Document:

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                                                                   EXHIBIT 10.27

                                 ASSURANT, INC.                   EXECUTION COPY

                                       TO

                                 SUNTRUST BANK,
                                     Trustee

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

                              SENIOR DEBT INDENTURE

                          Dated as of February 18, 2004

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

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                                Table of Contents

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                                                                                               PAGE
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                                              ARTICLE I

                       DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

SECTION 1.1   Definitions ...............................................................        1

SECTION 1.2   Compliance Certificates and Opinions ......................................        9

SECTION 1.3   Form of Documents Delivered to Trustee ....................................        9

SECTION 1.4   Acts of Holders; Record Dates .............................................       10

SECTION 1.5   Notices, Etc., to Trustee and Company .....................................       11

SECTION 1.6   Notice to Holders; Waiver .................................................       11

SECTION 1.7   Conflict with Trust Indenture Act .........................................       12

SECTION 1.8   Effect of Headings and Table of Contents ..................................       12

SECTION 1.9   Successors and Assigns ....................................................       12

SECTION 1.10  Separability Clause .......................................................       12

SECTION 1.11  Benefits of Indenture .....................................................       12

SECTION 1.12  Governing Law .............................................................       12

SECTION 1.13  Legal Holidays ............................................................       12

SECTION 1.14  Language of Notices .......................................................       13

SECTION 1.15  Limitation on Individual Liability ........................................       13

                                             ARTICLE II

                                           SECURITY FORMS

SECTION 2.1   Forms Generally ...........................................................       13

SECTION 2.2   Form of Face of Security ..................................................       14

SECTION 2.3   Form of Reverse of Security ...............................................       19

SECTION 2.4   Form of Trustee's Certificate of Authentication ...........................       26

                                             ARTICLE III

                                           THE SECURITIES

SECTION 3.1   Amount Unlimited; Issuable in Series ......................................       26

SECTION 3.2   Denominations .............................................................       29

SECTION 3.3   Execution, Authentication, Delivery and Dating ............................       29

SECTION 3.4   Temporary Securities ......................................................       30

SECTION 3.5   Registration, Registration of Transfer and Exchange .......................       31
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SECTION 3.6   Additional Provisions Applicable to Transfer and Exchange of
              Restricted Securities .....................................................       34

SECTION 3.7   [Reserved] ................................................................       35

SECTION 3.8   Form of Certificate to be Delivered in Connection with Transfers
              Pursuant to Regulation S ..................................................       35

SECTION 3.9   Mutilated, Destroyed, Lost and Stolen Securities ..........................       37

SECTION 3.10  Payment of Interest; Interest Rights Preserved ............................       37

SECTION 3.11  Persons Deemed Owners .....................................................       39

SECTION 3.12  Cancellation ..............................................................       39

SECTION 3.13  Interest ..................................................................       39

SECTION 3.14  Form and Payment ..........................................................       40

SECTION 3.15  Global Securities .........................................................       40

SECTION 3.16  CUSIP Numbers .............................................................       42

                                             ARTICLE IV

                               SATISFACTION AND DISCHARGE; DEFEASANCE

SECTION 4.1   Satisfaction and Discharge of Indenture ...................................       42

SECTION 4.2   Defeasance and Discharge ..................................................       44

SECTION 4.3   Covenant Defeasance .......................................................       44

SECTION 4.4   Conditions to Defeasance or Covenant Defeasance ...........................       45

SECTION 4.5   Application of Trust Money ................................................       46

SECTION 4.6   Indemnity for U.S. Government Obligations .................................       46

                                              ARTICLE V

                                              REMEDIES

SECTION 5.1   Events of Default .........................................................       46

SECTION 5.2   Acceleration of Maturity; Rescission and Annulment ........................       48

SECTION 5.3   Collection of Indebtedness and Suits for Enforcement by Trustee ...........       50

SECTION 5.4   Trustee May File Proofs of Claim ..........................................       50

SECTION 5.5   Trustee May Enforce Claims Without Possession of Securities ...............       51

SECTION 5.6   Application of Money Collected ............................................       51

SECTION 5.7   Limitation on Suits .......................................................       52

SECTION 5.8   Unconditional Right of Holders to Receive Principal, Premium
              and Interest ..............................................................       53

SECTION 5.9   Restoration of Rights and Remedies ........................................       53
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SECTION 5.10  Rights and Remedies Cumulative ............................................       53

SECTION 5.11  Delay or Omission Not Waiver ..............................................       53

SECTION 5.12  Control by Holders ........................................................       53

SECTION 5.13  Waiver of Past Defaults ...................................................       54

SECTION 5.14  Undertaking for Costs .....................................................       54

                                             ARTICLE VI

                                             THE TRUSTEE

SECTION 6.1   Certain Duties and Responsibilities .......................................       55

SECTION 6.2   Notice of Defaults ........................................................       56

SECTION 6.3   Certain Rights of Trustee .................................................       56

SECTION 6.4   Not Responsible for Recitals or Issuance of Securities ....................       58

SECTION 6.5   May Hold Securities .......................................................       58

SECTION 6.6   Money Held in Trust .......................................................       58

SECTION 6.7   Compensation and Reimbursement ............................................       58

SECTION 6.8   Disqualification; Conflicting Interests ...................................       59

SECTION 6.9   Corporate Trustee Required; Eligibility ...................................       59

SECTION 6.10  Resignation and Removal; Appointment of Successor .........................       59

SECTION 6.11  Acceptance of Appointment by Successor ....................................       61

SECTION 6.12  Merger, Conversion, Consolidation or Succession to Business. ..............       62

SECTION 6.13  Preferential Collection of Claims Against Company .........................       63

SECTION 6.14  Appointment of Authenticating Agent .......................................       63

                                             ARTICLE VII

                           HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY

SECTION 7.1   Company to Furnish Trustee Names and Addresses of Holders .................       65

SECTION 7.2   Preservation of Information; Communications to Holders ....................       65

SECTION 7.3   Reports by Trustee ........................................................       67

SECTION 7.4   Reports by Company ........................................................       67

                                            ARTICLE VIII

                         CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

SECTION 8.1   Company May Consolidate, Etc., Only on Certain Terms ......................       68

SECTION 8.2   Successor Corporation Substituted .........................................       68
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                                             ARTICLE IX

                                       SUPPLEMENTAL INDENTURES

SECTION 9.1   Supplemental Indentures Without Consent of Holders ........................       69

SECTION 9.2   Supplemental Indentures with Consent of Holders ...........................       70

SECTION 9.3   Execution of Supplemental Indentures ......................................       71

SECTION 9.4   Effect of Supplemental Indentures .........................................       71

SECTION 9.5   Conformity with Trust Indenture Act .......................................       71

SECTION 9.6   Reference in Securities to Supplemental Indentures ........................       71

                                              ARTICLE X

                                              COVENANTS

SECTION 10.1  Payment of Principal, Premium and Interest ................................       72

SECTION 10.2  Maintenance of Office or Agency ...........................................       72

SECTION 10.3  Limitation on Liens on Common Stock of Principal Subsidiaries. ............       72

SECTION 10.4  Limitation on Disposition of Stock ........................................       73

SECTION 10.5  Money for Securities Payments to Be Held in Trust .........................       73

SECTION 10.6  Statement by Officers as to Default .......................................       74

                                             ARTICLE XI

                                      REDEMPTION OF SECURITIES

SECTION 11.1  Applicability of Article ..................................................       75

SECTION 11.2  Election to Redeem; Notice to Trustee .....................................       75

SECTION 11.3  Selection by Trustee of Securities to Be Redeemed .........................       75

SECTION 11.4  Notice of Redemption ......................................................       76

SECTION 11.5  Deposit of Redemption Price ...............................................       76

SECTION 11.6  Securities Payable on Redemption Date .....................................       77

SECTION 11.7  Securities Redeemed in Part ...............................................       77

                                             ARTICLE XII

                                            SINKING FUNDS

SECTION 12.1  Applicability of Article ..................................................       77

SECTION 12.2  Satisfaction of Sinking Fund Payments with Securities .....................       78

SECTION 12.3  Redemption of Securities for Sinking Fund .................................       78
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                                 ASSURANT, INC.

           RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939
                                  AND INDENTURE

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     TRUST INDENTURE
       ACT SECTION                           INDENTURE SECTION
<S>                                          <C>
Section 310 (a)(l).......................      6.9
            (a)(2) ......................      6.9
            (a)(3) ......................      Not Applicable
            (a)(4).......................      Not Applicable
            (b)..........................      6.8
                                               6.10
Section 311 (a)..........................      6.13(a)
            (b)..........................      6.13(b)
            (b)(2).......................      7.3(a)(2)
                                               7.3(b)
Section 312 (a)..........................      7.1
                                               7.2(a)
            (b)..........................      7.2(b)
            (c)..........................      7.2(c)
Section 313 (a)..........................      7.3(a)
            (b)..........................      7.3(b)
            (c)..........................      7.3(a), 7.3(b)
            (d)..........................      7.3(c)
Section 314 (a)..........................      7.4,10.5
            (b)..........................      Not Applicable
            (c)(l).......................      1.2
            (c)(2).......................      1.2
            (c)(3).......................      Not Applicable
            (d)..........................      Not Applicable
            (e)..........................      1.2
Section 315 (a)..........................      6.1 (a)
            (b)..........................      6.2
                                               7.3(a)(6)
            (c)..........................      6.1 (b)
            (d)..........................      6.1 (c)
            (d)(l).......................      6.1(c)(l)
            (d)(2).......................      6.1(c)(2)
            (d)(3).......................      6.1(c)(3)
            (e)..........................      5.14
Section 316 (a)..........................      1.1
            (a)(l)(A)....................      5.2
                                               5.12
            (a)(1)(B)....................      5.13
            (a)(2).......................      Not Applicable
            (b)..........................      5.8
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<S>                                          <C>
Section 317 (a)(l).......................    5.3
            (a)(2).......................    5.4
            (b)..........................    10.4
Section 318 (a)..........................    1.7
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NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be a
part of the Indenture.

                                       vi
<PAGE>

                  SENIOR DEBT SECURITIES INDENTURE, dated as of February 18,
2004, between ASSURANT, INC. (d/b/a Assurant Group), a corporation duly
organized and existing under the laws of the State of Delaware (herein called
the "Company"), having its principal office at One Chase Manhattan Plaza, New
York, New York, 10005, and SUNTRUST BANK, a state banking corporation duly
organized and existing under the laws of the State of Georgia, as Trustee
(herein called the "Trustee").

                             RECITALS OF THE COMPANY

                  WHEREAS, the Company has duly authorized the issuance from
time to time of its unsecured, senior debentures, securities, notes or other
evidences of indebtedness (herein called the "Securities"), to be issued in one
or more series as provided in this Indenture up to such principal amount or
amounts as may from time to time be authorized in accordance with the terms of
this Indenture and to provide, among other things, for the authentication,
delivery and administration thereof, the Company has duly authorized the
execution and delivery of this Indenture; and

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

                  NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

                                    ARTICLE I

         DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

SECTION 1.1 Definitions.

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

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

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

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

<PAGE>

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

                  Certain terms, used principally in Article VI, are defined in
that Article.

                  "Act," when used with respect to any Holder, has the meaning
specified in Section 1.4.

                  "Additional Interest" shall have the meaning specified in
Section 8 of the Registration Rights Agreement between the Company and the
Initial Purchasers (as defined therein), dated as of February___, 2004. All
references herein to interest accrued or payable as of any date shall include
any Additional Interest accrued or payable as of such date as provided in the
Registration Rights Agreement.

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

                  "Agent Members" has the meaning specified in Section 3.15.

                  "Applicable Procedures" means the rules and procedures of The
Depository Trust Company, Euroclear and Clearstream, Luxembourg, in each case to
the extent applicable.

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

                  "Board of Directors" means either the board of directors of
the Company or any duly authorized committee of that board.

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

                  "Book Entry Interest" means a beneficial interest in a Global
Security, ownership of which shall be maintained and transfers of which shall be
made through book entries by the Depositary.

                  "Business Day" means any calendar day that is not a Saturday,
Sunday or legal holiday in New York, New York and a day on which commercial
banks are open for business in New York, New York.

                                       2
<PAGE>

                  "Clearstream, Luxembourg" means Clearstream Banking S.A., or
its successor.

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

                  "Common Stock" means, with respect to any Principal
Subsidiary, stock of any class, however designated, except stock which is
non-participating beyond fixed dividend and liquidation preferences and the
holders of which have either no voting rights or limited voting rights entitling
them, only in the case of certain contingencies, to elect less than a majority
of the Board of Directors (or persons performing similar functions) of such
Principal Subsidiary, and shall include securities of any class, however
designated, which are convertible into such Common Stock.

                  "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 such successor corporation.

                  "Company Request" or "Company Order" means a written request
or order signed in the name of the Company by its Chairman or a Vice Chairman of
the Board of Directors, its President, a Vice President, its Chief Financial
Officer or its Chief Accounting Officer, and by its Treasurer, a Deputy
Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, and
delivered to the Trustee.

                  "Consolidated Assets" means the assets of the Company and its
consolidated Subsidiaries.

                  "Corporate Trust Office" means the office of the Trustee in
the City of New York, New York, which at the date hereof is located at Wall
Street Plaza, 88 Pine Street, New York, New York 10005, c/o ComputerShare Trust
Company of New York.

                  "Covenant Defeasance" has the meaning specified in
Section 4.3.

                  "Defaulted Interest" has the meaning specified in
Section 3.10.

                  "Defeasance" has the meaning specified in Section 4.2.

                  "Depositary" means, with respect to Securities of any series
issuable in whole or in part in the form of one or more Global Securities, a
clearing agency registered under the Exchange Act that is designated to act as
Depositary for such Securities as contemplated by Section 3.15.

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

                                       3
<PAGE>

                  "Event of Default" has the meaning specified in Section 5.1.

                  "Exchange Act" means the Securities Exchange Act of 1934, as
amended from time to time, and any successor legislation.

                  "Exchange Securities" shall mean Securities issued in a
transaction which has been registered under the Securities Act in exchange for
Restricted Securities.

                  "Floating or Adjustable Rate Provision" means a formula or
provision, specified in a Board Resolution or an indenture supplemental hereto,
providing for the determination, whether pursuant to objective factors or
pursuant to the sole discretion of any Person (including the Company), and
periodic adjustment of the interest rate per annum borne by a Floating or
Adjustable Rate Security.

                  "Floating or Adjustable Rate Security" means any Security
which provides for interest to be payable thereon at a rate per annum that may
vary from time to time over the term thereof in accordance with a Floating or
Adjustable Rate Provision.

                  "Global Security" means a Security that evidences all or part
of the Securities of any series and is authenticated and delivered to, and
registered in the name of, the Depositary for such Securities or a nominee
thereof.

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

                  "Indebtedness" means the principal of and any premium and
interest due on indebtedness of a Person, whether outstanding on the original
date of issuance of the notes or thereafter created, incurred or assumed, which
is (a) indebtedness for money borrowed and (b) any amendments, renewals,
extensions, modifications and refundings of any such indebtedness. For the
purposes of this definition, "indebtedness for money borrowed" means (1) any
obligation of, or any obligation guaranteed by, such Person for the repayment of
borrowed money, whether or not evidenced by bonds, debentures, notes or other
written instruments, (2) any obligation of, or any such obligation guaranteed
by, such Person evidenced by bonds, debentures, notes or similar written
instruments, including obligations assumed or incurred in connection with the
acquisition of property, assets or businesses (provided, however, that (x) the
deferred purchase price of any business or property or assets shall not be
considered Indebtedness if the purchase price thereof is payable in full within
90 days from the date on which such indebtedness was created and (y) trade
accounts payable and accrued liabilities arising in the ordinary course of
business shall not be considered Indebtedness) and (3) any obligations of such
Person as lessee under leases required to be capitalized on the balance sheet of
the lessee under generally accepted accounting principles and leases of property
or assets made as part of any sale and lease-back transaction to which such
Person is a party.

                  "Indenture" means this instrument as originally executed or as
it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof
and shall include the terms of particular series of Securities established as
contemplated by Section 3.1.

                                       4
<PAGE>

                  "interest," when used with respect to series of Securities
includes any additional interest payable on such series of Securities in
accordance with the terms of any registration rights agreement entered into by
the Company in connection with the issuance of such series of Securities.

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

                  "Interest Rate" has the meaning specified in Section 3.13.

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

                  "Non-U.S. Person" means a Person other than a U.S. Person (as
defined in Rule 901(k) of Regulation S).

                  "Officers' Certificate" means a certificate signed by the
Chairman or Vice Chairman of the Board of Directors, the President, a Vice
President, the Chief Financial Officer or the Chief Accounting Officer, and by
the Treasurer, a Deputy Treasurer, an Assistant Treasurer, the Secretary or an
Assistant Secretary, of the Company, and delivered to the Trustee.

                  "Opinion of Counsel" means a written opinion of counsel, who
may be in-house counsel for the Company, which, if required by the Trust
Indenture Act, shall comply with the Trust Indenture Act.

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

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

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

                  (iii)    Securities which have been paid pursuant to Section
         3.9 or in exchange for or in lieu of which other Securities have been
         authenticated and delivered pursuant to this Indenture, other than any
         such Securities in respect of which there shall have been presented to
         the Trustee proof satisfactory to it that

                                       5
<PAGE>

         such Securities are held by a bona fide purchaser in whose hands such
         Securities are valid obligations of the Company;

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

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

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

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

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

                  "Principal Corporate Trust Office" means the principal office
of the Trustee, at which at any particular time its corporate trust business
shall be principally administered and, which at the date hereof, is located at
25 Park Place N.E., 24th Floor, Atlanta, Georgia 30303, Attention: Corporate
Trust Department.

                  "Principal Subsidiary" means a consolidated Subsidiary of the
Company that, as of the time of the determination of whether such consolidated
Subsidiary is a "Principal Subsidiary," accounted for 10% or more of the total
Consolidated Assets, as set forth in the most recent balance sheet filed by the
Company with the Commission.

                  "Private Placement Legend" has the meaning specified in
Section 2.2.

                  "QIB" means any "qualified institutional buyer" (as defined in
Rule 144A under the Securities Act).

                                       6
<PAGE>

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

                  "Redemption Option Date" means, with respect to a series of
 Securities, the date specified as contemplated by Section 3.1 on or after
 which, from time to time, the Company, at its option, may redeem such series of
 Securities in whole or in part.

                  "Redemption Price," when used with respect to any Security to
be redeemed, means the price at which it is redeemable as specified pursuant to
Section 3.1 plus any accrued and unpaid interest thereon to, but excluding, the
date of redemption.

                  "Regular Record Date" for the interest payable on any Interest
 Payment Date on the Securities of any series means the date specified as such
 pursuant to Section 3.1.

                  "Regulation S" means Regulation S under the Securities Act.

                  "Regulation S Global Security" has the meaning specified in
Section 2.1.

                  "Regulation S Legend" has the meaning specified in
Section 2.2.

                  "Regulation S Restricted Period" means with respect to any
series of Securities the 40 consecutive days beginning on and including the
later of (A) the day on which any Regulation S Securities of such series are
offered to persons other than distributors (as defined in Regulation S under the
Securities Act) and (B) the date on which any such Securities are originally
issued.

                  "Regulation S Security" has the meaning specified in Section
2.1.

                  "Resale Restriction Termination Date" shall have the meaning
specified in Section 3.6.

                  "Responsible Officer" means, with respect to the Trustee, any
officer within the Principal Corporate Trust Office of the Trustee, including
any Vice President, any assistant Vice President, any assistant secretary, the
treasurer, any assistant treasurer, any senior trust officer or other officer of
the Principal Corporate Trust Office of the Trustee customarily performing
functions similar to those performed by any of the above designated officers and
also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of that officer's knowledge of
and familiarity with the particular subject.

                  "Restricted Securities" shall mean Securities of any series
that are offered and sold in a transaction that was not registered under the
Securities Act.

                  "Restricted Securities Legend" means the Private Placement
Legend set forth in clause (b) of Section 2.2 or the Regulation S Legend set
forth in clause (c) of Section 2.2, as applicable.

                                       7
<PAGE>

                  "Rule 144A" means Rule 144A under the Securities Act.

                  "Rule 144A Securities" has the meaning specified in Section
2.1.

                  "Rule 144A Global Security" has the meaning specified in
Section 2.1.

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

                  "Securities Act" means the Securities Act of 1933, as amended
from time to time and any successor legislation.

                  "Securities Custodian" means the custodian with respect to any
Global Security (as appointed by the Depositary), or any successor Person
thereto, and shall initially be the Trustee.

                  "Security Beneficial Owner" means, with respect to a Book
Entry Interest, a person who is the beneficial owner of such Book Entry
Interest, as reflected on the books of the Depositary, or on the books of a
Person maintaining an account with such Depositary (directly as a Depositary
participant or as an indirect participant, in each case in accordance with the
rules of the Depositary).

                  "Security Register" and "Security Registrar" have the
respective meanings specified in Section 3.5.

                  "Special Record Date" for the payment of any Defaulted
Interest means a date fixed by the Trustee pursuant to Section 3.10.

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

                  "Subsidiary" means a corporation, company (including any
limited liability company), association, partnership, joint venture, trust or
other business entity in which the Company and/or one or more of the Company's
other subsidiaries owns at least 50% of the outstanding voting stock.

                  "Trust Indenture Act" means the Trust Indenture Act of 1939,
as in force at the date as of which this instrument was executed, except as
provided in Section 9.5.

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

                                       8
<PAGE>

                  "U.S. Government Obligations" has the meaning specified in
Section 4.4.

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

SECTION 1.2 Compliance Certificates and Opinions.

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

                  Every Officers' Certificate or Opinion of Counsel with respect
to compliance with a condition or covenant provided for in this Indenture shall
include:

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

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

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

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

SECTION 1.3 Form of Documents Delivered to Trustee.

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

                  Any certificate or opinion of an officer of the Company may be
based, insofar as it relates to legal matters, upon a certificate or opinion of,
or representations by,

                                       9
<PAGE>

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

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

SECTION 1.4 Acts of Holders; Record Dates.

                  (a)      Any request, demand, authorization, direction,
notice, consent, waiver or other action provided or permitted by this Indenture
to be given or taken by Holders shall be embodied in and evidenced by one or
more instruments of substantially similar tenor signed by such Holders in person
or by an agent duly appointed in writing; and, except as herein otherwise
expressly provided, such action shall become effective when such instrument or
instruments are delivered to the Trustee and, where it is hereby expressly
required, to the Company. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the
"Act" of the Holders signing such instrument or instruments. Proof of execution
of any such instrument or of a writing appointing any such agent shall be
sufficient for any purpose of this Indenture and (subject to Section 6.1)
conclusive in favor of the Trustee and the Company, if made in the manner
provided in this Section.

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

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

                  (d)      Any request, demand, authorization, direction,
notice, consent, waiver or other Act of the Holder of any Security of the same
series shall bind every future Holder of the same Security of such series and
the Holder of every Security of the same series issued upon the registration of
transfer thereof

                                       10
<PAGE>

or in exchange therefor or in lieu thereof in respect of anything done, omitted
or suffered to be done by the Trustee or the Company in reliance thereon,
whether or not notation of such action is made upon such Security of such
series.

SECTION 1.5 Notices, Etc., to Trustee and Company.

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

                  (1)      the Trustee by any Holder or by the Company shall be
         sufficient for every purpose hereunder if made, given, furnished or
         filed in writing to or with the Trustee at its Corporate Trust Office,
         Attention: Corporate Trust Administration; provided, however, that such
         instrument will be considered properly given if submitted in an
         electronic format, i.e., by facsimile, E-Mail or otherwise, or

                  (2)      the Company by the Trustee or by any Holder shall be
         sufficient for every purpose hereunder (unless otherwise herein
         expressly provided) if in writing and mailed, first-class postage
         prepaid, to the Company addressed to it at the address of its principal
         office specified in the first paragraph of the Indenture or at any
         other address previously furnished in writing to the Trustee by the
         Company; provided, however, that such instrument will be considered
         properly given if submitted in an electronic format, e.g., by
         facsimile, E-Mail or otherwise.

SECTION 1.6 Notice to Holders; Waiver.

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

                  In case by reason of the suspension of regular mail service or
by reason of any other cause it shall be impracticable to give such notice by
mail, then such notification as shall be made with the approval of the Trustee
shall constitute a sufficient notification for every purpose hereunder. Any
notice that is mailed in the manner herein provided shall be conclusively
presumed to have been duly given or provided.

                                       11
<PAGE>

SECTION 1.7 Conflict with Trust Indenture Act.

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

SECTION 1.8 Effect of Headings and Table of Contents.

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

SECTION 1.9 Successors and Assigns.

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

SECTION 1.10 Separability Clause.

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

SECTION 1.11 Benefits of Indenture.

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

SECTION 1.12 Governing Law.

                  This Indenture and the Securities shall be governed by, and
construed and interpreted in accordance with, the laws of the State of New York,
and all rights and remedies shall be governed by such laws.

SECTION 1.13 Legal Holidays.

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

                                       12

<PAGE>

SECTION 1.14 Language of Notices.

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

SECTION 1.15 Limitation on Individual Liability.

                  No recourse shall be had for the payment of the principal of
or any premium or the interest on any Security, or for any claim based thereon,
or otherwise in respect thereof, or based on or in respect of this Indenture,
against any incorporator, stockholder, officer or director, past, present or
future, as such, of the Company or of any predecessor or successor corporation,
whether by virtue of any constitution, statute or rule of law, or by the
enforcement of any assessment or penalty or otherwise, all such liability being,
by the acceptance hereof and as part of the consideration for the issuance
hereof, expressly waived and released.

                                   ARTICLE II

                                 SECURITY FORMS

SECTION 2.1 Forms Generally.

                  The Securities of each series shall be in substantially the
form set forth in this Article, or such other form as shall be established by or
pursuant to a Board Resolution or in one or more indentures supplemental hereto,
in each case with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture (the provisions
of which shall be appropriate to reflect the terms of each series of
Securities), and may have imprinted or otherwise reproduced thereon such
letters, numbers or other marks of identification and such legends or
endorsements as may be required to comply with any law or with any rule or
regulation made pursuant thereto or with the rules or regulations of any stock
exchange on which the Securities may be listed or Depositary therefor or as may,
consistently herewith, be determined by the officers of the Company executing
such Securities, as evidenced by their execution of such Securities. If the form
of Securities of any series is established by action taken pursuant to a Board
Resolution, a copy of an appropriate record of such action shall be certified by
the Secretary or an Assistant Secretary of the Company and delivered to the
Trustee at or prior to the delivery of the Company Order contemplated by Section
3.3 for the authentication and delivery of such Securities.

                  Unless determined differently as contemplated by the preceding
paragraph, Restricted Securities of a series offered and sold to QIBs in
reliance on Rule 144A ("Rule 144A Securities") shall be issued in the form of
one or more permanent Global Securities, without interest coupons, bearing
appropriate legends as set forth in Section 2.2 (each, a "Rule 144A Global
Security").

                                       13
<PAGE>

                  Unless determined differently as contemplated by the second
preceding paragraph, Restricted Securities of a series offered and sold outside
the United States of America in reliance on Regulation S (each, a "Regulation S
Security") shall be issued in the form of one or more permanent Global
Securities, without interest coupons, bearing appropriate legends as set forth
in Section 2.2 (each, a "Regulation S Global Security").

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

                  The definitive Securities may be produced in any manner as
determined by the officers executing such Securities, as evidenced by their
execution of such Securities.

SECTION 2.2 Form of Face of Security.

                  (a)      each Global Security shall bear the following legend
on the face thereof:

         "THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
         HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY
         OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR
         SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY
         OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
         INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF
         THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
         DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
         ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN LIMITED
         CIRCUMSTANCES.

         UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
         THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO
         THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
         PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE &
         CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
         THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE &
         CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
         A PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
         AN INTEREST HEREIN."

                  (b)      each Rule 144A Global Security (and each definitive
Security issued upon the transfer of all or a portion of the beneficial interest
in

                                       14
<PAGE>

such Global Security) shall bear the following legend (the "Private Placement
Legend") on the face thereof:

         "THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
         1933, AS AMENDED (THE "SECURITIES ACT"), AND ACCORDINGLY, MAY NOT BE
         OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR
         BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE.
         BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A
         "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE
         SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS
         SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER
         THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT, WITHIN THE TIME PERIOD
         REFERRED TO IN RULE 144(k) UNDER THE SECURITIES ACT AS IN EFFECT ON THE
         DATE OF THE TRANSFER OF THIS SECURITY, RESELL OR OTHERWISE TRANSFER
         THIS SECURITY EXCEPT (A) TO THE ISSUER THEREOF OR ANY SUBSIDIARY
         THEREOF, (B) INSIDE THE UNITED STATES TO A QUALIFIED INSTITUTIONAL
         BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C)
         OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH
         RULE 904 UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM
         REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF
         AVAILABLE) OR (E) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
         THE SECURITIES ACT AND (3) AGREES THAT IT WILL DELIVER TO EACH PERSON
         TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE
         EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS SECURITY
         WITHIN THE TIME PERIOD REFERRED TO IN RULE 144(k) UNDER THE SECURITIES
         ACT AFTER THE ORIGINAL ISSUANCE OF THE SECURITIES, THE HOLDER MUST
         TRANSFER AND SUBMIT THIS SECURITY TO THE TRUSTEE. AS USED HEREIN, THE
         TERMS "OFFSHORE TRANSACTION," "UNITED STATES" AND "U.S. PERSON" HAVE
         THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.
         THE INDENTURE CONTAINS PROVISIONS REQUIRING THE TRUSTEE TO REFUSE TO
         REGISTER ANY TRANSFER OF THIS SECURITY IN VIOLATION OF THE FOREGOING
         RESTRICTIONS."; and

                  (c)      each Regulation S Global Security (and each
definitive Security issued upon the transfer of all or a portion of the
beneficial interest in such Global Security) shall bear the following legend
(the "Regulation S Legend") on the face thereof:

         "THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
         1933, AS AMENDED (THE "SECURITIES ACT"), AND ACCORDINGLY, MAY NOT BE
         OFFERED OR SOLD WITHIN THE

                                       15
<PAGE>

         UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS
         EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION
         HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A "QUALIFIED
         INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT)
         OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN
         OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES
         ACT, (2) AGREES THAT IT WILL NOT, WITHIN THE TIME PERIOD REFERRED TO IN
         RULE 144(k) UNDER THE SECURITIES ACT AS IN EFFECT ON THE DATE OF THE
         TRANSFER OF THIS SECURITY, RESELL OR OTHERWISE TRANSFER THIS SECURITY
         EXCEPT (A) TO THE ISSUER THEREOF OR ANY SUBSIDIARY THEREOF, (B) INSIDE
         THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH
         RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN
         OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES
         ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE
         144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR (E) PURSUANT TO AN
         EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3)
         AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY IS
         TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN
         CONNECTION WITH ANY TRANSFER OF THIS SECURITY WITHIN THE TIME PERIOD
         REFERRED TO IN RULE 144(k) UNDER THE SECURITIES ACT AFTER THE ORIGINAL
         ISSUANCE OF THE SECURITIES, THE HOLDER MUST TRANSFER AND SUBMIT THIS
         SECURITY TO THE TRUSTEE. AS USED HEREIN, THE TERMS "OFFSHORE
         TRANSACTION," "UNITED STATES" AND "U.S. PERSON" HAVE THE MEANINGS GIVEN
         TO THEM BY REGULATIONS UNDER THE SECURITIES ACT. THE INDENTURE
         CONTAINS PROVISIONS REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY
         TRANSFER OF THIS SECURITY IN VIOLATION OF THE FOREGOING RESTRICTIONS.";
         and

                  (d)      Each Security evidencing a Global Security offered
and sold to QIBs pursuant to Rule 144A shall bear a legend in substantially the
following form:

         "EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE SELLER OF
         THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF
         SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER."; and

                  (e)      Each definitive Security shall bear the following
additional legend:

         "IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE
         REGISTRAR AND TRANSFER AGENT SUCH

                                       16
<PAGE>

         CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY
         REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE
         FOREGOING RESTRICTIONS."

                  (f)      In addition to any legends required by this Section
2.2, subject to Section 2.1, the face of each Security shall be substantially in
the following form:

No.___________________________

                                              CUSIP No._________________________

                                 ASSURANT, INC.

                      [INSERT TITLE OF SERIES OF SECURITY]

                  ASSURANT, INC., a Delaware corporation (the "Company," which
term includes any successor corporation under the Indenture hereinafter referred
to), for value received, hereby promises to pay to________________________or
registered assigns, the principal sum of__________________________Dollars
($_______________) on__________________,______, and to pay interest on said
principal sum from______________________,_________, or from the most recent
interest payment date (each such date, an "Interest Payment Date") to which
interest has been paid or duly provided for, [semi-annually] in arrears on
[_______________________________and ___________________________] of each year
commencing_________________________,__________, at [If the Security is to bear
interest at a fixed rate, insert -a rate of_______% per annum,] [If the Security
is a Floating or Adjustable Rate Security, insert -a rate per annum
[computed-determined] in accordance with the [insert defined name of Floating or
Adjustable Rate Provision] set forth below] until the principal hereof shall
have become due and payable, and on any overdue principal and premium, if any,
and (without duplication and to the extent that payment of such interest is
enforceable under applicable law) on any overdue installment of interest at the
same rate per annum compounded [semi-annually]. The amount of interest payable
on any Interest Payment Date shall be computed on the basis of a 360-day year of
twelve 30-day months. In the event that any date on which interest is payable on
this Security is not a Business Day, then payment of interest payable on such
date will be made on the next succeeding day that is a Business Day (and without
any interest or other payment in respect of any such delay), except that, if
such Business Day is in the next succeeding calendar year, such payment shall be
made on the immediately preceding Business Day, in each case with the same force
and effect as if made on such date. The interest installment so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as
provided in the Indenture, be paid to the Person in whose name this Security (or
one or more Predecessor Securities, as defined in said Indenture) is registered
at the close of business on the regular record date for such interest
installment, which shall be the close of business on
[_____________,_________________] or [_____________,_______] immediately
preceding such Interest Payment Date. Any such interest installment not
punctually paid or duly provided for shall forthwith cease to be payable to the
registered Holders on such regular record date and may be paid to the

                                       17
<PAGE>

Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a special record date to be fixed by the
Trustee for the payment of such defaulted interest, notice thereof shall be
given to the registered Holders of this series of Securities not less than 10
days prior to such special record date, or may be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which the Securities may be listed, and upon such notice as may be required
by such exchange, all as more fully provided in the Indenture. [IN THE CASE OF
GLOBAL SECURITY -- Payments on this Global Security will be made in immediately
available funds.] [IF PURSUANT TO THE PROVISIONS OF THE INDENTURE THE SECURITIES
ARE NO LONGER REPRESENTED BY A GLOBAL SECURITY --The principal of (and premium,
if any) and the interest on this Security shall be payable at the office or
agency of the Trustee maintained for that purpose in any coin or currency of the
United States of America that at the time of payment is legal tender for payment
of public and private debts; provided, however, that payment of interest may be
made at the option of the Company by check mailed to the registered Holder at
such address as shall appear in the Security Register or by wire transfer in
immediately available funds if appropriate wire transfer instructions have been
received in writing by the Trustee not less than 15 days prior to the applicable
Interest Payment Date. Such wire instructions, upon receipt by the Trustee,
shall remain in effect until revoked by such Holder.]

                  [At this point in the Security Form of any series of Floating
or Adjustable Rate Securities, the text of the Floating or Adjustable Rate
Provision relating thereto should be inserted.]

                  This Security shall not be entitled to any benefit under the
 Indenture hereinafter referred to, be valid or become obligatory for any
 purpose until the Certificate of Authentication hereon shall have been signed
 by or on behalf of the Trustee.

                  The provisions of this Security are continued on the reverse
 side hereof and such continued provisions shall for all purposes have the same
 effect as though fully set forth at this place.

                  IN WITNESS WHEREOF, the Company has caused this instrument to
be executed.

Dated:____________________

                                                ASSURANT, INC.
                                                By: ____________________________
                                                    Name:
                                                    Title

                                       18
<PAGE>

SECTION 2.3 Form of Reverse of Security.

                  This Security is one of a duly authorized series of securities
of the Company (herein sometimes referred to as the "Securities"), specified in
the Indenture, all issued or to be issued in one or more series under and
pursuant to an Indenture dated as of______________, 2004 (the "Indenture"), duly
executed and delivered between the Company and SunTrust Bank, as Trustee (the
"Trustee"), to which Indenture and all indentures supplemental thereto reference
is hereby made for a description of the respective rights, limitations of
rights, obligations, duties and immunities thereunder of the Trustee, the
Company and the Holders of the Securities. By the terms of the Indenture, the
Securities are issuable in series that may vary as to amount, date of maturity,
rate of interest and in other respects as provided in the Indenture. This series
of Securities is not limited in aggregate principal amount. The terms of this
Security include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939, as amended. The
Indenture provides that Securities of a single series may be issued at various
times [,with different maturity dates and may bear interest at different rates].
[Holders of the Securities are entitled to the benefits of the Registration
Rights Agreement, dated as of__________________, 200_ (the "Registration Rights
Agreement"), between the Company and the initial purchasers named therein. The
Securities and any related Exchange Securities shall vote and consent together
on all matters as one class, and no such securities shall have the right to vote
or consent as a separate class.]

                  [The Securities may be redeemed in whole at any time or in
part from time to time, at the Company's option, at a redemption price (the
"Redemption Price") equal to the greater of (1) 100% of the principal amount of
the Securities to be redeemed and (2) the sum of the present values of the
remaining scheduled payments of principal and interest on the Securities
discounted to the Redemption Date on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at a rate equal to the applicable
Treasury Rate plus_________basis points for the Securities, plus, accrued and
unpaid interest on the principal amount being redeemed to the Redemption Date.

                  Any redemption pursuant to this paragraph will be made upon
not less than 30 days' nor more than 60 days' notice of the Redemption Date at
the Redemption Price. If the Securities are only partially redeemed by the
Company pursuant to a redemption, the Securities will be redeemed pro rata or by
lot or by any other method utilized by the Trustee, provided that if, at the
time of redemption, the Securities are registered as a Global Security, the
Depositary shall determine the principal amount of such Securities held by each
Security Beneficial Owner to be redeemed in accordance with its procedures.

                  "Treasury Rate" means, with respect to any Redemption Date,
(1) the yield, under the heading which represents the average for the
immediately preceding week, appearing in the most recently published statistical
release designated "H.15(519)" or any successor publication which is published
weekly by the Board of Governors of the Federal Reserve System and which
establishes yields on actively traded United States Treasury securities adjusted
to constant maturity under the caption "Treasury Constant Maturities," for the
maturity corresponding to the Comparable Treasury Issue (if no

                                       19
<PAGE>

maturity is within three months before or after the Remaining Life, yields for
the two published maturities most closely corresponding to the Comparable
Treasury Issue will be determined and the Treasury Rate will be interpolated or
extrapolated from such yields on a straight line basis, rounding to the nearest
month) or (2) if such release (or any successor release) is not published during
the week preceding the calculation date or does not contain such yields, the
rate per annum equal to the semi-annual equivalent yield-to-maturity of the
Comparable Treasury Issue, calculated using a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such Redemption Date. The Treasury Rate will be
calculated on the third Business Day preceding the Redemption Date.

                  "Business Day" means any calendar day that is not a Saturday,
Sunday or legal holiday in New York, New York and on which commercial banks are
open for business in New York, New York.

                  "Comparable Treasury Issue" means the United States Treasury
security selected by an Independent Investment Banker as having a maturity
comparable to the remaining term ("Remaining Life") of the Securities to be
redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities
of comparable maturity to the remaining term of the applicable series of
Securities.

                  "Comparable Treasury Price" means (1) the average of five
Reference Treasury Dealer Quotations for such Redemption Date, after excluding
the highest and lowest Reference Treasury Dealer Quotations, or (2) if the
Independent Investment Banker obtains fewer than five such Reference Treasury
Dealer Quotations, the average of all such quotations.

                  "Independent Investment Banker" means Citigroup Global Markets
Inc., Morgan Stanley & Co. Incorporated or Banc One Capital Markets, Inc., and
their respective successors, or, if both firms are unwilling or unable to select
the Comparable Treasury issue, an independent investment banking institution of
national standing appointed by the trustee after consultation with the Company.

                  "Reference Treasury Dealer means (1) Citigroup Global Markets
Inc., Morgan Stanley & Co. Incorporated or Banc One Capital Markets, Inc., and
their respective successors; provided, however, that if any of the foregoing
shall cease to be a primary U.S. Government securities dealer in New York City
(a "Primary Treasury Dealer"), the Company will substitute for such initial
purchasers another Primary Treasury Dealer and (2) any other Primary Treasury
Dealer selected by the Independent Investment Banker after consultation with the
Company.

                  "Reference Treasury Dealer Quotations" means, with respect to
each Reference Treasury Dealer and any Redemption Date, the average, as
determined by the Independent Investment Banker, of the bid and asked prices for
the Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to

                                       20
<PAGE>

the Independent Investment Banker at 5:00 p.m., New York City time, on the third
Business Day preceding such Redemption Date.]

                  [The Securities of this series are subject to redemption upon
not less than 30 days' nor more than 60 days' notice by mail, (1)
on_____________in any year commencing with the year___________and ending with
the year___________through operation of the sinking fund for this series at a
Redemption Price of_____________, (2) at any time [on or after_______________,
200_, as a whole or in part, at the election of the Company, at the following
Redemption Prices (expressed as percentages of the principal amount): If
redeemed [on or before_____________,_____%, and if redeemed during the 12-month
period beginning______________of the years indicated, and thereafter at a
Redemption Price equal to________% of the principal amount, together in the case
of any such redemption (whether through operation of the sinking fund or
otherwise) with accrued interest to the Redemption Date, but interest
installments whose Stated Maturity is on or prior to such Redemption Date will
be payable to the Holders of such Securities, or one or more Predecessor
Securities, of record at the close of business on the relevant Record Dates
referred to on the face hereof, all as provided in the Indenture.]

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

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

                  Unless the Company defaults in the payment of the Redemption
Price, on and after the Redemption Date, interest shall cease to accrue on the
Securities, or portions thereof called for redemption.

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

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

                                       21
<PAGE>

                  The Indenture contains provisions permitting the Company and
the Trustee, with the consent of the Holders of not less than a majority in
aggregate principal amount of the Securities of each series affected at the time
outstanding, as defined in the Indenture, to execute supplemental indentures for
the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of the Indenture or of any supplemental indenture or of
modifying in any manner the rights of the Holders of the Securities; provided,
however, that no such supplemental indenture shall, without the consent of
Holders of each Security then outstanding and affected thereby: change the fixed
maturity of any Securities of any series, or reduce the principal amount
thereof, reduce the rate or change the time or place of payment of interest
thereon; reduce any premium payable upon the redemption thereof or change the
time at which such Security may or must be redeemed or purchased; change the
money in which such Security is payable; waive a default or Event of Default in
the payment of principal of or premium, if any, or interest on the Securities
(except a rescission of acceleration of the Securities by the holders of at
least a majority in aggregate principal amount of the Securities and a waiver of
the payment default that resulted from such acceleration); make any change in
the provisions of the Indenture relating to waivers of past defaults or the
rights of Holders to receive payments of principal of, premium, if any, or
interest on any of the Securities; make any change in the ability of the Holders
to enforce their rights under the Indenture; reduce the aforesaid percentage of
Securities, the Holders of which are required to consent to any such
supplemental indenture; [or, except as permitted by the Indenture, increase any
conversion price or modify the provisions of the indenture relating to the
conversion of any Securities in a manner adverse to Holders].

                  The Indenture also contains provisions permitting the Holders
of a majority in aggregate principal amount of the Securities of any series at
the time outstanding affected thereby, on behalf of all of the Holders of the
Securities of such series, to waive any past default in the performance of any
of the covenants contained in the Indenture, or established pursuant to the
Indenture with respect to such series, and its consequences, except a default in
the payment of the principal of or premium, if any, or interest on any of the
Securities of such series. Any such consent or waiver by the registered Holder
of this Security (unless revoked as provided in the Indenture) shall be
conclusive and binding upon such Holder and upon all future Holders and owners
of this Security and of any Security issued in exchange herefor or in place
hereof (whether by registration of transfer or otherwise), irrespective of
whether or not any notation of such consent or waiver is made upon this
Security.

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

                  As provided in the Indenture and subject to certain
limitations therein set forth, this Security is transferable or exchangeable by
the registered Holder hereof on the Security Register of the Company, upon
surrender of this Security for registration of transfer or exchange at the
office or agency of the Trustee in the City and State of New York accompanied by
a written instrument or instruments of transfer in form satisfactory

                                       22
<PAGE>

to the Company or the Trustee duly executed by the registered Holder hereof or
his attorney duly authorized in writing, and thereupon one or more new
Securities of authorized denominations and for the same aggregate principal
amount and series will be issued to the designated transferee or transferees. No
service charge will be made for any such transfer or exchange, but the Company
may require payment of a sum sufficient to cover any tax or other governmental
charge payable in relation thereto.

                  Prior to due presentment for registration of transfer or
exchange of this Security, the Company, the Trustee, any paying agent and the
Security Registrar may deem and treat the registered Holder hereof as the
absolute owner hereof (whether or not this Security shall be overdue and
notwithstanding any notice of ownership or writing hereon made by anyone other
than the Security Registrar) for the purpose of receiving payment of or on
account of the principal hereof and premium, if any, and interest due hereon and
for all other purposes, and neither the Company nor the Trustee nor any paying
agent nor any Security Registrar shall be affected by any notice to the
contrary.

                  No recourse shall be had for the payment of the principal of
or any premium or interest on this Security, or for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Indenture, against
any incorporator, stockholder, officer or director, past, present or future, as
such, of the Company or of any predecessor or successor corporation, whether by
virtue of any constitution, statute or rule of law, or by the enforcement of any
assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issuance hereof, expressly
waived and released.

                  [This Global Security is exchangeable for Securities in
definitive form only under certain limited circumstances set forth in the
Indenture.] Securities of this series so issued are issuable only in registered
form without coupons in denominations of $1,000 and any integral multiple
thereof. As provided in the Indenture and subject to certain limitations [herein
and] therein set forth, Securities of this series [so issued] are exchangeable
for a like aggregate principal amount of Securities of this series of a
different authorized denomination, as requested by the Holder surrendering the
same.

                  Certain of the Company's obligations under the Indenture with
respect to Securities may be terminated if the Company irrevocably deposits with
the Trustee money sufficient to pay and discharge the entire indebtedness on all
Securities, as provided in the Indenture.

                  The Indenture and the Securities shall be governed by and
construed in accordance with the laws of the State of New York.

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

                                       23
<PAGE>

                                 ASSIGNMENT FORM

         To assign this Security, fill in the form below:

                  I or we assign and transfer this Security to

                  _________________________________________________________
                   (Print or type assignee's name, address and zip code)

                  _________________________________________________________
                      (Insert assignee's soc. sec. or tax I.D. No.)

         and irrevocably appoint______________________agent to transfer this
         Security on the books of the Company. The agent may substitute another
         to act for him.

Date:______________________              Your Signature:________________________
Signature Guarantee:____________________________________________________________
                         (Signature must be guaranteed)

________________________________________________________________________________
Sign exactly as your name appears on the other side of this Security.

The signature(s) should be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to
S.E.C. Rule 17Ad-15.

[INCLUDE IF THE SECURITIES ARE REQUIRED TO BEAR A RESTRICTED SECURITIES LEGEND:
In connection with any transfer or exchange of any of the Securities evidenced
by this certificate occurring prior to the date that is two years after the
later of the date of original issuance of such Securities and the last date, if
any, on which such Securities were owned by the Company or any Affiliate of the
Company, the undersigned confirms that such Securities are being:

CHECK ONE BOX BELOW:

1.       [ ]      acquired for the undersigned's own account, without transfer;
                  or

2.       [ ]      transferred to the Company; or

3.       [ ]      transferred pursuant to and in compliance with Rule 144A under
                  the Securities Act of 1933, as amended (the "Securities Act");
                  or

4.       [ ]      transferred pursuant to an effective registration statement
                  under the Securities Act; or

5.       [ ]      transferred pursuant to and in compliance with Regulation S
                  under the Securities Act; or

                                       24
<PAGE>

6.       [ ]      transferred to an institutional "accredited investor" (as
                  defined in Rule 501(a)(l), (2), (3) or (7) under the
                  Securities Act), that has furnished to the Trustee a signed
                  certificate containing certain representations and agreements
                  (the form of which letter appears as Section 3.7 of the
                  Indenture); or

7.       [ ]      transferred pursuant to another available exemption from the
                  registration requirements of the Securities Act of 1933

Unless one of the boxes is checked, the Trustee will refuse to register any of
the Securities evidenced by this certificate in the name of any person other
than the registered Holder thereof; provided, however, that if box (5), (6) or
(7) is checked, the Trustee or the Company may require, prior to registering any
such transfer of the Securities, in their sole discretion, such legal opinions,
certifications and other information as the Trustee or the Company may
reasonably request to confirm that such transfer is being made pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933, such as the exemption provided by
Rule 144 under such Act.

                                            ____________________________________
                                            Signature

Signature Guarantee:

______________________________              ____________________________________
(Signature must be guaranteed)              Signature

The signature(s) should be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to
S.E.C. Rule 17Ad-15.

TO BE COMPLETED BY PURCHASER IF (1) OR (3) ABOVE IS CHECKED.

                  The undersigned represents and warrants that it is purchasing
or exchanging this Security for its own account or an account with respect to
which it exercises sole investment discretion and that it and any such account
is a "qualified institutional buyer" within the meaning of Rule 144A under the
Securities Act of 1933, as amended, and is aware that the sale to it is being
made in reliance on Rule 144A and acknowledges that it has received such
information regarding the Company as the undersigned has requested pursuant to
Rule 144A or has determined not to request such information and that it is aware
that the transferor is relying upon the undersigned's foregoing representations
in order to claim the exemption from registration provided by Rule 144A.

_________________________
Dated:                   ]

                                       25
<PAGE>

              SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

                  The initial principal amount of this Global Security is $____.
The following increases or decreases in this Global Security have been made:

<TABLE>
<CAPTION>
                                                                    Principal
                        Amount of             Amount of           Amount of this        Signature of
                       decrease in           increases in        Global Security         authorized
                        Principal             Principal           following such         officer of
 Date of             Amount of This         Amount of this         decrease (or          Trustee or
Exchange             Global Security       Global Security          increase)            Depositary
--------             ---------------       ---------------          ---------            ----------
<S>                  <C>                   <C>                   <C>                    <C>
</TABLE>

SECTION 2.4 Form of Trustee's Certificate of Authentication.

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

                          CERTIFICATE OF AUTHENTICATION

                  This is one of the Securities of the series of Securities
described in the within-mentioned Indenture.

SunTrust Bank,
as Trustee

By:   _________________________
      Authorized Signatory

Dated:_________________________

                                   ARTICLE III

                                 THE SECURITIES

SECTION 3.1 Amount Unlimited; Issuable in Series.

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

                  The Securities may be issued in one or more series. There
shall be established by or pursuant to a Board Resolution, and set forth in an
Officers' Certificate,

                                       26
<PAGE>

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 all Securities of
         any other series, except to the extent that additional Securities of an
         existing series are being issued) and, if other than as substantially
         contemplated by Section 2.1, the form of the Securities of the series;

                  (2)      the date or dates (or manner of determining the same)
         on which the principal of the Securities of the series is payable, and,
         if applicable to the series, the terms of any sinking fund obligations
         with respect to such series;

                  (3)      the rate or rates at which the Securities of the
         series shall bear interest, if any, or the Floating or Adjustable Rate
         Provision pursuant to which such rate or rates shall be determined, the
         date or dates from which any such interest shall accrue, or the method
         by which such date or dates shall be determined, the Interest Payment
         Dates on which any such interest shall be payable, the Regular Record
         Dates for the determination of Holders to whom interest is payable on
         any Interest Payment Date, and provisions with respect to the payment
         of interest to each of Euroclear and Clearstream, Luxembourg with
         respect to a permanent Global Security if other than as provided in
         Section 3.10;

                  (4)      if other than as provided in Section 3.14, the place
         or places where the principal of (and any premium, if any) and interest
         on Securities of the series shall be payable;

                  (5)      the period or periods within which (including the
         Redemption Option Date for the series) and the price or prices at which
         and the terms and conditions upon which any 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;

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

                  (7)      any other event or events of default applicable with
         respect to the Securities of the series in addition to those provided
         in Section 5.1(1) through (7);

                  (8)      any other covenant or warranty included for the
         benefit of Securities of the series in addition to (and not
         inconsistent with) those included in this Indenture for the benefit of
         Securities of all series, or any other covenant or warranty included
         for the benefit of Securities of the series in lieu of any covenant or
         warranty included in this Indenture for the benefit of Securities of
         all series, or any provision that any covenant or warranty included in
         this Indenture for the benefit of Securities of all series shall not be
         for the benefit of Securities of the series, or any combination of such
         covenants, warranties or provisions;

                                       27
<PAGE>

                  (9)      the provisions of this Indenture, if any, that shall
         not apply to the series;

                  (10)     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
         price or prices at which, the period or periods within which and the
         terms and conditions upon which Securities of the series shall be
         redeemed, purchased or repaid, in whole or in part, pursuant to such
         obligation;

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

                  (12)     the right, if any, to defer payment of interest on
         the debt securities and the maximum length of any deferral period;

                  (13)     whether the Securities of the series will be
         convertible into shares of voting stock or other securities of the
         Company and, if so, the terms and conditions upon which such Securities
         will be so convertible, including whether conversion is mandatory, at
         the option of the holder, or at the option of the Company, the
         conversion price, the conversion period and any provisions pursuant to
         which the number of shares of voting stock or other securities of the
         Company to be received by the holders of such series of Securities
         would be subject to adjustment;

                  (14)     if other than U.S. dollars, the currency or currency
         units in which payment of the principal of and any premium and interest
         on the Securities of the series shall be payable;

                  (15)     the terms and conditions, if any, pursuant to which
         the Securities of the series are secured;

                  (16)     the terms pursuant to which the Securities of any
         series are subject to defeasance and satisfaction and discharge, if
         different than those provided herein;

                  (17)     the date as of which any definitive Security or any
         Global Security representing Outstanding Securities of that series
         shall be dated if other than the date of its authentication;

                  (18)     if other than as provided in Article II and this
         Article III, whether the Securities of the series shall be issued in
         whole or in part in the form of a Global Security or Securities and, in
         such case, the Depositary, if any, for such Global Security or
         Securities;

                  (19)     whether the Company shall enter into an exchange and
         registration rights agreement with respect to the Securities of the
         series; and

                                       28
<PAGE>

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

                  Except as contemplated by Section 2.2, all Securities of any
one series shall be substantially identical except as to denomination, rate of
interest, Stated Maturity and the date from which interest, if any, shall
accrue, and except as may otherwise be provided by or pursuant to such Board
Resolution and set forth, or determined in the manner provided, in such
Officers' Certificate referred to above or in any such indenture supplemental
hereto. The terms of such Securities, as set forth above, may be determined by
the Company from time to time if so provided in or established pursuant to the
authority granted in Board Resolutions. All Securities of any one series need
not be issued at the same time, and unless otherwise provided, a series may be
reopened for issuance of additional Securities of such series.

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

SECTION 3.2 Denominations.

                  The Securities of each series shall be issuable in registered
form without coupons and in such denominations as shall be specified as
contemplated by Section 3.1. In the absence of any such provisions with respect
to the Securities of any series, the Securities of such series shall be issuable
in denominations of $1,000 and any integral multiple thereof.

SECTION 3.3 Execution, Authentication, Delivery and Dating.

                  The Securities shall be executed in the name and on behalf of
the Company by its Chairman or a Vice Chairman of the Board of Directors, its
President, a Vice President, the Chief Financial Officer or the Chief Accounting
Officer. The signature of any of these officers on the Securities may be manual
or facsimile.

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

                  At any time and from time to time after the execution and
delivery of this Indenture, the Company may deliver Securities of any series
executed by the Company to the Trustee for authentication, together with a
Company Order for the authentication and delivery of such Securities, and the
Trustee in accordance with the Company Order shall authenticate and deliver such
Securities. If 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
Sections 2.1 and 3.1, in authenticating such Securities, and accepting the
additional

                                       29
<PAGE>

responsibilities under this Indenture in relation to such Securities, the
Trustee shall be entitled to receive at the time of the initial delivery by the
Company of Securities of such series to the Trustee for authentication, and
(subject to Section 6.1) shall be fully protected in relying upon, an Opinion of
Counsel stating:

                  (a)      if the form of such Securities has been established
by or pursuant to Board Resolution as permitted by Section 2.1, that such form
has been established in conformity with the provisions of this Indenture;

                  (b)      if the terms of such Securities have been established
by or pursuant to Board Resolution as permitted by Section 3.1, that such terms
have been established in conformity with the provisions of this Indenture; and

                  (c)      that such Securities, when authenticated and
delivered by the Trustee and issued by the Company in the manner and subject to
any conditions specified in such Opinion of Counsel, will constitute valid and
legally binding obligations of the Company enforceable in accordance with their
terms, subject to bankruptcy, insolvency, reorganization, moratorium,
arrangement, fraudulent conveyance, fraudulent transfer and other laws of
general applicability relating to or affecting creditors' rights and to general
equity principles, and will be entitled to the benefits of this Indenture.

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

                  Subject to Section 3.1(17), each Security shall be dated the
date of its authentication.

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

                  Each Depositary designated pursuant to Section 3.1 for a
Global Security in registered form must, at the time of its designation and at
all times while it serves as Depositary, be a clearing agency registered under
the Exchange Act and any other applicable statute or regulation.

SECTION 3.4 Temporary Securities.

                  Pending the preparation of definitive Securities of any
series, the Company may execute, and upon receipt of a Company Order, the
Trustee shall authenticate and deliver temporary Securities of such series which
are printed, lithographed, typewritten, mimeographed or otherwise produced, in
any authorized

                                       30
<PAGE>

denomination, substantially in the form of the definitive Securities in lieu of
which they are issued and with such appropriate insertions, omissions,
substitutions and other variations as the Company may determine, as evidenced by
the execution of such Securities.

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

SECTION 3.5 Registration, Registration of Transfer and Exchange.

                  The Company shall cause to be kept at the Principal Corporate
Trust Office of the Trustee a register (the register maintained in such office
and in any other office or agency of the Company in a Place of Payment being
herein sometimes collectively referred to as the "Security Register") in which,
subject to such reasonable regulations as it may prescribe, the Company shall
provide for the registration of Securities, or of Securities of a particular
series, and of transfers of Securities or of Securities of such series. The
Trustee is hereby appointed "Security Registrar" for the purpose of registering
Securities and transfers of Securities as herein provided.

                  Subject to Section 3.14, upon surrender for registration of
transfer of any Security of any series at the office or agency of the Company in
a Place of Payment for Securities of that series, the Company shall execute, and
the Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Securities of like tenor of the same
series, of any authorized denominations and of a like aggregate principal
amount.

                  Subject to Section 3.14, at the option of the Holder,
Securities of any series maybe exchanged for other Securities of like tenor of
the same series, of any authorized denominations and of a like aggregate
principal amount, upon surrender of the Securities to be exchanged at such
office or agency. Whenever any Securities are so surrendered for exchange, the
Company shall execute, and the Trustee shall authenticate and deliver, the
Securities which the Holder making the exchange is entitled to receive.

                  Notwithstanding anything to the contrary, Restricted
Securities and beneficial interests therein shall only be transferred in a
transaction registered under the Securities Act or pursuant to an applicable
exemption therefrom and only in accordance with Section 3.6.

                                       31
<PAGE>

                  Upon the transfer, exchange or replacement of Securities not
bearing a Restricted Securities Legend, the Securities Registrar shall deliver
Securities that do not bear a Restricted Securities Legend. Upon the transfer,
exchange or replacement of Securities bearing a Restricted Securities Legend,
the Securities Registrar shall deliver only Securities that bear a Restricted
Securities Legend unless (i) such Securities are exchanged for Exchange
Securities (ii) such Securities are sold under an effective registration
statement or (iii) there is delivered to the Securities Registrar an Opinion of
Counsel to the effect that neither such legend nor the related restrictions on
transfer are required in order to maintain compliance with the provisions of the
Securities Act.

                  The transfer and exchange of Global Securities or beneficial
interests therein shall be effected through the Depositary, in accordance with
this Indenture (including applicable restrictions or transfer set forth herein,
if any) and the procedures of the Depositary therefore. A transferor of a
beneficial interest in a Global Security shall deliver a written order given in
accordance with the Depositary's procedures containing information regarding the
participant account of the Depositary to be credited with a beneficial interest
in such Global Security or another Global Security and such account shall be
credited in accordance with such order with a beneficial interest in the
applicable Global Security and the account of the Person making the transfer
shall be debited by an amount equal to the beneficial interest in the Global
Security being transferred.

                  If the proposed transfer is a transfer of a beneficial
interest in one Global Security which is a Restricted Security to a beneficial
interest in another Global Security which is a Restricted Security, the
Registrar shall reflect on its books and records the date and an increase in the
principal amount of the Global Security to which such interest is being
transferred in an amount of the Global Security to which such interest is being
transferred in an amount equal to the principal amount of the interest to be so
transferred, and the Registrar shall reflect on its books and records the date
and a corresponding decrease in the principal amount of Global Security from
which such interest is being transferred.

                  Subject to the restrictions on transfer contained herein, if
the proposed transfer is a transfer of a beneficial interest in one Global
Security which is a Restricted Security to a beneficial interest in another
Global Security which is not a Restricted Security, the Registrar shall reflect
on its books and records the date and an increase in the principal amount of the
Global Security to which such interest is being transferred in an amount of the
Global Security to which such interest is being transferred in an amount equal
to the principal amount of the interest to be so transferred, and the Registrar
shall reflect on its books and records the date and a corresponding decrease in
the principal amount of Global Security from which such interest is being
transferred. If no Global Securities are then outstanding, the Company shall
issue and the Trustee shall authenticate, upon written order of the Company in
the form of an Officers' Certificate, a new Global Security in the appropriate
principal amount.

                  If specified by the Company pursuant to Section 3.15 with
respect to a series of Securities in registered form, the Depositary for such
series of Securities may surrender a Global Security for such series of
Securities in exchange in whole or in part

                                       32
<PAGE>

for Securities of such series of like tenor and terms and in definitive form on
such terms as are acceptable to the Company and such Depositary. Thereupon the
Company shall execute, and the Trustee shall authenticate and deliver, without
service charge, but at the Company's expense, (i) to each Person specified by
such Depositary a new Security or Securities of the same series, of like tenor
and terms and of any authorized denomination as requested by such Person in
aggregate principal amount equal to and in exchange for such Person's beneficial
interest in the Global Security; and (ii) to such Depositary a new Global
Security of like tenor and terms and in a denomination equal to the difference,
if any, between the principal amount of the surrendered Global Security and the
aggregate principal amount of Securities delivered to Holders thereof.

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

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

                  No service charge shall be made for any registration of
transfer or exchange of Securities, but the Company may require payment of a sum
sufficient to cover any applicable tax or other governmental charge that may be
imposed in connection with any registration of transfer or exchange of
Securities, other than exchanges pursuant to Section 3.4, 9.6 or 11.7 not
involving any transfer.

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

                  The Trustee shall have no responsibility or obligation to any
beneficial owner of a Global Security, a member of, or a participant in, any
Depositary or other Person with respect to the accuracy of the records of any
Depositary or their nominees or of any participant or member thereof, with
respect to any ownership interest in the Securities or with respect to the
delivery to any participant, member, beneficial owner or other Person (other
than the Depositary) or any notice (including any notice of redemption) or the
payment of any amount or delivery of any Securities (or other security or
property) under or with respect to such Securities. All notices and
communications to be given to the Holders and all payments to be made to Holders
in respect of the Securities shall be given or made only to or upon the order of
the registered Holders

                                       33
<PAGE>

(which shall be the Depositary or its nominees in the case of Global
Securities). The rights of beneficial owners in any Global Security shall be
exercised only through the Depositary subject to the Applicable Procedures. The
Trustee may conclusively rely and shall be fully protected in relying upon
information furnished by the Depositary with respect to its members,
participants and any beneficial owners.

                  The Trustee shall have no obligation or duty to monitor,
determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any
interest in any Security (including any transfers between or among,
participants, members or beneficial owners of the Depositary in any Global
Security) other than to require delivery of such certificates and other
documentation or evidence as are expressly required by, and to do so if and when
expressly required by, the terms of this Indenture, and to examine the same to
determine substantial compliance as to form with the express requirements
hereof.

SECTION 3.6 Additional Provisions Applicable to Transfer and Exchange of
Restricted Securities.

                  (a)      Notwithstanding any other provision of this
Indenture, the following provisions shall apply with respect to any proposed
transfer of Rule 144A Securities or Institutional Accredited Investor Securities
prior to the date which is two years after the later of the date of its original
issue and the last date on which the Company or any Affiliate of the Company was
the owner of such Securities (or any predecessor thereto) (the "Resale
Restriction Termination Date"):

                  (i)      a transfer of a Rule 144A Security or a beneficial
         interest therein to a QIB shall be made upon the representation of the
         transferee, in the form of an assignment on the reverse of the
         certificate, that it is purchasing the Security for its own account or
         an account with respect to which it exercises sole investment
         discretion and that it and any such account is a QIB within the meaning
         of Rule 144A, and is aware that the sale to it is being made in
         reliance on Rule 144A and acknowledges that it has received such
         information regarding the Company as such transferee has requested
         pursuant to Rule 144A or has determined not to request such information
         and that it is aware that the transferor is relying upon its foregoing
         representations in order to claim the exemption from registration
         provided by Rule 144A;

                  (ii)     a transfer of a Rule 144A Security or a beneficial
         interest therein to a Non-U.S. Person shall be made upon receipt by the
         Trustee or its agent of a certificate substantially in the form set
         forth in Section 3.8 from the proposed transferor and, if requested by
         the Company or the Trustee, the delivery of an opinion of counsel,
         certification and/or other information satisfactory to each of them.

                                       34
<PAGE>

                  (b)      Notwithstanding any other provision of this
Indenture, the following provisions shall apply with respect to any proposed
transfer of a Regulation S Security prior to the expiration of the Regulation S
Restricted Period:

                  (i)      a transfer of a Regulation S Security or a beneficial
         interest therein to a QIB shall be made upon the representation of the
         transferee, in the form of assignment on the reverse of the
         certificate, that it is purchasing the Security for its own account or
         an account with respect to which it exercises sole investment
         discretion and that it and any such account is a QIB within the meaning
         of Rule 144A, and is aware that the sale to it is being made in
         reliance on Rule 144A and acknowledges that it has received such
         information regarding the Company as such transferee has requested
         pursuant to Rule 144A or has determined not to request such information
         and that it is aware that the transferor is relying upon its foregoing
         representations in order to claim the exemption from registration
         provided by Rule 144A; and

                  (ii)     [Reserved]

                  (iii)    a transfer of a Regulation S Security or a beneficial
         interest therein to a Non-U.S. Person shall be made upon receipt by the
         Trustee or its agent of a certificate substantially in the form set
         forth in Section 3.8 hereof from the proposed transferor and, if
         requested by the Company or the Trustee, receipt by the Trustee or its
         agent of an opinion of counsel, certification and/or other information
         satisfactory to each of them.

                  After the expiration of the Regulation S Restricted Period,
 interests in a Regulation S Security may be transferred without requiring the
 certification set forth in Section 3.8 or any additional certification.

                  (c)      The Company shall deliver to the Trustee an Officer's
Certificate setting forth the Resale Restriction Termination Date and the
Regulation S Restricted Period.

                  The Securities Registrar shall retain copies of all letters,
 notices and other written communications received pursuant to Section 2.2 or
 this Section 3.6. The Company shall have the right to inspect and make copies
 of all such letters, notices or other written communications at any reasonable
 time upon the giving of reasonable written notice to the Securities Registrar.

SECTION 3.7 [Reserved]

SECTION 3.8 Form of Certificate to be Delivered in Connection with Transfers
Pursuant to Regulation S.

[Date]

SunTrust Bank

Attention: Corporate Trust Services Division

                                       35
<PAGE>

                  Re:      Assurant, Inc.
                           Notes due 20 (the "Securities")

Ladies and Gentlemen:

                  In connection with our proposed sale of $_________ aggregate
principal amount of the Securities, we confirm that such sale has been effected
pursuant to and in accordance with Regulation S under the United States
Securities Act of 1933, as amended (the "Securities Act"), and, accordingly, we
represent that:

                  (1)      the offer of the Securities was not made to a person
         in the United States;

                  (2)      either (i) at the time the buy order was originated,
         the transferee was outside the United States or we and any person
         acting on our behalf reasonably believed that the transferee was
         outside the United States or (ii) the transaction was executed in, on
         or through the facilities of a designated offshore securities market
         and neither we nor any person acting on our behalf knows that the
         transaction has been pre-arranged with a buyer in the United States;

                  (3)      no directed selling efforts have been made in the
         United States in contravention of the requirements of Rule 903(b) or
         Rule 904(b) of Regulation S, as applicable; and

                  (4)      the transaction is not part of a plan or scheme to
         evade the registration requirements of the Securities Act.

                  In addition, if the sale is being made during a distribution
compliance period, we represent that the sale is not being made to a United
States person or for the account or benefit of a United States person.

                  You and the Company are entitled to rely upon this letter and
are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry
with respect to the matters covered hereby. Terms used in this certificate have
the meanings set forth in Regulation S.

                  Very truly yours,

                  [Name of Transferor]

                  By:_____________________________

                  ________________________________

                  Authorized Signature      Signature Medallion Guaranteed

                                       36
<PAGE>

SECTION 3.9 Mutilated, Destroyed, Lost and Stolen Securities.

                  If any mutilated Security is surrendered to the Trustee, the
Company shall execute and the Trustee shall authenticate and deliver in exchange
and substitution therefor and upon cancellation thereof a new Security of the
same series and of like tenor and principal amount and bearing a number not
contemporaneously outstanding.

                  If there shall be delivered to the Company and the Trustee (i)
evidence to their satisfaction of the destruction, loss or theft of any Security
and (ii) such security or indemnity as may be satisfactory to them, in their
discretion, to save each of them and any agent of either of them harmless, then,
in the absence of notice to the Company or the Trustee that such Security has
been acquired by a bona fide purchaser, the Company shall execute and upon its
written request the Trustee shall authenticate and deliver, in lieu of any such
destroyed, lost or stolen Security, a new Security of the same series and of
like tenor and principal amount and bearing a number not contemporaneously
outstanding.

                  In case any such mutilated, destroyed, lost or stolen Security
has become or is about to become due and payable or has been called for
redemption pursuant to Section 11.4, the Company in its discretion may, instead
of issuing a new Security, pay such Security.

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

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

                  All Securities shall be held and owned upon the express
condition that the provisions of this Section are exclusive and shall preclude
(to the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities.

SECTION 3.10 Payment of Interest; Interest Rights Preserved.

                  Interest on any Security which is payable, and is punctually
paid or duly provided for, on any Interest Payment Date shall be paid to the
Person in whose name that Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such
interest.

                  Unless otherwise provided or contemplated by Section 3.1,
interest, if any, payable on any Interest Payment Date with respect to a
permanent Global Security will be paid to each of Euroclear and Clearstream,
Luxembourg with respect to that portion of

                                       37
<PAGE>

such permanent Global Security held for its account by the Depositary. Each of
Euroclear and Clearstream, Luxembourg will in such circumstances credit the
interest received by it in respect of such permanent Global Security to the
accounts of the beneficial owners thereof.

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

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

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

                                       38
<PAGE>

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

                  For the purposes of determining the Holders who are entitled
to participate in any distribution on the Securities in respect of which a
Regular Record Date or a Special Record Date is not otherwise provided for in
this Indenture, or for the purpose of any other action (unless provided for
pursuant to Section 3.1), the Company may from time to time fix a date, not more
than 90 days prior to the date of the payment of distribution or other action,
as the case may be, as a record date for the determination of the identity of
the Holders of record for such purposes.

SECTION 3.11 Persons Deemed Owners.

                  The Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name any Security is registered as the
owner of such Security for the purpose of receiving payment of principal of (and
premium, if any) and (subject to Section 3.10) interest on such Security and for
all other purposes whatsoever, whether or not such Security shall be overdue,
and neither the Company, the Trustee nor any agent of the Company or the Trustee
shall be affected by notice to the contrary.

SECTION 3.12 Cancellation.

                  All Securities surrendered for payment, redemption,
registration of transfer or exchange or for credit against any sinking fund
payment shall, if surrendered to any Person other than the Trustee, be delivered
to the Trustee and shall be promptly cancelled by it. The Company may at any
time deliver to the Trustee for cancellation any Securities previously
authenticated and delivered hereunder which the Company may have acquired in any
manner whatsoever, and all Securities so delivered shall be promptly cancelled
by the Trustee. No Securities shall be authenticated in lieu of or in exchange
for any Securities cancelled as provided in this Section, except as expressly
permitted by this Indenture. Unless otherwise directed by a Company Order,
delivery of which must be delivered in a timely manner to prevent such
destruction, all cancelled Securities held by the Trustee shall be disposed of
by the Trustee in accordance with its procedures for the disposition of
cancelled securities as in effect on the date of such disposition, and the
Trustee shall deliver a certificate of such disposition to the Company.
Notwithstanding the foregoing, the Company may not issue new Securities to
replace Securities that it has paid, redeemed or repurchased or that have been
delivered to the Trustee for cancellation or that any Holder of Securities has
submitted for redemption pursuant to Article XI hereof. Global Securities shall
not be disposed of until exchanged in full for definitive Securities or until
payment thereon is made in full.

SECTION 3.13 Interest.

                  (a)      Each Security will bear interest at the rate
established for the series of Securities of which such Security is a part
pursuant to Section 3.1

                                       39
<PAGE>

(the "Interest Rate") from and including the original date of issuance of such
Security until the principal thereof becomes due and payable, and on any overdue
principal and (to the extent that payment of such interest is enforceable under
applicable law) on any overdue installment of interest at the Interest Rate,
compounded and payable on the payment dates established for the series of
Securities of which such Security is a part pursuant to Section 3.1 (each, an
"Interest Payment Date") commencing on the date established for the series of
Securities of which such Security is a part pursuant to Section 3.1, to the
Person in whose name such Security or any Predecessor Security is registered, at
the close of business on the Regular Record Date for such interest installment.

                  (b)      The amount of interest payable for any period will be
computed on the basis of a 360-day year of twelve 30-day months and will include
the first day but exclude the last day of such period. Except as provided in
Section 1.13 hereof, the amount of interest payable for any period shorter than
a full period for which interest is computed will be computed on the basis of
the actual number of days elapsed in each 30-day month.

SECTION 3.14 Form and Payment.

                  Except as provided in Section 3.15, the Securities of each
series shall be issued in fully registered certificated form without interest
coupons. Except as provided in Section 3.1, principal and interest on the
Securities issued in certificated form will be payable, the transfer of such
Securities will be registrable, and such Securities will be exchangeable, for
Securities of the same series bearing identical terms and provisions at the
office or agency of the Trustee; provided, however, that payment of interest may
be made at the option of the Company (1) by check mailed to the Holders of such
Securities at such address as shall appear in the Security Register or (2) by
wire transfer of immediately available funds to the accounts specified by the
Holders thereof. Payments in respect of Securities represented by a Global
Security (including principal, premium and interest) will be made by wire
transfer of immediately available funds to the accounts specified by the
Depositary.

SECTION 3.15 Global Securities.

                  (a)      (i)      Except as otherwise provided in accordance
with Section 3.1, the Securities shall be issued in the form of one or more
permanent global securities in fully registered form without interest coupons
(each, a "Global Security"). Any Global Security shall be deposited on behalf of
the purchasers of the Securities represented thereby with the Trustee as
custodian for the Depositary, and registered in the name of the Depositary or a
nominee of the Depositary for the accounts of participants in the Depositary,
duly executed by the Company and authenticated by the Trustee as hereinafter
provided. The aggregate principal amount of a Global Security may from time to
time be increased or decreased by adjustments made on the records of the Trustee
and the Depositary or its nominee as hereinafter provided. This Section 3.15(a)
shall apply only to a Global Security deposited with or on behalf of the
Depositary;

                                       40
<PAGE>

                  (ii)     the Company shall execute and the Trustee shall, in
         accordance with this Section 3.15(a) and a Company Order, authenticate
         and deliver initially one or more Global Securities that (i) shall be
         registered in the name of Cede & Co. or other nominee of such
         Depositary and (ii) shall be delivered by the Trustee to such
         Depositary or pursuant to such Depositary's instructions or held by the
         Trustee as custodian for the Depositary pursuant to a FAST Balance
         Certificate Agreement between the Depositary and the Trustee; and

                  (iii)    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 by the Trustee as the custodian of the Depositary or under such
         Global Security, and the Depositary may be treated by the Company, the
         Trustee and any agent of the Company or the Trustee as the absolute
         owner of such Global Security for all purposes whatsoever.
         Notwithstanding the foregoing, nothing herein shall prevent the
         Company, the Trustee or any agent of the Company or the Trustee from
         giving effect to any written certification, proxy or other
         authorization furnished by the Depositary or impair, as between the
         Depositary and its Agent Members, the operation of customary practices
         of such Depositary governing the exercise of the rights of a holder of
         a beneficial interest in any Global Security.

                  (b)      A Global Security may be transferred, in whole but
not in part, only to another nominee of the Depositary, or to a successor
Depositary selected or approved by the Company or to a nominee of such successor
Depositary.

                  (c)      Notwithstanding any other provisions of this
Indenture or the Securities, a Global Security shall not be exchanged in whole
or in part for a Security registered in the name of any Person other than the
Depositary or one or more nominees thereof, provided that if at any time the
Depositary notifies the Company that it is unwilling or unable to continue as
Depositary for any series of Securities or if at any time the Depositary for
such series shall cease to be a clearing agency registered or in good standing
under the Exchange Act, or other applicable statute or regulation, and, in
either case, a successor Depositary for such series is not appointed by the
Company within 90 days after the Company receives such notice or becomes aware
of such condition, as the case may be, or an Event of Default has occurred and
is continuing with respect to the Securities, the Company will execute, and,
subject to this Article III, the Trustee, upon written notice from the Company,
will authenticate and deliver the Securities of such series in definitive
registered form without interest coupons, in authorized denominations, and in an
aggregate principal amount equal to the principal amount of the Global Security
in exchange for such Global Security. In addition, the Company may at any time
determine that some or all of the Securities of any series shall no longer be
represented by a Global Security. In such event the Company will execute, and
subject to Section 3.5, the Trustee, upon receipt of an Officers' Certificate
evidencing such determination by the Company, will authenticate and deliver the
Securities of such series in definitive registered form

                                       41
<PAGE>

without coupons, in authorized denominations, and in an aggregate principal
amount equal to the principal amount of the Global Security for such series so
selected in exchange for such Global Security. Upon the exchange of the Global
Security for such Securities in definitive registered form without coupons, in
authorized denominations, the Global Security shall be cancelled by the Trustee.
Such Securities in definitive registered form issued in exchange for the Global
Security shall be registered in such names and in such authorized denominations
as the Depositary, pursuant to instructions from its direct or indirect
participants or otherwise, shall instruct the Trustee and shall bear the
applicable legends provided for herein. Any Global Security to be exchanged in
whole shall be surrendered by the Depositary to the Trustee, as Securities
Registrar. With regard to any Global Security to be exchanged in part, either
such Global Security shall be so surrendered for exchange or, if the Trustee is
acting as custodian for the Depositary or its nominee with respect to such
Global Security, the principal amount thereof shall be reduced, by an amount
equal to the portion thereof to be so exchanged, by means of an appropriate
adjustment made on the records of the Trustee. Upon any such surrender or
adjustment, the Trustee shall deliver such Securities to the Depositary, for
delivery to the Persons in whose names such Securities are so registered. In the
event of the occurrence of any of the events specified in this paragraph, the
Company will promptly make available to the Trustee a reasonable supply of
definitive Securities in definitive, fully registered form, without interest
coupons.

SECTION 3.16 CUSIP Numbers.

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

                                   ARTICLE IV

                     SATISFACTION AND DISCHARGE; DEFEASANCE

SECTION 4.1 Satisfaction and Discharge of Indenture.

                  This Indenture shall upon Company Request cease to be of
further effect with respect to Securities of any series (except as to any
surviving rights of registration of transfer or exchange of Securities herein
expressly provided for), and the Trustee, at the expense of the Company, shall
execute proper instruments acknowledging satisfaction and discharge of this
Indenture, when

                                       42
<PAGE>

                  (1)      either

                  (i)      all Securities of such series theretofore
         authenticated and delivered (other than (x) Securities which have been
         destroyed, lost or stolen and which have been replaced or paid as
         provided in Section 3.9 and (y) Securities for whose payment money has
         theretofore been deposited in trust or segregated and held in trust by
         the Company and thereafter repaid to the Company or discharged from
         such trust, as provided in Section 10.4) have been delivered to the
         Trustee for cancellation; or

                  (ii)     all such Securities of such series not theretofore
         delivered to the Trustee for cancellation

                           (A)      have become due and payable, or

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

                           (C)      are to be called for redemption within one
                  year under arrangements satisfactory to the Trustee for the
                  giving of notice of redemption by the Trustee in the name, and
                  at the expense, of the Company, and the Company, in the case
                  of (i), (ii) or (iii) above, has deposited or caused to be
                  deposited with the Trustee as trust funds in trust for the
                  purpose an amount of money in U.S. dollars sufficient, or U.S.
                  Government Obligations, the principal of and interest on which
                  when due, will be sufficient or a combination thereof,
                  sufficient in the opinion of a nationally recognized firm of
                  independent public accountants expressed in a written
                  certification thereof delivered to the Trustee to pay and
                  discharge the entire indebtedness on such Securities of that
                  series not theretofore delivered to the Trustee for
                  cancellation, for principal (and premium, if any) and interest
                  to the date of such deposit (in the case of Securities which
                  have become due and payable) or to the Stated Maturity or
                  Redemption Date, as the case may be;

                  (2)      the Company has paid or caused to be paid all other
         sums payable hereunder with respect to such series by the Company
         (including all sums payable pursuant to Section 6.7 herein); and

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

                  Notwithstanding the satisfaction and discharge of this
Indenture, the obligations of the Company to the Trustee under Section 6.7, the
rights, duties and immunities of the Trustee hereunder, including, without
limitation, those provided in Sections 6.1 and 6.3, the obligations of the
Trustee to any Authenticating Agent under Section 6.14, and, if money shall have
been deposited with the Trustee pursuant to

                                       43
<PAGE>

subclause (B) of clause (1) of this Section, the obligations of the Trustee
under Section 4.2 and the last paragraph of Section 10.4 shall survive.

SECTION 4.2 Defeasance and Discharge.

                  The following provisions shall apply to the Securities of each
series unless specifically otherwise provided in a Board Resolution, Officers'
Certificate or indenture supplemental hereto provided pursuant to Section 3.1.
In addition to discharge of this Indenture pursuant to Sections 4.1 and 4.3, in
the case of any series of Securities with respect to which an amount sufficient
to pay and discharge the entire indebtedness on such Securities not theretofore
delivered to the Trustee for cancellation, for principal (and premium, if any)
and interest, as certified pursuant to subparagraph (a) of Section 4.4 can be
determined at the time of making the deposit referred to in such subparagraph
(a), the Company shall be deemed to have paid and discharged the entire
indebtedness on all the Securities of such a series as provided in this Section
on and after the date the conditions set forth in Section 4.4 are satisfied, and
the provisions of this Indenture with respect to the Securities of such series
shall no longer be in effect (except as to (i) rights of registration of
transfer and exchange of Securities of such series, (ii) substitution of
mutilated, defaced, destroyed, lost or stolen Securities of such series, (iii)
rights of Holders of Securities of such series to receive, solely from the trust
fund described in subparagraph (a) of Section 4.4, payments of principal thereof
and interest, if any, thereon upon the original stated due dates therefor (but
not upon acceleration), and remaining rights of the Holders of Securities of
such series to receive mandatory sinking fund payments, if any, (iv) the rights,
obligations, duties and immunities of the Trustee hereunder, (v) this Section
4.2 and (vi) the rights of the Holders of Securities of such series as
beneficiaries hereof with respect to the property so deposited with the Trustee
payable to all or any of them) (hereinafter called "Defeasance"), and the
Trustee at the cost and expense of the Company, shall execute proper instruments
acknowledging the same.

SECTION 4.3 Covenant Defeasance.

                  In the case of any series of Securities with respect to which
an amount sufficient to pay and discharge the entire indebtedness on such
Securities not theretofore delivered to the Trustee for cancellation, for
principal (and premium, if any) and interest, as certified pursuant to
subparagraph (a) of Section 4.4 can be determined at the time of making the
deposit referred to in such subparagraph (a), (i) the Company shall be released
from its obligations under any covenants specified in or pursuant to this
Indenture (except as to (A) rights of registration of transfer and exchange of
Securities of such series, (B) substitution for mutilated, defaced, destroyed,
lost or stolen Securities of such series, (C) rights of Holders of Securities of
such series to receive, from the Company pursuant to Section 10.1, payments of
principal thereof and interest, if any, thereon upon the original stated due
dates therefor (but not upon acceleration), (D) rights of Holders of Securities
of such series to receive mandatory sinking fund payments, if any, (E) the
rights, obligations, duties and immunities of the Trustee hereunder, and (F) the
rights of the Holders of Securities of such series as beneficiaries hereof with
respect to the property so deposited with the Trustee payable to all or any of
them, including any

                                       44
<PAGE>

additional covenants applicable to such series of Securities specified in
accordance with Section 3.1, and (ii) the occurrence of any event specified in
Sections 5.1(4) (with respect to any of the covenants specified in or pursuant
to this Indenture) and 5.1(7) shall be deemed not to be or result in an Event of
Default, in each case with respect to the Outstanding Securities of such series
as provided in this Section on and after the date the conditions set forth in
Section 4.4 are satisfied (hereinafter called "Covenant Defeasance"), and the
Trustee, at the cost and expense of the Company, shall execute proper
instruments acknowledging the same. For this purpose, such Covenant Defeasance
means that the Company may omit to comply with and shall have no liability in
respect of any term, condition or limitation set forth in any such covenant (to
the extent so specified in the case of Section 5.1(4)), whether directly or
indirectly by reason of any reference elsewhere herein to any such covenant or
by reason of any reference in any such covenant to any other provision herein or
in any other document, but the remainder of this Indenture and the Securities of
such series shall be unaffected thereby.

SECTION 4.4 Conditions to Defeasance or Covenant Defeasance.

                  The following shall be the conditions to application of either
Section 4.2 or 4.3 to the Outstanding Securities of any series:

                  (a)      with reference to Section 4.2 or 4.3, the Company has
irrevocably deposited or caused to be irrevocably deposited with the Trustee as
funds in trust, specifically pledged as security for, and dedicated solely to,
the benefit of the Holders of Securities of such series (i) cash in an amount,
or (ii) direct obligations of the United States of America, backed by its full
faith and credit ("U.S. Government Obligations"), maturing as to principal and
interest, if any, at such times and in such amounts as will insure the
availability of cash, or (iii) a combination thereof, in each case sufficient,
in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, to pay
and discharge (A) the principal of and interest, if any, on all Securities of
such series on each date that such principal or interest, if any, is due and
payable and (B) any mandatory sinking fund payments on the dates on which such
payments are due and payable in accordance with the terms of this Indenture and
the Securities of such series;

                  (b)      in the case of Defeasance under Section 4.2, the
Company has delivered to the Trustee an Opinion of Counsel based on the fact
that (x) the Company has received from, or there has been published by, the
Internal Revenue Service a ruling or (y), since the date hereof, there has been
a change in the applicable United States federal income tax law, in either case
to the effect that, and such opinion shall confirm that, the Holders of the
Securities of such series will not recognize income, gain or loss for United
States federal income tax purposes as a result of such deposit, Defeasance and
discharge and will be subject to United States federal income tax on the same
amount and in the same manner and at the same times, as would have been the case
if such deposit, Defeasance and discharge had not occurred;

                                       45
<PAGE>

                  (c)      in the case of Covenant Defeasance under Section 4.3,
the Company has delivered to the Trustee an Opinion of Counsel to the effect
that, and such opinion shall confirm that, the Holders of the Securities of such
series will not recognize income, gain or loss for United States federal income
tax purposes as a result of such deposit and Covenant Defeasance and will be
subject to United States federal income tax on the same amount and in the same
manner and at the same times, as would have been the case if such deposit and
Covenant Defeasance had not occurred;

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

                  (e)      the Company shall have delivered to the Trustee an
Officers' Certificate and an Opinion of Counsel, each stating that all
conditions precedent contemplated by this provision have been complied with; and

                  (f)      the Company has paid or has caused to be paid all
sums then outstanding, due and owing under Section 6.7 herein.

SECTION 4.5 Application of Trust Money.

                  Subject to the provisions of the last paragraph of Section
10.4, all money and U.S. Government Obligations deposited with the Trustee
pursuant to Sections 4.1 or 4.4 shall be held in trust, and such money and all
money from such U.S. Government Obligations shall be applied by it, in
accordance with the provisions of the Securities and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the Persons
entitled thereto, of the principal (and premium, if any) and interest for whose
payment such money and U.S. Government Obligations has been deposited with the
Trustee.

SECTION 4.6 Indemnity for U.S. Government Obligations.

                  The Company shall pay and indemnify the Trustee against any
tax, fee or other charge imposed on or assessed against the U.S. Government
Obligations deposited pursuant to Sections 4.1 or 4.4 or the principal or
interest received in respect of such obligations other than any such tax, fee or
other charge that by law is for the account of the Holders of Outstanding
Securities.

                                    ARTICLE V

                                    REMEDIES

SECTION 5.1 Events of Default.

                  "Event of Default," wherever used herein with respect to
Securities of any series, means any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or
involuntary or be effected by operation of

                                       46
<PAGE>

law or pursuant to any judgment, decree or order of any court or any order, rule
or regulation of any administrative or governmental body) unless it is either
inapplicable to a particular series or it is specifically deleted or modified in
an indenture supplemental hereto, if any, under which such series of Securities
is issued:

                  (1)      default in the payment of interest upon any Security
         of that series when it becomes due and payable, and continuance of such
         default for a period of 30 days, and the Interest Payment Date has not
         been properly extended or deferred; or

                  (2)      default in the payment of the principal of (or
         premium, if any, on) any Security of that series when it becomes due
         and payable whether at maturity, upon redemption, by declaration or
         otherwise, or in any payment required by any sinking or analogous fund
         established with respect to that series, and the maturity has not been
         properly extended; or

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

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

                  (5)      default under any mortgage, indenture or instrument
         under which there may be issued or by which there may be secured or
         evidenced any Indebtedness of the Company or any of its Subsidiaries
         (other than Indebtedness owed to the Company or one of its
         Subsidiaries) where such Indebtedness now exists, or is created after
         the date of this Indenture, if such default is (x) caused by a failure
         to pay principal of, or interest or premium (if any) on, such
         Indebtedness at final maturity prior to the expiration of the grace
         period provided by such Indebtedness on the date of such default; or
         (y) results in the acceleration of such Indebtedness prior to its
         express maturity; and, in the case of clause (x) and (y), the principal
         amount of such Indebtedness, together with the principal amount of any
         other such Indebtedness the maturity of which has been so accelerated,
         aggregates to $50 million or more and such acceleration is not
         rescinded or annulled within 30 days of notice from the Trustee or the
         Holders of not less than 25% in aggregate principal amount of the
         Outstanding Securities of that series; or

                                       47
<PAGE>

                  (6)      the entry by a court having jurisdiction in the
         premises of (A) a decree or order for relief in respect of the Company
         or a Principal Subsidiary in an involuntary case or proceeding under
         any applicable Federal or State bankruptcy, insolvency, reorganization
         or other similar law or (B) a decree or order adjudging the Company or
         a Principal Subsidiary a bankrupt or insolvent, or approving as
         properly filed a petition seeking reorganization, arrangement,
         adjustment or composition of or in respect of the Company or a
         Principal Subsidiary under any applicable Federal or State law, or
         appointing a custodian, receiver, liquidator, assignee, trustee,
         sequestrator or other similar official of the Company or a Principal
         Subsidiary or of any substantial part of its property, or ordering the
         winding up or liquidation of its affairs, and the continuance of any
         such decree or order for relief or any such other decree or order
         unstayed and in effect for a period of 90 consecutive days; or

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

                  (8)      any other Event of Default provided with respect to
         Securities of that series as provided in a supplemental indenture,
         Board Resolution or Officers' Certificate applicable to such series of
         Securities.

SECTION 5.2 Acceleration of Maturity; Rescission and Annulment.

                  If an Event of Default with respect to Securities of any
series at the time Outstanding (other than an Event of Default specified in
clause (6) or (7) of Section 5.1 hereof) occurs and is continuing, then in each
and every such case the Trustee, if the Trustee has actual knowledge thereof, or
the Holders of not less than 25% in aggregate principal amount of the
Outstanding Securities of that series may, but shall not be obligated to,
declare the principal amount of and interest on all of the Securities of that
series, including Additional Interest, if any, and any other amount payable
under the Indenture, to be due and payable immediately, by a notice in writing
to the Company (and to the Trustee if given by the Holders), and upon any such
declaration such principal

                                       48
<PAGE>

amount and interest (or specified amount) shall become immediately due and
payable. If an Event of Default specified in clause (6) or (7) of Section 5.1
hereof occurs and is continuing, then such amount will ipso facto become
immediately due and payable.

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

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

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

                           (B)      the principal of (and premium, if any, on)
                  any Securities of that series which has become due otherwise
                  than by such declaration of acceleration and interest thereon
                  at the rate or rates prescribed therefor in such Securities;

                           (C)      all overdue sinking fund payments with
                  respect to Securities of that series and interest thereon at
                  the rate or rates prescribed therefor in such Securities;

                           (D)      to the extent that payment of such interest
                  is lawful, interest upon overdue interest at the rate or rates
                  prescribed therefor in such Securities; and

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

and

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

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

                                       49
<PAGE>

SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee.

                  The Company covenants that if:

                  (1)      default is made in the payment of any interest on any
         Security when such interest becomes due and payable and such default
         continues for a period of 30 days;

                  (2)      default is made in the payment of the principal of
         (or premium, if any, on) any Security at the Stated Maturity thereof;
         or

                  (3)      default is made in the deposit of any sinking fund
         payment when and as due by the terms of a Security of any series and
         such default continues for a period of 30 days;

the Company will, upon demand of the Trustee, pay to it, for the benefit of the
Holders of such Securities then Outstanding, the whole amount then due and
payable on such Securities for principal (and premium, if any) and interest and
for any sinking fund payment and, to the extent that payment of such interest
shall be legally enforceable, interest on any overdue principal (and premium, if
any), on any overdue interest and on any overdue sinking fund payment, at the
rate or rates prescribed therefor in such Securities, and, in addition thereto,
such further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel.

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

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

SECTION 5.4 Trustee May File Proofs of Claim.

                   In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to the Company or any other obligor upon the
Securities or the property of the Company or of such other obligor or their
creditors, the Trustee (irrespective of whether the principal of any of the
Securities shall then be due and

                                       50

<PAGE>

payable as therein expressed or by declaration or otherwise and irrespective of
whether the Trustee shall have made any demand on the Company for the payment of
overdue principal or interest or any sinking fund payment) shall be entitled and
empowered, by intervention in such proceeding or otherwise:

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

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

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

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

SECTION 5.5 Trustee May Enforce Claims Without Possession of Securities.

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

SECTION 5.6 Application of Money Collected.

                   Any money collected by the Trustee with respect to a series
of Securities pursuant to this Article shall be applied in the following order,
at the date or dates fixed by the Trustee and, in case of the distribution of
such money on account of principal (or premium, if any), interest or sinking
fund payments, upon presentation of the Securities

                                       51

<PAGE>

and the notation thereon of the payment if only partially paid and upon
surrender thereof if fully paid:

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

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

                   Any surplus remaining shall be paid to the Company or to such
other persons as shall be entitled to receive it.

SECTION 5.7 Limitation on Suits.

                   No Holder of any Security of any series shall have any right
to institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, in each case with respect to an Event of Default with respect
to such series of Securities, unless:

                  (1)      such Holder has previously given written notice to
         the Trustee of the happening of one or more Events of Default with
         respect to the Securities of that series;

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

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

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

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

it being understood and intended that no one or more of such Holders shall have
any right in any manner whatever by virtue of, or by availing of, any provision
of this indenture to affect, disturb or prejudice the rights of any other of
such Holders, or to obtain or to seek to obtain priority or preference over any
other of such Holders or to enforce any right

                                       52

<PAGE>

under this Indenture, except in the manner herein provided and for the equal and
ratable benefit of all of such Holders.

SECTION 5.8 Unconditional Right of Holders to Receive Principal, Premium and
Interest.

                   Notwithstanding any other provision in this Indenture, the
Holder of any Security shall have the right, which is absolute and
unconditional, to receive payment of the principal of (and premium, if any) and
(subject to Section 3.10) interest on such Security on the Stated Maturity or
Maturities expressed in such Security (or, in the case of redemption, on the
Redemption Date) and to institute suit for the enforcement of any such payment,
and such rights shall not be impaired without the consent of such Holder.

SECTION 5.9 Restoration of Rights and Remedies.

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

SECTION 5.10 Rights and Remedies Cumulative.

                   Except as otherwise provided with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Securities in the last
paragraph of Section 3.9, no right or remedy herein conferred upon or reserved
to the Trustee or to the Holders is intended to be exclusive of any other right
or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or
now or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy.

SECTION 5.11 Delay or Omission Not Waiver.

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

SECTION 5.12 Control by Holders.

                   The Holders of a majority in principal amount of the
Outstanding Securities of any series shall have the right to direct the time,
method and place of

                                       53

<PAGE>

conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred on the Trustee, with respect to the Securities of
such series, provided that:

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

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

                  (3)      unless otherwise provided under the Trust Indenture
         Act, the Trustee need not take any action that might involve it in
         personal liability or might be unduly prejudicial to the Holders of the
         Securities of the affected series not involved in the proceeding.

SECTION 5.13 Waiver of Past Defaults.

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

                  (1)      in the payment of the principal of (or premium, if
         any), or interest on, any Security of such series, or in the payment of
         any sinking fund installment with respect to the Securities; or

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

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

SECTION 5.14 Undertaking for Costs.

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

                                       54
<PAGE>

or to any suit instituted by any Holder for the enforcement of the payment of
the principal of (or premium, if any) or interest on any Security on or after
the Stated Maturity or Maturities expressed in such Security (or, in the case of
redemption, on or after the Redemption Date).

                                   ARTICLE VI

                                   THE TRUSTEE

SECTION 6.1 Certain Duties and Responsibilities.

                  (1)      Except during the continuance of an Event of Default:

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

                  (b)      in the absence of bad faith on its part, the Trustee
may conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon certificates or opinions furnished to the
Trustee and conforming to the requirements of this Indenture; but in the case of
any such certificates or opinions which by any provision hereof are specifically
required to be furnished to the Trustee, the Trustee shall be under a duty to
examine the same to determine whether or not they conform to the requirements of
this Indenture; provided, however, that the Trustee shall be under no obligation
to ascertain the genuineness of the signatures thereto.

                  (2)      In case an Event of Default with respect to any
         series of Securities, of which a Responsible Officer of the Trustee has
         actual knowledge, has occurred and is continuing, the Trustee shall
         exercise such of the rights and powers vested in it by this Indenture,
         and use the same degree of care and skill in their exercise, as a
         prudent man would exercise or use under the circumstances in the
         conduct of his own affairs.

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

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

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

                  (c)      the Trustee shall not be liable with respect to any
action taken or omitted to be taken by it in good faith in accordance with the
direction of the Holders of a majority in principal amount of the Outstanding
Securities of any

                                       55
<PAGE>

series determined as provided in Section 5.12, relating to the time, method and
place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this Indenture
with respect to the Securities of such series; and

                  (d)      no provision of this Indenture shall require the
Trustee to expend or risk its own funds or otherwise incur any personal
financial liability in the performance of any of its duties hereunder, or in the
exercise of any of its rights or powers.

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

SECTION 6.2 Notice of Defaults.

                   Within 90 days after the occurrence of any default hereunder
with respect to Securities of any series, the Trustee shall transmit at the
Company's expense by mail to all Holders of Securities of such series, as their
names and addresses appear in the Security Register, notice of such default
hereunder actually known to a Responsible Officer of the Trustee or for which
the Trustee has received written notice of the event constituting such default
at its Principal Corporate Trust Office, unless such default shall have been
cured or waived; provided that, except in the case of a default in the payment
of the principal of (or premium, if any) or interest on any Security of such
series or in the payment of any sinking fund installment with respect to
Securities of such series, the Trustee shall be protected in withholding such
notice if and so long as a Responsible Officer of the Trustee in good faith
determines that the withholding of such notice is in the interest of the Holders
of Securities of such series; and provided, further, that in the case of any
default of the character specified in Section 5.1(4) with respect to Securities
of such series, no such notice to Holders shall be given until at least 30 days
after the occurrence thereof. For the purpose of this Section, the term
"default" means any event which is, or after notice or lapse of time or both
would become, an Event of Default with respect to Securities of such series.

SECTION 6.3 Certain Rights of Trustee.

                   Subject to the provisions of Section 6.1:

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

                  (b)      any request or direction of the Company mentioned
herein shall be sufficiently evidenced by a Company Request or Company Order,
and (a)

                                       56
<PAGE>

any resolution of the Board of Directors may be sufficiently evidenced by a
Board Resolution;

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

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

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

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

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

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

                  (i)      the Trustee may request that the Company deliver an
Officers' Certificate setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant to this
Indenture, which Officers' Certificate may be signed by any person authorized to
sign an Officers'

                                       57
<PAGE>

Certificate, including any person specified as so authorized in any such
certificate previously delivered and not superseded.

SECTION 6.4 Not Responsible for Recitals or Issuance of Securities.

                   The recitals contained herein and in the Securities, except
the Trustee's certificates of authentication, shall be taken as the statements
of the Company, and the Trustee or any Authenticating Agent assumes no
responsibility for their correctness. The Trustee makes no representations as to
the validity or sufficiency of this Indenture or of the Securities. The Trustee
or any Authenticating Agent shall not be accountable for the use or application
by the Company of Securities or the proceeds thereof.

SECTION 6.5 May Hold Securities.

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

SECTION 6.6 Money Held in Trust.

                   Money held by the Trustee in trust hereunder need not be
segregated from other funds except to the extent required by law. The Trustee
shall be under no liability for interest on any money received by it hereunder
except as otherwise agreed with the Company.

SECTION 6.7 Compensation and Reimbursement.

                   The Company agrees:

                  (1)      to pay to the Trustee from time to time such
         reasonable compensation for all services rendered by it hereunder as
         the Company and the Trustee shall from time to time agree in writing
         (which compensation shall not be limited by any provision of law in
         regard to the compensation of a trustee of an express trust);

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

                  (3)      to indemnify the Trustee and any predecessor Trustee,
         their officers, directors, employees and agents for, and to hold them
         harmless against, any loss, liability or expense incurred without
         negligence or bad faith on its part,

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<PAGE>

         arising out of or in connection with the acceptance or administration
         of the trust or trusts hereunder, including the costs and expenses of
         defending themselves against any claim or liability (whether asserted
         by the Company, any Holder or any other person) in connection with the
         exercise or performance of any of their powers or duties hereunder,
         including the reasonable fees and expenses of its counsel.

                   As security for the performance of the obligations of the
Company under this Section, the Trustee shall have a lien prior to the
Securities upon all property and funds held or collected by the Trustee as such,
except funds held in trust for the benefit of Holders of particular Securities.
The obligations of the Company under this Section shall survive the satisfaction
and discharge of this indenture.

                   When the Trustee incurs expenses or renders services in
connection with an Event of Default specified in Section 5.1(6) or Section
5.1(7), the expenses (including the reasonable charges and expenses of its
counsel) and the compensation for the services are intended to constitute
expenses of administration under any applicable Federal or state bankruptcy,
insolvency or other similar law.

SECTION 6.8 Disqualification; Conflicting Interests.

                   If the Trustee has or shall acquire any conflicting interest
within the meaning of the Trust Indenture Act with respect to the Securities of
any series, it shall, within 90 days after a Responsible Officer of the Trustee
ascertains that it has such conflicting interest, either eliminate such
conflicting interest or resign with respect to the Securities of that series in
the manner provided by, and subject to the provisions of the Trust Indenture Act
and this Indenture.

SECTION 6.9 Corporate Trustee Required; Eligibility.

                   There shall at all times be a Trustee hereunder which shall
be a corporation organized and doing business under the laws of the United
States of America, any State thereof or the District of Columbia, in good
standing and having an office in The Borough of Manhattan, the City of New York,
which is authorized under such laws to exercise corporate trust powers, having a
combined capital and surplus of at least $50,000,000 and subject to supervision
or examination by Federal or State authority. If such corporation publishes
reports of condition at least annually, pursuant to law or to the requirements
of said supervision or examining authority, then for the purposes of this
Section, the combined capital and surplus of such corporation shall be deemed to
be its combined capital and surplus as set forth in its most recent report of
condition so published. If at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, it shall resign immediately in
the manner and with the effect hereinafter specified in this Article.

SECTION 6.10 Resignation and Removal; Appointment of Successor.

                  (a)      No resignation or removal of the Trustee and no
appointment of a successor Trustee pursuant to this Article shall become
effective

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<PAGE>

until the acceptance of appointment by the successor Trustee in accordance with
the applicable requirements of Section 6.11.

                  (b)      The Trustee may resign at any time with respect to
the Securities of one or more series by giving written notice thereof to the
Company. If the instrument of acceptance by a successor Trustee required by
Section 6.11 shall not have been delivered to the Trustee within 30 days after
the giving of such notice of resignation, the resigning Trustee may, at the
Company's expense, petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such
series.

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

                  (d)      If at any time:

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

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

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

then, in any such case, (i) the Company, by a Board Resolution, may remove the
Trustee with respect to all Securities, or (ii) subject to Section 5.14, any
Holder who has been a bona fide Holder of a Security for at least six months
may, on behalf of himself and all others similarly situated, petition any court
of competent jurisdiction for the removal of the Trustee with respect to all
Securities and the appointment of a successor Trustee or Trustees.

                  (e)      If the Trustee shall resign, be removed or become
incapable of acting, or if a vacancy shall occur in the office of Trustee for
any cause, with respect to the Securities of one or more series, the Company, by
a Board Resolution, shall promptly appoint a successor Trustee or Trustees with
respect to the Securities of that or those series (it being understood that any
such successor Trustee may be appointed with respect to the Securities of one or
more or all of such series and that at any time there shall be only one Trustee
with respect to the Securities of any particular series) and shall comply with
the applicable requirements of Section 6.11. If, within one year after such
resignation, removal or incapability, or the occurrence of such vacancy, a
successor Trustee with respect to the Securities of any series shall be
appointed by Act of the

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<PAGE>

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

                  (f)      If an instrument of acceptance by a successor Trustee
shall not have been delivered to the Trustee within 30 days after the giving of
such notice of removal, the Trustee being removed may petition, at the expense
of the Company, any court of competent jurisdiction for the appointment of a
successor Trustee with respect to the Securities of such series.

                  (g)      The Company shall give notice of each resignation and
each removal of the Trustee with respect to the Securities of any series and
each appointment of a successor Trustee with respect to the Securities of any
series by mailing written notice of such event by first-class mail, postage
prepaid, to all Holders of Securities of such series as their names and
addresses appear in the Security Register. Each notice shall include the name of
the successor Trustee with respect to the Securities of such series and the
address of its Corporate Trust Office.

SECTION 6.11 Acceptance of Appointment by Successor.

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

                  (b)      In case of the appointment hereunder of a successor
Trustee with respect to the Securities of one or more (but not all) series, the
Company, the retiring Trustee and each successor Trustee with respect to the
Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor Trustee shall accept such appointment
and which (1) shall contain

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<PAGE>

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

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

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

                  (e)      The Trustee shall not be liable for the acts or
omissions to act of any successor Trustee.

SECTION 6.12 Merger, Conversion, Consolidation or Succession to Business.

                   Any corporation into which the Trustee may be merged or
convened or with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which the Trustee shall be a party,
or any corporation succeeding to all or substantially all the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder,
provided such corporation shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the
part of any of the parties hereto. In case any Securities shall have

                                       62
<PAGE>

been authenticated, but not delivered, by the Trustee then in office, any
successor by merger, conversion or consolidation to such authenticating Trustee
may adopt such authentication and deliver the Securities so authenticated with
the same effect as if such successor Trustee had itself authenticated such
Securities.

SECTION 6.13 Preferential Collection of Claims Against Company.

                  (a)      If the Trustee shall be or shall become a creditor,
directly or indirectly, secured or unsecured, of the Company (or any other
obligor of the Securities), the Trustee shall be subject to the provisions of
the Trust Indenture Act regarding the collection of claims against the Company
(or any such other obligor):

                  (b)      For the purposes of this Section 6.13 only:

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

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

SECTION 6.14 Appointment of Authenticating Agent.

                   At any time when any of the Securities remain Outstanding,
the Trustee may appoint an Authenticating Agent or Agents with respect to one or
more series of Securities which shall be authorized to act on behalf of the
Trustee to authenticate Securities of such series issued upon exchange,
registration of transfer or partial redemption thereof or pursuant to Section
3.9, and the Securities so authenticated shall be entitled to the benefits of
this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder. Wherever reference is made in this
Indenture to the authentication and delivery of Securities by the Trustee or the
Trustee's certificate of authentication, such reference shall be deemed to
include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent. Each Authenticating Agent shall be
acceptable to the Company and shall at all times be a corporation organized and
doing business under the laws of the United States of America, any State thereof
or the District of Columbia, authorized under such laws to act as

                                       63
<PAGE>

Authenticating Agent, having a combined capital and surplus of not less than
$50,000,000 and subject to supervision or examination by Federal or State
authority. If such Authenticating Agent publishes reports of condition at least
annually, pursuant to law or to the requirements of said supervising or
examining authority, then for the purposes of this Section, the combined capital
and surplus of such Authenticating Agent shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so
published. If at any time an Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section, such Authenticating Agent shall
resign immediately in the manner and with the effect specified in this Section.

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

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

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

                   If an appointment with respect to one or more series is made
pursuant to this Section, the Securities of such series may have endorsed
thereon an alternative certificate of authentication in the following form:

                                       64
<PAGE>

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

                                                ________________________________
                                                                      As Trustee

                                                By:_____________________________
                                                    As Authenticating Agent

                                                By:_____________________________
                                                            Authorized Signatory

                                   ARTICLE VII

                HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY

SECTION 7.1 Company to Furnish Trustee Names and Addresses of Holders.

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

                  (a)      semi-annually not more than 15 days after each
Regular Record Date, a list in such form as the Trustee may reasonably require,
of the names and addresses of the Holders of Securities of such series to which
such Regular Record Date applies, as of such Record Date, and

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

provided that if and so long as the Trustee shall be the Security Registrar for
such series, such list shall not be required to be furnished.

SECTION 7.2 Preservation of Information; Communications to Holders.

                  (a)      The Trustee shall preserve, in as current a form as
is reasonably practicable, the names and addresses of Holders contained in the
most recent list furnished to the Trustee as provided in Section 7.1 and the
names and addresses of Holders received by the Trustee in its capacity as
Security Registrar. The Trustee may destroy any list furnished to it as provided
in Section 7.1 upon receipt of a new list so furnished.

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

                                       65
<PAGE>

such series for a period of at least six months preceding the date of such
application, and such application states that the applicants' desire to
communicate with other Holders of such series with respect to their rights under
this Indenture or under the Securities of such series and is accompanied by a
copy of the form of proxy or other communication which such applicants propose
to transmit, then the Trustee shall, within five business days after the receipt
of such application, at its election, either

                  (i)      afford such applicants access to the information with
         respect to the Holders of such series furnished to, or received by, and
         preserved at the time by the Trustee in accordance with Section 7.2(a);
         or

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

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

                  (c)      Every Holder of Securities, by receiving and holding
the same, agrees with the Company and the Trustee that neither the Company nor
the Trustee nor any agent of either of them shall be held accountable by reason
of the disclosure of any such information as to the names and addresses of the
Holders in accordance with Section 7.2(b), regardless of the source from which
such information was derived, and that the Trustee shall not be held accountable
by reason of mailing any material pursuant to a request made under Section
7.2(b).

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SECTION 7.3 Reports by Trustee.

                  (a)      The Trustee shall transmit to Holders of Securities
such reports concerning the Trustee and its actions under this Indenture as may
be required pursuant to the Trust Indenture Act at the times and in the manner
provided pursuant thereto. If required by Section 313(a) or 313(b) of the Trust
Indenture Act, within 60 days after May 15 of each year, the Trustee shall
transmit by mail to all Holders of Securities for which it is Trustee hereunder,
as their names and addresses appear in the Security Register, a brief report
dated as of such May 15, which complies with the provisions of Sections 313(a)
and 313(b) of the Trust Indenture Act.

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

SECTION 7.4 Reports by Company.

                   The Company shall:

                  (1)      file with the Trustee, within 30 days after the
         Company is required to file the same with the Commission, copies of the
         annual reports and of the information, documents and other reports (or
         copies of such portions of any of the foregoing as the Commission may
         from time to time by rules and regulations prescribe) which the Company
         may be required to file with the Commission pursuant to Section 13 or
         Section 15(d) of the Exchange Act; or, if the Company is not required
         to file information documents or reports pursuant to either of said
         Sections, then it shall file with the Trustee and the Commission, in
         accordance with rules and regulations prescribed from time to time by
         the Commission, such of the supplementary and periodic information,
         documents and reports which may be required pursuant to Section 13 of
         the Exchange Act in respect of a security listed and registered on a
         national securities exchange as may be prescribed from time to time in
         such rules and regulations;

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

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

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         be required by rules and regulations prescribed from time to time by
         the Commission.

                                  ARTICLE VIII

              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

SECTION 8.1 Company May Consolidate, Etc., Only on Certain Terms.

                   The Company shall not consolidate with or merge with or into
any other Person (other than in a merger or consolidation in which the Company
is the surviving person) or sell, convey, transfer or lease its properties and
assets as, or substantially as, an entirety to another Person, unless:

                  (1)      the Person formed by the consolidation or with or
         into which the Company is merged or the Person that purchases the
         Company's properties and assets as, or substantially as, an entirety is
         a corporation, partnership, limited liability company or trust
         organized and validly existing under the laws of the United States of
         America, any State or the District of Columbia, and any such Person
         expressly assumes by supplemental indenture the due and punctual
         payment of the principal of, and premium, if any, and interest on the
         Securities and the performance of every other covenant of the
         Securities and this Indenture on the part of the Company to be
         performed and observed;

                  (2)      immediately after giving effect to the transaction no
         Event of Default shall have occurred and be continuing; and

                  (3)      a specified Officers' Certificate and an Opinion of
         Counsel are delivered to the Trustee, each (i) stating that such
         consolidation, merger, sale, conveyance, transfer or lease, as the case
         may be, and any supplemental indenture pertaining thereto, comply with
         this Article VIII and Article IX, respectively, and (ii) otherwise
         complying with Section 1.2 herein.

SECTION 8.2 Successor Corporation Substituted.

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

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                                   ARTICLE IX

                             SUPPLEMENTAL INDENTURES

SECTION 9.1 Supplemental Indentures Without Consent of Holders.

                   In addition to any supplemental indenture otherwise
authorized by this Indenture, the Company and the Trustee may from time to time
and at any time enter into an indenture or indentures supplemental hereto (which
shall conform to the provisions of the Trust Indenture Act as then in effect),
without the consent of the Holders, for one or more of the following purposes:

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

                  (2)      to comply with Article VIII;

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

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

                  (5)      to add to, delete from, or revise the conditions,
         limitations, and restrictions on the authorized amount, terms, or
         purposes of issue, authentication, and delivery of Securities, as
         herein set forth;

                  (6)      to make any change that does not adversely affect the
         rights of any Holder in any material respect; or

                  (7)      to provide for the issuance of and establish the form
         and terms and conditions of the Securities of any series as provided in
         Section 3.1 to establish the form of any certifications required to be
         furnished pursuant to the terms of this Indenture or any series of
         Securities, or to add to the rights of the Holders of any series of
         Securities.

                   The Trustee is hereby authorized to join with the Company in
the execution of any such supplemental indenture, and to make any further
appropriate agreements and stipulations that may be therein contained, but the
Trustee shall not be obligated to enter into any such supplemental indenture
that affects the Trustee's own rights, duties or immunities under this Indenture
or otherwise.

                   Any supplemental indenture authorized by the provisions of
this Section may be executed by the Company and the Trustee without the consent
of the Holders of

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<PAGE>

any of the Securities at the time Outstanding, notwithstanding any of the
provisions of Section 9.2.

SECTION 9.2 Supplemental Indentures with Consent of Holders.

                   With the consent of the Holders of not less than a majority
in aggregate principal amount of the Securities of each series affected by such
supplemental indenture or indentures at the time Outstanding, the Company, when
authorized by Board Resolutions, and the Trustee may from time to time and at
any time enter into an indenture or indentures supplemental hereto (which shall
conform to the provisions of the Trust Indenture Act as then in effect) for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Indenture or of any supplemental indenture or of
modifying in any manner not covered by Section 9.1 the rights of the Holders of
the Securities of such series under this Indenture; provided, however, that no
such supplemental indenture shall, without the consent of the Holders of each
Security then Outstanding and affected thereby,

                  (1)      change the fixed maturity of any Securities of any
         series, or reduce the principal amount thereof, or reduce the rate or
         change the time of payment of interest thereon, or reduce any premium
         payable upon the redemption thereof, or change the time at which the
         Securities may be redeemed or purchased;

                  (2)      reduce the aforesaid percentage of Securities, the
         Holders of which are required to consent to any such supplemental
         indenture;

                  (3)      waive a default or an Event of Default in the payment
         of principal of or premium, if any, interest or Additional Interest, if
         any, on any series of Securities (except a rescission of acceleration
         of such Securities by the Holders of at least a majority in aggregate
         principal amount Outstanding of such series of Securities and a waiver
         of the payment default that resulted from such acceleration);

                  (4)      make any series of Securities payable in money other
         than that stated in the Indenture and such Securities;

                  (5)      make any change in the provisions of the Indenture
         relating to waivers of past defaults or the rights of Holders of any
         series of Securities to receive payments of principal of, premium, if
         any, interest or Additional Interest, if any, on such Securities;

                  (6)      make any change to the abilities of Holders of any
         series of Securities to enforce their rights under the Indenture or the
         provisions of the clauses above; or

                  (7)      except as permitted herein, increase the conversion
         price with regard to any series of Securities or modify any provision
         of the Indenture relating to conversion of any Securities in a manner
         adverse to the Holders thereof.

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                   The Trustee shall not be obligated to enter into any such
supplemental indenture that affects the Trustee's own rights, duties or
immunities under this Indenture or otherwise.

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

SECTION 9.3 Execution of Supplemental Indentures.

                   In executing, or accepting the additional trusts created by,
any supplemental indenture permitted by this Article or the modifications
thereby of the trusts created by this Indenture, the Trustee shall be entitled
to receive, and (subject to Section 6.1) shall be fully protected in relying
upon, an Officer's Certificate and an Opinion of Counsel stating that the
execution of such supplemental indenture is authorized or permitted by this
Indenture and otherwise complying with Section 1.2 herein. The Trustee may, but
shall not be obligated to, enter into any such supplemental indenture which
affects the Trustee's own rights, duties or immunities under this Indenture or
otherwise.

SECTION 9.4 Effect of Supplemental Indentures.

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

SECTION 9.5 Conformity with Trust Indenture Act.

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

SECTION 9.6 Reference in Securities to Supplemental Indentures.

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

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                                    ARTICLE X

                                    COVENANTS

SECTION 10.1 Payment of Principal, Premium and Interest.

                   The Company covenants and agrees for the benefit of each
series of Securities that it will duly and punctually pay the principal of (and
premium, if any) and interest on the Securities of that series in accordance
with the terms of the Securities of such series and this Indenture, and will
duly comply with all other terms, agreements and conditions contained in, or
made in the Indenture for the benefit of, the Securities of such series.

SECTION 10.2 Maintenance of Office or Agency.

                   The Company will maintain in each Place of Payment for any
series of Securities an office or agency where Securities of that series may be
presented or surrendered for payment, where Securities of that series may be
surrendered for registration of transfer or exchange and where notices and
demands to or upon the Company in respect of the Securities of that series and
this Indenture may be served. The Company will give prompt written notice to the
Trustee of the location, and any change in the location, of such office or
agency. If at any time the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the address thereof,
such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee, and the Company hereby appoints the
Trustee as its agent to receive all such presentations, surrenders, notices and
demands.

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

SECTION 10.3 Limitation on Liens on Common Stock of Principal Subsidiaries.

                   The Company will not itself, and will not permit any
Principal Subsidiary to, directly or indirectly, create, issue, assume, incur,
guarantee or permit to exist any Indebtedness that is secured by a mortgage,
pledge, lien, security interest or other encumbrance on any Common Stock of a
Principal Subsidiary owned by the Company or by any Principal Subsidiary, unless
the Company also secures all Securities then Outstanding under this Indenture
equally and ratably with, or prior to, the Indebtedness being secured, together
with, at the Company's election, any of the Company's or any Principal
Subsidiary's other Indebtedness ranking on a parity with, or prior to, the
Securities for so long as such Indebtedness is outstanding and is so secured.

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<PAGE>

SECTION 10.4 Limitation on Disposition of Stock.

                   The Company will not itself, and will not permit any
Principal Subsidiary to, issue, sell, transfer or otherwise dispose of any
shares of capital stock of any Principal Subsidiary, or any securities
convertible into or exercisable or exchangeable for shares of capital stock of
any Principal Subsidiary, or warrants, rights or options to subscribe for or
purchase shares of capital stock of any Principal Subsidiary, except for (i) any
issuance, sale, assignment, transfer or other disposition of directors'
qualifying shares; (ii) any issuance, sale, assignment, transfer or other
disposition to the Company or another Principal Subsidiary; (iii) any issuance,
sale, assignment, transfer or other disposition of all or any part of the
capital stock of any Principal Subsidiary for consideration which is at least
equal to the fair value of such capital stock as determined by the Board of
Directors (acting in good faith); or (iv) any issuance, sale, assignment,
transfer or other disposition made in compliance with an order of a court or
regulatory authority of competent jurisdiction.

                   Notwithstanding the foregoing, the Company may merge or
consolidate any of its other Subsidiaries (including its insurance Subsidiaries)
into or with another Person and it may sell, transfer or otherwise dispose of
its business in accordance with the provisions of Article VIII. Furthermore, the
foregoing covenant will not prohibit any issuance or disposition of securities
by any other Subsidiary.

SECTION 10.5 Money for Securities Payments to Be Held in Trust.

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

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

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

                  (1)      hold all sums held by it for the payment of the
         principal of (and premium, if any) or interest on Securities of that
         series in trust for the benefit of

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<PAGE>

         the Persons entitled thereto until such sums shall be paid to such
         Persons or otherwise disposed of as herein provided;

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

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

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

                   Any money deposited with the Trustee or any Paying Agent, or
then held by the Company, in trust for the payment of the principal of (and
premium, if any) or interest on any Security of any series and remaining
unclaimed for three years after such principal (and premium, if any) or interest
has become due and payable shall be paid to the Company on Company Request, or
(if then held by the Company) shall be discharged from such trust; and the
Holder of such Security shall thereafter, as an unsecured general creditor, look
only to the Company for payment thereof, and all liability of the Trustee or
such Paying Agent with respect to such trust money, and all liability of the
Company as trustee thereof, shall thereupon cease; provided that the Trustee or
such Paying Agent, before being required to make any such repayment, may at the
expense of the Company cause to be published once, in a newspaper published in
the English language, customarily published on each Business Day and of general
circulation in the Borough of Manhattan, The City of New York, New York, notice
that such money remains unclaimed and that, after a date specified therein,
which shall not be less than 30 days from the date of such publication, any
unclaimed balance of such money then remaining will be repaid to the Company.

SECTION 10.6 Statement by Officers as to Default.

                   The Company will deliver to the Trustee, within 120 days
after the end of each fiscal year of the Company ending after the date hereof,
an Officers' Certificate stating whether or not to the best knowledge of the
signers thereof the Company is in default in the performance and observance of
any of the terms, provisions and conditions of Sections 10.1 to 10.5, and if the
Company shall be in default, specifying all such defaults and the nature and
status thereof of which they may have knowledge.

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                                   ARTICLE XI

                            REDEMPTION OF SECURITIES

SECTION 11.1 Applicability of Article.

                   Securities of each series shall be redeemable before their
respective Stated Maturities in accordance with their respective terms and
(except as otherwise specified as contemplated by Section 3.1 for Securities of
any series) in accordance with this Article.

SECTION 11.2 Election to Redeem; Notice to Trustee.

                   Subject to the other provisions of this Article XI, except as
otherwise may be specified in this Indenture or, with respect to any series of
Securities, as otherwise specified as contemplated by Section 3.1 for the
Securities of such series, the Company shall have the right to redeem any series
of Securities, in whole at any time or in part from time to time, on or after
the Redemption Option Date for such series at the Redemption Price. The election
of the Company to redeem any Securities redeemable at the election of the
Company shall be evidenced by a Board Resolution. In case of any redemption at
the election of the Company, the Company shall, at least 30 days, but not more
than 60 days, prior to the Redemption Date fixed by the Company, notify the
Trustee in writing of such Redemption Date and of the principal amount of
Securities of such series to be redeemed. In the case of any redemption of
Securities prior to the expiration of any restriction on such redemption
provided in the terms of such Securities or elsewhere in this Indenture, the
Company shall furnish the Trustee with an Officers' Certificate and an Opinion
of Counsel evidencing compliance with such restriction and otherwise complying
with Section 1.2 herein.

SECTION 11.3 Selection by Trustee of Securities to Be Redeemed.

                   If less than all the Securities of any series are to be
redeemed, the particular Securities to be redeemed shall be selected not more
than 60 days and not less than 30 days prior to the Redemption Date by the
Trustee, from the Outstanding Securities of such series not previously called
for redemption, by such method as the Trustee shall deem fair and appropriate
and which may provide for the selection for redemption of portions (equal to the
minimum authorized denomination for Securities of that series or any integral
multiple thereof) of the principal amount of Securities of such series of a
denomination larger than the minimum authorized denomination for Securities of
that series; provided, that if at the time of redemption such Securities are
registered as a Global Security, the Depositary shall determine, in accordance
with its procedures, the principal amount of such Securities held by each
Security Beneficial Owner to be redeemed.

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

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<PAGE>

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

SECTION 11.4 Notice of Redemption.

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

                   All notices of redemption shall state:

                  (1)      the Redemption Date,

                  (2)      the Redemption Price,

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

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

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

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

                   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 delivered to the Trustee at least 15 days prior to the date that
such Notice is to be given (unless a shorter period shall be acceptable to the
Trustee and at the Company's expense), by the Trustee in the name and at the
expense of the Company.

SECTION 11.5 Deposit of Redemption Price.

                   Prior to 10:00 a.m., New York City time, on any Redemption
Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if
the Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 10.5) an amount of money sufficient to pay the Redemption
Price of, and (except if the Redemption Date shall be an Interest Payment Date)
accrued interest on, all the Securities which are to be redeemed on that date.

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<PAGE>

SECTION 11.6 Securities Payable on Redemption Date.

                   Notice of redemption having been given as aforesaid, the
Securities and portions of Securities so to be redeemed shall, on the Redemption
Date, become due and payable at the Redemption Price therein specified, and from
and after such Redemption Date (unless the Company shall default in the payment
of the Redemption Price and accrued interest) such Securities shall cease to
bear interest. Upon surrender of any such Security for redemption in accordance
with said notice, such Security shall be paid by the Company at the Redemption
Price, together with accrued interest to the Redemption Date; provided that
installments of interest whose Stated Maturity is on or prior to the Redemption
Date shall be payable to the Holders of such Securities, or one or more
Predecessor Securities, registered as such at the close of business on the
relevant Record Dates according to their terms and the provisions of Section
3.10.

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

                   The Redemption Price shall be paid on the date of such
redemption, provided that the Company shall deposit with the Trustee an amount
sufficient to pay the Redemption Price by 10:00 a.m., New York City time, on the
date such Redemption Price is to be paid.

                   Unless the Company defaults in the payment of the Redemption
Price, on and after the Redemption Date, interest shall cease to accrue on the
Securities, or portions thereof called for redemption.

SECTION 11.7 Securities Redeemed in Part.

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

                                   ARTICLE XII

                                  SINKING FUNDS

SECTION 12.1 Applicability of Article.

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

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                   The minimum amount of any sinking fund payment provided for
by the terms of Securities of any series is herein referred to as "Mandatory
Sinking Fund Payment," and any payment in excess of the minimum amount provided
for by the terms of the Securities of any series is herein referred to as an
"Optional Sinking Fund Payment." If provided for by the terms of Securities of
any series, the cash amount of any Mandatory Sinking Fund Payment may be subject
to reduction as provided in Section 12.2. Each sinking fund payment shall be
applied to the redemption of Securities as provided for by the terms of
Securities of such series.

SECTION 12.2 Satisfaction of Sinking Fund Payments with Securities.

                   Unless the form or terms of any Security shall provide
otherwise, the Company (1) may deliver to the Trustee Outstanding Securities of
a series (other than any previously called for redemption) and (2) may apply as
a credit Securities of a series which have been redeemed either at the election
of the Company pursuant to the terms of such Security or through the application
of permitted Optional Sinking Fund Payments pursuant to the terms of such
Securities, in each case in satisfaction of all or any part of any Mandatory
Sinking Fund Payment with respect to any Securities of such series required to
made pursuant to the terms of Securities as provided for by the terms of such
Securities; provided that such Securities have not been previously so credited.
Such Securities shall be received and credited for such purpose by the Trustee
at the Redemption Price specified in such Securities for redemption throughout
operation of the sinking fund and the amount of such sinking fund payment shall
be reduced accordingly.

SECTION 12.3 Redemption of Securities for Sinking Fund.

                   Not less than 60 days prior to each sinking fund payment date
for any Securities, the Company will deliver to the Trustee an Officers'
Certificate specifying the amount of the next ensuing sinking fund payment for
that series pursuant to the terms of that series, the portion thereof, if any,
which is to be satisfied by payment of cash and the portion thereof, if any,
which is to be satisfied by delivering and crediting Securities of that series
pursuant to Section 12.2 and will also deliver to the Trustee any Securities to
be so delivered. Not less than 45 days before each sinking fund payment date the
Trustee shall select the Securities to be redeemed upon such sinking fund
payment date in the manner specified in Section 11.3 and cause notice of the
redemption thereof to be given in the name and at the expense of the Company in
the manner specified in Section 11.4. The Company shall deposit the amount of
cash, if any, required for such sinking fund payment with the Trustee in the
manner provided in Section 11.5. Such notice having been duly given, the
redemption of such Securities shall be made upon the terms and in the manner
stated in Sections 11.6 and 11.7.

                                      ****

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

                                       78
<PAGE>

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

                                   ASSURANT, INC.

                                   BY: /s/ J. Kerry Clayton
                                       ---------------------------------
                                       Name:J. Kerry Clayton
                                       Title: President and CEO

                                   SUNTRUST BANK, as Trustee

                                   By: _________________________________
                                       Name:
                                       Title

<PAGE>

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

                                   ASSURANT, INC.

                                   By: _________________________________
                                       Name:
                                       Title

                                   SUNTRUST BANK, as Trustee

                                   By: /s/ B.A. Donaldson
                                       ----------------------------------
                                       Name: B.A. DONALDSON
                                       Title VICE PRESIDENT<PAGE>

                                                                   EXHIBIT 10.28

                                                                  EXECUTION COPY

                          REGISTRATION RIGHTS AGREEMENT

                                       by

                                 ASSURANT, INC.

                                      and

                             FORTIS INSURANCE N.V.

                          Dated as of February 10, 2004

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                               Page
                                                                                               ----
<S>                                                                                            <C>
                                    ARTICLE 1
                                   DEFINITIONS
Section 1.01. Definitions ...................................................................    1

                                    ARTICLE 2
                               REGISTRATION RIGHTS

Section 2.01. Demand Rights .................................................................    5
Section 2.02. "Piggy-Back" Rights ...........................................................    8
Section 2.03. Allocation of Securities Included in a Public Offering ........................    9
Section 2.04. Requirements with Respect to Registration .....................................   10
Section 2.05. Transfers; Rights of Transferee of Registrable Securities .....................   14
Section 2.06. Registration Expenses .........................................................   14
Section 2.07. Underwriting; Due Diligence ...................................................   15
Section 2.08. Registration In Connection With Hedging Transactions ..........................   15
Section 2.09. Unregistered Offerings ........................................................   16
Section 2.10. Registration Rights of Other Persons ..........................................   17
Section 2.11. Inconsistent Agreements .......................................................   17
Section 2.12. "Market Stand-Off" Agreement ..................................................   17
Section 2.13. Limitations on Availability of Registration Rights ............................   18

                                    ARTICLE 3
                   REPRESENTATIONS, WARRANTIES AND AGREEMENTS

Section 3.01. Company Representations, Warranties and Agreements ............................   18
Section 3.02. Fortis Insurance Representations, Warranties and Agreements ...................   20
Section 3.03. Survival of Representations and Agreements ....................................   20

                                    ARTICLE 4
                        INDEMNIFICATION AND CONTRIBUTION

Section 4.01. Indemnification and Contribution ..............................................   20

                                    ARTICLE 5
                                  MISCELLANEOUS

Section 5.01. Remedies ......................................................................   24
Section 5.02. Amendments and Waivers ........................................................   25
Section 5.03. Notices. ......................................................................   25
Section 5.04. Interpretation ................................................................   76
</TABLE>

                                       i

<PAGE>

<TABLE>
<CAPTION>
                                                                                Page
                                                                                ----
<S>                                                                             <C>
Section 5.05. Counterparts ................................................      26
Section 5.06. Entire Agreement; No Third Party Beneficiaries ..............      26
Section 5.07. Governing Law ...............................................      26
Section 5.08. Severability ................................................      27
Section 5.09. Successors and Assigns ......................................      27
Section 5.10. Use of Terms ................................................      27
</TABLE>

                                       ii

<PAGE>

                          REGISTRATION RIGHTS AGREEMENT

         This Registration Rights Agreement (the "AGREEMENT") is dated as of
February 10, 2004, and is being entered into by Assurant, Inc., a Delaware
corporation (D/B/A Assurant Group) (the "COMPANY") and Fortis Insurance N.V., a
company with limited liability incorporated as naamloze vennootschap under Dutch
law ("FORTIS INSURANCE").

                                    RECITALS

         WHEREAS, Fortis Insurance owns 142,199,130 shares of common stock, par
value $0.01 per share, of the Company (the "COMMON SHARES");

         WHEREAS, simultaneously with the execution and delivery of this
Agreement, the Company and Fortis Insurance are offering Common Shares to the
public in an underwritten secondary offering registered under the Securities Act
pursuant to a registration statement on Form S-l, File No. 333-109984 (the "IPO
REGISTRATION STATEMENT");

         WHEREAS, upon completion of such offering, Fortis Insurance will
continue to be a significant shareholder in the Company; and

         WHEREAS, the Company has agreed to provide Fortis Insurance and its
Affiliates with certain registration rights with respect to the Common Shares
owned by them during the term of this Agreement.

         NOW, THEREFORE, in consideration of the promises and of the mutual
covenants, representations, warranties and agreements contained herein, the
parties agree as follows:

                                    ARTICLE 1
                                   DEFINITIONS

         Section 1.01. Definitions. As used in this Agreement, including its
preamble and recitals, the following terms shall have the following meanings:

         "AFFILIATE" shall mean, with respect to any specified Person, any other
Person, other than the Company or any of its Subsidiaries, that directly, or
indirectly through one or more intermediaries, controls, or is controlled by, or
is under common control with such specified Person. For purposes of this
definition, control of a person means the power, direct or indirect, to direct
or cause the direction of the management and policies of such person whether by
contract or otherwise; and the terms "CONTROLLING" AND "CONTROLLED" have
meanings correlative to the foregoing; provided that the term Affiliate when
used

<PAGE>

in the context of calculating the Shareholder's percentage ownership of the
Common Stock or determining Registrable Securities shall exclude officers and
directors of the Shareholder.

         "BLACKOUT PERIODS" shall have the meaning set forth in Section 2.01(a).

         "COMMISSION" shall mean the United States Securities and Exchange
Commission.

         "COMMON SHARES" shall have the meaning set forth in the first recital.

         "COMPANY" shall have the meaning set forth in the preamble.

         "DEMAND REQUEST" shall have the meaning set forth in Section 2.01 (a).

         "EXCHANGE Act" shall mean the United States Securities Exchange Act of
1934, as amended.

         "HEDGING COUNTERPARTY" means a broker-dealer registered under Section
15(b) of the Exchange Act or an Affiliate thereof or any other financial
institution or third party.

         "HEDGING TRANSACTION" means any transaction involving a security linked
 to the Registrable Class Securities or any security that would be deemed to be
 a "derivative security" (as defined in rule 16a-l(c) under the Exchange Act)
 with respect to the Registrable Class Securities or any transaction (even if
 not a security) which would (were it a security) be considered such a
 derivative security, or which transfers some or all of the economic risk of
 ownership of the Registrable Class Securities, including, without limitation,
 any forward contract, equity swap, put or call, put or call equivalent
 position, collar, non-recourse loan, sale of exchangeable security or similar
 transaction. For the avoidance of doubt, the following transactions shall be
 deemed to be Hedging Transactions:

         (a)      transactions by a Shareholder in which a Hedging Counterparty
engages in short sales of Registrable Class Securities pursuant to a prospectus
and may use Registrable Securities to close out its short position;

         (b)      transactions pursuant to which a Shareholder sells short
Registrable Class Securities pursuant to a prospectus and delivers Registrable
Securities to close out its short position; and

         (c)      transactions by a Shareholder in which the Shareholder
delivers, in a transaction exempt from registration under the Securities Act,
Registrable Securities to the Hedging Counterparty who will then publicly resell
or otherwise transfer such Registrable Securities pursuant to a prospectus or an
exemption from registration under the Securities Act.

                                       2
<PAGE>

         "INITIAL PUBLIC OFFERING DATE" shall mean the date of the first closing
of the initial sale of Common Shares in an initial Public Offering.

         "IPO REGISTRATION STATEMENT" shall have the meaning set forth in the
second recital.

         "MAXIMUM NUMBER" shall have the meaning set forth in Section 2.01(b).

         "OTHER SECURITIES" shall have the meaning set forth in the definition
of Registrable Securities.

         "PERSON" shall mean an individual, trustee, corporation, partnership,
joint stock company, trust, unincorporated association, union, business
association, firm or a government or agency or political subdivision thereof or
other entity.

         "PRELIMINARY PROSPECTUS" shall mean any preliminary prospectus that may
be included in any Registration Statement.

         "PROSPECTUS" shall mean the prospectus included in any Registration
Statement (including, without limitation, a prospectus that includes any
information previously omitted from a prospectus filed as part of an effective
Registration Statement in reliance upon Rule 430A promulgated under the
Securities Act), as amended or supplemented by any prospectus supplement, with
respect to the terms of the offering of any portion of the Registrable
Securities covered by such Registration Statement, and by all other amendments
and supplements to the Prospectus, including post-effective amendments, and all
material incorporated by reference or deemed to be incorporated by reference in
such Prospectus.

         "PUBLIC OFFERING" shall mean the offer of Common Shares on a broadly
distributed basis, not limited to sophisticated investors, pursuant to a
firm-commitment or best-efforts underwriting arrangement.

         "REGISTRABLE CLASS SECURITIES" means securities of the Company that are
of the same class and series as the Registrable Securities.

         "REGISTRABLE SECURITIES" shall mean all or any portion of the Common
Shares owned by any Shareholder from time to time during the term of this
Agreement. As to any particular Registrable Securities, such Common Shares shall
cease to be Registrable Securities when (i) a Registration Statement with
respect to the sale of such Common Shares shall have become effective under the
Securities Act and such Common Shares shall have been disposed of under such
Registration Statement, (ii) such Common Shares shall have been distributed to
the public pursuant to Rule 144, (iii) such securities shall have otherwise been
transferred or disposed of, and subsequent transfer or disposition of such

                                       3
<PAGE>

Common Shares shall not require their registration or qualification under the
Securities Act or any similar state law then in force or (iv) such Common Shares
shall have been repurchased by the Company or otherwise ceased to be
outstanding. If as a result of any reclassification, stock split, stock
dividend, bonus issue, business combination, exchange offer or other transaction
or event, any capital stock, evidences of indebtedness, warrants, options,
rights or other securities (collectively "OTHER SECURITIES") are issued or
transferred to any Shareholder in respect of Registrable Securities held by such
holder, references herein to Registrable Securities shall be deemed to include
such Other Securities.

         "REGISTRATION EXPENSES" shall mean any and all expenses incident to
performance of or compliance with any registration or marketing of securities
pursuant to Article 2, including (i) the fees, disbursements and expenses of the
Company's counsel and accountants in connection with this Agreement and the
performance of the Company's obligations hereunder (including the expenses of
any annual audit letters and "cold comfort" letters required or incidental to
the performance of such obligations); (ii) all expenses, including filing fees,
in connection with the preparation, printing and filing of the registration
statement, any preliminary prospectus or final prospectus, any other offering
document and amendments and supplements thereto and the mailing and delivering
of copies thereof to any underwriters and dealers; (iii) the cost of printing
and producing any agreements among underwriters, underwriting agreements,
selling agreements and any other documents in connection with the offering, sale
or delivery of the securities to be disposed of; (iv) all expenses in connection
with the qualification of the securities to be disposed of for offering and sale
under state securities laws, including the fees and disbursements of counsel for
the underwriters or the Shareholders in connection with such qualification and
in connection with any blue sky and legal investment surveys, including the cost
of printing and producing any such blue sky or legal investment surveys; (v) the
filing fees incident to securing any required review by the National Association
of Securities Dealers, Inc. of the terms of the sale of the securities to be
disposed of; (vi) transfer agents' and registrars' fees and expenses and the
fees and expenses of any other agent or trustee appointed in connection with
such offering; (vii) all security engraving and security printing expenses;
(viii) all fees and expenses payable in connection with the listing of the
securities on any securities exchange or automated interdealer quotation system;
(ix) any other fees and disbursements of underwriters customarily paid by the
issuers of securities, but excluding underwriting discounts and commissions and
transfer taxes, if any; (x) the costs and expenses of the Company and its
officers relating to analyst or investor presentations or any "road show"
undertaken in connection with the registration and/or marketing of any
Registrable Securities; and (xi) other reasonable out-of-pocket costs, fees and
expenses, including the fees and expenses of one outside legal counsel retained
by the Shareholders.

                                       4
<PAGE>

         "REGISTRATION STATEMENT" shall mean any registration statement of the
Company under the Securities Act that covers any of the Registrable Securities,
including the Prospectus, amendments and supplements to such registration
statement, including post-effective amendments, all exhibits, and all material
incorporated by reference or deemed to be incorporated by reference in such
registration statements.

         "REGULATIONS" shall mean the General Rules and Regulation of the
Commission under the Securities Act.

         "REQUESTING HOLDER" shall mean any Shareholder requesting the
registration of Registrable Securities pursuant to Section 2.01(a).

         "RULE 144" shall mean Rule 144 (or any successor provisions) under the
Securities Act.

         "RULE 144A" shall mean Rule 144A (or any successor provisions) under
the Securities Act.

         "RULE 415 OFFERING" means an offering on a delayed or continuous basis
pursuant to Rule 415 (or any successor rule to similar effect) under the
Securities Act.

         "SECURITIES ACT" shall mean the United States Securities Act of 1933,
as amended.

         "SELLING HOLDER" shall mean a Shareholder included in a relevant
Registration Statement.

         "SHAREHOLDER" shall mean Fortis Insurance, and any of its Affiliates
that holds Registrable Securities from time to time.

         "UNDERWRITTEN REGISTRATION OR UNDERWRITTEN OFFERING" shall mean a
registration in which securities of the Company are sold to an underwriter for
reoffering to the public or pursuant to Rule 144A of the Securities Act.

                                    ARTICLE 2
                               REGISTRATION RIGHTS

         Section 2.01. Demand Rights. (a) At any time, and from time to time, on
or after the Initial Public Offering Date (subject to Section 2.01(b)(i)), a
Shareholder shall have the right to require the Company to effect the
registration under the Securities Act for a Public Offering of all or part of
such Shareholder's Registrable Securities, by delivering written notice thereof
to the Company

                                       5
<PAGE>

specifying the number of Registrable Securities to be included in such
registration and the intended method of distribution thereof (which requested
method of disposition may be a Rule 415 Offering) (the "DEMAND REQUEST"). Upon
receipt of such Demand Request the Company shall comply with Section 2.04

         (b)      The Company's obligations pursuant to Section 2.01(a) above
are subject to the following limitations and conditions:

                  (i)      the Company shall not be obligated to fulfill the
         requirements or file the Registration Statement referred to therein (A)
         during any period of time (not to exceed ninety (90) days in the
         aggregate with respect to each request) when the Company has determined
         to proceed with a Public Offering for its own account and, in the good
         faith judgment of the managing underwriter thereof, the fulfillment of
         such requirements or such filing would have an adverse effect on such
         Public Offering, (B) during any period of time (not to exceed sixty
         (60) days with respect to each request) when the Company is in
         possession of material non-public information that the board of
         directors of the Company has in its good faith judgment determined
         could materially and adversely affect a material business situation,
         financing transaction or negotiation affecting the Company, (C) during
         the 90-day period following the effectiveness of any previous
         Registration Statement or (D) during the 180-day period following the
         effectiveness of the IPO Registration Statement, except, in the case of
         subclause (D) hereof, with the consent of the underwriters controlling
         the related lock-up agreement (the periods of time referred to in
         subclauses (A), (B), (C) and (D) hereof being hereinafter referred to
         as "BLACKOUT PERIODS"); provided, that the aggregate period of time
         during which the Company shall be relieved from its obligation to file
         such a Registration Statement pursuant to Section 2.01(b)(i), shall in
         no event, except in the case of clause (D), exceed ninety (90)
         consecutive days with respect to each request; provided, further, that,
         in the case of a Blackout Period pursuant to subclause (A) hereof, the
         Blackout Period shall earlier terminate upon the completion or
         abandonment of the relevant Public Offering; provided, further, that in
         the case of a Blackout Period pursuant to subclause (B) hereof, the
         Blackout Period shall earlier terminate upon public disclosure by the
         Company or public admission by the Company of such material nonpublic
         information or such time as such material nonpublic information shall
         be publicly disclosed or such time that the Company is no longer in
         possession of material nonpublic information; provided, further, that
         in the case of a Blackout Period pursuant to subclauses (A), (B), (C)
         or (D) hereof, the Company shall furnish to the Requesting Holder a
         certified resolution of the Company's board of directors to the effect
         that an event permitting a Blackout Period has occurred; provided,
         further, that the Company shall not be entitled to exercise its rights
         under subclause (B) hereof more than one (1) time in

                                       6
<PAGE>

         any twelve (12)-month period; and provided, further, if the Requesting
         Holder withdraws its Demand Request pursuant to Section 2.01(e), such
         request shall not be considered a Demand Request for purposes of
         Section 2.01 (a) and such Demand Request shall be of no further effect;

                  (ii)     the number of Common Shares to be sold in any such
         Public Offering shall not exceed the maximum number which the managing
         underwriter thereof considers in good faith to be appropriate based on
         market conditions and other relevant factors, including pricing and the
         proportion of Common Shares being sold by the Company and by such
         holders (the "MAXIMUM NUMBER"); and

                  (iii)    the Registrable Securities to be offered pursuant to
         such request have an aggregate offering price of (A) subject to (B)
         below, at least U.S. $500 million (based on the then current market
         price on the date of delivery of the Demand Request) and (B) when the
         aggregate Registrable Securities of the Shareholder is less than, or,
         if after giving effect to the requested offering of the Registrable
         Securities, the aggregate Registrable Securities will be less than, 20%
         of the outstanding Common Shares of the Company, at least US $250
         million (based on the then current market price on the date of delivery
         of the Demand Request).

         (c)      Any Shareholder may exercise its rights under Section 2.01(a)
(x) on an unlimited number of occasions with respect to registration statements
on Forms S-2 or S-3 (or any successors thereto) from such time that the Company
becomes eligible to use such forms and (y) on not more than two occasions after
the date hereof with respect to registration statements on Form S-l (or any
successor thereto); provided that the Company shall not be obligated to effect
more than one registration of Registrable Securities in any 90-day period.

         (d)      A request by a Requesting Holder that the Company file a
Registration Statement shall not be considered a Demand Request if (i) the
Registration Statement relating thereto does not become effective, (ii) after it
has become effective such Registration Statement (or the use of the Prospectus
contained in such Registration Statement) is (A) interfered with by any stop
order, injunction or other order or requirement of the Commission or other
governmental agency or court for any reason other than a misrepresentation or an
omission by any Requesting Holder or (B) delayed, withdrawn, suspended or
terminated and, in each case, as a result thereof, at least 80% of the
Registrable Securities requested to be registered cannot be completely
distributed in accordance with the plan of distribution set forth in the related
Registration Statement or (iii) the conditions to closing specified in any
purchase agreement or underwriting agreement entered into in connection with
such registration are not satisfied or waived other than because of some act or
omission by such Requesting Holder.

                                       7
<PAGE>

         (e)      Any such Requesting Holder delivering a Demand Request shall
have the right, at any time prior to the effective date of the Registration
Statement relating to such Demand Request, to withdraw such Demand Request
without liability to such Requesting Holder, by giving written notice to the
Company.

         (f)      In the event that any registration pursuant to Section 2.01
(a) shall involve, in whole or in part, an underwritten offering, the Requesting
Holder shall select the lead managing underwriter or underwriters and bookrunner
or bookrunners for such underwritten offering (after consultation with the
Company), as well as counsel for the Selling Holders, with respect to such
registration; provided that in connection with any such registration the
Requesting Holder shall include on its pricing committee, which pricing
committee shall be responsible for, among other things, the syndicate structure
of the transaction, if any, as well as the size and the pricing for any such
offering, the Chief Executive Officer of the Company and such inclusion shall be
deemed to be consultation with the Company for purposes of the preceding clause;
and provided further that the Company shall have the right to appoint other
syndicate members with the consent of the Requesting Holder not to be
unreasonably withheld.

         (g)      Subject to Section 2.10, the Company shall have the right to
cause the registration of additional equity securities for sale for the account
of any Person that is not a Shareholder (including the Company and any
directors, officers or employees of the Company) in any registration of
Registrable Securities requested by the Shareholders; provided that the number
of Registrable Securities to be included in such registration (including those
sought by the Shareholders) shall not exceed the Maximum Number; and provided
further that in all cases, the Requesting Holder shall have priority over any
such other Person.

         Section 2.02. "Piggy-Back" Rights. (a) If the Company proposes to
register any of its Common Shares, any other equity securities or securities
convertible into or exchangeable for its equity securities under the Securities
Act, whether or not for sale for its own account, in a manner that would permit
registration of Registrable Securities for sale for cash to the public under the
Securities Act, the Company shall give written notice of such proposal at least
thirty (30) days before the anticipated filing date, to each Shareholder. In the
event that the Company elects to file a "universal shelf registration statement
which registers any of the classes of securities referred to in the first
sentence of this Section 2.02(a), the Company shall take such steps as would
permit the shelf registration statement to be used to permit secondary sales by
the Shareholders and shall give written notice of any proposal to make an
offering off the shelf registration statement of any class of securities
referred to in the first sentence of this Section 2.02(a) at least ten (10) days
before, and, if practicable, up to thirty (30) days before, the anticipated
offering date, to each Shareholder. Such notices, as applicable, shall specify
at a minimum the intended method of distribution of such Common Shares or other
securities, the number of Common Shares or other

                                       8
<PAGE>

securities proposed to be registered or offered, the proposed filing date of
such registration statement or offering date in the case of a shelf takedown,
any proposed means of distribution of such Common Shares or other securities and
the proposed managing underwriter, if any. Subject to Section 2.03, upon the
written request of a Shareholder (the "PIGGYBACK REQUEST"), given within fifteen
(15) days after the transmittal of any such written notice by email or facsimile
confirmed by mail (which request shall specify the Registrable Securities
intended to be disposed of by such Shareholder), the Company will include in the
registration statement with respect to such Public Offering, or any prospectus
supplement in the case of a shelf takedown, the number of the Registrable
Securities referred to in such Shareholder's request; provided, that, any
participation in such Public Offering by such Shareholder shall be on
substantially the same terms as the Company's participation therein; and
provided, further, that the number of Registrable Securities to be included in
any such Public Offering shall not exceed the Maximum Number.

         (b)      Any such Shareholder shall have the right to withdraw a
request to include Registrable Securities in any Public Offering pursuant to
Section 2.02(a), without any liability of such Shareholder by giving written
notice to the Company of its election to withdraw such request at any time prior
to the proposed effective date of such registration statement.

         (c)      The Company shall not be required to effect any registration
of Registrable Securities under Section 2.02(a) incidental to the registration
of any equity securities on a Form S-8 or Form S-4 (or any successor forms).

         (d)      No registration of Registrable Securities effected under
Section 2.02(a) shall relieve the Company of its obligation to effect a
registration of Registrable Securities pursuant to Section 2.01(a).

         Section 2.03. Allocation of Securities Included in a Public Offering.
If the registration referred to in Section 2.01(a) and Section 2.02(a) is to be
an underwritten registration and the managing underwriter thereof advises the
Company and the Selling Holders in writing that the number of Common Shares
sought to be included in such Public Offering (including those sought to be
offered by the Company and those sought to be offered by the Selling Holders)
exceeds the Maximum Number, the Common Shares to be included in such Public
Offering shall be allocated pursuant to the following procedures:

         (a)      if such registration or Public Offering is pursuant to Section
2.01(a): the number shall be allocated pro rata among all of the Selling Holders
on the basis of the relative number of the Registrable Shares then held by each
such Selling Holder (with any number in excess of a Selling Holder's request
reallocated among the remaining Selling Holders in a like manner) or in such
manner as shall be designated by the Selling Holders; or

                                       9
<PAGE>

         (b)      if such registration or Public Offering is pursuant to Section
2.02(a): (x) first, securities sought to be included at the request of the
Company ("COMPANY SECURITIES") and (y) second, up to the full number of the
Registrable Securities included in the Piggyback Request, in excess of the
number of Company Securities, to the nearest extent possible on a pro rata
basis; provided that if the number of Registrable Securities proposed to be
offered by the Selling Holders shall be reduced, such Selling Holders may
withdraw their request to include Registrable Securities under Section 2.02(a)
and request that 90 days subsequent to the effective date of the registration
statement for the registration of such securities such registration of their
Registrable Securities be effected under Section 2.01 (a).

         Section 2.04. Requirements with Respect to Registration. Subject to
Section 2.06, if and whenever the Company is required by the provisions hereof
to register any Registrable Securities under the Securities Act, including
receipt of a Demand Request pursuant to Section 2.01(a), the Company shall:

         (a)      As promptly as practicable (and in the case of a Demand
Request, in no event more than 60 days following such Demand Request) prepare
and file with the Commission a Registration Statement with respect to such
Registrable Securities and use its best efforts to cause such Registration
Statement to become and remain effective; provided, however, that, before filing
any Registration Statement or Prospectus or any amendments or supplements
thereto, the Company shall furnish to and afford each Selling Holder and the
managing underwriters, if any, a reasonable opportunity to review and comment on
copies of all such documents (including copies of any documents to be
incorporated by reference therein and all exhibits thereto) proposed to be
filed.

         (b)      As promptly as practicable, prepare and file with the
Commission such amendments and supplements to such Registration Statement and
the Prospectus used in connection therewith as may be necessary to keep such
Registration Statement current and effective and to comply with the provisions
of the Securities Act and the Regulations, with respect to the sale or
disposition of such Registrable Securities until such time as all of such
Registrable Securities have been disposed of in accordance with the intended
methods of disposition set forth in such Registration Statement, including in
connection with the issuance and sale of any mandatory exchangeable convertible
securities but not in excess of 180-days.

         (c)      Promptly notify each Selling Holder (A) when the Registration
Statement or any Prospectus or any amendment or supplement has been filed, and,
with respect to the Registration Statement or any post-effective amendment, when
the same has become effective, (B) any request by the Commission for amendments
or supplements to the Registration Statement or the Prospectus or for additional
information, (C) any order issued or threatened by the Commission

                                       10
<PAGE>

suspending the effectiveness of such Registration Statement, preventing or
suspending the use of a prospectus or (D) the receipt by the Company of any
notification or order with respect to the suspension of the qualification (or
exemption from qualification) of any of the Registrable Securities for sale in
any jurisdiction or the initiation of any proceedings for such purpose. The
Company shall use its best efforts to prevent the issuance of any such order
referred to in (C) or (D) and, if any such order is issued, shall use its best
efforts to obtain the withdrawal of any such order at the earliest possible
moment.

         (d)      As promptly as practicable, notify each Selling Holder and any
Hedging Counterparty, if applicable, in writing at any time when a Prospectus is
required to be delivered under the Securities Act of the happening of any event
as a result of which the Prospectus included in such Registration Statement, as
then in effect, includes an untrue statement of a material fact or omits to
state any material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading, and of any request by the Commission or any other regulatory
body or other body having jurisdiction for any amendment of or supplement to any
Registration Statement or other document relating to such offering, and in
either such case, at the request of the Selling Holders and any Hedging
Counterparty, if applicable, prepare and furnish to each Selling Holder and any
Hedging Counterparty, if applicable, a reasonable number of copies of a
supplement to or an amendment of such Prospectus as may be necessary so that, as
thereafter delivered to the purchasers of such Registrable Securities, such
Prospectus shall not include an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they are made, not
misleading.

         (e)      Use its best efforts to register or qualify the Registrable
Securities covered by such Registration Statement under such securities or blue
sky laws of such jurisdictions in the United States as the Selling Holders or
the managing underwriter thereof shall reasonably request, and do any and all
other acts and things that may be reasonably necessary to enable each Selling
Holder or underwriter to consummate the disposition of the Registrable
Securities in such jurisdictions; provided, however, that in no event shall the
Company be required to qualify to do business as a foreign corporation in any
jurisdiction where it is not so qualified, or to execute or file any general
consent to service of process under the laws of any jurisdiction.

         (f)      Subject to clause (e) above and without duplication, use its
best efforts to cause all Registrable Securities covered by such Registration
Statement to be registered with or approved by such other governmental agencies
or authorities in the United States as may be necessary to enable the Selling
Holders to consummate the disposition of such Registrable Securities.

                                       11
<PAGE>

         (g)      Use its best efforts to cause all Registrable Securities
covered by such Registration Statement to be (A) listed on the New York Stock
Exchange and (B) listed or qualified for trading on any other stock exchange or
quotation service on which the Company's outstanding Common Shares are listed or
qualified for trading.

         (h)      Furnish to each Selling Holder, Hedging Counterparty and each
underwriter, if any, of the Registrable Securities covered by such Registration
Statement such number of conformed copies of such Registration Statement and of
each such amendment and supplement thereto (in each case including all
exhibits), such number of copies of the Prospectus included in such Registration
Statement (including each preliminary prospectus and any summary Prospectus), in
conformity with the requirements of the Securities Act and the Regulations, such
documents incorporated by reference in such registration statement or
prospectus, and such other documents as such Selling Holder, Hedging
Counterparty, or such underwriter, if any, may reasonably request, and a copy of
any and all transmittal letters or other correspondence to or received from, the
Commission or any other governmental agency or self-regulatory body or other
body having jurisdiction (including any domestic or foreign securities exchange)
relating to such offering.

         (i)      Include in the "Plan of Distribution" or any analogous section
of any shelf registration statement a statement substantially in the following
form:

         In addition, the selling securityholder may enter into derivative
         transactions with third parties, or sell securities not covered by this
         prospectus to third parties in privately negotiated transactions. If
         the applicable prospectus supplement indicates, in connection with
         those derivatives, the third parties may sell securities covered by
         this prospectus and the applicable prospectus supplement, including in
         short sale transactions. If so, the third party may use securities
         pledged by the selling securityholder or borrowed from the selling
         securityholder or others to settle those sales or to close out any
         related open borrowings of stock, and may use securities received from
         the selling securityholder in settlement of those derivatives to close
         out any related borrowings of stock. The third party in such sale
         transactions may be an underwriter and, if not identified in this
         prospectus, will be identified in the applicable prospectus supplement
         (or a post effective amendment).

         (j)      In connection with an underwritten offering of Registrable
Securities and, if applicable, in connection with any Hedging Transaction, (A)
cause opinions of counsel to the Company (which counsel and opinions shall be
reasonably satisfactory to the managing underwriters), to be delivered to the
underwriters, any Hedging Counterparty and the Selling Holders covering the
matters customarily covered in opinions requested in underwritten offerings by

                                       12

<PAGE>

selling security holders and (B) cause "cold comfort" letters and updates
thereof (which letters and updates shall be reasonably satisfactory to the
managing underwriters) from the independent certified public accountants of the
Company (and, if necessary, any other independent certified public accountants
of any subsidiary of the Company or of any business acquired or owned by the
Company for which financial statements and financial data are, or are required
to be, included in the Registration Statement), to be delivered to each of the
underwriters, any Hedging Counterparty and the Selling Holders of such
Registrable Securities included in such underwritten offering, such letters to
be in customary form and covering matters of the type customarily covered in
"cold comfort" letters in connection with underwritten offerings by selling
security holders.

         (k)      Comply with all applicable rules and regulations of the
Commission and make generally available to security holders earnings statements
satisfying the provisions of Section 11(a) of the Securities Act and Rule 158
thereunder (or any similar rule promulgated under the Securities Act) not later
than 45 days after the end of any 12-month period (or 90 days after the end of
any 12-month period if such period is a fiscal year) (A) commencing at the end
of any fiscal quarter in which Registrable Securities are sold to underwriters
in a Public Offering and (B) if not sold to underwriters in such an offering,
commencing on the first day of the fiscal quarter of the Company after the
effective date of a Registration Statement, which statements shall cover said
12-month periods.

         (1)      Cooperate with each Selling Holder, any Hedging Counterparty
and the managing underwriter, if any, participating in the disposition of such
Registrable Securities in connection with any filings required to be made with
the National Association of Securities Dealers, Inc.

         (m)      At the expense of the Company, use its best efforts to
cooperate as requested by the Selling Holders in customary marketing efforts
undertaken in connection with the Registrable Securities, including sending
appropriate officers of the Company to attend any "road shows" and investor and
rating agency presentations scheduled in connection with any such registration.

         (n)      Furnish for delivery in connection with the closing of any
offering of Registrable Securities pursuant to a registration effected pursuant
to Section 2.01(a) or Section 2.02(a) unlegended certificates representing
ownership of the Registrable Securities being sold in such denominations as
shall be requested by each Selling Holder or the underwriters.

         (o)      Enter into any other customary agreements and take such other
actions as are reasonably required in order to expedite or facilitate the
disposition of any Registrable Securities or any Registrable Class Securities in
connection with any Hedging Transaction or otherwise.

                                       13
<PAGE>

         (p)      It shall be a condition precedent to the obligation of the
Company to take any action with respect to any Registrable Securities that the
holder thereof, and any Hedging Counterparty, shall furnish to the Company such
information regarding such holder, any Hedging Counterparty, the Registrable
Securities and any other Company securities held by such holder as the Company
shall reasonably request and as shall be required in connection with the action
taken by the Company.

         (q)      Each holder of Registrable Securities and any Hedging
Counterparty agrees that, upon receipt of any notice from the Company of the
happening of any event of the kind described in Section 2.04(d), such
Shareholder and any Hedging Counterparty will forthwith discontinue disposition
of Registrable Securities until such Shareholder's receipt of the copies of the
supplemented or amended prospectus contemplated by Section 2.04(d), and, if so
directed by the Company such Shareholder and any Hedging Counterparty will
deliver to the Company (at the Company's expense) all copies (including, without
limitation, any and all drafts), other than permanent file copies, then in such
Shareholder's or such Hedging Counterparty's possession, of the prospectus
covering such Registrable Securities current at the time of receipt of such
notice. In the event that the Company shall give any such notice, the period
mentioned in Section 2.04(b) shall be extended by the greater of (A) three
months, or (B) the number of days during the period from and including the date
of the giving of such notice pursuant to Section 2.04(d) to and including the
date when each holder of Registrable Securities covered by such registration
statement shall have received the copies of the supplemented or amended
prospectus contemplated by Section 2.04(d).

         Section 2.05. Transfers; Rights of Transferee of Registrable
Securities. Each Shareholder agrees not to make any transfer of all or any
portion of the Registrable Securities other than to an Affiliate unless and
until (a) there is then in effect a registration statement under the Securities
Act covering such proposed transfer and such transfer is made in accordance with
such registration statement, (b) such transfer is made in accordance with Rule
144 or Rule 144A or (c) such transfer shall not require any registration or
qualification under the Securities Act. Notwithstanding the foregoing, a
Shareholder may transfer all or a portion of the Registrable Securities to an
Affiliate, and such an Affiliate shall be deemed a Shareholder hereunder. The
transferring Shareholder shall provide notice to the Company of any such
transfer stating the name and address of such transferee and identifying the
number of Registrable Securities transferred.

         Section 2.06. Registration Expenses. Except as otherwise provided
herein, the Company shall pay all Registration Expenses (exclusive of
underwriting discounts and commissions, if any) with respect to any particular
offering (or proposed offering).

                                       14
<PAGE>

         Section 2.07. Underwriting; Due Diligence. (a) If requested by the
underwriters for any underwritten offering of Registrable Securities pursuant to
a registration requested under Section 2.01 or Section 2.02, the Company shall
enter into an underwriting agreement with such underwriters for such offering,
which agreement will contain such representations and warranties and covenants
by the Company and such other terms and provisions as are customarily contained
in underwriting agreements, including indemnification and contribution
provisions substantially to the effect and to the extent provided in Article 4,
and agreements as to the provision of opinions of counsel and accountants'
letters to the effect and to the extent provided in Section 2.04(j). The Selling
Holders on whose behalf the Registrable Securities are to be distributed by such
underwriters shall be parties to any such underwriting agreement and the
representations and warranties by, and the other agreements on the part of, the
Company to and for the benefit of such underwriters, shall also be made to and
for the benefit of such Selling Holders. Such underwriting agreement shall also
contain such representations and warranties by such Selling Holders and such
other terms and provisions as are customarily contained in underwriting
agreements with respect to secondary distributions on the part of selling
shareholders, including indemnification and contribution provisions
substantially to the effect and to the extent provided in Article 4.

         (b)      In connection with the preparation and filing of each
Registration Statement registering Registrable Securities under the Securities
Act pursuant to Section 2.01 or Section 2.02 or pursuant to Section 2.08, upon
reasonable notice the Company shall give the Selling Holders, the underwriters,
if any, and any Hedging Counterparty, and their respective counsel and
accountants, such reasonable and customary access to its books, records and
properties and such opportunities to discuss the business and affairs of the
Company with its officers and the independent public accountants who have
certified the financial statements of the Company as shall be necessary, in the
opinion of such Selling Holders, such underwriters and any Hedging Counterparty,
or their respective counsel, to conduct a reasonable investigation within the
meaning of the Securities Act; provided that such Selling Holders, the
underwriters and any Hedging Counterparty, and their respective counsel and
accountants shall use their reasonable best efforts to coordinate any such
investigation of the books, records and properties of the Company and any such
discussions with the Company's officers and accountants so that all such
investigations occur at the same time and all such discussions occur at the same
time.

         Section 2.08. Registration In Connection With Hedging Transactions.

         (a)      The Company acknowledges that from time to time a holder of
Registrable Securities may seek to enter into one or more Hedging Transactions
with a Hedging Counterparty. Notwithstanding anything to the contrary provided
herein but subject to the limitations of Section 2.01 (a), the Company agrees
that,

                                       15
<PAGE>

in connection with any proposed Hedging Transaction, if, in the reasonable
judgment of counsel to the Shareholder of Registrable Securities (after good
faith consultation with counsel to the Company), it is necessary or desirable to
register under the Securities Act such Hedging Transaction or sales or transfers
(whether short or long) of Registrable Class Securities in connection therewith,
then the Company shall use its best efforts to take such actions (which may
include among other things, the filing of a post-effective amendment to any
shelf registration statement to include additional or changed information that
is material or is otherwise required to be disclosed, including, without
limitation, a description of such Hedging Transaction, the name of the Hedging
Counterparty, identification of the Hedging Counterparty or its Affiliates as
underwriters or potential underwriters, if applicable, or any change to the plan
of distribution) as may reasonably be required to register such Hedging
Transactions or sales or transfers of Registrable Class Securities in connection
therewith under the Securities Act in a manner consistent with the rights and
obligations of the Company hereunder with respect to the registration of
Registrable Securities.

         (b)      The Company agrees to include in each prospectus supplement
filed in connection with any proposed Hedging Transaction language mutually
agreed upon by the Company, the Shareholder and the Hedging Counterparty
describing such Hedging Transaction.

         (c)      Any information regarding the Hedging Transaction included in
a registration statement or prospectus pursuant to this Section 2.08 shall be
deemed to be information provided by the Shareholder selling Registrable
Securities pursuant to such registration statement for purposes of Section
2.04(p) of this Agreement.

         (d)      If in connection with a Hedging Transaction a Hedging
Counterparty or any Affiliate thereof is (or may be considered) an underwriter
or selling securityholder, then it shall be required to provide customary
indemnities to the Company regarding itself, the plan of distribution and like
matters.

         Section 2.09. Unregistered Offerings. The parties hereto hereby agree
that, in the event that the Company or one or more Shareholders propose to make
an underwritten offering or a sale to a strategic purchaser of Common Shares,
any other equity securities or securities convertible or exchangeable for equity
securities of the Company (other than an acquisition by the Company financed
through the issuance of Common Shares) (i) that is exempt from, or not subject
to, the registration requirements of the Securities Act and (ii) in the case of
an underwritten offering or sale by one or more Shareholders, with respect to
which such Shareholder(s) request the cooperation and participation of the
Company or the management of the Company in performing due diligence and
marketing such offering to potential investors, the relevant notice provisions
of Section 2.01 or Section 2.02 will apply and the required notice will state
that the offering or sale

                                       16
<PAGE>

is proposed to be made on an unregistered basis. In that event, the parties
agree to proceed with such an offering on an unregistered basis in good faith as
and to the extent provided herein with respect to a registered offering and that
the provisions of this Agreement will apply mutatis mutandis to such
unregistered offering, including, without limitation, provisions relating to
"piggy-back" rights, allocations of securities included in an offering, the
Company's obligations with respect to an offering (including indemnification
provisions and procedures), selection of underwriters (if applicable), expenses
associated with an offering and representations and warranties.

         Section 2.10. Registration Rights of Other Persons. Prior to the date
on which the Shareholder holds Registrable Securities representing less than 50%
of the outstanding Common Shares of the Company, the Company may not, without
the prior written consent of the Shareholders, grant to any other Person the
right to request a registration of securities of the Company under the
Securities Act, or the right to be included as a Selling Holder in connection
with any registration of Registrable Securities; provided that, if any such
written consent is given, the terms of any such right granted or issued shall
not be more favorable to such Person than the terms of this Agreement or, any
more favorable terms shall also be granted to the Shareholders. On and after
such date the Company may grant to any other Person the right to request a
registration of securities of the Company under the Securities Act, or the right
to be included as a Selling Holder in connection with any registration of
Registrable Class Securities; provided that, any such rights may not be
exercised by any Person prior to the second anniversary of the Initial Public
Offering Date and provided further that the proviso in the preceding sentence is
complied with. The Company shall not require the consent of the Shareholders in
connection with granting registration rights to purchasers of its securities
eligible to benefit from an "Exxon Capital" exchange offer.

         Section 2.11. Inconsistent Agreements. The Company shall not hereafter
enter into any agreement with respect to its securities which is inconsistent
with or violates the rights granted to the Shareholders in this Agreement.

         Section 2.12. "Market Stand-Off" Agreement. Each Shareholder hereby
agrees that such Shareholder shall not sell, transfer, make any short sale of,
grant any option for the purchase, or enter into any hedging or similar
transaction with the same economic effect as a sale, of any Common Shares or
securities convertible into or exercisable for Common Shares held by such
Shareholder (other than the sale pursuant to the registration statement of those
securities included in the registration) for 10 days prior to and 90 days (or
such lesser period as the lead or managing underwriters may permit) after the
effective date of a registration statement for an underwritten public offering
of any of the Company's equity securities (or the commencement of the offering
to the public of any of the Company's equity securities in the case of a Rule
415 Offering);

                                       17
<PAGE>

provided that the Shareholder, in the case of the 10 day period, has been given
written notice of the effective date or the commencement of the public offering
to permit compliance with such undertaking and, if such written notice should be
delivered after the beginning of such 10 day period, such agreement will relate
only to the period from the time of receipt of notice to such effective date or
commencement date. Each Shareholder agrees to execute and deliver such other
agreements as may be reasonably requested by the Company or the underwriter
which are consistent with the foregoing or which are necessary to give further
effect thereto.

         Section 2.13. Limitations on Availability of Registration Rights. The
registration rights set forth in this Article 2 shall not be available to any
Requesting Holder when the aggregate ownership of the Shareholders is less than
10% of the then outstanding Common Shares and if, in the opinion of counsel to
the Company, which opinion shall be delivered to such Requesting Holder and
shall be in a form satisfactory to U.S. counsel to the Requesting Holder, all of
the Registrable Securities then owned by the Shareholders could be sold (i) in
any 90-day period pursuant to Rule 144 under the Act (without giving effect to
the provisions of Rule 144(k)) or (ii) without restrictions pursuant to Rule
144(k); provided, however, that the Company agrees that the registration rights
set forth in this Article 2 shall be available to any Requesting Holder when the
aggregate ownership of the Shareholders is less than 10% of the then outstanding
Common Shares if such Requesting Holder agrees to pay a pro rata portion of the
Registration Expenses incurred in connection with such registration, such pro
rata portion being the proportion the Registrable Securities offered bears to
the total amount of Common Shares offered on such date.

                                    ARTICLE 3
                   REPRESENTATIONS, WARRANTIES AND AGREEMENTS

         Section 3.01. Company Representations, Warranties and Agreements. The
Company represents and warrants to, and agrees with, each Shareholder that:

                  (i)      The Company has all requisite corporate power and
         authority to execute, deliver, and perform this Agreement. This
         Agreement has been duly authorized, executed, and delivered by the
         Company. No consent, authorization, approval, order, license,
         certificate, or permit of or from, or declaration or filing with, any
         United States federal, state, local, or other governmental authority or
         any court or other tribunal is required by the Company for the
         execution, delivery or performance of this Agreement by the Company
         (except filings under the Securities Act which will be made and any
         consents under blue sky or state securities laws which will be
         obtained).

                                       18
<PAGE>

                  (ii)     The Company shall not enter into any transaction
         involving the issuance or transfer by any other Person of Other
         Securities to a Shareholder, or any merger or consolidation in which it
         is not the surviving Person or any sale, lease or other transfer of all
         or substantially all the assets of the Company, unless effective
         provision is made for the assumption by such other Person, jointly and
         severally with the Company if the Company shall remain in existence, of
         all of the obligations of the Company hereunder, and in the case of any
         such issuance or transfer, the registration of such Other Securities on
         the same basis as the registration of the other Registrable Securities
         hereunder.

                  (iii)    The execution and delivery of this Agreement by the
         Company does not, and the consummation of the transactions contemplated
         hereby will not, violate, conflict with, or result in a breach of any
         provision of, or constitute a default (with or without notice or lapse
         of time or both) under, or result in the termination of, or accelerate
         the performance required by, or result in a right of termination,
         cancellation, or acceleration of any obligation or the loss of a
         material benefit under, or result in the creation of any lien, security
         interest, charge or encumbrance upon any of the properties or assets of
         the Company or any of its subsidiaries pursuant to any provisions of
         (A) the articles of incorporation, by-laws or similar governing
         documents of the Company or any of its subsidiaries, (B) any statute,
         law, ordinance, rule, regulation, judgment, decree, order, injunction,
         writ, permit or license of any governmental authority applicable to the
         Company or any of its subsidiaries or any of their respective
         properties or assets or (C) any note, bond, mortgage, indenture, deed
         of trust, license, franchise, permit, concession, contract, lease or
         other instrument, obligation or agreement of any kind to which the
         Company or any of its subsidiaries is a party or by which it or any of
         its properties or assets may be bound or affected as soon as the
         conditions can be so satisfied.

                  (iv)     The Company covenants that it will file any reports
         required to be filed by it under the Securities Act and the Exchange
         Act, will make available "adequate current public information
         concerning the Company within the meaning of paragraph (c) of Rule 144"
         and that it will take such further action as any Shareholder may
         reasonably request, all to the extent required from time to time to
         enable such Shareholder to sell Registrable Securities without
         registration pursuant to the available exemptions under the Securities
         Act. Upon the request of any Shareholder, the Company will deliver to
         it a written statement as to whether it has complied with such
         requirements. The Company further covenants to use its reasonable
         efforts to cause all conditions to the availability of Form S-3 (or any
         successor form) under the 1933 Act for the filing of registration
         statements under this Agreement to at all times be satisfied.

                                       19
<PAGE>

         Section 3.02. Fortis Insurance Representations, Warranties and
Agreements. Fortis Insurance represents and warrants to, and agrees with, the
Company, that:

                  (i)      It is duly organized, validly existing, and in good
         standing under the laws of its jurisdiction of organization. Fortis
         Insurance has all requisite power and authority to execute, deliver,
         and perform this Agreement. This Agreement has been duly authorized by
         Fortis Insurance and has been duly executed and delivered by it.

                  (ii)     Neither Fortis Insurance nor any of its Affiliates
         will take, directly or indirectly, during the term of this Agreement,
         any action designed to stabilize (except as may be permitted by
         applicable law) or manipulate the price of any security of the Company.

                  (iii)    Fortis Insurance shall promptly furnish to the
         Company upon the Company's request any and all information as may be
         required by, or as may be necessary or advisable to comply with the
         provisions of, the Securities Act, the Exchange Act and the Regulations
         in connections with the preparation and filing of any Registration
         Statement pursuant hereto, or any amendment or supplement thereto, or
         any Preliminary Prospectus or Prospectus included therein.

         Section 3.03. Survival of Representations and Agreements. All
representations, warranties, covenants and agreements contained in this
Agreement shall be deemed to be representations, warranties, covenants and
agreements at the effective date of each Registration Statement contemplated by
this Agreement, and such representations, warranties, covenants and agreements
shall remain operative and in full force and effect regardless of any
investigation made by or on behalf of the Company, any Shareholder, or any other
Person and shall survive termination of this Agreement.

                                    ARTICLE 4

                        INDEMNIFICATION AND CONTRIBUTION

         Section 4.01. Indemnification and Contribution. (a) The Company agrees
to indemnify and hold harmless each Shareholder, each person, if any, who
controls each Shareholder within the meaning of either Section 15 of the
Securities Act or Section 20 of the Securities Exchange Act and each affiliate
of the Shareholder within the meaning of Rule 405 under the Securities Act from
and against any and all losses, claims, damages and liabilities (including,
without limitation, any legal or other expenses reasonably incurred in
connection with defending or investigating any such action or claim) caused by
any untrue statement or alleged untrue statement of a material fact contained in
any

                                       20
<PAGE>

registration statement or any amendment thereof, any preliminary prospectus or
prospectus (as amended or supplemented if the Company shall have furnished any
amendments or supplements thereto) relating to the Registrable Securities, or
caused by any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading, except insofar as such losses, claims, damages or liabilities are
caused by any such untrue statement or omission or alleged untrue statement or
omission which is based upon information relating to a Selling Holder or
underwriter which is furnished to the Company in writing by such Selling Holder
or underwriter expressly for use therein. The Company also agrees to indemnify
any underwriter of the Registrable Securities so offered, each person, if any,
who controls such underwriter and each affiliate of such underwriter on
substantially the same basis as that of the indemnification by the Company of
each Selling Holder provided in this Article 4; provided, however, that the
foregoing indemnity agreement with respect to any preliminary prospectus shall
not inure to the benefit of any underwriter from whom the person asserting any
such losses, claims, damages or liabilities purchased Registrable Securities, or
any person controlling such underwriter, or any such affiliate of such
underwriter, if a copy of the prospectus (as then amended or supplemented if the
Company shall have furnished any amendments or supplements thereto) was not sent
or given by or on behalf of such underwriter to such person, if required by law
so to have been delivered, at or prior to the written confirmation of the sale
of the Registrable Securities to such person, and if the prospectus (as so
amended or supplemented) would have cured the defect giving rise to such losses,
claims, damages or liabilities, unless such failure is the result of
noncompliance by the Company with Section 2.04(d) or (h) hereof.

         (b)      Each Selling Holder agrees to indemnify and hold harmless the
Company, its directors, the officers who sign any registration statement, each
person, if any, who controls the Company within the meaning of either Section 15
of the Securities Act or Section 20 of the Securities Exchange Act and each
affiliate of the Company within the meaning of Rule 405 under the Securities
Act, from and against any and all losses, claims, damages and liabilities
(including, without limitation, any legal or other expenses reasonably incurred
in connection with defending or investigating any such action or claim) caused
by any untrue statement or alleged untrue statement of a material fact contained
in any registration statement or any amendment thereof, any preliminary
prospectus or prospectus (as amended or supplemented if the Company shall have
furnished any amendments or supplements thereto) relating to the Registrable
Securities, or caused by any omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, but only with reference to information relating to a
Selling Holder furnished in writing by or on behalf of such Selling Holder
expressly for use in a registration statement, any preliminary prospectus,
prospectus or any amendments

                                       21
<PAGE>

or supplements thereto. Each Selling Holder also agrees to indemnify any
underwriter of the Registrable Securities so offered, each person, if any, who
controls such underwriter and each affiliate of such underwriter on
substantially the same basis as that of the indemnification by such Selling
Holder of the Company provided in this Article 4; provided, however, that the
foregoing indemnity agreement with respect to any preliminary prospectus shall
not inure to the benefit of any underwriter from whom the person asserting any
such losses, claims, damages or liabilities purchased Registrable Securities, or
any person controlling such underwriter, or any such affiliate of such
underwriter, if a copy of the prospectus (as then amended or supplemented if the
Company shall have furnished any amendments or supplements thereto) was not sent
or given by or on behalf of such underwriter to such person, if required by law
so to have been delivered, at or prior to the written confirmation of the sale
of the Registrable Securities to such person, and if the prospectus (as so
amended or supplemented) would have cured the defect giving rise to such losses,
claims, damages or liabilities, unless such failure is the result of
noncompliance by the Company with Section 2.04(d) or (h) hereof. Notwithstanding
any other provision of this Article 4, no Selling Holder's obligations to
indemnify pursuant to this Article 4 shall exceed the amount of net proceeds
received by such Selling Holder in connection with any offering of its
Registrable Securities. Each Selling Holder's obligations to indemnify pursuant
to this Section are several in the proportion that the net proceeds of the
offering received by such Selling Holder bear to the total net proceeds of the
offering received by all Selling Holders and not joint.

         (c)      Each party indemnified under paragraph (a) or (b) above shall,
promptly after receipt of notice of a claim or action against such indemnified
party in respect of which indemnity may be sought hereunder, notify the
indemnifying party in writing of the claim or action and the indemnifying party,
upon request of the indemnified party, shall assume the defense thereof,
including the employment of counsel reasonably satisfactory to such indemnified
party, and shall assume the payment of all fees and expenses. In any such
action, any indemnified party shall have the right to retain its own counsel,
but the fees and expenses of such counsel shall be at the sole expense of such
indemnified party unless (i) the indemnifying party and the indemnified party
shall have mutually agreed to the retention of such counsel or (ii) the named
parties to any such proceeding (including any impleaded parties) include both
the indemnifying and the indemnified party and representation of both parties by
the same counsel would be inappropriate due to actual or potential differing
interests between them. It is understood that the indemnifying party shall not,
in respect of the legal expenses of any indemnified party in connection with any
claim or action or related proceeding in the same jurisdiction, be liable for
(i) the fees and expenses of more than one separate firm (in addition to any
local counsel) for all underwriters and all persons, if any, who control any
underwriter within the meaning of either Section 15 of the Securities Act or
Section 20 of the Exchange

                                       22
<PAGE>

Act or who are affiliates of any underwriter within the meaning of Rule 405
under the Securities Act, (ii) the fees and expenses of more than one separate
firm (in addition to any local counsel) for the Company, its directors, its
officers who sign the registration statement and each person, if any, who
controls the Company within the meaning of either such Section and (iii) the
fees and expenses of more than one separate firm (in addition to any local
counsel) for the Selling Holders and all persons, if any, who control the
Selling Holders within the meaning of either such Section, and that all such
fees and expenses shall be reimbursed as they are incurred. In the case of any
such separate firm for the Selling Holders as indemnified parties, such firm
shall be designated in writing by the indemnified party that had the largest
number of Registrable Securities included in such registration. In the case of
any such separate firm for the Company, and such directors, officers and control
persons of the Company, such firm shall be designated in writing by the Company.
The indemnifying party shall not be liable for any settlement of any claim or
action effected without its written consent, but if settled with such consent,
or if there be a final judgment for the plaintiff, the indemnifying party shall
indemnify and hold harmless such indemnified parties from and against any loss
or liability by reason of such settlement or judgment. No indemnifying party
shall, without the prior written consent of the indemnified party, effect any
settlement of any pending or threatened claim or action in respect of which any
indemnified party is or could have been a party and indemnity could have been
sought hereunder by such indemnified party, unless such settlement includes an
unconditional release of such indemnified party from all liability arising out
of such proceeding.

         (d)      If the indemnification provided for in this Article 4 shall
for any reason be unavailable or insufficient to an indemnified party in respect
of any loss, liability, cost, claim or damage referred to therein, then each
indemnifying party shall, in lieu of indemnifying such indemnified party,
contribute to the amount paid or payable by such indemnified party as a result
of such loss, liability, cost, claim or damage (i) in such proportion as is
appropriate to reflect the relative benefits received by the indemnifying party
or parties on the one hand and the indemnified party or parties on the other
hand from the offering or (ii) if the allocation provided by clause (i) above is
not permitted by applicable law, in such proportion as is appropriate to reflect
not only the relative benefits referred to in clause (i) above but also the
relative fault of the indemnifying party or parties on the one hand and of the
indemnified party or parties on the other hand in connection with the statements
or omissions that resulted in such losses, claims, damages or liabilities, as
well as any other relevant equitable considerations. The relative benefits
received by the Selling Holders and the Company on the one hand and the
underwriters on the other hand in connection with the offering shall be deemed
to be in the same respective proportions as the net proceeds from the offering
(before deducting expenses) and the total underwriting discounts and commissions
received by the underwriters, in each case as set forth in the table on

                                       23
<PAGE>

the cover of a prospectus, bear to the aggregate public offering price of the
securities. The relative fault of the Company, the Selling Holders and the
underwriters shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the
Company, by a Selling Holder or by the underwriters and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. The amount paid or payable by an indemnified party
as a result of the loss, cost, claim, damage or liability, or action in respect
thereof, referred to above in this paragraph (d) shall be deemed to include,
subject to the limitations set forth above, any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating
or defending any such action or claim. The Company and the Selling Holders agree
that it would not be just and equitable if contribution pursuant to this Article
4 were determined by pro rata allocation (even if the underwriters were treated
as one entity for such purpose) or by any other method of allocation which does
not take account of the equitable considerations referred to in this paragraph.
Notwithstanding any other provision of this Article 4, no Selling Holder shall
be required to contribute any amount in excess of the amount by which the net
proceeds of the offering received by such Selling Holder exceed the amount of
any damages which such Selling Holder has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged
omission. Each Selling Holder's obligations to contribute pursuant to this
Section are several in the proportion that the net proceeds of the offering
received by such Selling Holder bears to the total net proceeds of the offering
received by all the Selling Holders and not joint. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation.

         (e)      Indemnification and contribution similar to that specified in
the preceding paragraphs of this Article 4 (with appropriate modifications)
shall be given by the Company, the Selling Holders and the underwriters with
respect to any required registration or other qualification of securities under
any state law or regulation or governmental authority.

         (f)      The obligations of the parties under this Article 4 shall be
in addition to any liability which any party may otherwise have to any other
party.

                                    ARTICLE 5
                                  MISCELLANEOUS

         Section 5.01. Remedies. In the event of breach by any party of any of
its obligations under this Agreement, the other parties, in addition to being
entitled to exercise all rights provided herein or granted by law, including
recovery of

                                       24
<PAGE>

damages, will be entitled to specific performance of its rights under this
Agreement. The Company and each Shareholder agrees that monetary damages would
not be adequate compensation for any loss incurred by reason of a breach by the
Company or such Shareholder, as the case may be, of any of the provisions of
this Agreement and hereby further agrees that, in the event of any action for
specific performance in respect of such breach, the Company or such Shareholder,
as the case may be, shall waive the defense that a remedy at law would be
adequate. No failure or delay on the part of the Company or any Shareholder in
exercising any right, power or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right, power or
remedy preclude any other or further exercise thereof or the exercise of any
other right, power or remedy.

         Section 5.02. Amendments; Waivers and Termination. The provisions of
this Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to departures from the
provisions hereof may not be given, without the written consent of the Company
and Fortis Insurance. This Agreement shall terminate (except for the provisions
set forth in Sections 3.03 and 4.01), and be of no further force and effect,
once the Shareholder owns less than 5% of the Outstanding Common Stock.

         Section 5.03. Notices. All notices and other communications hereunder
shall be in writing and shall be deemed given if delivered personally, by
telecopier (receipt of which is confirmed) or mailed by registered or certified
mail (return receipt requested) to the parties at the following addresses (or at
such other address for a party as shall be specified by like notice):

         if to the Company, to:

         Assurant, Inc.
         One Chase Manhattan Plaza
         New York, NY 10005
         Fax: (212) 859 7034
         Attention: Katherine Greenzang, Esq.,
                    Senior Vice President, General Counsel and Secretary

                                       25
<PAGE>

         if to Fortis Insurance, to:

                  Fortis Insurance N.V.
                  Archimedeslaan 6
                  P.O. Box 2049
                  3500 GA Utrecht
                  The Netherlands
                  Attention: Monica Roeling
                  Phone:+31 30 257 6568
                  Fax:+31 30 257 7835

         with a copy to:

                  Fortis
                  Rue Royale, 20
                  1000 Brussels
                  Belgium
                  Attention: Gilbert Mittler
                  Phone:+32 2 510 5206
                  Fax:+32 2 510 5621

         Section 5.04. Interpretation. When a reference is made in this
Agreement to a Section, such reference shall be to a Section of this Agreement
unless otherwise indicated. The headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement.

         Section 5.05. Counterparts. This Agreement may be executed in two or
more counterparts, all of which shall be considered one and the same agreement
and shall become effective when two or more counterparts have been signed by
each of the parties and delivered to the other parties, it being understood that
all parties need not sign the same counterpart.

         Section 5.06. Entire Agreement; No Third Party Beneficiaries. This
Agreement (including the documents and the instruments referred to herein) (a)
constitutes the entire agreement and supersedes all prior agreements and
understandings, both written and oral, among the parties with respect to the
subject matter hereof, and (b) is not intended to confer upon any Person other
than the parties hereto and their respective successors and permitted assigns,
any rights or remedies hereunder.

         Section 5.07. Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York applicable to
contracts to be performed entirely within such State.

                                       26
<PAGE>

         Section 5.08. Severability. Wherever possible, each provision hereof
shall be interpreted in such a manner as to be valid, legal and enforceable
under applicable law, but in case any one or more of the provisions contained
herein shall, for any reason, be held to be invalid, illegal or unenforceable in
any respect, such provision shall be ineffective to the extent, but only to the
extent, of such invalidity, illegality or unenforceability without invalidating
or rendering unenforceable the remainder of this Agreement, unless such a
construction would be unreasonable or materially impair the rights or any party
hereto.

         Section 5.09. Successors and Assigns. All covenants and agreements
contained in this Agreement by or on behalf of any of the parties hereto shall
bind and inure to the benefit of the respective successors and permitted assigns
of the parties hereto whether so expressed or not. This Agreement shall not be
assignable by the Company or the Shareholder except to another Shareholder.

         Section 5.10. Use of Terms. This Agreement contemplates the filing of
Registration Statements under the Securities Act on numerous occasions involving
various offers of securities. In connection with such Registration Statements,
there may be identified therein one or more underwriters through which
securities are to be offered on behalf of the Company or the Holder, or both,
pursuant to either a "firm-commitment" or "best-efforts" arrangement, and, in
the case where there is more than one underwriter, one or more of the
underwriters may be designated as the "manager" or "representative" or the
"co-managers" or "representatives" of the several underwriters. Accordingly, all
references herein to an "underwriter" or "underwriters" are intended to refer to
a "principal underwriter" (as defined in Rule 405 of the Regulations) and to
provide for those transactions in which securities may be offered by or through
one or more underwriters, and not to imply that any of the transactions
contemplated hereby is conditioned in any manner whatsoever on the participation
therein by one or more underwriters on behalf of any party.

                                       27

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

                                          ASSURANT, INC.

                                          By: /s/ Katherine Greenzang
                                              ----------------------------------
                                              Name: KATHERINE GREENZANG
                                              Title: SVP

                                          FORTIS INSURANCE N.V.

                                          By: /s/ Christan Foiner
                                              ----------------------------------
                                              Name: CHRISTAN FOINER
                                             Title: Attorney-in-fact

                                          By: /s/ Kristof Macours
                                              ----------------------------------
                                              Name: KRISTOF MACOURS
                                              Title: Attorney-in-fact

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