Document:

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                                                           Exhibit 10(a)(vii)

H. J. HEINZ COMPANY

EXECUTIVE DEFERRED COMPENSATION PLAN
(AS AMENDED AND RESTATED ON JANUARY 11, 2001)

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CONTENTS

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ARTICLE 1         EFFECTIVE DATE AND PURPOSE                     1

ARTICLE 2         ADMINISTRATION                                 1

ARTICLE 3         ELIGIBILITY AND PARTICIPATION                  2

ARTICLE 4         ELECTIVE DEFERRALS                             2

ARTICLE 5         NONELECTIVE DEFERRALS                          6

ARTICLE 6         DEFERRED COMPENSATION ACCOUNTS                 8

ARTICLE 7         RIGHTS OF PARTICIPANTS                        11

ARTICLE 8         WITHHOLDING OF TAXES                          11

ARTICLE 9         AMENDMENT AND TERMINATION                     12

ARTICLE 10        MISCELLANEOUS                                 12

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H. J. HEINZ COMPANY
EXECUTIVE DEFERRED COMPENSATION PLAN

ARTICLE 1. EFFECTIVE DATE AND PURPOSE

1.1 Effective Date. H. J. Heinz Company (the "Company") established the "H. J.
Heinz Company Executive Deferred Compensation Plan" (the "Plan") effective as of
June 8, 1994. The Plan was amended and restated effective as of January 1, 1998.
On September 12, 2000, the Plan was again amended and restated effective as of
that date. Effective January 11, 2001, the Plan was again amended and restated
as described herein.

1.2 Purpose. The Plan is a deferred compensation plan for key employees the
primary purpose of which is to provide certain key employees of the Company, its
subsidiaries, and affiliates with deferred cash awards and the opportunity to
voluntarily defer a portion of their compensation, in each case subject to the
terms of the Plan. By adopting the Plan, the Company desires to enhance its
ability to attract and retain employees of outstanding competence.

ARTICLE 2. ADMINISTRATION

2.1 The Committee. The Plan shall be administered by the Management Development
& Compensation Committee of the Board of Directors of the Company or any other
successor Committee appointed by the Board (the "Committee"). The members of the
Committee shall be appointed by, and shall serve at the discretion of, the
Board.

2.2 Authority of the Committee. Except as limited by law or by the Company's
Articles of Incorporation or Bylaws, and subject to the provisions herein, the
Committee shall have authority to select eligible employees of the Company for
participation in the Plan; determine the terms and conditions of each employee's
participation in the Plan; select the recipients of deferred cash awards and
determine the amounts and terms of such awards; interpret the Plan; establish,
amend, or waive rules and regulations for the Plan's administration; determine
which Participants, if any, are eligible to make Estate Enhancement Program
Elections (as defined in Section 6.1); and, subject to Article 8 herein, amend
the terms and conditions of the Plan and any agreement entered into under the
Plan. Further, the Committee shall make all other determinations which may be
necessary or advisable for the administration of the Plan. As permitted by law,
the Committee may delegate any of its authority granted under the Plan to such
other person or entity it deems appropriate, including but not limited to,
senior management of the Company.

2.3 Guidelines. Subject to the provisions herein, the Committee may adopt
written guidelines for the implementation and administration of the Plan.

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2.4 Decisions Binding. All determinations and decisions of the Committee arising
under the Plan shall be final, binding, and conclusive upon all parties.

ARTICLE 3. ELIGIBILITY AND PARTICIPATION

3.1 Eligibility. Subject to Section 3.2, Employees eligible to be selected to
participate in the Plan in any fiscal year of the Company (hereinafter, a
"Year") include full-time, salaried employees of the Company, its subsidiaries,
and affiliates who are key employees, as determined by the Committee in its sole
discretion.

3.2 Limitation on Eligibility. It is the intent of the Company that the Plan
qualify for treatment as a "top hat" plan under the Employee Retirement Income
Security Act of 1974, as amended from time to time, or any successor Act thereto
("ERISA"). Accordingly, to the extent required by ERISA to obtain such "top hat"
treatment, eligibility shall be extended only to those executives who comprise a
select group of management or highly compensated employees. Further, the
Committee may place such additional limitations on eligibility as it deems
necessary and appropriate under the circumstances.

3.3 Participation. Participation in the Plan shall be determined annually by the
Committee based upon the criteria set forth in Sections 3.1 and 3.2 herein. An
employee who is chosen to participate in the Plan in any Year (a "Participant")
shall be so notified in writing. In the event a Participant selected to
participate in the Plan on an elective basis no longer meets the criteria for
participation, such Participant shall become an inactive Participant, retaining
all the rights described under the Plan, except the right to make any further
deferrals, until such time that the Participant again becomes an active
Participant.

3.4 Partial Year Eligibility. In the event that an employee first becomes
eligible to participate in the Plan on an elective basis during a Year, within
thirty (30) calendar days of becoming eligible such employee shall be notified
by the Company of his or her eligibility to participate, and the Company shall
provide each such employee with an Election Form, which must be completed by the
employee as provided in Section 4.2 herein.

3.5 No Right to Participate. No employee shall have the right to be selected as
a Participant, or having been so selected for any given Year, to be selected
again as a Participant for any other Year.

ARTICLE 4. ELECTIVE DEFERRALS

4.1 Amount Which May Be Deferred. A Participant may elect to defer, in any Year,
up to one hundred percent (100%) of eligible components of Compensation,
including, but not limited to, Salary, Bonus, Long-Term Awards and Discretionary
Awards, all as defined herein; provided, however, that the Committee shall have
sole discretion to

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designate which components of Compensation are eligible for deferral elections
under the Plan in any given Year. In addition, the Committee may, in its sole
discretion, designate the minimum amount or increments of any single eligible
component of Compensation which may be deferred in any Year or establish any
other limitations as it deems appropriate in any Year. The following definitions
shall apply for purposes of this Plan:

         (a) "Salary" means all regular, basic wages, before reduction for
         amounts deferred pursuant to the Plan or any other plan of the Company,
         payable in cash to a Participant for services to be rendered, exclusive
         of any Bonus, Long-Term Awards, other special fees, awards, or
         incentive compensation, allowances, or amounts designated by the
         Company as payment toward or reimbursement of expenses.

         (b) "Bonus" means any incentive award based on an assessment of
         performance, payable by the Company to a Participant with respect to
         the Participant's services during a Year, including, but not limited
         to, amounts awarded under the Company's Incentive Compensation Plan;
         provided, however, that for purposes of the Plan, "Bonus" shall not
         include incentive awards which relate to a period exceeding one (1)
         Year.

         (c) "Long-Term Award" means any cash award payable to a Participant
         pursuant to a Company program which establishes incentive award
         opportunities which are contingent upon performance which is measured
         over periods greater than one (1) Year.

         (d) "Discretionary Award" means any cash award payable to a Participant
         not described above.

         (e) "Compensation" means the gross Salary, Bonus, Long-Term Awards,
         Discretionary Awards, and any other payments eligible for deferral
         under the Plan, which are payable to a Participant with respect to
         services performed during a Year.

4.2 Time of Deferral Election. An election to defer a component of Compensation
permitted by the Committee to be deferred by a Participant under the Plan shall
be given effect in accordance with the following timing rules:

         (a) An election to defer Salary shall apply only to Salary which is
         earned for payroll periods beginning after a properly executed Election
         Form has been filed with the Committee.

         (b) An election to defer Bonus for any Year shall apply only if a
         properly executed Election Form has been filed with the Committee
         before the end of the calendar year ending within such Year.

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         (c) An election to defer "Long-Term Award" must be made on or before
         the end of the Year preceding the final Year of the applicable
         multi-year award period.

4.3 Content of Deferral Election. All deferral elections shall be irrevocable,
and shall be made on an Election Form, as described herein. Participants shall
make the following irrevocable elections on each Election Form:

         (a) The amount to be deferred with respect to each eligible component
         of Compensation for the Year,

         (b) The length of the deferral period with respect to each eligible
         component of Compensation, pursuant to the terms of Section 4.4 herein;
         and

         (c) The form of payment to be made to the Participant at the end of the
         deferral period(s), pursuant to the terms of Section 4.5 herein.

Notwithstanding the amounts requested to be deferred pursuant to Subparagraph
(a) above, the limits on deferrals determined under Section 4.1 herein shall
apply to the requested deferrals each Year.

4.4 Length of Deferral. The deferral periods elected by each Participant with
respect to deferrals of Compensation for any Year shall be at least equal to one
(1) year following the end of the Year in which the Compensation is earned, and
shall be no greater than the date of retirement or other termination of
employment, whichever is earlier. However, notwithstanding the deferral periods
elected by a Participant pursuant to Section 4.3(b) or the form of payment in
effect under Section 4.3(c), payment of deferred amounts and accumulated
interest thereon may be made to the Participant in a single lump sum in the
event the Participant's employment with the Company is terminated by reason of
death or, at the election of the Participant, total disability, as defined in
the Company's Long-Term Disability Plan, at any time prior to full payment of
deferred amounts and interest thereon. Such payment shall be made immediately
following termination of the Participant's employment, or as soon thereafter as
practicable. Notwithstanding any other provisions of this Section 4.4 to the
contrary, any amounts in a Participant's Estate Enhancement Program Account (as
defined in Section 6.1) shall be paid in a single sum within sixty (60) days
after the Participant's death (or the death of the survivor of the Participant
and the Participant's spouse, if the life insurance policy issued pursuant to
the Participant's Estate Enhancement Program Election is a survivorship policy
insuring the Participant and the Participant's spouse) to the beneficiary or
beneficiaries designated by the Participant pursuant to the H. J. Heinz Company
Estate Enhancement Program.

4.5 Payment of Deferred Amounts. Participants shall be entitled to elect to
receive payment of deferred amounts, together with earnings thereon, at the end
of the deferral period in a single lump sum cash payment, by means of
installments, or in such other format approved by the Committee.

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         (a) Lump Sum Payment. Such payment shall be made in cash within thirty
         (30) calendar days of the date specified by the Participant as the date
         for payment of deferred Compensation as described in Section 4.3 and
         4.4 hereof, or as soon thereafter as practicable.

         (b) Installment Payments. Participants may elect payout in
         installments, with a minimum number of installments of two (2) and a
         maximum of ten (10). The initial payment shall be made in cash within
         thirty (30) calendar days after the commencement date selected by the
         Participant pursuant to Sections 4.3 and 4.4 hereof, or as soon
         thereafter as practicable. The remaining installment payments shall be
         made in cash each year thereafter, until the Participant's entire
         deferred compensation account has been paid. Earnings shall accrue on
         the deferred amounts in the Participant's deferred compensation
         account, as provided in Section 6.2 of this Plan. The amount of each
         installment payment shall be equal to the balance remaining in the
         Participant's deferred compensation account immediately prior to each
         such payment, multiplied by a fraction, the numerator of which is one
         (1), and the denominator of which is the number of installment payments
         remaining.

         (c) Alternative Payment Schedule. A Participant may submit an alternate
         payment schedule to the Committee for approval; provided, however, that
         no such alternate payment schedule shall be permitted unless approved
         by the Committee.

         (d) Notwithstanding the other provisions of this Section 4.5 to the
         contrary, any amounts in a Participant's Estate Enhancement Program
         Account (as defined in Section 6.1) shall be paid in a single sum
         within sixty (60) days after the Participant's death (or the death of
         the survivor of the Participant and the Participant's spouse, if the
         life insurance policy issued pursuant to the Participant's Estate
         Enhancement Program Election is a survivorship policy insuring the
         Participant and the Participant's spouse) to the beneficiary or
         beneficiaries designated by the Participant pursuant to the H. J. Heinz
         Company Estate Enhancement Program; and the determination of the
         payments under the other provisions of this Section 4.5 shall be made
         without regard to any amounts in a Participant's Estate Enhancement
         Program Account.

4.6 Financial Hardship. The Committee shall have the authority to alter the
timing or manner of payment of deferred amounts in the event that the
Participant establishes, to the satisfaction of the Committee, severe financial
hardship. In such event, the Committee may, in its sole discretion:

         (a) Authorize the cessation of deferrals by such Participant under the
         Plan, or

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         (b) Provide that all or a portion of the amount previously deferred by
         the Participant shall immediately be paid in a lump-sum cash payment;
         or

         (c) Provide that all or a portion of the installments payable over a
         period of time shall immediately be paid in a lump-sum cash payment; or

         (d) Provide for such other installment payment schedule as deemed
         appropriate by the Committee under the circumstances.

For purposes of this Section 4.6, "severe financial hardship" shall be
determined by the Committee, in its sole discretion, in accordance with all
applicable laws. The Committee's decision with respect to the severity of
financial hardship and the manner in which, if at all, the Participant's future
deferral opportunities shall be ceased, and/or the manner in which, if at all,
the payment of deferred amounts of the Participant shall be altered or modified
shall be final, conclusive, and not subject to appeal. Earnings will be credited
in accordance with Article 6 up to the date of distribution. Notwithstanding the
foregoing provisions of this Section 4.6 to the contrary, no portion of a
Participant's Estate Enhancement Program Account (as defined in Section 6.1) is
eligible to be distributed to a Participant on account of "severe financial
hardship."

ARTICLE 5. NONELECTIVE DEFERRALS

5.1 Deferred Cash Awards. The Committee may, at its discretion during any Year,
make deferred cash awards on behalf of designated Participants, subject to the
vesting as provided under Section 5.3, in amounts in the aggregate not to exceed
50% of the total amounts awarded under the Company's Incentive Compensation Plan
during the prior Year.

5.2 Deferred Period. The period of time during which each such award shall be
deferred shall be as specified by the Committee.

5.3 Vesting Requirements. The Committee at the time of granting a deferred cash
award under this Article 5 may, at its discretion, impose vesting requirements
with respect to such award pursuant to which all or a portion of such award may
be forfeited under conditions specified by the Committee. Notwithstanding the
imposition of vesting requirements with respect to any award, the entire amount
of such award and any additions thereto pursuant to Section 6.5 shall become
100% vested and nonforfeitable in the following circumstances: (a) upon the
occurrence of a Change in Control as defined in Section 5.4; (b) upon the
termination of employment of the Participant as a result of the Participant's
death; (c) upon the termination of employment of the Participant as a result of
the Participant's total disability; (d) upon the termination of employment of
the Participant as a result of the Participant's retirement under any retirement
plan of the Company or a subsidiary (as such term is defined in Section 1(s) of
the H. J. Heinz Company 2000 Stock Option Plan, as amended from time to time) of
the Company; or (e) upon the termination of employment of the Participant which
constitutes an involuntary

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termination of employment without cause. For purposes of subparagraph (c) above,
"total disability" shall be determined as defined in the Company's Long-Term
Disability Plan, and the determination of the existence of "total disability"
shall be made by the Committee and such determination by the Committee shall be
final. For purposes of subparagraph (d) above, the determination of the
existence of "retirement" shall be made by the Committee and such determination
by the Committee shall be final. For purposes of subparagraph (e) above, "cause"
shall mean an act of dishonesty, moral turpitude or an intentional or gross
negligent act detrimental to the best interests of the Company or a subsidiary
(as such term is defined in Section 1(s) of the H. J. Heinz Company 2000 Stock
Option Plan, as amended from time to time) of the Company. At the sole
discretion of the Committee, the deferral period specified in Section 5.2 may be
modified in the event of the acceleration of the vesting of Nonelective
Deferrals due to the death, disability or retirement of the Participant.

5.4 Change in Control. The term "Change in Control" shall mean any of the
following events:

         (a) An acquisition (other than directly from the Company) of any voting
         securities of the Company (the "Voting Securities") by any "Person" (as
         the term person is used for purposes of Section 13(d) or 14(d) of the
         Securities Exchange Act of 1934, as amended (the "Exchange Act"))
         immediately after which such Person has "Beneficial Ownership" (within
         the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or
         more of the combined voting power of the Company's then outstanding
         Voting Securities; provided, however, that in determining whether a
         Change in Control has occurred, Voting Securities which are acquired in
         a "Non-Control Acquisition" (as hereinafter defined) shall not
         constitute an acquisition which would cause a Change in Control. A
         "Non-Control Acquisition" shall mean an acquisition by: (i) an employee
         benefit plan (or a trust forming a part thereof) maintained by the
         Company or by any Subsidiary (as hereinafter defined); (ii) the Company
         or any Subsidiary; or (iii) any Person in connection with a transaction
         described in paragraph (c) below. "Subsidiary" shall mean any
         corporation with respect to which the Company owns, directly or
         indirectly through a Subsidiary, at least 50% of the total combined
         voting power of all classes of stock.

         (b) The individuals who, as of May 1, 2000, are members of the Board of
         Directors of the Company (the "Incumbent Board"), cease for any reason
         to constitute at least two-thirds of the Board of Directors; provided,
         however, that if the election, or nomination for election by the
         Company's shareholders, of any new director was approved by a vote of
         at least two-thirds of the Incumbent Board, such new director shall,
         for purposes of this Plan, be considered as a member of the Incumbent
         Board; provided, further, however, that no individual shall be
         considered a member of the Incumbent Board if such individual initially
         assumed office as a result of either an actual or threatened "Election
         Consent" (as described in Rule 14a-11 promulgated under the Exchange
         Act) or other actual or

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         threatened solicitation of proxies or consents by or on behalf of a
         Person other than the Board of Directors (a "Proxy Contest") including
         by reason of any agreement intended to avoid or settle any Election
         Contest or Proxy Contest;

         (c) A merger, consolidation or reorganization involving the Company or
         a Subsidiary, unless

                  (1) the Voting Securities of the Company, immediately before
                  such merger, consolidation or reorganization, continue
                  immediately following such merger, consolidation or
                  reorganization to represent, either by remaining outstanding
                  or by being converted into voting securities of the surviving
                  corporation resulting from such merger, consolidation or
                  reorganization or its parent (the "Surviving Corporation"), at
                  least 60% of the combined voting power of the outstanding
                  voting securities of the Surviving Corporation;

                  (2) the individuals who were members of the Incumbent Board
                  immediately before the execution of the agreement providing
                  for such merger, consolidation or reorganization constitute
                  more than one-half of the members of the board of directors of
                  the Surviving Corporation; and

                  (3) no person (other than the Company, any Subsidiary, any
                  employee benefit plan (or any trust forming a part thereof)
                  maintained by the Company, the Surviving Corporation or any
                  Subsidiary, or any Person who, immediately before such merger,
                  consolidation or reorganization had Beneficial Ownership of
                  15% or more of the then outstanding Voting Securities) has
                  Beneficial Ownership of 15% or more of the combined voting
                  power of the Surviving Corporation's then outstanding voting
                  securities.

                  (4) A complete liquidation or dissolution of the Company; or

                  (5) Approval by stockholders of the Company of an agreement
                  for the sale or other disposition of all or substantially all
                  of the assets of the Company to any Person (other than a
                  transfer to a Subsidiary).

Notwithstanding the foregoing, a Change in Control shall not be deemed to occur
solely because any Person (the "Subject Person") acquired Beneficial Ownership
of more than the permitted amount of the outstanding Voting Securities as a
result of the acquisition of Voting Securities by the Company which, by reducing
the number of Voting Securities outstanding, increases the proportional number
of shares Beneficially Owned by the Subject Person, provided that if a Change in
Control would occur (but for the operation of this sentence) as a result of the
acquisition of Voting Securities by the Company, and after such share
acquisition by the Company the Subject Person becomes the Beneficial Owner of
any additional voting Securities which increases the percentage of the then

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outstanding Voting Securities Beneficially Owned by the Subject Person, then a
Change in Control shall occur.

ARTICLE 6. DEFERRED COMPENSATION ACCOUNTS

6.1 Participant Accounts. The Company shall establish and maintain an individual
bookkeeping account ("Participant Account") in the name of each Participant by
or on behalf of whom deferrals have been made under Article 4 or Article 5
hereof. Each Participant Account shall have a subaccount (the "Elective
Account") for elective deferrals under Article 4 which shall be credited with
each amount deferred under Article 4 as of the date that such amount otherwise
would have become due and payable to the Participant. Each Participant Account
established for a Participant on whose behalf an award has been made under
Article 5 shall have a separate subaccount ("Nonelective Account") which shall
be credited with each such award as of the effective date of such award as
determined by the Committee. Each Participant Account established for a
Participant who has made an "Estate Enhancement Program Election" shall have a
separate subaccount ("Estate Enhancement Program Account") which shall be
credited with the portion of the Participant's Account with respect to which the
Participant has made an Estate Enhancement Program Election. Since deferred
amounts to which an Estate Enhancement Program Election have been made will be
invested in insurance policies, the value of a Participant's Estate Enhancement
Program Account will be represented by the value of any such insurance policy
which is purchased at the Participant's request pursuant to such election. An
"Estate Enhancement Program Election" is an election made by a Participant to
participate in the H. J. Heinz Company Estate Enhancement Program under which
the Participant elects to have all or some portion of his or her Participant
Account converted to an "Estate Enhancement Program Account." The Committee
shall determine the extent to which a Participant may elect to direct investment
of his or her Elective Account and/or Nonelective Account in the H. J. Heinz
Company Estate Enhancement Program.

6.2 Earnings. The Participant's Elective Account shall be credited with earnings
commencing on the date the Elective Account first has a positive balance. The
earnings credit shall be based on the performance of the hypothetical
investments described in Section 6.3 made available by the Committee from time
to time, as selected by the Participant in accordance with the rules of Section
6.4. The value of the deferred compensation benefits paid under this Plan shall
depend on the earnings credited to the Elective Account, based on the
Participant's selections from among the investment alternatives. There shall be
no guaranteed rate of return on the Elective Account under this Plan. Nothing
contained herein shall require the Company to invest the deferred amounts in any
actual investments. Earnings credited on deferred amounts shall be paid out to
Participants at the same time and in the same manner as the underlying deferred
amounts. Notwithstanding any other provisions of Sections 6.2 through 6.5 to the
contrary, amounts in an Estate Enhancement Program Account (as defined in
Section 6.1) shall not be credited with any earnings after such amounts are
credited to a Participant's Estate Enhancement Program Account.

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6.3 Hypothetical Investment Choices. In addition to investment in the H. J.
Heinz Company Estate Enhancement Program, as permitted by the Committee, the
Committee from time to time may make available any or all of the following
hypothetical investments:

         (a) Interest-Bearing Cash Account. A Participant's Elective Account
         shall be credited on the last day of each calendar quarter, with
         interest computed on the average balance in the Account during such
         quarter at the rate selected by the Committee and announced to
         Participants from time to time.

         (b) H. J. Heinz Capital Stock Account. Amounts credited to the
         Participant's Elective Account shall be restated in the form of "stock
         units" and adjusted from time to time in accordance with the following
         rules:

                  (1) The number of units initially credited shall be determined
                  by dividing the dollar amount to be credited to the Account by
                  a unit value equal to the average of the high and the low
                  trading price of one share of the Company's common stock on
                  the day that the Compensation would have been paid but for the
                  deferral, except that in the case of a deferral of any "Bonus"
                  or "Long-Term Award" as defined in Section 4.1(b) and (c)
                  respectively, such day shall be the day the Committee approves
                  the amount of the award.

                  (2) The Participant's Elective Account will also be credited
                  with additional units equal to the dollar amount of dividends
                  paid from time to time during the deferral period on a number
                  of shares of the Company's common stock equal to the number of
                  units then credited to the Participant's Elective Account
                  divided by a unit value equal to the average of the high and
                  the low trading price of one share of the Company's common
                  stock on the day the dividend is paid.

                  (3) In the event of any change in the outstanding shares of
                  the Company's common stock by reason of any stock dividend or
                  split, recapitalization, merger, consolidation, spin-off,
                  reorganization, combination or exchange of shares or other
                  similar corporate change, then an equitable equivalent
                  adjustment shall be made in the stock units credited to the
                  Elective Accounts under the Plan.

                  (4) When payment of a Participant's Elective Account occurs,
                  the portion thereof which is represented by stock units shall
                  be payable, unless the recipient elects payment in cash, by
                  transferring to the Participant or beneficiary a number of
                  shares of the Company's common stock equal to the number of
                  whole units then distributable from the Participant's Elective
                  Account, with cash in lieu of fractional units.

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         (c) Phantom Investment Alternatives. Each Phantom Investment
         Alternative is a phantom investment opportunity based on a publicly
         traded mutual fund or quoted benchmark such as the NASDAQ Combined
         Composite Index or the S&P 500 Index. The Committee will name the
         investment choices available under the Phantom Investment Alternatives
         from time to time. The portion of a Participant's Elective Account
         allocated to the Phantom Investment Alternatives will be credited with
         earnings based on the investment performance as periodically reported
         by the proxy mutual funds or quoted benchmarks using unit accounting as
         if the Participant's deferred amounts had been invested in those
         portfolios. The accounting for additions to Phantom Investment
         Alternatives or redemptions therefrom shall be similarly based on unit
         accounting as of the date of the transaction.

6.4 Selection and Reallocation of Hypothetical Investment Choices. Investment
choices may be made or changed in accordance with the following rules:

         (a) A Participant shall designate on his Election Form the percentage
         of each deferred amount which shall be allocated to each available
         investment choice. In default of a complete designation, the
         Participant's Elective Account (or the undesignated portion thereof)
         shall be credited with earnings in accordance with Section 6.3(a).

          (b) The Participant may request a change in the allocation of
         previously deferred portions of his Elective Account among the various
         investment alternatives. Such changes may be made not more frequently
         than once during any calendar month and, to the extent administratively
         practical, will become effective as of the first day of the next
         calendar month following the Participant's request provided the request
         is filed at least 5 business days before the end of the month. The
         Participant may also change the allocation which shall apply to any new
         deferral amounts and matching additions under the same rules.

6.5 Additions to Nonelective Accounts. The Participant's Nonelective Account
shall be credited with earnings, commencing on the date the Nonelective Account
first has a positive balance, at the interest rate specified in accordance with
Section 6.3(a).

6.6 Charges Against Accounts. There shall be charged against each Participant's
deferred compensation account any payments made to the Participant or to his or
her beneficiary.

ARTICLE 7. RIGHTS OF PARTICIPANTS

7.1 Contractual Obligation. The Plan shall create a contractual obligation on
the part of the Company to make payments from the Participant Accounts when due.
Payment of account balances shall be made out of the general funds of the
Company.

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7.2 Unsecured Interest. No Participant or party claiming an interest in amounts
deferred by or on behalf of a Participant, including any earnings thereon, shall
have any interest whatsoever in any specific asset of the Company. Except as
otherwise specified in the H. J. Heinz Company Estate Enhancement Program, any
and all investments remain the property of the Company. To the extent that any
party acquires a right to receive payments under the Plan, such right shall be
equivalent to that of an unsecured general creditor of the Company.

7.3 Authorization for Trust. The Company may, but shall not be required to,
establish one or more trusts, with such trustee as the Committee may approve,
for the purpose of providing for the payment of deferred amounts. Such trust or
trusts may be irrevocable, but the assets thereof shall be subject to the claims
of the Company's creditors. To the extent any amounts deferred under the Plan
are actually paid from any such trust, the Company shall have no further
obligation with respect thereto, but to the extent not so paid, such deferred
amounts shall remain the obligation of, and shall be paid by, the Company.

7.4 Employment. Nothing in the Plan shall interfere with nor limit in any way
the right of the Company to terminate any Participant's employment at any time,
nor confer upon any Participant any right to continue in the employ of the
Company.

ARTICLE 8. WITHHOLDING OF TAXES

The Company shall have the right to require Participants to remit to the Company
an amount sufficient to satisfy any withholding tax requirements or to deduct
from all payments made pursuant to the Plan amounts sufficient to satisfy
withholding tax requirements.

ARTICLE 9. AMENDMENT AND TERMINATION

The Company hereby reserves the right to amend, modify, or terminate the Plan at
any time by action of the Committee. Except as described below in Section 10.5,
no such amendment or termination shall in any material manner adversely affect
any Participant's rights to amounts previously deferred hereunder, or earnings
thereon, without the consent of the Participant.

ARTICLE 10. MISCELLANEOUS

10.1 Notice. Any notice or filing required or permitted to be given to the
Company under the Plan shall be sufficient if in writing and hand delivered, or
sent by registered or certified mail to the Senior Vice President and Chief
Administrative Officer of the Company. Such notice if mailed shall be addressed
to the principal executive offices of the Company. Notice mailed to a
Participant shall be at such address as is given in the

                                     - 12 -
<PAGE>   15

records of the Company. Notices shall be deemed given as of the date of delivery
or, if delivery is made by mail, as of the date shown on the postmark on the
receipt for registration or certification.

10.2 Nontransferability. Participant's rights to deferred amounts,
contributions, and earnings credited thereon under the Plan may not be sold,
transferred, assigned, or otherwise alienated or hypothecated, other than by
will or by the laws of descent and distribution. In no event shall the Company
make any payment under the Plan to any assignee or creditor of a Participant.

10.3 Severability. In the event any provision of the Plan shall be held illegal
or invalid for any reason, the illegality or invalidity shall not affect the
remaining parts of the Plan, and the Plan shall be construed and enforced as if
the illegal or invalid provision had not been included.

10.4 Costs of the Plan. All costs of implementing and administering the Plan
shall be borne by the Company.

10.5 Status under ERISA. The Plan is intended to be an unfunded plan which is
maintained primarily to provide deferred compensation benefits for a select
group of "management or highly compensated employees" within the meaning of
Sections 201, 301, and 401 of ERISA, and to therefore be exempt from the
provisions of Parts 2, 3, and 4 of Title I of ERISA. Accordingly, the Committee
may terminate the Plan and commence termination payout for all or certain
Participants, or remove certain employees as Participants, if it is determined
by the United States Department of Labor or a court of competent jurisdiction
that the Plan constitutes an employee pension plan within the meaning of Section
3(2) of ERISA which is not so exempt. Payout of Elective Accounts shall be made
in the manner selected by each Participant under Section 4.5 herein as
applicable, and payout of Nonelective Accounts shall be made as specified by the
Committee. Notwithstanding the foregoing, any amounts in a Participant's Estate
Enhancement Program Account (as defined in Section 6.1) shall be paid in a
single sum within sixty (60) days after the Participant's death (or the death of
the survivor of the Participant and the Participant's spouse, if the life
insurance policy issued pursuant to the Participant's Estate Enhancement Program
Election is a survivorship policy insuring the Participant and the Participant's
spouse) to the beneficiary or beneficiaries designated by the Participant
pursuant to the H. J. Heinz Company Estate Enhancement Program.

10.6 Applicable Law. The Plan shall be governed by and construed in accordance
with the laws of the Commonwealth of Pennsylvania.

10.7 Successors. All obligations of the Company under the Plan shall be binding
on any successor to the Company, whether the existence of such successor is the
result of a direct or indirect purchase, merger, consolidation, or otherwise, of
all or substantially all of the business and/or assets of the Company.

                                     - 13 -<PAGE>   1
                                                                    Exhibit 4.3

                           FORM OF SENIOR INDENTURE

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

                            PETROQUEST ENERGY, INC.

                                   as Issuer

                                      and

                           ________________________
                                  as Trustee

                           ________________________

                                   Indenture

                       Dated as of ______________, ____

                           ________________________

                                Debt Securities

================================================================================
<PAGE>   2

                            PETROQUEST ENERGY, INC.

          Reconciliation and tie between Trust Indenture Act of 1939
                  and Indenture, dated as of _______________

                           ________________________

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

_____________

Note: This reconciliation and tie shall not, for any purpose, be deemed to be a
part of the Indenture.
<PAGE>   3

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                              Page
                                                                                                              ----
<S>                                                                                                           <C>
ARTICLE I        DEFINITIONS AND INCORPORATION BY REFERENCE..................................................    1
SECTION 1.01     Definitions.................................................................................    1
SECTION 1.02     Other Definitions...........................................................................    4
SECTION 1.03     Incorporation by Reference of Trust Indenture Act...........................................    5
SECTION 1.04     Rules of Construction.......................................................................    5

ARTICLE II       THE SECURITIES..............................................................................    6
SECTION 2.01     Amount Unlimited; Issuable in Series........................................................    6
SECTION 2.02     Denominations...............................................................................    8
SECTION 2.03     Forms Generally.............................................................................    8
SECTION 2.04     Execution, Authentication, Delivery and Dating..............................................    9
SECTION 2.05     Registrar and Paying Agent..................................................................   11
SECTION 2.06     Paying Agent to Hold Money in Trust.........................................................   11
SECTION 2.07     Holder Lists................................................................................   11
SECTION 2.08     Transfer and Exchange.......................................................................   12
SECTION 2.09     Replacement Securities......................................................................   12
SECTION 2.10     Outstanding Securities......................................................................   13
SECTION 2.11     Original Issue Discount, Foreign-Currency Denominated and
                 Treasury Securities.........................................................................   13
SECTION 2.12     Temporary Securities........................................................................   13
SECTION 2.13     Cancellation................................................................................   14
SECTION 2.14     Payments; Defaulted Interest................................................................   14
SECTION 2.15     Persons Deemed Owners.......................................................................   14
SECTION 2.16     Computation of Interest.....................................................................   15
SECTION 2.17     Global Securities; Book-Entry Provisions....................................................   15

ARTICLE III      REDEMPTION..................................................................................   17
SECTION 3.01     Applicability of Article....................................................................   17
SECTION 3.02     Notice to the Trustee.......................................................................   17
SECTION 3.03     Selection of Securities To Be Redeemed......................................................   17
SECTION 3.04     Notice of Redemption........................................................................   17
SECTION 3.05     Effect of Notice of Redemption..............................................................   18
SECTION 3.06     Deposit of Redemption Price.................................................................   18
SECTION 3.07     Securities Redeemed or Purchased in Part....................................................   19
SECTION 3.08     Purchase of Securities......................................................................   19
SECTION 3.09     Mandatory and Optional Sinking Funds........................................................   19
SECTION 3.10     Satisfaction of Sinking Fund Payments with Securities.......................................   19
SECTION 3.11     Redemption of Securities for Sinking Fund...................................................   20

ARTICLE IV       COVENANTS...................................................................................   20
SECTION 4.01     Payment of Securities.......................................................................   20
SECTION 4.02     Maintenance of Office or Agency.............................................................   21
SECTION 4.03     SEC Reports; Financial Statements...........................................................   21
SECTION 4.04     Compliance Certificate......................................................................   22
SECTION 4.05     Existence...................................................................................   22
SECTION 4.06     Waiver of Stay, Extension or Usury Laws.....................................................   22
SECTION 4.07     Additional Amounts..........................................................................   23
</TABLE>

                                       2
<PAGE>   4

<TABLE>
<S>                                                                                                               <C>
ARTICLE V         SUCCESSORS...................................................................................   23
SECTION 5.01      Limitations on Mergers, Consolidations and Other Transactions................................   23
SECTION 5.02      Successor Person Substituted.................................................................   24

ARTICLE VI        DEFAULTS AND REMEDIES........................................................................   24
SECTION 6.01      Events of Default............................................................................   24
SECTION 6.02      Acceleration.................................................................................   26
SECTION 6.03      Other Remedies...............................................................................   26
SECTION 6.04      Waiver of Defaults...........................................................................   27
SECTION 6.05      Control by Majority..........................................................................   27
SECTION 6.06      Limitations on Suits.........................................................................   27
SECTION 6.07      Rights of Holders to Receive Payment.........................................................   28
SECTION 6.08      Collection Suit by Trustee...................................................................   28
SECTION 6.09      Trustee May File Proofs of Claim.............................................................   28
SECTION 6.10      Priorities...................................................................................   29
SECTION 6.11      Undertaking for Costs........................................................................   30

ARTICLE VII       TRUSTEE......................................................................................   30
SECTION 7.01      Duties of Trustee............................................................................   30
SECTION 7.02      Rights of Trustee............................................................................   31
SECTION 7.03      May Hold Securities..........................................................................   31
SECTION 7.04      Trustee's Disclaimer.........................................................................   32
SECTION 7.05      Notice of Defaults...........................................................................   32
SECTION 7.06      Reports by Trustee to Holders................................................................   32
SECTION 7.07      Compensation and Indemnity...................................................................   32
SECTION 7.08      Replacement of Trustee.......................................................................   33
SECTION 7.09      Successor Trustee by Merger, etc.............................................................   34
SECTION 7.10      Eligibility; Disqualification................................................................   35
SECTION 7.11      Preferential Collection of Claims Against Company............................................   35

ARTICLE VIII      DISCHARGE OF INDENTURE.......................................................................   35
SECTION 8.01      Termination of Company's Obligations.........................................................   35
SECTION 8.02      Application of Trust Money...................................................................   39
SECTION 8.03      Repayment to Company.........................................................................   39
SECTION 8.04      Reinstatement................................................................................   39

ARTICLE IX        SUPPLEMENTAL INDENTURES AND AMENDMENTS.......................................................   40
SECTION 9.01      Without Consent of Holders...................................................................   40
SECTION 9.02      With Consent of Holders......................................................................   41
SECTION 9.03      Compliance with Trust Indenture Act..........................................................   42
SECTION 9.04      Revocation and Effect of Consents............................................................   43
SECTION 9.05      Notation on or Exchange of Securities........................................................   43
SECTION 9.06      Trustee to Sign Amendments, etc..............................................................   43

ARTICLE X         MISCELLANEOUS................................................................................   44
SECTION 10.01     Trust Indenture Act Controls.................................................................   44
SECTION 10.02     Notices......................................................................................   44
</TABLE>

                                       3
<PAGE>   5

<TABLE>
<S>                                                                                                               <C>
SECTION 10.03     Communication by Holders with Other Holders..................................................   45
SECTION 10.04     Certificate and Opinion as to Conditions Precedent...........................................   45
SECTION 10.05     Statements Required in Certificate or Opinion................................................   45
SECTION 10.06     Rules by Trustee and Agents..................................................................   46
SECTION 10.07     Legal Holidays...............................................................................   46
SECTION 10.08     No Recourse Against Others...................................................................   46
SECTION 10.09     Governing Law................................................................................   46
SECTION 10.10     No Adverse Interpretation of Other Agreements................................................   46
SECTION 10.11     Successors...................................................................................   46
SECTION 10.12     Severability.................................................................................   47
SECTION 10.13     Counterpart Originals........................................................................   47
SECTION 10.14     Table of Contents, Headings, etc.............................................................   47
</TABLE>

                                       4

<PAGE>   6

        INDENTURE dated as of _______________ between PetroQuest Energy, Inc., a
Delaware corporation (the "Company"), and ____________________, as trustee (the
"Trustee").

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

                                   ARTICLE I
                  DEFINITIONS AND INCORPORATION BY REFERENCE

        SECTION 1.01   Definitions.

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

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

        "Agent" means any Registrar or Paying Agent.

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

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

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

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

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

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

                                       1
<PAGE>   7

        "Corporate Trust Office" of the Trustee means the office of the Trustee
located at ____________________, and as may be located at such other address as
the Trustee may give notice to the Company.

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

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

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

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

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

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

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

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

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

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

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

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

                                       2
<PAGE>   8

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

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

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

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

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

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

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

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

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

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

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

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

        "SEC" means the Securities and Exchange Commission.

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

                                       3
<PAGE>   9

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

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

        "Subsidiary" means a corporation more than 50% of the outstanding voting
stock of which is owned, directly or indirectly, by the Company or by one or
more other Subsidiaries, or by the Company and one or more other Subsidiaries.
For the purposes of this definition, "voting stock" means stock that ordinarily
has voting power for the election of directors, whether at all times or only so
long as no senior class of stock has that voting power by reason of any
contingency.

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

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

        "Trustee" means the Person named as such above until a successor
replaces it in accordance with the applicable provisions of this Indenture, and
thereafter "Trustee" means each Person who is then a Trustee hereunder, and if
at any time there is more than one such Person, "Trustee" as used with respect
to the Securities of any series means the Trustee with respect to Securities of
that series.

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

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

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

        SECTION 1.02        Other Definitions.

        Term in Section                                              Defined
        ---------------
"Bankruptcy Custodian"                6.01
"Conversion Event"            6.01
"covenant defeasance"                 8.01
"Event of Default"            6.01
"Exchange Rate"               2.11
"Judgment Currency"           6.10
"legal defeasance"            8.01

                                       4
<PAGE>   10

"mandatory sinking fund payment"           3.09
"optional sinking fund payment"            3.09
"Paying Agent"              2.05
"Registrar"          2.05
"Required Currency"         6.10
"Successor"          5.01

        SECTION 1.03        Incorporation by Reference of Trust Indenture Act.

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

               "Commission" means the SEC.

               "indenture securities" means the Securities.

               "indenture security holder" means a Holder.

               "indenture to be qualified" means this Indenture.

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

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

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

        SECTION 1.04 Rules of Construction.

        Unless the context otherwise requires:

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

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

               (3)   "or" is not exclusive;

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

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

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

                                       5
<PAGE>   11

                                  ARTICLE II
                                THE SECURITIES

        SECTION 2.01 Amount Unlimited; Issuable in Series.

        The aggregate principal amount of Securities that may be authenticated
and delivered under this Indenture is unlimited.

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

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

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

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

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

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

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

                                       6
<PAGE>   12

        shall accrue, the Interest Payment Dates on which that interest shall be
        payable and the record date for the interest payable on any Securities
        on any Interest Payment Date;

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

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

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

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

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

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

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

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

              (15) any additional means of satisfaction and discharge of this
        Indenture and any additional conditions or limitations to discharge with
        respect to Securities of the

                                       7
<PAGE>   13

        series pursuant to Article VIII or any modifications of or deletions
        from those conditions or limitations;

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

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

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

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

              (20) any other terms of the series (which terms shall not be
        prohibited by the provisions of this Indenture).

        All Securities of any one series shall be substantially identical except
as to denomination and except as may otherwise be provided in or pursuant to the
Board Resolution referred to above and (subject to Section 2.03) set forth, or
determined in the manner provided, in the Officers' Certificate or Company Order
referred to above or in any such indenture supplemental hereto.

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

        SECTION 2.02  Denominations.

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

        SECTION 2.03  Forms Generally.

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

                                       8
<PAGE>   14

is in a form acceptable to the Company). A copy of the Board Resolution
establishing the form or forms of Securities of any series shall be delivered to
the Trustee at or prior to the delivery of the Company Order contemplated by
Section 2.04 for the authentication and delivery of those Securities.

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

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

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

                                          _________________________, as Trustee

                                          By: _________________________________
                                                         Authorized Officer".

        SECTION 2.04    Execution, Authentication, Delivery and Dating.

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

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

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

        At any time and from time to time after the execution and delivery of
this Indenture, the Company may deliver Securities of any series executed by the
Company to the Trustee for authentication, and the Trustee shall authenticate
and deliver those Securities for original issue on a Company Order for the
authentication and delivery of those Securities or pursuant to such procedures
reasonably acceptable to the Trustee as may be specified from time to time by
Company Order. That order shall specify the amount of the Securities to be
authenticated, the date on which the original issue of Securities is to be
authenticated, the name or names of the initial Holder or Holders and any other
terms of the Securities of that series not otherwise determined. If provided for
in those procedures, that Company Order may authorize

                                       9
<PAGE>   15

(1) authentication and delivery of Securities of that series for original issue
from time to time, with certain terms (including, without limitation, the
Maturity date or dates, original issue date or dates and interest rate or rates)
that differ from Security to Security and (2) may authorize authentication and
delivery pursuant to oral or electronic instructions from the Company or its
duly authorized agent, which instructions shall be promptly confirmed in
writing.

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

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

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

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

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

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

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

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

        The Trustee may appoint an authenticating agent acceptable to the
Company to authenticate Securities. Unless limited by the terms of that
appointment, an authenticating agent

                                       10
<PAGE>   16

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

        Each Security shall be dated the date of its authentication.

        SECTION 2.05      Registrar and Paying Agent.

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

        The Company shall enter into an appropriate agency agreement with any
Registrar or Paying Agent not a party to this Indenture. The agreement shall
implement the provisions of this Indenture that relate to that Agent. The
Company shall notify the Trustee of the name and address of any Agent not a
party to this Indenture. The Company may change any Paying Agent or Registrar
without notice to any Holder. If the Company fails to appoint or maintain
another entity as Registrar or Paying Agent, the Trustee shall act as such. The
Company or any of its Subsidiaries may act as Paying Agent or Registrar.

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

        SECTION 2.06      Paying Agent to Hold Money in Trust.

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

        SECTION 2.07      Holder Lists.

        The Trustee shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of
Holders of each series of Securities and shall otherwise comply with TIA (S)
312(a). If the Trustee is not the Registrar with respect to a series of
Securities, the Company shall furnish to the Trustee at least five Business Days
before

                                       11
<PAGE>   17

each Interest Payment Date with respect to that series of Securities, and
at such other times as the Trustee may request in writing, a list in such form
and as of such date as the Trustee may reasonably require of the names and
addresses of Holders of the Securities of that series, and the Company shall
otherwise comply with TIA (S) 312(a).

        SECTION 2.08    Transfer and Exchange.

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

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

        SECTION 2.09    Replacement Securities.

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

        Every replacement Security is an additional obligation of the Company.

                                       12
<PAGE>   18

        SECTION 2.10  Outstanding Securities.

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

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

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

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

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

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

        SECTION 2.12  Temporary Securities.

        Until definitive Securities of any series are ready for delivery, the
Company may prepare and the Trustee shall authenticate temporary Securities.
Temporary Securities shall be substantially in the form of definitive
Securities, but may have variations that the Company considers appropriate for
temporary Securities. Without unreasonable delay, the Company shall prepare and
the Trustee shall authenticate definitive Securities in exchange for temporary
Securities. Until so exchanged, the temporary Securities shall in all respects
be entitled to the same benefits under this Indenture as definitive Securities.

                                       13
<PAGE>   19

        SECTION 2.13   Cancellation.

        The Company at any time may deliver Securities to the Trustee for
cancellation. The Registrar and the Paying Agent shall forward to the Trustee
any Securities surrendered to them for registration of transfer, exchange,
payment or redemption or for credit against any sinking fund payment. The
Trustee shall cancel all Securities surrendered for registration of transfer,
exchange, payment, redemption, replacement or cancellation or for credit against
any sinking fund. Unless the Company shall direct in writing that canceled
Securities be returned to it, after written notice to the Company all canceled
Securities held by the Trustee shall be disposed of in accordance with the usual
disposal procedures of the Trustee, and the Trustee shall maintain a record of
their disposal. The Company may not issue new Securities to replace Securities
that have been paid or that have been delivered to the Trustee for cancellation.

        SECTION 2.14   Payments; Defaulted Interest.

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

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

        SECTION 2.15   Persons Deemed Owners.

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

                                       14
<PAGE>   20

        SECTION 2.16  Computation of Interest.

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

        SECTION 2.17  Global Securities; Book-Entry Provisions.

        If Securities of a series are issuable in global form as a Global
Security, as contemplated by Section 2.01, then, notwithstanding clause (10) of
Section 2.01 and the provisions of Section 2.02, any such Global Security shall
represent those of the outstanding Securities of that series as shall be
specified therein and may provide that it shall represent the aggregate amount
of outstanding Securities from time to time endorsed thereon and that the
aggregate amount of outstanding Securities represented thereby may from time to
time be reduced or increased, as appropriate, to reflect exchanges or
redemptions. Any endorsement of a Global Security to reflect the amount, or any
increase or decrease in the amount, of outstanding Securities represented
thereby shall be made by the Trustee (i) in such manner and upon instructions
given by such Person or Persons as shall be specified in that Security or in a
Company Order to be delivered to the Trustee pursuant to Section 2.04 or (ii)
otherwise in accordance with written instructions or such other written form of
instructions as is customary for the Depositary for that Security, from that
Depositary or its nominee on behalf of any Person having a beneficial interest
in that Global Security. Subject to the provisions of Section 2.04 and, if
applicable, Section 2.12, the Trustee shall deliver and redeliver any Security
in permanent global form in the manner and upon instructions given by the Person
or Persons specified in that Security or in the applicable Company Order. With
respect to the Securities of any series that are represented by a Global
Security, the Company authorizes the execution and delivery by the Trustee of a
letter of representations or other similar agreement or instrument in the form
customarily provided for by the Depositary appointed with respect to that Global
Security. Any Global Security may be deposited with the Depositary or its
nominee, or may remain in the custody of the Trustee or the Security Custodian
therefor pursuant to a FAST Balance Certificate Agreement or similar agreement
between the Trustee and the Depositary. If a Company Order has been, or
simultaneously is, delivered, any instructions by the Company with respect to
endorsement or delivery or redelivery of a Security in global form shall be in
writing but need not comply with Section 10.05 and need not be accompanied by an
Opinion of Counsel.

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

                                       15
<PAGE>   21

        Notwithstanding Section 2.08, and except as otherwise provided pursuant
to Section 2.01, transfers of a Global Security shall be limited to transfers of
that Global Security in whole, but not in part, to the Depositary, its
successors or their respective nominees. Interests of beneficial owners in a
Global Security may be transferred in accordance with the rules and procedures
of the Depositary. Securities of any series shall be transferred to all
beneficial owners of a Global Security of that series in exchange for their
beneficial interests in that Global Security if, and only if, either (1) the
Depositary notifies the Company that it is unwilling or unable to continue as
Depositary for that Global Security and a successor Depositary is not appointed
by the Company within 90 days of that notice, (2) an Event of Default has
occurred with respect to that series and is continuing and the Registrar has
received a request from the Depositary to issue Securities of that series in
lieu of all or a portion of that Global Security (in which case the Company
shall deliver Securities of that series within 30 days of that request) or (3)
the Company determines not to have the Securities of that series represented by
a Global Security.

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

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

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

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

        Notwithstanding the provisions of Sections 2.03 and 2.14, unless
otherwise specified as contemplated by Section 2.01 with respect to Securities
of any series, payment of principal of

                                       16
<PAGE>   22

and premium (if any) and interest on and any Additional Amounts with respect to
any Global Security shall be made to the Person or Persons specified therein.

                                  ARTICLE III
                                  REDEMPTION

        SECTION 3.01  Applicability of Article.

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

        SECTION 3.02  Notice to the Trustee.

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

        SECTION 3.03  Selection of Securities To Be Redeemed.

        If less than all the Securities of any series are to be redeemed (unless
all of the Securities of that series of a specified tenor are to be redeemed),
the particular Securities to be redeemed shall be selected not more than 60 days
prior to the Redemption Date by the Trustee, from the outstanding Securities of
that series (and tenor) not previously called for redemption, either pro rata,
by lot or by such other method as the Trustee shall deem fair and appropriate.
That redemption may provide for the selection for redemption of portions (equal
to the minimum authorized denomination for Securities of that series or any
integral multiple thereof) of the principal amount of Securities of that series
of a denomination larger than the minimum authorized denomination for Securities
of that series or of the principal amount of Global Securities of that series.

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

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

        SECTION 3.04  Notice of Redemption.

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

                                       17
<PAGE>   23

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

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

              (1) the Redemption Date;

              (2) the Redemption Price;

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

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

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

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

              (7) the CUSIP number, if any, relating to those Securities.

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

        SECTION 3.05  Effect of Notice of Redemption.

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

        SECTION 3.06  Deposit of Redemption Price.

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

                                       18
<PAGE>   24

redemption on that date which have been delivered by the Company to the Trustee
for cancellation.

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

        SECTION 3.07  Securities Redeemed or Purchased in Part.

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

        SECTION 3.08  Purchase of Securities.

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

        SECTION 3.09  Mandatory and Optional Sinking Funds.

        The minimum amount of any sinking fund payment provided for by the terms
of Securities of any series is herein referred to as a "mandatory sinking fund
payment," and any payment in excess of the minimum amount provided for by the
terms of Securities of any series is herein referred to as an "optional sinking
fund payment." Unless otherwise provided by the terms of Securities of any
series, the cash amount of any sinking fund payment may be subject to reduction
as provided in Section 3.10. Each sinking fund payment shall be applied to the
redemption of Securities of any series as provided for by the terms of
Securities of that series and by this Article III.

        SECTION 3.10  Satisfaction of Sinking Fund Payments with Securities.

        The Company may deliver outstanding Securities of a series (other than
any previously called for redemption) and may apply as a credit Securities of a
series that have been redeemed either at the election of the Company pursuant to
the terms of those Securities or through the

                                       19
<PAGE>   25

application of permitted optional sinking fund payments pursuant to the terms of
those Securities, in each case in satisfaction of all or any part of any sinking
fund payment with respect to the Securities of that series required to be made
pursuant to the terms of that series of Securities; provided that those
Securities have not been previously so credited. Those Securities shall be
received and credited for that purpose by the Trustee at the Redemption Price
specified in those Securities for redemption through operation of the sinking
fund, and the amount of that sinking fund payment shall be reduced accordingly.

        SECTION 3.11  Redemption of Securities for Sinking Fund.

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

        If the sinking fund payment or payments (mandatory or optional or both)
to be made in cash on the next succeeding sinking fund payment date plus any
unused balance of any preceding sinking fund payments made in cash shall exceed
$100,000 (or the Dollar equivalent thereof based on the applicable Exchange Rate
on the date of original issue of the applicable Securities) or a lesser sum if
the Company shall so request with respect to the Securities of any particular
series, that cash shall be applied on the next succeeding sinking fund payment
date to the redemption of Securities of that series at the sinking fund
redemption price together with accrued interest to the date fixed for
redemption. If that amount shall be $100,000 (or the Dollar equivalent thereof
as aforesaid) or less and the Company makes no such request, then it shall be
carried over until a sum in excess of $100,000 (or the Dollar equivalent thereof
as aforesaid) is available. Not less than 30 days before each such sinking fund
payment date, the Trustee shall select the Securities to be redeemed on that
sinking fund payment date in the manner specified in Section 3.03 and cause
notice of the redemption thereof to be given in the name of and at the expense
of the Company in the manner provided in Section 3.04. That notice having been
duly given, the redemption of those Securities shall be made on the terms and in
the manner stated in Sections 3.05, 3.06 and 3.07.

                                  ARTICLE IV
                                   COVENANTS

        SECTION 4.01  Payment of Securities.

        The Company shall pay the principal of, premium (if any) and interest on
and any Additional Amounts with respect to the Securities of each series on the
dates and in the manner provided in the Securities of that series and in this
Indenture. Principal, premium, interest and

                                       20
<PAGE>   26

any Additional Amounts shall be considered paid on the date due if the Paying
Agent, other than the Company or a Subsidiary of the Company, holds on that date
money deposited by the Company designated for and sufficient to pay all
principal, premium (if any), interest and any Additional Amounts then due.

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

        SECTION 4.02  Maintenance of Office or Agency.

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

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

        SECTION 4.03  SEC Reports; Financial Statements.

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

              (b) If the Company is not subject to the requirements of Section
        13 or 15(d) of the Exchange Act, the Company shall furnish to all
        Holders of Rule 144A Securities and prospective purchasers of Rule 144A
        Securities designated by the Holders of Rule 144A

                                       21
<PAGE>   27

        Securities, promptly on their request, the information required to be
        delivered pursuant to Rule 144A(d)(4) promulgated under the Securities
        Act of 1933, as amended.

        SECTION 4.04  Compliance Certificate.

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

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

        SECTION 4.05  Existence.

        Subject to Article V hereof, the Company shall do or cause to be done
all things necessary to preserve and keep in full force and effect its existence
and the existence of each of its Subsidiaries and all rights (charter and
statutory) of the Company and its Subsidiaries, provided that the Company shall
not be required to preserve the existence of any Subsidiary of the Company or
any such right if the Company shall determine that the preservation thereof is
no longer desirable in the conduct of the business of the Company and its
Subsidiaries taken as a whole and that the loss thereof would not have a
material adverse effect on the business, operations, assets or financial
condition of the Company and its Subsidiaries taken as a whole and would not
have any material adverse effect on the payment and performance of the
obligations of the Company under the Securities and this Indenture.

        SECTION 4.06  Waiver of Stay, Extension or Usury Laws.

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

                                       22
<PAGE>   28

the Trustee, but will suffer and permit the execution of every such power as
though no such law had been enacted.

        SECTION 4.07  Additional Amounts.

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

        Unless otherwise provided pursuant to Section 2.01 with respect to
Securities of any series, if the Securities of a series provide for the payment
of Additional Amounts, at least ten days prior to the first Interest Payment
Date with respect to that series of Securities (or if the Securities of that
series will not bear interest prior to Maturity, the first day on which a
payment of principal and any premium is made), and at least ten days prior to
each date of payment of principal and any premium or interest if there has been
any change with respect to the matters set forth in the below-mentioned
Officers' Certificate, the Company shall furnish the Trustee and the Company's
principal Paying Agent or Paying Agents, if other than the Trustee, with an
Officers' Certificate instructing the Trustee and such Paying Agent or Paying
Agents whether that payment of principal of and any premium or interest on the
Securities of that series shall be made to Holders of Securities of that series
who are United States Aliens without withholding for or on account of any tax,
assessment or other governmental charge described in the Securities of that
series. If any such withholding shall be required, then that Officers'
Certificate shall specify by country the amount, if any, required to be withheld
on those payments to those Holders of Securities, and the Company will pay to
that Paying Agent the Additional Amounts required by this Section. The Company
covenants to indemnify the Trustee and any Paying Agent for and to hold them
harmless against any loss, liability or expense reasonably incurred without
negligence or bad faith on their part arising out of or in connection with
actions taken or omitted by any of them in reliance on any Officers' Certificate
furnished pursuant to this Section 4.07.

                                   ARTICLE V
                                  SUCCESSORS

        SECTION 5.01  Limitations on Mergers, Consolidations and Other
Transactions.

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

              (1) the Person formed by that consolidation or into which the
        Company is merged, or to which that sale, lease, conveyance, transfer or
        other disposition shall be made (collectively, the "Successor"),
        expressly assumes by supplemental indenture the

                                       23
<PAGE>   29

        due and punctual payment of the principal of (and premium, if any) and
        interest on and Additional Amounts with respect to all the Securities
        and the performance of the Company's covenants and obligations under
        this Indenture and the Securities;

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

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

        SECTION 5.02  Successor Person Substituted.

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

                                  ARTICLE VI
                             DEFAULTS AND REMEDIES

        SECTION 6.01  Events of Default.

        Unless either inapplicable to a particular series or specifically
deleted or modified in or pursuant to the supplemental indenture or Board
Resolution establishing that series of Securities or in the form of Security for
that series, an "Event of Default," wherever used herein with respect to
Securities of any series, occurs if:

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

              (2) the Company defaults in the payment of (A) the principal of
        any Security of that series at its Maturity or (B) premium (if any) on
        any Security of that series when the same becomes due and payable;

              (3) the Company defaults in the deposit of any sinking fund
        payment, when and as due by the terms of a Security of that series, and
        that default continues for a period of 30 days;

              (4) the Company fails to comply with any of its other covenants or
        agreements in, or provisions of, the Securities of that series or this
        Indenture (other than an agreement, covenant or provision that has
        expressly been included in this Indenture solely for the benefit of one
        or more series of Securities other than that series) which shall

                                       24
<PAGE>   30

     not have been remedied within the specified period after written notice, as
     specified in the last paragraph of this Section 6.01;

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

               (C) commences a voluntary case,

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

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

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

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

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

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

               (E) orders the liquidation of the Company; or

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

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

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

     When a Default is cured, it ceases.

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

                                       25
<PAGE>   31

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

     A Default under clause (4) or (7) of this Section 6.01 is not an Event of
Default until the Trustee notifies the Company, or the Holders of at least 25%
in principal amount of the then outstanding Securities of the series affected by
that Default (or, in the case of a Default under clause (4) of this Section
6.01, if outstanding Securities of other series are affected by that Default,
then at least 25% in principal amount of the then outstanding Securities so
affected) notify the Company and the Trustee, of the Default, and the Company
fails to cure the Default within 90 days after receipt of the notice. The notice
must specify the Default, demand that it be remedied and state that the notice
is a "Notice of Default."

     SECTION 6.02   Acceleration.

     If an Event of Default with respect to any Securities of any series at the
time outstanding (other than an Event of Default specified in clause (5) or (6)
of Section 6.01 hereof) occurs and is continuing, the Trustee by notice to the
Company, or the Holders of at least 25% in principal amount of the then
outstanding Securities of the series affected by that default (or, in the case
of an Event of Default described in clause (4) of Section 6.01, if outstanding
Securities of other series are affected by that Default, then at least 25% in
principal amount of the then outstanding Securities so affected) by notice to
the Company and the Trustee, may declare the principal of (or, if any of those
Securities are Original Issue Discount Securities, that portion of the principal
amount as may be specified in the terms of that series) and all accrued and
unpaid interest on all then outstanding Securities of that series or of all
series, as the case may be, to be due and payable. Upon any such declaration,
the amounts due and payable on those Securities shall be due and payable
immediately. If an Event of Default specified in clause (5) or (6) of Section
6.01 hereof occurs, those amounts shall ipso facto become and be immediately due
and payable without any declaration, notice or other act on the part of the
Trustee or any Holder. The Holders of a majority in principal amount of the then
outstanding Securities of the series affected by that default or all series, as
the case may be, by written notice to the Trustee may rescind an acceleration
and its consequences (other than nonpayment of principal of or premium or
interest on or any Additional Amounts with respect to the Securities) if the
rescission would not conflict with any judgment or decree and if all existing
Events of Default with respect to Securities of that series (or of all series,
as the case may be) have been cured or waived, except nonpayment of principal,
premium, interest or any Additional Amounts that has become due solely because
of the acceleration.

     SECTION 6.03   Other Remedies.

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

                                       26
<PAGE>   32

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

     SECTION 6.04   Waiver of Defaults.

     Subject to Sections 6.07 and 9.02, the Holders of a majority in principal
amount of the then outstanding Securities of any series or of all series (acting
as one class) by notice to the Trustee may waive an existing or past Default or
Event of Default with respect to that series or all series, as the case may be,
and its consequences (including waivers obtained in connection with a tender
offer or exchange offer for Securities of that series or all series or a
solicitation of consents in respect of Securities of that series or all series,
provided that in each case that offer or solicitation is made to all Holders of
then outstanding Securities of that series or all series (but the terms of that
offer or solicitation may vary from series to series)), except (1) a continuing
Default or Event of Default in the payment of the principal of, or premium, if
any, or interest on or any Additional Amounts with respect to any Security or
(2) a continued Default in respect of a provision that under Section 9.02 cannot
be amended or supplemented without the consent of each Holder affected. Upon any
such waiver, that Default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other Default or
impair any right consequent thereon.

     SECTION 6.05   Control by Majority.

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

     SECTION 6.06   Limitations on Suits.

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

                                       27
<PAGE>   33

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

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

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

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

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

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

     SECTION 6.07   Rights of Holders to Receive Payment.

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

     SECTION 6.08   Collection Suit by Trustee.

     If an Event of Default specified in clause (1) or (2) of Section 6.01
hereof occurs and is continuing with respect to Securities of any series, the
Trustee is authorized to recover judgment in its own name and as trustee of an
express trust against the Company for the amount of principal, premium (if any),
interest and any Additional Amounts remaining unpaid on the Securities of that
series, and interest on overdue principal and premium, if any, and, to the
extent lawful, interest on overdue interest, and such further amount as shall be
sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel.

     SECTION 6.09   Trustee May File Proofs of Claim.

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

                                       28
<PAGE>   34

of those payments directly to the Holders, to pay to the Trustee any amount due
to it for the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.07. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 7.07 out of the estate in any such
proceeding, shall be denied for any reason, payment of the same shall be secured
by a lien on, and shall be paid out of, any and all distributions, dividends,
money, securities and other properties which the Holders of the Securities may
be entitled to receive in that proceeding whether in liquidation or under any
plan of reorganization or arrangement or otherwise. Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or accept or
adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any Holder
thereof, or to authorize the Trustee to vote in respect of the claim of any
Holder in any such proceeding.

     SECTION 6.10   Priorities.

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

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

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

          Third: to the Company.

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

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

                                       29
<PAGE>   35

     SECTION 6.11   Undertaking for Costs.

     In any suit for the enforcement of any right or remedy under this Indenture
or in any suit against the Trustee for any action taken or omitted by it as a
trustee, a court in its discretion may require the filing by any party litigant
in the suit of an undertaking to pay the costs of the suit, and the court in its
discretion may assess reasonable costs, including reasonable attorneys' fees,
against any party litigant in the suit, having due regard to the merits and good
faith of the claims or defenses made by the party litigant. This Section 6.11
does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section
6.07, or a suit by a Holder or Holders of more than 10% in principal amount of
the then outstanding Securities of any series.

                                  ARTICLE VII
                                    TRUSTEE

     SECTION 7.01   Duties of Trustee.

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

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

                 (1)  the Trustee need perform only those duties that are
          specifically set forth in this Indenture and no others, and no implied
          covenants or obligations shall be read into this Indenture against the
          Trustee; and

                 (2)  in the absence of bad faith on its part, the Trustee may
          conclusively rely, as to the truth of the statements and the
          correctness of the opinions expressed therein, on certificates or
          opinions furnished to the Trustee and conforming to the requirements
          of this Indenture. However, the Trustee shall examine those
          certificates and opinions to determine whether, on their face, they
          appear to conform to the requirements of this Indenture.

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

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

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

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

                                       30
<PAGE>   36

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

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

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

     SECTION 7.02   Rights of Trustee.

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

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

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

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

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

     SECTION 7.03   May Hold Securities.

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

                                       31
<PAGE>   37

     SECTION 7.04   Trustee's Disclaimer.

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

     SECTION 7.05   Notice of Defaults.

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

     SECTION 7.06   Reports by Trustee to Holders.

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

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

     SECTION 7.07   Compensation and Indemnity.

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

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

                                       32
<PAGE>   38

and the Company shall pay the reasonable fees and expenses of that counsel. The
Company need not pay for any settlement made without its consent.

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

     To secure the payment obligations of the Company in this Section 7.07, the
Trustee shall have a lien prior to the Securities on all money or property held
or collected by the Trustee, except that held in trust to pay principal of,
premium (if any) and interest on and any Additional Amounts with respect to the
Securities of any series. That lien shall survive the satisfaction and discharge
of this Indenture.

     When the Trustee incurs expenses or renders services after an Event of
Default specified in Section 6.01(5) or (6) occurs, the expenses and the
compensation for the services are intended to constitute expenses of
administration under any Bankruptcy Law.

     SECTION 7.08   Replacement of Trustee.

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

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

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

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

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

          (4)  the Trustee otherwise becomes incapable of acting.

     If the Trustee resigns or is removed or if a vacancy exists in the office
of Trustee for any reason, with respect to the Securities of one or more series,
the Company shall promptly appoint a successor Trustee or Trustees with respect
to the Securities of that or those series (it being understood that any such
successor Trustee may be appointed with respect to the Securities of one or more
or all of those series and that at any time there shall be only one Trustee with
respect to the Securities of any particular series). Within one year after the
successor Trustee with respect to the Securities of any series takes office, the
Holders of a majority in principal amount of the Securities of that series may
appoint a successor Trustee to replace the successor Trustee appointed by the
Company.

     If a successor Trustee with respect to the Securities of any series does
not take office within 60 days after the retiring Trustee resigns or is removed,
the retiring Trustee, the Company

                                       33
<PAGE>   39

or the Holders of at least 10% in principal amount of the then outstanding
Securities of that series may petition any court of competent jurisdiction for
the appointment of a successor Trustee with respect to the Securities of that
series.

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

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

     In case of the appointment of a successor Trustee with respect to the
Securities of one or more (but not all) series, the Company, the retiring
Trustee and each successor Trustee with respect to the Securities of one or more
(but not all) series shall execute and deliver an indenture supplemental hereto
in which each successor Trustee shall accept that appointment and that (1) shall
confer to each successor Trustee all the rights, powers and duties of the
retiring Trustee with respect to the Securities of that or those series to which
the appointment of that successor Trustee relates, (2) if the retiring Trustee
is not retiring with respect to all Securities, shall confirm that all the
rights, powers and duties of the retiring Trustee with respect to the Securities
of that or those series as to which the retiring Trustee is not retiring shall
continue to be vested in the retiring Trustee and (3) shall add to or change any
of the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one Trustee.
Nothing herein or in that supplemental indenture shall constitute those Trustees
co-trustees of the same trust, and each such Trustee shall be trustee of a trust
or trusts hereunder separate and apart from any trust or trusts hereunder
administered by any other such Trustee. Upon the execution and delivery of that
supplemental indenture, the resignation or removal of the retiring Trustee shall
become effective to the extent provided therein, and each such successor Trustee
shall have all the rights, powers and duties of the retiring Trustee with
respect to the Securities of that or those series to which the appointment of
that successor Trustee relates. On the request of the Company or any successor
Trustee, that retiring Trustee shall transfer to that successor Trustee all
property held by that retiring Trustee as Trustee with respect to the Securities
of that or those series to which the appointment of that successor Trustee
relates.

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

     SECTION 7.09   Successor Trustee by Merger, etc.

     Subject to Section 7.10, if the Trustee consolidates, merges or converts
into, or transfers all or substantially all of its corporate trust business to,
another corporation, the successor corporation without any further act shall be
the successor Trustee; provided, however, that in the

                                       34
<PAGE>   40

case of a transfer of all or substantially all of its corporate trust business
to another corporation, the transferee corporation expressly assumes all of the
Trustee's liabilities hereunder.

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

     SECTION 7.10   Eligibility; Disqualification.

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

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

     SECTION 7.11   Preferential Collection of Claims Against Company.

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

                                 ARTICLE VIII
                            DISCHARGE OF INDENTURE

     SECTION 8.01   Termination of Company's Obligations.

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

          (1)    either

                                       35
<PAGE>   41

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

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

                 (ii)    have become due and payable, or

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

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

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

                 (C) the Company has properly fulfilled such other means of
          satisfaction and discharge as is specified, as contemplated by Section
          2.01, to be applicable to the Securities of that series;

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

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

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

          (4)    the Company has irrevocably deposited or caused to be
     irrevocably deposited with the Trustee as trust funds in trust for the
     purpose of making the following payments, specifically pledged as security
     for and dedicated solely to the benefit of the

                                       36
<PAGE>   42

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

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

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

              (7) the Company shall have delivered to the Trustee an Opinion of
        Counsel from counsel reasonably acceptable to the Trustee or a tax
        ruling to the effect that the Holders of Securities of that series will
        not recognize income, gain or loss for Federal income tax purposes as a
        result of the Company's exercise of its option under this Section
        8.01(b) and will be subject to Federal income tax on the same amount and
        in the same manner and at the same times as would have been the case if
        that option had not been exercised;

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

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

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

                                       37
<PAGE>   43

Trustee's and Paying Agent's obligations in Section 8.03 shall survive with
respect to Securities of that series.

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

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

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

              (10) no Default or Event of Default under clauses (5) and (6) of
        Section 6.01 hereof shall have occurred at any time during the period
        ending on the 91st day after the date of deposit contemplated by Section
        8.01(b) (it being understood that this condition shall not be deemed
        satisfied until the expiration of that period);

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

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

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

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

                                       38
<PAGE>   44

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

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

        SECTION 8.02    Application of Trust Money.

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

        SECTION 8.03    Repayment to Company.

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

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

        SECTION 8.04    Reinstatement.

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

                                       39
<PAGE>   45

reinstatement of its obligations, the Company shall be subrogated to the rights
of the Holders of those Securities to receive such payment from the money or
Government Obligations held by the Trustee or the Paying Agent.

                                   ARTICLE IX
                     SUPPLEMENTAL INDENTURES AND AMENDMENTS

        SECTION 9.01  Without Consent of Holders.

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

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

              (2)  to comply with Section 5.01;

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

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

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

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

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

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

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

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

                                       40
<PAGE>   46

              (11) to evidence and provide for the acceptance of appointment
        hereunder by a successor Trustee with respect to the Securities of one
        or more series and to add to or change any of the provisions of this
        Indenture as shall be necessary to provide for or facilitate the
        administration of the trusts hereunder by more than one Trustee,
        pursuant to the requirements of Section 7.08.

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

        SECTION 9.02    With Consent of Holders.

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

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

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

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

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

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

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

                                       41
<PAGE>   47

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

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

              (5) change any obligation of the Company to pay Additional Amounts
        with respect to any Security;

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

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

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

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

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

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

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

        SECTION 9.03   Compliance with Trust Indenture Act.

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

                                       42
<PAGE>   48

        SECTION 9.04    Revocation and Effect of Consents.

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

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

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

        SECTION 9.05    Notation on or Exchange of Securities.

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

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

        SECTION 9.06    Trustee to Sign Amendments, etc.

        The Trustee shall sign any amendment or supplement authorized pursuant
to this Article if the amendment or supplement does not adversely affect the
rights, duties, liabilities or immunities of the Trustee. If it does, the
Trustee may, but need not, sign it. In signing or refusing to sign that
amendment or supplement, the Trustee shall be entitled to receive, and, subject
to Section 7.01 hereof, shall be fully protected in relying on, an Opinion of
Counsel

                                       43
<PAGE>   49

provided at the expense of the Company as conclusive evidence that such
amendment or supplement is authorized or permitted by this Indenture, that it is
not inconsistent herewith, and that it will be valid and binding on the Company
in accordance with its terms.

                                   ARTICLE X
                                 MISCELLANEOUS

        SECTION 10.01  Trust Indenture Act Controls.

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

        SECTION 10.02  Notices.

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

               If to the Company:

               PetroQuest Energy, Inc.
               400 E. Kaliste Saloon Road, Suite 3000
               Lafayette, Louisiana 70508
               Attention: General Counsel

               If to the Trustee:

               ______________________________
               ______________________________
               ______________________________
               ______________________________

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

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

        Any notice or communication to a Holder shall be mailed by first-class
mail, postage prepaid, to the Holder's address shown on the register kept by the
Registrar. Failure to mail a notice or communication to a Holder or any defect
in it shall not affect its sufficiency with respect to other Holders.

                                       44
<PAGE>   50

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

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

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

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

        SECTION 10.03   Communication by Holders with Other Holders.

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

        SECTION 10.04   Certificate and Opinion as to Conditions Precedent.

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

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

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

        SECTION 10.05   Statements Required in Certificate or Opinion.

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

              (1) a statement that the Person making that certificate or opinion
        has read that covenant or condition;

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

                                       45
<PAGE>   51

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

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

        SECTION 10.06   Rules by Trustee and Agents.

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

        SECTION 10.07   Legal Holidays.

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

        SECTION 10.08   No Recourse Against Others.

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

        SECTION 10.09   Governing Law.

        THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY
PRINCIPLES OF CONFLICTS OF LAWS THEREUNDER TO THE EXTENT THE LAWS OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY.

        SECTION 10.10   No Adverse Interpretation of Other Agreements.

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

        SECTION 10.11   Successors.

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

                                       46
<PAGE>   52

        SECTION 10.12  Severability.

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

        SECTION 10.13  Counterpart Originals.

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

        SECTION 10.14  Table of Contents, Headings, etc.

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

                                       47
<PAGE>   53

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

                              PETROQUEST ENERGY, INC.

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

                                -----------------------------------------------
                                   as Trustee

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

                                       48

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