Document:

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                                                                     Exhibit 4.1

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                       AMERICAN INTERNATIONAL GROUP, INC.

                                       TO

                              THE BANK OF NEW YORK
                                     Trustee

                                   ----------

                       JUNIOR SUBORDINATED DEBT INDENTURE

                           Dated as of March 13, 2007

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                                TABLE OF CONTENTS

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

RECITALS OF THE COMPANY..................................................     1

                                   ARTICLE ONE

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 101.    Definitions..............................................     1
Section 102.    Compliance Certificates and Opinions.....................     7
Section 103.    Form of Documents Delivered to Trustee...................     8
Section 104.    Acts of Holders; Record Dates............................     8
Section 105.    Notices, Etc., to Trustee and Company....................    10
Section 106.    Notice to Holders; Waiver................................    10
Section 107.    Conflict with Trust Indenture Act........................    11
Section 108.    Effect of Headings and Table of Contents.................    11
Section 109.    Successors and Assigns...................................    11
Section 110.    Separability Clause......................................    11
Section 111.    Benefits of Indenture....................................    11
Section 112.    Governing Law............................................    11
Section 113.    Legal Holidays...........................................    11

                                   ARTICLE TWO

                                 SECURITY FORMS

Section 201.    Forms Generally..........................................    12
Section 202.    Form of Face of Security.................................    12
Section 203.    Form of Reverse of Security..............................    14
Section 204.    Form of Legend for Global Securities.....................    17
Section 205.    Form of Trustee's Certificate of Authentication..........    17

                                  ARTICLE THREE

                                 THE SECURITIES

Section 301.    Amount Unlimited; Issuable in Series.....................    18
Section 302.    Denominations............................................    21
Section 303.    Execution, Authentication, Delivery and Dating...........    21
Section 304.    Temporary Securities.....................................    22
Section 305.    Registration, Registration of Transfer and Exchange......    23
Section 306.    Mutilated, Destroyed, Lost and Stolen Securities.........    24
Section 307.    Payment of Interest; Interest Rights Preserved...........    25
Section 308.    Persons Deemed Owners....................................    26
Section 309.    Cancellation.............................................    26
Section 310.    Computation of Interest..................................    26
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NOTE: This table of contents shall not, for any purpose, be deemed to be a part
     of the Indenture.

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Section 311.    CUSIP Numbers............................................    26
Section 312.    Original Issue Discount..................................    27

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

Section 401.    Satisfaction and Discharge of Indenture..................    27
Section 402.    Application of Trust Money...............................    28

                                  ARTICLE FIVE

                                    REMEDIES

Section 501.    Events of Default........................................    28
Section 502.    Acceleration of Maturity; Rescission and Annulment.......    29
Section 503.    Collection of Indebtedness and Suits for Enforcement by
                   Trustee...............................................    30
Section 504.    Trustee May File Proofs of Claim.........................    31
Section 505.    Trustee May Enforce Claims Without Possession of
                   Securities............................................    31
Section 506.    Application of Money Collected...........................    31
Section 507.    Limitation on Suits......................................    32
Section 508.    Unconditional Right of Holders to Receive Principal,
                   Premium and Interest..................................    32
Section 509.    Restoration of Rights and Remedies.......................    33
Section 510.    Rights and Remedies Cumulative...........................    33
Section 511.    Delay or Omission Not Waiver.............................    33
Section 512.    Control by Holders.......................................    33
Section 513.    Waiver of Past Defaults..................................    33
Section 514.    Undertaking for Costs....................................    34
Section 515.    Waiver of Usury, Stay or Extension Laws..................    34

                                   ARTICLE SIX

                                   THE TRUSTEE

Section 601.    Certain Duties and Responsibilities......................    34
Section 602.    Notice of Defaults.......................................    35
Section 603.    Certain Rights of Trustee................................    35
Section 604.    Not Responsible for Recitals or Issuance of Securities...    36
Section 605.    May Hold Securities......................................    36
Section 606.    Money Held in Trust......................................    36
Section 607.    Compensation and Reimbursement...........................    36
Section 608.    Conflicting Interests....................................    37
Section 609.    Corporate Trustee Required; Eligibility..................    37
Section 610.    Resignation and Removal; Appointment of Successor........    37
Section 611.    Acceptance of Appointment by Successor...................    39
Section 612.    Merger, Conversion, Consolidation or Succession to
                   Business..............................................    40
Section 613.    Preferential Collection of Claims Against Company........    40
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                                  ARTICLE SEVEN

                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

Section 701.    Company to Furnish Trustee Names and Addresses of
                   Holders...............................................    40
Section 702.    Preservation of Information; Communications to Holders...    41
Section 703.    Reports by Trustee.......................................    41
Section 704.    Reports by Company.......................................    41

                                  ARTICLE EIGHT

              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

Section 801.    Company May Consolidate, Etc., Only on Certain Terms.....    41
Section 802.    Successor Substituted....................................    42

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

Section 901.    Supplemental Indentures Without Consent of Holders.......    42
Section 902.    Supplemental Indentures With Consent of Holders..........    43
Section 903.    Execution of Supplemental Indentures.....................    45
Section 904.    Effect of Supplemental Indentures........................    45
Section 905.    Conformity with Trust Indenture Act......................    45
Section 906.    Reference in Securities to Supplemental Indentures.......    45
Section 907.    Subordination Unimpaired.................................    45

                                   ARTICLE TEN

                                    COVENANTS

Section 1001.   Payment of Principal, Premium and Interest...............    46
Section 1002.   Maintenance of Office or Agency..........................    46
Section 1003.   Money for Securities Payments to Be Held in Trust........    46
Section 1004.   Statement by Officers as to Default......................    47
Section 1005.   Existence................................................    47
Section 1006.   Waiver of Certain Covenants..............................    47

                                 ARTICLE ELEVEN

                            REDEMPTION OF SECURITIES

Section 1101.   Applicability of Article.................................    48
Section 1102.   Election to Redeem; Notice to Trustee....................    48
Section 1103.   Selection by Trustee of Securities to Be Redeemed........    48
Section 1104.   Notice of Redemption.....................................    49
Section 1105.   Deposit of Redemption Price..............................    50
Section 1106.   Securities Payable on Redemption Date....................    50
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Section 1107.   Securities Redeemed in Part..............................    50

                                 ARTICLE TWELVE

                                  SINKING FUNDS

Section 1201.   Applicability of Article.................................    50
Section 1202.   Satisfaction of Sinking Fund Payments with Securities....    51
Section 1203.   Redemption of Securities for Sinking Fund................    51

                                ARTICLE THIRTEEN

                       DEFEASANCE AND COVENANT DEFEASANCE

Section 1301.   Company's Option to Effect Defeasance or Covenant
                   Defeasance............................................    51
Section 1302.   Defeasance and Discharge.................................    52
Section 1303.   Covenant Defeasance......................................    52
Section 1304.   Conditions to Defeasance or Covenant Defeasance..........    52
Section 1305.   Deposited Money and U.S. Government Obligations to
                   Be Held in Trust; Miscellaneous Provisions............    54
Section 1306.   Reinstatement............................................    55

                                ARTICLE FOURTEEN

                           SUBORDINATION OF SECURITIES

Section 1401.   Securities Subordinate to Senior Debt....................    55
Section 1402.   Payment Over of Proceeds Upon Dissolution, Etc...........    56
Section 1403.   Prior Payment to Senior Debt Upon Acceleration of
                   Securities............................................    57
Section 1404.   No Payment When Senior Debt in Default...................    57
Section 1405.   Payment Permitted in Certain Situations..................    58
Section 1406.   Subrogation to Rights of Holders of Senior Debt..........    58
Section 1407.   Provisions Solely to Define Relative Rights..............    59
Section 1408.   Trustee to Effectuate Subordination......................    59
Section 1409.   No Waiver of Subordination Provisions....................    59
Section 1410.   Notice to Trustee........................................    60
Section 1411.   Reliance on Judicial Order or Certificate of Liquidating
                   Agent.................................................    60
Section 1412.   Trustee Not Fiduciary for Holders of Senior Debt.........    60
Section 1413.   Rights of Trustee as Holder of Senior Debt; Preservation
                   of Trustee's Rights...................................    61
Section 1414.   Article Applicable to Paying Agents......................    61

TESTIMONIUM..............................................................    62
SIGNATURES...............................................................    62
ACKNOWLEDGMENTS..........................................................    63
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    CERTAIN SECTIONS OF THIS INDENTURE RELATING TO SECTIONS 310 THROUGH 318,
                 INCLUSIVE, OF THE TRUST INDENTURE ACT OF 1939:
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TRUST INDENTURE
ACT SECTION                                                    INDENTURE SECTION
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Section 310(a)(1)...........................................   609
(a)(2)           ...........................................   609
(a)(3)           ...........................................   Not Applicable
(a)(4)           ...........................................   Not Applicable
(b)              ...........................................   608
                                                               610
Section 311(a)   ...........................................   613
(b)              ...........................................   613
Section 312(a)   ...........................................   701
                                                               702
(b)              ...........................................   702
(c)              ...........................................   702
Section 313(a)   ...........................................   703
(b)              ...........................................   703
(c)              ...........................................   703
(d)              ...........................................   703
Section 314(a)   ...........................................   704
(a)(4)           ...........................................   101
                                                               1004
(b)              ...........................................   Not Applicable
(c)(1)           ...........................................   102
(c)(2)           ...........................................   102
(c)(3)           ...........................................   Not Applicable
(d)              ...........................................   Not Applicable
(e)              ...........................................   102
Section 315(a)   ...........................................   601
(b)              ...........................................   602
(c)              ...........................................   601
(d)              ...........................................   601
(e)              ...........................................   514
Section 316(a)   ...........................................   101
(a)(1)(A)        ...........................................   502
                                                               512
(a)(1)(B)        ...........................................   513
(a)(2)           ...........................................   Not Applicable
(b)              ...........................................   508
(c)              ...........................................   104
Section 317(a)(1)...........................................   503
(a)(2)           ...........................................   504
(b)              ...........................................   1003
Section 318(a)   ...........................................   107
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Note: This reconciliation and tie shall not, for any purpose, be deemed to be a
      part of the Indenture.

<PAGE>

     JUNIOR SUBORDINATED DEBT INDENTURE, dated as of March 13, 2007 between
American International Group, Inc., a corporation duly organized and existing
under the laws of the State of Delaware (herein called the "COMPANY"), having
its principal office at 70 Pine Street, New York, New York 10270, and The Bank
of New York, a New York banking corporation, 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 its unsecured
debentures, notes or other evidences of indebtedness (herein called the
"SECURITIES"), to be issued in one or more series as in this Indenture provided,
including Securities issued to evidence loans made to the Company of the
proceeds from the issuance from time to time by the AIG Capital Trust I, a
Delaware statutory trust, or the AIG Capital Trust II, a Delaware statutory
trust (each an "ISSUER TRUST"), of undivided beneficial interests in the assets
of such Issuer Trusts.

     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:

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

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

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

          (4) 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>

          (5) 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.

     "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.

     "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,
unless otherwise specified as contemplated by Section 301, 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 SECURITIES" means preferred undivided beneficial interests in the
assets of an Issuer Trust.

     "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.

     "COMPANY" means the Person named as the "Company" in the first paragraph of
this 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, its Vice Chairman, its
President or one of its Vice Presidents (or any Person designated by one of them
in writing as authorized to execute and deliver Company Requests and Company
Orders), and by its Treasurer, one of its Assistant Treasurers, its Secretary or
one of its Assistant Secretaries (or any Person designated by one of them in
writing as authorized to execute and deliver Company Requests and Company
Orders), and delivered to the Trustee.

     "CORPORATE TRUST OFFICE" means the principal office of the Trustee in New
York, New York at which at any particular time its corporate trust business
shall be administered.

                                       -2-

<PAGE>

     "CORPORATION" means a corporation, association, company, limited liability
company, joint-stock company or business trust.

     "COVENANT DEFEASANCE" has the meaning specified in Section 1303.

     "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, any Person that
is designated to act as Depositary for such Securities as contemplated by
Section 301.

     "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.

     "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 any obligation, contingent or otherwise, of the Company
guaranteeing, or having the economic effect of guaranteeing, any indebtedness or
other obligation of any other Person (the "primary obligor") in any manner,
whether directly or indirectly, and including without limitation, any obligation
of such Person, (i) to purchase or pay (or advance or supply funds for the
purchase or payment of) such indebtedness or obligation or to purchase (or to
advance or supply funds for the purchase of) any security for the payment of
such indebtedness or obligation, (ii) to purchase property, securities or
services for the purpose of assuring the holders of such indebtedness or
obligation of the payment of such indebtedness or obligation, or (iii) to
maintain working capital, equity capital or other financial statement condition
or liquidity of the primary obligor so as to enable the primary obligor to pay
such indebtedness or obligation.

     "GUARANTEE AGREEMENT" means, with respect to an Issuer Trust, the Guarantee
Agreement, if entered into, for the benefit of the holders of Capital
Securities issued by such Issuer Trust, as the same may be amended from time to
time.

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

     "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 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.

                                       -3-

<PAGE>

     "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.

     "ISSUER TRUST" has the meaning specified in the first recital of this
Indenture.

     "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).

     "OFFICERS' CERTIFICATE" means a certificate signed by the Chairman, a Vice
Chairman, the President or a Vice President, and by the Treasurer, an Assistant
Treasurer, the Secretary or an Assistant Secretary, of the Company, and
delivered to the Trustee. One of the officers signing an Officers' Certificate
given pursuant to Section 1004 shall be the principal executive, financial or
accounting officer of the Company.

     "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:

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

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

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

          (4) 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

                                       -4-

<PAGE>

     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 a Responsible
Officer of 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, joint venture,
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.

     "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.

     "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.

                                       -5-

<PAGE>

     "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.

     "RESPONSIBLE OFFICER" when used with respect to the Trustee, means any vice
president, any assistant vice president, any senior trust officer or assistant
trust officer, any trust officer, or any other officer associated with the
corporate trust department 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 such person's knowledge of and
familiarity with the particular subject.

     "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 Section 305.

     "SENIOR DEBT" means all indebtedness and obligations (other than the
Securities, but including any debentures, notes or other evidence of
indebtedness issued under the Senior Indenture or Senior Subordinated Indenture)
of, or Guaranteed or assumed by, the Company that (i) are for borrowed money
(ii) are evidenced by bonds, debentures, notes or other similar instruments, or
(iii) represent obligations to policyholders of insurance or investment
contracts, in each case, whether outstanding on the date of this Indenture or
thereafter created, incurred, assumed or Guaranteed, and all amendments,
renewals, extensions, modifications and refundings of such indebtedness and
obligations, unless in any such case the instrument by which such indebtedness
or obligations are created, incurred, assumed or Guaranteed by the Company, or
are evidenced, provides that they are subordinated, or are not superior, in
right of payment to the Securities.

     "SENIOR INDENTURE" means an Indenture, if entered into, between the
Company and The Bank of New York, as trustee, as the same may be amended from
time to time.

     "SENIOR SUBORDINATED INDENTURE" means a Subordinated Indenture, if entered
into, between the Company and The Bank of New York, as trustee, as the same may
be amended from time to time.

     "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

                                       -6-

<PAGE>

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.

     "TRUST AGREEMENT" means, with respect to an Issuer Trust, the amended and
restated trust agreement of such Issuer Trust, as modified, amended or
supplemented from time to time.

     "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.

     "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.

     "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, such
     individual has made such examination or investigation as is necessary to
     enable him or her to express an informed opinion as to whether or not such
     covenant or condition has been complied with; and

                                       -7-

<PAGE>

          (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.

     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.

                                       -8-

<PAGE>

     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 any notice, declaration, request or
direction referred to in the next paragraph. 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 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.

     The Trustee may set any day as a record date for the purpose of determining
the Holders of Outstanding Securities of any series entitled to join in 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, in each case with respect to Securities of such series. If any
record date is set pursuant to this paragraph, the Holders of Outstanding
Securities of such series on such record date, and no other Holders, shall be
entitled to join in such notice, declaration, request or direction, 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 Trustee 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 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 Trustee, at the Company's expense, shall cause
notice of such record date, the proposed action by Holders and the applicable
Expiration Date to be given to the Company in writing and to each Holder of
Securities of the relevant series in the manner set forth in Section 106.

                                       -9-

<PAGE>

     With respect to any record date set pursuant to this Section, the party
hereto which sets such record dates 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 other party hereto 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 party hereto which set such record date 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, 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, Attention: Secretary, 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 or her 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 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

                                      -10-

<PAGE>

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
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 be made on the next succeeding Business Day at such Place of Payment
with the same force and effect as if made on the Interest Payment Date or
Redemption Date, or at the Stated Maturity; provided, however, that no interest
shall accrue for the period from and after such Interest Payment Date,
Redemption Date or Stated Maturity, as the case may be, to the date of such
payment.

                                      -11-

<PAGE>

                                   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. If all of the Securities of any series established by action taken
pursuant to a Board Resolution are not to be issued at one time, it shall not be
necessary to deliver a record of such action at the time of issuance of each
Security of such series, but an appropriate record of such action shall be
delivered at or before the time of issuance of the first Security of such
series.

     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.]

                       American International Group, Inc.

                                   ----------

No. ________                                                          $_________

     American International Group, Inc., a corporation duly organized and
existing under the laws of Delaware (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 [if applicable, insert
___ , 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

                                      -12-

<PAGE>

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 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.]

     Payment of the principal of (and premium, if any) and [if applicable,
insert -- any such] interest on this Security will be made at the office or
agency of the Company maintained for that purpose in the Borough of Manhattan,
The City of New York, 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 [if applicable, insert -- ; 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.

Dated: _________________________

                                        American International Group, Inc.

                                        By
                                           -------------------------------------

Attest:

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

                                      -13-

<PAGE>

Section 203. Form of Reverse of Security.

     This Security is one of a duly authorized issue of securities of the
Company (herein called the "Securities"), issued and to be issued in one or more
series under a Subordinated Debt Indenture, dated as of __________, 20__ (herein
called the "Indenture", which term shall have the meaning assigned to it in such
instrument), between the Company and The Bank of New York, 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 -- , [initially] limited in aggregate
principal amount to $____________][, provided that the Company may, without the
consent of any Holder, at any time and from time to time, increase the initial
principal amount.]

     [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,

<TABLE>
<CAPTION>
       Redemption          Redemption
Year      Price     Year      Price
----   ----------   ----   ----------
<S>    <C>          <C>    <C>

</TABLE>

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,

                                      -14-

<PAGE>

<TABLE>
<CAPTION>
       Redemption Price
         For Redemption     Redemption Price For
       Through Operation    Redemption Otherwise
            of the         Than Through Operation
Year      Sinking Fund       of the Sinking Fund
----   -----------------   ----------------------
<S>    <C>                 <C>

</TABLE>

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 provided in
the Indenture, subordinate and subject in right of payment to the prior payment
in full 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 or her behalf to take such actions as
may be necessary or appropriate to effectuate the subordination so provided and
(c) appoints the Trustee his or her attorney-in-fact for any and all such
purposes. Each Holder hereof, by his or her acceptance hereof, waives all notice
of the acceptance of the subordination provisions contained herein and in the
Indenture by each holder of Senior Debt, whether now outstanding or hereafter
created, incurred, assumed or Guaranteed, and waives reliance by each such
holder upon said provisions.

                                      -15-

<PAGE>

     [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 a majority 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 herefor 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 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

                                      -16-

<PAGE>

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.

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

                                      -17-

<PAGE>

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

Dated:                                                           The Bank of New
       -------------------                                                 York,
                                                                      As Trustee

                                        By
                                           -------------------------------------
                                           Authorized Signatory

                                  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,

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

          (2) 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, 1107 or 1203 and except for
     any Securities which, pursuant to Section 303, are deemed never to have
     been authenticated and delivered hereunder);

          (3) 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;

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

          (5) 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;

                                      -18-

<PAGE>

          (6) the place or places where the principal of and any premium and
     interest on any Securities of the series shall be payable;

          (7) 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;

          (8) 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 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;

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

          (10) if the amount of principal of or any premium or interest on any
     Securities of the series may be determined with reference to a financial or
     economic measure or pursuant to a formula, the manner in which such amounts
     shall be determined;

          (11) 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;

          (12) 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);

          (13) 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;

          (14) 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);

                                      -19-
<PAGE>

          (15) if other than by a Board Resolution, the manner in which any
     election by the Company to defease any Securities of the series pursuant to
     Section 1302 or Section 1303 shall be evidenced; whether any Securities of
     the series other than Securities denominated in U.S. dollars and bearing
     interest at a fixed rate are to be subject to Section 1302 or Section 1303;
     or, in the case of Securities denominated in U.S. dollars and bearing
     interest at a fixed rate, if applicable, that the Securities of the series,
     in whole or any specified part, shall not be defeasible pursuant to Section
     1302 or Section 1303 or both such Sections;

          (16) 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;

          (17) any amendments or modifications to the subordination provisions
     in Article Fourteen;

          (18) 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;

          (19) any addition to, deletion from or change in the covenants set
     forth in Article Ten which applies to Securities of the series; and

          (20) 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. All Securities of any one
series need not be issued at one time and, unless otherwise 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 with respect to a
series of Securities, additional Securities of a series may be issued, at the
option of the Company, without the consent of any Holder, at any time and from
time to time.

     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.

                                      -20-

<PAGE>

     The Securities shall be subordinated in right of payment to Senior Debt as
provided in Article Fourteen.

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,
one of its Vice Chairmen, its President, its Treasurer or one of its Vice
Presidents and 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,

          (1) 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;

          (2) 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

          (3) 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.

                                      -21-

<PAGE>

     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, including in the event that the size of a series of Outstanding Securities
is increased as contemplated by Section 301, 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 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.

                                      -22-

<PAGE>

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, 1107 or 1203 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 (1), (2), (3) and (4) below shall apply only to
Global Securities:

                                      -23-

<PAGE>

          (1) 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.

          (2) 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 (A) such Depositary has notified the
     Company that it is unwilling or unable or no longer permitted under
     applicable law to continue as Depositary for such Global Security, (B)
     there shall have occurred and be continuing an Event of Default with
     respect to such Global Security, (C) the Company so directs the Trustee by
     a Company Order or (D) 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.

          (3) 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.

          (4) 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,
     1107 or 1203 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 (i) evidence to
their satisfaction of the destruction, loss or theft of any Security and (ii)
such security or indemnity as may be required by them to save each of them and
any agent of either of them harmless, then, in the absence of 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

                                      -24-

<PAGE>

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 mutilated, destroyed, lost or stolen Security shall constitute an original
additional contractual obligation of the Company, whether or not the mutilated,
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 (1) or (2) below:

          (1) The Company may elect to make payment of any Defaulted Interest to
     the Persons in whose names the Securities of such series (or their
     respective Predecessor Securities) are registered at the close of business
     on a Special Record Date for the payment of such Defaulted Interest, which
     shall be fixed in the following manner. The Company shall notify the
     Trustee in writing of the amount of Defaulted Interest proposed to be paid
     on each Security of such series and the date of the proposed payment, and
     at the same time the Company shall deposit with the Trustee an amount of
     money equal to the aggregate amount proposed to be paid in respect of such
     Defaulted Interest or shall make arrangements satisfactory to the Trustee
     for such deposit prior to the date of the proposed payment, such money when
     deposited to be held in trust for the benefit of the Persons entitled to
     such Defaulted Interest as in this Clause provided. Thereupon the Trustee
     shall fix a Special Record Date for the payment of such Defaulted Interest
     which shall be not more than 15 days and not less than 10 days prior to the
     date of the proposed payment and not less than 10 days after the receipt by
     the Trustee of the notice of the proposed payment. The Trustee shall
     promptly notify the Company of such Special Record Date and, in the name
     and at the expense of the Company, shall cause notice of the proposed
     payment of such Defaulted Interest and the Special Record Date therefor to
     be 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

                                      -25-

<PAGE>

     business on such Special Record Date and shall no longer be payable
     pursuant to the following Clause (2).

          (2) The Company may make payment of any Defaulted Interest on the
     Securities of any series in any other lawful manner not inconsistent with
     the requirements of any securities exchange on which such Securities may be
     listed, and upon such notice as may be required by such exchange, if, after
     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 in accordance with its
customary procedures.

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.

Section 311. CUSIP Numbers.

     The Company in issuing any series of the Securities may use CUSIP numbers,
if then generally in use, and thereafter with respect to such series, the
Trustee may use such numbers in

                                      -26-

<PAGE>

any notice of redemption with respect to such series, provided that any such
notice may state that no representation is made as to the correctness of such
numbers either as printed on the Securities of that series or as contained in
any notice of a redemption and that reliance may be placed only on the other
identification numbers printed on the Securities of that series, and any such
redemption shall not be affected by any defect in or omission of such numbers.

Section 312. Original Issue Discount.

     If any of the Securities is an Original Issue Discount Security, the
Company shall file with the Trustee promptly at the end of each calendar year
(i) a written notice specifying the amount of original issue discount (including
daily rates and accrual periods) accrued on such Outstanding Original Issue
Discount Securities as of the end of such year and (ii) such other specific
information relating to such original issue discount as may then be relevant
under the Internal Revenue Code of 1986, as amended from time to time.

                                  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

          (1) either

          (A) all Securities theretofore authenticated and delivered (other than
     (i) Securities which have been mutilated, destroyed, lost or stolen and
     which have been replaced or paid as provided in Section 306 and (ii)
     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

          (B) all such Securities not theretofore delivered to the Trustee for
     cancellation

               (i) have become due and payable, or

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

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

     and the Company, in the case of (i), (ii) or (iii) above, has deposited or
     caused to be deposited with the Trustee as trust funds in trust for the
     purpose money in an amount

                                      -27-

<PAGE>

     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;

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

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

     Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 607 and, if money shall
have been deposited with the Trustee pursuant to subclause (B) of Clause (1) of
this Section, the obligations of the Trustee under Section 402 and the last
paragraph of Section 1003 shall survive.

Section 402. Application of 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 occasioned by the provisions of Article
Fourteen or be voluntary or involuntary or be effected by operation of law or
pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body):

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

          (2) default in the payment of the principal of or any premium on any
     Security of that series at its Maturity, and continuance of such default
     for a period of five days; or

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

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<PAGE>

          (4) 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

          (5) the entry by a court having jurisdiction in the premises of (A) a
     decree or order for relief in respect of the Company in an involuntary case
     or proceeding under any applicable Federal or State bankruptcy, insolvency,
     reorganization or other similar law or (B) a decree or order adjudging the
     Company bankrupt or insolvent, or approving as properly filed a petition
     seeking reorganization, arrangement, adjustment or composition of or in
     respect of the Company under any applicable Federal or State law, or
     appointing a custodian, receiver, liquidator, assignee, trustee,
     sequestrator or other similar official of the Company 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

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

          (7) 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 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

                                      -29-

<PAGE>

the Trustee if given by Holders), and upon any such declaration such principal
amount (or specified amount) shall become immediately due and payable.

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

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

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

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

          (C) 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

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

     and

          (2) all Events of Default with respect to Securities of that series,
     other than the non-payment of the principal of Securities of that series
     which have become due solely by such declaration of acceleration, have been
     cured or waived as provided in Section 513.

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

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

     The Company covenants that if

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

          (2) default is made in the payment of the principal of (or premium, if
     any, on) any Security at the Maturity thereof and such default continues
     for a period of five days,

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

                                      -30-

<PAGE>

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 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:

                                      -31-

<PAGE>

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

          SECOND: Subject to Article Fourteen, 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

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

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

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

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

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

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

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

     Notwithstanding any other provision in this Indenture, the Holder of any
Security shall have the right, which is absolute and unconditional, to receive
payment of the principal of and 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 or repayment, on the Redemption Date or
date for repayment, as the case may be) and to institute suit for the
enforcement of any such payment, and such rights shall not be impaired without
the consent of such Holder.

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<PAGE>

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

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

          (2) 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.

     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

                                      -33-

<PAGE>

          (1) in the payment of the principal of or any premium or interest on
     any Security of such series, or

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

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

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<PAGE>

Section 602. Notice of Defaults.

     If a default occurs hereunder with respect to Securities of any series, the
Trustee shall 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 Section
501(4) with respect to Securities of such series, no such notice to Holders
shall be given until at least 30 days after the occurrence thereof. For the
purpose of this Section, the term "default" means any event which is, or after
notice or lapse of time or both would become, an Event of Default with respect
to Securities of such series.

Section 603. Certain Rights of Trustee.

     Subject to the provisions of Section 601:

          (1) the Trustee may conclusively 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;

          (2) 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;

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

          (4) 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;

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

          (6) 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;

                                      -35-

<PAGE>

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

          (8) the rights, privileges, protections, immunities and benefits given
     to the Trustee, including, without limitation, its right to be indemnified,
     are extended to, and shall be enforceable by, the Trustee in each of its
     capacities hereunder.

Section 604. Not Responsible for Recitals or Issuance of Securities.

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

Section 605. May Hold Securities.

     The Trustee, 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,
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 such compensation as shall
     be agreed to in writing between the Company and the Trustee 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 reasonable
     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,

                                      -36-

<PAGE>

     including the reasonable 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.

     When the Trustee incurs expenses or renders services in connection with an
Event of Default specified in Section 501(5) or Section 501(6), the expenses
(including the reasonable charges and expenses of its counsel) and the
compensation for the services are intended to constitute expenses of
administration under any applicable Federal or state bankruptcy, insolvency or
other similar law.

     The provisions of this Section shall survive the termination of this
Indenture and the resignation or removal of the Trustee.

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 the Trust Agreement or the
Guarantee Agreement with respect to an Issuer Trust.

Section 609. Corporate Trustee Required; Eligibility.

     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, 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, at the expense of the Company,

                                      -37-

<PAGE>

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 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 removal, the Trustee being removed, at the expense
of the Company, may petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such
series.

     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
     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 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

                                      -38-

<PAGE>

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

                                      -39-
<PAGE>

     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, consolidation or sale 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).

                                 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

          (1) semi-annually either (i) not later than March 31 and September 30
     in each year in the case of any series of Securities consisting solely of
     Original Issue Discount Securities which by their terms do not bear
     interest prior to Maturity, or (ii) not more than 15 days after each
     Regular Record Date in the case of Securities of any other series, 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
     March 16 or September 15 or as of such Regular Record Date, as the case may
     be; and

          (2) 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.

                                      -40-

<PAGE>

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.

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.

     Delivery of such reports, information and documents to the Trustee is for
informational purposes only and the Trustee's receipt of such shall not
constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Company's
compliance with any of its covenants hereunder (as to which the Trustee is
entitled to conclusively rely exclusively on Officers' Certificates).

                                 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, unless:

                                      -41-

<PAGE>

          (1) 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 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;

          (2) immediately after giving effect to 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; and

          (3) 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 have 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:

          (1) 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

                                      -42-

<PAGE>

          (2) to add to the covenants of the Company for the benefit of some or
     all of the Holders of all or any series of Securities or of particular
     Securities within a series as may be specified in the Board Resolutions
     (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 such particular Securities) or to
     surrender any right or power herein conferred upon the Company; or

          (3) to add any additional Events of Default for the benefit of some or
     all of the Holders of all or any series of Securities or of particular
     Securities within a series as may be specified in the Board Resolutions
     (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 such particular Securities); or

          (4) 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

          (5) 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 (A) shall neither (i) 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 (ii) modify the
     rights of the Holder of any such Security with respect to such provision or
     (B) shall become effective only when there is no Security described in
     clause (i) Outstanding; or

          (6) to secure the Securities; or

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

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

          (9) to cure any ambiguity, to correct or supplement any provision
     herein which may be defective or inconsistent with any other provision
     herein, or to make any other provisions with respect to matters or
     questions arising under this Indenture, provided that such action pursuant
     to this Clause (9) 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

                                      -43-

<PAGE>

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 if the Board Resolutions and
supplemental indenture shall expressly provide that any provisions to be changed
or eliminated shall apply to fewer than all the Outstanding Securities hereunder
or under a particular series under this Indenture, then, to the extent not
inconsistent with the Trust Indenture Act, any such consent may be given by
Holders of not less than a majority in principal amount of the Outstanding
Securities hereunder or under such series to which such change or elimination
shall apply; provided, further, that no such supplemental indenture shall,
without the consent of the Holder of each Outstanding Security affected thereby
(whether or not such affected Securities comprise all Securities under this
Indenture or under a particular series),

          (1) 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

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

          (3) modify any of the provisions of this Section, Section 513 or
     Section 1006, 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
     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 1006, or the
     deletion of this proviso, in accordance with the requirements of Sections
     611 and 901(8).

     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 identified series of Securities or particular Securities
within an identified series of Securities, or which modifies the rights of the
Holders of Securities of such series, or Holder of particular Securities within
a series with respect to such covenant or other provision, shall be deemed to
affect only the rights under this Indenture of the Holders of Securities of the
identified series or of particular Securities within the identified series, and
shall be deemed not to affect the rights under this Indenture of the Holders of
any other Securities.

     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.

                                      -44-

<PAGE>

     After a supplemental indenture under this Section 902 becomes effective,
the Company shall mail to the Trustee a notice briefly describing such
supplemental indenture or a copy of such supplemental indenture and the Trustee
shall mail such notice or supplemental indenture to Holders affected thereby.
Any failure of the Company to mail such notice, or any defect therein, or any
failure of the Company to mail such supplemental indenture, shall not in any way
impair or affect the validity of any such supplemental indenture.

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.

Section 907. Subordination Unimpaired.

     This Indenture may not be amended at any time to alter the subordination,
as provided herein, of any of the Securities then Outstanding without the
written consent of each holder of Senior Debt then outstanding that would be
adversely affected thereby.

                                      -45-

<PAGE>

                                  ARTICLE TEN

                                    COVENANTS

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

                                      -46-

<PAGE>

(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 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 the Borough of
Manhattan, The City of New York, notice that such money remains unclaimed and
that, after a date specified therein, which shall not be less than 30 days from
the date of such publication, any unclaimed balance of such money then remaining
will be repaid to the Company.

Section 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 corporate
existence.

Section 1006. 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 Section 301(19), 901(2) or 901(7)
for the benefit of the Holders of such series or in

                                      -47-

<PAGE>

Section 1005 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.

     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
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.

                                      -48-

<PAGE>

     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:

          (1) the Redemption Date;

          (2) the Redemption Price;

          (3) 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;

          (4) 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;

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

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

          (7) if applicable, the CUSIP numbers of the Securities of that series.

     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, unless otherwise
specified or contemplated by Section 301, shall be irrevocable.

                                      -49-

<PAGE>

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 or the Securities of the series provide
otherwise) 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, if applicable, 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.

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 series of Securities is herein referred to as a "mandatory sinking fund
payment", and any payment

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<PAGE>

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 series of 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 of the series 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 60 days prior to each sinking fund payment date for any
Securities, the Company will deliver to the Trustee an Officers' Certificate
specifying the amount of the next ensuing sinking fund payment for 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 also deliver to the Trustee any Securities to be so
delivered. Not less than 30 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.

     Unless otherwise provided as contemplated by Section 301, Sections 1302 and
1303 shall apply to any Securities or any series of Securities, as the case may
be, in either case, denominated in U.S. dollars and bearing interest at a fixed
rate, in accordance with any applicable requirements provided pursuant to
Section 301 and upon compliance with the conditions set forth below in this
Article; and the Company may elect, at its option at any time, to have Section
1302 and 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 to have or not to have Sections 1302

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<PAGE>

and 1303 apply, as the case may be, 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, or if
this Section shall otherwise apply 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, and the provisions of Article Fourteen shall
cease to be effective, 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: (1) 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, (2) the Company's obligations with respect to such Securities under
Sections 304, 305, 306, 1002 and 1003, (3) the rights, powers, trusts, duties
and immunities of the Trustee hereunder and (4) this Article. Subject to
compliance with this Article, the Company may exercise its option (if any) to
have this Section applied to the Securities of any series 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, or if
this Section shall otherwise apply to any Securities or any series of
Securities, as the case may be, (1) the Company shall be released from its
obligations under Section 1005 and any covenants provided pursuant to Section
301(19), 901(2) or 901(7) for the benefit of the Holders of such Securities and
(2) the occurrence of any event specified in Sections 501(4) (with respect to
Section 1005 and any such covenants provided pursuant to Section 301(19), 901(2)
or 901(7)) and 501(7) shall be deemed not to be or result in an Event of Default
and (3) the provisions of Article Fourteen shall cease to be effective, in each
case 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 "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
Section 501(4)), whether directly or indirectly by reason of any reference
elsewhere herein to any such Section by reason of any reference in any such
Section or 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
1303 to any Securities or any series of Securities, as the case may be:

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<PAGE>

          (1) 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, (A) money in an amount, or (B) 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 (C) 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.

          (2) 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 (A)
     the Company has received from, or there has been published by, the Internal
     Revenue Service a ruling or (B) since the date of this instrument, there
     has been a change in the applicable Federal income tax law, in either case
     (A) or (B) 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 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.

          (3) 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

                                      -53-

<PAGE>

     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.

          (4) The Company shall have delivered to the Trustee an Officers'
     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.

          (5) 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 Sections 501(5) and
     (6), 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).

          (6) 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).

          (7) 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.

          (8) 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.

          (9) No event or condition shall exist that, pursuant to the provisions
     of Article Fourteen, would prevent the Company from making payments of the
     principal of (and any premium) or interest on the Securities of such series
     on the date of such deposit or 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 such 90th day shall have ended).

          (10) The Company shall have delivered to the Trustee an Officers'
     Certificate and an Opinion of Counsel, each stating that all conditions
     precedent with respect to such Defeasance or Covenant Defeasance have been
     complied with (in each case, subject to the satisfaction of the condition
     in clause (5)).

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. 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

                                      -54-

<PAGE>

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.
Money and U.S. Government Obligations (including the proceeds thereof) so held
in trust shall not be subject to the provisions of Article Fourteen, provided
that the applicable conditions of Section 1304 have been satisfied.

     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.

                                ARTICLE FOURTEEN

                           SUBORDINATION OF SECURITIES

Section 1401. Securities Subordinate to Senior Debt.

     The Company covenants and agrees, and each Holder of a Security, by his
acceptance thereof, likewise covenants and agrees, that, to the extent and in
the manner hereinafter set forth in this Article, the indebtedness represented
by the Securities and the payment of the principal of (and premium, if any) and
interest on each and all of the Securities are hereby expressly made subordinate
and subject in right of payment to the prior payment in full of all Senior Debt.

     Notwithstanding the foregoing, if a deposit referred to in Section 1304(1)
is made pursuant to Section 1302 or Section 1303 with respect to any Securities
(and provided all other conditions set out in Section 1302 or 1303, as
applicable, shall have been satisfied with respect to such Securities), then,
when the 90th day after such deposit has ended, no money or U.S.

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<PAGE>

Government Obligations so deposited, and no proceeds thereon, will be subject to
any rights of holders of Senior Debt, including any such rights arising under
this Article Fourteen.

Section 1402. Payment Over of Proceeds Upon Dissolution, Etc.

     In the event of (a) any insolvency or bankruptcy case or proceeding, or any
receivership, liquidation, reorganization or other similar case or proceeding in
connection therewith, relative to the Company or to its creditors, as such, or
to its assets, or (b) any liquidation, dissolution or other winding up of the
Company, whether voluntary or involuntary and whether or not involving
insolvency or bankruptcy, or (c) any assignment for the benefit of creditors or
any other marshalling of assets and liabilities of the Company, then and in any
such event the holders of Senior Debt shall be entitled to receive payment in
full of all amounts due or to become due on or in respect of all Senior Debt
(including any interest accruing thereon after the commencement of any such case
or proceeding), or provision shall be made for such payment in cash or cash
equivalents or otherwise in a manner satisfactory to the holders of Senior Debt,
before the Holders of the Securities are entitled to receive any payment on
account of principal of (or premium, if any) or interest on the Securities, and
to that end the holders of Senior Debt shall be entitled to receive, for
application to the payment thereof, any payment or distribution of any kind or
character, whether in cash, property or securities, including any such payment
or distribution which may be payable or deliverable by reason of the payment of
any other indebtedness of the Company being subordinated to the payment of the
Securities, which may be payable or deliverable in respect of the Securities in
any such case, proceeding, liquidation, dissolution or other winding up event.

     In the event that, notwithstanding the foregoing provisions of this
Section, the Trustee or the Holder of any Security shall have received any
payment or distribution of assets of the Company of any kind or character,
whether in cash, property or securities, including any such payment or
distribution which may be payable or deliverable by reason of the payment of any
other indebtedness of the Company being subordinated to the payment of the
Securities, before all Senior Debt is paid in full or payment thereof provided
for, and if such fact shall, at or prior to the time of such payment or
distribution, have been made known to the Trustee or, as the case may be, such
Holder, then and in such event such payment or distribution shall be paid over
or delivered forthwith to the trustee in bankruptcy, receiver, liquidating
trustee, custodian, assignee, agent or other Person making payment or
distribution of assets of the Company for application to the payment of all
Senior Debt remaining unpaid, to the extent necessary to pay all Senior Debt in
full, after giving effect to any concurrent payment or distribution to or for
the holders of Senior Debt. Any taxes that have been withheld or deducted from
any payment or distribution in respect of the Securities, or any taxes that
ought to have been withheld or deducted from any such payment or distribution
that have been remitted to the relevant taxing authority, shall not be
considered to be an amount that the Trustee or the Holder of any Security
receives for purposes of this Section.

     For purposes of this Article only, the words "cash, property or securities"
shall not be deemed to include shares of stock of the Company as reorganized or
readjusted, or securities of the Company or any other corporation or other
entity provided for by a plan of reorganization or readjustment which are
subordinated in right of payment to all Senior Debt which may at the time be
outstanding to substantially the same extent as, or to a greater extent than,
the Securities are so subordinated as provided in this Article. The
consolidation of the Company with, or the merger of the Company into, or the
conveyance, transfer or lease by the Company of its properties and

                                      -56-

<PAGE>

assets substantially as an entirety to, another Person upon the terms and
conditions set forth in Article Eight, or the liquidation or dissolution of the
Company following any such conveyance or transfer, shall not be deemed a
dissolution, winding up, liquidation, reorganization, assignment for the benefit
of creditors or marshalling of assets and liabilities of the Company for the
purposes of this Section if the Person formed by such consolidation or into
which the Company is merged or the Person which acquires by conveyance, transfer
or lease of such properties and assets substantially as an entirety, as the case
may be, shall, as a part of such consolidation, merger, conveyance or transfer,
comply with the conditions set forth in Article Eight.

Section 1403. Prior Payment to Senior Debt Upon Acceleration of Securities.

     In the event that any Securities are declared due and payable before their
Stated Maturity, then and in such event the holders of Senior Debt shall be
entitled to receive payment in full of all amounts due or to become due on or in
respect of all Senior Debt or provision shall be made for such payment in cash
or cash equivalents, before the Holders of the Securities are entitled to
receive any payment (including any payment which may be payable by reason of the
payment of any other indebtedness of the Company being subordinated to the
payment of the Securities) by the Company on account of the principal of (or
premium, if any) or interest on the Securities or on account of the purchase or
other acquisition of Securities; provided, however, that nothing in this Section
shall prevent the satisfaction of any sinking fund payment in accordance with
Article Twelve by delivering and crediting pursuant to Section 1202 Securities
which have been acquired (upon redemption or otherwise) prior to such
declaration of acceleration.

     In the event that, notwithstanding the foregoing, the Company shall make
any payment to the Trustee or the Holder of any Security prohibited by the
foregoing provisions of this Section, and if such fact shall, at or prior to the
time of such payment, have been made known to the Trustee or, as the case may
be, such Holder, then and in such event such payment shall be paid over and
delivered forthwith to the Company.

Section 1404. No Payment When Senior Debt in Default.

     Subject to the last paragraph of this Section, (a) (i) in the event and
during the continuation of any default in the payment of principal of (or
premium, if any) or interest on any Senior Debt beyond any applicable grace
period with respect thereto, or (ii) in the event that any event of default with
respect to any Senior Debt shall have occurred and be continuing permitting the
holders of such Senior Debt (or a trustee on behalf of the holders thereof) to
declare such Senior Debt due and payable prior to the date on which it would
otherwise have become due and payable(provided that, in the case of Clause (i)
or Clause (ii), if such default in payment or event of default shall have been
cured or waived or shall have ceased to exist and any such declaration of
acceleration shall have been rescinded or annulled, then such default in payment
or event of default, as the case may be, shall be deemed not to have occurred
for the purpose of this Section) or (b) in the event any judicial proceeding
shall be pending with respect to any such default in payment or event of default
that shall be deemed to have occurred for the purpose of this Section, then no
payment (including any payment which may be payable by reason of the payment of
any other indebtedness of the Company being subordinated to the payment of the
Securities) shall be made by the Company on account of principal of (or premium,
if any) or interest on the Securities or on account of the purchase or other
acquisition of Securities; provided, however, that nothing in this Section shall
prevent the satisfaction of any sinking fund payment in accordance with

                                      -57-

<PAGE>

Article Twelve by delivering and crediting pursuant to Section 1202 Securities
which have been acquired (upon redemption or otherwise) prior to such default in
payment or event of default.

     In the event that, notwithstanding the foregoing, the Company shall make
any payment to the Trustee or the Holder of any Security prohibited by the
provisions of this Section, and if such fact shall, at or prior to the time of
such payment, have been made known to the Trustee or, as the case may be, such
Holder, then and in such event such payment shall be paid over and delivered
forthwith to the Company.

     No default in payment or event of default with respect to any Senior Debt
shall be deemed to be a default in payment or event of default of the kind
specified in Clause (a)(i) or (a)(ii) of this Section, and no judicial
proceeding with respect to any such default in payment or event of default shall
be deemed to be a judicial proceeding of the kind specified in Clause (b) of
this Section, if (x) the Company shall be disputing the occurrence or
continuation of such default in payment or event of default, or any obligation
purportedly giving rise to such default in payment or event of default, and (y)
no final judgment holding that such default in payment or event of default has
occurred and is continuing shall have been issued. For this purpose, a "final
judgment" means a judgment that is issued by a court having jurisdiction over
the Company, is binding on the Company, is in full force and effect and is not
subject to judicial appeal or review (including because the time within which a
party may seek appeal or review has expired), provided that, if any such
judgment has been issued but is subject to judicial appeal or review, it shall
nevertheless be deemed to be a final judgment unless the Company shall in good
faith be prosecuting such appeal or a proceeding for such review.

Section 1405. Payment Permitted in Certain Situations.

     Nothing contained in this Article or elsewhere in this Indenture or in any
of the Securities shall prevent (a) the Company, at any time except during the
pendency of any case, proceeding, dissolution, liquidation or other winding up,
assignment for the benefit of creditors or other marshalling of assets and
liabilities of the Company referred to in Section 1402 or under the conditions
described in Section 1403 or 1404, from making payments at any time of or on
account of the principal of (and premium, if any) or interest on the Securities
or on account of the purchase or other acquisition of the Securities, or (b) the
application by the Trustee of any money deposited with it hereunder to the
payment of or on account of the principal of (and premium, if any) or interest
on the Securities or the retention of such payment by the Holders, if, at the
time of such application by the Trustee, it did not have knowledge that such
payment would have been prohibited by the provisions of this Article.

Section 1406. Subrogation to Rights of Holders of Senior Debt.

     Subject to the payment in full of all Senior Debt or the provision for such
payment in cash or cash equivalents or otherwise in a manner satisfactory to the
holders of Senior Debt, the Holders of the Securities shall be subrogated to the
extent of the payments or distributions made to the holders of such Senior Debt
pursuant to the provisions of this Article (equally and ratably with the holders
of indebtedness of the Company which by its express terms is subordinated to
indebtedness of the Company to substantially the same extent as the Securities
are subordinated to the Senior Debt and is entitled to like rights of
subrogation) to the rights of the holders of such Senior Debt to receive
payments and distributions of cash, property and securities applicable to the
Senior Debt until the principal of (and premium, if any) and interest on the
Securities shall be

                                      -58-

<PAGE>

paid in full. For purposes of such subrogation, no payments or distributions to
the holders of the Senior Debt of any cash, property or securities to which the
Holders of the Securities or the Trustee would be entitled except for the
provisions of this Article, and no payments over pursuant to the provisions of
this Article to the holders of Senior Debt by Holders of the Securities or the
Trustee, shall, as among the Company, its creditors other than holders of Senior
Debt and the Holders of the Securities, be deemed to be a payment or
distribution by the Company to or on account of the Senior Debt.

Section 1407. Provisions Solely to Define Relative Rights.

     The provisions of this Article are and are intended solely for the purpose
of defining the relative rights of the Holders of the Securities on the one hand
and the holders of Senior Debt on the other hand. Nothing contained in this
Article or elsewhere in this Indenture or in the Securities is intended to or
shall (a) impair, as among the Company, its creditors other than holders of
Senior Debt and the Holders of the Securities, the obligation of the Company,
which is absolute and unconditional (and which, subject to the rights under this
Article of the holders of Senior Debt, is intended to rank equally with all
other general obligations of the Company), to pay to the Holders of the
Securities the principal of (and premium, if any) and interest on the Securities
as and when the same shall become due and payable in accordance with their
terms; or (b) affect the relative rights against the Company of the Holders of
the Securities and creditors of the Company other than the holders of Senior
Debt; or (c) prevent the Trustee or the Holder of any Security from exercising
all remedies otherwise permitted by applicable law upon default under this
Indenture, subject to the rights, if any, under this Article of the holders of
Senior Debt to receive cash, property and securities otherwise payable or
deliverable to the Trustee or such Holder.

Section 1408. Trustee to Effectuate Subordination.

     Each Holder of a Security by his acceptance thereof authorizes and directs
the Trustee on his behalf to take such action as may be necessary or appropriate
to effectuate the subordination provided in this Article and appoints the
Trustee his attorney-in-fact for any and all such purposes.

Section 1409. No Waiver of Subordination Provisions.

     No right of any present or future holder of any Senior Debt to enforce
subordination as herein provided shall at any time in any way be prejudiced or
impaired by any act or failure to act on the part of the Company or by any act
or failure to act, in good faith, by any such holder, or by any non-compliance
by the Company with the terms, provisions and covenants of this Indenture,
regardless of any knowledge thereof any such holder may have or be otherwise
charged with.

     Without in any way limiting the generality of the foregoing paragraph, the
holders of Senior Debt may, at any time and from time to time, without the
consent of or notice to the Trustee or the Holders of the Securities, without
incurring responsibility to the Holders of the Securities and without impairing
or releasing the subordination provided in this Article or the obligations
hereunder of the Holders of the Securities to the holders of Senior Debt, do any
one or more of the following: (i) change the manner, place or terms of payment
or extend the time of payment of, or renew or alter, Senior Debt or otherwise
amend or supplement in any manner Senior Debt or any instrument evidencing the
same or any agreement under which Senior Debt is

                                      -59-

<PAGE>

outstanding; (ii) sell, exchange, release or otherwise deal with any property
pledged, mortgaged or otherwise securing Senior Debt; (iii) release any Person
liable in any manner for the collection of Senior Debt; and (iv) exercise or
refrain from exercising any rights against the Company and any other Person.

Section 1410. Notice to Trustee.

     The Company shall give prompt written notice to the Trustee of any fact
known to the Company which would prohibit the making of any payment to or by the
Trustee in respect of the Securities. Notwithstanding the provisions of this
Article or any other provision of this Indenture, the Trustee shall not be
charged with knowledge of the existence of any facts which would prohibit the
making of any payment to or by the Trustee in respect of the Securities, unless
and until the Trustee shall have received written notice thereof from the
Company or a holder of Senior Debt or from any trustee therefor; and, prior to
the receipt of any such written notice, the Trustee, subject to the provisions
of Section 601, shall be entitled in all respects to assume that no such facts
exist.

     Subject to the provisions of Section 601, the Trustee shall be entitled to
rely on the delivery to it of a written notice by a Person representing himself
to be a holder of Senior Debt (or a trustee therefor) to establish that such
notice has been given by a holder of Senior Debt (or a trustee therefor). In the
event that the Trustee determines in good faith that further evidence is
required with respect to the right of any Person as a holder of Senior Debt to
participate in any payment or distribution pursuant to this Article, the Trustee
may request such Person to furnish evidence to the reasonable satisfaction of
the Trustee as to the amount of Senior Debt held by such Person, the extent to
which such Person is entitled to participate in such payment or distribution and
any other facts pertinent to the rights of such Person under this Article, and
if such evidence is not furnished, the Trustee may defer any payment to such
Person pending judicial determination as to the right of such Person to receive
such payment.

Section 1411. Reliance on Judicial Order or Certificate of Liquidating Agent.

     Upon any payment or distribution of assets of the Company referred to in
this Article, the Trustee, subject to the provisions of Section 601, and the
Holders of the Securities shall be entitled to rely upon any order or decree
entered by any court of competent jurisdiction in which such insolvency,
bankruptcy, receivership, liquidation, reorganization, dissolution, winding up
or similar case or proceeding is pending, or a certificate of the trustee in
bankruptcy, receiver, liquidating trustee, custodian, assignee for the benefit
of creditors, agent or other Person making such payment or distribution,
delivered to the Trustee or to the Holders of Securities, for the purpose of
ascertaining the Persons entitled to participate in such payment or
distribution, the holders of Senior Debt and other indebtedness of the Company,
the amount thereof or payable thereon, the amount or amounts paid or distributed
thereon and all other facts pertinent thereto or to this Article.

Section 1412. Trustee Not Fiduciary for Holders of Senior Debt.

     The Trustee shall not be deemed to owe any fiduciary duty to the holders of
Senior Debt and shall not be liable to any such holders or creditors if it shall
in good faith pay over or distribute to Holders of Securities or to the Company
or to any other Person cash, property or

                                      -60-

<PAGE>

securities to which any holders of Senior Debt shall be entitled by virtue of
this Article or otherwise.

Section 1413. Rights of Trustee as Holder of Senior Debt; Preservation of
     Trustee's Rights.

     The Trustee in its individual capacity shall be entitled to all the rights
set forth in this Article with respect to any Senior Debt which may at any time
be held by it, to the same extent as any other holder of Senior Debt and nothing
in this Indenture shall deprive the Trustee of any of its rights as such holder.

     Nothing in this Article shall apply to claims of, or payments to, the
Trustee under or pursuant to Section 607.

Section 1414. Article Applicable to Paying Agents.

     In case at any time any Paying Agent other than the Trustee shall have been
appointed by the Company and be then acting hereunder, the term "Trustee" as
used in this Article shall in such case (unless the context otherwise requires)
be construed as extending to and including such Paying Agent within its meaning
as fully for all intents and purposes as if such Paying Agent were named in this
Article in addition to or in place of the Trustee.

                                      -61-

<PAGE>

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

                                        AMERICAN INTERNATIONAL GROUP, INC.

                                        By: /s/ Robert A. Gender
                                            ------------------------------------
                                        Name: Robert A. Gender
                                              ----------------------------------
                                        Title: Vice President and Treasurer
                                               ---------------------------------

Attest:

 /s/ Kathleen E. Shannon
-------------------------------------
Name: Kathleen E. Shannon
      -------------------------------
Title: Senior Vice President, Secretary,
       and Deputy General Counsel
       ------------------------------

                                        THE BANK OF NEW YORK

                                        By: /s/ Julie Salovitch-Miller
                                            ------------------------------------
                                        Name: Julie Salovitch-Miller
                                              ----------------------------------
                                        Title: Vice President
                                               ---------------------------------

                                      -62-<PAGE>
                                                                     EXHIBIT 4.2

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

                       AMERICAN INTERNATIONAL GROUP, INC.

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

                          FIRST SUPPLEMENTAL INDENTURE

                           Dated as of March 13, 2007

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

       (Supplemental to the Junior Subordinated Debt Indenture Dated as of
                                 March 13, 2007)

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

                              THE BANK OF NEW YORK,
                                   as Trustee

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

<PAGE>

      FIRST SUPPLEMENTAL INDENTURE, dated as of March 13, 2007, between American
International Group, Inc., a corporation duly organized and existing under the
laws of the State of Delaware (herein called the "Company"), and The Bank of New
York, a New York banking corporation, as Trustee (herein called "Trustee");

                                R E C I T A L S:

      WHEREAS, the Company has heretofore executed and delivered to the Trustee
a Junior Subordinated Debt Indenture, dated as of March 13, 2007 (the
"Indenture"), providing for the issuance from time to time of the Company's
unsecured debentures, notes or other evidences of indebtedness (herein and
therein called the "Securities"), to be issued in one or more series as provided
in the Indenture;

      WHEREAS, Section 901 of the Indenture permits the Company and the Trustee
to enter into an indenture supplemental to the Indenture to establish the form
and terms of a series of Securities;

      WHEREAS, Section 201 of the Indenture permits the form of Securities of a
series to be established in an indenture supplemental to the Indenture;

      WHEREAS, Section 301 of the Indenture permits certain terms of a series of
Securities to be established pursuant to an indenture supplemental to the
Indenture;

      WHEREAS, pursuant to Sections 201 and 301 of the Indenture, the Company
desires to provide for the establishment of a new series of Securities under the
Indenture, the form and substance of such Securities and the terms, provisions
and conditions thereof to be set forth as provided in the Indenture and this
First Supplemental Indenture;

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

      NOW, THEREFORE, THIS FIRST SUPPLEMENTAL INDENTURE WITNESSETH:

      For and in consideration of the premises and the purchase of the
Securities of the series established by this First Supplemental Indenture by the
Holders thereof, it is mutually agreed, for the equal and proportionate benefit
of all such Holders, as follows:

<PAGE>

                                   ARTICLE ONE

                        DEFINITIONS AND OTHER PROVISIONS
                             OF GENERAL APPLICATION

SECTION 1.1 RELATION TO INDENTURE

      This First Supplemental Indenture constitutes a part of the Indenture (the
provisions of which, as modified by this First Supplemental Indenture, shall
apply to the Debentures) in respect of the Debentures but shall not modify,
amend or otherwise affect the Indenture insofar as it relates to any other
series of Securities or modify, amend or otherwise affect in any manner the
terms and conditions of the Securities of any other series.

SECTION 1.2 DEFINITIONS

      For all purposes of this First Supplemental Indenture, the capitalized
terms used herein (i) which are defined in this Section 1.2 have the respective
meanings assigned hereto in this Section 1.2 and (ii) which are defined in the
Indenture (and which are not defined in this Section 1.2) have the respective
meanings assigned thereto in the Indenture. For all purposes of this First
Supplemental Indenture:

      1.2.1 Unless the context otherwise requires, any reference to an Article
or Section refers to an Article or Section, as the case may be, of this First
Supplemental Indenture;

      1.2.2 The words "herein", "hereof" and "hereunder" and words of similar
import refer to this First Supplemental Indenture as a whole and not to any
particular Article, Section or other subdivision; and

      1.2.3 (a) The terms defined in this Section 1.2.3 have the meanings
assigned to them in this Section and include the plural as well as the singular:

      "Adjusted Treasury Rate" means, with respect to any Redemption Date, the
rate per annum equal to the semi-annual equivalent yield to maturity of the
Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such Redemption Date.

      "APM Commencement Date" means, with respect to any Deferral Period, the
earlier of (i) the first Interest Payment Date following the commencement of
such Deferral Period on which the Company pays any current interest on the
Debentures and (ii) the fifth anniversary of the commencement of such Deferral
Period.

      "APM Common Stock" means an aggregate number of shares of Common Stock,
including any shares of Common Stock held in treasury, and any shares of Common

                                      -2-
<PAGE>
Stock sold pursuant to the Company's dividend reinvestment or similar plan or
sold pursuant to any Employee Benefit Plan, up to the Maximum Share Number.

      "APM Qualifying Securities" means APM Common Stock, Qualifying Warrants
and Qualifying Non-Cumulative Preferred Stock.

      "Assurance Agreement" means the agreement of the Company, dated as of June
27, 2005, in favor of eligible employees and relating to specified obligations
of Starr International Company, Inc. (as such agreement may be amended,
supplemented, extended, modified or replaced from time to time).

      "Bankruptcy Event" means an Event of Default set forth in Sections 501(5)
or (6) of the Indenture.

      "Business Combination" means a merger, consolidation, amalgamation,
binding share exchange or conveyance, transfer or lease of assets substantially
as an entirety to any other Person or a similar transaction.

      "Business Day" is any day, other than (i) a Saturday, Sunday or other day
on which banking institutions in The City of New York are authorized or required
by law or executive order to remain closed or (ii) on or after the Scheduled
Maturity Date, a day that is not a London Banking Day.

      "Calculation Agent" means AIG Financial Products Corp., or any other
Person appointed by the Company, acting as calculation agent for the Debentures.
Any successor or substitute Calculation Agent may be an Affiliate of the
Company.

      "Capital Stock" for any Person means any and all shares, interests, rights
to purchase, warrants, options, participations or other equivalents of or
interests in (however designated) shares issued by that Person.

      "Commercially Reasonable Efforts" means, for purposes of selling
Qualifying Capital Securities, commercially reasonable efforts to complete the
offer and sale of Qualifying Capital Securities to third parties that are not
Subsidiaries of the Company in public offerings or private placements. The
Company shall not be considered to have made Commercially Reasonable Efforts to
effect a sale of Qualifying Capital Securities if it determines not to pursue or
complete such sale due to pricing, coupon, dividend rate or dilution
considerations.

      "Common Stock" means the common stock, par value $2.50 per share, of the
Company.

      "Comparable Treasury Issue" means the U.S. Treasury security selected by
an independent investment bank selected by the Calculation Agent as having a
maturity comparable to the term remaining from the Redemption Date to the
Scheduled Maturity Date that would be utilized, at the time of selection and in
accordance with customary

                                      -3-
<PAGE>

financial practice, in pricing new issues of corporate debt securities of
comparable maturity.

      "Comparable Treasury Price" means, with respect to any Redemption Date,
the average of the Reference Treasury Dealer Quotations for such Redemption
Date.

      "Continuing Director" means a director who was a director of the Company
at the time of the initial approval of the definitive agreement relating to a
Business Combination transaction by the Company's Board of Directors.

      "Current Stock Market Price" of the APM Common Stock on any date shall
mean (i) the closing sale price per share (or if no closing sale price is
reported, the average of the bid and ask prices or, if more than one in either
case, the average of the average bid and the average ask prices) on that date as
reported in composite transactions by the New York Stock Exchange or, if the
Common Stock is not then listed on the New York Stock Exchange, as reported by
the principal U.S. securities exchange on which the Common Stock is traded, or
(ii) if the Common Stock is not listed on any U.S. securities exchange on the
relevant date, the average of the mid-point of the last bid and ask prices for
the Common Stock on the relevant date from each of at least three nationally
recognized independent investment banking firms selected by the Company for this
purpose.

      "Debentures" has the meaning set forth in Section 2.1(a).

      "Deferral Period" means each period beginning on an Interest Payment Date
with respect to which the Company either (A) elects pursuant to Section 2.1(g)
to defer all or part of any interest payment due on an Interest Payment Date or
(B) fails to pay all or any part of any interest payment due on an Interest
Payment Date within five Business Days after the Interest Payment Date and
ending on the earlier of (i) the tenth anniversary of such Interest Payment Date
and (ii) the next Interest Payment Date on which the Company has paid all
accrued and previously unpaid interest on the Debentures.

      "Eligible APM Proceeds" means, with respect to any Interest Payment Date,
the net proceeds (after underwriters' or placement agents' fees, commissions or
discounts and other expenses relating to the issuance or sale) that the Company
has received during the 180-days prior to the related Interest Payment Date from
the issuance or sale of APM Qualifying Securities to Persons that are not
Subsidiaries. This includes, without limitation, sales pursuant to any dividend
reinvestment or similar plan and sales made pursuant to any Employee Benefit
Plan.

      "Eligible Repayment Proceeds" means, with respect to any Repayment Date,
the Applicable Percentage of the net proceeds the Company has received from the
issuance of Qualifying Capital Securities that the Company has sold during a
180-day period ending on a notice date not more than 30 or less than 10 Business
Days prior to such Repayment Date.

                                      -4-
<PAGE>

      "Employee Benefit Plan" means any written or oral purchase, savings,
option, bonus, appreciation, profit sharing, thrift, incentive, pension or
similar plan or arrangement or any written or oral compensatory contract or
arrangement.

      "Enforcement Event" means any one of the following events:

      (1) failure by the Company to observe, satisfy or perform any of the
covenants or agreements contained in this First Supplemental Indenture or the
Indenture (other than (i) any covenant or agreement in the Indenture expressly
declared inapplicable herein, (ii) a covenant or agreement in respect of the
Debentures a default in whose observance, satisfaction or performance is
elsewhere specifically dealt with in this First Supplemental Indenture or the
Indenture (including without limitation Article X of the Indenture), or (iii) an
event which is, or with the passage of time and/or giving of notice would result
in, an Event of Default) on the part of the Company in respect of the Debentures
that continues following a period of 60 days after the date on which written
notice of such failure, requiring the Company to remedy the same and stating
that it is a notice with respect to an Enforcement Event hereunder, shall have
been given to the Company by the Trustee by registered mail, or to the Company
and the Trustee by the Holders of at least a majority in the aggregate principal
amount of the Debentures at the time Outstanding; or

      (2) unless otherwise provided for in Section 2.1(d), the Company's failure
to use Commercially Reasonable Efforts to raise sufficient Eligible Repayment
Proceeds as required by Section 2.1(d); or

      (3) the Company's failure (a) to use commercially reasonable efforts to
raise Eligible APM Proceeds, or (b) to pay deferred interest on the Debentures,
in either case as required by Section 2.1(h) or (i).

      "Event of Default" has the meaning set forth in Section 2.1(j).

      "Final Maturity Date" has the meaning set forth in Section 2.1(d)(iii).

      "Indebtedness" means all indebtedness and obligations (other than the
Debentures) of, or Guaranteed or assumed by, the Company that (i) are for
borrowed money or (ii) are evidenced by bonds, debentures, notes or other
similar instruments.

      "Interest Payment Date" means a Semi-Annual Interest Payment Date or a
Quarterly Interest Payment Date, as the case may be.

      "Interest Period" means the period from and including any Interest Payment
Date (or, in the case of the first Interest Payment Date, March 13, 2007) to but
excluding the next Interest Payment Date.

      "LIBOR Determination Date" means the second London Banking Day immediately
preceding the first day of the relevant Quarterly Interest Period.

                                      -5-
<PAGE>

      "London Banking Day" means any day on which dealings in dollars are
transacted in the London interbank market.

      "Make-Whole Redemption Price" means the sum, as determined by the
Calculation Agent, of the present values of the remaining scheduled payments of
principal discounted from the Scheduled Maturity Date and interest thereon that
would have been payable to and including the Scheduled Maturity Date (not
including any portion of such payments of interest accrued to the Redemption
Date) discounted from the relevant Interest Payment Date to the Redemption Date
on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Adjusted Treasury Rate plus (a) 0.50% in the case of a redemption
in whole upon the occurrence of a Tax Event or Rating Agency Event or (b) 0.25%
in the case of any other redemption.

      "Market Disruption Event" means, for purposes of sales of APM Qualifying
Securities pursuant to Section 2.1(h) or sales of Qualifying Capital Securities
pursuant to Section 2.1(d), as applicable (collectively, the "Permitted
Securities"), the occurrence or existence of any of the following events or sets
of circumstances:

      (a) trading in securities generally (or in the Common Stock specifically)
on the New York Stock Exchange or any other national securities exchange, or in
the over-the-counter market, on which the Company's Capital Stock is then listed
or traded shall have been suspended or its settlement generally shall have been
materially disrupted or minimum prices shall have been established on any such
exchange or market by the relevant regulatory body or governmental agency having
jurisdiction that materially disrupts or otherwise has a material adverse effect
on trading in, or the issuance and sale of, Permitted Securities; or

      (b) the Company would be required to obtain the consent or approval of its
stockholders or the consent or approval of, license from, or registration with,
a regulatory body (including, without limitation, any securities exchange) or
governmental authority to issue and sell Permitted Securities, and the Company
fails to obtain that consent or approval or to receive such license or effect
such registration notwithstanding its commercially reasonable efforts to obtain
that consent, approval, license or registration; or

      (c) an event occurs and is continuing as a result of which the offering
document for the offer and sale of Permitted Securities would, in the Company's
reasonable judgment, contain an untrue statement of a material fact or omit to
state a material fact required to be stated in that offering document or
necessary to make the statements in that offering document not misleading,
provided that one or more events described under this clause (c) shall not
constitute a Market Disruption Event with respect to a period of more than 90
days in any 180-day period; or

      (d) the Company reasonably believes that the offering document for the
offer and the sale of Permitted Securities would not be in compliance with a
rule or regulation

                                      -6-
<PAGE>

of the Commission (for reasons other than those referred to in clause (c) of
this definition) and the Company is unable to comply with such rule or
regulation or such compliance is unduly burdensome, provided that one or more
events described under this clause (d) shall not constitute a Market Disruption
Event with respect to a period of more than 90 days in any 180-day period; or

      (e) a banking moratorium shall have been declared by the federal or state
authorities of the United States that results in a disruption of any of the
markets on which the Company's securities, including any obligations of any
other Person Guaranteed by the Company, are trading; or

      (f) a material disruption shall have occurred in commercial banking or
securities settlement or clearance services in the United States; or

      (g) the United States shall have become engaged in hostilities, there
shall have been an escalation in hostilities involving the United States, there
shall have been a declaration of a national emergency or war by the United
States or there shall have occurred any other national or international calamity
or crisis, such that market trading in the Company's Capital Stock has been
materially disrupted; or

      (h) there shall have occurred such a material adverse change in general
domestic or international economic, political or financial conditions, including
without limitation as a result of terrorist activities, or the effect of
international conditions on the financial markets in the United States, that
materially disrupts the capital markets such as to make it, in the Company's
judgment, impracticable or inadvisable to proceed with the offer and sale of
Permitted Securities.

      "Maximum Share Number" has the meaning set forth in Section 2.1(h).

      "Maximum Warrant Number" has the meaning set forth in Section 2.1(h).

      "Outstanding" has the meaning set forth in Section 2.1(d).

      "pari passu", as applied to the ranking of any obligation of a Person in
relation to any other obligation of such Person, means in any bankruptcy,
insolvency or receivership proceeding that each such obligation either (i) is
not subordinated or junior in right of payment to any other obligation or (ii)
is subordinate or junior in right of payment to the same obligations as is the
other, and is so subordinate or junior to the same extent, and is not
subordinate or junior in right of payment to each other or to any obligation as
to which the other is not so subordinate or junior.

      "Preferred Stock Issuance Cap" has the meaning set forth in Section
2.1(i)(1).

      "Prospectus Supplement" means the prospectus supplement dated March 6,
2007 relating to the Debentures.

                                      -7-
<PAGE>

      "Qualifying Non-Cumulative Preferred Stock" means the Company's
non-cumulative perpetual preferred stock that (i) contains no remedies other
than Permitted Remedies and (ii)(a) is redeemable, but is subject to
Intent-Based Replacement Disclosure, and has a provision that prohibits the
Company from making any distributions thereon upon its failure to satisfy one or
more financial tests set forth therein or (b) is subject to a replacement
capital covenant substantially similar to the Replacement Capital Covenant.

      "Qualifying Warrants" means net share settled warrants to purchase Common
Stock that (i) have an exercise price per share greater than the Current Stock
Market Price as of the date of pricing thereof, (ii) the Company is not entitled
to redeem for cash and the holders of which are not entitled to require the
Company to repurchase for cash in any circumstances and (iii) do not entitle the
holders thereof to purchase a number of shares of Common Stock in excess of the
applicable Maximum Warrant Number.

      "Quarterly Interest Payment Date" has the meaning set forth in Section
2.1(e).

      "Quarterly Interest Period" means the Interest Period relating to any
Quarterly Interest Payment Date.

      "Rating Agency Event" means a change by any nationally recognized
statistical rating organization within the meaning of Rule 15c3-1 under the
Exchange Act (or any successor provision or, upon adoption, any rule for the
registration of nationally recognized statistical rating organizations adopted
by the Commission), that, as of March 6, 2007, publishes a rating for the
Company (a "Rating Agency") to its equity credit criteria for securities similar
to the Debentures, as such criteria is in effect on March 6, 2007 (the "Current
Criteria"), which change results in a lower equity credit being given to the
Debentures as of the date of such change than the equity credit that would have
been assigned to the Debentures as of the date of such change by such Rating
Agency pursuant to its Current Criteria.

      "Redemption Price" has the meaning set forth in Section 2.1(q).

      "Reference Treasury Dealer" means each of Citigroup Global Markets Inc.,
Deutsche Bank Securities Inc. or J.P. Morgan Securities Inc. or their respective
successors; provided, however, that if any of the foregoing shall cease to be a
primary U.S. government securities dealer in New York City (a "Primary Treasury
Dealer"), the Company shall substitute therefor another Primary Treasury Dealer;
and any other Primary Treasury Dealer selected by the Calculation Agent after
consultation with the Company.

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

                                      -8-
<PAGE>

by that Reference Treasury Dealer at 5:00 p.m. on the third Business Day
preceding such Redemption Date.

      "Regular Record Date" for the payment of any current interest payable on
any Interest Payment Date, the date specified in Section 2.1(f) and for the
payment of deferred interest, the date specified in Section 2.1(g)(ii).

      "Repayment Date" means the Scheduled Maturity Date and each Interest
Payment Date thereafter until the Company shall have repaid, redeemed, defeased
or otherwise acquired all of the Debentures.

      "Replacement Capital Covenant" means the replacement capital covenant,
dated as of March 13, 2007, of the Company, as the same may be amended or
supplemented from time to time in accordance with the provisions thereof.

      "Reuters Screen LIBOR01" means the display designated on Reuters Screen
LIBOR01 (or such other page or service as may replace the Reuters Screen LIBOR01
as selected by the Calculation Agent or such other page and service as may be
selected by the Calculation Agent from time to time).

      "Scheduled Maturity Date" has the meaning set forth in Section 2.1(d).

      "Semi-Annual Interest Payment Date" has the meaning set forth in Section
2.1(e).

      "Stock and Warrant Issuance Cap" has the meaning set forth in Section
2.1(i)(1).

      "Tax Event" means that the Company has requested and received an Opinion
of Counsel (which counsel need not be satisfactory to the Trustee) experienced
in such matters to the effect that, as a result of any:

      (a) amendment to or change in the laws or regulations of the United States
or any political subdivision or taxing authority of or in the United States that
is enacted or becomes effective after March 6, 2007;

      (b) proposed change in those laws or regulations that is announced after
March 6, 2007;

      (c) official administrative decision or judicial decision or
administrative action or other official pronouncement interpreting or applying
those laws or regulations that is announced after March 6, 2007; or

      (d) threatened challenge asserted in connection with an audit of the
Company, or a threatened challenge asserted in writing against any other
taxpayer that has raised capital through the issuance of securities that are
substantially similar to the Debentures;

                                      -9-
<PAGE>

there is more than an insubstantial risk that interest payable by the Company on
the Debentures is not, or will not be, deductible by the Company, in whole or in
part, for United States federal income tax purposes.

      "Three-month LIBOR" means, with respect to any Quarterly Interest Period,
the rate (expressed as a percentage per annum and determined by the Calculation
Agent) for deposits in U.S. dollars for a three-month period commencing on the
first day of that Interest Period that appears on Reuters Screen LIBOR01 as of
11:00 a.m. (London time) on the LIBOR Determination Date for that Interest
Period. If such rate does not appear on Reuters Screen LIBOR01, Three-month
LIBOR will be determined on the basis of the rates at which deposits in U.S.
dollars for a three-month period commencing on the first day of that Interest
Period are offered to prime banks in the London interbank market by four major
banks in the London interbank market selected by the Calculation Agent (after
consultation with the Company), at approximately 11:00 a.m., London time, on the
LIBOR Determination Date for that Interest Period, in an amount that, in the
Calculation Agent's judgment, is representative of a single transaction in that
market at that time. The Calculation Agent will request the principal London
office of each of such banks to provide a quotation of its rate. If at least two
such quotations are provided, Three-month LIBOR with respect to that Interest
Period will be the arithmetic mean of such quotations. If fewer than two
quotations are provided, Three-month LIBOR with respect to that Interest Period
will be the arithmetic mean of the rates quoted by three major banks in New York
City selected by the Calculation Agent, at approximately 11:00 a.m., New York
City time, on the first day of that Interest Period for loans in U.S. dollars to
leading European banks for a three-month period commencing on the first day of
that Interest Period and in an amount that, in the Calculation Agent's judgment,
is representative of a single transaction in that market at that time. However,
if fewer than three banks selected by the Calculation Agent to provide
quotations are quoting as described above, Three-month LIBOR for that Interest
Period will be the same as Three-month LIBOR as determined for the previous
Quarterly Interest Period or, in the case of the Quarterly Interest Period
beginning on the Scheduled Maturity Date, 5.34%.

      "Voting Stock" means equity securities which ordinarily have voting power
for the election of directors, whether at all times or only so long as no senior
class of equity securities has such voting power by reason of any contingency.

      (b) "Applicable Percentage", "Intent-Based Replacement Disclosure",
"Permitted Remedies" and "Qualifying Capital Securities" shall have the
respective meanings set forth in the Replacement Capital Covenant as in effect
on the date hereof and as it may be amended pursuant to its terms consistent
with Section 2.1(r).

                                      -10-
<PAGE>

                                   ARTICLE TWO

                 GENERAL TERMS AND CONDITIONS OF THE DEBENTURES

SECTION 2.1 TERMS OF DEBENTURES

      Pursuant to Sections 201 and 301 of the Indenture, there is hereby
established a series of Securities, the terms of which shall be as follows:

      (a) Designation. The Securities of this series shall be known and
designated as the "6.25% Series A-1 Junior Subordinated Debentures" of the
Company (the "Debentures"). The CUSIP number of the Debentures is 026874BE6. The
Bank of New York will act as the paying agent for the Debentures.

      (b) Aggregate Principal Amount. The maximum aggregate principal amount of
the Debentures that may be authenticated and delivered under the Indenture and
this First Supplemental Indenture is $1,000,000,000 (except for Debentures
authenticated and delivered upon registration of transfer of, or exchange for,
or in lieu of, other Debentures pursuant to Section 304, 305, 306, 906 or 1107
of the Indenture or Section 3.5 of this First Supplemental Indenture); provided,
however, that the Company may from time to time authenticate and deliver under
the Indenture and this First Supplemental Indenture up to $1,000,000,000
additional amount of Debentures, which Debentures may accrue interest from a
different date than the Debentures, as may be specified pursuant to Section 301
of the Indenture, so long as the Company reasonably determines that the
additional Debentures so authenticated and delivered will be fungible for United
States federal income tax purposes. From time to time the Company may execute
and deliver, and upon Company Order the Trustee shall authenticate and deliver,
additional Debentures.

      (c) Form and Denominations. The Debentures will be issued only in fully
registered form, and the authorized denominations of the Debentures shall be
$100,000 principal amount and integral multiples of $1,000 in excess thereof.
The Debentures will initially be issued in the form of one or more Global
Securities substantially in the form of Annex A attached hereto, with such
modifications thereto as may be approved by the authorized officer executing the
same. The Debentures will be denominated in U.S. dollars and payments of
principal and interest will be made in U.S. dollars.

      (d) Scheduled Maturity Date.

            (i) The principal amount of, and all accrued and unpaid interest on,
      the Outstanding Debentures shall be payable in full on March 15, 2037, or
      if such day is not a Business Day, the next Business Day (the "Scheduled
      Maturity Date"); provided that in the event the Company has delivered an
      Officers' Certificate to the Trustee pursuant to clause (vi) of this
      Section 2.1(d) in connection with the

                                      -11-
<PAGE>

      Scheduled Maturity Date, (A) the principal amount of Debentures payable on
      the Scheduled Maturity Date, if any, shall be the principal amount set
      forth in the notice of repayment accompanying such Officers' Certificate,
      (B) such specified principal amount of Debentures shall be repaid on the
      Scheduled Maturity Date pursuant to Article III, and (C) subject to clause
      (ii) of this Section 2.1(d), the remaining Debentures shall remain
      Outstanding and shall be payable on the immediately succeeding Quarterly
      Interest Payment Date or such earlier date on which they are redeemed
      pursuant to Section 2.1(o) or shall become due and payable pursuant to
      Section 502 of the Indenture or clause (iii) of this Section 2.1(d). The
      Outstanding Debentures shall be due and payable on the Scheduled Maturity
      Date except to the extent so specified in an Officers' Certificate
      delivered to the Trustee not more than 30 and not less than 10 Business
      Days immediately preceding the Scheduled Maturity Date.

            (ii) In the event the Company has delivered an Officers' Certificate
      to the Trustee pursuant to clause (vi) of this Section 2.1(d) in
      connection with any Quarterly Interest Payment Date, the principal amount
      of Debentures payable on such Quarterly Interest Payment Date shall be the
      principal amount set forth in the notice of repayment, if any,
      accompanying such Officers' Certificate, such principal amount of
      Debentures shall be repaid on such Quarterly Interest Payment Date
      pursuant to Article III, and the remaining Debentures shall remain
      Outstanding and shall be payable on the immediately succeeding Quarterly
      Interest Payment Date or such earlier date on which they are redeemed
      pursuant to Section 2.1(o) or shall become due and payable pursuant to
      Section 502 of the Indenture or clause (iii) of this Section 2.1(d). The
      Outstanding Debentures shall be due and payable on any Quarterly Interest
      Payment Date except to the extent so specified in an Officers' Certificate
      delivered to the Trustee not more than 30 and no less than 10 Business
      Days immediately preceding such Quarterly Interest Payment Date.

            (iii) Notwithstanding anything to the contrary set forth in this
      First Supplemental Indenture, the principal of, and all accrued and unpaid
      interest on, all Outstanding Debentures shall be due and payable on March
      15, 2087, or if such day is not a Business Day, the following Business Day
      (the "Final Maturity Date").

            (iv) Any repayment of principal and current interest on the
      Debentures pursuant to this Section 2.1(d) on any date prior to the Final
      Maturity Date shall not affect the Company's obligations under Section
      2.1(h) with respect to the payment of deferred interest on the Debentures.
      For the purpose of clarity, it is possible that the Company may repay the
      principal and current interest on a Debenture pursuant to this Section
      2.1(d) but still be obligated to pay deferred interest on the Debenture.
      For the purposes of the definition of "Outstanding" in the Indenture, a
      Debenture, as to which principal and current interest has been repaid,
      redeemed or otherwise satisfied by the Company, shall for all purposes of

                                      -12-
<PAGE>

      the Indenture and this First Supplemental Indenture, other than for
      purposes of Article XI of the Indenture and Section 2.1(d) and Article III
      of this First Supplemental Indenture, be deemed Outstanding so long as any
      deferred interest on such Debenture remains unpaid.

            (v) Until principal and current interest on all Outstanding
      Debentures are paid in full, the principal of all Outstanding Debentures
      is automatically accelerated as provided in Section 2.1(k) or a
      declaration of acceleration pursuant to Section 502 of the Indenture
      occurs, the Company shall use Commercially Reasonable Efforts, subject to
      a Market Disruption Event:

                  (A) to raise sufficient Eligible Repayment Proceeds during a
            180-day period ending on a date not more than 30 and not less than
            10 Business Days prior to the Scheduled Maturity Date to permit
            repayment of the principal and current interest on all Outstanding
            Debentures in full on the Scheduled Maturity Date; and

                  (B) if the Company is unable for any reason to raise
            sufficient Eligible Repayment Proceeds to permit repayment in full
            of the principal amount of and current interest on all the
            Outstanding Debentures on the Scheduled Maturity Date or any
            subsequent Quarterly Interest Payment Date, to raise sufficient
            Eligible Repayment Proceeds to permit repayment of the principal and
            current interest on all Outstanding Debentures in full on the next
            Quarterly Interest Payment Date pursuant to clause (ii) of this
            Section 2.1(d).

            (vi) The Company shall, if it has not raised sufficient Eligible
      Repayment Proceeds in connection with any Repayment Date, deliver an
      Officers' Certificate to the Trustee no more than 30 and no less than 10
      Business Days in advance of such Repayment Date stating the amount of
      Eligible Repayment Proceeds, if any, raised pursuant to clause (v) above
      in connection with such Repayment Date. Each Officers' Certificate
      delivered pursuant to this clause (vi), unless no principal amount of
      Debentures is to be repaid on the applicable Repayment Date, shall be
      accompanied by a notice of repayment pursuant to Section 3.1 setting forth
      the principal amount of the Debentures to be repaid on such Repayment
      Date, which amount shall be determined after giving effect to clause
      (viii) of this Section 2.1(d).

            (vii) The Company shall be excused from its obligation to use
      Commercially Reasonable Efforts to sell Qualifying Capital Securities
      pursuant to clause (v) above if such Officers' Certificate further
      certifies that: (A) a Market Disruption Event was existing at any time
      during the period commencing 180 days prior to the date of such Officers'
      Certificate or, in the case of any Repayment Date after the Scheduled
      Maturity Date, the period commencing on the immediately preceding
      Quarterly Interest Payment Date and ending on the

                                      -13-
<PAGE>

      Business Day immediately preceding the date of such Officers' Certificate;
      and (B) either (1) the Market Disruption Event continued for the entire
      180-day period or, in the case of any Repayment Date after the Scheduled
      Maturity Date, the period since the most recent Quarterly Interest Payment
      Date, as the case may be, or (2) the Market Disruption Event continued for
      only part of the relevant period, but the Company was unable after
      Commercially Reasonable Efforts to raise sufficient Eligible Repayment
      Proceeds during the rest of that period to permit repayment of the
      Debentures in full.

            (viii) Payments on the Debentures on any Repayment Date shall be
      applied, first, to the extent permitted by Section 2.1(i), to deferred
      interest to the extent of Eligible APM Proceeds raised pursuant to Section
      2.1(i), second, to current interest and, third, to the repayment of the
      principal of Debentures; provided that if the Company is obligated to sell
      Qualifying Capital Securities and repay any outstanding pari passu
      securities in addition to the Debentures, then on any date and for any
      period such payments shall be applied to the Debentures and those other
      pari passu securities having the same scheduled maturity date as the
      Debentures pro rata in accordance with their respective outstanding
      principal amounts and none of such payments shall be applied to any other
      pari passu securities having a later scheduled maturity date until the
      principal of and all accrued and unpaid interest on the Debentures has
      been paid in full, except to the extent permitted by clause (vii) of
      Section 2.1(g) and the first sentence of Section 2.1(h). If the Company
      has raised less than $5,000,000 of Eligible Repayment Proceeds during the
      relevant 180-day or three-month period, the Company will not be required
      to repay any Debentures on the relevant Repayment Date, but it will repay
      the applicable principal amount of the Debentures on the next Quarterly
      Interest Payment Date as of which the Company has raised at least
      $5,000,000 of Eligible Repayment Proceeds.

      (e) Rate of Interest. The Debentures shall bear interest (i) from and
including March 13, 2007 to but excluding the Scheduled Maturity Date at the
rate of 6.25% per annum, computed on the basis of a 360-day year comprised of
twelve 30-day months, and (ii) thereafter, as to the principal amount of any
Outstanding Debentures, at an annual rate equal to Three-month LIBOR plus
2.056%, computed on the basis of a 360-day year and the actual number of days
elapsed. All percentages resulting from any calculation of Three-month LIBOR
will be rounded upward or downward, as appropriate, to the next higher or lower
one hundred-thousandth of a percentage point. Subject to Sections 2.1(g) and
(h): (x) prior to and including March 15, 2037, interest on the Debentures shall
be payable semi-annually in arrears on March 15 and September 15 of each year,
beginning on September 15, 2007 (each such date, a "Semi-annual Interest Payment
Date"), and (y) after March 15, 2037, interest on the Debentures shall be
payable quarterly in arrears on March 15, June 15, September 15 and December 15
of each year, beginning on June 15, 2037, or if any such day is not a Business
Day, the following Business Day, unless such postponement would cause the day to
fall in the next calendar month, in which case it shall be brought forward to
the preceding Business Day (each such date, a "Quarterly

                                      -14-
<PAGE>

Interest Payment Date"). In the event any Semi-annual Interest Payment Date
falls on a day that is not a Business Day, the interest payment due on that date
will be postponed to the next day that is a Business Day and no interest shall
accrue as a result of such postponement. Any installment of interest (or portion
thereof) deferred in accordance with Section 2.1(g) or otherwise unpaid shall
bear additional interest, to the extent permitted by law, at the rate of
interest then in effect from time to time on the Debentures, from the relevant
Interest Payment Date, compounded on each subsequent Interest Payment Date,
until paid in accordance with Section 2.1(h).

      (f) To Whom Interest is Payable. Interest (other than deferred interest
which shall be payable to the Persons specified pursuant to Section 2.1(g)(ii))
shall be payable to the Person in whose name the Debentures are registered at
the close of business on the Business Day next preceding the Interest Payment
Date, or in the event the Debentures cease to be held in the form of one or more
Global Securities, at the close of business on the date 15 days prior to that
Interest Payment Date, whether or not a Business Day.

      (g) Option to Defer Interest Payments.

            (i) The Company shall have the right, at any time and from time to
      time prior to the Final Maturity Date, to defer the payment of interest on
      the Debentures for one or more consecutive Interest Periods that do not
      exceed 10 years; provided that no Deferral Period shall extend beyond the
      Final Maturity Date or the earlier redemption of the Debentures. If an
      Event of Default has occurred and is continuing or the Company has given
      notice of its election to defer interest payments but the Deferral Period
      has not yet commenced or a Deferral Period is continuing, the Company
      shall not, and shall not permit any Subsidiary, subject to the exceptions
      specified in clause (vii) of this Section 2.1(g), to: (a) declare or pay
      any dividends or distributions on, or redeem, purchase, acquire or make a
      liquidation payment with respect to, any Capital Stock of the Company, (b)
      make any payment of principal of, or interest or premium, if any, on, or
      repay, purchase or redeem any debt securities of the Company that rank
      pari passu with or junior to the Debentures or (c) make any payments with
      respect to any Guarantee by the Company of the junior subordinated debt
      securities of any Subsidiary if such Guarantee ranks pari passu with, or
      junior in interest to, the Debentures.

            (ii) At the end of any Deferral Period, the Company shall pay all
      deferred interest on the Debentures (together with compounded interest
      thereon, if any, to the extent permitted by applicable law), to the Person
      in whose name the Debentures are registered at the close of business on
      the Business Day next preceding the Interest Payment Date at the end of
      such Deferral Period or, in the event the Debentures cease to be held in
      the form of one or more Global Securities, at the close of business on the
      date 15 days prior to the end of the Deferral Period, whether or not a
      Business Day.

                                      -15-
<PAGE>

            (iii) Upon termination of any Deferral Period and upon the payment
      of all deferred interest and any compounded interest then due on any
      Interest Payment Date, the Company may elect to begin a new Deferral
      Period pursuant to clause (i) of this Section 2.1(g).

            (iv) The Company may elect to pay deferred interest on any Interest
      Payment Date during any Deferral Period to the extent permitted by Section
      2.1(h).

            (v) The Company shall give written notice to the Trustee and the
      Holders of the Debentures of its election to begin any Deferral Period at
      least one Business Day prior to the Regular Record Date for that Interest
      Payment Date. Notwithstanding the previous sentence, the Company's failure
      to pay any interest due within five Business Days after any Interest
      Payment Date shall automatically and without any further action by any
      Person be deemed to commence a Deferral Period.

            (vi) If any Deferral Period lasts longer than one year, the Company
      shall not, and shall cause its Subsidiaries not to purchase, redeem or
      otherwise acquire any securities ranking junior to or pari passu with any
      APM Qualifying Securities the proceeds of which were used to pay deferred
      interest during such Deferral Period until the first anniversary of the
      date on which all deferred interest has been paid, subject to the
      exceptions set forth in clause (vii) below. If the Company is involved in
      a Business Combination where immediately after the consummation of the
      Business Combination more than 50% of the surviving or resulting entity's
      Voting Stock is owned by the shareholders of the other party to the
      Business Combination or Continuing Directors cease for any reason to
      constitute a majority of the directors of the surviving or resulting
      entity, then neither the restrictions set forth in this clause (vi) nor
      the provisions of Section 2.1(h) shall apply to any Deferral Period that
      is terminated on the next Interest Payment Date following the date of
      consummation of the Business Combination.

            (vii) The restrictions in clauses (i) and (vi) of this Section
      2.1(g) do not apply to (a) purchases, redemptions or other acquisitions of
      shares of the Company's Capital Stock in connection with (1) any Employee
      Benefit Plan or the Assurance Agreement or (2) a dividend reinvestment,
      stock purchase plan or other similar plan, (b) any exchange or conversion
      of any class or series of the Company's Capital Stock (or the Capital
      Stock of any Subsidiary) for any class or series of the Company's Capital
      Stock or of any class or series of Indebtedness of the Company for any
      class or series of the Company's Capital Stock, (c) the purchase of
      fractional interests in shares of the Capital Stock of the Company in
      accordance with the conversion or exchange provisions of the Company's
      Capital Stock or the security or instrument being converted or exchanged,
      (d) any declaration of a dividend in connection with any stockholders'
      right plan, or the issuance of rights, equity securities or other property
      under any stockholders'

                                      -16-
<PAGE>

      right plan, or the redemption or repurchase of rights in accordance with
      any stockholders' rights plan, (e) any dividend in the form of equity
      securities, warrants, options or other rights where the dividend stock or
      the stock issuable upon exercise of the warrants, options or other rights
      is the same stock as that on which the dividend is being paid or ranks
      pari passu with or junior to such equity securities, (f) any payment
      during a Deferral Period of current interest in respect of any debt
      securities of the Company that rank pari passu with the Debentures that is
      made pro rata to the amounts due on such pari passu securities and on the
      Debentures and any payments of deferred interest on such pari passu
      securities that, if not made, would cause the Company to breach the terms
      of the instrument governing such pari passu securities (provided that such
      payments are made in accordance with Section 2.1(h) to the extent it
      applies), (g) any payment of principal in respect of pari passu securities
      having an earlier scheduled maturity date than the Debentures, as required
      under a provision of such pari passu securities that is substantially the
      same as Section 2.1(d) or any such payment in respect of any such pari
      passu securities having the same scheduled maturity date as the Debentures
      that is made on a pro rata basis among one or more series of such
      securities and the Debentures or (h) any repayment or redemption of a
      security necessary to avoid a breach of the instrument governing that
      security.

      (h) Payment of Deferred Interest. The Company shall not pay deferred
interest (including compounded interest thereon) on the Debentures on any
Interest Payment Date during any Deferral Period from any source other than
Eligible APM Proceeds unless (x) required by an applicable regulatory authority,
(y) permitted under clause (vi) of Section 2.1(g) or (z) an Event of Default has
occurred and is continuing. Notwithstanding the foregoing, the Company may pay
current interest during a Deferral Period from any available funds. To the
extent that the Company is able to raise some, but not all, Eligible APM
Proceeds to pay accrued and unpaid interest on the applicable Interest Payment
Date, such Eligible APM Proceeds shall be allocated first to deferred payments
of accrued and unpaid interest in chronological order based on the date each
payment was first deferred. If any Indebtedness of the Company that ranks pari
passu with the Debentures is outstanding in addition to the Debentures under
which the Company is obligated to sell APM Qualifying Securities and apply the
net proceeds to the payment of deferred interest or distributions, then on any
date and for any period the amount of Eligible APM Proceeds received by the
Company from such sales and available for payment of the deferred interest and
distributions shall be applied to the Debentures and such pari passu securities
on a pro rata basis up to, in the case of Common Stock, the Stock and Warrant
Issuance Cap and the Maximum Share Number, in the case of Qualifying Warrants,
the Stock and Warrant Issuance Cap and the Maximum Warrant Number and, in the
case of Qualifying Non-Cumulative Preferred Stock, the Preferred Stock Issuance
Cap (or comparable provisions in the instruments governing such pari passu
securities) in proportion to the total amounts that are due on the Debentures
and such pari passu securities. The Company may make such pro rata payments on
such pari passu securities so long as it shall have paid or deposited with the

                                      -17-
<PAGE>

paying agent for the Debentures or shall have segregated and holds in trust for
payment the pro rata proceeds applicable to the Debentures that have not been
paid. The "Maximum Share Number" will initially equal 100,000,000 and the
"Maximum Warrant Number" will initially equal 100,000,000; provided that, if the
number of issued and outstanding shares of Common Stock is changed into a
different number of shares or a different class by reason of any stock split,
reverse stock split, stock dividend, reclassification, recapitalization,
split-up, combination, exchange of shares or other similar transaction, then the
Maximum Share Number and the Maximum Warrant Number shall be correspondingly
adjusted in a manner reasonably determined by the Company. The Company may, at
its discretion and without the consent of the holders of the Debentures,
increase the Maximum Share Number or the Maximum Warrant Number or both
(including through the increase of the Company's authorized share capital, if
necessary) if the Company determines that such increase is necessary to allow
the Company to issue sufficient Common Stock and/or Qualifying Warrants to pay
deferred interest on the Debentures.

      (i) Alternative Payment Mechanism. Immediately following any APM
Commencement Date and until the termination of the related Deferral Period, the
Company will be required to use commercially reasonable efforts to sell APM
Qualifying Securities until the Company has raised an amount of Eligible APM
Proceeds at least equal to the aggregate amount of accrued and unpaid deferred
interest on the Debentures (including compounded interest thereon) and applied
such Eligible APM Proceeds on the next Interest Payment Date to the payment of
deferred interest (including compounded interest thereon) in accordance with
Section 2.1(h); provided that:

            (1) the foregoing obligations shall not apply (i) during the first
      five years of any Deferral Period to the extent the number of shares of
      Common Stock issued and the number of shares of Common Stock subject to
      such Qualifying Warrants, together with the number of shares of Common
      Stock previously issued and the number of shares of Common Stock subject
      to Qualifying Warrants previously issued during such Deferral Period to
      pay interest on the Debentures pursuant to this Section 2.1(i), would, in
      the aggregate, exceed 2% of the total number of issued and outstanding
      shares of Common Stock as of the date of the Company's most recent
      publicly available consolidated financial statements on the date of
      determination (the "Stock and Warrant Issuance Cap") or (ii) to the
      issuance of Qualifying Non-Cumulative Preferred Stock at any time to the
      extent the Eligible APM Proceeds raised from such issuance, together with
      the Eligible APM Proceeds of all prior issuances of Qualifying
      Non-Cumulative Preferred Stock pursuant to this Section 2.1(i) applied to
      pay deferred interest on the Debentures, would exceed $250,000,000 plus
      25% of the aggregate principal amount of any additional Debentures at the
      time of their initial issuance pursuant to Section 2.1(b) (the "Preferred
      Stock Issuance Cap");

            (2) the foregoing obligations shall not apply in respect of any
      Interest Payment Date if the Company shall have provided to the Trustee
      (which the

                                      -18-
<PAGE>

      Trustee will promptly forward upon receipt to each Holder of the
      Debentures whose name appears in the Security Register) no more than 30
      and no less than 10 Business Days prior to such Interest Payment Date an
      Officers' Certificate stating that (i) a Market Disruption Event occurred
      after the immediately preceding Interest Payment Date and (ii) either (A)
      the Market Disruption Event continued for the entire period from the
      Business Day immediately following the preceding Interest Payment Date to
      the Business Day immediately preceding the date on which such Officers'
      Certificate is provided or (B) the Market Disruption Event continued for
      only part of such period but the Company was unable after commercially
      reasonable efforts to raise sufficient Eligible APM Proceeds during the
      rest of that period to pay all accrued and unpaid interest due on the
      Interest Payment Date with respect to which such Officers' Certificate is
      being delivered; and

            (3) to the extent that the Company has raised some but not all
      Eligible APM Proceeds necessary to pay all deferred interest on any
      Interest Payment Date, such Eligible APM Proceeds shall be applied in
      accordance with Section 2.1(h).

      Once the Company reaches the Stock and Warrant Issuance Cap for a Deferral
Period, the Company will not be required to issue more shares of Common Stock or
Qualifying Warrants under this Section 2.1(i) during the first five years of
such Deferral Period even if the Stock and Warrant Issuance Cap subsequently
increases because of a subsequent increase in the number of outstanding shares
of Common Stock. The Stock and Warrant Issuance Cap will cease to apply after
the fifth anniversary of the commencement of any Deferral Period, at which point
the Company must pay any deferred interest, regardless of the time at which it
was deferred pursuant to Section 2.1(h), subject to the limitations in Section
2.1(g), the Preferred Stock Issuance Cap, the Maximum Share Number, the Maximum
Warrant Number and any Market Disruption Event. In addition, if the Stock and
Warrant Issuance Cap is reached during a Deferral Period and the Company
subsequently pays all deferred interest, the Stock and Warrant Issuance Cap will
cease to apply at the termination of such Deferral Period, reset to zero and
will not apply again unless and until the start of a new Deferral Period. The
Preferred Stock Issuance Cap shall not reset to zero even if the Company pays
all deferred interest for a Deferral Period, and the Eligible APM Proceeds from
sales of Qualifying Non-Cumulative Preferred Stock applied pursuant to Section
2.1(h) during such Deferral Period and all prior Deferral Periods cumulate as
Qualifying Non-Cumulative Preferred Stock is issued to pay deferred interest.
The Company will not be excused from its obligations under this Section 2.1(i)
if it determines not to pursue or complete the sale of APM Qualifying Securities
due to pricing, dividend rate or dilution considerations.

      (j) Events of Default. The Debentures shall not be entitled to the
benefits of the Events of Default in clauses (1) through (4) of Section 501 of
the Indenture. The Debentures shall be entitled to the benefits of the Events of
Default in clauses (5) and (6)

                                      -19-
<PAGE>

of Section 501 of the Indenture. The following events shall be Events of Default
with respect to the Debentures (whatever the reason for such Event of Default
and whether it shall be occasioned by the provisions of Article Fourteen of the
Indenture or be voluntary or involuntary or be effected by operation of law or
pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body):

            (1) default in the payment of interest, including compounded
      interest, in full on any Debenture for a period of 30 days after the
      conclusion of a 10-year period following the commencement of any Deferral
      Period;

            (2) default in the payment of the principal of the Debentures at the
      Final Maturity Date or upon a call for redemption;

Except as provided in this paragraph (j), no breach or default by the Company of
any other covenant or obligation under the Indenture or the terms of the
Debentures shall constitute an Event of Default.

      (k) Acceleration of Maturity; Rescission of Amendment. The remedies
provided to the Trustee and Holders by Section 502 of the Indenture will apply
only to an Event of Default under clause (1) of Section 2.1(j). If an Event of
Default specified in Section 501(5) or 501(6) of the Indenture occurs, then in
every such case the principal amount of all the Debentures shall automatically
become due and payable immediately, without any declaration or other action on
the part of the Trustee or any Holder. An Event of Default in clause (2) of
Section 2.1(j) shall not entitle the Holders to the benefits of Section 502 of
the Indenture.

      (l) Collection of Indebtedness and Suits From Enforcement by Trustee. The
Debentures shall not have the benefits of the first paragraph of Section 503 of
the Indenture.

      (m) Limitation on Suits. For purposes of the Debentures, Section 507 of
the Indenture is hereby amended (i) by adding "or Enforcement Event" after
"Event of Default" in clause (1) thereof, and (ii) by adding at the end of
clause (2) thereof: "or the Holders of no less than a majority 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 Enforcement
Event in its own name as Trustee hereunder;"

      (n) Unconditional Right of Holders to Receive Principal, Premium and
Interest. For purposes of the Debentures, Section 508 of the Indenture is hereby
amended and restated in its entirety:

      "Notwithstanding any other provision in this Indenture or the First
      Supplemental Indenture, the Holder of any Debenture shall have the right,
      which is absolute and unconditional, to receive payment of the principal
      of and any premium and

                                      -20-
<PAGE>

      (subject to Section 2.1(g)(ii) of the First Supplemental Indenture and
      Section 307 of the Indenture) interest on such Debenture when due, it
      being understood (i) that, in the case of a Deferral Period, interest
      shall only become due and payable at the time and in the manner provided
      for in Sections 2.1(g) and (h) of the First Supplemental Indenture, and
      interest shall, in the case of Section 2.1(i) of the First Supplemental
      Indenture, only become due and payable in the amount determined in
      accordance with such Section, and (ii) that the extent to which Holders
      have a right to receive payment of principal on any Repayment Date is
      determined in accordance with Section 2.1(d) of the First Supplemental
      Indenture. Any Holder's right to institute suit for the enforcement of any
      such payment, and such rights referred to in this Section 508 shall not be
      impaired without the consent of such Holder."

For the purposes of Section 316(b) of the Trust Indenture Act, it is understood
and agreed that no payment of principal or interest shall be deemed due and
payable under the provisions of Sections 2.1(d), 2.1(g)(ii) and 2.1(h) until
the Company has received Eligible Repayment Proceeds or Eligible APM Proceeds,
respectively, to pay such principal or interest.

      (o) Waiver of Past Defaults. Notwithstanding anything to the contrary in
Section 513 of the Indenture, for the purposes of the Debentures, a past default
that is an Event of Default under Section 501(5) or 501(6) of the Indenture
cannot be waived, with respect to the Debentures and its consequences, without
the consent of each Holder of the Debentures.

      (p) Notice of Defaults and Enforcement Events. For purposes of the
Debentures, Section 602 of the Indenture is hereby amended (i) by adding "and
Enforcement Events" after "Defaults" in the header thereof, and (ii) by adding
"or Enforcement Event" after "default" in the first and second line of such
Section.

      (q) Redemption. The Debentures shall be redeemable in accordance with
Article Eleven of the Indenture, provided that the Debentures are redeemable at
any time (i) in whole or in part at the option of the Company or (ii) in whole
but not in part upon the occurrence of a Rating Agency Event or a Tax Event at a
"Redemption Price" equal to (1) 100% of their principal amount plus accrued and
unpaid interest to the Redemption Date or (2) in the case of any such redemption
prior to the Scheduled Maturity Date, if greater, the applicable Make-Whole
Redemption Price plus accrued and unpaid interest to the Redemption Date. In the
event of any redemption in part prior to the Scheduled Maturity Date, the
aggregate principal amount of the Debentures Outstanding after such redemption
must be not less than $50,000,000. For purposes of the Debentures, the first
sentence of Section 1104 of the Indenture is replaced in its entirety with the
following: "Notice of redemption shall be given by first-class mail, postage
prepaid, mailed not less than 10 nor more than 60 days prior to the Redemption
Date, to each Holders of Securities to be redeemed, at his address appearing in
the Security Register.

                                      -21-
<PAGE>

      (r) Replacement Capital Covenant. The Company shall not modify the
Replacement Capital Covenant to (A) amend the definitions incorporated into this
First Supplemental Indenture pursuant to Section 1.2.3(b) in a manner adverse to
the Holders or (B) impose additional restrictions on the type or amount of
Qualifying Capital Securities that the Company may include for purposes of
determining the extent to which repayment, redemption, defeasance or repurchase
of the Debentures is permitted, except with the consent of the holders of a
majority of the principal amount of Outstanding Debentures. Except as expressly
provided in the preceding sentence, the Company may modify the Replacement
Capital Covenant at any time and in any manner without the consent of the
Holders of the Debentures.

      (s) Limitation on Claims in the Event of Bankruptcy, Insolvency or
Receivership. To the extent permitted by law, each Holder, by such Holder's
acceptance of the Debentures, agrees that if a Bankruptcy Event shall occur
prior to the redemption, repayment or defeasance of such Debentures, such Holder
shall only have a claim for deferred and unpaid interest (including compounded
interest thereon) to the extent such interest (including compounded interest
thereon) relates to the earliest two years of the portion of the Deferral Period
for which interest has not so been paid.

      (t) Sinking Fund; Holder Repurchase Right. The Debentures shall not be
subject to any sinking fund or analogous provision or be redeemable at the
option of the Holders.

      (u) Forms. The Debentures shall be substantially in the form of Annex A
attached hereto, with such modifications thereto as may be approved by the
authorized officer executing the same.

      (v) Subordination. The Debentures shall be subject to Article XIV of the
Indenture, subject to the following modifications:

            (i) For purposes of the Debentures, the "or" before clause (iii) of
the definition of Senior Debt in the Indenture is deleted, the following clauses
are added to the definition of Senior Debt in the Indenture after the word
"contracts," in clause (iii) for purposes of the Debentures:

      ", (iv) any subordinated or junior subordinated debt that by its terms is
      not expressly pari passu or subordinated to the Debentures, (v) any
      Guarantee of any indebtedness, obligation or security issued by any Person
      that is an Affiliate of the Company and such Person is viewed by the
      Company as a vehicle to finance its operations, and (vi) Indebtedness of
      the Company to its Subsidiaries"; and

            (ii) For purposes of the Debentures, the following provision is
added to the end of the definition of Senior Debt in the Indenture after the
word "Securities": "provided that (a) trade account payables and accrued
liabilities arising in the ordinary course of the Company's business, (b) the
Company's 5.75% Series A-2 Junior

                                      -22-
<PAGE>

Subordinated Debentures and 4.875% Series A-3 Junior Subordinated Debentures and
(c) any other indebtedness, Guarantee or other obligation that is specifically
designated as being subordinate, or not superior, in right of payment to the
Debentures, shall not be considered Senior Debt".

            (iii) For purposes of the Debentures, the provisions of Section 1404
of the Indenture shall only apply in the case where (A) there has been an event
of default with respect to Senior Debt within the meaning of clause (i) of the
definition of Senior Debt, (B) the principal amount of such Senior Debt has been
accelerated, (C) the outstanding principal amount of Senior Debt at the time of
acceleration is at least $100,000,000 and (D) the event of default or
acceleration has not been cured, waived, or otherwise ceased to exist. In no
other case and to no other Senior Debt shall Section 1404 apply.

            (iv) The Debentures shall rank pari passu with the Company's 5.75%
Series A-2 Junior Subordinated Debentures and 4.875% Series A-3 Junior
Subordinated Debentures.

      (w) Registrar, Paying Agent, Authenticating Agent and Place of Payment.
The Company hereby appoints the Bank of New York. as Security Registrar,
Authenticating Agent and Paying Agent with respect to the Debentures. The
Debentures may be surrendered for registration of transfer and for exchange at
the office or agency of the Company maintained for such purpose in the City of
New York, New York and at any other office or agency maintained by the Company
for such purpose. The Place of Payment for the Debentures shall be the Paying
Agent's office in New York, New York.

      (x) Defeasance. Until the Scheduled Maturity Date, the Debentures will be
subject to Sections 1302 and 1303 of the Indenture.

                                  ARTICLE THREE

                           REPAYMENT OF THE DEBENTURES

      3.1. REPAYMENT. The Company shall, not more than 30 nor less than 10
Business Days prior to each Repayment Date (unless a shorter notice shall be
satisfactory to the Trustee), notify the Trustee of the principal amount of
Debentures to be repaid on such date pursuant to Section 2.1(d).

      3.2. SELECTION OF SECURITIES TO BE REPAID. If less than all the Debentures
are to be repaid on any Repayment Date, the particular Debentures to be repaid
shall be selected not more than 30 days prior to such Repayment Date by the
Trustee, from the Outstanding Debentures not previously repaid or redeemed or as
to which notice of repayment or redemption has been given, by such other method
as the Trustee may deem fair and appropriate and which may provide for the
selection for repayment of a portion of the principal amount of any Debenture,
provided that the portion of the principal

                                      -23-
<PAGE>
amount of any Debenture not repaid shall be in an authorized denomination
(which shall not be less than the minimum authorized denomination).

      The Trustee shall promptly notify the Company in writing of the Debentures
selected for partial repayment and the principal amount thereof to be repaid.
For all purposes hereof, unless the context otherwise requires, all provisions
relating to the repayment of Debentures shall relate, in the case of any
Debenture repaid or to be repaid only in part, to the portion of the principal
amount of such Debenture which has been or is to be repaid.

      3.3. NOTICE OF REPAYMENT. Notice of repayment shall be given by
first-class mail, postage prepaid, mailed not later than the 15th calendar day,
and not earlier than the 10th calendar day, prior to the Repayment Date, to each
Holder of Debentures to be repaid, at the address of such Holder as it appears
in the Security Register.

      Each notice of repayment shall identify the Debentures to be repaid
(including CUSIP number, if a CUSIP number has been assigned to the Debentures)
and shall state:

      (a) the Repayment Date;

      (b) if less than all Outstanding Debentures are to be repaid, the
identification (and, in the case of partial repayment, the respective principal
amounts) of the particular Debentures to be repaid;

      (c) that on the Repayment Date, the principal amount of the Debentures or
portions thereof to be repaid will become due and payable, and that interest
thereon, if any, shall cease to accrue on and after said date;

      (d) whether any deferred interest shall remain outstanding on any
Debentures to be repaid, and if so, the amount of such deferred interest and
that compound interest thereon shall continued to accrue on and after said date
until paid; and

      (e) the place or places where such Debentures are to be surrendered for
payment of the principal amount thereof.

      Notice of repayment 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.

      3.4. DEPOSIT OF REPAYMENT AMOUNT. Prior to [10:00 a.m.], New York City
time, on the Repayment Date specified in the notice of repayment given as
provided in Section 3.3, the Company will deposit with the Trustee or with one
or more Paying Agents (or if the Company is acting as its own Paying Agent, the
Company will segregate and hold in trust as provided in Section 1003 of the
Indenture) an amount of money sufficient to pay the principal amount of, and
(except to the extent the payment of such accrued interest shall be prohibited
pursuant to Section 2.1(h)) any accrued interest

                                      -24-
<PAGE>

(including compounded interest) on, all the Debentures which are to be repaid on
that date.

      3.5. PAYMENT OF DEBENTURES SUBJECT TO REPAYMENT. If any notice of
repayment has been given as provided in Section 3.3, the Debentures or portion
of the Debentures with respect to which such notice has been given shall become
due and payable on the Repayment Date. On presentation and surrender of such
Debentures as provided in the notice of repayment, such Debentures or the
specified portions thereof shall be paid by the Company at their principal
amount, together with accrued interest (including any compounded interest) to
the Repayment Date (except to the extent the payment of such accrued interest
shall be prohibited pursuant to Section 2.1(h)); provided that, except in the
case of a repayment in full of all Outstanding Debentures, installments of
interest whose Stated Maturity is on or prior to the Repayment Date will be
payable to the Holders of such Debentures, or one or more Predecessor
Securities, registered as such at the close of business on the relevant Regular
Record Dates according to their terms and the provisions of Section 307 of the
Indenture and Section 2.1(g)(ii) of this First Supplemental Indenture.

      Section 1107 of the Indenture shall apply to any Debenture repaid in part
pursuant to this Article III.

      If any Debenture subject to repayment shall not be so repaid upon
surrender thereof, the principal of such Debenture shall, until paid, bear
interest from the applicable Repayment Date at the rate prescribed therefore in
the Debenture.

                                  ARTICLE FOUR

                                  MISCELLANEOUS

SECTION 4.1 RELATIONSHIP TO EXISTING INDENTURE

      The First Supplemental Indenture is a supplemental indenture within the
meaning of the Indenture. The Indenture, as supplemented and amended by this
First Supplemental Indenture, is in all respects ratified, confirmed and
approved and, with respect to the Debentures, the Indenture, as supplemented and
amended by this First Supplemental Indenture, shall be read, taken and construed
as one and the same instrument.

SECTION 4.2 MODIFICATION OF THE EXISTING INDENTURE

      Except as expressly modified by this First Supplemental Indenture, the
provisions of the Indenture shall govern the terms and conditions of the
Debentures.

                                      -25-
<PAGE>

SECTION 4.3 GOVERNING LAW

      This instrument shall be governed by and construed in accordance with the
laws of the State of New York.

SECTION 4.4 COUNTERPARTS

      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.

SECTION 4.5 TRUSTEE MAKES NO REPRESENTATION

      The recitals contained herein are made by the Company and not by the
Trustee, and the Trustee assumes no responsibility for the correctness thereof.
The Trustee makes no representation as to the validity or sufficiency of this
First Supplemental Indenture (except for its execution thereof and its
certificates of authentication of the Debentures).

                                      -26-
<PAGE>

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

                              AMERICAN INTERNATIONAL GROUP, INC.

                              By /s/ Robert A. Gender
                                ------------------------------------------------
                                  Name: Robert A. Gender
                                  Title: Vice President and Treasurer

Attest:

/s/ Kathleen E. Shannon
---------------------------

                              THE BANK OF NEW YORK,
                              as Trustee

                              By /s/ Julie Salovitch-Miller
                                ------------------------------------------------
                                  Name: Julie Salovitch-Miller
                                  Title: Vice President

<PAGE>

                                                                         ANNEX A

      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.

      UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE COMPANY OR
ITS AGENT FOR REGISTRATION OR 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.

                       AMERICAN INTERNATIONAL GROUP, INC.

No.                                                    CUSIP No.:

$

      American International Group, Inc., a corporation duly organized and
existing under the laws of Delaware (herein called the "Company", which term
includes any successor Person under the Indenture hereinafter referred to), for
value received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of five hundred million Dollars ($500,000,000) on March 15, 2087,
or if such day is not a Business Day, the following Business Day (the "Final
Maturity Date"); provided that the principal amount of, and all accrued and
unpaid interest on, this Security shall be payable in full on March 15, 2037, or
if such day is not a Business Day, the next Business Day (the "Scheduled
Maturity Date"), or any subsequent Interest Payment Date (as hereinafter
defined) to the extent set forth in the Indenture hereinafter referred to. As
provided in the Indenture, the principal of this Security is payable on the
Scheduled Maturity Date only to the extent the Company has raised sufficient
Eligible Repayment Proceeds. The Company's obligation to raise Eligible
Repayment Proceeds is subject to certain limitations and restrictions described
in the First Supplemental Indenture hereinafter referred to. In connection with
the issuances of this Security, the Company has entered into a Replacement
Capital Covenant that contains restrictions on the Company's ability to repay
the principal of this Security.

      This Security shall bear interest (i) from and including March 13, 2007
to, but excluding the Scheduled Maturity Date, payable (subject to deferral as
set forth herein

<PAGE>

and in the Indenture) at the rate of 6.25% per annum semi-annually in arrears on
March 15 and September 15 in each year, commencing September 15, 2007 (computed
on the basis of a 360-day year comprised of twelve 30-day months), and (ii) from
and including the Scheduled Maturity Date, at an annual rate equal to
three-month LIBOR (as defined in the Indenture) plus 2.056% (computed on the
basis of a 360-day year and the actual number of days elapsed), payable (subject
to deferral as set forth herein and in the Indenture) quarterly in arrears on
March 15, June 15, September 15 and December 15 in each year, commencing June
15, 2037, until the principal hereof is paid or made available for payment (each
such date referred to in clause (i) or (ii), an "Interest Payment Date"). In the
event that any Interest Payment Date on or before the Scheduled Maturity Date
would otherwise fall on a day that is not a Business Day, the interest payment
due on that date shall be postponed to the next day that is a Business Day and
no interest shall accrue as a result of that postponement. In the event that any
Interest Payment Date after the Scheduled Maturity Date would otherwise fall on
a day that is not a Business Day, that Interest Payment Date shall be postponed
to the next day that is a Business Day; however, if the postponement would cause
the day to fall in the next calendar month, the Interest Payment Date will
instead be brought forward to the immediately preceding Business Day. Any
installment of interest (or portion thereof) deferred in accordance with the
Indenture or otherwise unpaid on the relevant Interest Payment Date shall bear
interest, to the extent permitted by law, at the rate of interest then in effect
on this Security, from the relevant Interest Payment Date, compounded on each
subsequent Interest Payment Date, until paid in accordance with the Indenture.

      A "Business Day" shall mean any day other than (i) a Saturday, Sunday or
other day on which banking institutions in The City of New York are authorized
or required by law or executive order to remain closed and (ii) on or after the
Scheduled Maturity Date, a day which is not a London Banking Day.

      The interest (other than deferred interest) so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered (i) at the close of business on the
Business Day next preceding the Interest Payment Date if this Security is issued
in the form of a Global Security, or (ii) the close of business on the fifteenth
day (whether or not a Business Day) next preceding such Interest Payment Date if
this Security is not issued in the form of a Global Security. Any such interest
not so punctually paid or duly provided for (other than deferred interest) 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 the Indenture. Any deferred interest shall be payable to the holder of record
of this Security as provided below.

                                      A-2
<PAGE>

      The Company shall have the right, at any time and from time to time, prior
to the Final Maturity Date to defer the payment of interest on this Security for
one or more consecutive Interest Periods that do not exceed 10 years; provided
that no Deferral Period shall extend beyond the Final Maturity Date or the
earlier redemption of the Securities of this series. As provided in the
Indenture, the payment of deferred interest is subject to the Company's ability
to raise Eligible APM Proceeds. The Company's obligation to raise Eligible APM
Proceeds is subject to certain limitations, restrictions and exceptions
described in the First Supplemental Indenture.

      At the end of any Deferral Period, the Company shall pay all deferred
interest on this Security (together with compounded interest thereon, if any, to
the extent permitted by applicable law), to the Person in whose name this
Security is registered at the close of business on the Business Day next
preceding the Interest Payment Date at the end of such Deferral Period or, in
the event this Security ceases to be held in the form of a Global Security, at
the close of business on the date 15 days prior to the end of the Deferral
Period, whether or not a Business Day. Upon termination of any Deferral Period
and upon the payment of all deferred interest and any compounded interest then
due on any Interest Payment Date, the Company may elect to begin a new Deferral
Period, subject to the above requirements and those in the Indenture. The
Company may elect to pay deferred interest on any Interest Payment Date during
any Deferral Period to the extent permitted, and shall pay deferred interest
(including compounded interest thereon) to the extent required, by the
Indenture.

      To the extent permitted by law, each Holder of this Security, by such
Holder's acceptance of this Security agrees that if a Bankruptcy Event shall
occur prior to the redemption or repayment of this Security, such Holder shall
only have a claim for deferred and unpaid interest (including compounded
interest thereon) to the extent such interest (including compounded interest
thereon) relates to the earliest two years of the portion of the Deferral Period
for which interest has not so been paid.

      The Company shall give written notice to the Trustee and the Holders of
this Security of its election to begin any Deferral Period at least one Business
Day prior to the Regular Record Date for that Interest Payment Date, provided,
however, that the Company's failure to pay any interest due within five Business
Days after any Interest Payment Date shall automatically and without any further
action by any Person be deemed to commence a Deferral Period.

      Payment of the principal of (and premium, if any) and interest on this
Security will be made at the office or agency of the Company maintained for that
purpose in the Borough of Manhattan, The City of New York, 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.

                                      A-3
<PAGE>

      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.

                                      A-4
<PAGE>
     IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

Dated:

                                                AMERICAN INTERNATIONAL GROUP,
                                                INC.

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

Attest:

--------------------------------------
 [Secretary or Assistant Secretary]

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

Dated:

                                                THE BANK OF NEW YORK,
                                                    as Trustee

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

                    (Signature Page for Series A-1 Security)

<PAGE>

                               REVERSE OF SECURITY

      This Security is one of a duly authorized issue of securities of the
Company (herein called the "Securities"), issued and to be issued in one or more
series under a Junior Subordinated Debt Indenture, dated as of March 13, 2007
(herein called the "Base Indenture"), which term shall have the meaning assigned
to it in such instrument, as supplemented by a First Supplemental Indenture,
dated as of March 13, 2007 (herein called the "First Supplemental Indenture"
and, together with the Base Indenture, the "Indenture"), in each case, between
the Company and The Bank of New York, 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 limited in
aggregate principal amount to $1,000,000,000 (except for Securities
authenticated and delivered upon registration or transfer of, or exchange for,
or in lieu of, other Securities pursuant to Section 304, 305, 306, 906, or 1107
of the Base Indenture or Section 3.5 of the First Supplemental Indenture);
provided, however, that the Company may from time to time authenticate and
deliver under the Indenture up to $1,000,000,000 additional principal amount of
Securities which may accrue interest from a different date than this Security,
as may be specified pursuant to Section 301 of the Base Indenture, so long as
the company reasonably determines that the additional Securities so
authenticated and delivered will be fungible for United States federal income
tax purposes.

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

      The Securities of this series are subject to redemption upon not less than
10 days nor more than 60 days' prior notice by first class mail, postage
pre-paid, to each Holder of Securities to be redeemed, at any time (i) in whole
or in part, at the option of the Company or (ii) in whole but not in part upon
the occurrence of a Rating Agency Event or a Tax Event, subject to the terms and
conditions of the First Supplemental Indenture and Article XI of the Base
Indenture, at a Redemption Price of 100% of their principal amount or, in the
case of any such redemption prior to the Scheduled Maturity Date, if greater,
the applicable Make-Whole Redemption Price, in either case, plus accrued and
unpaid interest to the Redemption Date.

      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;
provided, however, that in the event of any redemption in part of the Securities
of this series prior to the Scheduled Maturity Date, the aggregate principal
amount of the Securities of this series Outstanding after such redemption must
be not less than $50,000,000.

      The indebtedness evidenced by this Security is, to the extent provided in
the Indenture, subordinate and subject in right of payment to the prior payment
in full of all

                                      A-6
<PAGE>

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 or her behalf to take such actions as may be
necessary or appropriate to effectuate the subordination so provided and (c)
appoints the Trustee as his or her attorney-in-fact for any and all such
purposes. Each Holder hereof, by his or her acceptance hereof, waives all notice
of the acceptance of the subordination provisions contained herein and in the
Indenture by each holder of Senior Debt, whether now outstanding or hereafter
created, incurred, assumed or Guaranteed, and waives reliance by each such
holder of Senior Debt upon said provisions.

      The Indenture contains provisions for defeasance of the entire
indebtedness of this Security at any time prior to the Scheduled Maturity Date
upon compliance with certain conditions set forth in the Indenture.

      The Securities of this series are entitled to the benefits of the Events
of Default described in Section 2.1(j) of the First Supplemental Indenture and
the Enforcement Events as defined in the First Supplemental Indenture. The
Holder of this Security and the Trustee shall be entitled to the remedies
provided by Section 502 of the Base Indenture only if an Event of Default
specified in clause (1) of Section 2.1(j) of the First Supplemental Indenture
shall occur with respect to the Securities of this series. If an Event of
Default specified in Section 501(5) or Section 501(6) of the Base Indenture
shall occur with respect to the Securities of this series, then in every such
case the principal amount of all the Securities of this series shall become
automatically due and payable immediately, without any declaration or other
action on the part of the Trustee or any Holder. An Event of Default specified
in clause (2) of Section 2.1(j) of the First Supplemental Indenture shall not
entitle the Holders to the benefits of Section 502 of the Base Indenture.

      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 a majority 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 herefor 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

                                      A-7
<PAGE>

such Holder shall have previously given the Trustee written notice of a
continuing Event of Default or Enforcement Event with respect to the Securities
of this series, the Holders of not less than 25% (or, in the case of an
Enforcement Event, a majority) 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 or Enforcement Event,
as the case may be, 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 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 to the extent
provided by Section 2.1(n) of the First Supplemental Indenture.

      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 $100,000 and integral multiples of $1,000 in excess
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.

      The Company and, by its acceptance of this Security or a beneficial
interest therein, the Holder of, and any Person that acquires beneficial
interest in, this Security agree that, for United States federal, state and
local tax purposes, it is intended that this Security constitute indebtedness.

                                      A-8
<PAGE>

      THE BASE INDENTURE, THE FIRST SUPPLEMENTAL INDENTURE AND THIS SECURITY
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK.

                                      A-9

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