Document:

<PAGE>

                                                                     EXHIBIT 4.3

                        SBA COMMUNICATIONS CORPORATION

                                      TO

                           ________________________
                                --------------

                                   Indenture

                        Dated as of _____________, 2000

                                --------------
<PAGE>

                                Table of Contents

<TABLE>
<CAPTION>
                                                                                                                  Page
<S>                                                                                                            <C>
ARTICLE One         Definitions and Other Provisions.............................................................    1
     Section 101    Definitions..................................................................................    1
     Section 102    Compliance Certificates and Opinions.........................................................   12
     Section 103    Form of Documents Delivered to Trustee.......................................................   12
     Section 104    Acts of Holders; Record Dates................................................................   13
     Section 105    Notices, Etc., to Trustee and Company........................................................   15
     Section 106    Notice to Holders; Waiver....................................................................   15
     Section 107    Conflict with Trust Indenture Act............................................................   15
     Section 108    Effect of Headings and Table of Contents.....................................................   16
     Section 109    Successors and Assigns.......................................................................   16
     Section 110    Separability Clause..........................................................................   16
     Section 111    Benefits of Indenture........................................................................   16
     Section 112    Governing Law................................................................................   16
     Section 113    Legal Holidays...............................................................................   16

ARTICLE Two         Security Forms...............................................................................   17
     Section 201    Forms Generally..............................................................................   17
     Section 202    Form of Face of Security.....................................................................   17
     Section 203    Form of Reverse of Security..................................................................   19
     Section 204    Form of Legend for Global Securities.........................................................   23
     Section 205    Form of Trustee's Certificate of Authentication..............................................   23

ARTICLE Three       The Securities...............................................................................   24
     Section 301    Amount Unlimited; Issuable in Series.........................................................   24
     Section 302    Denominations................................................................................   26
     Section 303    Execution, Authentication, Delivery and Dating...............................................   27
     Section 304    Temporary Securities.........................................................................   28
     Section 305    Registration, Registration of Transfer and Exchange..........................................   29
     Section 306    Mutilated, Destroyed, Lost and Stolen Securities.............................................   30
     Section 307    Payment of Interest; Interest Rights Preserved...............................................   31
     Section 308    Persons Deemed Owners........................................................................   32
     Section 309    Cancellation.................................................................................   32
     Section 310    Computation of Interest......................................................................   33

ARTICLE Four        Satisfaction and Discharge...................................................................   33
     Section 401    Satisfaction and Discharge of Indenture......................................................   33
     Section 402    Application of Trust Money...................................................................   34

ARTICLE Five        Remedies.....................................................................................   34
     Section 501    Events of Default............................................................................   34
     Section 502    Acceleration of Maturity; Rescission and Annulment...........................................   36
     Section 503    Collection of Indebtedness and Suits for Enforcement by Trustee..............................   37
     Section 504    Trustee May File Proofs of Claim.............................................................   37
</TABLE>
<PAGE>

                                Table of Contents
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                                     Page
<S>                                                                                                                  <C>
     Section 505    Trustee May Enforce Claims Without Possession of Securities..................................      38
     Section 506    Application of Money Collected...............................................................      38
     Section 507    Limitation on Suits..........................................................................      39
     Section 508    Unconditional Right of Holders to Receive Principal, Premium and Interest....................      39
     Section 509    Restoration of Rights and Remedies...........................................................      39
     Section 510    Rights and Remedies Cumulative...............................................................      40
     Section 511    Delay or Omission Not Waiver.................................................................      40
     Section 512    Control by Holders...........................................................................      40
     Section 513    Waiver of Past Defaults......................................................................      40
     Section 514    Undertaking for Costs........................................................................      41
     Section 515    Waiver of Usury, Stay or Extension Laws......................................................      41

ARTICLE Six         The Trustee..................................................................................      41
     Section 601    Certain Duties and Responsibilities..........................................................      41
     Section 602    Notice of Defaults...........................................................................      42
     Section 603    Certain Rights of Trustee....................................................................      42
     Section 604    Not Responsible for Recitals or Issuance of Securities.......................................      43
     Section 605    May Hold Securities..........................................................................      43
     Section 606    Money Held in Trust..........................................................................      43
     Section 607    Compensation and Reimbursement...............................................................      43
     Section 608    Conflicting Interests........................................................................      44
     Section 609    Corporate Trustee Required; Eligibility......................................................      44
     Section 610    Resignation and Removal; Appointment of Successor............................................      44
     Section 611    Acceptance of Appointment by Successor.......................................................      46
     Section 612    Merger, Conversion, Consolidation or Succession to Business..................................      47
     Section 613    Preferential Collection of Claims Against Company............................................      47
     Section 614    Appointment of Authenticating Agent..........................................................      47

ARTICLE Seven       Holders' Lists and Reports by Trustee and Company............................................      49
     Section 701    Company to Furnish Trustee Names and Addresses of Holders ...................................      49
     Section 702    Preservation of Information; Communications to Holders.......................................      49
     Section 703    Reports by Trustee...........................................................................      50
     Section 704    Reports by Company...........................................................................      50

ARTICLE Eight       Consolidation, Merger, Conveyance, Transfer or Lease ........................................      50
     Section 801    Company May Consolidate, Etc., Only on Certain Terms.........................................      50
     Section 802    Successor Substituted........................................................................      51

ARTICLE Nine        Supplemental Indentures......................................................................      51
     Section 901    Supplemental Indentures Without Consent of Holders...........................................      51
     Section 902    Supplemental Indentures With Consent of Holders..............................................      53
     Section 903    Execution of Supplemental Indentures.........................................................      54
</TABLE>
<PAGE>

                                Table of Contents
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                                     Page
<S>                                                                                                                 <C>
     Section 904    Effect of Supplemental Indentures............................................................      54
     Section 905    Conformity with Trust Indenture Act..........................................................      54
     Section 906    Reference in Securities to Supplemental Indentures...........................................      54

ARTICLE Ten         Covenants....................................................................................      54
     Section 1001   Payment of Principal, Premium and Interest...................................................      54
     Section 1002   Maintenance of Office or Agency..............................................................      55
     Section 1003   Money for Securities Payments to Be Held in Trust............................................      55
     Section 1004   Statement by Officers as to Default..........................................................      56
     Section 1005   Existence....................................................................................      56
     Section 1006   Maintenance of Properties....................................................................      57
     Section 1007   Payment of Taxes and Other Claims............................................................      57
     Section 1008   Maintenance of Insurance.....................................................................      57
     Section 1009   Waiver of Certain Covenants..................................................................      57

ARTICLE Eleven      Redemption of Securities.....................................................................      58
     Section 1101   Applicability of Article.....................................................................      58
     Section 1102   Election to Redeem; Notice to Trustee........................................................      58
     Section 1103   Selection by Trustee of Securities to Be Redeemed............................................      58
     Section 1104   Notice of Redemption.........................................................................      59
     Section 1105   Deposit of Redemption Price..................................................................      60
     Section 1106   Securities Payable on Redemption Date........................................................      60
     Section 1107   Securities Redeemed in Part..................................................................      60

ARTICLE Twelve      Sinking Funds................................................................................      61
     Section 1201   Applicability of Article.....................................................................      61
     Section 1202   Satisfaction of Sinking Fund Payments with Securities........................................      61
     Section 1203   Redemption of Securities for Sinking Fund....................................................      61

ARTICLE Thirteen    Defeasance and Covenant Defeasance...........................................................      62
     Section 1301   Company's Option to Effect Defeasance or Covenant Defeasance.................................      62
     Section 1302   Defeasance and Discharge.....................................................................      62
     Section 1303   Covenant Defeasance..........................................................................      62
     Section 1304   Conditions to Defeasance or Covenant Defeasance..............................................      63
     Section 1305   Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous
                    Provisions...................................................................................      65
     Section 1306   Reinstatement................................................................................      66
</TABLE>
<PAGE>

Certain Sections of this Indenture relating to Sections 310 through 318,
inclusive, of the Trust Indenture Act of 1939:

<TABLE>
<S>                                                                                                             <C>
Trust Indenture Act Section                                                                                     Indenture Section
ss.310(a)(1)................................................................................................                  609
  (a)(2)....................................................................................................                  609
   (a)(3)...................................................................................................       Not Applicable
   (a)(4)...................................................................................................       Not Applicable
   (b)......................................................................................................                  608
ss.311(a)...................................................................................................                  613
   (b)......................................................................................................                  613
ss.312(a)...................................................................................................                  701
   (b)......................................................................................................                  702
   (c)......................................................................................................                  702
ss.313(a)...................................................................................................                  703
   (b)......................................................................................................                  703
   (c)......................................................................................................                  703
   (d)......................................................................................................                  703
ss.314(a)...................................................................................................                  704
   (a)(4)...................................................................................................                  101
   (b)......................................................................................................       Not Applicable
   (c)(1)...................................................................................................                  102
   (c)(2)...................................................................................................                  102
   (c)(3)...................................................................................................       Not Applicable
   (d)......................................................................................................       Not Applicable
   (e)......................................................................................................                  102
ss.315(a)...................................................................................................                  601
   (b)......................................................................................................                  602
   (c)......................................................................................................                  601
   (d)......................................................................................................                  601
   (e)......................................................................................................                  514
ss.316(a)...................................................................................................                  101
   (a)(1)(A)................................................................................................                  502
   (a)(1)(B)................................................................................................                  513
   (a)(2)...................................................................................................       Not Applicable
   (b)......................................................................................................                  508
   (c)......................................................................................................                  104
ss.317(a)(1)................................................................................................                  503
   (a)(2)...................................................................................................                  504
   (b)......................................................................................................                  508
   (c)......................................................................................................                  104
ss.317(a)(1)................................................................................................                  503
  (a)(2)....................................................................................................                  504
   (b)......................................................................................................                 1003
ss.318(a)...................................................................................................                  107
</TABLE>
----------------------
NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be
part of the Indenture.
<PAGE>

     INDENTURE, dated as of __________________, 2000 between SBA Communications
Corporation, a corporation duly organized and existing under the laws of the
State of Florida (herein called the "Company"), having its principal office at
One Town Center Road, Third Floor, Boca Raton, Florida 33486, and
__________________, a __________________ duly organized and existing under the
laws of __________, as Trustee (herein called the "Trustee").

                            RECITALS OF THE COMPANY

     The Company has duly authorized the execution and delivery of this
Indenture to provide for the issuance from time to time of notes or other
evidences of indebtedness (herein called the "Securities"), to be issued in one
or more series as in this Indenture provided.

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

     Now, Therefore, this Indenture Witnesseth:

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

                                  ARTICLE ONE

Definitions and Other Provisions of General Application
-------------------------------------------------------

     Section 101 Definitions.

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

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

     (b) 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;

     (c) 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 Issue Date;

     (d) unless otherwise specifically set forth herein, all calculations or
     determinations of a Person shall be performed or made on a consolidated
     basis in accordance with generally accepted accounting principles;

     (e) unless the context otherwise requires, any reference to an "Article" or
     a "Section" refers to an Article or a Section, as the case may be, of this
     Indenture; and
<PAGE>

     (f) 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 14, are defined in that Article.

     "Act", when used with respect to any Holder, has the meaning specified in
     Section 104.

     "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.

     "Authenticating Agent" means any Person authorized by the Trustee pursuant
     to Section 614 to act on behalf of the Trustee to authenticate Securities
     of one or more series.

     "Bankruptcy Code" means Title 11, United States Bankruptcy Code of 1978, as
     amended, or any similar United States federal or state law relating to
     bankruptcy, insolvency, receivership, winding-up, liquidation,
     reorganization or relief of debtors or any amendment to, succession to or
     change in any such law.

     "Blockage Period" has the meaning specified in Section 1203.

     "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.

     "Business Day", when used with respect to any Place of Payment, means each
     Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which
     banking institutions in that Place of Payment are authorized or obligated
     by law or executive order to close.

     "Capital Lease Obligation" means, at any time any determination thereof is
     to be made, the amount of the liability in respect of a capital lease that
     would at such time be required to be capitalized on the balance sheet in
     accordance with GAAP.

     "Capital Stock" means (i) in the case of a corporation, capital stock, (ii)
     in the case of any association or business entity, any and all shares,
     interests, participations, rights or other equivalents (however designated)
     or capital stock and (iii) in the case of a partnership, partnership
     interests (whether general or limited) and any other interest or
     participation that confers on a Person the right to receive a share of the
     profits and losses of, or distributions of assets of, such partnership.
<PAGE>

     "Cash Equivalents" means (i) United States dollars, (ii) securities issued
     or directly and fully guaranteed or insured by the United States government
     or any agency or instrumentality thereof having maturities of less than one
     year from the date of acquisition, (iii) certificates of deposit and
     eurodollar time deposits with maturities of less than one year from the
     date of acquisition, bankers' acceptances with maturities of less than one
     year and overnight bank deposits, in each case with any lender party to the
     Credit Agreement or with any domestic commercial bank having capital and
     surplus in excess of $500,000,000 and a Keefe Bank Watch Rating of "B" or
     better, (iv) repurchase obligations with a term of not more than seven days
     for underlying securities of the types described in clauses (ii) and (iii)
     entered into with any financial institution meeting the qualifications
     specified in clause (iii) above and (v) commercial paper having the highest
     rating obtainable from Moody's Investors Service, Inc. or Standard & Poor's
     Ratings Services, a division of the McGraw-Hill Companies, Inc., and in
     each case maturing within nine months after the date of acquisition.

     "Change of Control" means the occurrence of any of the following:

          (i)   the sale, lease or transfer, in one or a series of related
                transactions, of all or substantially all of the Company's
                assets to any Person or group (as such term is used in Section
                13(d)(3) of the Exchange Act) (other than the Principal
                Shareholders or their Related Parties);

          (ii)  the adoption of a plan relating to the liquidation or
                dissolution of the Company;

          (iii) the acquisition, directly or indirectly, by any Person or group
                (as such term is used in Section 13(d)(3) of the Exchange Act)
                (other than one or more of the Principal Shareholders and their
                Related Parties) of 50% or more of the voting power of the
                voting stock of the Company by way of merger or consolidation or
                otherwise, provided that such acquisition will not constitute a
                "Change of Control" unless or until such Person or group owns,
                directly or indirectly, more of the voting power of the voting
                stock of the Company than the Principal Shareholders and their
                Related Parties; or

          (iv)  the Continuing Directors cease for any reason to constitute a
                majority of the directors of the Company then in office.

     For purposes of this definition, any transfer of an Equity Interest of an
     entity that was formed for the purpose of acquiring voting stock of the
     Company shall be deemed to be a transfer of such portion of such voting
     stock as corresponds to the portion of the equity of such entity that has
     been so transferred.

     "Commission" means the Securities and Exchange Commission, 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" of any Person means Capital Stock of such Person that does
     not rank prior, as to the payment of dividends or as to the distribution of
     assets upon any voluntary or involuntary liquidation, dissolution or
     winding up of such Person, to shares of Capital Stock of any other class of
     such Person.

     "Company" means the Person named as the "Company" in the first paragraph
     of this
<PAGE>

     instrument until a successor Person shall have become such pursuant to
     the applicable provisions of this Indenture, and thereafter "Company" shall
     mean such successor Person.

     "Company Request" or "Company Order" means a written request or order
     signed in the name of the Company by its Chairman of the Board, its Chief
     Executive Officer, its Chief Operating Officer, its Chief Financial
     Officer, its President, and, without duplication, by its Treasurer, an
     Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered
     to the Trustee.

     "Corporate Trust Office" means the principal office of the Trustee in
     __________________________ at which at any particular time its corporate
     trust business shall be administered.

     "Corporation" means a corporation, association, company, joint-stock
     company or business trust.

     "Covenant Defeasance" has the meaning specified in Section 1303.

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

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

     "Defeasance" has the meaning specified in Section 1302.

     "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 301.

     "Disqualified Stock" means any Capital Stock that, by its terms (or by the
     terms of any security into which it is convertible or for which it is
     exchangeable), or upon the happening of any event, matures or is
     mandatorily redeemable, pursuant to a sinking fund obligation or otherwise,
     or is redeemable at the option of the holder thereof (other than upon a
     Change of Control of the Company in circumstances where the holders of the
     Securities would have similar rights), in whole or in part on or prior to
     one year after the Stated Maturity of the Securities. The amount of
     Disqualified Stock shall be the greater of the liquidation preference or
     mandatory or optional redemption price thereof.

     "Equity Interests" means Capital Stock and all warrants, options or other
     rights to acquire Capital Stock (including any Indebtedness or Disqualified
     Stock that is convertible into, or exchangeable for, Capital Stock).

     "Event of Default" has the meaning specified in Section 501.

     "Exchange Act" means the Securities Exchange Act of 1934 and any statute
     successor thereto, in each case as amended from time to time.

     "Expiration Date" has the meaning specified in Section 104.
<PAGE>

     "GAAP" means generally accepted accounting principles set forth in the
     opinions and pronouncements of the Accounting Principles Board of the
     American Institute of Certified Public Accountants and statements and
     pronouncements of the Financial Accounting Standards Board, or in such
     other statements by such other entity as have been approved by a
     significant segment of the accounting profession, which are in effect on
     the Issue Date.

     "Global Security" means a Security that evidences all or part of the
     Securities of any series and bears the legend set forth in Section 204 (or
     such legend as may be specified as contemplated by Section 301 for such
     Securities).

     "Guarantee" means a guarantee (other than by endorsement of negotiable
     instruments for collection or deposit in the ordinary course of business),
     direct or indirect, in any manner (including, without limitation, letters
     of credit and reimbursement agreements in respect thereof), of all or any
     part of any Indebtedness.

     "Hedging Obligations" means, with respect to any Person, the Obligations of
     such Person under (i) interest rate swap agreements, interest rate cap
     agreements and interest rate collar agreements, and (ii) other agreements
     or arrangements designed to protect such Person against fluctuations in
     interest rates.

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

     "Immediate Family Member" means, with respect to any individual, such
     individual's spouse (past or current), descendants (natural or adoptive, of
     the whole or half blood) of the parents of such individual, such
     individual's grandparents and parents (natural or adoptive), and the
     grandparents, parents and descendants of parents (natural or adoptive, of
     the whole or half blood) of such individual's spouse (past or current).

     "Incur" means, with respect to any obligation of any Person, to create,
     issue, incur, assume or directly or indirectly guarantee or in any other
     manner become directly or indirectly liable for any Indebtedness (and
     "incurrence", "incurred", "incurable" and "incurring" shall have meanings
     correlative to the foregoing).

     "Indebtedness" means, with respect to any Person, whether or not
     contingent, (i) all indebtedness of such Person for borrowed money or for
     the deferred purchase price of property or services (other than current
     trade liabilities incurred in the ordinary course of business and payable
     in accordance with customary practices) or which is evidenced by a note,
     bond, debenture or similar instrument, (ii) all Capital Lease Obligations
     of such Person, (iii) all obligations of such Person in respect of letters
     of credit or bankers' acceptances issued or created for the account of such
     Person, (iv) all Hedging Obligations of such Person, (v) all liabilities
     secured by any Lien on any property owned by such Person even if such
     Person has not assumed or otherwise become liable for the payment thereof
     to the extent of the value of the property subject to such Lien, and (vi)
     to the extent not otherwise included, any guarantee by such person of any
     other Person's indebtedness or other obligations described in clauses (i)
     through (v) above.

     "Indenture" means this instrument as originally executed and 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, including, for all purposes of this instrument and any such
     supplemental indenture, the provisions of the Trust Indenture Act that are
<PAGE>

     deemed to be a part of and govern this instrument and any such supplemental
     indenture, respectively. The term "Indenture" shall also include the terms
     of particular series of Securities established as contemplated by Section
     301.

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

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

     "Investment Company Act" means the Investment Company Act of 1940 and any
     statute successor thereto, in each case as amended from time to time.

     "Issue Date" means the date of initial issuance of the Securities pursuant
     to this Indenture.

     "Lien" means, with respect to any asset, any mortgage, lien, pledge,
     charge, security interest or encumbrance of any kind in respect of such
     asset, whether or not filed, recorded or otherwise perfected under
     applicable law (including any conditional sale or other title retention
     agreement, any lease in the nature thereof, any option or other agreement
     to sell or give a security interest in any asset and any filing of, or
     agreement to give, any financing statement under the "Uniform Commercial
     Code" (or equivalent statutes) of any jurisdiction).

     "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.

     "Notice of Default" means a written notice of the kind specified in Section
     501(4) or 501(5).

     "Officers' Certificate" means a certificate signed by the Chairman of the
     Board, the Chief Executive Officer, the Chief Operating Officer, the Chief
     Financial Officer, the President, and, without duplication, by the
     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 counsel
     for the Company, and who shall be acceptable to the Trustee.

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

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

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

          (ii)  Securities for whose payment or redemption money in the
                necessary
<PAGE>

                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;

          (iii) Securities as to which Defeasance has been effected pursuant to
                Section 1302; and

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

     provided, however, that in determining whether the Holders of the requisite
     principal amount of the Outstanding Securities have given, made or taken
     any request, demand, authorization, direction, notice, consent, waiver or
     other action hereunder as of any date, (A) the principal amount of an
     Original Issue Discount Security which shall be deemed to be Outstanding
     shall be the amount of the principal thereof which would be due and payable
     as of such date upon acceleration of the Maturity thereof to such date
     pursuant to Section 502, (B) if, as of such date, the principal amount
     payable at the Stated Maturity of a Security is not determinable, the
     principal amount of such Security which shall be deemed to be Outstanding
     shall be the amount as specified or determined as contemplated by Section
     301, (C) the principal amount of a Security denominated in one or more
     foreign currencies or currency units which shall be deemed to be
     Outstanding shall be the U.S. dollar equivalent, determined as of such date
     in the manner provided as contemplated by Section 301, of the principal
     amount of such Security (or, in the case of a Security described in Clause
     (A) or (B) above, of the amount determined as provided in such Clause), and
     (D) Securities owned by the Company or any other obligor upon the
     Securities or any Affiliate of the Company or of such other obligor shall
     be disregarded and deemed not to be Outstanding, except that, in
     determining whether the Trustee shall be protected in relying upon any such
     request, demand, authorization, direction, notice, consent, waiver or other
     action, only Securities which the Trustee knows to be so owned shall be so
     disregarded. Securities so owned which have been pledged in good faith may
     be regarded as Outstanding if the pledgee establishes to the satisfaction
     of the Trustee the pledgee's right so to act with respect to such
     Securities and that the pledgee is not the Company or any other obligor
     upon the Securities or any Affiliate of the Company or of such other
     obligor.

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

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

     "Place of Payment", when used with respect to the Securities of any series,
     means the place or places where the principal of and any premium and
     interest on the Securities of that series are payable as specified as
     contemplated by Section 301.
<PAGE>

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

     "Principal Shareholders" means Steven E. Bernstein, Ronald G. Bizick,
     Daniel E. Eldridge, Robert M. Grobstein, Jeffrey A. Stoops, Donald B. Hebb,
     Jr., C. Kevin Landry, Richard A. Miller, Robert S. Picow and ABS Capital
     Partners II, L.P., including their Affiliates.

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

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

     "Regular Record Date" for the interest payable on any Interest Payment Date
     on the Securities of any series means the date specified for that purpose
     as contemplated by Section 301.

     "Related Party" with respect to any Principal Shareholder means (i) any 80%
     (or more) owned Subsidiary or Immediate Family Member (in the case of an
     individual) of such Principal Shareholder or (ii) any Person, the
     beneficiaries, stockholders, partners, owners or Persons beneficially
     holding an 80% or more controlling interest of which consist of such
     Principal Shareholder or an Immediate Family Member, or (iii) any Person
     employed by the Company in a management capacity as of the Issue Date.

     "Responsible Officer", when used with respect to the Trustee, means the
     chairman or any vice-chairman of the board of directors, the chairman or
     any vice-chairman of the executive committee of the board of directors, the
     chairman of the trust committee, the president, any vice president, the
     secretary, any assistant secretary, the treasurer, any assistant treasurer,
     the cashier, any assistant cashier, any trust officer or assistant trust
     officer, the controller or any assistant controller or any other officer 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 his knowledge of and familiarity with the particular
     subject.

     "Restricted Subsidiary" means a Subsidiary of the Company other than an
     Unrestricted Subsidiary.

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

     "Securities Act" means the Securities Act of 1933 and any statute successor
     thereto, in each case as amended from time to time.

     "Security Register" and "Security Registrar" have the respective meanings
     specified in
<PAGE>

     Section 305.

     "Special Record Date" for the payment of any Defaulted Interest means a
     date fixed by the Trustee pursuant to Section 307.

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

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

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

     "Trust Indenture Act" means the Trust Indenture Act of 1939 as in force at
     the date as of which this instrument was executed; provided, however, that
     in the event the Trust Indenture Act of 1939 is amended after such date,
     "Trust Indenture Act" means, to the extent required by any such amendment,
     the Trust Indenture Act of 1939 as so amended.

     "Unrestricted Subsidiary" means (i), (ii), (iii), and (iv) any Subsidiary
     of the Company that at the time of determination shall be an Unrestricted
     Subsidiary (as designated by the Board of Directors of the Company, as
     provided below) and (iii) any Subsidiary of an Unrestricted Subsidiary. The
     Board of Directors of the Company may designate any Subsidiary of the
     Company (including any newly acquired or newly formed Subsidiary) to be an
     Unrestricted Subsidiary if all of the following conditions apply: (a)
     neither the Company nor any of its Restricted Subsidiaries provides credit
     support for any Indebtedness of such Subsidiary (including any undertaking,
     agreement or instrument evidencing such Indebtedness), (b) such Subsidiary
     is not liable, directly or indirectly, with respect to any Indebtedness
     other than Unrestricted Subsidiary Indebtedness, (c) such Unrestricted
     Subsidiary is not a party to any agreement, contract, arrangement or
     understanding at such time with the Company or any Restricted Subsidiary of
     the Company unless the terms of any such agreement, contract, arrangement
     or understanding are no less favorable to the Company or such Restricted
     Subsidiary than those that might be obtained at the time from Persons who
     are not Affiliates of the Company (the "Third Party Value") or, in the
     event such condition is not satisfied, an amount equal to the value of the
     portion of such agreement, contract, arrangement or understanding to such
     Subsidiary in excess of the Third Party Value shall be deemed a Restricted
     Payment, and (d) such Unrestricted Subsidiary does not own any Capital
     Stock of any Subsidiary of the Company that has not theretofore been or is
     not simultaneously being designated an Unrestricted Subsidiary. Any such
     designation by the Board of Directors of the Company shall be evidenced to
     the Trustee by filing with the Trustee a
<PAGE>

     board resolution giving effect to such designation and an Officers'
     Certificate certifying that such designation complies with the foregoing
     conditions. The Board of Directors of the Company may designate any
     Unrestricted Subsidiary as a Restricted Subsidiary.

     "U.S. Government Obligation" has the meaning specified in Section 1304.

       "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 102 Compliance Certificates and Opinions.

     Upon any application or request by the Company to the Trustee to take any
action under any provision of this Indenture, the Company shall furnish to the
Trustee such certificates and opinions as may be required under the Trust
Indenture Act. Each such certificate or opinion shall be given in the form of an
Officers' Certificate, if to be given by an officer of the Company, or an
Opinion of Counsel, if to be given by counsel, and shall comply with the
requirements of the Trust Indenture Act and any other requirements set forth in
this Indenture.

     Every certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture (except for certificates provided for in
Section 1004) 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 each such individual, he has made
          such examination or investigation as is necessary to enable him to
          express an informed opinion as to whether or not such covenant or
          condition has been complied with; and
     (4)  a statement as to whether, in the opinion of each such individual,
          such condition or covenant has been complied with.

     Section 103 Form of Documents Delivered to Trustee.

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

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

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

     Section 104 Acts of Holders; Record Dates.

     Any request, demand, authorization, direction, notice, consent, waiver or
other action provided or permitted by this Indenture to be given, made or taken
by Holders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by agent duly
appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered
to the Trustee 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 601) conclusive in favor of the Trustee and
the Company, if made in the manner provided in this Section.

     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.

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

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

     The Company may set any day as a record date for the purpose of determining
the Holders of Outstanding Securities of any series entitled to give, make or
take any request, demand, authorization, direction, notice, consent, waiver or
other action provided or permitted by this Indenture to be given, made or taken
by Holders of Securities of such series, provided that the Company may not set a
record date for, and the provisions of this paragraph shall not apply with
respect to, the giving or making of (i) any Notice of Default, (ii) any
declaration of acceleration referred to in Section 502, (iii) any request to
institute proceedings referred to in Section 507(2) or (iv) any direction
referred to in Section 512. If any record date is set pursuant to this
paragraph, the Holders of Outstanding Securities of the relevant series on such
record date, and no other Holders, shall be entitled to take the relevant
action, whether or not such Holders remain Holders after such record date;
provided that no such action shall be effective hereunder unless taken on or
prior to the applicable Expiration Date by Holders of the requisite principal
amount of Outstanding Securities of such series on such record date. Nothing in
this paragraph shall be construed to prevent the Company from setting a new
record date for any action for which a record date has previously been set
pursuant to this paragraph (whereupon the record date previously set shall
automatically and with no action by any Person be cancelled and of no
<PAGE>

effect), and nothing in this paragraph shall be construed to render ineffective
any action taken by Holders of the requisite principal amount of Outstanding
Securities of the relevant series on the date such action is taken. Promptly
after any record date is set pursuant to this paragraph, the Company, at its own
expense, shall cause notice of such record date, the proposed action by Holders
and the applicable Expiration Date to be given to the Trustee in writing and to
each Holder of Securities of the relevant series in the manner set forth in
Section 106.

     With respect to any record date set pursuant to this Section, the Company
may designate any day as the "Expiration Date" and from time to time may change
the Expiration Date to any earlier or later day; provided that no such change
shall be effective unless notice of the proposed new Expiration Date is given to
the Trustee in writing, and to each Holder of Securities of the relevant series
in the manner set forth in Section 106, on or prior to the existing Expiration
Date. If an Expiration Date is not designated with respect to any record date
set pursuant to this Section, the Company shall be deemed to have initially
designated the 180th day after such record date as the Expiration Date with
respect thereto, subject to its right to change the Expiration Date as provided
in this paragraph.

     Without limiting the foregoing, a Holder entitled hereunder to take any
action hereunder with regard to any particular Security may do so with regard to
all or any part of the principal amount of such Security or by one or more duly
appointed agents each of which may do so pursuant to such appointment with
regard to all or any part of such principal amount.

     Section 105 Notices, Etc., to Trustee and Company.

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

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

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

     Section 106 Notice to Holders; Waiver.

     Where this Indenture provides for notice 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 (if any), and not earlier than the earliest date (if any),
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
<PAGE>

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.

     Section 107 Conflict with Trust Indenture Act.

     If any provision hereof limits, qualifies or conflicts with a provision of
the Trust Indenture Act which is required under such Act to be a part of and
govern this Indenture, the latter provision shall control. If any provision of
this Indenture modifies or excludes any provision of the Trust Indenture Act
which may be so modified or excluded, the latter provision shall be deemed to
apply to this Indenture as so modified or to be excluded, as the case may be.

     Section 108 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 109 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 110 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 111 Benefits of Indenture.

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

     Section 112 Governing Law.

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

     Section 113 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
(other than a provision of any Security which specifically states that such
provision shall apply in lieu of this Section)) payment of interest or principal
(and premium, if any) need not be made at such Place of Payment on such date,
but may
<PAGE>

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.

                                  ARTICLE TWO

Security Forms
--------------

     Section 201 Forms Generally.

     The Securities of each series shall be in substantially the form set forth
in this Article, or in such other form as shall be established by or pursuant to
a Board Resolution or in one or more indentures supplemental hereto, in each
case with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture, and may have such
letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with the rules of any
securities exchange or Depositary therefor or as may, consistently herewith, be
determined by the officers executing such Securities, as evidenced by their
execution thereof. 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 303 for the authentication and delivery of such
Securities.

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

     Section 202 Form of Face of Security.

  [Insert any legend required by the Internal Revenue Code and the regulations
thereunder.]

      ____________________________
      ____________________________

No. _______                             $ ______

     SBA Communications Corporation, a corporation duly organized and existing
under the laws of Florida (herein called the "Company", which term includes any
successor Person under the Indenture hereinafter referred to), for value
received, hereby promises to pay to ____________, or registered assigns, the
principal sum of ___________________ Dollars on _________________________ [if
the Security is to bear interest prior to Maturity, insert -- and to pay
interest thereon from _____ or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, semi-annually on ________ and
_______ in each year, commencing ______, at the rate of ____% per annum, until
the principal hereof is paid or made available for payment, provided that any
principal and premium, and any such installment of interest, which is overdue
shall bear interest at the rate of _____% per annum (to the extent that the
payment of such interest shall be legally enforceable), from the dates such
amounts are due until they are paid or made available for payment, and such
interest shall be payable on demand. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in
such Indenture, be paid to the Person in whose name this Security (or one or
more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest, which shall be the ____ or _____ (whether
or not a Business Day), as the case may
<PAGE>

be, next preceding such Interest Payment Date. Any such interest not so
punctually paid or duly provided for will forthwith cease to be payable to the
Holder on such Regular Record Date and may either be paid to the Person in whose
name this Security (or one or more Predecessor Securities) is registered at the
close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Securities of this series not less than 10 days prior to such Special Record
Date, or be paid at any time in any other lawful manner not inconsistent with
the requirements of any securities exchange on which the Securities of this
series may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in said Indenture]. [If the Security is not to bear
interest prior to Maturity, insert -- The principal of this Security shall not
bear interest except in the case of a default in payment of principal upon
acceleration, upon redemption or at Stated Maturity and in such case the overdue
principal and any overdue premium shall bear interest at the rate of ___% per
annum (to the extent that the payment of such interest shall be legally
enforceable), from the dates such amounts are due until they are paid or made
available for payment. Interest on any overdue principal or premium shall be
payable on demand. Any such interest on overdue principal or premium which is
not paid on demand shall bear interest at the rate of ___% per annum (to the
extent that the payment of such interest on interest shall be legally
enforceable), from the date of such demand until the amount so demanded is paid
or made available for payment. Interest on any overdue interest shall be payable
on demand.]

     Payment of the principal of (and premium, if any) and any such interest on
this Security will be made at the office or agency of the Company maintained for
that purpose in _____________, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts; provided, however, that at the option of the Company payment of
interest may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register.

     Reference is hereby made to the further provisions of this Security set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

     Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

     In Witness Whereof, the Company has caused this instrument to be duly
executed under its corporate seal.

Dated: ____________      SBA Communications Corporation

                         By: ____________________
                         Title: ___________________

Attest:

________________
Title:

     Section 203 Form of Reverse of Security.

     This Security is one of a duly authorized issue of securities of the
Company (herein
<PAGE>

called the "Securities"), issued and to be issued in one or more series under an
Indenture, dated as of _____________ (herein called the "Indenture", which term
shall have the meaning assigned to it in such instrument), between the Company
and _______________, as Trustee (herein called the "Trustee", which term
includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Company, the Trustee, the
holders of Senior Debt and the Holders of the Securities and of the terms upon
which the Securities are, and are to be, authenticated and delivered. This
Security is one of the series designated on the face hereof [if applicable,
insert-- limited in aggregate principal amount to $________].

     [If applicable, insert-- The Securities of this series are subject to
redemption upon not less than 30 days' notice by mail.] [If applicable, insert--
(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 equal to 100% of the principal amount, and (2)] at any time [if
applicable, insert-- on or after ______________], 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 [if applicable, insert-- on or
before ___________, ____%, and if redeemed] during the 12-month period beginning
________ of the years indicated,

------------------------------------------------------------------------------
Year           Redemption Price             Year             Redemption Price
------------------------------------------------------------------------------
------------------------------------------------------------------------------
------------------------------------------------------------------------------
<PAGE>

and thereafter at a Redemption Price equal to ____% of the principal amount,
together in the case of any such redemption [if applicable, insert -- (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.]

     [If applicable, insert-- The Securities of this series are subject to
redemption upon not less than 30 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 the Redemption Prices for
redemption through operation of the sinking fund (expressed as percentages of
the principal amount) set forth in the table below, and (2) at any time [if
applicable, insert-- on or after ___________], as a whole or in part, at the
election of the Company, at the Redemption Prices for redemption otherwise than
through operation of the sinking fund (expressed as percentages of the principal
amount) set forth in the table below: If redeemed during the 12-month period
beginning __________ of the years indicated,

------------------------------------------------------------------------------
                Redemption Price for              Redemption Otherwise Than
                Redemption Through                Through Operation of the
Year            Operation of the Sinking Fund     Sinking Fund
------------------------------------------------------------------------------
------------------------------------------------------------------------------

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.]

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

     [If applicable, insert -- The sinking fund for this series provides for the
redemption on _________ in each year beginning with the year ______ and ending
with the year ____ of [if applicable, insert -- 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 [if applicable, insert -- mandatory] sinking fund
payments may be credited against subsequent [if applicable, insert -- mandatory]
sinking fund payments otherwise required to be made [if applicable, insert -- ,
in the inverse order in which they become due.]

     [If the Security is subject to redemption of any kind, insert -- In the
event of redemption of this Security in part only, a new Security or Securities
of this series and of like tenor for the unredeemed portion hereof will be
issued in the name of the Holder hereof upon the cancellation hereof.]

     The indebtedness evidenced by this Security is, to the extent set forth in
the Indenture,
<PAGE>

subordinate and subject in right of payment to the prior payment in full in cash
or Cash Equivalents of all Senior Debt, and this Security is issued subject to
the provisions of the Indenture with respect thereto. Each Holder of this
Security, by accepting the same, (a) agrees to and shall be bound by such
provisions, (b) authorizes and directs the Trustee on his behalf to take such
action as may be necessary or appropriate to effectuate the subordination so
provided and (c) appoints the Trustee his attorney-in-fact for any and all such
purposes.

     [If applicable, insert -- The Indenture contains provisions for defeasance
at any time of [the entire indebtedness of this Security] [or] [certain
restrictive covenants and Events of Default with respect to this Security] [, in
each case] upon compliance with certain conditions set forth in the Indenture.]

     [If the Security is not an Original Issue Discount Security, insert -- If
an Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of the Securities of this series may be declared due
and payable in the manner and with the effect provided in the Indenture.]

     [If the Security is an Original Issue Discount Security, insert -- If an
Event of Default with respect to Securities of this series shall occur and be
continuing, an amount of principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the
Indenture. Such amount shall be equal to -- insert formula for determining the
amount. Upon payment (i) of the amount of principal so declared due and payable
and (ii) of interest on any overdue principal, premium and interest (in each
case to the extent that the payment of such interest shall be legally
enforceable), all of the Company's obligations in respect of the payment of the
principal of and premium and interest, if any, on the Securities of this series
shall terminate.]

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of 66 2/3% in principal amount of the Securities at the
time Outstanding of each series to be affected. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount
of the Securities of each series at the time Outstanding, on behalf of the
Holders of all Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Security shall be conclusive and binding upon such Holder and upon all
future Holders of this Security and of any Security issued upon the registration
of transfer hereof or in exchange therefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security.

     As provided in and subject to the provisions of the Indenture, the Holder
of this Security shall not have the right to institute any proceeding with
respect to the Indenture or for the appointment of a receiver or trustee or for
any other remedy thereunder, unless such Holder shall have previously given the
Trustee written notice of a continuing Event of Default with respect to the
Securities of this series, the Holders of not less than 25% in principal amount
of the Securities of this series at the time Outstanding shall have made written
request to the Trustee to institute proceedings in respect of such Event of
Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee
shall not have received from the Holders of a majority in principal amount of
Securities of this series at the time Outstanding a direction inconsistent with
such request, and shall have failed to institute any such proceeding, for 60
days after receipt of such
<PAGE>

notice, request and offer of indemnity. The foregoing shall not apply to any
suit instituted by the Holder of this Security for the enforcement of any
payment of principal hereof or any premium or interest hereon on or after the
respective due dates expressed herein.

     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 any premium and interest
on this Security at the times, place and rate, and in the coin or currency,
herein prescribed.

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Security is registrable in the Security Register,
upon surrender of this Security for registration of transfer at the office or
agency of the Company in any place where the principal of and any premium and
interest on this Security are payable, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Securities of this series
and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

     The Securities of this series are issuable only in registered form without
coupons in denominations of $_________ and any integral multiple thereof. As
provided in the Indenture and subject to certain limitations therein set forth,
Securities of this series are exchangeable for a like aggregate principal amount
of Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same.

     No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

     Prior to due presentment of this Security for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Security is registered as the owner hereof for all
purposes, whether or not this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

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

     Section 204 Form of Legend for Global Securities.

     Unless otherwise specified as contemplated by Section 301 for the
Securities evidenced thereby, every Global Security authenticated and delivered
hereunder shall bear a legend in substantially the following form:

     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 thereof. This Security may not be exchanged in whole or in part for a
Security registered, and no transfer of this Security in

  whole or in part may be registered, in the name of any Person other than such
Depositary or a nominee thereof, except in the limited circumstances described
in the Indenture.

     Section 205 Form of Trustee's Certificate of Authentication.
<PAGE>

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

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

          ______________________,
                   As Trustee

           By: _____________________
                Authorized Officer

                                 ARTICLE THREE

                                 The Securities

     Section 301 Amount Unlimited; Issuable in Series.

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

     The Securities may be issued in one or more series. There shall be
established in or pursuant to a Board Resolution and, subject to Section 303,
set forth, or determined in the manner provided, in an Officers' Certificate, or
established in one or more indentures supplemental hereto, prior to the issuance
of Securities of any series;

     (a)  the title of the Securities of the series (which shall distinguish the
          Securities of the series from Securities of any other series);
     (b)  any limit upon the aggregate principal amount of the Securities of the
          series which may be authenticated and delivered under this Indenture
          (except for Securities authenticated and delivered upon registration
          of transfer of, or in exchange for, or in lieu of, other Securities of
          the series pursuant to Section 304, 305, 306, 906 or 1107 and except
          for any Securities which, pursuant to Section 303, are deemed never to
          have been authenticated and delivered hereunder);
     (c)  the Person to whom any interest on a Security of the series shall be
          payable, if other than the Person in whose name that Security (or one
          or more Predecessor Securities) is registered at the close of business
          on the Regular Record Date for such interest;
     (d)  the date or dates on which the principal of any Securities of the
          series is payable;
     (e)  the rate or rates at which any Securities of the series shall bear
          interest, if any, the date or dates from which any such interest shall
          accrue, the Interest Payment Dates on which any such interest shall be
          payable and the Regular Record Date for any such interest payable on
          any Interest Payment Date;
     (f)  the place or places where the principal of and any premium and
          interest on any Securities of the series shall be payable;
     (g)  the period or periods within which, 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 and, if
          other than by a Board Resolution, the manner in which any election by
          the Company to redeem the Securities shall be evidenced;
     (h)  the obligation, if any, of the Company to redeem or purchase any
          Securities of the series pursuant to any sinking fund or analogous
          provisions or at the option of the Holder thereof and the period or
          periods within which, the price or prices at which
<PAGE>

          and the terms and conditions upon which any Securities of the series
          shall be redeemed or purchased, in whole or in part, pursuant to such
          obligation;
     (i)  if other than denominations of $1,000 and any integral multiple
          thereof, the denominations in which any Securities of the series shall
          be issuable;
     (j)  if the amount of principal of or any premium or interest on any
          Securities of the series may be determined with reference to an index
          or pursuant to a formula, the manner in which such amounts shall be
          determined;
     (k)  if other than the currency of the United States of America, the
          currency, currencies or currency units in which the principal of or
          any premium or interest on any Securities of the series shall be
          payable and the manner of determining the equivalent thereof in the
          currency of the United States of America for any purpose, including
          for purposes of the definition of "Outstanding" in Section 101;
     (l)  if the principal of or any premium or interest on any Securities of
          the series is to be payable, at the election of the Company or the
          Holder thereof, in one or more currencies or currency units other than
          that or those in which such Securities are stated to be payable, the
          currency, currencies or currency units in which the principal of or
          any premium or interest on such Securities as to which such election
          is made shall be payable, the periods within which and the terms and
          conditions upon which such election is to be made and the amount so
          payable (or the manner in which such amount shall be determined);
     (m)  if other than the entire principal amount thereof, the portion of the
          principal amount of any Securities of the series which shall be
          payable upon declaration of acceleration of the Maturity thereof
          pursuant to Section 502;
     (n)  if the principal amount payable at the Stated Maturity of any
          Securities of the series will not be determinable as of any one or
          more dates prior to the Stated Maturity, the amount which shall be
          deemed to be the principal amount of such Securities as of any such
          date for any purpose thereunder or hereunder, including the principal
          amount thereof which shall be due and payable upon any Maturity other
          than the Stated Maturity or which shall be deemed to be Outstanding as
          of any date prior to the Stated Maturity (or, in any such case, the
          manner in which such amount deemed to be the principal amount shall be
          determined);
     (o)  if applicable, that the Securities of the series, in whole or any
          specified part, shall be defeasible pursuant to Section 1302 or
          Section 1303 or both such Sections and, if other than by a Board
          Resolution, the manner in which any election by the Company to defease
          such Securities shall be evidenced;
     (p)  if applicable, that any Securities of the series shall be issuable in
          whole or in part in the form of one or more Global Securities and, in
          such case, the respective Depositaries for such Global Securities, the
          form of any legend or legends which shall be borne by any such Global
          Security in addition to or in lieu of that set forth in Section 204
          and any circumstances in addition to or in lieu of those set forth in
          Clause (2) of the last paragraph of Section 305 in which any such
          Global Security may be exchanged in whole or in part for Securities
          registered, and any transfer of such Global Security in whole or in
          part may be registered, in the name or names of Persons other than the
          Depositary for such Global Security or a nominee thereof;
     (q)  any addition to or change in the Events of Default which applies to
          any Securities of the series and any change in the right of the
          Trustee or the requisite Holders of such Securities to declare the
          principal amount thereof due and payable pursuant to Section 502;
     (r)  any addition to or change in the covenants set forth in Article Ten
          which applies to Securities of the series;
     (s)  if applicable, that the Securities of the series are convertible into
          or exchangeable for
<PAGE>

          Common Stock or other securities of the Company, the period or periods
          within which, the price or prices at which and the terms and
          conditions upon which, and the limitations and restrictions, if any,
          upon which, any Securities of the series shall be convertible or
          exchangeable, in whole or in part, into Common Stock or other
          securities of the Company; and
     (t)  any other terms of the series (which terms shall not be inconsistent
          with the provisions of this Indenture, except as permitted by Section
          901(5)).

     All Securities of any one series shall be substantially identical except as
to denomination and except as may otherwise be provided in or pursuant to the
Board Resolution referred to above and (subject to Section 303) set forth, or
determined in the manner provided, in the Officers' Certificate referred to
above or in any such indenture supplemental hereto.

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

     Section 302 Denominations.

     The Securities of each series shall be issuable only in registered form
without coupons and only in such denominations as shall be specified as
contemplated by Section 301. In the absence of any such specified denomination
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 303 Execution, Authentication, Delivery and Dating.

     The Securities shall be executed on behalf of the Company by its Chairman
of the Board, its President or one of its Vice Presidents, under its corporate
seal reproduced thereon attested by its Secretary or one of its Assistant
Secretaries. 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 by or
pursuant to one or more Board Resolutions as permitted by Sections 201 and 301,
in authenticating such Securities, and accepting the additional responsibilities
under this Indenture in relation to such Securities, the Trustee shall be
entitled to receive, and (subject to Section 601) 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 201, that such form has been
          established in conformity with the provisions of this Indenture;
<PAGE>

     (b)  if the terms of such Securities have been established by or pursuant
          to Board Resolution as permitted by Section 301, 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, fraudulent
          transfer, reorganization, moratorium and similar laws of general
          applicability relating to or affecting creditors' rights and to
          general equity principles.

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

     Notwithstanding the provisions of Section 301 and of the preceding
paragraph, if all Securities of a series are not to be originally issued at one
time, it shall not be necessary to deliver the Officers' Certificate otherwise
required pursuant to Section 301 or the Company Order and Opinion of Counsel
otherwise required pursuant to such preceding paragraph at or prior to the
authentication of each Security of such series if such documents are delivered
at or prior to the authentication upon original issuance of the first Security
of such series to be issued.

     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. Notwithstanding the
foregoing, if any Security shall have been authenticated and delivered hereunder
but never issued and sold by the Company, and the Company shall deliver such
Security to the Trustee for cancellation as provided in Section 309, for all
purposes of this Indenture such Security shall be deemed never to have been
authenticated and delivered hereunder and shall never be entitled to the
benefits of this Indenture.

     Section 304 Temporary Securities.

     Pending the preparation of definitive Securities of any series, the Company
may execute, and upon Company Order the Trustee shall authenticate and deliver,
temporary Securities which are printed, lithographed, typewritten, mimeographed
or otherwise produced, in any authorized denomination, substantially of the
tenor of the definitive Securities in lieu of which they are issued and with
such appropriate insertions, omissions, substitutions and other variations as
the officers executing such Securities may determine, as evidenced by their
execution of such Securities.

     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 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
<PAGE>

one or more definitive Securities of the same series, of any authorized
denominations and of like tenor and aggregate principal amount. 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 and tenor.

     Section 305 Registration, Registration of Transfer and Exchange.

     The Company shall cause to be kept at the 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 and of transfers of Securities. The Trustee is hereby
appointed "Security Registrar" for the purpose of registering Securities and
transfers of Securities as herein provided.

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

     At the option of the Holder, Securities of any series may be exchanged for
other Securities of the same series, of any authorized denominations and of like
tenor and 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.

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

     Every Security presented or surrendered for registration of transfer or for
exchange 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.

     No service charge shall be made for any registration of transfer or
exchange of Securities, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection
with any registration of transfer or exchange of Securities, other than
exchanges pursuant to Section 304, 906 or 1107 not involving any transfer.

     If the Securities of any series (or of any series and specified tenor) are
to be redeemed in part, the Company shall not be required (a) to issue, register
the transfer of or exchange any Securities of that series (or of that series and
specified tenor, as the case may be) during a period beginning at the opening of
business 15 days before the day of the mailing of a notice of redemption of any
such Securities selected for redemption under Section 1103 and ending at the
close of business on the day of such mailing, or (b) 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 provisions of clauses (a), (b), (c) and (d) below shall apply only to
Global Securities:
<PAGE>

     (a)  Each Global Security authenticated under this Indenture shall be
          registered in the name of the Depositary designated for such Global
          Security or a nominee thereof and delivered to such Depositary or a
          nominee thereof or custodian therefor, and each such Global Security
          shall constitute a single Security for all purposes of this Indenture.
     (b)  Notwithstanding any other provision in this Indenture, no Global
          Security may be exchanged in whole or in part for Securities
          registered, and no transfer of a Global Security in whole or in part
          may be registered, in the name of any Person other than the Depositary
          for such Global Security or a nominee thereof unless (i) such
          Depositary (A) has notified the Company that it is unwilling or unable
          to continue as Depositary for such Global Security or (B) has ceased
          to be a clearing agency registered under the Exchange Act, (ii) there
          shall have occurred and be continuing an Event of Default with respect
          to such Global Security or (iii) there shall exist such circumstances,
          if any, in addition to or in lieu of the foregoing as have been
          specified for this purpose as contemplated by Section 301.
     (c)  Subject to Clause (2) above, any exchange of a Global Security for
          other Securities may be made in whole or in part, and all Securities
          issued in exchange for a Global Security or any portion thereof shall
          be registered in such names as the Depositary for such Global Security
          shall direct.
     (d)  Every Security authenticated and delivered upon registration of
          transfer of, or in exchange for or in lieu of, a Global Security or
          any portion thereof, whether pursuant to this Section, Section 304,
          306, 906 or 1107 or otherwise, shall be authenticated and delivered in
          the form of, and shall be, a Global Security, unless such Security is
          registered in the name of a Person other than the Depositary for such
          Global Security or a nominee thereof.

     Section 306 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 therefor 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 (a) evidence to
their satisfaction of the destruction, loss or theft of any Security and (b)
such security or indemnity as may be required by them to save each of them and
any agent of either of them harmless, then, in the absence of notice to the
Company or the Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and 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, 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,
<PAGE>

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.

     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 307 Payment of Interest; Interest Rights Preserved.

     Except as otherwise provided as contemplated by Section 301 with respect to
any series of Securities, 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.

     Any 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 (a) or (b) below:

     (a)  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 given to each Holder of
          Securities of such series in the manner set forth in Section 106, 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 (b).
     (b)  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
<PAGE>

          may be required by such exchange, if, after notice given by the
          Company to the Trustee of the proposed payment pursuant to this
          Clause, such manner of payment shall be deemed practicable by the
          Trustee.

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

     Section 308 Persons Deemed Owners.

     Prior to due presentment of a Security for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name such Security is registered as the owner of such Security
for the purpose of receiving payment of principal of and any premium and
(subject to Section 307) any interest on such Security and for all other
purposes whatsoever, whether or not such Security be overdue, and neither the
Company, the Trustee nor any agent of the Company or the Trustee shall be
affected by notice to the contrary.

     Section 309 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 may deliver to the Trustee (or to any other Person for delivery
to the Trustee) for cancellation any Securities previously authenticated
hereunder which the Company has not issued and sold, and all Securities so
delivered shall be promptly cancelled by the Trustee. 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. All cancelled
Securities held by the Trustee shall be disposed of as directed by a Company
Order.

     Section 310 Computation of Interest.

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

                                 ARTICLE FOUR

Satisfaction and Discharge
--------------------------

     Section 401 Satisfaction and Discharge of Indenture.

This Indenture shall upon Company Request cease to be of further effect (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

(a)  either:
<PAGE>

     (i)  all Securities theretofore authenticated and delivered (other than (A)
          Securities which have been destroyed, lost or stolen and which have
          been replaced or paid as provided in Section 306 and (B) 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
          1003) have been delivered to the Trustee for cancellation; or
     (ii) all such Securities 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 (A), (B) or (C) above, has deposited or caused to be
          deposited with the Trustee as trust funds in trust for the purpose
          money in an amount sufficient to pay and discharge the entire
          indebtedness on such Securities not theretofore delivered to the
          Trustee for cancellation, for principal and any premium 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.

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

(c) 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 607, the obligations of
the Trustee to any Authenticating Agent under Section 614 and, if money shall
have been deposited with the Trustee pursuant to subclause (ii) of clause (a) of
this Section, the obligations of the Trustee under Section 402 and the last
paragraph of Section 1003 shall survive.

     Section 402 Application of Trust Money.

     Subject to the provisions of the last paragraph of Section 1003, all money
deposited with the Trustee pursuant to Section 401 shall be held in trust and
applied by it, in accordance with the provisions of the Securities 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 any premium and
interest for whose payment such money has been deposited with the Trustee.

                                 ARTICLE FIVE

Remedies
--------

     Section 501 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 law or pursuant to any judgment,
<PAGE>

decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

(a) default in the payment of any interest upon any Security of that series when
it becomes due and payable, and continuance of such default for a period of 30
days; or

(b) default in the payment of the principal of or any premium on any Security of
that series at its Maturity; or

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

(d) default in the performance, or breach, of any covenant or warranty of the
Company in this Indenture (other than a covenant or warranty 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
series of Securities 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 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

(e) the entry by a court having jurisdiction in the premises of

        (i)    a decree or order for relief in respect of the Company or any
               Restricted Subsidiary in an involuntary case or proceeding under
               any applicable Federal or State bankruptcy, insolvency,
               reorganization or other similar law; or
        (ii)   a decree or order adjudging the Company or any such Restricted
               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 any such
               Restricted Subsidiary under any applicable Federal or State law,
               or appointing a custodian, receiver, liquidator, assignee,
               trustee, sequetrator or other similar official of the Company or
               any such Restricted 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 60 consecutive days; or

(f) the commencement by the Company or any Restricted 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 the Company or any such
Restricted Subsidiary to the entry of a decree or order for relief in respect of
the Company or any such Restricted 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 the Company or any such Restricted
Subsidiary, or the filing by the Company or any such Restricted Subsidiary of a
petition or answer or consent seeking reorganization or relief under any
applicable Federal or State law, or the consent by the Company or any such
Restricted Subsidiary to the filing of such petition or to the appointment of or
taking possession by a custodian, receiver, liquidator, assignee, trustee,
sequestrator or other similar official of the Company or any such Restricted
Subsidiary or of any substantial part of the property of the Company or any such
Restricted Subsidiary, or the making by the Company or any such
<PAGE>

Restricted Subsidiary of an assignment for the benefit of creditors, or the
admission by the Company or any such Restricted Subsidiary in writing of its
inability to pay its debts generally as they become due, or the taking of
corporate action by the Company or any such Restricted Subsidiary in furtherance
of any such action; or

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

     Section 502 Acceleration of Maturity; Rescission and Annulment.

     If an Event of Default (other than an Event of Default specified in Section
501(6) or 501(7)) with respect to Securities of any series at the time
Outstanding occurs and is continuing, then in every such case the Trustee or the
Holders of not less than 25% in principal amount of the Outstanding Securities
of that series may declare the principal amount of all the Securities of that
series (or, if any Securities of that series are Original Issue Discount
Securities, such portion of the principal amount of such Securities as may be
specified by the terms thereof) to be due and payable immediately, by a notice
in writing to the Company (and to the Trustee if given by Holders), and upon any
such declaration such principal amount (or specified amount) shall become
immediately due and payable. If an Event of Default specified in clause (e) or
(f) of Section 501 with respect to Securities of any series at the time
Outstanding occurs, the principal amount of all the Securities of that series
(or, if any Securities of that series are Original Issue Discount Securities,
such portion of the principal amount of such Securities as may be specified by
the terms thereof) shall automatically, and without any declaration or other
action on the part of the Trustee or any Holder, become immediately due and
payable.

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

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

     (i)    all overdue interest on all Securities of that series;
     (ii)   the principal of (and premium, if any, on) any Securities of that
            series which have become due otherwise than by such declaration of
            acceleration and any interest thereon at the rate or rates
            prescribed therefor in such Securities;
     (iii)  (iii) 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
     (iv)   all sums paid or advanced by the Trustee hereunder and the
            reasonable compensation, expenses, disbursements and advances of the
            Trustee, its agents and counsel; and

(b)  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 513.

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

     The Trustee shall not be required to act upon an Event of Default unless it
has actual knowledge of such Event of Default.
<PAGE>

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

     The Company covenants that if:

(a) 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, or

(b) default is made in the payment of the principal of (or premium, if any, on)
any Security at the Maturity thereof, the Company will, upon demand of the
Trustee, pay to it, for the benefit of the Holders of such Securities, the whole
amount then due and payable on such Securities for principal and any premium and
interest and, to the extent that payment of such interest shall be legally
enforceable, interest on any overdue principal and premium and on any overdue
interest, 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 an Event of Default with respect to Securities of any series occurs and
is continuing, the Trustee may in its discretion proceed to protect and enforce
its rights and the rights of the Holders of Securities of such series 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 504 Trustee May File Proofs of Claim.

     In case of any judicial proceeding relative to the Company (or any other
obligor upon the Securities), its property or its creditors, the Trustee shall
be entitled and empowered, by intervention in such proceeding or otherwise, to
take any and all actions authorized under the Trust Indenture Act in order to
have claims of the Holders and the Trustee allowed in any such proceeding. In
particular, the Trustee shall be authorized to collect and receive any moneys or
other property payable or deliverable on any such claims and to distribute the
same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator
or other similar official in any such judicial proceeding is hereby authorized
by each Holder 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 607.

     No provision of this Indenture shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder any plan of
reorganization,  arrangement,  adjustment or composition affecting the
Securities or the rights of any Holder thereof or to authorize the Trustee to
vote in respect of the claim of any Holder in any such proceeding; provided,
however, that the Trustee may, on behalf of the Holders, vote for the election
of a trustee in bankruptcy or similar official and be a member of a creditors'
or other similar committee.

     Section 505 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
<PAGE>

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 506 Application of Money Collected.

     Any money collected by the Trustee pursuant to this Article shall be
applied in the following order, at the date or dates fixed by the Trustee and,
in case of the distribution of such money on account of principal or any premium
or interest, upon presentation of the Securities 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 607; and

     SECOND: To the payment of the amounts then due and unpaid for principal of
and any premium and interest on 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 any premium and interest, respectively.

     Section 507 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,
unless

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

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

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

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

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

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

Section 508 Unconditional Right of Holders to Receive Principal, Premium and
Interest.
<PAGE>

     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 any premium and (subject to Section 307)
interest on such Security on the respective Stated 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 509 Restoration of Rights and Remedies.

     If the Trustee or any Holder 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 510 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
306, 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 511 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 512 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
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

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

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

     Section 513 Waiver of Past Defaults.
<PAGE>

     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 such
series and its consequences, except a default

(a) in the payment of the principal of or any premium or interest on any
Security of such series; or

(b) in respect of a covenant or provision hereof which under Article Nine cannot
be modified or amended without the consent of the Holder of each Outstanding
Security of such series affected. Upon any such waiver, such default shall cease
to exist, and any Event of Default arising therefrom shall be deemed to have
been cured, for every purpose of this Indenture; but no such waiver shall extend
to any subsequent or other default or impair any right consequent thereon.

     Section 514 Undertaking for Costs.

     In any suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Trustee for any action taken, suffered or
omitted by it as Trustee, a court may require any party litigant in such suit to
file an undertaking to pay the costs of such suit, and may assess costs against
any such party litigant, in the manner and to the extent provided in the Trust
Indenture Act; provided that neither this Section nor the Trust Indenture Act
shall be deemed to authorize any court to require such an undertaking or to make
such an assessment in any suit instituted by the Company.

     Section 515 Waiver of Usury, Stay or Extension Laws.

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

                                  ARTICLE SIX

The Trustee
-----------

     Section 601 Certain Duties and Responsibilities.

     The duties and responsibilities of the Trustee shall be as provided by the
Trust Indenture Act. Notwithstanding the foregoing, no provision of this
Indenture shall require the Trustee to expend or risk its own funds or otherwise
incur any financial liability in the performance of any of its duties hereunder,
or in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured to it. 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 602 Notice of Defaults.

     If a default occurs hereunder with respect to Securities of any series, the
Trustee shall
<PAGE>

give the Holders of Securities of such series notice of such default as and to
the extent provided by the Trust Indenture Act; provided, however, that in the
case of any default of the character specified in clause (d) of Section 501 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 603 Certain Rights of Trustee.

     Subject to the provisions of Section 601:

(a) the Trustee may rely and shall be protected in acting or refraining from
acting upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, 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 any resolution
of the Board of Directors shall 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, rely upon
an Officers' Certificate;

(d) the Trustee may consult with counsel and the written advice of such counsel
or any Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken, 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 reasonable security or indemnity 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 or attorneys and the
Trustee shall not be responsible for any misconduct or negligence on the part of
any agent or attorney appointed with due care by it hereunder.

     Section 604 Not Responsible for Recitals or Issuance of Securities.

     The recitals contained herein and in the Securities, except the Trustee's
certificates of
<PAGE>

authentication, shall be taken as the statements of the Company, and neither the
Trustee nor any Authenticating Agent assumes any responsibility for their
correctness. The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Securities. Neither the Trustee nor any
Authenticating Agent shall be accountable for the use or application by the
Company of Securities or the proceeds thereof.

     Section 605 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
608 and 613, 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 606 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 607 Compensation and Reimbursement.

The Company agrees

     (1)  to pay to the Trustee from time to time reasonable compensation for
          all services rendered by it hereunder (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 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 for, and to hold it harmless against, any
          loss, liability or expense incurred without negligence or bad faith on
          its part, arising out of or in connection with the acceptance or
          administration of the trust or trusts hereunder, including the costs
          and expenses of defending itself against any claim or liability in
          connection with the exercise or performance of any of its powers or
          duties hereunder.

     Section 608 Conflicting Interests.

     If the Trustee has or shall acquire a conflicting interest within the
meaning of the Trust Indenture Act, the Trustee shall either eliminate such
interest or resign, to the extent and in the manner provided by, and subject to
the provisions of, the Trust Indenture Act and this Indenture. To the extent
permitted by such Act, the Trustee shall not be deemed to have a conflicting
interest by virtue of being a trustee under this Indenture with respect to
Securities of more than one series [or a trustee under -- list here any prior
indentures between the Company and the Trustee that have not been satisfied and
discharged and that may be excluded by the proviso to Section 310(b)(1) of the
Trust Indenture Act].

     Section 609 Corporate Trustee Required; Eligibility.
<PAGE>

     There shall at all times be one (and only one) Trustee hereunder with
respect to the Securities of each series, which may be Trustee hereunder for
Securities of one or more other series. Each Trustee shall be a Person that is
eligible pursuant to the Trust Indenture Act to act as such, and has a combined
capital and surplus of at least $50,000,000 and has its Corporate Trust Office
in the Borough of Manhattan, The City of New York. If any such Person publishes
reports of condition at least annually, pursuant to law or to the requirements
of its supervising or examining authority, then for the purposes of this Section
and to the extent permitted by the Trust Indenture Act, the combined capital and
surplus of such Person 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 with respect to the Securities of any series 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 610 Resignation and Removal; Appointment of Successor.

     No resignation or removal of the Trustee and no appointment of a successor
Trustee pursuant to this Article shall become effective until the acceptance of
appointment by the successor Trustee in accordance with the applicable
requirements of Section 611.

     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 611 shall not have been
delivered to the Trustee within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series.

     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.

     If at any time:

     (1)  the Trustee shall fail to comply with Section 608 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 609 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,
          (A) the Company by a Board Resolution may remove the Trustee with
          respect to all Securities, or (B) subject to Section 514, 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.

     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
<PAGE>

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 611. If, within one
year after such resignation, removal or incapability, or the occurrence of such
vacancy, a successor Trustee with respect to the Securities of any series shall
be appointed by Act of the Holders of a majority in principal amount of the
Outstanding Securities of such series delivered to the Company and the retiring
Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance
of such appointment in accordance with the applicable requirements of Section
611, 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 611, 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.

     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 to all Holders of
Securities of such series in the manner provided in Section 106. Each notice
shall include the name of the successor Trustee with respect to the Securities
of such series and the address of its Corporate Trust Office.

     Section 611 Acceptance of Appointment by Successor.

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

     In case of the appointment hereunder of a successor Trustee with respect to
the Securities of one or more (but not all) series, the Company, the retiring
Trustee and each successor Trustee with respect to the Securities of one or more
series shall execute and deliver an indenture supplemental hereto wherein each
successor Trustee shall accept such appointment and which (a) shall contain such
provisions as shall be necessary or desirable to transfer and confirm to, and to
vest in, each successor Trustee all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series to which
the appointment of such successor Trustee relates, (b) if the retiring Trustee
is not retiring with respect to all Securities, shall contain such provisions as
shall be deemed necessary or desirable to confirm that all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of that
or those series as to which the retiring Trustee is not retiring shall continue
to be vested in the retiring Trustee, and (c) shall add to or change any of the
provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, it being
understood that nothing herein or in such supplemental indenture shall
constitute such Trustees co-trustees of the same trust and that each such
Trustee shall be trustee of a trust or trusts hereunder separate
<PAGE>

and apart from any trust or trusts hereunder administered by any other such
Trustee; and upon the execution and delivery of such supplemental indenture the
resignation or removal of the retiring Trustee shall become effective to the
extent provided therein and each such successor Trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities of that or
those series to which the appointment of such successor Trustee relates; but, on
request of the Company or any successor Trustee, such retiring Trustee shall
duly assign, transfer and deliver to such successor Trustee all property and
money held by such retiring Trustee hereunder with respect to the Securities of
that or those series to which the appointment of such successor Trustee relates.

     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 the
first or second preceding paragraph, as the case may be.

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

     Section 612 Merger, Conversion, Consolidation or Succession to Business.

     Any corporation into which the Trustee may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all 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 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 613 Preferential Collection of Claims Against Company.

     If and when the Trustee shall be or become a creditor of the Company (or
any other obligor upon 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).

     Section 614 Appointment of Authenticating Agent.

     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 original issue
and upon exchange, registration of transfer or partial redemption thereof or
pursuant to Section 306, and Securities so authenticated shall be entitled to
the benefits of this Indenture and shall be valid and obligatory for all
purposes as if authenticated by the Trustee hereunder. Wherever reference is
made in this Indenture to the authentication and delivery of Securities by 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
<PAGE>

such laws to act as 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 in the manner provided in Section 106 to all Holders of Securities
of the series with respect to which such Authenticating Agent will serve. 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 Trustee agrees to pay to each Authenticating Agent from time to time
reasonable compensation for its services under this Section, and the Trustee
shall be entitled to be reimbursed for such payments, subject to the provisions
of Section 607.

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

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

            _________________________,
                   As Trustee

            By_________________________,
               As Authenticating Agent

            By_________________________
                Authorized Officer

                                 ARTICLE SEVEN

Holders' Lists and Reports by Trustee and Company
--------------------------------------------------

Section 701 Company to Furnish Trustee Names and Addresses of Holders.
---------------------------------------------------------------------

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

(a) semi-annually, not later than January 15 and July 15 in each year, a list,
in such form as the Trustee may reasonably require, of the names and addresses
of the Holders of Securities of each series as of the preceding December 31 or
June 30, as the case may be, 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;

excluding from any such list names and addresses received by the Trustee in its
capacity as Security Registrar.

     Section 702 Preservation of Information; Communications to Holders.

     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 701 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 701 upon receipt of a new list so furnished.

     The rights of Holders to communicate with other Holders with respect to
their rights under this Indenture or under the Securities, and the corresponding
rights and privileges of the Trustee, shall be as provided by the Trust
Indenture Act.

     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 any disclosure of
information as to names and addresses of Holders made pursuant to the Trust
Indenture Act.
<PAGE>

     Section 703 Reports by Trustee.

     The Trustee shall transmit to Holders 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.

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

     Section 704 Reports by Company.

     The Company shall file with the Trustee and the Commission, and transmit to
Holders, such information, documents and other reports, and such summaries
thereof, as may be required pursuant to the Trust Indenture Act at the times and
in the manner provided pursuant to such Act; provided that any such information,
documents or reports required to be filed with the Commission pursuant to
Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within
15 days after the same is so required to be filed with the Commission.

                                 ARTICLE EIGHT

Consolidation, Merger, Conveyance, Transfer or Lease
-----------------------------------------------------

     Section 801 Company May Consolidate, Etc., Only on Certain Terms.

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

(a) in case the Company shall consolidate with or merge into another Person or
convey, transfer or lease its properties and assets substantially as an entirety
to any Person, the Person formed by such consolidation or into which the Company
is merged or the Person which acquires by conveyance or transfer, or which
leases, the properties and assets of the Company substantially as an entirety
shall be a corporation, partnership, limited liability company or trust, shall
be organized and validly existing under the laws of the United States of
America, any State thereof or the District of Columbia and shall expressly
assume, by an indenture supplemental hereto, executed and delivered to the
Trustee, in form satisfactory to the Trustee, the due and punctual payment of
the principal of and any premium and interest on all the Securities and the
performance or observance of every covenant of this Indenture on the part of the
Company to be performed or observed;

(b) immediately after giving effect to such transaction and treating any
indebtedness which becomes an obligation of the Company or any Subsidiary as a
result of such transaction as having been incurred by the Company or such
Subsidiary at the time of such transaction, no Event of Default, and no event
which, after notice or lapse of time or both, would become an Event of Default,
shall have happened and be continuing;

(c) if, as a result of any such consolidation or merger or such conveyance,
transfer or lease, properties or assets of the Company would become subject to a
mortgage, pledge, lien, security
<PAGE>

interest or other encumbrance which would not be permitted by this Indenture,
the Company or such successor Person, as the case may be, shall take such steps
as shall be necessary effectively to secure the Securities equally and ratably
with (or prior to) all indebtedness secured thereby; and

(d) the Company has delivered to the Trustee an Officers' Certificate and an
Opinion of Counsel,  each stating that such consolidation, merger, conveyance,
transfer or lease and, if a supplemental indenture is required in connection
with such transaction, such supplemental indenture comply with this Article and
that all conditions precedent herein provided for relating to such transaction
been complied with.

     Section 802 Successor Substituted.

     Upon any consolidation of the Company with, or merger of the Company into,
any other Person or any conveyance, transfer or lease of the properties and
assets of the Company substantially as an entirety in accordance with Section
801, the successor Person formed by such consolidation or into which the Company
is merged or to which such 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 Person shall be relieved of all obligations and covenants
under this Indenture and the Securities.

                                 ARTICLE NINE

Supplemental Indentures
-----------------------

     Section 901 Supplemental Indentures Without Consent of Holders.

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

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

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

(c) to add any additional Events of Default for the benefit of the Holders of
all or any series of Securities (and if such additional Events of Default are to
be for the benefit of less than all series of Securities,  stating that such
additional Events of Default are expressly being included solely for the benefit
of such series); or

(d) to add to or change any of the provisions of this Indenture to such extent
as shall be necessary to permit or facilitate the issuance of Securities in
bearer form,  registrable or not registrable as to principal, and with or
without interest coupons, or to permit or facilitate the issuance of Securities
in uncertificated form; or
<PAGE>

(e) to add to, change or eliminate any of the provisions of this Indenture in
respect of one or more series of Securities, provided that any such addition,
change or elimination (i) shall neither (A) apply to any Security of any series
created prior to the execution of such supplemental indenture and entitled to
the benefit of such provision nor (B) modify the rights of the Holder of any
such Security with respect to such provision or (ii) shall become effective only
when there is no such Security Outstanding; or

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

(g) to evidence and provide for the acceptance of appointment hereunder by a
successor Trustee with respect to the Securities of one or more series and to
add to or change any of the provisions of this Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder by more
than one Trustee, pursuant to the requirements of Section 611; or

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

     Section 902 Supplemental Indentures With Consent of Holders.

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

(a) change the Stated Maturity of the principal of, or any installment of
principal of or interest on, any Security, or reduce the principal amount
thereof or the rate of interest thereon or any premium payable upon the
redemption thereof, or reduce the amount of the principal of an Original Issue
Discount Security or any other Security which would be due and payable upon a
declaration of acceleration of the Maturity thereof pursuant to Section 502, or
change any Place of Payment where, or the coin or currency in which, any
Security or any premium or interest thereon is payable, or impair the right to
institute suit for the enforcement of any such payment on or after the Stated
Maturity thereof (or, in the case of redemption, on or after the Redemption
Date), or modify the provisions of this Indenture with respect to the
subordination of the Securities in a manner materially adverse to the Holders;
or

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

(c) modify any of the provisions of this Section, Section 513 or Section 1009,
except to increase any such percentage or to provide that certain other
provisions of this Indenture cannot be modified or waived without the consent of
the Holder of each Outstanding Security affected
<PAGE>

thereby; provided, however, that this clause shall not be deemed to require the
consent of any Holder with respect to changes in the references to "the Trustee"
and concomitant changes in this Section and Section 1009, or the deletion of
this proviso, in accordance with the requirements of Section 611 and clause (h)
of Section 901.

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

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

     Section 903 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 601) shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. 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 904 Effect of Supplemental Indentures.

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

     Section 905 Conformity with Trust Indenture Act.

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

     Section 906 Reference in Securities to Supplemental Indentures.

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

                                  ARTICLE TEN

Covenants
---------
<PAGE>

     Section 1001 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 any premium and
interest on the Securities of that series in accordance with the terms of the
Securities and this Indenture.

     Section 1002 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 may be presented or
surrendered for any or all such purposes and may from time to time rescind such
designations; provided, however, that no such designation or rescission shall in
any manner relieve the Company of its obligation to maintain an office or agency
in 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 1003 Money for Securities Payments to Be Held in Trust.

     If the Company shall at any time act as its own Paying Agent with respect
to any series of Securities, it will, on or before each due date of the
principal of or any premium 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 any premium and 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 or any premium
or interest on any Securities of that series, deposit with a Paying Agent a sum
sufficient to pay such amount, such sum to be held as provided by the Trust
Indenture Act, 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) comply with the provisions of the Trust
Indenture Act applicable to it as a Paying Agent and (2) during the continuance
of any default by the Company (or any other obligor upon the Securities of that
series) in the making of any payment in respect of the Securities of that
series, upon the written request of the Trustee, forthwith pay to the Trustee
all sums held in trust by such Paying Agent for payment in respect of the
Securities of that series.

     The Company may at any time, for the purpose of obtaining the satisfaction
and
<PAGE>

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 or any premium or
interest on any Security of any series and remaining unclaimed for two years
after such principal, premium 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, however, that the Trustee or such Paying Agent, before being
required to make any such repayment, may at the expense of the Company cause to
be published once, in a newspaper published in the English language, customarily
published  on  each  Business  Day  and  of  general  circulation  in
 ......................., notice that such money remains unclaimed and that,
after a date specified therein, which shall not be less than 30 days from the
date of such publication, any unclaimed balance of such money then remaining
will be repaid to the Company.

     Section 1004 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 this Indenture (without regard to any period of
grace or requirement of notice provided hereunder) and, if the Company shall be
in default, specifying all such defaults and the nature and status thereof of
which they may have knowledge.

     Section 1005 Existence.

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

Section 1006 Maintenance of Properties.

     The Company will cause all properties used or useful in the conduct of its
business or the business of any Restricted Subsidiary to be maintained and kept
in good condition, repair and working order and supplied with all necessary
equipment and will cause to be made all necessary  repairs,  renewals,
replacements, betterments and improvements thereof, all as in the judgment of
the Company may be necessary so that the business carried on in connection
therewith may be properly and advantageously conducted at all times; provided,
however, that nothing in this Section shall prevent the Company or any
Restricted Subsidiary from discontinuing the operation or maintenance of any of
such properties if such discontinuance is, in the judgment of the Company or
such Restricted Subsidiary, desirable in the conduct of its business or the
business of
<PAGE>

any such Restricted Subsidiary and not disadvantageous in any material respect
to the Holders.

     Section 1007 Payment of Taxes and Other Claims.

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

     Section 1008 Maintenance of Insurance.

     The Company shall, and shall cause its Restricted Subsidiaries to, keep at
all times all of their properties which are of an insurable nature insured
against loss or damage with insurers believed by the Company to be responsible
to the extent that property of similar character is usually so insured by
corporations similarly situated and owning like properties in accordance with
good business practice. The Company shall, and shall cause its Restricted
Subsidiaries to, use the proceeds from any such insurance policy to repair,
replace or otherwise restore the property to which such proceeds relate.

     Section 1009 Waiver of Certain Covenants.

     Except as otherwise specified as contemplated by Section 301 for Securities
of such series, the Company may, with respect to the Securities of any series,
omit in any particular instance to comply with any term, provision or condition
set forth in any covenant provided pursuant to clause (r) of Section 301 or
clause (b) or (g) of Section 901 for the benefit of the Holders of such series
or in any of Sections 1005 to 1007, inclusive, if before the time for such
compliance the Holders of at least a majority in principal amount of the
Outstanding Securities of such series shall, by Act of such Holders, either
waive such compliance in such instance or generally waive compliance with such
term, provision or condition, but no such waiver shall extend to or affect such
term, provision or condition except to the extent so expressly waived, and,
until such waiver shall become effective, the obligations of the Company and the
duties of the Trustee in respect of any such term, provision or condition shall
remain in full force and effect.

                                 ARTICLE ELEVEN

Redemption of Securities
------------------------

     Section 1101 Applicability of Article.

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

     Section 1102 Election to Redeem; Notice to Trustee.
<PAGE>

     The election of the Company to redeem any Securities shall be evidenced by
a Board Resolution or in another manner specified as contemplated by Section 301
for such Securities. In case of any redemption at the election of the Company of
less than all the Securities of any series (including any such redemption
affecting only a single Security), the Company shall, at least 60 days prior to
the Redemption Date fixed by the Company (unless a shorter notice shall be
satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the
principal amount of Securities of such series to be redeemed and, if applicable,
of the tenor of the Securities to be redeemed. In the case of any redemption of
Securities prior to the expiration of any restriction on such redemption
provided in the terms of such Securities or elsewhere in this Indenture, the
Company shall furnish the Trustee with an Officers' Certificate evidencing
compliance with such restriction.

     Section 1103 Selection by Trustee of Securities to Be Redeemed.

     If less than all the Securities of any series are to be redeemed (unless
all the Securities of such series and of a specified tenor are to be redeemed or
unless such redemption affects only a single Security), the particular
Securities to be redeemed shall be selected not more than 60 days prior to the
Redemption Date by the Trustee, from the Outstanding Securities of such series
not previously called for redemption, by such method as the Trustee shall deem
fair and appropriate and which may provide for the selection for redemption of a
portion of the principal amount of any Security of such series, provided that
the unredeemed portion of the principal amount of any Security shall be in an
authorized denomination (which shall not be less than the minimum authorized
denomination) for such Security. If less than all the Securities of such series
and of a specified tenor are to be redeemed (unless such redemption affects only
a single Security), the particular Securities to be redeemed shall be selected
not more than 60 days prior to the Redemption Date by the Trustee, from the
Outstanding Securities of such series and specified tenor not previously called
for redemption in accordance with the preceding sentence.

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

     The provisions of the two preceding paragraphs shall not apply with respect
to any redemption affecting only a single Security, whether such Security is to
be redeemed in whole or in part. In the case of any such redemption in part, the
unredeemed portion of the principal amount of the Security shall be in an
authorized denomination (which shall not be less than the minimum authorized
denomination) for such Security.

     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 1104 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:
<PAGE>

(a) the Redemption Date;

(b) the Redemption Price;

(c) if less than all the Outstanding Securities of any series consisting of more
than a single Security are to be redeemed, the identification (and, in the case
of partial redemption of any such Securities, the principal amounts) of the
particular Securities to be redeemed and, if less than all the Outstanding
Securities of any series consisting of a single Security are to be redeemed, the
principal amount of the particular Security to be redeemed;

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

(e) that on the Redemption Date, if such is the case, the right of the holders
of each such Security to convert the Securities shall terminate;

(f) the place or places where each such Security is to be surrendered for
payment of the Redemption Price; and

(g) 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 request, by the
Trustee in the name and at the expense of the Company and shall be irrevocable.

     Section 1105 Deposit of Redemption Price.

     Prior to any Redemption Date, the Company shall deposit with the Trustee or
with a Paying Agent (or, if the Company is acting as its own Paying Agent,
segregate and hold in trust as provided in Section 1003) 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.

     Section 1106 Securities Payable on Redemption Date.

     Notice of redemption having been given as aforesaid, the Securities so to
be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein specified, and from and after such 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, however, that, unless otherwise specified as
contemplated by Section 301, installments of interest whose Stated Maturity is
on or prior to the Redemption Date will be payable to the Holders of such
Securities, or one or more Predecessor Securities, registered as such at the
close of business on the relevant Record Dates according to their terms and the
provisions of Section 307.

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

     Section 1107 Securities Redeemed in Part.

     Any Security which is to be redeemed only in part shall be surrendered at a
Place of Payment therefor (with, if the Company or the Trustee so requires, due
endorsement by, or a written instrument of transfer in form satisfactory to the
Company and the Trustee duly executed by, the Holder thereof or his attorney
duly authorized in writing), and the Company shall execute, and the Trustee
shall authenticate and deliver to the Holder of such Security without service
charge, a new Security or Securities of the same series and of like tenor, 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 TWELVE

Sinking Funds
-------------

     Section 1201 Applicability of Article.

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

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

     Section 1202 Satisfaction of Sinking Fund Payments with Securities.

     The Company (1) may deliver 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 Securities or through the application of permitted
optional sinking fund payments pursuant to the terms of such Securities, in each
case in satisfaction of all or any part of any sinking fund payment with respect
to any Securities of such series required to be made pursuant to the terms of
such Securities as and to the extent provided for by the terms of such
Securities; provided that the Securities to be so credited have not been
previously so credited. The Securities to be so credited shall be received and
credited for such purpose by the Trustee at the Redemption Price, as specified
in the Securities so to be redeemed, for redemption through operation of the
sinking fund and the amount of such sinking fund payment shall be reduced
accordingly.

     Section 1203 Redemption of Securities for Sinking Fund.

     Not less than 30 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 such
Securities pursuant to the terms of such Securities, 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 pursuant to
Section 1202 and will
<PAGE>

also deliver to the Trustee any Securities to be so delivered. Not less than 15
days prior to each such sinking fund payment date, the Trustee shall select the
Securities to be redeemed upon such sinking fund payment date in the manner
specified in Section 1103 and cause notice of the redemption thereof to be given
in the name of and at the expense of the Company in the manner provided in
Section 1104. Such notice having been duly given, the redemption of such
Securities shall be made upon the terms and in the manner stated in Sections
1106 and 1107.

                                ARTICLE THIRTEEN

Defeasance and Covenant Defeasance
----------------------------------

     Section 1301 Company's Option to Effect Defeasance or Covenant Defeasance.

     The Company may elect, at its option at any time, to have Section 1302 or
Section 1303 applied to any Securities or any series of Securities, as the case
may be, designated pursuant to Section 301 as being defeasible pursuant to such
Section 1302 or 1303, in accordance with any applicable requirements provided
pursuant to Section 301 and upon compliance with the conditions set forth below
in this Article. Any such election shall be evidenced by a Board Resolution or
in another manner specified as contemplated by Section 301 for such Securities.

     Section 1302 Defeasance and Discharge.

     Upon the Company's exercise of its option (if any) to have this Section
applied to any Securities or any series of Securities, as the case may be, the
Company shall be deemed to have been discharged from its obligations, with
respect to such Securities as provided in this Section on and after the date the
conditions set forth in Section 1304 are satisfied (hereinafter called
"Defeasance"). For this purpose, such Defeasance means that the Company shall be
deemed to have paid and discharged the entire indebtedness represented by such
Securities and to have satisfied all its other obligations under such Securities
and this Indenture insofar as such Securities are concerned (and the Trustee, at
the expense of the Company, shall execute proper instruments acknowledging the
same), subject to the following which shall survive until otherwise terminated
or discharged hereunder: (a) the rights of Holders of such Securities to
receive, solely from the trust fund described in Section 1304 and as more fully
set forth in such Section, payments in respect of the principal of and any
premium and interest on such Securities when payments are due, (b) the Company's
obligations with respect to such Securities under Sections 304, 305, 306, 1002
and 1003, (c) the rights, powers, trusts, duties and immunities of the Trustee
hereunder and (d) this Article. Subject to compliance with this Article, the
Company may exercise its option (if any) to have this  Section  applied to any
Securities notwithstanding the prior exercise of its option (if any) to have
Section 1303 applied to such Securities.

     Section 1303 Covenant Defeasance.

     Upon the Company's exercise of its option (if any) to have this Section
applied to any Securities or any series of Securities, as the case may be, (a)
the Company shall be released from its obligations under clause (c) of Section
801, Sections 1006 through 1008, inclusive, and any covenants provided pursuant
to clause (r) of Section 301 or clause (b) or (g) of Section 901 for the benefit
of the Holders of such Securities; and (b) the occurrence of any event specified
in clause (d) of Section 501 (with respect to any of clause (c) of Section 801,
Sections 1006 through 1008, inclusive, and any such covenants provided pursuant
to clause (r) of Section 301 or clause (b) or (g) of Section 901 shall be deemed
not to be or result in an Event of Default.
<PAGE>

     Securities as provided in this Section on and after the date the conditions
set forth in Section 1304 are satisfied (hereinafter called "Covenant
Defeasance"). For this purpose, such Covenant Defeasance means that, with
respect to such Securities, 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 specified Section (to the extent so specified in the case of clause (d) of
Section 501), whether directly or indirectly by reason of any reference
elsewhere herein to any such Section or Article or by reason of any reference in
any such Section or Article to any other provision herein or in any other
document, but the remainder of this Indenture and such Securities shall be
unaffected thereby.

     Section 1304 Conditions to Defeasance or Covenant Defeasance.

     The following shall be the conditions to the application of Section 1302 or
Section 1303 to any Securities or any series of Securities, as the case may be:

(a) The Company shall irrevocably have deposited or caused to be deposited with
the Trustee (or another trustee which satisfies the requirements contemplated by
Section 609 and agrees to comply with the provisions of this Article applicable
to it) as trust funds in trust for the purpose of making the following payments,
specifically pledged as security for, and dedicated solely to, the benefits of
the Holders of such Securities, (i) money in an amount, or (ii) U.S. Government
Obligations which through the scheduled payment of principal and interest in
respect thereof in accordance with their terms will provide, not later than one
day before the due date of any payment, money in an amount, 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, and which
shall be applied by the Trustee (or any such other qualifying trustee) to pay
and discharge, the principal of and any premium and interest on such Securities
on the respective Stated Maturities, in accordance with the terms of this
Indenture and such Securities. As used herein, "U.S. Government Obligation"
means (x) any security which is (i) a direct obligation of the United States of
America for the payment of which the full faith and credit of the United States
of America is pledged or (ii) an obligation of a Person controlled or supervised
by and acting as an agency or instrumentality of the United States of America
the payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States of America, which, in either case (i) or (ii),
is not callable or redeemable at the option of the issuer thereof, and (y) any
depositary receipt issued by a bank (as defined in Section 3(a)(2) of the
Securities Act) as custodian with respect to any U.S. Government Obligation
which is specified in Clause (x) above and held by such bank for the account of
the holder of such depositary receipt, or with respect to any specific payment
of principal of or interest on any U.S. Government Obligation which is so
specified and held, provided that (except as required by law) such custodian is
not authorized to make any deduction from the amount payable to the holder of
such depositary receipt from any amount received by the custodian in respect of
the U.S. Government Obligation or the specific payment of principal or interest
evidenced by such depositary receipt.

(b) In the event of an election to have Section 1302 apply to any Securities or
any series of Securities, as the case may be, the Company shall have delivered
to the Trustee an Opinion of Counsel stating that (i) the Company has received
from, or there has been published by, the Internal Revenue Service a ruling or
(ii) since the date of this instrument, there has been a change in the
applicable Federal income tax law, in either case (i) or (ii) to the effect
that, and based thereon such opinion shall confirm that, the Holders of such
Securities will not recognize gain or loss for Federal income tax purposes as a
result of the deposit, Defeasance and discharge to be effected with respect to
such Securities and will be subject to Federal income tax on the same
<PAGE>

amount, in the same manner and at the same times as would be the case if such
deposit, Defeasance and discharge were not to occur.

(c) In the event of an election to have Section 1303 apply to any Securities or
any series of Securities, as the case may be, the Company shall have delivered
to the Trustee an Opinion of Counsel to the effect that the Holders of such
Securities will not recognize gain or loss for Federal income tax purposes as a
result of the deposit and Covenant Defeasance to be effected with respect to
such Securities and will be subject to Federal income tax on the same amount, in
the same manner and at the same times as would be the case if such deposit and
Covenant Defeasance were not to occur.

(d) The Company shall have delivered to the Trustee an Officer's Certificate to
the effect that neither such Securities nor any other Securities of the same
series, if then listed on any securities exchange, will be delisted as a result
of such deposit.

(e) No event which is, or after notice or lapse of time or both would become, an
Event of Default with respect to such Securities or any other Securities shall
have occurred and be continuing at the time of such deposit or, with regard to
any such event specified in clause (e) or (f) of Section 501, at any time on or
prior to the 90th day after the date of such deposit (it being understood that
this condition shall not be deemed satisfied until after such 90th day).

(f) Such Defeasance or Covenant Defeasance shall not cause the Trustee to have a
conflicting interest within the meaning of the Trust Indenture Act (assuming all
Securities are in default within the meaning of such Act).

(g) Such Defeasance or Covenant Defeasance shall not result in a breach or
violation of, or constitute a default under, any other agreement or instrument
to which the Company is a party or by which it is bound.

(h) Such Defeasance or Covenant Defeasance shall not result in the trust arising
from such deposit constituting an investment company within the meaning of the
Investment Company Act unless such trust shall be registered under such Act or
exempt from registration thereunder.

(i) At the time of such deposit, (i) no default in the payment of any principal
of or premium or interest on any Senior Debt shall have occurred and be
continuing, (ii) no event of default with respect to any Senior Debt shall have
resulted in such Senior Debt becoming, and continuing to be, due and payable
prior to the date on which it would otherwise have become due and payable
(unless payment of such Senior Debt has been made or duly provided for), and
(iii) no other event of default with respect to any Senior Debt shall have
occurred and be continuing permitting (after notice or lapse of time or both)
the holders of such Senior Debt (or a trustee on behalf of such holders) to
declare such Senior Debt due and payable prior to the date on which it would
otherwise have become due and payable.

(j) The Company shall have delivered to the Trustee an Officer's Certificate and
an Opinion of Counsel, each stating that all conditions precedent with respect
to such Defeasance or Covenant Defeasance have been complied with.

     Section 1305 Deposited Money and U.S. Government Obligations to Be Held in
Trust; Miscellaneous Provisions.

     Subject to the provisions of the last paragraph of Section 1003, all money
and U.S.
<PAGE>

Government Obligations (including the proceeds thereof) deposited with the
Trustee or other qualifying trustee (solely for purposes of this Section and
Section 1306, the Trustee and any such other trustee are referred to
collectively as the "Trustee") pursuant to Section 1304 in respect of any
Securities shall be held in trust and applied by the Trustee, in accordance with
the provisions of such Securities and this Indenture, to the payment, either
directly or through any such Paying Agent (including the Company acting as its
own Paying Agent) as the Trustee may determine, to the Holders of such
Securities, of all sums due and to become due thereon in respect of principal
and any premium and interest, but money so held in trust need not be segregated
from other funds except to the extent required by law.

     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 Section 1304 or the principal and interest received in
respect thereof other than any such tax, fee or other charge which by law is for
the account of the Holders of Outstanding Securities.

     Anything in this Article to the contrary notwithstanding, the Trustee shall
deliver or pay to the Company from time to time upon Company Request any money
or U.S. Government Obligations held by it as provided in Section 1304 with
respect to any Securities which, in the opinion of a nationally recognized firm
of independent public accountants expressed in a written certification thereof
delivered to the Trustee, are in excess of the amount thereof which would then
be required to be deposited to effect the Defeasance or Covenant Defeasance, as
the case may be, with respect to such Securities.

     Section 1306 Reinstatement.

     If the Trustee or the Paying Agent is unable to apply any money in
accordance with this Article with respect to any Securities by reason of any
order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, then the obligations under this
Indenture and such Securities from which the Company has been discharged or
released pursuant to Section 1302 or 1303 shall be revived and reinstated as
though no deposit had occurred pursuant to this Article with respect to such
Securities, until such time as the Trustee or Paying Agent is permitted to apply
all money held in trust pursuant to Section 1305 with respect to such Securities
in accordance with this Article; provided, however, that if the Company makes
any payment of principal of or any premium or interest on any such Security
following such reinstatement of its obligations, the Company shall be subrogated
to the rights (if any) of the Holders of such Securities to receive such payment
from the money so held in trust.

     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. In proving the
existence of this Indenture it shall not be necessary to produce more than one
copy.

     In Witness Whereof, the parties hereto have caused this Indenture to be
duly executed, and their respective corporate seals to be hereunto affixed and
attested, all as of the day and year first above written.

SBA Communications Corporation

By:________________
<PAGE>

Attest:

__________________

By:________________

Attest:

__________________

STATE OF NEW YORK     )
       ) ss.:
COUNTY OF NEW YORK     )

On the ___ day of ________, ___, before me personally came _______________, to
me known, who, being by me duly sworn, did depose and say that he is
_______________ of _______________, one of the corporations described in and
which executed the foregoing instrument; that he knows the seal of said
corporation; that the seal affixed to said instrument is such corporate seal;
that it was so affixed by authority of the Board of Directors of said
corporation; and that he signed his name thereto by like authority.

             ...................

STATE OF NEW YORK     )
       ) ss.:
COUNTY OF NEW YORK     )

On the __ day of __________, ___, before me personally came _______________, to
me known, who, being by me duly sworn, did depose and say that he is
_______________ of _______________, one of the corporations described in and
which executed the foregoing instrument; that he knows the seal of said
corporation; that the seal affixed to said instrument is such corporate seal;
that it was so affixed by authority of the Board of Directors of said
corporation; and that he signed his name thereto by like authority.

             ...................<PAGE>

                                                                     Exhibit 4.1

                                TRUST AGREEMENT

                                    between

                  NATIONAL FINANCIAL SECURITIES CORPORATION,
                                 as Depositor,

                                      and

               -----------------------------------------------,
                                  as Trustee

                       for Trust Certificates issued by
   Financial Income Securities Trust NFSC 2000-_ for [UNDERLYING SECURITIES]
<PAGE>

               FINANCIAL INCOME SECURITIES TRUST NFSC 2000-_ FOR

                            [UNDERLYING SECURITIES]

                                TRUST AGREEMENT

         This Trust Agreement (this "Series Trust Agreement"), dated as
of_______ __, 2000, between National Financial Securities Corporation, as
Depositor, and ___________________, as Trustee, for $__,000,000 Trust
Certificates for [UNDERLYING SECURITIES] (the "Certificates"), incorporates by
reference the Standard Terms and Provisions of Series Trust Agreement (the
"Standard Terms") attached as Exhibit B hereto, and is governed by the Standard
Terms as fully as if set forth herein at length. All capitalized terms not
defined herein shall have the same meaning as set forth in the Standard Terms.

                              W I T N E S S E T H:

         SECTION 1. A Trust is hereby created under the laws of the State of
[New York] and in the manner specified in Article II of the Standard Terms for
the benefit of Holders of the Certificates. The assets of the Trust shall
consist of the securities (referred to herein and in the Standard Terms as the
"Underlying Securities") described in Exhibit A hereto, all distributions
thereon after the date hereof, all right, title and interest in and to such
distributions and all other rights and privileges of the Holders of the
Certificates under this Series Trust Agreement.

         SECTION 2. The name of the Trust is Financial Income Securities Trust
NFSC 2000-_ for [Underlying Securities].

         SECTION 3. The Certificates shall be issued as a single class in the
amount set forth in Exhibit A hereto; shall have the standard terms set forth in
the Standard Terms; and shall have the nonstandard terms set forth in Exhibit A
hereto. Certificates shall be issued in substantially the form of the Form of
Certificate set forth in Exhibit C to this Series Trust Agreement. The
Certificates shall evidence fractional interests in the assets of the Trust,
payable solely from payments received by the Trustee attributable to the
Underlying Securities.

         [SECTION 4. The Depositor hereby authorizes and directs the Trustee to
execute and deliver a letter of representations, in the form customarily
provided to DTC, from the Trustee and the Depositor dated the date of delivery
of the Certificates (the "Letter of Representations"). ]

                                     4.1-2
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Series Trust
Agreement to be executed by their respective duly authorized officers as of the
date first above written.

                                    NATIONAL FINANCIAL SECURITIES CORPORATION,
                                    as Depositor

                                    By __________________________________
                                    Name:
                                    Title:

                                    [_________________________],
                                    as Trustee

                                    By __________________________________
                                    Name:
                                    Title:

                                     4.1-3
<PAGE>

Exhibit A - Description of the Underlying Securities and the Certificates;
            Description of Certain Terms Used in the Agreement

Exhibit B - Standard Terms and Provisions of Series Trust Agreement

Exhibit C - Form of Certificate

Exhibit D - Officer's Certificate of the Trustee

                                     4.1-4
<PAGE>

                                                                       EXHIBIT A
                                                       TO SERIES TRUST AGREEMENT

DESCRIPTION OF THE UNDERLYING SECURITIES AND THE CERTIFICATES; DESCRIPTION OF
                      CERTAIN TERMS USED IN THE AGREEMENT

Part I - Description of the Underlying Securities

Issuer:  [___________________]

Underlying Securities:     [_______________________________]

Dated:   [_________]

Original Principal Maturity Date:   [_________]

Original Par Value Amount Issued:   $[_________]

CUSIP Number:     [_________]

Stated Interest Rate:      [_________]%

Interest Payment Dates:    [_________]

First Call Date:  [_________]

Redemption Price: The Underlying Securities are redeemable at any time on or
                  after [_________], in whole or in part from time to time on
                  not less than __ nor more than __ days' notice at the
                  following redemption prices (expressed in percentages of the
                  principal amount) during the 12-month period ending
                  [_________]of each year:

Year                Price ($)
----                ---------

and $__ on or after[_________], together, in each
case, with accrued interest to the redemption date.
<PAGE>

Mode of Payment of Underlying Securities: [By credit to the account of the
Holder at DTC.]

Record date of Underlying Securities:                [_________]

Event of Default with respect to payment of interest and principal: [An event
       of default under the Indenture exists upon (i) the default in the payment
       of interest for 60 days, or (ii) the default in payment of principal (or
       premium, if any) at maturity.]

Par Value Amount of Underlying Securities Deposited Under Series Trust
       Agreement: $__,000,000

[The Underlying Securities will be held by the Trustee as Book-Entry Credits at
DTC.]

Part II - Description of the Certificates

Classes of Certificates:   Pooled Certificates

Aggregate Face Amount of Pooled Certificate:         $__,000,000

Item Aggregate
Face Minimum
Offered Number    Due Date      CUSIP Number   Amount Offered    Denominations
--------------    --------      -----------    --------------    -------------
1                 [_________]   [_________]    $__,000,000       $__

Part III - Definitions of Certain Terms Used in the Agreement

Authorized Denominations (Section 1.01) $__

Certificate Principal Amount (Section 1.01) $__

Closing Date (Section 1.01) [_________].

Corporate Trust Office (Section 1.01) [_________]

Depositor Address (Section 9.04) National Financial Securities Corporation
                                 909 East Main Street
                                 Richmond, Virginia 23219

Distribution Dates (Section 1.01) [_________]1 and [_________] 1 of each year,
        commencing[_________].

Indenture (Section 1.01) [_________]

                                      A-2
<PAGE>

Indenture Trustee (Section 1.01) [_________]

Trustee Address (Section 9.04) [_________]

Rating Agency (Section 1.01) Each of [Moody's Investors Service, Inc.] and
       [Standard & Poor's Ratings Group]

Rating Agency Address (Section 9.04) [Moody's Investors Service, Inc.
                                     99 Church Street
                                     New York, NY 10007]

                                     [Standard & Poor's Ratings Group
                                     26 Broadway, 15th Floor
                                     New York, NY 10004]

Retained Amount (Section 1.01) Interest accrued on the Underlying Securities
       from, and including, [_________]to, but excluding, the Closing Date,
         equal to $[_________]

                                      A-3
<PAGE>

                                                                       EXHIBIT B
                                                       TO SERIES TRUST AGREEMENT

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

            STANDARD TERMS AND PROVISIONS OF SERIES TRUST AGREEMENT

                                    between

                  NATIONAL FINANCIAL SECURITIES CORPORATION,
                                 as Depositor,

                                      and

                                  the Trustee

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

         Relating to Trust Certificates of the Series identified in the Series
Trust Agreement; Reconciliation and Tie between the Trust Indenture Act of 1939
and Agreement Provisions*

Trust Indenture Act Section                           Agreement Section
310(a)(1)                                             5.01
      (a)(2)                                          5.01
      (a)(3)                                          Not Applicable
      (a)(4)                                          5.02
      (b)                                             5.11, 5.01
      (c)                                             Not Applicable
   311(a)                                             5.10
      (b)                                             5.10
   312(a)                                             6.01, 6.02(a)
      (b)                                             6.02(b)
      (c)                                             6.02(c)
   313(a)                                             6.03
      (b)                                             6.03
      (c)                                             6.03
      (d)                                             6.03
   314(a)                                             5.09(a), 5.09(b)
      (b)                                             5.09(c), 5.09(d)
      (c)(1)                                          5.09(f)
      (c)(2)                                          5.09(f)
      (c)(3)                                          5.09(f)
      (d)(1)                                          5.09(e)
      (d)(2)                                          5.09(e)
      (d)(3)                                          5.09(e)
      (e)                                             5.09(f)
   315(a)                                             5.08
      (b)                                             5.02
      (c)                                             5.02
      (d)                                             5.08
      (d)(1)                                          5.08
      (d)(2)                                          5.08
      (d)(3)                                          5.08
      (e)                                             5.13
316(a)(1)(A)                                          5.04
      (a)(1)(B)                                       5.05
      (a)(2)                                          Not Applicable
      (b)                                             2.08, 4.01
      (c)                                             2.08, 2.09
      (a)                                             5.03
   317(b)                                             4.03

----------------------
* This reconciliation and tie shall not, for any purpose, be deemed to be part
of the within agreement.

                                     B-ii
<PAGE>

3.18(a)                                               9.03

                                     B-iii
<PAGE>

                               TABLE OF CONTENTS

<TABLE>
<S>                                                                                                                  <C>
ARTICLE I DEFINITIONS............................................................................................     1
         Section 1.1  Certain Definitions........................................................................     1
ARTICLE II  CREATION OF TRUST; DELIVERY AND CUSTODY OF BONDS; FORM OF CERTIFICATES; EXECUTION AND DELIVERY,
         SURRENDER AND REDEMPTION OF CERTIFICATES................................................................     6
         Section 2.1  Creation of Trust; Delivery and Custody of Underlying Securities; Execution................     6
         Section 2.2  Form of Certificates.......................................................................     8
         Section 2.3  Registration and Registration of Transfer and Exchange of Certificates.....................     8
         Section 2.4  Limitations on Execution and Delivery, Surrender and Registration of Transfer and Exchange
                 of Certificates.................................................................................     9
         Section 2.5  Mutilated, Destroyed, Lost or Stolen Certificates..........................................     9
         Section 2.6  Persons Deemed Owners......................................................................     9
         Section 2.7  Cancellation and Destruction of Surrendered Certificates...................................     9
         Section 2.8  Book-Entry.................................................................................     9
         Section 2.9  Action or Consent of Holders...............................................................    11
         Section 2.10 Transfer of Certificates Held by DTC to Successor Depository...............................    12
         Section 2.11 Temporary Certificates.....................................................................    13
ARTICLE III CERTAIN OBLIGATIONS OF HOLDERS OF CERTIFICATES; DEPOSITOR'S WARRANTIES...............................    13
         Section 3.1  Filing Proofs, Certificates and Other Information..........................................    13
         Section 3.2  Payment of Taxes or Other Governmental Charges.............................................    13
         Section 3.3  Depositor's Warranties.....................................................................    14
ARTICLE IV PAYMENT OF INTEREST AND PRINCIPAL; CUSTODY OF PROCEEDS OF INTEREST AND PRINCIPAL PAYMENTS.............    14
         Section 4.1  Payment of Interest; Payment of Principal; Mandatory Exchange of Callable Principal
                 Certificates and Callable Stripped Underlying Security Certificates.............................    14
         Section 4.2  Segregation of Moneys Received from Issuers in Respect of Underlying Securities............    17
         Section 4.3  Paying Agent...............................................................................    17
ARTICLE V THE TRUSTEE AND THE DEPOSITOR..........................................................................    17
         Section 5.1  Eligibility of Trustee; Disqualification...................................................    17
         Section 5.2  Trustee's Duties on Default; No Liability of the Trustee or the Depositor on the Underlying
                 Securities......................................................................................    17
         Section 5.3  Collection of Indebtedness and Suits for Enforcement by Trustee; Distribution of Amounts
                 Received in Respect of Defaulted Underlying Securities..........................................    18
         Section 5.4  Control by Holders.........................................................................    20
         Section 5.5  Waiver of Past Defaults....................................................................    20
         Section 5.6  Maintenance of Offices and Agencies by the Trustee.........................................    20
         Section 5.7  Prevention of or Delay in Performance by the Trustee or the Depositor......................    20
         Section 5.8  Liability of the Trustee and the Depositor.................................................    20
         Section 5.9  Obligation of the Depositor................................................................    23
         Section 5.10 Preferential Collection of Claims Against Depositor........................................    26
         Section 5.11 Resignation and Removal of the Trustee; Appointment of Successor Trustee...................    26
         Section 5.12 Indemnification by the Depositor...........................................................    27
</TABLE>

                                     B-iv
<PAGE>

<TABLE>
<S>                                                                                                                  <C>
         Section 5.13 Undertaking for Costs.....................................................................     29
         Section 5.14 Charges and Expenses......................................................................     29
         Section 5.15 Trustee Reports...........................................................................     29
ARTICLE VI  HOLDERS' LISTS AND REPORTS..........................................................................     30
         Section 6.1  Depositor to Furnish Names and Addresses of Holders to Trustee............................     30
         Section 6.2  Preservation of Information, Communications to Holders....................................     30
         Section 6.3  Reports by Trustee........................................................................     30
ARTICLE VII AMENDMENT AND TERMINATION...........................................................................     31
         Section 7.1  Amendment.................................................................................     31
         Section 7.2  Termination...............................................................................     32
ARTICLE VIII REDEMPTION OF CERTIFICATES.........................................................................     32
         Section 8.1  Redemption................................................................................     32
         Section 8.2  Notice of Redemption......................................................................     33
ARTICLE IX  MISCELLANEOUS.......................................................................................     33
         Section 9.1  Exclusive Benefit of Parties and Holders of Certificates; Effective Date..................     33
         Section 9.2  Invalidity of Provisions..................................................................     33
         Section 9.3  Conflict with Trust Indenture Act.........................................................     33
         Section 9.4  Notices...................................................................................     34
         Section 9.5  Governing Law; Forum......................................................................     34
         Section 9.6  Headings..................................................................................     34
         Section 9.7  Covenant of Depositor and Trustee Not to Place Trust in Bankruptcy........................     34
         Section 9.8  Trust Not to Merge........................................................................     34
         Section 9.9  Incurrence of Indebtedness................................................................     35
</TABLE>

                                      B-v
<PAGE>

            STANDARD TERMS AND PROVISIONS OF SERIES TRUST AGREEMENT
            -------------------------------------------------------

         This document constitutes Standard Terms and Provisions of Series Trust
Agreement which are to be incorporated by reference in, and attached as Exhibit
B to, one or more series trust deposit agreements (each, a "Series Trust
Agreement") by and among National Financial Securities Corporation, as
Depositor, and the trustee designated therein, as Trustee.

         Each Series Trust Agreement will create a trust under the laws of the
State of New York to hold securities (the "Underlying Securities") and all
distributions thereon and will provide for the creation, execution and delivery
of trust certificates (the "Certificates").

         These Standard Terms shall be of no force and effect unless and until
incorporated by reference into a Series Trust Agreement.

         The following terms and provisions shall govern the Certificates
subject to contrary or additional terms and provisions expressly set forth in a
Series Trust Agreement, which contrary or additional terms and provisions of the
Series Trust Agreement shall control.

                             ARTICLE I DEFINITIONS

Section 1.1   Certain Definitions.
              -------------------

         All capitalized terms used herein shall have the meaning set forth in
this Section 1.01 unless the context otherwise requires:

         The term "Accreted Value" shall mean, for any Coupon Certificate,
                   --------------
Principal Certificate, Callable Principal Certificate or Stripped Coupon
Certificate, (a) the original issue price for such Certificate as set forth in
Exhibit A to the Series Trust Agreement, plus (b) an amount equal to an
investment return thereon accrued to the date of determination calculated based
on a semiannual compounding rate, on the basis of a 360 day year composed of
twelve 30-day months, equal to the original yield to maturity on the Closing
Date on such Certificate as set forth in Exhibit A to the Series Trust
Agreement. With respect to the allocation of proceeds of the Underlying
Securities received in connection with a payment default on the Underlying
Securities, the relevant determination date shall be the Petition Date. With
respect to the determination of Accreted Value in connection with a vote
relating to the Underlying Securities, the relevant determination date shall be
a date determined by the Trustee, which date shall be within fifteen Business
Days of the date the Trustee casts its votes as provided herein.

         The term "Agreement" shall mean the trust deposit agreement consisting
                   ---------
of the Series Trust Agreement into which is incorporated by reference the
Standard Terms, including all exhibits, schedules, appendices, supplements and
amendments to each.

         The term "Authorized Denominations" for each class of Certificates
                   ------------------------
shall mean the dollar amount, and greater multiples thereof (or of such other
dollar amount specified in the Series Trust Agreement), set forth in the Series
Trust Agreement.
<PAGE>

         The term "Authorized Officer" shall mean any officer of the Depositor
                   ------------------
who is authorized to act for the Depositor in matters relating to the Depositor.

         The term "Available Information Event" shall mean that the Issuer has
                   ---------------------------
suspended its Exchange Act reporting requirements at a time when the Exchange
Act reporting requirements with respect to the Certificates have not been
suspended or terminated.

         The term "Beneficial Owner" shall mean any purchaser of Certificates
                   ----------------
which are held through a Direct or Indirect DTC Participant, as such terms are
used in the rules and regulations of DTC.

         The term "Book-Entry Credit" shall mean the evidence of the deposit by
                   -----------------
the Trustee of one or more Underlying Securities in a separate account of the
Trustee, as Trustee under this Agreement, identified in the Series Trust
Agreement.

         The term "Business Day" shall mean a day which is not a day when
                   ------------
banking institutions or trust companies in New York City are authorized or
obligated by law, regulation or executive order to remain closed.

         The term "Callable Principal" shall mean the right to receive (i) the
                   ------------------
payment, whether upon stated maturity or upon earlier redemption, of the
Principal and redemption premium, if any, of Underlying Securities which are
redeemable at the option of the Issuer thereof prior to stated maturity, and
(ii) the Interest relating to such Underlying Securities with respect to
Interest Payment Dates after the First Call Date for such Underlying Securities,
in each case subject to Section 5.03(b) hereof.

         The term "Certificate" shall mean a certificate of a class of
                   -----------
certificates to be issued under this Agreement, which classes are specified in
the Series Trust Agreement for the series. Such classes may consist of:

         (i)   Coupon Certificates, which entitle the Holders thereof, in the
         aggregate, to the Interest payable on a single Interest Payment Date on
         or before the First Call Date for the Underlying Securities, or the
         stated maturity date in the case of Underlying Securities not
         redeemable (otherwise than in connection with a default or
         acceleration) at the option of the Issuer thereof prior to stated
         maturity:

         (ii)  Principal Certificates, which entitle the Holders thereof, in the
         aggregate, to Principal, payable at the stated maturity of the
         Underlying Securities, of Underlying Securities which are not
         redeemable (otherwise than in connection with a default or
         acceleration) at the option of the Issuer thereof prior to stated
         maturity.

         (iii) Callable Principal Certificates, which entitle the Holders
         thereof, in the aggregate, to the Callable Principal relating to the
         Underlying Securities.

         (iv)  Stripped Coupon Certificates, which entitle the Holders thereof,
         in the aggregate, to a specified portion (less than 100%) of the
         Interest payable on a single Interest Payment Date on or before the
         First Call Date for the Underlying Securities, or the stated maturity
         date in

                                      B-2
<PAGE>

         the case of Underlying Securities not redeemable (otherwise than in
         connection with a default or acceleration) at the option of the Issuer
         thereof prior to stated maturity.

         (v)   Stripped Underlying Security Certificates, which entitle the
         Holders thereof, in the aggregate, to Principal, payable at the stated
         maturity of the Underlying Securities, of Underlying Securities which
         are not redeemable (otherwise than in connection with a default or
         acceleration) at the option of the Issuer thereof prior to stated
         maturity, and to a specified portion (less than 100%) of Interest due
         on the Underlying Securities on each Interest Payment Date on or prior
         to the First Call Date.

         (vi)  Callable Stripped Underlying Security Certificates, which entitle
         the Holders thereof, in the aggregate, to the Callable Principal
         relating to the Underlying Securities, and to a specified portion (less
         than 100%) of Interest due on the Underlying Securities on each
         Interest Payment Date on or prior to the First Call Date.

         (vii) Pooled Certificates, which entitle the Holders thereof to all the
         interest payments on the Underlying Securities, all the principal
         payments on the Underlying Securities and any related premium payable
         upon early redemption of the Underlying Securities less any Retained
         Amount; provided, that any designation of classes of Certificates made
         in the Series Trust Agreement shall consist of only one of the
         following options, designated by letters (a) - (e): (a) Coupon
         Certificates and Principal Certificates, (b) Coupon Certificates and
         Callable Principal Certificates, (c) Stripped Coupon Certificates and
         Stripped Underlying Security Certificates, (d) Stripped Coupon
         Certificates and Callable Stripped Underlying Security Certificates, or
         (e) Pooled Certificates.

         The term "Certificate Register" shall have the meaning specified in
                   --------------------
Section 2.03 hereof.

         The term "Closing Date" shall mean the date set forth and designated as
                   ------------
such in the Series Trust Agreement.

         The term "Commission" shall mean the Securities and Exchange
                   ----------
Commission.

         The term "Corporate Trust Office" shall mean the principal office of
                   ----------------------
the Trustee as identified in the Series Trust Agreement.

         The term "Depositor" shall mean National Financial Securities
                   ---------
Corporation, a Delaware corporation, and any successor as Depositor hereunder.

         The term "Designated Office in New York City," when used with respect
                   ----------------------------------
to the Trustee, shall mean an office maintained in accordance with Section 5.06
hereof and designated by the Trustee.

         The term "DTC" shall mean The Depository Trust Company, a clearing
                   ---
agency registered with the Commission, its successor or successors, and its
nominee or nominees.

         The term "Exchange Act" shall mean the Securities Exchange Act of 1934,
                   ------------
as amended.

                                      B-3
<PAGE>

         The term "First Call Date" shall mean, for any Underlying Security, the
                   ---------------
first date such Underlying Security can be redeemed at the option of the Issuer
thereof, which date shall be specified in the Series Trust Agreement.

         The term "Holder" shall mean a Person in whose name a Certificate is
                   ------
registered in the Certificate Register.

         The term "Independent Certificate" shall mean a certificate of a
                   -----------------------
non-affiliated accountant, engineer, appraiser or other expert, as required by
the TIA.

         The term "Indenture Trustee" shall mean the trustee or other fiduciary
                   -----------------
for the Underlying Securities.

         The term "Interest" shall mean the right to receive the interest
                   --------
payable on the Underlying Securities on each Interest Payment Date, subject to
Section 5.03(b) hereof.

         The term "Interest Payment Dates" shall mean the dates on which
                   ----------------------
interest payments are due on the Underlying Securities as specified in the
Series Trust Agreement.

         The term "Issuer" shall mean the issuer of the Underlying Securities
                   ------
described in Exhibit A to the Series Trust Agreement.

         The term "Issuer Payment Default" shall have the meaning specified in
                   ----------------------
Section 5.03 hereof.

         The term "Letter of Representations" shall mean the letter of
                   -------------------------
representations from the Depositor and the Trustee to DTC with respect to the
Certificates held at DTC.

         The term "Officer's Certificate of the Depositor" shall mean a
                   --------------------------------------
certificate signed by any Authorized Officer of the Depositor and delivered to
the Trustee. Unless otherwise specified, any reference in this Agreement to an
Officer's Certificate of the Depositor shall be to an Officer's Certificate of
any Authorized Officer of the Depositor.

         The term "Officer's Certificate of the Trustee" shall mean the
                   ------------------------------------
certificate of the Trustee in the form attached as Exhibit D to the Series Trust
Agreement.

         The term "Opinion of Counsel" shall mean one or more written opinions
                   ------------------
of counsel who may, except as otherwise expressly provided in this Agreement, be
employees of or counsel to the Depositor and who shall be satisfactory to the
Trustee, and which opinion or opinions shall be addressed to the Trustee as
Trustee, shall comply with any applicable requirements of this Agreement, and
shall be in form and substance satisfactory to the Trustee.

         The term "Outstanding Certificates" shall mean, as of the date of
                   ------------------------
determination, all Certificates theretofore authenticated and delivered under
this Agreement except:

         (i)    Certificates theretofore canceled by the Certificate registrar
         or delivered to the Certificate registrar for cancellation;

                                      B-4
<PAGE>

         (ii)   Certificates or portions thereof for which money in the
         necessary amount for payment thereof has been theretofore deposited
         with the Trustee or any Paying Agent in trust for the Holders of such
         Certificates (provided, however, that if such Certificates are to be
         redeemed, notice of such redemption has been duly given pursuant to
         this Agreement or provision therefor, satisfactory to the Trustee, has
         been made); and

         (iii)  Certificates in exchange for which or in lieu of which other
         Certificates have been authenticated and delivered pursuant to this
         Agreement, unless proof satisfactory to the Trustee is presented that
         any such Certificates are held by a bona fide purchaser;

provided that in determining whether the Holders have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, Certificates
owned by the Depositor, the Trustee or any Affiliate of any of the foregoing
Persons shall be disregarded and for purposes of determining the requisite
amount of Outstanding Certificates shall be deemed not to be Outstanding
Certificates, except that, in determining whether the Trustee shall be protected
in relying upon any such request, demand, authorization, direction, notice,
consent or waiver, only Certificates that the Trustee knows to be so owned shall
be so disregarded.

         The term "Participant" means an entity maintaining a custodial account
                   -----------
in its own name with DTC.

         The term "Paying Agent" shall mean the Trustee or any other Person that
                   ------------
meets the eligibility standards for the Trustee specified in Section 5.01 and is
authorized to make payments of Principal or Interest on behalf of the Trustee.

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

         The term "Petition Date" shall mean (i) the date on which a bankruptcy
                   -------------
petition is filed by or against the Issuer of the Underlying Securities or (ii)
the date of commencement of any other similar proceeding, as applicable.

         The term "Principal" shall mean the right to receive the principal due
                   ---------
on the Underlying Securities, subject to Section 5.03(b) hereof.

         The term "Proceeding" shall mean any suit in equity, action at law or
                   ----------
other judicial or administrative proceeding.

         The term "Rating Agency" shall mean each rating agency which is
                   -------------
identified in Exhibit A to the Series Trust Agreement.

         The term "Redemption Date" shall mean, with respect to any Underlying
                   ---------------
Securities to be redeemed, the date fixed by the Issuer thereof for such
redemption.

         The term "Responsible Officer" shall mean, with respect to the Trustee,
                   -------------------
any officer within the Corporate Trust Office of the Trustee, including any
Senior Vice President, Vice President, Assistant Vice President, Secretary,
Assistant Secretary, or any other officer of the Trustee

                                      B-5
<PAGE>

customarily performing functions similar to those performed by any of the above-
designated officers and also, with respect to a particular matter, any other
officer to whom such matter is referred because of such officer's knowledge of
and familiarity with the particular subject.

         The term "Retained Amount" shall mean the amount, if any, described in
                   ---------------
Exhibit A to the Series Trust Agreement, which amount shall be held by the
Trustee in trust for the benefit of the Depositor and shall be paid by the
Trustee to the Depositor in accordance with Section 4.01 hereof.

         The term "Series" shall mean any series of Certificates identified in a
                   ------
Series Trust Agreement.

         The term "Series Trust Agreement" shall mean the particular series
                   ----------------------
trust deposit agreement between the Depositor and the Trustee into which these
Standard Terms have been incorporated.

         The term "Standard Terms" shall mean this Standard Terms and Provisions
                   --------------
of Series Trust Agreement between National Financial Securities Corporation, as
Depositor, and the Trustee.

         The term "TIA" shall mean the Trust Indenture Act of 1939, as amended.
                   ---

         The term "Trust" shall mean the trust established by this Agreement for
                   -----
the benefit of the Holders of the Certificates under the laws of the State of
New York.

         The term "Trustee" shall mean the institution acting as trustee with
                   -------
whom the Depositor has entered into the Series Trust Agreement.

         The term "Underlying Security" shall mean, with respect to the issuance
                   -------------------
of Certificates hereunder, the Underlying Securities specified in the Series
Trust Agreement relating to such Certificates in the aggregate principal amount
so specified.

         The term "Voting Rights" shall mean voting rights on the Certificates
                   -------------
apportioned as required by Section 2.09 hereof.

     ARTICLE II CREATION OF TRUST; DELIVERY AND CUSTODY OF BONDS; FORM OF
CERTIFICATES; EXECUTION AND DELIVERY, SURRENDER AND REDEMPTION OF CERTIFICATES

Section 2.1   Creation of Trust; Delivery and Custody of Underlying Securities;
              -----------------------------------------------------------------
Execution.
---------

         The Trust shall be established by the Depositor by execution and
delivery of the Series Trust Agreement and the deposit of the Underlying
Securities pursuant thereto. The sole asset of the Trust shall be the Underlying
Securities deposited by the Depositor and any other related property specified
in the Series Trust Agreement. The Certificates shall evidence fractional
interests in designated portions of the assets of the Trust. The income received
by, and the assets of, the Trust shall be distributed solely in accordance with
this Agreement. The Depositor shall, by book-entry credit or otherwise,
irrevocably deliver the Underlying Securities to the Trustee and, concurrently
therewith, the Trustee shall, in accordance with the provisions of this
Agreement, execute and deliver to the Depositor, or such Person or Persons as
the Depositor may designate by written

                                      B-6
<PAGE>

instruction, the classes of Certificates identified in the Series Trust
Agreement, evidencing the aggregate amount, in Authorized Denominations, of the
Underlying Securities so delivered to the Trustee. The Depositor shall also, in
connection with the Series Trust Agreement, enter into a separate agreement with
the Trustee, satisfactory to the Trustee, providing for the payment of the
charges and expenses of the Trustee in respect of such Certificates.

         The Trustee shall accept the Underlying Securities so delivered as
trustee for the Holders of the Certificates, which shall be delivered hereunder
to evidence the interests of the Holders in the Underlying Securities, and shall
hold the Underlying Securities as provided hereunder. The Underlying Securities
shall be deposited by Book-Entry Credit in an account maintained on behalf of
the Trustee at DTC, unless the Series Trust Agreement specifies that the Trustee
shall hold the Underlying Securities (i) in a special trust account created by
separate recordation on its books, separate from all other assets of the
Trustee, or (ii) in some other manner. Separate subaccounts of any such special
trust account shall be established for each series of Certificates.

         The Trustee shall hold all the Underlying Securities delivered to it
pursuant to this Agreement in trust for the Holders, identified and held
separate and apart from the general assets of the Trustee. The account of the
Trustee in which the Underlying Securities are held shall not contain any
property of the Trustee in its individual capacity and shall contain only
property held by the Trustee as fiduciary. The Trustee agrees that it does not
have the authority to assign, transfer, encumber, pledge, sell, set-off or
otherwise dispose of any of the Underlying Securities or any interests therein
except as provided hereunder or as required by law.

         The Trustee acknowledges that it is not the beneficial owner of the
Underlying Securities and that it holds the Underlying Securities solely as
trustee for the Holders pursuant to this Agreement. Interest and principal
payments on the Underlying Securities held in the trust account will not be
subject to any right, charge, security interest, lien or claim of any kind in
favor of the Trustee, the Depositor or any Person claiming through either of
them.

         The representations and covenants contained in the Officer's
Certificate of the Trustee delivered in connection with the issuance of the
Certificates shall be deemed to be incorporated by reference herein, as fully as
if set forth in full herein.

         A reasonable time prior to the delivery of Underlying Securities to the
Trustee, the Depositor shall furnish the Trustee with written instructions as to
the name in which the Certificates evidencing interests in such Underlying
Securities shall initially be registered, the denominations in which such
Certificates shall initially be delivered, the Persons and addresses to whom
such Certificates are to be delivered and such other information as may be
requested by the Trustee in connection with the execution and delivery of such
Certificates. Each class of Certificates shall evidence the ownership by the
Holders thereof of Interest, Principal, or Callable Principal (or portions
thereof), as the case may be, on the Underlying Securities, less any Retained
Amount, to the extent required by the terms of such class of Certificates.

         Underlying certificates which are not held by book-entry credit at an
account maintained on behalf of the Trustee at DTC shall be held by the Trustee
at its Designated Office in New York City or at such other place or places as
the Trustee shall determine.

                                      B-7
<PAGE>

Section 2.2   Form of Certificates.
              --------------------

         Certificates shall be issued in registered form only and shall be
typewritten or printed on safety paper. The classes of Certificates to be issued
hereunder shall be identified in the Series Trust Agreement and shall be
substantially in the forms set forth in Exhibit C thereto, in each case with
appropriate insertions, modifications and omissions, as therein and herein so
provided. Certificates shall be executed by the Trustee by the manual signature
of a duly authorized signatory of the Trustee. No Certificate shall be entitled
to any benefits under this Agreement or be valid or obligatory for any purpose,
unless it shall have been executed manually by the Trustee by the signature of a
duly authorized signatory. The Trustee shall record in the Certificate Register
each Certificate so signed and delivered as herein provided.

         The Authorized Denominations for each class of Certificates shall be
the dollar amount, and greater multiples thereof (or of such other dollar amount
specified in the Series Trust Agreement), set forth in the Series Trust
Agreement.

         Certificates may be endorsed with or have incorporated in the text
thereof such legends or recitals not inconsistent with the provisions of this
Agreement as may be required by the Trustee or required to comply with any
applicable law or any regulation thereunder.

Section 2.3   Registration and Registration of Transfer and Exchange of
              ---------------------------------------------------------
Certificates.
------------

         The Trustee shall keep at its Designated Office in New York City a
register (the register maintained in such office being herein sometimes referred
to as the "Certificate Register") in which, subject to such reasonable
regulations as it may prescribe, the Trustee shall provide for the registration
of Certificates and for the registration of transfers or exchanges of
Certificates.

         Upon surrender for registration of transfer of any Certificate at the
Trustee's Designated Office in New York City, the Trustee shall execute and
deliver, in the name of the designated transferee or transferees, one or more
Certificates of the same class and series, of any Authorized Denominations and
of a like aggregate amount.

         At the option of the Holder, Certificates may be exchanged for other
Certificates of the same class and series, of any Authorized Denominations and
of a like aggregate amount, upon surrender of the Certificates to be exchanged
at the Trustee's Designated Office in New York City. Whenever any Certificates
are so surrendered for exchange, the Trustee shall execute and deliver the
Certificates which the Holder making the exchange is entitled to receive.

         All Certificates issued upon any registration of transfer or exchange
of Certificates shall evidence, to the extent indicated thereby, Interest,
Principal and/or Callable Principal (or portions thereof), as the case may be,
of Underlying Securities held by the Trustee hereunder and shall be entitled to
the same benefits under this Agreement as the Certificates surrendered upon such
registration of transfer or exchange.

         Every Certificate presented for registration of transfer or for
exchange shall (if so required by the Trustee) be duly endorsed by, or be
accompanied by a written instrument of transfer in form satisfactory to the
Trustee and duly executed by, the Holder thereof or such Holder's attorney duly
authorized in writing.

                                      B-8
<PAGE>

Section 2.4    Limitations on Execution and Delivery, Surrender and Registration
               -----------------------------------------------------------------
of Transfer and Exchange of Certificates.
----------------------------------------

     As a condition precedent to the execution and delivery, surrender or
registration of transfer or exchange of any Certificate, the Trustee may require
payment, by the Holder requesting such action, of the then applicable service
charge of the Trustee and of a sum sufficient for reimbursement of any tax or
other governmental charge with respect thereto, may require the production of
proof reasonably satisfactory to it as to the Holder's residence and identity
and genuineness of any signature, may require the Holder to execute certificates
and to make such representations and assurances as the Trustee may reasonably
deem necessary or proper, and may also require compliance with such regulations,
if any, as the Trustee may reasonably establish consistent with the provisions
of this Agreement.

     The surrender or registration of transfer or exchange of Certificates may
be suspended if any such suspension is deemed necessary or advisable by the
Trustee at any time or from time to time because of any requirement of law or of
any government or governmental body or commission, or under any provision of
this Agreement, or for any other reason which makes such surrender or
registration of transfer or exchange impracticable.

Section 2.5    Mutilated, Destroyed, Lost or Stolen Certificates.
               -------------------------------------------------

     In case any Certificate shall be mutilated, the Trustee in its discretion
may execute and deliver a Certificate of the same series, of like form and
tenor, and in the same denomination and bearing a number not contemporaneously
outstanding, in exchange and substitution for such mutilated Certificate. In
case any Certificate shall be destroyed, lost or stolen, the Trustee may execute
and deliver a Certificate of the same series, of like form and tenor, and in the
same denomination and bearing a number not contemporaneously outstanding, in
lieu of and in substitution for such destroyed, lost or stolen Certificate, only
upon (i) the filing by the Holder thereof with the Trustee of evidence
satisfactory to the Trustee of the destruction, loss or theft of such
Certificate and of the authenticity of such Holder's ownership thereof, and (ii)
the furnishing to the Trustee of reasonable indemnification satisfactory to it.
All expenses and charges associated with such indemnity and with the
preparation, execution and delivery of a new Certificate shall be borne by the
Holder of the Certificate mutilated, destroyed, lost or stolen.

Section 2.6    Persons Deemed Owners.
               ---------------------

     Prior to due presentment of a Certificate for registration of transfer, the
Trustee and any agent of the Trustee may treat the Person in whose name such
Certificate is registered as the owner of such Certificate for the purpose of
receiving payment of such Certificate and for all other purposes whatsoever,
whether or not such Certificate be overdue, and neither the Trustee nor any
agent of the Trustee shall be affected by notice to the contrary.

Section 2.7    Cancellation and Destruction of Surrendered Certificates.
               --------------------------------------------------------

     All Certificates surrendered to the Trustee shall be canceled by the
Trustee. The Trustee is authorized to destroy such Certificates so canceled.

Section 2.8    Book-Entry.
               ----------

                                      B-9
<PAGE>

     (i)     At the election of the Depositor, the Series Trust Agreement may
     provide that (1) all Certificates of a series are to be held in DTC's book-
     entry only system, (2) all Certificates of a series are to be issued in
     definitive physical form, or (3) the Certificates (or any part thereof) are
     to be issued or held in such other form as is specified in the Series Trust
     Agreement.

     (ii)    Notwithstanding Section 4.01 hereof, when the registered Holder of
     any or all of the Certificates is DTC, such Certificates shall be
     registered in the name of Cede & Co., as nominee for DTC, and payment in
     respect of any Interest, Principal or Callable Principal represented by any
     Certificate shall be made on or after the corresponding Interest Payment
     Dates, in the case of the payment of Interest, and on or after the
     corresponding stated maturity date, in the case of the payment of
     Principal, in each case after the Trustee shall have received the amounts
     due from the Issuer of the Underlying Securities, by credit of same day
     funds to the account indicated for Cede & Co. in the Certificate Register.
     Payments received by the Trustee on or prior to 2:00 p.m., New York City
     time, shall be credited to DTC that same day and payments received after
     such time shall be credited the following Business Day. Notwithstanding any
     other provisions in this Agreement, the right of the Holder of any
     Certificate to receive any of the payments described above in this Section
     2.08 (ii), and to institute suit for the enforcement of any such payment on
     or after the date such payment is payable, shall not be impaired without
     the consent of such Holder.

     (iii)   Certificates of which Cede & Co. shall be the Holder shall be
     initially issued in the form of one or more separate single Certificates
     for each separate class of Certificates identified in the Series Trust
     Agreement to be issued hereunder, aggregating in each case to the amount of
     each separate stated maturity of the Certificates, or in such other manner
     as is required by DTC. Upon initial issuance, the ownership of each such
     Certificate shall be registered in the Certificate Register in the name of
     Cede & Co., as nominee for DTC. The Depositor and the Trustee may treat DTC
     (or its nominee) as the sole and exclusive owner of each Certificate
     registered in its name for the purposes of payment of Interest, Principal
     and/or Callable Principal represented thereby, giving any notice permitted
     or required to be given to Holders under this Agreement, registering the
     transfer of such Certificate, obtaining any consent or other action to be
     taken by Holders and for all other purposes whatsoever, and neither the
     Depositor nor the Trustee shall be affected by any notice to the contrary.
     Neither the Depositor nor the Trustee shall have any responsibility or
     obligation to any Participant, any Person claiming a beneficial ownership
     interest in such Certificate under or through DTC or any Participant or any
     other Person that is not shown on the Certificate Register as being a
     Holder of such Certificate, with respect to the accuracy of any records
     maintained by DTC or any Participant; the payment by DTC or any Participant
     of any amount in respect of Principal, Interest and/or Callable Principal
     represented by such Certificate; any notice (or the timeliness thereof)
     that is permitted or required to be given to Holders of such Certificate
     under this Agreement; or any consent given or other action taken by DTC as
     the Holder of such Certificate. Upon delivery by DTC to the Trustee of
     written notice to the effect that DTC has determined to substitute a new
     nominee in place of Cede & Co., and subject to the provisions of section
     2.03 hereof limiting the obligations of the Trustee to register transfers
     of or to exchange Certificates, the words "Cede & Co." in this Agreement
     shall refer to such new nominee of DTC.

                                     B-10
<PAGE>

     (iv)    DTC may determine to discontinue providing its services with
     respect to Certificates at any time by giving 90 days prior written notice
     to the Depositor and the Trustee and discharging its responsibilities with
     respect thereto under applicable law. Following receipt of such notice from
     DTC, the Trustee shall promptly notify the Rating Agency. In connection
     therewith, the Trustee and the Depositor will cooperate with DTC in taking
     appropriate action after reasonable notice (a) to make available one or
     more separate physical certificates evidencing the Certificates to any
     Participant having Certificates credited to its DTC account or (b) to
     arrange for another securities depository to maintain custody of physical
     certificates evidencing such Certificates. Upon (1) the resignation of DTC
     from its functions as depository in accordance herewith, provided that the
     Depositor is unable to arrange for another securities depository to act as
     successor to DTC, (2) the election by the Depositor to terminate book-entry
     registration of the Certificates (which election shall only be made if the
     Depositor determines that such election will not adversely affect the
     Holders), (3) the delivery of written notice to the Trustee through DTC,
     from Holders of Outstanding Certificates representing at least a majority
     of the Voting Rights, that such Holders elect to terminate book-entry
     registration of the Certificates, (4) a default in payment of any Interest,
     Principal or Callable Principal due on the Underlying Securities, which
     default remains uncured for 10 days, and the election by the Trustee to
     terminate book-entry registration of the Certificates, or (5) the
     occurrence of an Available Information Event (provided that the financial
     statements and other information about the Issuer of the Underlying
     Securities referred to in Section 5.15 hereof are not thereafter available
     to the Trust), the Depositor shall notify DTC and, except in the case of
     item (4) above, the Trustee of such event, whereupon DTC is required under
     the Letter of Representations to notify the Participants of the
     availability through DTC of physical certificates evidencing the
     Certificates. In such event, DTC is required under the Letter of
     Representations to promptly deliver to the Trustee the physical
     certificates evidencing such Certificates, whereupon the Trustee at the
     expense of the Depositor shall deliver physical certificates evidencing the
     Certificates to any Participant having Certificates credited to its account
     at DTC and the provisions of this Agreement shall then apply irrespective
     of this Section 2.08.

     (v)     In connection with any notice or other communication to be provided
     to Holders pursuant to this Agreement by the Trustee with respect to any
     consent or other action to be taken by Holders, the Trustee shall establish
     a record date for such consent or other action and give DTC notice of such
     record date not less than 15 calendar days in advance of such record date
     to the extent possible. Such record date shall be the later of thirty (30)
     days prior to the first solicitation of such consent or other action or the
     date of the most recent list of Holders furnished to the Trustee pursuant
     to Section 6.01 hereof.

     (vi)    In the event that Underlying Securities are redeemed and
     Certificates are correspondingly redeemed and the Certificates are
     registered in the name of Cede & Co., as nominee for DTC, the Certificates
     shall be redeemed and terminated without action by the Holder thereof, all
     as provided in the Letter of Representations.

Section 2.9   Action or Consent of Holders.
              ----------------------------

     The Voting Rights on the Certificates shall be apportioned by the
Trustee among the Holders, as of the applicable record date as determined by the
Trustee pursuant to Section 2.08(v) hereof, of

                                     B-11
<PAGE>

the Outstanding Certificates in proportion to the Accreted Value or, with
respect to Stripped Underlying Security Certificates, Callable Stripped
Underlying Security Certificates and Pooled Certificates, the principal amount,
of each class of Certificates, and within each class, pro rata by aggregate
Accreted Value or principal amount, as applicable. In the event of any action or
consent requiring the vote of the owners of any Underlying Securities at any
time when the Certificates are held in the DTC book-entry form, the Trustee,
upon receipt of the Underlying Security proxy, shall notify DTC (in its capacity
as the Holder of the Certificates) of such action. Under current procedures the
Depositor expects that DTC will notify the Participants who will notify the
Beneficial Owners of the Certificates of such an event. Thereafter, the Trustee
shall vote solely in accordance with such proxies and shall apportion its voting
powers on the basis of the votes cast by the Holders, based upon the direction
the Holders have received from the Beneficial Owners. If the Certificates are
not then held by DTC or any other depository, the Trustee, upon receipt of the
Underlying Security proxy, shall notify the Holders directly of such action and
shall vote in the same manner as noted above. The Trustee shall cast its vote in
connection with the foregoing vote on the Underlying Securities in proportion to
the Voting Rights on the Certificates held by the Holders or groups of Holders
directing it, notwithstanding that such Holder or groups of Holders may give
contrary instructions or that such instructions may conflict.

     The Trustee shall at no time vote for or consent to any action (i) to the
extent that such vote or consent could reasonably be expected to alter the
status of the Trust as a grantor trust for federal income tax purposes, (ii)
prior to the filing of a bankruptcy petition by or against the Issuer of the
Underlying Securities or the commencement of any other similar proceeding, if
such action would alter the timing or amount of any payment on such Underlying
Securities or (iii) prior to the filing of a bankruptcy petition by or against
the Issuer of Underlying Securities, or the commencement of any other similar
proceeding, if such action would result in the exchange or substitution of any
of such outstanding Underlying Securities pursuant to a plan for the refunding
or refinancing of such Underlying Securities. In connection with any vote, the
Trustee may request, as a condition precedent to casting any vote, that it be
provided with an opinion of Counsel that the consent or action will not alter
the status of the Trust as a grantor trust for federal income tax purposes,
which Opinion of Counsel shall be an expense of the Holders voting in favor of
the proposed action. The Trustee in requesting such opinion shall inform the
Holders of the potential expense of the Opinion of Counsel.

     In no event shall the Depositor be allowed or entitled (other than in its
capacity as a Participant for a Beneficial Owner) to vote, directly or
indirectly, any Certificates.

     The Trustee shall also transmit to DTC or, if the Certificates are not then
held by DTC or any other depository, the Holders as provided in Section 9.04
hereof, any communications from the Issuer or from a third party (other than the
Issuer) to the Trustee as bondholder, upon receipt from such Issuer or third
party, respectively, of assurances that the Trustee's reasonable expenses will
be reimbursed by such Issuer or third party. If the Trustee does not receive
such assurances, then the Trustee, at the sole discretion of the Depositor and
at the expense of the Trust, shall transmit or cause to be transmitted any such
communications to DTC or, if the Certificates are not then held by DTC or any
other depository, the Holders as provided in Section 9.04 hereof.

Section 2.10   Transfer of Certificates Held by DTC to Successor Depository.
               ------------------------------------------------------------

                                     B-12
<PAGE>

(a)  If the Depositor elects to direct that the Trustee deliver Certificates
with respect to a particular Series Trust Agreement in the name of and to DTC,
as the depository hereunder, or its nominee, said Certificates may not
thereafter be transferred except:

     (i)    to any successor of DTC or its nominee;

     (ii)   to any substitute depository not objected to by the Trustee, upon
     (1) the resignation of DTC or its successor (or any substitute depository
     or its successor) from its functions as depository or (2) a determination
     by the Depositor that it is in the best interest of the Depositor (and will
     not adversely affect the Holders) or the Holders to remove DTC or its
     successor (or any substitute depository or its successor); or

     (iii)  as provided in Section 2.08(iv) hereof;

     provided, that any successor of DTC or substitute depository referred to
     above shall be a clearing agency registered with the Commission and shall
     otherwise be qualified under any applicable laws to provide the services
     proposed to be provided by it.

Section 2.11   Temporary Certificates.
               ----------------------

     The Certificates may be initially delivered in temporary form
exchangeable for definitive Certificates when ready for delivery, which
temporary Certificates shall be printed, lithographed or typewritten, shall be
of such denominations as may be determined by the Trustee, shall be in fully
registered form and shall contain such reference to any of the provisions hereof
as may be appropriate. Every temporary Certificate shall be executed and
delivered by the Trustee upon the same conditions and terms and in substantially
the same manner as definitive certificates. If temporary Certificates are
issued, the Trustee shall execute and deliver definitive Certificates without
delay, and in that case upon demand of the Holder of any temporary Certificates
such temporary Certificates shall be exchanged without cost to such Holder for
definitive Certificates at the office of the Trustee upon surrender of such
temporary Certificates, and until so exchanged such temporary Certificates shall
be entitled to the same benefit, protection and security hereunder as the
definitive Certificates executed and delivered hereunder. All temporary
Certificates surrendered pursuant to the provisions of this Section 2.11 shall
be canceled by the Trustee, shall not be redelivered and shall be disposed of
pursuant to Section 2.07.

          ARTICLE III CERTAIN OBLIGATIONS OF HOLDERS OF CERTIFICATES;
                            DEPOSITOR'S WARRANTIES

Section 3.1   Filing Proofs, Certificates and Other Information.
              -------------------------------------------------

     Any Holder presenting Certificates for surrender or registration of
transfer or exchange may be required to file such proof of residence, or other
matters or information, to execute such certificates and to make such
representations and warranties as the Trustee may reasonably deem necessary or
proper. The Trustee may withhold the delivery or delay the surrender of or
registration of transfer or exchange of any Certificate until such proof or
other information is filed, such certificates are executed or such
representations and warranties are made.

Section 3.2   Payment of Taxes or Other Governmental Charges.
              ----------------------------------------------

                                     B-13
<PAGE>

     If any tax or other governmental charge shall become payable by or on
behalf of the Trustee, including any tax or charge required to be withheld from
any payment made to or by the Trustee under the provisions of any applicable
law, with respect to any Certificate or with respect to the Interest, Principal
or Callable Principal (or portions thereof) evidenced by any Certificate, such
tax or governmental charge shall be payable by the Holder of such Certificate
and may be so withheld by the Trustee. The surrender of or registration of
transfer or exchange of any Certificate may be refused until such payment is
made.

Section 3.3   Depositor's Warranties.
              ----------------------

     In the case of each delivery of Underlying Securities to the Trustee, the
Depositor shall be deemed thereby to represent and warrant to the Trustee that
the Depositor is duly authorized to so deliver such Underlying Securities and
that immediately prior to the delivery thereof the Depositor owned such
Underlying Securities free and clear of any lien, pledge, encumbrance or other
security interest, and such delivery is irrevocable and free of any continuing
claim by the Depositor, except for the Retained Amount. The Depositor shall
further be deemed by such delivery to represent and warrant to the Trustee that
the prospectus and prospectus supplement prepared by the Depositor with respect
to the Certificates makes such disclosure with respect to the Underlying
Securities as is required by applicable federal and state securities laws. Such
representations and warranties shall survive the delivery of such Underlying
Securities and the Certificates in respect thereof.

     ARTICLE IV PAYMENT OF INTEREST AND PRINCIPAL; CUSTODY OF PROCEEDS OF
                        INTEREST AND PRINCIPAL PAYMENTS

Section 4.1  Payment of Interest; Payment of Principal; Mandatory Exchange of
             ----------------------------------------------------------------
Callable Principal Certificates and Callable Stripped Underlying Security
-------------------------------------------------------------------------
Certificates.
------------

     In the case of Underlying Securities held by the Trustee in certificate
form, the Trustee shall present the Underlying Securities to the Issuer,
Indenture Trustee or paying agent therefor, as applicable, for payment of
Interest on the Interest Payment Dates related thereto and all Principal at
stated maturity or upon the Redemption Date therefor, to the extent required
under the terms of such Underlying Securities to obtain payment thereon.

     With respect to any Coupon Certificate, on or after the Interest Payment
Date of the Interest evidenced thereby, if the Issuer shall have paid in full
and the Trustee shall have received the interest due on such Interest Payment
Date on the Underlying Securities, the Trustee shall pay to the Holder thereof
upon presentation and surrender of its Certificates, in lawful money of the
United States of America, by check no later than one Business Day after receipt
of funds by the Trustee, the entire amount of such Interest evidenced thereby,
less any taxes or governmental charges required to be withheld from such payment
by the Trustee.

     With respect to any Principal Certificate, on or after the stated maturity
date of the Principal evidenced thereby, if the Issuer shall have paid in full
and the Trustee shall have received the amount of such Principal upon maturity
of the underlying Underlying Security or Underlying Securities, the Trustee
shall pay to the Holder thereof upon presentation and surrender of its
Certificates, in lawful money of the United States of America, by check no later
than one Business Day after receipt of

                                     B-14
<PAGE>

funds by the Trustee, the entire amount of such Principal evidenced thereby,
less any taxes or governmental charges required to be withheld from such payment
by the Trustee.

     With respect to any Callable Principal Certificate, on or after the stated
maturity date, the redemption date or the Interest Payment Date, as applicable,
of the Callable Principal evidenced thereby, if the Issuer shall have paid and
the Trustee shall have received all or any part of the Callable Principal due
upon maturity or earlier redemption of the underlying Underlying Securities or
on any Interest Payment Date, the Trustee shall pay to the Holder thereof upon
presentation and surrender of its Certificates, in lawful money of the United
States of America, by check no later than one Business Day after receipt of
funds by the Trustee, the entire amount of such Callable Principal so paid and
received or, in the case of a Callable Principal Certificate redeemed in part,
the amount of such Principal so redeemed; in each case less any taxes or
governmental charges required to be withheld from such payment by the Trustee.

     Any Callable Principal Certificate which is not redeemed on the First Call
Date shall be terminated and deemed involuntarily surrendered by the Holder
thereof in exchange for a principal amount of the Underlying Securities
underlying such Callable Principal Certificate equal to the face amount of such
Callable Principal Certificate, whether or not such Holder has requested such
exchange. No action such Holder shall be required to effect such termination,
which shall be carried out by the Trustee pursuant to the terms of this
Agreement.

     With respect to any Stripped Coupon Certificate, on or after the
Interest Payment Date of the Interest evidenced thereby, if the Issuer shall
have paid in full and the Trustee shall have received the interest due on such
Interest Payment Date on the underlying Underlying Securities, the Trustee shall
pay to the Holder thereof upon presentation and surrender of its Certificates,
in lawful money of the United States of America, by check no later than one
Business Day after receipt of funds by the Trustee, the entire amount of such
Interest evidenced thereby, less any taxes or governmental charges required to
be withheld from such payment by the Trustee.

     With respect to any Stripped Underlying Security Certificate, on or after
the Interest Payment Date or stated maturity date, as applicable, of the
Interest or Principal evidenced thereby, if the Issuer shall have paid and the
Trustee shall have received the Interest evidenced thereby or all or any part of
the principal amount of the Principal evidenced thereby due upon maturity of the
underlying Underlying Securities, the Trustee shall pay to the Holder thereof
(i) with respect to each Interest Payment Date preceding the maturity date, as
of the applicable record date of the underlying Underlying Securities, and (ii)
with respect to the maturity date, upon presentation of its Certificates, in
lawful money of the United States of America, by check no later than one
Business Day after receipt of funds by the Trustee (in the case of clause (i)
above, sent by first-class mail to the address of the Holder set forth in the
Certificate Register), the entire amount of such Interest and/or Principal; in
each case less any taxes or governmental charges required to be withheld from
such payment by the Trustee.

     With respect to any Callable Stripped Underlying Security Certificate, on
or after the stated maturity date, the redemption date or the Interest Payment
Date, as applicable, of the Callable Principal evidenced thereby, if the Issuer
shall have paid and the Trustee shall have received the Interest or all or any
part of the Callable Principal evidenced thereby due upon maturity or earlier
redemption of the underlying Underlying Securities or on any Interest Payment
Date, the Trustee

                                     B-15
<PAGE>

shall pay to the Holder thereof (i) with respect to each Interest Payment Date
preceding the maturity date or redemption date, as applicable, as of the
applicable record date of the underlying Underlying Securities, and (ii) with
respect to the maturity date or redemption date, as applicable, upon
presentation of its Certificates, in lawful money of the United States of
America, by check no later than one Business Day after receipt of funds by the
Trustee (in the case of clause (i) above, sent by first-class mail to the
address of the Holder set forth in the Certificate Register), the entire amount
of such Holder's allocable portion of the Callable Principal so received or, in
the case of a Callable Stripped Underlying Security Certificate redeemed in
part, the amount so redeemed; in each case less any taxes or governmental
charges required to be withheld from such payment by the Trustee.

     Any Callable Stripped Underlying Security Certificate which is not redeemed
on the First Call Date shall be terminated and deemed involuntarily surrendered
by the Holder thereof in exchange for a principal amount of the Underlying
Securities underlying such Callable Stripped Underlying Security Certificate
equal to the face amount of such Callable Stripped Underlying Security
Certificate, whether or not such Holder has requested such exchange. No action
by such Holder shall be required to effect such termination, which shall be
carried out by the Trustee pursuant to the terms of this Agreement.

     With respect to any Pooled Certificate, on or after the stated maturity
date, the redemption date or the Interest Payment Date, as applicable, of the
Interest, Principal or Callable Principal evidenced thereby, if the Issuer shall
have paid and the Trustee shall have received Interest on any of the Underlying
Securities in the Trust evidenced thereby or all or any part of the Principal or
Callable Principal on any of the Underlying Securities in the Trust evidenced
thereby due upon maturity or earlier redemption of such Underlying Securities or
on any Interest Payment Date, the Trustee shall pay to the Holder thereof (i)
with respect to each Interest Payment Date preceding the maturity date or
redemption date, as applicable, as of the applicable record date of the
underlying Underlying Securities, and (ii) with respect to the maturity date or
redemption date, as applicable, upon presentation of its Certificates, in lawful
money of the United States of America, by check no later than one Business Day
after receipt of funds by the Trustee (in the case of clause (i) above, sent by
first-class mail to the address of the Holder set forth in the Certificate
Register), the entire amount of such Interest, Principal or Callable Principal
so paid and received, less any Retained Amount, or, in the case of a Certificate
redeemed in part, the amount of such Callable Principal so redeemed; in each
case less any taxes or governmental charges required to be withheld from such
payment by the Trustee.

     With respect to any payment of Interest, Principal or Callable Principal,
as applicable, that constitutes a Retained Amount, the Trustee shall remit such
Retained Amount to the Depositor, in immediately available funds, within one
Business Day of receipt by the Trustee from the Issuer.

     When making any payment to a Holder of a Certificate or, with respect to
any Retained Amount, to the Depositor, under this Agreement, the Trustee shall
round down such payment to the nearest whole cent.

     Notwithstanding any other provisions in this Agreement, the right of the
Holder of any Certificate to receive any of the payments described above in this
Section 4.01, and to institute suit for the enforcement of any such payment on
or after the date such payment is payable, shall not be impaired without the
consent of such Holder.

                                     B-16
<PAGE>

Section 4.2    Segregation of Moneys Received from Issuers in Respect of
               ---------------------------------------------------------
Underlying Securities.
---------------------

     All moneys received from the Issuers of Underlying Securities or otherwise
by the Trustee in respect of Underlying Securities evidenced by Certificates
issued hereunder shall be held by it without interest in a segregated trust
account (which account shall contain two subaccounts, one for interest payments
on the Underlying Securities and the second for principal and redemption premium
payments on the Underlying Securities) for each issue of Underlying Securities
held in trust until required to be disbursed in accordance with the provisions
of this Agreement or as otherwise required by law and such moneys shall be
segregated by separate recordation on the books and records of the Trustee.
Payments whose character as principal, redemption premium or interest on the
Underlying Securities cannot be determined shall be deposited in the subaccount
for principal until distributed pursuant to Section 5.03(b) hereof.

Section 4.3   Paying Agent.
              ------------

     Each Paying Agent other than the Trustee shall execute and deliver to the
Trustee an instrument in which such Paying Agent shall agree with the Trustee
(and if the Trustee acts as Paying Agent, it hereby so agrees), that such Paying
Agent shall:

     (i)  hold all sums held by it for the payment of amounts due with respect
     to the Underlying Securities in trust for the benefit of the Persons
     entitled thereto until such sums shall be paid to such Persons or otherwise
     disposed of as herein provided and pay such sums to such Persons as herein
     provided;

     (ii) give the Trustee notice of any default by the Issuer (or any other
     obligor upon the Underlying Securities) of which it has actual knowledge in
     the making of any payment required to be made with respect to the
     Certificates.

                    ARTICLE V THE TRUSTEE AND THE DEPOSITOR

Section 5.1   Eligibility of Trustee; Disqualification.
              ----------------------------------------

     The Trustee shall at all times satisfy the requirements of TIA Section
310(a). The Trustee shall have a combined capital and surplus of at least
$50,000,000 as set forth in its most recent published annual report of condition
and it shall have a long term unsecured debt or deposit rating of A-2 or better
by Moody's Investors Service, Inc. and A by Standard & Poor's Ratings Group or
the equivalent rating thereof by the Rating Agency (if other than Moody's
Investors Service, Inc., or Standard & Poor's Ratings Group). The Trustee shall
comply with TIA Section 310(b); provided, however, that there shall be excluded
from the operation of TIA Section 310(b)(1) any series trust deposit agreements
under which other securities are outstanding evidencing ownership interests in
bonds of the Issuer of the Underlying Securities if the requirements for such
exclusion set forth in TIA Section 310(b)(1) are met.

Section 5.2  Trustee's Duties on Default; No Liability of the Trustee or the
             ---------------------------------------------------------------
Depositor on the Underlying Securities.
--------------------------------------

                                     B-17
<PAGE>

     If an event of default on the Underlying Securities has occurred and is
continuing, the Trustee shall exercise the rights and powers vested in it by
this Agreement and use the same degree of care and skill in their exercise as a
prudent Person would exercise or use under the circumstances in the conduct of
such Person's own affairs.

     The Trustee shall have the legal power to exercise all of the rights,
powers and privileges of a holder of the Underlying Securities in which the
Certificates evidence an interest. However, neither the Trustee (except as
specifically provided in Section 5.03 or elsewhere herein or in the TIA) nor the
Depositor shall be under any obligation whatsoever to appear in, prosecute or
defend any action, suit or other proceeding in respect of Underlying Securities
or Certificates.

     The sole obligor with respect to any Underlying Security is the Issuer
thereof or any other entity obligated to make payments to or on behalf of the
Issuer thereof (or its trustee or other applicable fiduciary) with respect to
such Underlying Security. Neither the Trustee nor the Depositor shall have any
obligation on or with respect to the Underlying Securities except as provided in
this Article V with respect to the Trustee; and their respective obligations
with respect to Certificates shall be solely as set forth in this Agreement.

     If there is an event of default (as defined in the indenture or other
document pursuant to which the Underlying Securities were issued) with respect
to any Underlying Security and such default is known to the Trustee, the Trustee
shall promptly give notice to DTC or, if the Certificates are not then held by
DTC or any other depository, directly to Holders thereof as provided in Section
9.04 hereof (and in the manner and to the extent provided in TIA Section 313(c))
within 90 days after such event of default occurs. Such notice shall set forth
(a) the identity of the issue of Underlying Securities, (b) the date and nature
of such default, (c) the face amount of the Interest, Principal or Callable
Principal to which such default relates, (d) the identifying numbers of the
class of Certificates, or any combination, as the case may be, evidencing the
Interest, Principal or Callable Principal (or portions thereof) described above
in clause (c), and (e) any other information which the Trustee may deem
appropriate. Except in the case of a default in payment of Principal or Interest
(including payments pursuant to a redemption of any Certificate), the Trustee
may withhold the notice to Holders if and so long as a committee of its
Responsible Officers in good faith determines that withholding the notice is in
the interests of the Holders.

     Holders of Certificates shall have no recourse against the Depositor or the
Trustee for payment defaults on the Underlying Securities.

Section 5.3   Collection of Indebtedness and Suits for Enforcement by Trustee;
              ----------------------------------------------------------------
Distribution of Amounts Received in Respect of Defaulted Underlying Securities.
------------------------------------------------------------------------------

     (a)If:  (i) default is made in the payment of any installment of interest
     on any Underlying Security when the same becomes due and payable, and such
     default continues unremedied for the period specified in the indenture (as
     identified in Exhibit A to the Series Trust Agreement), or, if no such
     period is specified, five days, after receipt by the Issuer of notice
     thereof from the Trustee or receipt by the Issuer and the Trustee of notice
     thereof from the Holders of Outstanding Certificates representing at least
     25% of the Voting Rights; or (ii) default is made in the payment of the
     principal of or any installment of the principal of any Underlying Security
     when the same becomes due and payable, and such default continues

                                     B-18
<PAGE>

     unremedied for the period specified in the indenture (as identified in
     Exhibit A to the Series Trust Agreement), or, if no such period is
     specified, thirty (30) days, after receipt by the Issuer of notice thereof
     from the Trustee or receipt by the Issuer and the Trustee of notice thereof
     from the Holders of Outstanding Certificates representing at least 25% of
     the Voting Rights;

     and the Issuer shall, upon demand of the Trustee, fail to pay forthwith to
     the Trustee, for the benefit of the Holders, the whole amount then due and
     payable on such Underlying Securities for principal and interest, with
     interest upon the overdue principal, at the rate borne by the Underlying
     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 and its agents and counsel, to the extent permitted by law (such
     event, an "Issuer Payment Default"), then the Trustee, in its own name and
     as trustee of an express trust, subject to provision being made by the
     Holders for indemnification against costs, expenses and liabilities in a
     form satisfactory to the Trustee, shall institute a Proceeding for the
     collection of the sums so due and unpaid, and shall prosecute such
     Proceeding to judgment or final decree or settlement, and shall enforce the
     same against the Issuer or other obligor upon the Underlying Securities and
     collect in the manner provided by law out of the property of the Issuer or
     other obligor upon the Underlying Securities, wherever situated, the moneys
     adjudged or decreed to be payable, unless otherwise directed by Holders of
     Outstanding Certificates representing not less than a majority of the
     voting Rights. In connection therewith, the Trustee shall use its best
     reasonable efforts in accordance with such normal and customary procedures
     it shall deem necessary or advisable, and shall have the power and
     authority, acting alone, to do any and all things in connection therewith
     and the administration of the Trust as it may deem necessary or advisable.

     (b)  In the event that the Trustee receives money or other property in
     respect of the Underlying Securities (other than a scheduled interest
     payment with respect to an Interest Payment Date, the scheduled payment of
     principal on or with respect to the stated maturity date of the Underlying
     Securities, or the payment of principal and any redemption premium on or
     with respect to the earlier redemption of the Underlying Securities) as a
     result of a payment default on the Underlying Securities, or actual notice
     that such moneys or other property will be paid to the Trustee, the Trustee
     shall promptly give notice (as provided in Section 9.04 hereof) to DTC or,
     if the Certificates are not then held by DTC or any other depository,
     directly to the Holders of the Certificates then outstanding and unpaid.
     Such notice shall state that, not later than thirty (30) days after the
     receipt of such moneys or other property, the Trustee shall allocate and
     distribute such moneys or other property to the Holders of the Outstanding
     Certificates then unpaid, in proportion to the Accreted Value or, with
     respect to Stripped Underlying Security Certificates, Callable Stripped
     Underlying Security Certificates and Pooled Certificates, the principal
     amount, of each class of Outstanding Certificates, and within each class,
     pro rata by aggregate Accreted Value or principal amount, as applicable.
     Property received, other than cash, shall be liquidated by the Trustee in a
     commercially reasonable manner and the proceeds thereof, after deduction of
     all reasonable costs of such liquidation, distributed in cash, only to the
     extent necessary to avoid distribution of fractional securities. The
     Trustee shall not be responsible for the failure of any Person to maximize
     the price at which such property may be sold. No Person effecting a sale

                                     B-19
<PAGE>

     on behalf of the Trustee shall be liable therefor so long as such sale is
     effected in a commercially reasonable manner.

Section 5.4   Control by Holders.
              ------------------

     The Holders of Outstanding Certificates representing a majority of the
Voting Rights shall, subject to provision being made for indemnification against
costs, expenses and liabilities in a form satisfactory to the Trustee, have the
right to direct the time, method and place of conducting any Proceeding for any
remedy available to the Trustee with respect to any Issuer Payment Default;
provided, however, that:

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

     (ii)  subject to Sections 2.09 and 5.12, the Trustee need not take any
     action that it determines might cause it to incur any liability or might
     materially adversely affect the rights of any Holders not consenting to
     such action.

Section 5.5   Waiver of Past Defaults.
              ------------------------

     The Holders of Outstanding Certificates representing not less than a
majority of the Voting Rights may waive any past default and its consequences
except (i) an Issuer Payment Default or other default in the payment of
principal of or interest on any of the Certificates or (ii) a default in respect
of a covenant or provision hereof which cannot be modified or amended without
the consent of the Holder of each Certificate. In the case of any such waiver,
the Depositor, the Trustee and the Holders shall be restored to their former
positions and rights hereunder, respectively; but no such waiver shall extend to
any subsequent or other default or impair any right consequent thereto.

Section 5.6   Maintenance of Offices and Agencies by the Trustee.
              ---------------------------------------------------

     Until termination of this Agreement in accordance with its terms, the
Trustee shall maintain (a) facilities in the City of New York for the execution
and delivery, payment, surrender and registration of transfer and exchange of
Certificates, all in accordance with the provisions of this Agreement, and (b)
such other agents, if any, as the Trustee and the Depositor may agree from time
to time.

Section 5.7   Prevention of or Delay in Performance by the Trustee or the
              -----------------------------------------------------------
              Depositor.
              ----------

     Neither the Trustee nor the Depositor shall incur any liability to any
Holder of any Certificate, if by reason of any provision of any present or
future law, or regulation thereunder, of any governmental authority, or by any
reason of any act of God or war or other circumstance beyond the control of the
relevant party, the Trustee or the Depositor shall be prevented or forbidden
from doing or performing any act or thing which the terms of this Agreement
provide shall be done or performed; and neither the Trustee nor the Depositor
shall incur any liability to any Holder of a Certificate by reason of any non-
performance or delay, caused as aforesaid, in the performance of any act or
thing which the terms of this Agreement provide shall or may be done or
performed, or by reason of any exercise of, or failure to exercise, any
discretion provided for in this Agreement.

Section 5.8   Liability of the Trustee and the Depositor.
              -------------------------------------------
                                     B-20
<PAGE>

     (a)  Neither the Trustee nor the Depositor assumes any obligation or
shall be subject to any liability under this Agreement to Holders of
Certificates, other than liability for its own negligent action, its own
negligent failure to act or its own willful misconduct, in the performance of
such duties as are specifically set forth in this Agreement or the TIA; further
provided, that:

     (i)       the Trustee shall not be liable except for the performance of
     such duties as are specifically set out in this Agreement and no implied
     covenants or obligations shall be read into this Agreement against the
     Trustee;

     (ii)      the Trustee may conclusively rely, as to the truth of the
     statements and the correctness of the opinions expressed therein, in the
     absence of bad faith on the part of the Trustee, upon certificates or
     opinions conforming to the requirements of this Agreement (but the Trustee
     shall examine the evidence furnished to it pursuant to TIA Section 314 to
     determine whether or not such evidence conforms to the requirements of this
     Agreement);

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

     (iv)      to the extent that the Holders of Outstanding Certificates
     representing not less than a majority of the Voting Rights direct the
     Trustee with respect to the time, method and place of conducting any
     Proceeding for any remedy available to the Trustee with respect to an
     Issuer Payment Default, the Trustee shall not be liable with respect to any
     action it takes or omits to take in good faith in accordance with such
     direction.

     Neither DTC nor any registrar with which Underlying Securities are
maintained as book-entry credits shall be deemed agents of the Trustee. The
Trustee may own and deal (i) in bonds of the same issue and maturity as the
Underlying Securities and (ii) in Certificates.

     The Trustee shall be under no liability to any party hereto, or to any
Holder, by reason of any failure on the part of the Depositor or any maker,
guarantor, endorser or other signatory of any document or instrument, including
any Underlying Security, or any other Person to perform such Person's
obligations under any such document or instrument.

     The Trustee shall not be responsible for the sufficiency or accuracy, the
form or the execution, validity, value or genuineness of any document or
property received or held by it hereunder, including without limitation any
Underlying Securities, or the authority of the Depositor in executing this
Agreement.

     The Trustee assumes no responsibility for the correctness of the recitals
to the Certificates or to any document issued in connection with the sale of the
Certificates, other than its signature under the Certificates.

ANY ACTION OR PROCEEDING ALLEGING ANY BREACH BY THE TRUSTEE OF ITS DUTIES UNDER
THIS AGREEMENT SHALL BE PROSECUTED ONLY IN A STATE OR FEDERAL COURT LOCATED IN
THE STATE OF NEW YORK, COUNTY OF NEW YORK. THE TRUSTEE SHALL HAVE THE RIGHT AT
ANY TIME TO SEEK INSTRUCTIONS FROM ANY COURT OF COMPETENT JURISDICTION.

                                     B-21
<PAGE>

     The Trustee shall be deemed to have exercised reasonable care in the
custody and preservation of the Underlying Securities in its possession if the
Underlying Securities are held in the manner specified in the Officer's
Certificate of the Trustee and are accorded treatment substantially equal to
that which a prudent Person accords its own property.

     The Trustee shall at all times maintain a fidelity bond in reasonable form
and amount to protect against loss due to dishonest or fraudulent action by its
employees in connection with its obligations hereunder.

     The Trustee may consult with and rely upon the calculations of an advisor
(which may be the Depositor) in connection with any calculation of Accreted
Value to the extent such amount must be determined in order for the Trustee to
carry out its duties hereunder.

     The Trustee may consult with counsel of its selection, and the advice of
such counsel or any Opinion of Counsel selected by the Trustee with due care
shall be full and complete authorization and protection in respect of any action
taken, suffered or omitted by it hereunder in reliance thereon.

     The Trustee may request and rely upon and shall be protected in acting or
refraining from action upon any resolution, certificate signed by an authorized
officer, certificate of auditors or any other certificate, statement,
instrument, opinion, report, notice, facsimile transmission, request, consent,
order, appraisal, bond or other paper or document reasonably believed by it to
be genuine and to have been signed or presented by the proper party or parties.

     The Trustee shall be under no obligation to exercise any of the trusts or
powers vested in it by this Trust Agreement or to institute, conduct or defend
any litigation hereunder or in relation hereto, at the request, order or
direction of any of the Holders, pursuant to the provisions of this Series Trust
Agreement, unless such Holders shall have offered to the Trustee reasonable
security or indemnity against the costs, expenses and liabilities which may be
incurred therein or thereby.

     The Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through agents or attorneys or a
custodian and shall not be liable for any misconduct or negligence of any such
agents or attorneys selected with due care by it.

     Any application by the Trustee for written instructions from the Depositor
may, at the option of the Trustee, set forth in writing any action proposed to
be taken or omitted by the Trustee under this Series Trust Agreement and the
date on and/or after which such action shall be taken or such omission shall be
effective, if, but only if, the obligations of the Trustee with respect to such
proposed action or omission, in the view of the Trustee, are not set forth
reasonably clearly in this Series Trust Agreement. The Trustee shall not be
liable for any action taken by, or omission of, the Trustee in accordance with a
proposal included in such application on or after the date specified in such
application (which date shall not be less than ten (10) Business Days after the
date a Responsible Officer of the Depositor actually receives such application,
unless any such Responsible Officer shall have consented in writing to any
earlier date) unless, prior to taking any such action (or the effective date in
the case of an omission), the Trustee shall have received written instructions
in response to such application specifying the action to be taken or omitted;
provided, however, that this provision shall not protect the Trustee from
liability for any action or omission constituting willful misconduct, bad faith
or negligence.

                                     B-22
<PAGE>

Section 5.9    Obligation of the Depositor.
               ---------------------------

         (a)   The Depositor shall:

         (i)   if so requested by the Trustee, provide to the Trustee at least
         10 Business Days prior to the date required for filing information
         reasonably necessary to assist the Trustee under Section 5.15(b) of
         this Agreement in preparing and filing reports with the Commission
         pursuant to Section 13 or 15(d) of the Exchange Act;

         (ii)  [Reserved.];

         (iii) supply to the Trustee (and the Trustee shall transmit by mail to
         all Holders described in TIA Section 313(c), in the manner and to the
         extent provided therein) such summaries of any information, documents
         and reports required to be filed by the Depositor pursuant to clauses
         (i) and (ii) of this Section 5.09(a), if any, as may be required by
         rules and regulations prescribed from time to time by the Commission;
         and

         (iv)  after an Available Information Event, on behalf of the Trust,
         prepare and file with the Commission, following the execution thereof
         by the Trustee if so requested by the Depositor, and file with the
         Trustee, within 15 days after the Depositor on behalf of the Trust is
         required to file the same with the Commission, reports of the kind
         referred to in clause (i) of this Section 5.09(a) with respect to the
         Issuer of the Underlying Securities, to the extent such reports are
         then available to the Depositor, for as long as the Depositor on behalf
         of the Trust is required to file such reports under the Exchange Act.
         Such reports shall include quarterly and annual financial statements
         and other information of the type required to be filed on Form 8-K
         under the Exchange Act with respect to the Issuer of the Underlying
         Securities. A copy of each such report shall be provided to the Trustee
         at least 10 Business Days prior to the date required for filing. If
         such reports and information are not available to the Depositor at a
         time when such reports and information are required to be filed with
         the Commission by the Depositor on behalf of the Trust, the Depositor
         shall cause the removal of the Certificates from the DTC book-entry
         system as set forth in Section 2.08(iv)(5) of this Agreement and shall
         notify the Issuer that the Holders of Certificates constitute record
         holders of the Underlying Securities for purposes of the Exchange Act.

         (b)   The Depositor shall deliver to the Trustee, not less often than
annually, an Officer's Certificate signed by an Authorized Officer who is the
principal executive officer, principal financial officer or principal accounting
officer of the Depositor, dated as of the date set forth in the Series Trust
Agreement for such year, stating that:

         (i)   a review of the activities of the Depositor during such fiscal
         year and of performance under this Agreement has been made under such
         Authorized Officer's supervision; and

         (ii)  to the best of such Authorized Officer's knowledge, based on such
         review, the Depositor has fulfilled all of its obligations under this
         Agreement throughout such year, or, if there has been a default in the
         fulfillment of any such obligation, specifying each such default known
         to such Authorized Officer and the nature and status thereof. A copy of
         such certificate may be obtained by any Holder by a request in writing
         to the Depositor addressed to the Corporate Trust Office of the
         Trustee.

                                     B-23
<PAGE>

         (a)   If and only if the Series Trust Agreement provides for the pledge
of the Underlying Securities to the Trustee (and not merely the transfer,
assignment, conveyance and sale, without recourse, thereof to the Trustee), on
the Closing Date, the Depositor shall furnish to the Trustee an Opinion of
Counsel either stating that, in the opinion of such counsel, such action has
been taken with respect to the recording and filing of this Agreement, any
agreements supplemental hereto and any other requisite documents, and with
respect to the execution and filing of any financing statements and continuation
statements as are necessary to perfect and make effective the lien and security
interest of this Agreement and reciting the details of such action, or stating
that, in the opinion of such counsel, no such action is necessary to make such
lien and security interest effective.

         (b)   If and only if the Series Trust Agreement provides for the pledge
of the Underlying Securities to the Trustee (and not merely the transfer,
assignment, conveyance and sale, without recourse, thereof to the Trustee), at
least annually after the Closing Date, the Depositor shall furnish to the
Trustee an Opinion of Counsel either stating that, in the opinion of such
counsel, such action has been taken with respect to the recording, filing, re-
recording and refiling of this Agreement, any agreements supplemental hereto and
any other requisite documents and with respect to the execution and filing of
any financing statements and continuation statements as is necessary to maintain
the lien and security interest created by this Agreement and reciting the
details of such action or stating that in the opinion of such counsel no such
action is necessary to maintain the lien and security interest created by this
Agreement. Such Opinion of Counsel shall also describe the recording, filing,
re-recording and refiling of this Agreement, any agreements supplemental hereto
and any other requisite documents and the execution and filing of any financing
statements and continuation statements that will, in the opinion of such
counsel, be required to maintain the lien and security interest of this
Agreement until such date in the following calendar year.

         (c)   If and only if the Series Trust Agreement provides for the pledge
of the Underlying Securities to the Trustee (and not merely the transfer,
assignment, conveyance and sale, without recourse, thereof to the Trustee),

         (i)   whenever any property or securities are to be released from the
         lien of this Agreement, the Depositor shall furnish to the Trustee an
         Officer's Certificate of the Depositor certifying or stating the
         opinion of each Person signing such certificate as to the fair value
         (within 90 days of such release) of the property or securities proposed
         to be released and stating that in the opinion of such Person the
         proposed release will not impair the security under this Agreement in
         contravention of the provisions hereof.

         (ii)  whenever the Depositor is required to furnish to the Trustee an
         Officer's Certificate of the Depositor certifying or stating the
         opinion of any signatory thereof as to the matters described in clause
         (i) above, the Depositor shall also furnish to the Trustee an
         Independent Certificate as to the same matters if the fair value of the
         property or securities and of all other property or securities released
         from the lien of this Agreement since the commencement of the then
         current calendar year, as set forth in the certificates required by
         clause (i) above and this clause (ii), equals 10% or more of the
         principal amount of the Outstanding Certificates, but such certificate
         need not be furnished in the case of any release of property or
         securities if the fair value thereof as set forth in the related
         Officer's Certificate of the Depositor is less than $25,000 or less
         than one percent of the then principal amount of the Outstanding
         Certificates.

                                     B-24
<PAGE>

         (iii)   prior to the deposit with the Trustee of any securities that is
         to be made the basis for the authentication and delivery of
         Certificates, the withdrawal of cash constituting a part of the trust
         estate or the release of any property or securities subject to the lien
         of this Agreement, the Depositor shall furnish to the Trustee an
         Officer's Certificate of the Depositor certifying or stating the
         opinion of each Person signing such certificate as to the fair value
         (within 90 days of such deposit) to the Depositor of the securities to
         be so deposited.

         (iv)    whenever the Depositor is required to furnish to the Trustee an
         Officer's Certificate of the Depositor described in clause (iii) above,
         the Depositor shall also deliver to the Trustee an Independent
         Certificate as to the same matters, if the fair value to the Depositor
         of the securities to be so deposited and of all other such securities
         made the basis of any such withdrawal or release since the commencement
         of the then current fiscal year of the Depositor, as set forth in the
         certificates delivered pursuant to clause (iii) above and this clause
         (iv), is 10% or more of the principal amount of the Outstanding
         Certificates, but such a certificate need not be furnished with respect
         to any securities so deposited, if the fair value thereof to the
         Depositor as set forth in the related Officer's Certificate of the
         Depositor is less than $25,000 or less than one percent of the
         principal amount of the Outstanding Certificates.

         (v)     subject to the payment of its fees and expenses hereunder, the
         Trustee may, and when required by the provisions of this Agreement,
         shall, execute instruments to release property from the lien of this
         Agreement, or convey the Trustee's interest in the same, in a manner
         and under circumstances that are consistent with the provisions of this
         Agreement. No party relying upon an instrument executed by the Trustee
         in connection therewith shall be bound to ascertain the Trustee's
         authority, inquire into the satisfaction of any conditions precedent or
         see to the application of any moneys.

         (vi)    the Trustee shall at such time as there are no Outstanding
         Certificates and all sums due to the Trustee hereunder have been paid,
         release any remaining portion of the trust estate that secured the
         Certificates from the lien of this Agreement and release to the
         Depositor or any other Person entitled thereto any funds then included
         in the trust estate.

         (d)     Upon any application or request by the Depositor to the Trustee
to take any action under the provisions of this Agreement, which action is
subject to the satisfaction of a condition precedent (including any covenants
compliance with which constitutes a condition precedent), the Depositor shall
furnish to the Trustee: (i) an Officer's Certificate stating that all conditions
precedent, if any, provided for in this Agreement relating to the proposed
action have been complied with, (ii) an Opinion of Counsel stating that in the
opinion of such counsel all such conditions precedent, if any, have been
complied with and (iii) (if required by the TIA) an Independent Certificate from
a firm of certified public accountants meeting the applicable requirements of
the TIA, 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 Agreement, no additional certificate or opinion need be furnished. Every
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Agreement shall include:

         (i)     a statement that such signatory of such certificate or opinion
         has read or has caused to be read such covenant or condition and the
         definitions herein relating thereto;

                                     B-25
<PAGE>

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

     (iii)  a statement that, in the judgment of each such signatory, such
     signatory has made such examination or investigations as is necessary to
     enable such signatory to express an informed opinion as to whether or not
     such covenant or condition has been complied with; and

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

Section 5.10     Preferential Collection of Claims Against Depositor.
                 ---------------------------------------------------

     The Trustee shall comply with TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). A trustee who has resigned or been
removed shall be subject to TIA Section 311(a) to the extent required by TIA
Section 311(a).

Section 5.11     Resignation and Removal of the Trustee; Appointment of
                 ------------------------------------------------------
                 Successor Trustee.
                 -----------------

     The Trustee may at any time resign as Trustee hereunder by written notice
of its election so to do, delivered to the Depositor and the Rating Agency as
provided in Section 9.04 hereof, and such resignation shall take effect upon the
appointment of a successor Trustee and its acceptance of such appointment as
hereinafter provided. The Depositor may at any time (including such time as the
Trustee fails to comply with Section 5.01) remove the Trustee as Trustee
hereunder by written notice of its election to do so, delivered to the Trustee
and the Rating Agency as provided in Section 9.04 hereof, and such removal shall
take effect upon the appointment of a successor Trustee and its acceptance of
such appointment as provided in the third succeeding paragraph; provided,
however, that in the event of such removal, the Depositor shall negotiate in
good faith with the Trustee in order to agree regarding payment of the
termination costs of the Trustee resulting from such removal. Upon the
designation of a successor Trustee following either resignation by or removal of
the Trustee, the Trustee shall deliver to the successor Trustee all records
relating to the Certificates in the form and manner then maintained by the
Trustee, which shall include a hard copy thereof upon request of the successor
Trustee.

     If at any time 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, or the Trustee shall fail to comply with Section
5.01, then any Holder of a Certificate with respect to a particular issue of
Underlying Securities which has been such a Holder for at least six (6) months
or the Holders of Outstanding Certificates representing ten percent (10%) of the
Voting Rights for the Outstanding Certificates of a series which is outstanding
at such time may, on behalf of himself, herself or themselves and all others
similarly situated, petition any court of competent jurisdiction for the removal
of the Trustee with respect to the Underlying Securities evidenced by such
Certificates and the appointment of a successor Trustee.

     In the event the Trustee resigns or is removed, the Trustee shall
reimburse the Depositor for any fees or charges previously paid to the Trustee
in respect of duties not yet performed under this Agreement which remain to be
performed by a successor Trustee and the Trustee shall promptly

                                     B-26
<PAGE>

notify the Rating Agency of its resignation or removal and any successor Trustee
shall promptly notify the Rating Agency of its appointment as provided in
Section 9.04 hereof.

     The Holders of Certificates entitled to at least 51% of the Voting Rights
may at any time remove the Trustee and appoint a successor trustee by written
instrument or instruments, in triplicate, signed by such Holders or their
attorneys-in-fact duly authorized, one complete set of which instruments shall
be delivered to the Depositor, one complete set to the Trustee so removed, one
complete set to the successor trustee so appointed. A copy of such instrument
shall be delivered to the Certificateholders by the Depositor.

     In case at any time the Trustee acting hereunder notifies the Depositor
that it elects to resign or the Depositor notifies the Trustee that it elects to
remove the Trustee as Trustee, the Depositor shall, within ninety (90) days
after the delivery of the notice of resignation or removal, appoint a successor
Trustee, which shall be a bank with trust powers or a trust company having its
principal office in the United States of America and having a combined capital
and surplus of at least $50,000,000 and which is rated at least investment grade
by the Rating Agency. If no successor Trustee has been appointed as successor
Trustee within ninety (90) days after the Trustee has given written notice of
its election to resign or the Depositor has given written notice to the Trustee
of its election to remove the Trustee, as the case may be, the Trustee may
petition any court of competent jurisdiction for the appointment of a successor
Trustee. Every successor Trustee shall execute and deliver to its predecessor
and to the Depositor an instrument in writing accepting its appointment
hereunder, and thereupon such successor Trustee, without any further act or
deed, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor and for all purposes shall be the Trustee under
this Agreement, and such predecessor, upon payment of all sums due it and on the
written request of the Depositor, shall execute and deliver an instrument
transferring to such successor all rights, obligations and powers of such
predecessor hereunder, and shall duly assign, transfer and deliver all right,
title and interest in the Underlying Securities and parts thereof to such
successor. Any successor Trustee shall promptly give notice of its appointment
to the Holders of Certificates for which it is successor Trustee as provided in
Section 9.04 hereof.

     Any corporation into or with which the Trustee may be merged, consolidated
or converted shall be the successor of such Trustee without the execution or
filing of any document or any further act.

Section 5.12   Indemnification by the Depositor.
               --------------------------------

     The Depositor agrees to indemnify the Trustee and any of its agents,
officers, directors or employees for, and to hold them harmless against, any
loss, liability or expense arising, directly or indirectly, out of, relating to,
or in connection with the acceptance, administration or performance of their
duties, or the duties of the Trustee, as well as the costs and expenses of
defending themselves against any action, suit, or other proceeding involving any
claim or liability arising, directly or indirectly, out of, relating to or in
connection with, this Agreement, the Initial Trust Agreement or the exercise or
performance of any of their powers or duties hereunder or thereunder, other than
any loss, liability or expense arising out of (i) negligence, willful misconduct
or bad faith on the part of the Trustee or any of its agents, officers,
directors or employees, or (ii) any charges, fees or reimbursements that are
expressly required by this Agreement to be paid by the Holders or for which the
Holders are expressly required by this Agreement or have elected pursuant to the
terms of this

                                     B-27
<PAGE>

Agreement to provide security or indemnity to the Trustee. Failure of the
Depositor to fulfill its obligations hereunder shall not relieve the Trustee
from fulfilling its duties under this Agreement.

     Any Person that proposes to assert the right to be indemnified under this
Section 5.12 (any such Person, an "Indemnified Party") shall, promptly after
receipt of notice of commencement of any action against such party in respect of
which a claim is to be made against the Depositor under this Section 5.12,
notify the Depositor of the commencement of such action, enclosing a copy of all
papers served, but the omission so to notify the Depositor shall not relieve the
Depositor from any liability that it may have to such Indemnified Party under
the foregoing provisions of this Section 5.12 unless, and only to the extent
that, such omission results in the forfeiture of rights or defenses by the
Depositor. If any such action is brought against an Indemnified Party and it
notifies the Depositor of its commencement, the Depositor shall be entitled to
participate in and, to the extent that it elects by delivering written notice to
the Indemnified Party promptly after receiving notice of the commencement of the
action from the Indemnified Party, to assume the defense of the action, with
counsel satisfactory to the Indemnified Party, and after notice from the
Depositor to the Indemnified Party of its election to assume the defense, the
Depositor shall not be liable to the Indemnified Party for any fees,
disbursements or other charges of counsel except as provided below and except
for the reasonable costs of investigation subsequently incurred by the
Indemnified Party in connection with the defense. The Indemnified Party shall
have the right to employ its own counsel in any such action, but the fees,
expenses and other charges of such counsel shall be at the expense of the
Indemnified Party unless (1) the employment of counsel by the Indemnified Party
has been authorized in writing by the Depositor, (2) the Indemnified Party has
reasonably concluded (based on advice of counsel) that there may be legal
defenses available to it or other Indemnified Parties that are different from or
in addition to those available to the Depositor, (3) a conflict or potential
conflict exists (based on advice of counsel to the Indemnified Party) between
the Indemnified Party and the Depositor (in which case the Depositor shall not
have the right to direct the defense of such action on behalf of the Indemnified
Party), or (4) the Depositor has not in fact employed counsel to assume the
defense of such action within 15 Business Days after receiving notice of the
commencement of the action, in each of which cases the reasonable fees,
disbursements and other charges of counsel shall be at the expense of the
Depositor. It is understood that the Depositor shall not, in connection with any
proceeding or related proceedings in the same jurisdiction, be liable for the
reasonable fees, disbursements and other charges of more than one separate firm
admitted to practice in such jurisdiction at any one time for all Persons
entitled to indemnification hereunder. All such fees, disbursements and other
charges shall be reimbursed by the Depositor promptly as they are incurred. The
Depositor shall not be liable for any settlement of any action or claim effected
without its written consent (which consent shall not be unreasonably withheld).
The Depositor shall not, without the prior written consent of each Indemnified
Party, settle or compromise or consent to the entry of any judgment in any
pending or threatened claim, action or proceeding relating to the matters
contemplated by this Section 5.12 (whether or not any Indemnified Party is a
party thereto), unless such settlement, compromise or consent includes an
unconditional release of each Indemnified Party from all liability arising or
that may arise out of such claim, action or proceeding. Notwithstanding any
other provision of this Section 5.12, if at any time an Indemnified Party shall
have requested the Depositor to reimburse the Indemnified Party for fees and
expenses of counsel, the Depositor agrees that it shall be liable for any
settlement effected without its written consent if (i) such settlement is
entered into more than 45 days after receipt by the Depositor of the aforesaid
request, (ii) the Depositor shall have received notice of the terms of such
settlement at least 30 days

                                     B-28
<PAGE>

prior to such settlement being entered into, and (iii) the Depositor shall not
have reimbursed the Indemnified Party in accordance with such request prior to
the date of such settlement.

         The term "liability," as used in this Section 5.12, shall include any
losses, claims, damages, expenses (including without limitation the Trustee's
costs and expenses in defending itself against any losses, claims or
investigations of any nature whatsoever to the extent the Trustee is not
reimbursed as contemplated in this Section 5.12) or other liabilities, joint or
several, arising for any reason (including without limitation violation of
applicable laws or trademarks or service marks).

         The obligations of the Depositor under this Section 5.12 (i) shall be
in addition to any liability which the Depositor may otherwise have, (ii) shall
extend, upon the same terms and conditions, to each officer and director of the
Trustee and to each Person, if any, who controls the Trustee within the meaning
of the Securities Exchange Act of 1934, as amended (iii) shall survive the
termination of this Agreement and the resignation or removal of the Trustee, and
(iv) shall be limited to the extent set forth in the Depositor's certificate of
incorporation.

Section 5.13   Undertaking for Costs.
              ----------------------

         All parties to this Agreement agree, and each Holder of any Certificate
by such Holder's acceptance thereof shall be deemed to have agreed, that any
court may in its discretion require, in any Proceeding for the enforcement of
any right or remedy under this Agreement, or in any Proceeding against the
Trustee for any action taken, suffered or omitted by it as Trustee, the filing
by any party litigant in such Proceeding of an undertaking to pay the costs of
such Proceeding and that such court may in its discretion assess reasonable
costs, including reasonable attorneys, fees, against any party litigant in such
Proceeding, 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 5.13
shall not apply to:

         (a)  any Proceeding instituted by the Trustee;

         (b)  any Proceeding instituted by any Holder, or group of Holders, in
         each case holding in the aggregate Outstanding Certificates
         representing more than 10% of the Voting Rights; or

         (c)  any Proceeding instituted by any Holder for the enforcement of the
         payment of Principal or Interest on or after the respective due dates
         expressed in such Certificate and in this Agreement (or, in the case of
         redemption, on or after the Redemption Date).

Section 5.14   Charges and Expenses.
               --------------------

         Except as otherwise provided in this Agreement, (i) no current or
future charges, fees and expenses of the Trustee shall be payable by or withheld
from any Person other than the Depositor, except for any taxes and other
governmental charges, and (ii) in full payment and satisfaction of all other
charges and expenses of the Trustee (including, in each case, fees and expenses
of counsel) incidental to the performance of its obligations hereunder, the
Depositor shall pay the Trustee an amount determined in accordance with a
separate agreement between it and the Trustee. The Trustee shall not be released
from any of its duties hereunder as a result of the failure of the Depositor to
pay such amount.

Section 5.15   Trustee Reports.
               ---------------

                                     B-29
<PAGE>

         (a) So long as the Certificates are held in DTC's book-entry only
system, annual unaudited reports setting forth the amounts of payments on the
Certificates, and whether such amounts are principal or interest shall be
prepared by the Trustee and sent to DTC. To the extent the Depositor fails to
provide the Trustee with a copy of any report referred to in Section 5.09(a) (i)
herein prior to the 10th Business Day preceding the applicable filing date
therefor as required by such provisions, the Trustee shall request the Depositor
to prepare and file such report and, if the Depositor fails to do so, shall
cause such report to be prepared and filed and the Depositor shall reimburse the
Trustee for its reasonable expenses incurred in connection therewith. Any such
expenses not reimbursed by the Depositor shall be borne by the Holders.

         (b) The Trustee shall, on behalf of the Trust, prepare and file 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), if any,
which the Trust may be required to file with the Commission pursuant to Section
13 or 15(d) of the Exchange Act (collectively, "reports") with respect to the
Trust.

                   ARTICLE VI     HOLDERS' LISTS AND REPORTS

Section 6.1   Depositor to Furnish Names and Addresses of Holders to Trustee.
              --------------------------------------------------------------

         The Depositor shall furnish or cause to be furnished to the Trustee not
more than five days before each Interest Payment Date or Redemption Date, and at
such other times as the Trustee may request in writing, a list, in such form as
the Trustee may reasonably require, to the extent such information is in the
possession or control of the Depositor or any of its paying agents, of the
Holders of Certificates as of the close of business on the applicable record
date of the underlying Underlying Securities; provided, however, that so long as
the Trustee maintains the Certificate Register, no such list shall be required
to be furnished.

Section 6.2   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 the Holders of Certificates
         contained in the most recent list furnished to the Trustee as provided
         in Section 6.01 and the names and addresses of Holders of Certificates
         received by the Trustee in its capacity as Certificate registrar. The
         Trustee may destroy any list furnished to it as provided in such
         Section 6.01 upon receipt of a new list so furnished.

         (b)  Holders shall have the right to communicate pursuant to TIA
         Section 312(b) with other Holders with respect to their rights under
         this Agreement or under the Certificates.

         (c)  The Depositor, the Trustee and the Certificate registrar shall
         have the protection of TIA Section 312(c).

Section 6.3   Reports by Trustee.
              ------------------

         If required by TIA Section 313(a), within 60 days after December 31 of
each year, the Trustee shall mail to (i) each Holder as required by TIA Section
313(c) and (ii) the Depositor, a brief report dated as of such date that
complies with TIA Section 313(a). The Trustee also shall comply

                                     B-30
<PAGE>

with TIA Section 313(b). A copy of any report delivered pursuant to this Section
6.03 shall, at the time of its mailing to Holders and the Depositor, be filed by
the Trustee with the Commission and each stock exchange, if any, on which the
Certificates are listed. The Depositor shall notify the Trustee if and when the
Certificates are listed on any stock exchange.

                    ARTICLE VII   AMENDMENT AND TERMINATION

Section 7.1   Amendment.
              ---------

         The Trust Agreement may be amended or supplemented from time to time by
the Depositor and the Trustee without the consent of any of the
Certificateholders to (a) cure any ambiguity, (b) correct or supplement any
provisions herein which may be inconsistent with any other provisions herein,
(c) modify, eliminate or add to any of its provisions to such extent as shall be
necessary or appropriate to maintain the qualification of the Trust (or certain
assets thereof) as a grantor trust under the Code at all times that any
Certificates are outstanding or (d) make any other provisions with respect to
matters or questions arising under the Trust Agreement or matters arising with
respect to the Trust which are not covered by the Trust Agreement which shall
not be inconsistent with the provisions of the Trust Agreement, provided that
such action shall not adversely affect in any material respect the interests of
any Certificateholder. Any such amendment or supplement shall be deemed not to
adversely affect in any material respect any Certificateholder if there is
delivered to the Trustee written notification from each Rating Agency that rated
the applicable Certificates at the request of the Depositor to the effect that
such amendment or supplement will not cause that Rating Agency to reduce the
then current rating assigned to such Certificates.

         The Trust Agreement may also be amended from time to time by the
Depositor and the Trustee with the consent of the Holders of Certificates
entitled to at least 51% of the Voting Rights for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
the Trust Agreement or of modifying in any manner the rights of the Holders of
Certificates; provided, however, that no such amendment shall (A) reduce in any
manner the amount of, or delay the timing of, payments received on any
Underlying Security which are required to be distributed on any Certificate
without the consent of the Holder of such Certificate, (B) adversely affect in
any material respect the interests of the Holders of any Class of Certificates
in a manner other than as described in (A), without the consent of the Holders
of Certificates of such Class evidencing at least 51% of the Voting Rights of
such Class, or (C) reduce the aforesaid percentage of Certificates the Holders
of which are required to consent to any such amendment, without the consent of
such Holders of all Certificates then outstanding. For purposes of the giving or
withholding of consents pursuant to this Section, Certificates registered in the
name of the Depositor or an Affiliate shall be entitled to Voting Rights with
respect to matters affecting such Certificates.

         Promptly after the execution of any such amendment the Trustee shall
furnish a copy of such amendment to each Certificateholder.

         It shall not be necessary for the consent of Certificateholders under
this Section to approve the particular form of any proposed amendment, but it
shall be sufficient if such consent shall approve the substance thereof. The
manner of obtaining such consents and of evidencing the authorization of the
execution thereof by Certificateholders shall be subject to such reasonable
regulations as the Trustee may prescribe.

                                     B-31
<PAGE>

         Prior to entering into any amendment to the form of the Certificates or
this Agreement, the Trustee shall be entitled to receive an Opinion of Counsel
to the effect that such amendments are authorized or permitted by this Agreement
and that all conditions precedent to the execution and delivery of such
amendments have been satisfied. The costs of providing such Opinion of Counsel
shall be borne by the Holders requesting that the Trustee execute and deliver
such amendment. The Trustee shall notify the Holders of the estimated expense of
any such Opinion of Counsel.

Section 7.2   Termination.
              -----------

         This Agreement shall terminate one year following the payment upon
maturity (or any earlier redemption) by the respective Issuers of the entire
principal amount (and any redemption premium) of the Underlying Securities or,
in the event of a default on the Underlying Securities, one year following
receipt by the Holders of all amounts to which the Holders are entitled pursuant
to Section 5.03(b) hereof. If any Certificates shall remain outstanding after
the date of termination of this Agreement, the Trustee shall not perform any
further acts under this Agreement, except that the Trustee shall hold the
proceeds of any payment, without liability for interest, for the pro rata
benefit of the Holders of Certificates which have not theretofore been
surrendered for payment unless otherwise required by applicable law. Upon the
termination of this Agreement, the Depositor shall be discharged from all
obligations under this Agreement except for its obligations to the Trustee under
Sections 5.15 and 5.13 hereof.

         If, at any time when the Trust is subject to the reporting requirements
of the Exchange Act the Underlying Securities Issuer ceases to be subject to
such periodic reporting requirements, or the Underlying Securities Issuer fails
to make such periodic reports available to the Trustee, the Trustee shall notify
the Certificateholders of such event and declare a "Termination Event" to have
occurred.

         Upon the declaration of a Termination Event, the Trustee shall
terminate the book-entry registration of the Trust Certificates and notify the
Underlying Security Trustee of such action. If the Underlying Security Issuer
fails to resume supplying its periodic reports under the Exchange Act within
[180] days of such termination and notice, the Trustee shall [either (i) arrange
for the sale of the Underlying Security for an amount at least equal to the
Redemption Price or (ii)] allow the Depositor to terminate the Trust in
accordance with this Section 7.2.

                   ARTICLE VIII  REDEMPTION OF CERTIFICATES

Section 8.1   Redemption.
              ----------

         If the Underlying Securities are redeemed in whole or in part on or
after the First Call Date, upon actual receipt by the Trustee of notice of such
redemption, the Trustee shall, in accordance with the provisions of this Article
VIII, redeem a principal amount of Pooled Certificates, Callable Principal
Certificates or Callable Stripped Underlying Security Certificates, as
applicable, equal to the principal amount of the Underlying Securities of such
issue held in trust hereunder so redeemed, and if the Underlying Securities are
redeemed in part, then the Trustee shall select the Certificates to be redeemed
by lot in such manner as the Trustee deems fair and appropriate. In the absence
of the actual notice described in this Section 8.01, the Trustee shall be under
no obligation to effect

                                     B-32
<PAGE>

the redemption required by this Section 8.01. Upon redemption of any
Certificate, the Holder shall have no right to receive payments on any Interest
maturing after the Redemption Date.

Section 8.2   Notice of Redemption.
              --------------------

         Notice of redemption shall be given by the Trustee to each Holder of
any Certificate to be redeemed as provided in Section 9.04 hereof within thirty
(30) days after notice of redemption of the underlying Underlying Securities has
been given by the Issuer, trustee or paying agent of or for the Underlying
Securities, as the case may be (but not less than fifteen days prior to the
redemption date); provided, however, that the Trustee shall not be required to
give any notice of redemption less than five (5) Business Days after the date it
receives notice of such redemption. All notices of redemption shall be mailed to
each Holder at such Holder's last address on the Certificate Register and shall
state the Redemption Date, the date the Certificates are to be redeemed, the
amount payable on such date, the place at which Certificates are to be
surrendered for payment and that interest on amounts redeemed shall cease to
accrue on and after the Redemption Date.

                           ARTICLE IX  MISCELLANEOUS

Section 9.1   Exclusive Benefit of Parties and Holders of Certificates;
              ---------------------------------------------------------
              Effective Date.
              ---------------

         This Agreement is for the exclusive benefit of the parties hereto,
their respective successors hereunder, and Holders of Certificates, and shall
not be deemed to give any legal or equitable right, remedy or claim to any other
Person whatsoever. The Holders from time to time shall be beneficiaries of this
Agreement and shall be bound by all the terms and conditions hereof and of the
Certificates by acceptance of delivery thereof. This Agreement shall become
effective as to the Trustee and the Depositor for each series of Certificates
upon the execution of the Series Trust Agreement for such series by the Trustee
and Depositor and the receipt by the Trustee of the Underlying Securities
deposited therewith.

Section 9.2   Invalidity of Provisions.
              ------------------------

         In case any one or more of the provisions contained in this Agreement
or contained in the Certificates should be or become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein or therein shall in no way be affected,
prejudiced or disturbed thereby.

Section 9.3   Conflict with Trust Indenture Act.
              ---------------------------------

         (a) If any provision hereof limits, qualifies or conflicts with another
         provision hereof that is required to be included in this Agreement by
         any of the provisions of the TIA, such required provision shall
         control.

         (b) The provisions of TIA Sections 310 through 317 that impose duties
         on any Person (including the provisions automatically deemed included
         herein unless expressly excluded by this Agreement) are a part of and
         govern this Agreement, whether or not physically contained herein.

                                     B-33
<PAGE>

Section 9.4   Notices.
              -------

         Any and all notices to be given to the Depositor shall be deemed to
have been duly given if personally delivered or sent by mail, first class, post
prepaid, or telegram or telex or facsimile confirmed by letter addressed to the
Depositor at the Depositor Address set forth in the Series Trust Agreement
relating to Certificates evidencing Underlying Securities deposited by the
Depositor, or at any other place as the Depositor shall notify the Trustee in
writing from time to time.

         Any and all notices to be given to the Trustee shall be deemed to have
been duly given if personally delivered or sent by mail, first class, post
prepaid, or facsimile confirmed by letter addressed to the Trustee at the
Trustee Address set forth for notice to the Trustee in the Series Trust
Agreement, or to such other place which the Trustee may have designated in
writing to the Depositor.

         Any and all notices to be given to the Rating Agency shall be deemed to
have been duly given if personally delivered or sent by mail, first class, post
prepaid, or facsimile confirmed by letter addressed to the Rating Agency at the
Rating Agency Address set forth in the Series Trust Agreement, or to such other
place which the Rating Agency may have designated in writing to the Depositor
and the Trustee.

         All other notices to be given to any Holder shall be deemed to have
been duly given if given by mail, first-class postage prepaid, to each Holder at
such Holder's address as it appears in the Certificate Register. 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.

         All notices specified to be given "promptly" hereunder shall be given
no later than the second Business Day after the event which results in the
requirement that the notice be delivered.

Section 9.5   Governing Law; Forum.
              --------------------

         This Agreement and the Certificates shall be governed by, and construed
in accordance with, the laws of the State of New York. Any action or proceeding
alleging a breach of an obligation under this Agreement shall be prosecuted only
in a state or federal court located in the State of New York, County of New
York.

Section 9.6   Headings.
              --------

         The headings of articles and sections in this Agreement have been
inserted for convenience only and are not to be regarded as a part of this
Agreement or to have any bearing upon the meaning or interpretation of any
provision contained herein or in the Certificates.

Section 9.7   Covenant of Depositor and Trustee Not to Place Trust in
              -------------------------------------------------------
              Bankruptcy.
              -----------

         Each party hereto covenants that it shall not, until at least one year
and one day after the termination of this Agreement, take any action to file an
involuntary bankruptcy petition against the Trust or cause the Trust to file a
voluntary bankruptcy petition.

Section 9.8   Trust Not to Merge.
              ------------------

                                     B-34
<PAGE>

         For so long as any Certificate remains outstanding, the Trust shall not
merge or consolidate with or into any Person, or transfer all or substantially
all of its assets to any Person.

Section 9.9   Incurrence of Indebtedness.
              --------------------------

         For so long as any Certificate remains outstanding, the Trust shall not
create, assume, incur, suffer to exist or otherwise become or remain liable in
respect of any indebtedness.

                                     B-35
<PAGE>

                                                                       EXHIBIT C
                                                       TO SERIES TRUST AGREEMENT

                               TRUST CERTIFICATES
                                    issued by
   FINANCIAL INCOME SECURITIES TRUST NFSC 2000-_ FOR [UNDERLYING SECURITIES]

                  POOLED CERTIFICATE (principal amount $__ per
                certificate) For a Pro Rata Share of All Interest
                 Payments on the [Underlying Securities] and All
                             Principal Payments and
             Redemption Premium, If Any, Due on the Stated Maturity
         Date Indicated Below or on any Previous Call for Redemption on

                             [UNDERLYING SECURITIES]

Certificate No. 1                        Face Amount: $__,000,000
Number of Certificates: __,000,000
CUSIP No.: __________                    Stated Maturity Date: ________ __, 20__

CEDE & CO., or registered assigns, is the owner of the face amount set forth
above of certificates evidencing 100% beneficial ownership of NFSC Trust 2000-_
for [Underlying Securities] (the "Issuer"), whose sole asset consists of
$__,000,000 of [Underlying Securities] (the "Underlying Securities"). The sole
obligor with respect to such Underlying Securities is the issuer of the
Underlying Securities named above (the "Underlying Issuer") or any other
entities obligated to make payments to or on behalf of the Underlying Issuer (or
their trustees or other applicable fiduciaries) with respect to the Underlying
Securities. The Underlying Securities are being held in a trust account by
[_________________], as Trustee, pursuant to the terms of a Trust Agreement
dated as of ________ __, 2000 (the "Agreement"), including the Standard Terms
and Provisions of Series Trust Agreement appended thereto and all other
exhibits, schedules, appendices, supplements and amendments thereto, between
National Financial Securities Corporation, as Depositor, and the Trustee,
pursuant to which this and other certificates (the "Certificates"), evidencing
the right to receive all interest and principal payments, including the
redemption premiums, if any, but excluding the Retained Amount (as defined in
the Agreement), if any, on the Underlying Securities, are executed and delivered
by the Trustee. This Certificate is subject to the provisions of and is entitled
to the benefits of the Agreement, which may be inspected by the holder hereof at
the Designated Office in New York City of the Trustee. The owner of this
Certificate, by its acceptance hereof, agrees to be bound by the terms and
conditions of the Agreement. Capitalized terms used but not defined herein shall
have the meanings set forth in the Agreement.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO
<PAGE>

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

The Underlying Securities will be held in an account of the Trustee at DTC in
book-entry credit form. The Trustee will pay to the Holder of this Certificate
its pro rata share of all amounts received as payments on the Underlying
Securities, promptly after receipt, less any amounts required to be withheld
from or by the Trustee pursuant to applicable law, in lawful money of the United
States of America, (i) if the Holder is The Depository Trust Company ("DTC") or
its nominee or any successor depository or nominee thereof, by wire transfer of
immediately available funds, and (ii) if the Holder is any other person, by
check in immediately available funds sent by first-class mail to the address of
the Holder hereof set forth in the Certificate Register.

In the event the Trustee receives money or other property in connection with the
payment of principal (or actual notice that such moneys or other property will
be received), other than in connection with a redemption, prior to the Stated
Maturity Date, the Trustee shall promptly give notice, as provided in the
Agreement, to the Holder. Such notice shall state that, not later than ninety
(90) days after the receipt of such moneys or other property, the Trustee shall
distribute such moneys or other property pro rata to the Holders of
Certificates.

As provided in the Agreement and subject to certain limitations therein set
forth, the transfer of this Certificate is registrable in the Certificate
Register, upon surrender of this Certificate for registration of transfer at the
corporate trust office of the Trustee at [________________], duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to the
Trustee duly executed by, the Holder hereof or such Holder's attorney duly
authorized in writing, and thereupon one or more new Certificates of the same
series having the Stated Maturity Date set forth on the face hereof, of
Authorized Denominations of $__ or greater multiples of $__, and having the same
aggregate face amount, will be issued to the designated transferee or
transferees. Under the Agreement, the Trustee is required, when making any
payment to a Holder, to round down such payment to the nearest whole cent.

The Certificates are issuable only in registered form in Authorized
Denominations. As provided in the Agreement and subject to certain limitations
therein set forth, such Certificates are exchangeable for Certificates of the
same series, having the same Stated Maturity Date and of a like aggregate face
amount, as requested by the Holder surrendering the same.

For any such registration of transfer or exchange, the Trustee may require
payment of the then applicable service charge and of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith. Prior to
due presentment of this Certificate for registration of transfer, the Trustee
and any agent of the Trustee may treat the person in whose name this Certificate
<PAGE>

is registered as the owner hereof for all purposes, whether or not this
Certificate be overdue, and neither the Trustee nor any such agent shall be
affected by notice to the contrary.

This Certificate shall not be valid or become obligatory for any purpose unless
and until duly executed by the Trustee by manual signature.

Dated: _______ __, 2000

                                    [__________________], as Trustee

                                    By: ____________________________________
                                    Authorized Signatory

                                 Authentication

               This is one of the Certificates referred to in the
within-mentioned Trust Agreement.

                                    [____________________], as Trustee

                                    By:_____________________________________
                                    Authorized Signatory
<PAGE>

                                 TRANSFER FORM

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto____________________________________________________________________________
the within Certificate, and all rights thereunder, and hereby does irrevocably
constitute and appoint__________________________________________________________
________________________________________________________________________________
attorney to transfer the within Certificate on the books kept for the
registration thereof, with full power of substitution in the premises.

Optional:

[Insert wire transfer instructions for transferee.] Neither the transferor nor
the Trustee shall have any responsibility for the accuracy of such wire transfer
instructions, if provided.

Dated:___________

                                    _______________________________________
                                    (Signature)

                                    NOTE: Signature must conform in every
                                    particular to the name in which this
                                    security is registered, without any
                                    alteration or change whatsoever.

                                    Signature must be guaranteed by an "eligible
                                    guarantor institution" meeting the
                                    requirements of the Trustee, which
                                    requirements include membership or
                                    participation in STAMP or such other
                                    "signature guarantee program" as may be
                                    determined by the Trustee in addition to, or
                                    in substitution for, STAMP, all in
                                    accordance with the Securities Exchange Act
                                    of 1934.
<PAGE>

                                                                       EXHIBIT D
                                                       TO SERIES TRUST AGREEMENT

                             OFFICER'S CERTIFICATE
                                 OF [TRUSTEE]

         The undersigned, being a [Senior Vice President] of [TRUSTEE] (the
"Bank"), does hereby certify and agree on behalf of the Bank, for the benefit of
National Financial Securities Corporation (the "Depositor") and the beneficial
owners of the Certificates (as defined below), that:

1.   The Trust Agreement dated as of ________ __, 20__, including the Standard
     Terms and Provisions of Series Trust Agreement (the "Trust Agreement"),
     between the Depositor and[TRUSTEE], as Trustee (the "Trustee"), has been
     duly executed and delivered in the name of and on behalf of the Bank.

2.   Pursuant to the provisions of Section 2.01 of the Trust Agreement, the
     Trustee has issued $__,000,000 face amount of Trust Certificates (the
     "Certificates").

3.   The Bank is a [state chartered bank and trust company organized under the
     laws of the State of New York] [whose deposits are insured by the FDIC],
     and has the power to act as trustee with respect to the Certificates.

4.   Immediately prior to the transfer of any of the [UNDERLYING SECURITIES]
     (the "Underlying Securities") to the Trustee pursuant to the Trust
     Agreement, the Trustee did not have record or beneficial ownership of such
     Underlying Securities.

5.   By means of separate recordation upon the books of the Trustee, or by
     physical segregation, if appropriate, the Underlying Securities will always
     be segregated and kept separate from the assets of the Bank and from all
     other trust or fiduciary accounts, and will always be specifically
     identified as property held subject to a trust. The Trust Agreement will
     always be maintained as an official record in the books and records of the
     Trustee. The Trustee will always hold the Underlying Securities as required
     by the Trust Agreement, will always keep its trust records separate and
     distinct from its other records, will always ensure its trust records are
     complete, will always comply with all applicable laws, regulations, and
     rules relating to the custody of assets held in a trust relationship, and
     will always take whatever steps are necessary to ensure that, should the
     [superintendent of banks for the State of New York (the "Superintendent")]
     take possession of the Trustee, or a receiver or liquidator for the Trustee
     be appointed, at such time the Underlying Securities would be identifiable
     as property held subject to the trust relationship by the Trust Agreement.
     At all times that the Underlying Securities are credited to an account
     maintained on behalf of the Trustee at The Depository Trust Company of New
     York, the Bank will reflect on its records that the Underlying Securities
     are held in a trust account subject to the Trust Agreement, which account
     will contain no property of the Trustee in its individual capacity.

6.   At no time will the Bank receive a loan or other credit from a third person
     because of such third party's reliance upon the Bank's apparent ownership
     of the beneficial interests in the Underlying Securities.

7.   Each person who, on behalf of the Bank, executed the Trust Agreement was at
     the date thereof and is now duly authorized as a signatory of the Bank and
     duly authorized to perform such acts
<PAGE>

     at the respective times of such acts and the signatures of such persons
     appearing on such documents are their genuine signatures.

8.   The Trust Agreement has been duly and validly authorized, executed and
     delivered by the Bank and is enforceable against the Bank in accordance
     with its terms, except as the enforceability thereof may be limited by
     bankruptcy, insolvency or similar laws affecting creditors' rights
     generally and by general principles of equity.

                           [SIGNATURE PAGE FOLLOWS]

                                     8.1-2
<PAGE>

         IN WITNESS WHEREOF, the undersigned has caused this certificate to be
duly executed.

                                         [____________________], as Trustee

                                         By________________________________
                                         Name:
                                         Title:

Dated: ________ __, 20__

                                     8.1-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00012-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00012-of-00352.parquet"}]]