following events (whatever the reason for such
Event of Default and whether or not it shall be voluntary or involuntary or be
effected by operation of law or pursuant to any judgment, decree or order of any
court or any order, rule or regulation of any administrative or governmental
body):

                  (1) default in the payment of any interest upon or any
         Additional Amounts payable in respect of any Security of or within that
         series or of any coupon appertaining thereto, when such interest,
         Additional Amounts or coupon becomes due and payable, and continuance
         of such default for a period of 30 days; or

                  (2) default in the payment of the principal of (or premium or
         Make-Whole Amount, if any, on) any Security of that series when due and
         payable at its Maturity; or

                  (3) default in the deposit of any sinking fund payment, when
         and as due by the terms of any Security of that series; or

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

                  (5) default under any bond, debenture, note, mortgage,
         indenture or instrument under which there may be issued or by which
         there may be secured or evidenced any indebtedness of the Company for
         money borrowed by the Company (or by any Subsidiary, the repayment of
         which the Company has guaranteed or for which the Company is directly
         responsible or liable as obligor or guarantor), having an aggregate
         principal amount outstanding of at least $10,000,000, whether such
         indebtedness now exists or shall hereafter be created, which default
         shall have resulted in such indebtedness being declared due and payable
         prior to the date on which it would otherwise have become due and
         payable, without such indebtedness having been discharged, or such
         acceleration having been rescinded or annulled, within a period of 10
         days after there shall have been

                                       39
<PAGE>

         given, by registered or certified mail, to the Company by the Trustee
         or to the Company and the Trustee by the Holders of at least 10% in
         principal amount of the Outstanding Securities of that series a written
         notice specifying such default and requiring the Company to cause such
         indebtedness to be discharged or cause such acceleration to be
         rescinded or annulled and stating that such notice is a "Notice of
         Default" hereunder; or

                  (6) the entry by a court of competent jurisdiction of one or
         more judgments, orders or decrees against the Company or any of its
         Subsidiaries in an aggregate amount (excluding amounts covered by
         insurance) in excess of $10,000,000 and such judgments, orders or
         decrees remain undischarged, unstayed and unsatisfied in an aggregate
         amount (excluding amounts covered by insurance) in excess of
         $10,000,000 for a period of 30 consecutive days; or

                  (7) the Company or any Significant Subsidiary pursuant to or
         within the meaning of any Bankruptcy Law:

                           (A) commences a voluntary case,

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

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

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

                  (8) a court of competent jurisdiction enters an order or
         decree under any Bankruptcy Law that:

                           (A) is for relief against the Company or any
                  Significant Subsidiary in an involuntary case,

                           (B) appoints a Custodian of the Company or any
                  Significant Subsidiary or for all or substantially all of
                  either of its property, or

                           (C) orders the liquidation of the Company or any
                  Significant Subsidiary

         and the order or decree remains unstayed and in effect for 90 days; or

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

                                       40
<PAGE>

As used in this Section 501, the term "Bankruptcy Law" means Title 11, U.S. Code
or any similar Federal or state law for the relief of debtors and the term
"Custodian" means any receiver, trustee, assignee, liquidator or other similar
official under any Bankruptcy Law.

         SECTION 502. Acceleration of Maturity; Rescission and Annulment.

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

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

                  (1) The Company has paid or deposited with the Trustee a sum
         sufficient to pay in the currency, currency unit or composite currency
         in which the Securities of such series is payable (except as otherwise
         specified pursuant to Section 301 for the Securities of such series):

                           (A) all overdue installments of interest on and any
                  Additional Amounts payable in respect of all Outstanding
                  Securities of that series and any related coupons;

                           (B) the principal of (and premium or Make-Whole
                  Amount, if any, on) any Outstanding Securities of that series
                  which have become due otherwise than by such declaration of
                  acceleration and interest thereon at the rate or rates borne
                  by or provided for in such Securities;

                           (C) to the extent that payment of such interest is
                  lawful, interest upon overdue installments of interest and any
                  Additional Amounts at the rate or rates borne by or provided
                  for in such Securities; and

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

                                       41
<PAGE>

                  (2) all Events of Default with respect to Securities of that
         series, other than the nonpayment of the principal of (or premium or
         Make-Whole Amount, if any) or interest on Securities of that series
         which have become due solely by such declaration of acceleration, have
         been cured or waived as provided in Section 513.

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

         SECTION 503. Collection of Indebtedness and Suits for Enforcement by
Trustee.

         The Company covenants that if:

                  (1) default is made in the payment of any installment of
         interest or Additional Amounts, if any, on any Security of any series
         and any related coupon when such interest or Additional Amount becomes
         due and payable and such default continues for a period of 30 days, or

                  (2) default is made in the payment of the principal of (or
         premium or Make- Whole Amount, if any, on) any Security of any series
         at its Maturity,

then the Company will, upon demand of the Trustee, pay to the Trustee, for the
benefit of the Holders of such Securities of such series and coupons, the whole
amount then due and payable on such Securities and coupons for principal (and
premium or Make-Whole Amount, if any) and interest and Additional Amount, with
interest upon any overdue principal (and premium or Make-Whole Amount, if any)
and, to the extent that payment of such interest shall be legally enforceable,
upon any overdue installments of interest or Additional Amounts, if any, at the
rate or rates borne by or provided for in such Securities, and, in addition
thereto, such further amount as shall be sufficient to cover the costs and
expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel.

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

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

                                       42
<PAGE>

         SECTION 504. Trustee May File Proofs of Claim.

         In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceeding relative to the Company or any other obligor upon the
Securities or the property of the Company or of such other obligor or their
creditors, the Trustee (irrespective of whether the principal of the Securities
of any series shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Trustee shall have made
any demand on the Company for the payment of overdue principal, premium or
Make-Whole Amount, if any, or interest) shall be entitled and empowered, by
intervention in such proceeding or otherwise:

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

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

and any custodian, receiver, assignee, trustee, liquidator, sequestrator (or
other similar official) in any such judicial proceeding is hereby authorized by
each Holder of Securities of such series and coupons to make such payments to
the Trustee, and in the event that the Trustee shall consent to the making of
such payments directly to the Holders, to pay to the Trustee any amount due to
it for the reasonable compensation, expenses, disbursements and advances of the
Trustee and any predecessor Trustee, their agents and counsel, and any other
amounts due the Trustee or any predecessor Trustee under Section 606.

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

         SECTION 505. Trustee May Enforce Claims Without Possession of
Securities or Coupons.

         All rights of action and claims under this Indenture or any of the
Securities or coupons may be prosecuted and enforced by the Trustee without the
possession of any of the Securities or coupons or the production thereof in any
proceeding relating thereto, and any such proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any
recovery of judgment shall, after provision for the payment of the reasonable
compensation,

                                       43
<PAGE>

expenses, disbursements and advances of the Trustee, its agents and counsel, be
for the ratable benefit of the Holders of the Securities and coupons in respect
of which such judgment has been recovered.

         SECTION 506. Application of Money Collected.

         Any money collected by the Trustee pursuant to this Article shall be
applied in the following order, at the date or dates fixed by the Trustee and,
in case of the distribution of such money on account of principal (or premium or
Make-Whole Amount, if any) or interest and any Additional Amounts, upon
presentation of the Securities or coupons, or both, as the case may be, and the
notation thereon of the payment if only partially paid and upon surrender
thereof if fully paid:

                  FIRST: To the payment of all amounts due the Trustee and any
         predecessor Trustee under Section 606,

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

                  THIRD: To the payment of the remainder, if any, to the
         Company.

         SECTION 507. Limitation on Suits.

         No Holder of any Security of any series or any related coupon shall
have any right to institute any proceeding, judicial or otherwise, with respect
to this Indenture, or for the appointment of a receiver or trustee, or for any
other remedy hereunder, unless:

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

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

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

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

                                       44
<PAGE>

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

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

         SECTION 508. Unconditional Right of Holders to Receive Principal,
Premium or Make- Whole Amount, if any, Interest and Additional Amounts.

         Notwithstanding any other provision in this Indenture, the Holder of
any Security or coupon shall have the right which is absolute and unconditional
to receive payment of the principal of (and premium or Make-Whole Amount, if
any) and (subject to Sections 305 and 307) interest on, and any Additional
Amounts in respect of, such Security or payment of such coupon on the respective
due dates expressed in such Security or coupon (or, in the case of redemption,
on the Redemption Date) and to institute suit for the enforcement of any such
payment, and such rights shall not be impaired without the consent of such
Holder.

         SECTION 509. Restoration of Rights and Remedies.

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

         SECTION 510. Rights and Remedies Cumulative.

         Except as otherwise provided with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Securities or coupons in the last
paragraph of Section 306, 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.

                                       45
<PAGE>

         SECTION 511. Delay or Omission Not Waiver.

         No delay or omission of the Trustee or of any Holder of any Security or
coupon to exercise any right or remedy accruing upon any Event of Default shall
impair any such right or remedy or constitute a waiver of any such Event of
Default or an acquiescence therein. Every right and remedy given by this Article
or by law to the Trustee or to the Holders may be exercised front time to time,
and as often as may be deemed expedient, by the Trustee or by the Holders of
Securities or coupons, as the case may be.

         SECTION 512. Control by Holders of Securities.

         The Holders of not less than a majority in principal amount of the
Outstanding Securities of any series shall have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the
Trustee or exercising any trust or power conferred on the Companyee with respect
to the Securities of such series, provided that

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

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

                  (3) the Trustee need not take any action which might involve
         it in personal liability or be unduly prejudicial to the Holders of
         Securities of such series not joining therein (but the Trustee shall
         have no obligation as to the determination of such undue prejudice).

         SECTION 513. Waiver of Past Defaults.

         The Holders of not less than a majority in principal amount of the
Outstanding Securities of any series may on behalf of the Holders of all the
Securities of such series and any related coupons waive any past default
hereunder with respect to such series and its consequences, except a default

                  (1) in the payment of the principal of (or premium or
         Make-Whole Amount, if any) or interest on or Additional Amounts payable
         in respect of any Security of such series or any related coupons, or

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

         Upon any such waiver, such default shall cease to exist, and any Event
of Default arising therefrom shall be deemed to have been cured, for every
purpose of this Indenture; but no such

                                       46
<PAGE>

waiver shall extend to any subsequent or other default or Event of Default or
impair any right consequent thereon.

         SECTION 514. Waiver of Usury, Stay or Extension Laws.

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

         SECTION 515. Undertaking for Costs.

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

                                       47
<PAGE>

                                   ARTICLE SIX

                                   THE TRUSTEE

         SECTION 601. Notice of Defaults.

         Within 90 days after the occurrence of any default hereunder with
respect to the Securities of any series, the Trustee shall transmit in the
manner and to the extent provided in TIA Section 313(c), notice of such default
hereunder known to the Trustee, unless such default shall have been cured or
waived; provided, however, that, except in the case of a default in the payment
of the principal of (or premium or Make-Whole Amount, if any) or interest on or
any Additional Amounts with respect to any Security of such series, or in the
payment of any sinking fund installment with respect to the Securities of such
series, the Trustee shall be protected in withholding such notice if and so long
as Responsible Officers of the Trustee in good faith determine that the
withholding of such notice is in the interests of the Holders of the Securities
and coupons of such series; and provided further that in the case of any default
or breach of the character specified in Section 501(4) with respect to the
Securities and coupons of such series, no such notice to Holders shall be given
until at least 60 days after the occurrence thereof. For the purpose of this
Section, the term "default" means any event which is, or after notice or lapse
of time or both would become, an Event of Default with respect to the Securities
of such series.

         SECTION 602. Certain Rights of Trustee.

         Subject to the provisions of TIA Section 315(a) through 315(d):

                  (1) the Trustee shall perform only such duties as are
         expressly undertaken by it to perform under this Indenture;

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

                  (3) any request or direction of the Company mentioned herein
         shall be sufficiently evidenced by a Company Request or Company Order
         (other than delivery of any Security, together with any coupons
         appertaining thereto, to the Trustee for authentication and delivery
         pursuant to Section 303 which shall be sufficiently evidenced as
         provided therein) and any resolution of the Board of Directors may be
         sufficiently evidenced by a Board Resolution;

                  (4) whenever in the administration of this Indenture the
         Trustee shall deem it desirable that a matter be proved or established
         prior to taking, suffering or omitting any

                                       48
<PAGE>

         action hereunder, the Trustee (unless other evidence be herein
         specifically prescribed) may, in the absence of bad faith on its part,
         rely upon an Officers' Certificate;

                  (5) the Trustee may consult with counsel and as a condition to
         the taking, suffering or omission of any action hereunder may demand an
         Opinion of Counsel, and the advice of such counsel or any Opinion of
         Counsel shall be full and complete authorization and protection in
         respect of any action taken, suffered or omitted by it hereunder in
         good faith and in reliance thereon;

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

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

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

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

         The Trustee shall not be required to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties
hereunder, or in the exercise of any of its rights or powers, if it shall have
reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it.

         SECTION 603. Not Responsible for Recitals or Issuance of Securities.

         The recitals contained herein and in the Securities, except the
Trustee's certificate of authentication, and in any coupons shall be taken as
the statements of the Company, and neither the Trustee nor any Authenticating
Agent assumes any responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the

                                       49
<PAGE>

Securities or coupons, except that the Trustee represents that it is duly
authorized to execute and deliver this Indenture, authenticate the Securities
and perform its obligations hereunder. Neither the Trustee nor any
Authenticating Agent shall be accountable for the use or application by the
Company of Securities or the proceeds thereof.

         SECTION 604. May Hold Securities.

         The Trustee, any Paying Agent, Security Registrar, Authenticating Agent
or any other agent of the Company, in its individual or any other capacity, may
become the owner or pledgee of Securities and coupons and, subject to TIA
Sections 310(b) and 311, may otherwise deal with the Company with the same
rights it would have if it were not Trustee, Paying Agent, Security Registrar,
Authenticating Agent or such other agent.

         SECTION 605. Money Held in Trust.

         Money held by the Trustee in trust hereunder need not be segregated
from other funds except to the extent required by law. The Trustee shall be
under no liability for interest on, or investment of, any money received by it
hereunder.

         SECTION 606. Compensation and Reimbursement.

         The Company agrees:

                  (1) to pay to the Trustee from time to time reasonable
         compensation for all services rendered by it hereunder, including
         extraordinary services rendered in connection with or during the
         continuation of a default hereunder (which compensation shall not be
         limited by any provision of law in regard to the compensation of a
         trustee of an express trust);

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

                  (3) to indemnify each of the Trustee and any predecessor
         Trustee for, and to hold it harmless against, any loss, liability or
         expense, arising out of or in connection with the acceptance or
         administration of the trust or trusts or the performance of its duties
         hereunder, including the costs and expenses of defending itself against
         any claim or liability in connection with the exercise or performance
         of any of its powers or duties hereunder except to the extent any such
         loss, liability or expense may be attributable to its own negligence or
         bad faith.

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<PAGE>

         As security for the performance of the obligations of the Company under
this Section, the Trustee shall have a lien prior to the Securities upon all
property and funds held or collected by the Trustee as such, except funds held
in trust for the payment of principal of (or premium or Make-Whole Amount, if
any) or interest on particular Securities or any coupons.

         The provisions of this Section shall survive the termination of this
Indenture.

         SECTION 607. Corporate Trustee Required; Eligibility; Conflicting
Interests.

         There shall at all times be a Trustee hereunder which shall be eligible
to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital
and surplus of at least $25,000,000. If such corporation publishes reports of
condition at least annually, pursuant to law or the requirements of Federal,
State, Territorial or District of Columbia 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. If at any time the Trustee
shall cease to be eligible in accordance with the provisions of this Section, it
shall resign immediately in the manner and with the effect hereinafter specified
in this Article.

         SECTION 608. Resignation and Removal; Appointment of Successor.

                  (a) No resignation or removal of the Trustee and no
         appointment of a successor Trustee pursuant to this Article shall
         become effective until the acceptance of appointment by the successor
         Trustee in accordance with the applicable requirements of Section 609.

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

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

                  (d) If at any time:

                           (1) the Trustee shall fail to comply with the
                  provisions of TIA Section 310(b) after written request
                  therefor by the Company or by any Holder of a Security who has
                  been a bona fide Holder of a Security for at least six months,
                  or

                           (2) the Trustee shall cease to be eligible under
                  Section 607(a) and shall fail to resign after written request
                  therefor by the Company or by any Holder of a

                                       51
<PAGE>

                  Security who has been a bona fide Holder of a Security for at
                  least six months, or

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

         then, in any such case, (i) the Company by or pursuant to a Board
         Resolution may remove the Trustee and appoint a successor Trustee with
         respect to all Securities, or (ii) subject to TIA Section 315(e), any
         Holder of a Security who has been a bona fide Holder of a Security for
         at least six months may, on behalf of himself and all others similarly
         situated, petition any court of competent jurisdiction for the removal
         of the Trustee with respect to all Securities and the appointment of a
         successor Trustee or Trustees.

                  (e) If the Trustee shall resign, be removed or become
         incapable of acting, or if a vacancy shall occur in the office of
         Trustee for any cause with respect to the Securities of one or more
         series, the Company, by or pursuant to a Board Resolution, shall
         promptly appoint a successor Trustee or Trustees with respect to the
         Securities of that or those series (it being understood that any such
         successor Trustee may be appointed with respect to the Securities of
         one or more or all of such series and that at any time there shall be
         only one Trustee with respect to the Securities of any particular
         series). If, within one year after such resignation, removal or
         incapability, or the occurrence of such vacancy, a successor Trustee
         with respect to the Securities of any series shall be appointed by Act
         of the Holders of a majority in principal amount of the Outstanding
         Securities of such series delivered to the Company and the retiring
         Trustee, the successor Trustee so appointed shall, forthwith upon its
         acceptance of such appointment, become the successor Trustee with
         respect to the Securities of such series and to that extent supersede
         the successor Trustee appointed by the Company.If no successor Trustee
         with respect to the Securities of any series shall have been so
         appointed by the Trust or the Holders of Securities and accepted
         appointment in the manner hereinafter provided, any Holder of a
         Security who has been a bona fide Holder of a Security of such series
         for at least six months may, on behalf of himself and all others
         similarly situated, petition any court of competent jurisdiction for
         the appointment of a successor Trustee with respect to Securities of
         such series.

                  (f) The Company shall give notice of each resignation and each
         removal of the Trustee with respect to the Securities of any series and
         each appointment of a successor Trustee with respect to the Securities
         of any series in the manner provided for notices to the Holders of
         Securities in Section 106. Each notice shall include the name of the
         successor Trustee with respect to the Securities of such series and the
         address of its Corporate Trust Office.

                                       52
<PAGE>

         SECTION 609. Acceptance of Appointment By Successor.

                  (a) In case of the appointment hereunder of a successor
         Trustee with respect to all Securities, every such successor Trustee
         shall execute, acknowledge and deliver to the Company and to the
         retiring Trustee an instrument accepting such appointment, and
         thereupon the resignation or removal of the retiring Trustee shall
         become effective and such successor Trustee, without any further act,
         deed or conveyance, shall become vested with all the rights, powers,
         trusts and duties of the retiring Trustee; but, on request of the
         Company or the successor Trustee, such retiring Trustee shall, upon
         payment of its charges, execute and deliver an instrument transferring
         to such successor Trustee all the rights, powers and trusts of the
         retiring Trustee, and shall duly assign, transfer and deliver to such
         successor Trustee all property and money held by such retiring Trustee
         hereunder, subject nevertheless to its claim, if any, provided for in
         Section 606.

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

                                       53
<PAGE>

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

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

         SECTION 610. Merger, Conversion, Consolidation or Succession to
Business.

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

         SECTION 611. Appointment of Authenticating Agent.

         At any time when any of the Securities remain Outstanding, the Trustee
may appoint an Authenticating Agent or Agents with respect to one or more series
of Securities which shall be authorized to act on behalf of the Trustee to
authenticate Securities of such series issued upon exchange, registration of
transfer or partial redemption or repayment thereof, and Securities so
authenticated shall be entitled to the benefits of this Indenture and shall be
valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. Any such appointment shall be evidenced by an instrument in writing
signed by a Responsible Officer of the Trustee, a copy of which instrument shall
be promptly furnished to the Company.Wherever reference is made in this
Indenture to the authentication and delivery of Securities by the Trustee or the
Trustee's certificate of authentication, such reference shall be deemed to
include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent. Each Authenticating Agent shall be
acceptable to the Trust and, except as may otherwise be provided pursuant to
Section 301, shall at all times be a bank or trust company or corporation
organized and doing business and in good standing under the laws of the United
States of America or of any State or the District of Columbia, authorized under
such laws to act as Authenticating Agent, having a combined capital and surplus
of not less than $25,000,000 and subject to supervision or examination by

                                       54
<PAGE>

Federal or State authorities. If such Authenticating Agent publishes reports of
condition at least annually, pursuant to law or the requirements of the
aforesaid supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such Authenticating Agent 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 an Authenticating Agent
shall cease to be eligible in accordance with the provisions of this Section,
such Authenticating Agent shall resign immediately in the manner and with the
effect specified in this Section.

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

         An Authenticating Agent for any series of Securities may at any time
resign by giving written notice of resignation to the Trustee for such series
and to the Company. The Trustee for any series of Securities may at any time
terminate the agency of an Authenticating Agent by giving written notice of
termination to such Authenticating Agent and to the Company. Upon receiving such
a notice of resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee for such series may appoint a successor
Authenticating Agent which shall be acceptable to the Company and shall give
notice of such appointment to all Holders of Securities of or within the series
with respect to which such Authenticating Agent will serve in the manner set
forth in Section 106. Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all the rights, powers and duties
of its predecessor hereunder, with like effect as if originally named as an
Authenticating Agent herein. No successor Authenticating Agent shall be
appointed unless eligible under the provisions of this Section.

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

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

                                       55
<PAGE>

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

                                   ___________________________________,
                                   as Trustee

                                   By:      ___________________________
                                            as Authenticating Agent

                                   By:      ___________________________
                                            Authorized Officer

                                  ARTICLE SEVEN

                 HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

         SECTION 701. Disclosure of Names and Addresses of Holders.

         Every Holder of Securities or coupons, by receiving and holding the
same, agrees with the Company and the Trustee that neither the Company nor the
Trustee nor any Authenticating Agent nor any Paying Agent nor any Security
Registrar shall be held accountable by reason of the disclosure of any
information as to the names and addresses of the Holders of Securities in
accordance with TIA Section 312, 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 TIA Section
312(b).

         SECTION 702. Reports by Trustee.

         Within 60 days after April 1 of each year commencing with the first
April 1 after the first issuance of Securities pursuant to this Indenture, the
Trustee shall transmit by mail to all Holders of Securities as provided in TIA
Section 313(c) a brief report dated as of such April 1 if required by TIA
Section 313(a).

         SECTION 703. Reports by Trust.

         The Company will:

                  (1) file with the Trustee, within 15 days after the Company is
         required to file the same with the Commission, copies of the annual
         reports and of the information, documents and other reports (or copies
         of such portions of any of the foregoing as the

                                       56
<PAGE>

         Commission may from time to time by rules and regulations prescribe)
         which the Company may be required to file with the Commission pursuant
         to Section 13 or Section 15(d) of the Exchange Act; or, if the Company
         is not required to file information, documents or reports pursuant to
         either of such Sections, then it will 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 Exchange Act in respect of a security listed and
         registered on a national securities exchange as may be prescribed from
         time to time in such rules and regulations;

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

                  (3) transmit by mail to the Holders of Securities, within 30
         days after the filing thereof with the Trustee, in the manner and to
         the extent provided in TIA Section 313(c), such summaries of any
         information, documents and reports required to be filed by the Trust
         pursuant to paragraphs (1) and (2) of this Section as may be required
         by rules and regulations prescribed from time to time by the
         Commission.

         SECTION 704. Company to Furnish Trustee Names and Addresses of Holders.

         The Company will furnish or cause to be furnished to the Trustee:

                  (a) semi-annually, not later than 15 days after the Regular
         Record Date for interest for each series of Securities, a list, in such
         form as the Trustee may reasonably require, of the names and addresses
         of the Holders of Registered Securities of such series as of such
         Regular Record Date, or if there is no Regular Record Date for interest
         for such series of Securities, semi-annually, upon such dates as are
         set forth in the Board Resolution or indenture supplemental hereto
         authorizing such series, and

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

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

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                                  ARTICLE EIGHT

                CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE

         SECTION 801. Consolidations and Mergers of Company and Sales, Leases
and Conveyances Permitted Subject to Certain Conditions.

         The Company may consolidate with, or sell, lease or convey all or
substantially all of its assets to, or merge with or into any other Person,
provided that in any such case, (i) either the Company shall be the continuing
entity, or the successor (if other than the Company) entity shall be a Person
organized and existing under the laws of the United States or a State thereof
and such successor entity shall expressly assume the due and punctual payment of
the principal of (and premium or Make-Whole Amount, if any) and any interest
(including all Additional Amounts, if any, payable pursuant to Section 1011) on
all of the Securities, 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 by the Company by supplemental indenture, complying
with Article Nine hereof, satisfactory to the Trustee, executed and delivered to
the Trustee by such Person and (ii) immediately after giving effect to such
transaction and treating any indebtedness which becomes an obligation of the
Company or any Subsidiary as a result thereof as having been incurred by the
Trust or such Subsidiary at the time of such transaction, no Event of Default,
and no event which, after notice or the lapse of time, or both, would become an
Event of Default, shall have occurred and be continuing.

         SECTION 802. Rights and Duties of Successor Corporation.

         In case of any such consolidation, merger, sale, lease or conveyance
and upon any such assumption by the successor entity, such successor entity
shall succeed to and be substituted for the Company, with the same effect as if
it had been named herein as the party of the first part, and the predecessor
entity, except in the event of a lease, shall be relieved of any further
obligation under this Indenture and the Securities. Such successor entity
thereupon may cause to be signed, and may issue either in its own name or in the
name of the Company, any or all of the Securities issuable hereunder which
theretofore shall not have been signed by the Company and delivered to the
Trustee; and, upon the order of such successor entity, instead of the Company,
and subject to all the terms, conditions and limitations in this Indenture
prescribed, the Trustee shall authenticate and shall deliver any Securities
which previously shall have been signed and delivered by the officers of the
Company to the Trustee for authentication, and any Securities which such
successor entity thereafter shall cause to be signed and delivered to the
Trustee for that purpose. All the Securities so issued shall in all respects
have the same legal rank and benefit under this Indenture as the Securities
theretofore or thereafter issued in accordance with the terms of this Indenture
as though all of such Securities had been issued at the date of the execution
hereof.

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<PAGE>

         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 thereafter to be issued as may be appropriate.

         SECTION 803. Officers' Certificate and Opinion of Counsel.

         Any consolidation, merger, sale, lease or conveyance permitted under
Section 801 is also subject to the condition that the Trustee receive an
Officers' Certificate and an Opinion of Counsel to the effect that any such
consolidation, merger, sale, lease or conveyance, and the assumption by any
successor entity, complies with the provisions of this Article and that all
conditions precedent herein provided for relating to such transaction have been
complied with.

                                       59
<PAGE>

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

         SECTION 901. Supplemental Indentures Without Consent of Holders.

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

                  (1) to evidence the succession of another Person to the Trust
         and the assumption by any such successor of the covenants of the Trust
         herein and in the Securities contained; or

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

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

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

                                       60
<PAGE>

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

                  (6) to secure the Securities; or

                  (7) to establish the form or terms of Securities of any series
         and any related coupons as permitted by Sections 201 and 301; or

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

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

                  (10) to close this Indenture with respect to the
         authentication and delivery of additional series of Securities or to
         qualify, or maintain qualification of, this Indenture under the TIA; or

                  (11) to supplement any of the provisions of this Indenture to
         such extent as shall be necessary to permit or facilitate the
         defeasance and discharge of any series of Securities pursuant to
         Sections 401, 1402 and 1403; provided in each case that any such action
         shall not adversely affect the interests of the Holders of Securities
         of such series and any related coupons or any other series of
         Securities in any material respect.

         SECTION 902. Supplemental Indentures with Consent of Holders.

         With the consent of the Holders of not less than a majority in
principal amount of all Outstanding Securities affected by such supplemental
indenture, by Act of said Holders delivered to the Company and the Trustee, the
Company, when authorized by or pursuant to a Board Resolution, and the Trustee
may enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Indenture or of modifying in any manner the rights of the
Holders of Securities and any related coupons under this Indenture; provided,
however, that no such supplemental indenture shall, without the consent of the
Holder of each Outstanding Security affected thereby:

                                       61
<PAGE>

                  (1) change the Stated Maturity of the principal of (or premium
         or Make-Whole Amount, if any, on) or any installment of principal of or
         interest on, any Security; or reduce the principal amount thereof or
         the rate or amount of interest thereon or any Additional Amounts
         payable in respect thereof, or any premium or Make-Whole Amount payable
         upon the redemption thereof, or change any obligation of the Company to
         pay Additional Amounts pursuant to Section 1011 (except as contemplated
         by Section 801(1) and permitted by Section 901(1)), or reduce the
         amount of the principal of an Original Issue Discount Security or
         Make-Whole Amount, if any, that would be due and payable upon a
         declaration of acceleration of the Maturity thereof pursuant to Section
         502 or the amount thereof provable in bankruptcy pursuant to Section
         504; or adversely affect any right of repayment at the option of the
         Holder of any Security, or change any Place of Payment where, or the
         currency or currencies, currency unit or units or composite currency or
         currencies in which, the principal of any Security or any premium or
         Make- Whole Amount or any Additional Amounts payable in respect thereof
         or the interest thereon is payable; or impair the right to institute
         suit for the enforcement of any such payment on or after the Stated
         Maturity thereof (or, in the case of redemption or repayment at the
         option of the Holder, on or after the Redemption Date or the Repayment
         Date, as the case may be); or

                  (2) reduce the percentage in principal amount of the
         Outstanding Securities of any series, the consent of whose Holders is
         required for any such supplemental indenture, or the consent of whose
         Holders is required for any waiver with respect to such series (or
         compliance with certain provisions of this Indenture or certain
         defaults hereunder and their consequences) provided for in this
         Indenture, or reduce the requirements of Section 1504 for quorum or
         voting; or

                  (3) modify any of the provisions of this Section, Section 513
         or Section 1012, except to increase the required percentage to effect
         such action or to provide that certain other provisions of this
         Indenture cannot be modified or waived without the consent of the
         Holder of each Outstanding Security affected thereby.

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

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

                                       62
<PAGE>

         SECTION 903. Execution of Supplemental Indentures.

         In executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article or the modification thereby of
the trusts created by this Indenture, the Trustee shall be entitled to receive,
and shall be fully protected in relying upon, an Opinion of Counsel stating that
the execution of such supplemental indenture is authorized or permitted by this
Indenture and that all conditions precedent to the execution of such
supplemental indenture have been complied with. The Trustee may, but shall not
be obligated to, enter into any such supplemental indenture which affects the
Trustees own rights, duties or immunities under this Indenture or otherwise.

         SECTION 904. Effect of Supplemental Indentures.

         Upon the execution of any supplemental indenture under this Article,
this Indenture shall be modified in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and every Holder
of Securities theretofore or thereafter authenticated and delivered hereunder
and of any coupon appertaining thereto shall be bound thereby.

         SECTION 905. Conformity with Trust Indenture Act.

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

         SECTION 906. Reference in Securities to Supplemental Indentures.

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

         SECTION 907. Notice of Supplemental Indentures.

         Promptly after the execution by the Company and the Trustee of any
supplemental indenture pursuant to the provisions of Section 902, the Trust
shall give notice thereof to the Holders of each Outstanding Security affected,
in the manner provided for in Section 106, setting forth in general terms the
substance of such supplemental indenture.

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<PAGE>

                                   ARTICLE TEN

                                    COVENANTS

         SECTION 1001. Payment of Principal, Premium or Make-Whole Amount, if
any, Interest and Additional Amounts.

         The Company covenants and agrees for the benefit of the Holders of each
series of Securities that it will duly and punctually pay the principal of (and
premium or Make-Whole Amount, if any) and interest on and any Additional Amounts
payable in respect of the Securities of that series in accordance with the terms
of such series of Securities, any coupons appertaining thereto and this
Indenture. Unless otherwise specified as contemplated by Section 301 with
respect to any series of Securities, any interest due on and any Additional
Amounts payable in respect of Bearer Securities on or before Maturity, other
than Additional Amounts, if any, payable as provided in Section 1011 in respect
of principal of (or premium or Make-Whole Amount, if any, on) such a Security,
shall be payable only upon presentation and surrender of the several coupons for
such interest installments as are evidenced thereby as they severally mature.
Unless otherwise specified with respect to Securities of any series pursuant to
Section 301, at the option of the Company, all payments of principal may be paid
by check to the registered Holder of the Registered Security or other person
entitled thereto against surrender of such Security.

         SECTION 1002. Maintenance of Office or Agency.

         If Securities of a series are issuable only as Registered Securities,
the Company shall maintain in each Place of Payment for any series of Securities
an office or agency where Securities of that series may be presented or
surrendered for payment, where Securities of that series may be surrendered for
registration of transfer or exchange and where notices and demands to or upon
the Company in respect of the Securities of that series and this Indenture may
be served. If Securities of a series are issuable as Bearer Securities, the
Company will maintain: (A) in the Borough of Manhattan, The City of New York, an
office or agency where any Registered Securities of that series may be presented
or surrendered for payment, where any Registered Securities of that series may
be surrendered for exchange, where notices and demands to or upon the Company in
respect of the Securities of that series and this Indenture may be served and
where Bearer Securities of that series and related coupons may be presented or
surrendered for payment in the circumstances described in the following
paragraph (and not otherwise); (B) subject to any laws or regulations applicable
thereto, in a Place of Payment for that series which is located outside the
United States, an office or agency where Securities of that series and related
coupons may be presented and surrendered for payment (including payment of any
Additional Amounts payable on Securities of that series pursuant to Section
1011); provided, however, that if the Securities of that series are listed on
the Luxembourg Stock Exchange, The International Stock Exchange or any other
stock exchange located outside the United States and such stock exchange shall
so require, the Company will maintain a Paying Agent for the Securities of that
series in Luxembourg, London or any other required city located outside the
United States, as the case

                                       64
<PAGE>

may be, so long as the Securities of that series are listed in such exchange;
and (C) subject to any laws or regulations applicable thereto, in a Place of
Payment for that series located outside the United States an office or agency
where any Securities of that series may be surrendered for registration of
transfer, where Securities of that series may be surrendered for exchange and
where notices and demands to or upon the Company in respect of the Securities of
that series and this Indenture may be served. The Company will give prompt
written notice to the Trustee of the location, and any change in the location,
of each such office or agency. If at any time the Company shall fail to maintain
any such required office or agency or shall fail to furnish the Trustee with the
address thereof, such presentations, surrenders, notices and demands may be made
or served at the Corporate Trust Office of the Trustee, except that Bearer
Securities of that series and the related coupons may be presented and
surrendered for payment (including payment of any Additional Amounts payable on
Bearer Securities of that series pursuant to Section 1011) at the offices
specified in the Security, in London, England, and the Company hereby appoints
the same as its agent to receive such respective presentations, surrenders,
notices and demands, and the Company hereby appoints the Trustee its agent to
receive all such presentations, surrenders, notices and demands.

         Unless otherwise specified with respect to any Securities pursuant to
Section 301, no payment of principal, premium, Make-Whole Amount or interest on
or Additional Amounts in respect of Bearer Securities shall be made at any
office or agency of the Company in the United States or by check mailed to any
address in the United States or by transfer to an account maintained with a bank
located in the United States; provided, however, that, if the Securities of a
series are payable in Dollars, payment of principal of and any premium and
interest on any Bearer Security (including any Additional Amounts or Make-Whole
Amount payable on Securities of such series pursuant to Section 1011) shall be
made at the office of the Company's Paying Agent in the Borough of Manhattan,
The City of New York, if (but only if) payment in Dollars of the full amount of
such principal, premium, interest, Additional Amounts or Make- Whole Amount, as
the case may be, at all offices or agencies outside the United States maintained
for the purpose by the Company in accordance with this Indenture, is illegal or
effectively precluded by exchange controls or other similar restrictions.

         The Company may from time to time designate one or more other offices
or agencies where the Securities of one or more series and related coupons, if
any, may be presented or surrendered for any or all of such purposes, and may
from time to time rescind such designations; provided, however, that no such
designation or rescission shall in any manner relieve the Company of its
obligation to maintain an office or agency in accordance with the requirements
set forth above for Securities of any series for such purposes. The Company will
give prompt written notice to the Trustee of any such designation or rescission
and of any change in the location of any such other office or agency. Unless
otherwise specified with respect to any Securities pursuant to Section 301 with
respect to a series of Securities, the Company hereby designates as Places of
Payment for each series of Securities the Corporate Trust Office of the Trustee
and the office or agency of _____________________________________ at
__________________________, New York, New York _____, in the Borough of
Manhattan, The City of New York, initially appoints the Trustee as a Paying
Agent in ________________,

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<PAGE>

and ____________________________ as Paying Agent in the Borough of Manhattan,
The City of New York, and appoints each as its agent to receive all such
presentations, surrenders, notices and demands.

         Unless otherwise specified with respect to any Securities pursuant to
Section 301, if and so long as the Securities of any series (i) are denominated
in a Foreign Currency or (ii) may be payable in a Foreign Currency, or so long
as it is required under any other provision of the Indenture, then the Company
will maintain with respect to each such series of Securities, or as so required,
at least one exchange rate agent.

         SECTION 1003. Money for Securities Payments to Be Held in Trust.

         If the Company shall at any time act as its own Paying Agent with
respect to any series of any Securities and any related coupons, it will, on or
before each due date of the principal of (and premium or Make-Whole Amount, if
any), or interest on or Additional Amounts in respect of, any of the Securities
of that series, segregate and hold in trust for the benefit of the Persons
entitled thereto a sum in the currency or currencies, currency unit or units or
composite currency or currencies in which the Securities of such series are
payable (except as otherwise specified pursuant to Section 301 for the
Securities of such series) sufficient to pay the principal (and premium or
Make-Whole Amount, if any) or interest or Additional Amounts so becoming due
until such sums shall be paid to such Persons or otherwise disposed of as herein
provided, and will promptly notify the Trustee of its action or failure so to
act.

         Whenever the Company shall have one or more Paying Agents for any
series of Securities and any related coupons, it will, on or before each due
date of the principal of (and premium or Make-Whole Amount, if any), or interest
on or Additional Amounts in respect of, any Securities of that series, deposit
with a Paying Agent a sum (in the currency or currencies, currency unit or units
or composite currency or currencies described in the preceding paragraph)
sufficient to pay the principal (and premium or Make-Whole Amount, if any) or
interest or Additional Amounts, so becoming due, such sum to be held in trust
for the benefit of the Persons entitled to such principal, premium, Make-Whole
Amount or interest or Additional Amounts and (unless such Paying Agent is the
Trustee) the Company will promptly notify the Trustee of its action or failure
so to act.

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

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

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<PAGE>

                  (2) give the Trustee notice of any default by the Company (or
         any other obligor upon the Securities) in the making of any such
         payment of principal (and premium or Make-Whole Amount, if any) or
         interest; and

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

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

         Except as otherwise provided in the Securities of any series, any money
deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of (and premium or Make-Whole Amount, if
any) or interest on, or any Additional Amounts in respect of, any Security of
any series and remaining unclaimed for two years after such principal (and
premiums or Make-Whole Amount, if any), interest or Additional Amounts has
become due and payable shall be paid to the Company upon Company Request or (if
then held by the Company)shall be discharged from such trust; and the Holder of
such Security shall thereafter, as an unsecured general creditor, look only to
the Company for payment of such principal of (and premium or Make-Whole Amount,
if any) or interest on, or any Additional Amounts in respect of, any Security,
without interest thereon, and all liability of the Trustee or such Paying Agent
with respect to such trust money, and all liability of the Company as trustee
thereof, shall thereupon cease; provided, however, that the Trustee or such
Paying Agent, before being required to make any such repayment, may at the
expense of the Company cause to be published once, in an Authorized Newspaper,
notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such publication,
any unclaimed balance of such money then remaining will be repaid to the
Company.

         SECTION 1004. Limitations on Incurrence of Debt.

                  (a) The Company will not, and will not permit any Subsidiary
         to, incur any Debt if, immediately after giving effect to the
         incurrence of such additional Debt and the application of the proceeds
         thereof, the aggregate principal amount of all outstanding Debt of the
         Company and its Subsidiaries on a consolidated basis determined in
         accordance with GAAP is greater than 60% of the sum of (without
         duplication) (i) the Company's Total Assets as of the end of the
         calendar quarter covered in the Company's Annual Report on Form 10-K or
         Quarterly Report on Form 10-Q, as the case may be, most recently filed
         with the Commission (or, if such filing is not permitted under the
         Exchange Act, with the Trustee) prior to the incurrence of such
         additional Debt and (ii) the purchase price of any real estate assets
         or mortgages receivable acquired, and the amount of any

                                       67
<PAGE>

         securities offering proceeds received (to the extent such proceeds were
         not used to acquire real estate assets or mortgages receivable or used
         to reduce Debt), by the Company or any Subsidiary since the end of such
         calendar quarter, including those proceeds obtained in connection with
         the incurrence of such additional Debt;

                  (b) In addition to the limitations set forth in subsection (a)
         of this Section 1004, the Company will not, and will not permit any
         Subsidiary to, incur any Debt if the ratio of Consolidated Income
         Available for Debt Service to the Annual Service Charge for the four
         consecutive fiscal quarters most recently ended prior the date on which
         such additional Debt is to be incurred shall have been less than 1.5,
         on a pro forma basis after giving effect thereto and to the application
         of the proceeds therefrom, and calculated on the assumption that (i)
         such Debt and any other Debt incurred by the Company and its
         Subsidiaries since the first day of such four-quarter period and the
         application of the proceeds therefrom, including to refinance other
         Debt, had occurred at the beginning of such period; (ii) the repayment
         or retirement of any other Debt by the Company and its Subsidiaries
         since the first day of such four-quarter period had been incurred,
         repaid or retired at the beginning of such period (except that, in
         making such computation, the amount of Debt under any revolving credit
         facility shall be computed based upon the average daily balance of such
         Debt during such period); (iii) in the case of Acquired Debt or Debt
         incurred in connection with any acquisition since the first day of such
         four-quarter period, the related acquisition had occurred as of the
         first day of such period with the appropriate adjustments with respect
         to such acquisition being included in such pro forma calculation; and
         (iv) in the case of any acquisition or disposition by the Company or
         its Subsidiaries of any asset or group of assets since the first day of
         such four-quarter period, whether by merger, stock purchase or sale, or
         asset purchase or sale, such acquisition or disposition or any related
         repayment of Debt had occurred as of the first day of such period with
         the appropriate adjustments with respect to such acquisition or
         disposition being included in such pro forma calculation.

                  (c) In addition to the limitation set forth in subsections (a)
         and (b) of this Section 1004, the Company will not, and will not permit
         any Subsidiary to, incur any Debt secured by any mortgage, lien,
         charge, pledge, encumbrance or security interest of any kind upon any
         of the property of the Company or any Subsidiary, whether owned at the
         date hereof or hereafter acquired, if, immediately after giving effect
         to the incurrence of such additional Debt and the application of the
         proceeds thereof, the aggregate principal amount of all outstanding
         Debt of the Company and its Subsidiaries on a consolidated basis which
         is secured by any mortgage, lien, charge, pledge, encumbrance or
         security interest on property of the Company or any Subsidiary is
         greater than 40% of the Company's Total Assets.

                  (d) For purposes of this Section 1004 Debt shall be deemed to
         be "incurred" by the Company or a Subsidiary whenever the Company or
         such Subsidiary shall create, assume, guarantee or otherwise become
         liable in respect thereof.

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         SECTION 1005. Existence.

         Subject to Article Eight, the Company will do or cause to be done all
things necessary to preserve and keep in full force and effect the existence,
rights (charter and statutory) and franchises of the Company and its
Subsidiaries; provided, however, that the Company shall not be required to
preserve any right or franchise if the Board of Directors shall determine that
the preservation thereof is no longer desirable in the conduct of the business
of the Company and its Subsidiaries as a whole and that the loss thereof is not
disadvantageous in any material respect to the Holders of Securities of any
series.

         SECTION 1006. Maintenance of Properties.

         The Company will cause all of its properties used or useful in the
conduct of its business or the business of any Subsidiary to be maintained and
kept in good condition, repair and working order and supplied with all necessary
equipment and will cause to be made all necessary repairs, renewals,
replacements, betterments and improvements thereof, all as in the judgment of
the Company may be necessary so that the business carried on in connection
therewith may be properly and advantageously conducted at all times; provided,
however, that nothing in this Section shall prevent the Company or any
Subsidiary from selling or otherwise disposing of for value its properties in
the ordinary course of its business.

         SECTION 1007. Insurance.

         The Company will, and will cause each of its Subsidiaries to, keep all
of its insurable properties insured against loss or damage at least equal to
their then full insurable value with financially sound and reputable insurance
companies.

         SECTION 1008. Payment of Taxes and Other Claims.

         The Company will pay or discharge or cause to be paid or discharged,
before the same shall become delinquent, (1) all taxes, assessments and
governmental charges levied or imposed upon it or any Subsidiary or upon the
income, profits or property of the Company or any Subsidiary, and (2) all lawful
claims for labor, materials and supplies which, if unpaid, might by law become a
lien upon the property of the Company or any Subsidiary; provided, however, that
the Company shall not be required to pay or discharge or cause to be paid or
discharged any such tax, assessment, charge or claim whose amount, applicability
or validity is being contested in good faith by appropriate proceedings.

         SECTION 1009. Provision of Financial Information.

         Whether or not the Company is subject to Section 13 or 15(d) of the
Exchange Act, the Company will, to the extent permitted under the Exchange Act,
file with the Commission the annual reports, quarterly reports and other
documents which the Company would have been required to file with the Commission
pursuant to such Section 13 or 15(d) (the "Financial Statements") if the

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Company were so subject, such documents to be filed with the Commission on or
prior to the respective dates (the "Required Filing Dates") by which the Trust
would have been required so to file such documents if the Company were so
subject.

         The Company will also in any event (x) within 15 days of each Required
Filing Date (i) transmit by mail to all Holders, as their names and addresses
appear in the Security Register, without cost to such Holders, copies of the
annual reports and quarterly reports which the Company would have been required
to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act
if the Company were subject to such Sections, and (ii) file with the Trustee
copies of annual reports, quarterly reports and other documents which the
Company would have been required to file with the Commission pursuant to Section
13 or 15(d) of the Exchange Act if the Company were subject to such Sections and
(y) if filing such documents by the Company with the Commission is not permitted
under the Exchange Act, promptly upon written request and payment of the
reasonable cost of duplication and delivery, supply copies of such documents to
any prospective Holder.

         SECTION 1010. Statement as to Compliance.

         The Company will deliver to the Trustee within 120 days after the end
of each fiscal year, a brief certificate from the principal executive officer,
principal financial officer or principal accounting officer as to his or her
knowledge of the Company's compliance with all conditions and covenants under
this Indenture and, in the event of any noncompliance, specifying such
noncompliance and the nature and status thereof. For purposes of this Section
1010, such compliance shall be determined without regard to any period of grace
or requirement of notice under this Indenture.

         SECTION 1011. Additional Amounts.

         If any Securities of a series provide for the payment of Additional
Amounts, the Company will pay to the Holder or any Security of such series or
any coupon appertaining thereto Additional Amounts as may be specified as
contemplated by Section 301. Whenever in this Indenture there is mentioned, in
any context except in the case of Section 502(1), the payment of the principal
or of any premium, Make-Whole Amount or interest on, or in respect of, any
Security of any series or payment of any related coupon or the net proceeds
received on the sale or exchange of any Security of any series, such mention
shall be deemed to include mention of the payment of Additional Amounts provided
by the terms of such series established pursuant to Section 301 to the extent
that, in such context, Additional Amounts are, were or would be payable in
respect thereof pursuant to such terms and express mention of the payment of
Additional Amounts (if applicable) in any provisions hereof shall not be
construed as excluding Additional Amounts in those provisions hereof where such
express mention is not made.

         Except as otherwise specified as contemplated by Section 301, if the
Securities of a series provide for the payment of Additional Amounts, at least
10 days prior to the first Interest Payment Date with respect to that series of
Securities (or if the Securities of that series will not

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<PAGE>

bear interest prior to Maturity, the first day on which a payment of principal
and any premium is made), and at least 10 days prior to each date of payment of
principal and any premium or Make-Whole Amount or interest if there has been any
change with respect to the matters set forth in the below-mentioned Officers'
Certificate, the Company will furnish the Trustee and the Company's principal
Paying Agent or Paying Agents, if other than the Trustee, with an Officers'
Certificate instructing the Trustee and such Paying Agent or Paying Agents
whether such payment of principal of and any premium or interest on the
Securities of that series shall be made to Holders of Securities of that series
or any related coupons who are not United States persons without withholding for
or on account of any tax, assessment or other governmental charge described in
the Securities of or within the series. If any such withholding shall be
required, then such Officers' Certificate shall specify by country the amount,
if any, required to be withheld on such payments to such Holders of Securities
of that series or related coupons and the Company will pay to the Trustee or
such Paying Agent the Additional Amounts required by the terms of such
Securities. In the event that the Trustee or any Paying Agent, as the case may
be, shall not so receive the above-mentioned certificate, then the Trustee or
such Paying Agent shall be entitled (i) to assume that no such withholding or
deduction is required with respect to any payment of principal or interest with
respect to any Securities of a series or related coupons until it shall have
received a certificate advising otherwise and (ii) to make all payments of
principal and interest with respect to the Securities of a series or related
coupons without withholding or deductions until otherwise advised. The Company
covenants to indemnify the Trustee and any Paying Agent for, and to hold them
harmless against, any loss, liability or expense reasonably incurred without
negligence or bad faith on their part arising out of or in connection with
actions taken or omitted by any of them in reliance on any Officers' Certificate
furnished pursuant to this Section or in reliance on the Company's not
furnishing such an Officers' Certificate.

         SECTION 1012. Waiver of Certain Covenants.

         The Company may omit in any particular instance to comply with any
term, provision or condition set forth in Sections 1004 to 1009, inclusive, and
with any other term, provision or condition with respect to the Securities of
any series specified in accordance with Section 301 (except any such term,
provision or condition which could not be amended without the consent of all
Holders of Securities of such series pursuant to Section 902), if before or
after the time for such compliance the Holders of at least a majority in
principal amount of all outstanding Securities of such series, by Act of such
Holders, either waive such compliance in such instance or generally waive
compliance with such covenant or condition, but no such waiver shall extend to
or affect such covenant or condition except to the extent so expressly waived,
and, until such waiver shall become effective, the obligations of the Company
and the duties of the Trustee in respect of any such term, provision or
condition shall remain in full force and effect.

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                                 ARTICLE ELEVEN

                            REDEMPTION OF SECURITIES

         SECTION 1101. Applicability of Article.

         Securities of any series which are redeemable before their Stated
Maturity shall be redeemable in accordance with their terms and (except as
otherwise specified as contemplated by Section 301 for Securities of any series)
in accordance with this Article.

         SECTION 1102. Election to Redeem; Notice to Trustee.

         The election of the Company to redeem any Securities shall be evidenced
by or pursuant to a Board Resolution. In case of any redemption at the election
of the Company of less than all of the Securities of any series, the Company
shall, at least 45 days prior to the giving of the notice of redemption in
Section 1104 (unless a shorter notice shall be satisfactory to the Trustee),
notify the Trustee of such Redemption Date and of the principal amount of
Securities of such series to be redeemed. In the case of any redemption of
Securities prior to the expiration of any restriction on such redemption
provided in the terms of such Securities or elsewhere in this Indenture, the
Company shall furnish the Trustee with an Officers' Certificate evidencing
compliance with such restriction.

         SECTION 1103. Selection by Trustee of Securities to Be Redeemed.

         If less than all the Securities of any series issued on the same day
with the same terms are to be redeemed, the particular Securities to be redeemed
shall be selected not more than 60 days prior to the Redemption Date by the
Trustee, from the Outstanding Securities of such series issued on such date with
the same terms not previously called for redemption, by such method as the
Trustee shall deem fair and appropriate and which may provide for the selection
for redemption of portions (equal to the minimum authorized denomination for
Securities of that series or any integral multiple thereof) of the principal
amount of Securities of such series of a denomination larger than the minimum
authorized denomination for Securities of that series.

         The Trustee shall promptly notify the Company and the Security
Registrar (if other than itself) 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 1104. Notice of Redemption.

         Notice of redemption shall be given in the manner provided in Section
106, not less than 30 days nor more than 60 days prior to the Redemption Date,
unless a shorter period is specified by the terms of such series established
pursuant to Section 301, to each Holder of Securities to be redeemed, but
failure to give such notice in the manner herein provided to the Holder of any

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<PAGE>

Security designated for redemption as a whole or in part, or any defect in the
notice to any such Holder, shall not affect the validity of the proceedings for
the redemption of any other such Security or portion thereof.

         Any notice that is mailed to the Holders of Registered Securities in
the manner herein provided shall be conclusively presumed to have been duly
given, whether or not the Holder receives the notice.

         All notices of redemption shall state:

                  (1) the Redemption Date;

                  (2) the Redemption Price, accrued interest to the Redemption
         Date payable as provided in Section 1106, if any, and Additional
         Amounts, if any;

                  (3) if less than all Outstanding Securities of any series are
         to be redeemed, the identification (and, in the case of partial
         redemption, the principal amount) of the particular Security or
         Securities to be redeemed;

                  (4) in case any Security is to be redeemed in part only, that
         on and after the Redemption Date, upon surrender of such Security, the
         holder will receive, without a charge, a new Security or Securities of
         authorized denominations for the principal amount thereof remaining
         unredeemed;

                  (5) that on the Redemption Date the Redemption Price and
         accrued interest to the Redemption Date payable as provided in Section
         1106, if any, will become due and payable upon each such Security, or
         the portion thereof, to be redeemed and, if applicable, that interest
         thereon shall cease to accrue on and after said date;

                  (6) the Place or Places of Payment where such Securities,
         together in the case of Bearer Securities with all coupons appertaining
         thereto, if any, maturing after the Redemption Date, are to be
         surrendered for payment of the Redemption Price and accrued interest,
         if any;

                  (7) that the redemption is for a sinking fund, if such is the
         case;

                  (8) that, unless otherwise specified in such notice, Bearer
         Securities of any series, if any, surrendered for redemption must be
         accompanied by all coupons maturing subsequent to the date fixed for
         redemption or the amount of any such missing coupon or coupons will be
         deducted from the Redemption Price, unless security or indemnity
         satisfactory to the Company, the Trustee for such series and any Paying
         Agent is furnished;

                  (9) if Bearer Securities of any series are to be redeemed and
         any Registered Securities of such series are not to be redeemed, and if
         such Bearer Securities may be

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<PAGE>

         exchanged for Registered Securities not subject to the redemption on
         this Redemption Date pursuant to Section 305 or otherwise, the last
         date, as determined by the Company, on which such exchanges may be
         made;

                  (10) the CUSIP number of such Security, if any, provided that
         neither the Company nor the Trustee shall have any responsibility for
         any such CUSIP number; and

                  (11) if applicable, that a Holder of Securities who desires to
         convert Securities to be redeemed must satisfy the requirements for
         conversion contained in such Securities, the then existing conversion
         price or rate and the date and time when the option to convert shall
         expire.

         Notice of redemption of Securities to be redeemed shall be given by the
Company or, at the Company request, by the Trustee in the name and at the
expense of the Trust.

         SECTION 1105. Deposit of Redemption Price.

         On or prior to any Redemption Date, the Company shall deposit with the
Trustee or with a Paying Agent (or, if the Company is acting as its own Paying
Agent, which it may not do in the case of a sinking fund payment under Article
Twelve, segregate and hold in trust as provided in Section 1003) an amount of
money in the currency or currencies, currency unit or units or composite
currency or currencies in which the Securities of such series are payable
(except as otherwise specified pursuant to Section 301 for the Securities of
such series) sufficient to pay on the Redemption Date the Redemption Price of,
and (except if the Redemption Date shall be an Interest Payment Date) accrued
interest on, all the Securities or portions thereof which are to be redeemed on
that date.

         SECTION 1106. Securities Payable on Redemption Date.

         Notice of redemption having been given as aforesaid, the Securities so
to be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein specified in the currency or currencies, currency unit
or units or composite currency or currencies in which the Securities of such
series are payable (except as otherwise specified pursuant to Section 301 for
the Securities of such series) (together with accrued interest, if any, to the
Redemption Date), and from and after such date (unless the Company shall default
in the payment of the Redemption Price and accrued interest) such Securities
shall, if the same were interest-bearing, cease to bear interest and the coupons
for such interest appertaining to any Bearer Securities so to be redeemed,
except to the extent provided below, shall be void. Upon surrender of any such
Security for redemption in accordance with said notice, together with all
coupons, if any, appertaining thereto maturing after the Redemption Date, such
Security shall be paid by the Company at the Redemption Price, together with
accrued interest, if any, to the Redemption Date; provided, however, that
installments of interest on Bearer Securities whose Stated Maturity is on or
prior to the Redemption Date shall be payable only at an office or agency
located outside the United States (except as otherwise provided in Section 1002)
and,

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<PAGE>

unless otherwise specified as contemplated by Section 301, only upon
presentation and surrender of coupons for such interest; and provided further
that, installments of interest on Registered Securities whose Stated Maturity is
on or prior to the Redemption Date shall be payable to the Holders of such
Securities, or one or more Predecessor Securities, registered as such at the
close of business on the relevant Record Dates according to their terms and the
provisions of Section 307.

         If any Bearer Security surrendered for redemption shall not be
accompanied by all appurtenant coupons maturing after the Redemption Date, such
Security may be paid after deducting from the Redemption Price an amount equal
to the face amount of all such missing coupons, or the surrender of such missing
coupon or coupons may be waived by the Company and the Trustee if there be
furnished to them such security or indemnity as they may require to save each of
them and any Paying Agent harmless. If thereafter the Holder of such Security
shall surrender to the Trustee or any Paying Agent any such missing coupon in
respect of which a deduction shall have been made from the Redemption Price,
such Holder shall be entitled to receive the amount so deducted; provided,
however, that interest represented by coupons shall be payable only at an office
or agency located outside the United States (except as otherwise provided in
Section 1002) and, unless otherwise specified as contemplated by Section 301,
only upon presentation and surrender of those coupons.

         If any Security called for redemption shall not be so paid upon
surrender thereof for redemption, the principal (and premium or Make-Whole
Amount, if any) shall, until paid, bear interest from the Redemption Date at the
rate borne by the Security.

         SECTION 1107. Securities Redeemed in Part.

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

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                                 ARTICLE TWELVE

                                  SINKING FUNDS

         SECTION 1201. Applicability of Article.

         The provisions of this Article shall be applicable to any sinking fund
for the retirement of Securities of a series except as otherwise specified as
contemplated by Section 301 for Securities of such series.

         The minimum amount of any sinking fund payment provided for by the
terms of Securities of any series is herein referred to as a "mandatory sinking
fund payment," and any payment in excess of such minimum amount provided for by
the terms of such Securities of any series is herein referred to as an "optional
sinking fund payment." If provided for by the terms of any Securities of any
series, the cash amount of any mandatory sinking fund payment may be subject to
reduction as provided in Section 1202. Each sinking fund payment shall be
applied to the redemption of Securities of any series as provided for by the
terms of Securities of such series.

         SECTION 1202. Satisfaction of Sinking Fund Payments with Securities.

         The Company may, in satisfaction of all or any part of any mandatory
sinking fund with respect to the Securities of a series, (1) deliver Outstanding
Securities of such series (other than any previously called for redemption)
together in the case of any Bearer Securities of such series with all matured
coupons appertaining thereto and (2) apply as a credit Securities of such series
which have been redeemed either at the election of the Company pursuant to the
terms of such Securities or through the application of permitted optional
sinking fund payments pursuant to the terms of such Securities, as provided for
by the terms of such Securities, or which have otherwise been acquired by the
Company; provided that such Securities so delivered or applied as a credit have
not been previously so credited. Such Securities shall be received and credited
for such purpose by the Trustee at the applicable Redemption Price specified in
such Securities for redemption through operation of the sinking fund and the
amount of such mandatory sinking fund payment shall be reduced accordingly.

         SECTION 1203. Redemption of Securities for Sinking Fund.

         Not less than 60 days prior to each sinking payment date for Securities
of any series, the Company will deliver to the Trustee an Officers' Certificate
specifying the amount of the next ensuing mandatory sinking fund payment for
that series pursuant to the terms of that series, the portion thereof, if any,
which is to be satisfied by payment of cash in the currency or currencies,
currency unit or units or composite currency or currencies in which the
Securities of such series are payable (except as otherwise specified pursuant to
Section 301 for the Securities of such series) and the portion thereof, if any,

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<PAGE>

which is to be satisfied by delivering and crediting Securities of that series
pursuant to Section 1202, and the optional amount, if any, to be added in cash
to the next ensuing mandatory sinking fund payment, and will also deliver to the
Trustee any Securities to be so delivered and credited. If such Officers'
Certificate shall specify an optional amount to be added in cash to the next
ensuing mandatory sinking fund payment, the Company shall thereupon be obligated
to pay the amount therein specified. Not less than 30 days before each such
sinking fund payment date the Trustee shall select the Securities to be redeemed
upon such sinking fund payment date in the manner specified in Section 1103 and
cause notice of the redemption thereof to be given in the name of and at the
expense of the Company in the manner provided in Section 1104. Such notice
having been duly given, the redemption of such Securities shall be made upon the
terms and in the manner stated in Sections 1106 and 1107.

                                ARTICLE THIRTEEN

                       REPAYMENT AT THE OPTION OF HOLDERS

         SECTION 1301. Applicability of Article.

         Repayment of Securities of any series before their Stated Maturity at
the option of Holders thereof shall be made in accordance with the terms of such
Securities, if any, and (except as otherwise specified by the terms of such
series established pursuant to Section 301) in accordance with this Article.

         SECTION 1302. Repayment of Securities.

         Securities of any series subject to repayment in whole or in part at
the option of the Holders thereof will, unless otherwise provided in the terms
of such Securities, be repaid at a price equal to the principal amount thereon,
together with interest, if any, thereof accrued to the Repayment Date specified
in or pursuant to the terms of such Securities. The Company covenants that on or
before the Repayment Date it will deposit with the Trustee or with a Paying
Agent (or, if the Company is acting as its own Paying Agent, segregate and hold
in trust as provided in Section 1003) an amount of money in the currency or
currencies, currency unit or units or composite currency or currencies in which
the Securities of such series are payable (except as otherwise specified
pursuant to Section 301 for the Securities of such series) sufficient to pay the
principal (or, if so provided by the terms of the Securities of any series, a
percentage of the principal) of, and (except if the Repayment Date shall be an
Interest Payment Date) accrued interest on, all the Securities or portions
thereof, as the case may be, to be repaid on such date.

         SECTION 1303. Exercise of Option.

         Securities of any series subject to repayment at the option of the
Holders thereof will contain an "Option to Elect Repayment" form on the reverse
of such Securities. In order for any Security to be repaid at the option of the
Holder, the Trustee must receive at the Place of Payment therefor specified in
the terms of such Security (or at such other place or places of

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<PAGE>

which the Company shall from time to time notify the Holders of such Securities)
not earlier than 60 days nor later than 30 days prior to the Repayment Date (1)
the Security so providing for such repayment together with the "Option to Elect
Repayment" form on the reverse thereof duly completed by the Holder (or by the
Holder's attorney duly authorized in writing) or (2) a telegram, telex,
facsimile transmission or a letter from a member of a national securities
exchange, or the National Association of Securities Dealers, Inc. ("NASD"), or a
commercial bank or trust company in the United States setting forth the name of
the Holder of the Security, the principal amount of the Security, the principal
amount of the Security to be repaid, the CUSIP number, if any, or a description
of the tenor and terms of the Security, a statement that the option to elect
repayment is being exercised thereby and a guarantee that the Security to be
repaid, together with the duly completed form entitled "Option to Elect
Repayment" on the reverse of the Security, will be received by the Trustee not
later than the fifth Business Day after the date of such telegram, telex,
facsimile transmission or letter; provided, however, that such telegram, telex,
facsimile transmission or letter shall only be effective if such Security and
form duly completed are received by the Trustee by such fifth Business Day. If
less than the entire principal amount of such Security is to be repaid in
accordance with the terms of such Security, the principal amount of such
Security to be repaid, in increments of the minimum denomination for Securities
of such series, and the denomination or denominations of the Security or
Securities to be issued to the Holder for the portion of the principal amount of
such Security surrendered that is not to be repaid, must be specified. The
principal amount of any Security providing for repayment at the option of the
Holder thereof may not be repaid in part if, following such repayment, the
unpaid principal amount of such Security would be less than the minimum
authorized denomination of Securities of or within the series of which such
Security to be repaid is a part. Except as otherwise may be provided by the
terms of any Security providing for repayment at the option of the Holder
thereof, exercise of the repayment option by the Holder shall be irrevocable
unless waived by the Trust.

         SECTION 1304. When Securities Presented for Repayment Become Due and
Payable.

         If Securities of any series providing for repayment at the option of
the Holders thereof shall have been surrendered as provided in this Article and
as provided by or pursuant to the terms of such Securities, such Securities or
the portions thereof, as the case may be, to be repaid shall become due and
payable and shall be paid by the Company on the Repayment Date therein
specified, and on and after such Repayment Date (unless the Company shall
default in the payment of such Securities on such Repayment Date) such
Securities shall, if the same were interest-bearing, cease to bear interest and
the coupons for such interest appertaining to any Bearer Securities so to be
repaid, except to the extent provided below, shall be void. Upon surrender of
any such Security for repayment in accordance with such provisions, together
with all coupons, if any, appertaining thereto maturing after the Repayment
Date, the principal amount of such security so to be repaid shall be paid by the
Company, together with accrued interest, if any, to the Repayment Date;
provided, however, that coupons whose Stated Maturity is on or prior to the
Repayment Date shall be payable only at an office or agency located outside the
United States (except as otherwise provided in Section 1002) and, unless
otherwise specified pursuant to Section 301, only upon presentation and
surrender of such coupons; and provided further that,

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<PAGE>

in the case of Registered Securities, installments of interest, if any, whose
Stated Maturity is on or prior to the Repayment Date shall be payable (but
without interest thereon, unless the Company shall default in the payment
thereof) to the Holders of such Securities, or one or more Predecessor
Securities, registered as such at the close of business on the relevant Record
Dates according to their terms and the provisions of Section 307.

         If any Bearer Security surrendered for repayment shall not be
accompanied by all appurtenant coupons maturing after the Repayment Date, such
Security may be paid after deducting from the amount payable therefor as
provided in Section 1302 an amount equal to the face amount of all such missing
coupons, or the surrender of such missing coupon or coupons may be waived by the
Company and the Trustee if there be furnished to them such security or indemnity
as they may require to save each of them and any Paying Agent harmless. If
thereafter the Holder of such Security shall surrender to the Trustee or any
Paying Agent any such missing coupon in respect of which a deduction shall have
been made as provided in the preceding sentence, such Holder shall be entitled
to receive the amount so deducted; provided, however, that interest represented
by coupons shall be payable only at an office or agency located outside the
United States (except as otherwise provided in Section 1002) and, unless
otherwise specified as contemplated by Section 301, only upon presentation and
surrender of those coupons.

         If the principal amount of any Security surrendered for repayment shall
not be so repaid upon surrender thereof, such principal amount (together with
interest, if any, thereon accrued to such Repayment Date) shall, until paid,
bear interest from the Repayment Date at the rate of interest or Yield to
Maturity (in the case of Original Issue Discount Securities) set forth in such
Security.

         SECTION 1305. Securities Repaid in Part.

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

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                                ARTICLE FOURTEEN

                       DEFEASANCE AND COVENANT DEFEASANCE

         SECTION 1401. Applicability of Article; Company's Option to Effect
Defeasance or Covenant Defeasance.

         If, pursuant to Section 301, provision is made for either or both of
(a) defeasance of the Securities of or within a series under Section 1402 or (b)
covenant defeasance of the Securities of or within a series under Section 1403
to be applicable to the Securities of any series, then the provisions of such
Section or Sections, as the case may be, together with the other provisions of
this Article (with such modifications thereto as may be specified pursuant to
Section 301 with respect to any Securities), shall be applicable to such
Securities and any coupons appertaining thereto, and the Company may at its
option by Board Resolution, at any time, with respect to such Securities and any
coupons appertaining thereto, elect to defease such Outstanding Securities and
any coupons appertaining thereto pursuant to Section 1402 (if applicable) or
Section 1403 (if applicable) upon compliance with the conditions set forth below
in this Article.

         SECTION 1402 Defeasance and Discharge.

         Upon the Company's exercise of the above option applicable to this
Section with respect to any Securities of or within a series, the Company shall
be deemed to have been discharged from its obligations with respect to such
Outstanding Securities and any coupons appertaining thereto on the date the
conditions set forth in Section 1404 are satisfied (hereinafter, "defeasance").
For this purpose, such defeasance means that the Company shall be deemed to have
paid and discharged the entire indebtedness represented by such Outstanding
Securities and any coupons appertaining thereto, which shall thereafter be
deemed to be "Outstanding" only for the purposes of Section 1405 and the other
Sections of this Indenture referred to in clauses (A) and (B) below, and to have
satisfied all of its other obligations under such Securities and any coupons
appertaining thereto and this Indenture insofar as such Securities and any
coupons appertaining thereto are concerned (and the Trustee, at the expense of
the Company, shall execute proper instruments acknowledging the same), except
for the following which shall survive until otherwise terminated or discharged
hereunder: (A) the rights of Holders of such Outstanding Securities and any
coupons appertaining thereto to receive, solely from the trust fund described in
Section 1404 and as more fully set forth in such Section, payments in respect of
the principal of (and premium or Make-Whole Amount, if any) and interest, if
any, on such Securities and any coupons appertaining thereto when such payments
are due, (B) the Company's obligations with respect to such Securities under
Sections 305, 306, 1002 and 1003 and with respect to the payment of Additional
Amounts, if any, on such Securities as contemplated by Section 1011, (C) the
rights, powers, trusts, duties and immunities of the Trustee hereunder and (D)
this Article. Subject to compliance with this Article Fourteen, the Company may
exercise its option under this Section notwithstanding the prior exercise of its
option under Section 1403 with respect to such Securities and any coupons
appertaining thereto.

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<PAGE>

         SECTION 1403. Covenant Defeasance.

         Upon the Company's exercise of the above option applicable to this
Section with respect to any Securities of or within a series, the Company shall
be released from its obligations under Sections 1004 to 1009, inclusive, and, if
specified pursuant to Section 301, its obligations under any other covenant,
with respect to such Outstanding Securities and any coupons appertaining thereto
on and after the date the conditions set forth in Section 1404 are satisfied
(hereinafter, "covenant defeasance"), and such Securities and any coupons
appertaining thereto shall thereafter be deemed to be not "Outstanding" for the
purposes of any direction, waiver, consent or declaration or Act of Holders (and
the consequences of any thereof) in connection with Sections 1004 to 1009,
inclusive, or such other covenant, but shall continue to be deemed "Outstanding"
for all other purposes hereunder. For this purpose, such covenant defeasance
means that, with respect to such Outstanding Securities and any coupons
appertaining thereto, the Company may omit to comply with and shall have no
liability in respect of any term, condition or limitation set forth in any such
Section or such other covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such Section or such other covenant or by
reason of reference in any such Section or such other covenant to any other
provision herein or in any other document and such omission to comply shall not
constitute a default or an Event of Default under Section 501(4) or 501(9) or
otherwise, as the case may be, but, except as specified above, the remainder of
this Indenture and such Securities and any coupons appertaining thereto shall be
unaffected thereby.

         SECTION 1404. Conditions to Defeasance or Covenant Defeasance.

         The following shall be the conditions to application of Section 1402 or
Section 1403 to any Outstanding Securities of or within a series and any coupons
appertaining thereto:

                  (a) The Company shall irrevocably have deposited or caused to
         be deposited with the Trustee (or another trustee satisfying the
         requirements of Section 607 who shall agree to comply with the
         provisions of this Article Fourteen applicable to it) as trust funds in
         trust for the purpose of making the following payments, specifically
         pledged as security for, and dedicated solely to, the benefit of the
         Holders of such Securities and any coupons appertaining thereto, (1) an
         amount in such currency, currencies or currency unit in which such
         Securities and any coupons appertaining thereto are then specified as
         payable at Stated Maturity, or (2) Government Obligations applicable to
         such Securities and coupons appertaining thereto (determined on the
         basis of the currency, currencies or currency unit in which such
         Securities and coupons appertaining thereto are then specified as
         payable at Stated Maturity) which through the scheduled payment of
         principal and interest in respect thereof in accordance with their
         terms will provide, not later than one day before the due date of any
         payment of principal of (and premium or Make- Whole Amount, if any) and
         interest, if any, on such Securities and any coupons appertaining
         thereto, money in an amount, or (3) a combination thereof in an amount,
         sufficient, without consideration of any reinvestment of such principal
         and interest, in the opinion of a nationally recognized firm of
         independent public accountants expressed in a written certification
         thereof delivered to the Trustee, to pay and discharge, and which shall
         be applied by the Trustee (or other qualifying trustee) to pay and
         discharge, (i) the

                                       81
<PAGE>

         principal of (and premium or Make-Whole Amount, if any) and interest,
         if any, on such Outstanding Securities and any coupons appertaining
         thereto on the Stated Maturity of such principal or installment of
         principal or interest and (ii) any mandatory sinking fund payments or
         analogous payments applicable to such Outstanding Securities and any
         coupons appertaining thereto on the day on which such payments are due
         and payable in accordance with the terms of this Indenture and of such
         Securities and any coupons appertaining thereto; provided, that the
         Trustee shall have been irrevocably instructed to apply such money or
         the proceeds of such Government Obligations to said payments with
         respect to such Securities. Before such a deposit, the Company may give
         to the Trustee, in accordance with Section 1102 hereof, a notice of its
         election to redeem all or any portion of such Outstanding Securities at
         a future date in accordance with the terms of the Securities of such
         series and Article Eleven hereof, which notice shall be irrevocable.
         Such irrevocable redemption notice, if given, shall be given effect in
         applying the foregoing.

                  (b) Such defeasance or covenant defeasance shall not result in
         a breach or violation of, or constitute a default under, this Indenture
         or any other material agreement or instrument to which the Company is a
         party or by which it is bound (and shall not cause the Trustee to have
         a conflicting interest pursuant to Section 310(b) of the TIA with
         respect to any Security of the Company).

                  (c) No Event of Default or event which with notice or lapse of
         time or both would become an Event of Default with respect to such
         Securities and any coupons appertaining thereto shall have occurred and
         be continuing on the date of such deposit or, insofar as Sections
         501(7) and 501(8) are concerned, at any time during the period ending
         on the 91st day after the date of such deposit (it being understood
         that this condition shall not be deemed satisfied until the expiration
         of such period).

                  (d) In the case of an election under Section 1402, the Company
         shall have delivered to the Trustee an Opinion of Counsel stating that
         (i) the Company has received from, or there has been published by, the
         Internal Revenue Service a ruling, or (ii) since the date of execution
         of this Indenture, there has been a change in the applicable Federal
         income tax law, in either case to the effect that, and based thereon
         such opinion shall confirm that, the Holders of such Outstanding
         Securities and any coupons appertaining thereto will not recognize
         income, gain or loss for Federal income tax purposes as a result of
         such defeasance and will be subject to Federal income tax on the same
         amounts, in the same manner and at the same times as would have been
         the case if such defeasance had not occurred.

                  (e) In the case of an election under Section 1403, the Company
         shall have delivered to the Trustee an Opinion of Counsel to the effect
         that the Holders of such Outstanding Securities and any coupons
         appertaining thereto will not recognize income, gain or loss for
         Federal income tax purposes as a result of such covenant defeasance and
         will be subject to Federal income tax on the same amounts, in the same
         manner and at the same times as would have been the case if such
         covenant defeasance had not occurred.

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<PAGE>

                  (f) The Company shall have delivered to the Trustee an
         Officers' Certificate and an Opinion of Counsel, each stating that all
         conditions precedent to the defeasance under Section 1402 or the
         covenant defeasance under Section 1403 (as the case may be) have been
         complied with and an Opinion of Counsel to the effect that either (i)
         as a result of a deposit pursuant to subsection (a) above and the
         related exercise of the Company's option under Section 1402 or Section
         1403 (as the case may be) registration is not required under the
         Investment Company Act of 1940, as amended, by the Company, with
         respect to the trust funds representing such deposit or by the Trustee
         for such trust funds or (ii) all necessary registrations under said Act
         have been effected.

                  (g) After the 91st day following the deposit, the trust funds
         will not be subject to the effect of any applicable bankruptcy,
         insolvency, reorganization or similar laws affecting creditors' rights
         generally.

                  (h) Notwithstanding any other provisions of this Section, such
         defeasance or covenant defeasance shall be effected in compliance with
         any additional or substitute terms, conditions or limitations which may
         be imposed on the Company in connection therewith pursuant to Section
         301.

         SECTION 1405. Deposited Money and Government Obligations to Be Held in
Trust; Other Miscellaneous Provisions.

         Subject to the provisions of the last paragraph of Section 1003, all
money and Government Obligations (or other property as may be provided pursuant
to Section 301) (including the proceeds thereof) deposited with the Trustee (or
other qualifying trustee, collectively for purposes of this Section 1405, the
"Trustee") pursuant to Section 1404 in respect of any Outstanding Securities of
any series and any coupons appertaining thereto shall be held in trust and
applied by the Trustee, in accordance with the provisions of such Securities and
any coupons appertaining thereto and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as its own
Paying Agent) as the Trustee may determine, to the Holders of such Securities
and any coupons appertaining thereto of all sums due and to become due thereon
in respect of principal (and premium or Make-Whole Amount, if any) and interest
and Additional Amounts, if any, but such money need not be segregated from other
funds except to the extent required by law.

         Unless otherwise specified with respect to any Security pursuant to
Section 301, if, after a deposit referred to in Section 1404(a) has been made,
(a) the Holder of a Security in respect of which such deposit was made is
entitled to, and does, elect pursuant to Section 301 or the terms of such
Security to receive payment in a currency or currency unit other than that in
which the deposit pursuant to Section 1404(a) has been made in respect of such
Security, or (b) a Conversion Event occurs in respect of the currency or
currency unit in which the deposit pursuant to Section 1404(a) has been made,
the indebtedness represented by such Security and any coupons appertaining
thereto shall be deemed to have been, and will be, fully discharged and
satisfied through the payment of the principal of (and premium or Make-Whole
Amount, if any), and interest, if any, on such Security as the same becomes due
out of the proceeds yielded by converting (from time to time as specified below
in the case of any such election) the amount or other property deposited in
respect of such Security into the currency or currency unit in which such
Security becomes payable as a result of such election or Conversion Event based
on the applicable market exchange rate for such currency or currency unit in
effect on the second Business Day prior to each payment date, except, with
respect to a Conversion Event, for such currency or currency unit in effect (as
nearly as feasible) at the time of the Conversion Event.

                                       83
<PAGE>

         The Company shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the Government Obligations deposited
pursuant to Section 1404 or the principal and interest received in respect
thereof other than any such tax, fee or other charge which by law is for the
account of the Holders of such Outstanding Securities and any coupons
appertaining thereto.

         Anything in this Article to the contrary notwithstanding, the Trustee
shall deliver or pay to the Company from time to time upon Company Request any
money or Government Obligations (or other property and any proceeds therefrom)
held by it as provided in Section 1404 which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, are in excess of the amount
thereof which would then be required to be deposited to effect a defeasance or
covenant defeasance, as applicable, in accordance with this Article.

                                 ARTICLE FIFTEEN

                        MEETINGS OF HOLDERS OF SECURITIES

         SECTION 1501. Purposes for Which Meetings May Be Called.

         A meeting of Holders of Securities of any series may be called at any
time and from time to time pursuant to this Article to make, give or take any
request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be made, given or taken by Holders of
Securities of such series.

         SECTION 1502. Call, Notice and Place of Meetings.

                  (a) The Trustee may at any time call a meeting of Holders of
         Securities of any series for any purpose specified in Section 1501, to
         be held at such time and at such place in the Borough of Manhattan, The
         City of New York as the Trustee shall determine. Notice of every
         meeting of Holders of Securities of any series, setting forth the time
         and the place of such meeting and in general terms the action proposed
         to be taken at such meeting, shall be given, in the manner provided in
         Section 106, not less than 21 nor more than 180 days prior to the date
         fixed for the meeting.

                  (b) In case at any time the Company, pursuant to a Board
         Resolution, or the Holders of at least 10% in principal amount of the
         Outstanding Securities of any series shall have requested the Trustee
         to call a meeting of the Holders of Securities of such series for any
         purpose specified in Section 1501, by written request setting forth in

                                       84
<PAGE>

         reasonable detail the action proposed to be taken at the meeting, and
         the Trustee shall not have made the first publication of the notice of
         such meeting within 21 days after receipt of such request or shall not
         thereafter proceed to cause the meeting to be held as provided herein,
         then the Company or the Holders of Securities of such series in the
         amount above specified, as the case may be, may determine the time and
         the place in the Borough of Manhattan, The City of New York, or in
         London for such meeting and may call such meeting for such purposes by
         giving notice thereof as provided in subsection (a) of this Section.

         SECTION 1503. Persons Entitled to Vote at Meetings.

         To be entitled to vote at any meeting of Holders of Securities of any
series, a Person shall be (1) a Holder of one or more Outstanding Securities of
such series, or (2) a Person appointed by an instrument in writing as proxy for
a Holder or Holders of one or more Outstanding Securities of such series by such
Holder or Holders. The only Persons who shall be entitled to be present or to
speak at any meeting of Holders of Securities of any series shall be the Persons
entitled to vote at such meeting and their counsel, any representatives of the
Trustee and its counsel and any representatives of the Company and its counsel.

         SECTION 1504. Quorum; Action.

         The Persons entitled to vote a majority in principal amount of the
Outstanding Securities of a series shall constitute a quorum for a meeting of
Holders of Securities of such series; provided, however, that if any action is
to be taken at such meeting with respect to a consent or waiver which this
Indenture expressly provides may be given by the Holders of not less than a
specified percentage in principal amount of the Outstanding Securities of a
series, the Persons entitled to vote such specified percentage in principal
amount of the Outstanding Securities of such series shall constitute a quorum.
In the absence of a quorum within 30 minutes after the time appointed for any
such meeting, the meeting shall, if convened at the request of Holders of
Securities of such series, be dissolved. In any other case the meeting may be
adjourned for a period of not less than 10 days as determined by the chairman of
the meeting prior to the adjournment of such meeting. In the absence of a quorum
at any such adjourned meeting, such adjourned meeting may be further adjourned
for a period of not less than 10 days as determined by the chairman of the
meeting prior to the adjournment of such adjourned meeting. Notice of the
reconvening of any adjourned meeting shall be given as provided in Section
1502(a), except that such notice need be given only once not less than five days
prior to the date on which the meeting is scheduled to be reconvened. Notice of
the reconvening of any adjourned meeting shall state expressly the percentage,
as provided above, of the principal amount of the Outstanding Securities of such
series which shall constitute a quorum.

         Except as limited by the proviso to Section 902, any resolution
presented to a meeting or adjourned meeting duly reconvened at which a quorum is
present as aforesaid may be adopted by the affirmative vote of the Holders of a
majority in principal amount of the Outstanding Securities of that series;
provided, however, that, except as limited by the proviso to Section 902, any
resolution with respect to any request, demand, authorization, direction,
notice, consent, waiver or other action which this Indenture expressly provides
may be made, given or taken by the Holders of a specified percentage, which is
less than a majority, in principal amount of the Outstanding Securities of a
series may be adopted at a meeting or an adjourned meeting duly reconvened and
at which a quorum is present as aforesaid by the affirmative vote of the Holders
of such specified percentage in principal amount of the Outstanding Securities
of that series.

                                       85
<PAGE>

         Any resolution passed or decision taken at any meeting of Holders of
Securities of any series duly held in accordance with this Section shall be
binding on all the Holders of Securities of such series and the related coupons,
whether or not present or represented at the meeting.

         Notwithstanding the foregoing provisions of this Section 1504, if any
action is to be taken at a meeting of Holders of Securities of any series with
respect to any request, demand, authorization, direction, notice, consent,
waiver or other action that this Indenture expressly provides may be made, given
or taken by the Holders of a specified percentage in principal amount of all
Outstanding Securities affected thereby, or of the Holders of such series and
one or more additional series;

                  (i) there shall be no minimum quorum requirement for such
         meeting; and

                  (ii) the principal amount of the Outstanding Securities of
         such series that vote in favor of such request, demand, authorization,
         direction, notice, consent, waiver or other action shall be taken into
         account in determining whether such request, demand, authorization,
         direction, notice, consent, waiver or other action has been made, given
         or taken under this Indenture.

         SECTION 1505. Determination of Voting Rights; Conduct and Adjournment
of Meetings.

                  (a) Notwithstanding any provisions of this Indenture, the
         Trustee may make such reasonable regulations as it may deem advisable
         for any meeting of Holders of Securities of a series in regard to proof
         of the holding of Securities of such series and of the appointment of
         proxies and in regard to the appointment and duties of inspectors of
         votes, the submission and examination of proxies, certificates and
         other evidence of the right to vote, and such other matters concerning
         the conduct of the meeting as it shall deem appropriate. Except as
         otherwise permitted or required by any such regulations, the holding of
         Securities shall be proved in the manner specified in Section 104 and
         the appointment of any proxy shall be proved in the manner specified in
         Section 104 or by having the signature of the Person executing the
         proxy witnessed or guaranteed by any trust company, bank or banker
         authorized by Section 104 to certify to the holding of Bearer
         Securities. Such regulations may provide that written instruments
         appointing proxies, regular on their face, may be presumed valid and
         genuine without the proof specified in Section 104 or other proof.

                  (b) The Trustee shall, by an instrument in writing, appoint a
         temporary chairman of the meeting, unless the meeting shall have been
         called by the Company or by Holders of Securities as provided in
         Section 1502(b), in which case the Company or the Holders of Securities
         of or within the series calling the meeting, as the case may be, shall
         in like manner appoint a temporary chairman. A permanent chairman and a
         permanent secretary of the meeting shall be elected by vote of the
         Persons entitled to vote a majority in principal amount of the
         Outstanding Securities of such series represented at the meeting.

                                       86
<PAGE>

                  (c) At any meeting each Holder of a Security of such series or
         proxy shall be entitled to one vote for each $1,000 principal amount of
         the Outstanding Securities of such series held or represented by him;
         provided, however, that no vote shall be cast or counted at any meeting
         in respect of any Security challenged as not Outstanding and ruled by
         the chairman of the meeting to be not Outstanding. The chairman of the
         meeting shall have no right to vote, except as a Holder of a Security
         of such series or proxy.

                  (d) Any meeting of Holders of Securities of any series duly
         called pursuant to Section 1502 at which a quorum is present may be
         adjourned from time to time by Persons entitled to vote a majority in
         principal amount of the Outstanding Securities of such series
         represented at the meeting, and the meeting may be held as so adjourned
         without further notice.

         SECTION 1506. Counting Votes and Recording Action of Meetings.

         The vote upon any resolution submitted to any meeting of Holders of
Securities of any series shall be by written ballots on which shall be
subscribed the signatures of the Holders of Securities of such series or of
their representatives by proxy and the principal amounts and serial numbers of
the Outstanding Securities of such series held or represented by them. The
permanent chairman of the meeting shall appoint two inspectors of votes who
shall count all votes cast at the meeting for or against any resolution and who
shall make and file with the secretary of the meeting their verified written
reports in duplicate of all votes cast at the meeting. A record, at least in
duplicate, of the proceedings of each meeting of Holders of Securities of any
series shall be prepared by the secretary of the meeting and there shall be
attached to said record the original reports of the inspectors of votes on any
vote by ballot taken thereat and affidavits by one or more persons having
knowledge of the fact, setting forth a copy of the notice of the meeting and
showing that said notice was given as provided in Section 1502 and, if
applicable, Section 1504. Each copy shall be signed and verified by the
affidavits of the permanent chairman and secretary of the meeting and one such
copy shall be delivered to the Company and another to the Trustee to be
preserved by the Trustee, the latter to have attached thereto the ballots voted
at the meeting. Any record so signed and verified shall be conclusive evidence
of the matters therein stated.

         SECTION 1507. Evidence of Action Taken by Holders.

         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 Holders 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 Holders in

                                       87
<PAGE>

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 Article Six) conclusive in favor of the Trustee
and the Company, if made in the manner provided in this Article.

         SECTION 1508. Proof of Execution of Instruments.

         Subject to Article Six, the execution of any instrument by a Holder or
his agent or proxy may be proved in accordance with such reasonable rules and
regulations as may be prescribed by the Trustee or in such manner as shall be
satisfactory to the Trustee

                                    * * * * *

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

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

                                FBR ASSET INVESTMENT CORPORATION

                                By: ____________________________
                                     Name:______________________
                                     Title:_____________________

                                _______________________________,
                                  as Trustee

                                By: ____________________________
                                     Name:______________________
                                     Title:_____________________

                                       88
<PAGE>

COMMONWEALTH OF VIRGINIA

CITY OF ARLINGTON

            The foregoing instrument was acknowledged before me in the City of
Arlington, Commonwealth of Virginia, by _____________________________________,
_____________________________________ of FBR Asset Investment Corporation, a
corporation, on behalf of the corporation.

             My commission expires ________________________________________.

                                           ____________________________________
                                                        Notary Public

STATE OF _________________________________

CITY/COUNTY OF ___________________________

            The foregoing instrument was acknowledged before me in the
City/County of _____________________________, State of _______________________,
by _________________________, ______________________________________________ of
_______________________, N.A., a national banking association, on behalf of the
association.

             My commission expires ________________________________________.

                                           ____________________________________
                                                        Notary Public

                                       89
<PAGE>

                                    EXHIBIT A

                             FORMS OF CERTIFICATION

                                   EXHIBIT A-1

               FORM OF CERTIFICATE TO BE GIVEN BY PERSON ENTITLED
                TO RECEIVE BEARER SECURITY OR TO OBTAIN INTEREST
                       PAYABLE PRIOR TO THE EXCHANGE DATE

                                   CERTIFICATE

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

         This is to certify that, as of the date hereof, and except as set forth
below, the above-captioned Securities held by you for our account (i) are owned
by person(s) that are not citizens or residents of the United States, domestic
partnerships, domestic corporations or any estate or trust the income of which
is subject to United States federal income taxation regardless of its source
("United States person(s)"), (ii) are owned by United States person(s) that are
(a) foreign branches of United States financial institutions (financial
institutions, as defined in United States Treasury Regulations Section
1.165-12(c)(1)(v) are herein referred to as "financial institutions") purchasing
for their own account or for resale, or (b) United States person(s) who acquired
the Securities through foreign branches of United States financial institutions
and who hold the Securities through such United States financial institutions on
the date hereof (and in either case (a) or (b), each such United States
financial institution hereby agrees, on its own behalf or through its agent,
that you may advise Property Company of America or its agent that such financial
institution will provide a certificate within a reasonable time stating that it
agrees to comply with the requirements of Section 165(j)(3)(A), (B) or (C) of
the United States Internal Revenue Code of 1986, as amended, and the regulations
thereunder), or (iii) are owned by a financial institution for purposes of
resale during the restricted period (as defined in United States Treasury
Regulations Section 1.163-5(c)(2)(i)(D)(7)), and, such financial institution
described in clause (iii) above (whether or not also described in clause (i) or
(ii)), certifies that it has not acquired the Securities for purposes of resale
directly or indirectly to a United States person or to a person within the
United States or its possessions.

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

         We undertake to advise you promptly by tested telex on or prior to the
date on which you intend to submit your certification relating to the
above-captioned Securities held by you for our account in accordance with your
Operating Procedures if any applicable statement herein is not

                                       A-1
<PAGE>

correct on such date, and in the absence of any such notification it may be
assumed that this certification applies as of such date.

         This certificate excepts and does not related to [U.S.$] ______________
of such interest in the above-captioned Securities in respect of which we are
not able to certify and as to which we understand an exchange for an interest in
a Permanent Global Security or an exchange for and delivery of definitive
Securities (or, if relevant, collection of any interest) cannot be made until we
do so certify.

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

Dated: __________________, 20__
[To be dated no earlier than the 15th day prior
to the earlier of (i) the Exchange Date or
(ii) the relevant Interest Payment Date occurring
prior to the Exchange Date, as applicable]

                                                  [Name of Person Making
                                                  Certification]

                                                  ___________________________
                                                  (Authorized Signator)
                                                  Name:
                                                  Title:

                                       A-2
<PAGE>

                                   EXHIBIT A-2

                  FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR
                AND CEDEL S.A. IN CONNECTION WITH THE EXCHANGE OF
                 A PORTION OF A TEMPORARY GLOBAL SECURITY OR TO
               OBTAIN INTEREST PAYABLE PRIOR TO THE EXCHANGE DATE

                                   CERTIFICATE

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

         This is to certify that, based solely on written certifications that we
have received in writing, by tested telex or by electronic transmission from
each of the persons appearing in our records as persons entitled to a portion of
the principal amount set forth below (our "Member Organizations") substantially
in the form attached hereto, as of the date hereof, [U.S.$] ______________
principal amount of the above-captioned Securities (i) is owned by person(s)
that are not citizens or residents of the United States, domestic partnerships,
domestic corporations or any estate or trust the income of which is subject to
United States Federal income taxation regardless of its source ("United States
person(s)"), (ii) is owned by United States person(s) that are (a) foreign
branches of United States financial institutions (financial institutions, as
defined in United States Treasury Regulations Section 1.165-12(c)(1)(v) are
herein referred to as "financial institutions") purchasing for their own account
or for resale, or (b) United States person(s) who acquired the Securities
through foreign branches of United States financial institutions and who hold
the Securities through such United States financial institutions on the date
hereof (and in either case (a) or (b), each such financial institution has
agreed, on its own behalf or through its agent, that we may advise Property
Trust of America or its agent that such financial institution will provide a
certificate within a reasonable time stating that it agrees to comply with the
requirements of Section 165(j)(3)(A), (B), or (C) of the Internal Revenue Code
of 1986, as amended, and the regulations thereunder), or (iii) is owned by a
financial institution for purposes of resale during the restricted period (as
defined in United States Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)),
and that such financial institutions described in clause (iii) above (whether or
not also described in clause (i) or (ii)) have certified that they have not
acquired the Securities for purposes of resale directly or indirectly to a
United States person or to a person within the United States or its possessions.

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

         We further certify that (i) we are not making available herewith for
exchange (or, if relevant, collection of any interest) any portion of the
temporary global Security representing the above-captioned Securities excepted
in the above-referenced certificates of Member Organizations and (ii) as of the
date hereof we have not received any notification from any of our Member
Organizations to the effect that the statements made by such Member
Organizations

                                       A-3
<PAGE>

with respect to any portion of the part submitted herewith for exchange (or, if
relevant, collection of any interest) are no longer true and cannot be relied
upon as of the date hereof.

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

Dated: __________________, 20__
[To be dated no earlier than the earlier of
the Exchange Date or the relevant Interest
Payment Date occurring prior to the Exchange
Date, as applicable]

                                                   [Morgan Guaranty Trust
                                                    Company of New York,
                                                    Brussels Office,] as
                                                   Operator of the
                                                    Euroclear System
                                                    [Cedel S.A.]

                                                   By: _______________________

                                       A-4

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