Document:

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                                                                     EXHIBIT 4.4

                                  SEI TRUST I

                              AMENDED AND RESTATED

                                TRUST AGREEMENT

                                     AMONG

                      SOUTHERN ENERGY, INC., AS DEPOSITOR,

                  BANKERS TRUST COMPANY, AS PROPERTY TRUSTEE,

                 BANKERS TRUST (DELAWARE), AS DELAWARE TRUSTEE,

                                      AND

      ELIZABETH B. CHANDLER, J. WILLIAM HOLDEN, III AND DOUGLAS L. MILLER
                           AS ADMINISTRATIVE TRUSTEES

                         DATED AS OF ___________, 2000

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                                   SEI TRUST I

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

     Trust Indenture                                  Trust Agreement
       Act Section                                        Section

<TABLE>
<S>                                                       <C>
Section 310(a)(1) ....................................................8.07
         (a)(2) ......................................................8.07
         (a)(3) ......................................................8.09
         (a)(4) ............................................Not Applicable
         (b) .........................................................8.08
Section 311(a) .......................................................8.13
         (b) .........................................................8.13
Section 312(a) .......................................................5.07
         (b) .........................................................5.07
         (c) .........................................................5.07
Section 313(a) ....................................................8.14(a)
         (a)(4) ...................................................8.14(b)
         (b) ......................................................8.14(b)
         (c) ......................................................8.14(a)
         (d) .............................................8.14(a), 8.14(b)
Section 314(a) .......................................................8.15
         (b) ...............................................Not Applicable
         (c)(1) ................................................8.15, 8.16
         (c)(2) ......................................................8.16
         (c)(3) ......................................................8.16
         (d) ...............................................Not Applicable
         (e) .........................................................8.16
Section 315(a) .......................................................8.01
         (b) ................................................8.02, 8.14(b)
         (c) ......................................................8.01(a)
         (d) ...................................................8.01, 8.03
         (e) ...............................................Not Applicable
Section 316(a) .............................................Not Applicable
         (a)(1)(A) ...................................................8.19
         (a)(1)(B) ...................................................8.19
         (a)(2) ............................................Not Applicable
         (b) ...............................................Not Applicable
         (c) ...............................................Not Applicable
Section 317(a)(1) ..........................................Not Applicable
         (a)(2) ............................................Not Applicable
         (b) .........................................................5.09
Section 318(a) ......................................................10.10
</TABLE>

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

         Note: This Cross-Reference Table does not constitute part of the Trust
Agreement and shall not affect the interpretation of any of its terms and
provisions.

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                                TABLE OF CONTENTS

<TABLE>
<S>                                                                                                              <C>
ARTICLE I.........................................................................................................2

Defined Terms.....................................................................................................2
         Section 1.01 Definitions.................................................................................2

ARTICLE II.......................................................................................................10

Establishment of the Trust.......................................................................................10
         Section 2.01 Name.......................................................................................10
         Section 2.02 Offices of the Trustees; Principal Place of Business.......................................10
         Section 2.03 Initial Contribution of Trust Property; Organizational Expenses............................11
         Section 2.04 Issuance of the Preferred Securities.......................................................11
         Section 2.05 Subscription and Purchase of Junior Subordinated Notes; Issuance of
                  the Common Securities..........................................................................11
         Section 2.06 Declaration of Trust.......................................................................12
         Section 2.07 Authorization to Enter into Certain Transactions...........................................12
         Section 2.08 Assets of Trust............................................................................16
         Section 2.09 Title to Trust Property....................................................................16
         Section 2.10 Mergers and Consolidations of the Trust....................................................16

ARTICLE III......................................................................................................17

Payment Account..................................................................................................17
         Section 3.01 Payment Account............................................................................17

ARTICLE IV.......................................................................................................18

Distributions; Redemption; Conversion............................................................................18
         Section 4.01 Distributions..............................................................................18
         Section 4.02 Redemption.................................................................................19
         Section 4.03 Subordination of Common Securities.........................................................21
         Section 4.04 Payment Procedures.........................................................................21
         Section 4.05 Conversion.................................................................................21
         Section 4.06 Tax Returns and Reports....................................................................24

ARTICLE V........................................................................................................24

Trust Securities Certificates....................................................................................24
         Section 5.01 Initial Ownership..........................................................................24
         Section 5.02 The Trust Securities Certificates..........................................................24
         Section 5.03 Authentication of Trust Securities Certificates............................................24
</TABLE>

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<TABLE>
<S>                                                                                                              <C>
         Section 5.04 Registration of Transfer and Exchange of Preferred Securities Certificates.................25
         Section 5.05 Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates.........................25
         Section 5.06 Persons Deemed Securityholders.............................................................26
         Section 5.07 Access to List of Securityholders' Names and Addresses.....................................26
         Section 5.08 Maintenance of Office or Agency............................................................26
         Section 5.09 Appointment of Paying Agent................................................................26
         Section 5.10 Ownership of Common Securities by Depositor................................................27
         Section 5.11 Book-Entry Preferred Securities Certificates; Common Securities Certificate................27
         Section 5.12 Notices to Clearing Agency.................................................................28
         Section 5.13 Definitive Preferred Securities Certificates...............................................28
         Section 5.14 Rights of Securityholders..................................................................29

ARTICLE VI.......................................................................................................29

Acts of Securityholders; Meetings; Voting........................................................................29
         Section 6.01 Limitations on Voting Rights...............................................................29
         Section 6.02 Notice of Meetings.........................................................................30
         Section 6.03 Meetings of Preferred Securityholders......................................................30
         Section 6.04 Voting Rights..............................................................................31
         Section 6.05 Proxies, etc...............................................................................31
         Section 6.06 Securityholder Action by Written Consent...................................................31
         Section 6.07 Record Date for Voting and Other Purposes..................................................31
         Section 6.08 Acts of Securityholders....................................................................31
         Section 6.09 Inspection of Records......................................................................32

ARTICLE VII......................................................................................................32

Representations and Warranties of the Trustees...................................................................32
         Section 7.01 Representations and Warranties of Property Trustee.........................................32
         Section 7.02 Representations and Warranties of Delaware Trustee.........................................33

ARTICLE VIII.....................................................................................................34

The Trustees.....................................................................................................34
         Section 8.01 Certain Duties and Responsibilities........................................................34
         Section 8.02 Notice of Defaults.........................................................................34
         Section 8.03 Certain Rights of Property Trustee.........................................................34
         Section 8.04 Not Responsible for Recitals or Issuance of Securities.....................................36
         Section 8.05 May Hold Securities........................................................................36
         Section 8.06 Compensation; Fees; Indemnity..............................................................36
         Section 8.07 Trustees Required; Eligibility.............................................................37
         Section 8.08 Conflicting Interests......................................................................37
         Section 8.09 Co-Trustees and Separate Trustee...........................................................37
         Section 8.10 Resignation and Removal; Appointment of Successor..........................................39
</TABLE>

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<TABLE>
<S>                                                                                                              <C>
         Section 8.11 Acceptance of Appointment by Successor.....................................................40
         Section 8.12 Merger, Conversion, Consolidation or Succession to Business................................40
         Section 8.13 Preferential Collection of Claims Against Depositor or Trust...............................40
         Section 8.14 Reports by Property Trustee................................................................41
         Section 8.15 Reports to the Property Trustee............................................................41
         Section 8.16 Evidence of Compliance with Conditions Precedent...........................................41
         Section 8.17 Number of Trustees.........................................................................41
         Section 8.18 Delegation of Power........................................................................42
         Section 8.19 Enforcement of Rights of Property Trustee by Securityholders...............................42

ARTICLE IX.......................................................................................................43

Termination and Liquidation......................................................................................43
         Section 9.01 Termination Upon Expiration Date...........................................................43
         Section 9.02 Early Termination..........................................................................43
         Section 9.03 Termination................................................................................43
         Section 9.04 Liquidation................................................................................44
         Section 9.05 Bankruptcy.................................................................................45

ARTICLE X........................................................................................................45

Miscellaneous Provisions.........................................................................................45
         Section 10.01 Guarantee by the Depositor................................................................45
         Section 10.02 Limitation of Rights of Securityholders...................................................45
         Section 10.03 Amendment.................................................................................46
         Section 10.04 Separability..............................................................................47
         Section 10.05 Governing Law.............................................................................47
         Section 10.06 Successors................................................................................47
         Section 10.07 Headings..................................................................................47
         Section 10.08 Notice and Demand.........................................................................47
         Section 10.09 Agreement Not to Petition.................................................................48
         Section 10.10 Conflict with Trust Indenture Act.........................................................48
</TABLE>

EXHIBIT A         Form of Notice of Conversion
EXHIBIT B         [INTENTIONALLY RESERVED]
EXHIBIT C         Form of Common Securities Certificate
EXHIBIT D         Form of Expense Agreement
EXHIBIT E         Form of Preferred Securities Certificate

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                      AMENDED AND RESTATED TRUST AGREEMENT

         THIS AMENDED AND RESTATED TRUST AGREEMENT is made as of ___________,
2000, by and among (i) Southern Energy, Inc., a Delaware corporation (the
"Depositor" or the "Company"), (ii) Bankers Trust Company, a banking corporation
duly organized and existing under the laws of New York, as trustee (the
"Property Trustee" and, in its separate corporate capacity and not in its
capacity as Trustee, the "Bank"), (iii) Bankers Trust (Delaware), a banking
corporation duly organized under the laws of Delaware, as Delaware trustee (the
"Delaware Trustee" and, in its separate corporate capacity and not in its
capacity as Delaware Trustee, the "Delaware Bank"), (iv) Elizabeth B. Chandler,
an individual, J. William Holden, III, an individual, and Douglas L. Miller, an
individual, as administrative trustees (each an "Administrative Trustee" and
together the "Administrative Trustees") (the Property Trustee, the Delaware
Trustee and the Administrative Trustees referred to collectively as the
"Trustees") and (v) the several Holders, as hereinafter defined.

                                   WITNESSETH:

         WHEREAS, the Depositor and the Delaware Trustee have heretofore duly
declared and established a business trust pursuant to the Delaware Business
Trust Act by the entering into that certain Trust Agreement, dated as of June
30, 2000 (the "Original Trust Agreement"), and by the execution and filing by
the Delaware Trustee with the Secretary of State of the State of Delaware of the
Certificate of Trust, dated June 30, 2000; and

         WHEREAS, the parties hereto desire to amend and restate the Original
Trust Agreement in its entirety as set forth herein to provide for, among other
things, (i) the addition of the Bank, Elizabeth B. Chandler, John W. Holden, III
and Douglas L. Miller as trustees of the Trust, (ii) the acquisition by the
Trust from the Depositor of all of the right, title and interest in the Junior
Subordinated Notes, (iii) the issuance of the Common Securities by the Trust to
the Depositor, and (iv) the issuance and sale of the Preferred Securities by the
Trust pursuant to the Underwriting Agreement.

         NOW THEREFORE, in consideration of the agreements and obligations set
forth herein and for other good and valuable consideration, the sufficiency of
which is hereby acknowledged, each party, for the benefit of the other parties
and for the benefit of the Securityholders, hereby amends and restates the
Original Trust Agreement in its entirety and agrees as follows:

<PAGE>   7

                                    ARTICLE I

                                  DEFINED TERMS

         Section 1.01      Definitions. For all purposes of this Trust
Agreement, except as otherwise expressly provided or unless the context
otherwise requires:

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

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

         (c)      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 Trust Agreement; and

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

         "Act" has the meaning specified in Section 6.08.

         "Additional Amount" means, with respect to Trust Securities of a given
Liquidation Preference and/or a given period, an amount equal to the Additional
Interest (as defined in clause (ii) of the definition of "Additional Interest"
in the Subordinated Indenture) paid by the Depositor on a Like Amount of Junior
Subordinated Notes for such period.

         "Administrative Trustee" means each of the individuals identified as an
"Administrative Trustee" in the preamble to this Trust Agreement solely in their
capacities as Administrative Trustees of the Trust formed and continued
hereunder and not in their individual capacities, or such trustee's successor(s)
in interest in such capacity, or any successor "Administrative Trustee"
appointed as herein provided.

         "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.

         "Bank" has the meaning specified in the preamble to this Trust
Agreement.

         "Bankruptcy Event" means, with respect to any Person:

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                  (i)      the entry of a decree or order by a court having
         jurisdiction in the premises judging such Person a bankrupt or
         insolvent, or approving as properly filed a petition seeking
         reorganization, arrangement, adjudication or composition of or in
         respect of such Person under federal bankruptcy law or any other
         applicable federal or state law, or appointing a receiver, liquidator,
         assignee, trustee, sequestrator or other similar official of such
         Person or of any substantial part of its property, or ordering the
         winding up or liquidation of its affairs, and the continuance of such
         decree or order unstayed and in effect for a period of 60 consecutive
         days; or

                  (ii)     the institution by such Person of proceedings to be
         adjudicated a bankrupt or insolvent, or the consent by it to the
         institution of bankruptcy or insolvency proceedings against it, or the
         filing by it of a petition or answer or consent seeking reorganization
         or relief under federal bankruptcy law or any other applicable federal
         or state law, or the consent by it to the filing of such petition or to
         the appointment of a receiver, liquidator, assignee, trustee,
         sequestrator or similar official of such Person 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 action by such Person in furtherance of any such action.

         "Bankruptcy Laws" has the meaning specified in Section 10.09.

         "Board Resolution" means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Depositor to have been duly adopted
by the Depositor's Board of Directors or a duly authorized committee thereof and
to be in full force and effect on the date of such certification, and delivered
to the Trustees.

         "Book-Entry Preferred Securities Certificates" means certificates
representing Preferred Securities issued in global, fully registered form to the
Clearing Agency as described in Section 5.11.

         "Business Day" means a day other than (i) a Saturday or a Sunday, (ii)
a day on which banks in New York, New York are authorized or obligated by law or
executive order to remain closed or (iii) a day on which the Corporate Trust
Office or the Indenture Trustee's principal corporate trust office is closed for
business.

         "Certificate Depository Agreement" means the agreement among the Trust,
the Property Trustee and The Depository Trust Company, as the initial Clearing
Agency, dated ________ __, 2000, relating to the Preferred Securities
Certificates, as the same may be amended and supplemented from time to time.

         "Clearing Agency" means an organization registered as a "clearing
agency" pursuant to Section 17A of the Securities Exchange Act of 1934, as
amended. The Depository Trust Company will be the initial Clearing Agency.

                                       3
<PAGE>   9

         "Clearing Agency Participant" means a broker, dealer, bank, other
financial institution or other Person for whom from time to time a Clearing
Agency effects book-entry transfers and pledges of securities deposited with the
Clearing Agency.

         "Closing Price" of the Common Stock on any date means the price, as of
the close of business on such date, of the Common Stock, as reported on the New
York Stock Exchange Consolidated Tape, or if the Common Stock is not then listed
on the New York Stock Exchange, as reported by the principal securities exchange
or interdealer quotation system on which the Common Stock is then traded.

         "Code" means the Internal Revenue Code of 1986, as amended.

         "Commission" means the Securities and Exchange Commission, as from time
to time constituted, created under the Securities Exchange Act of 1934, or, if
at any time after the execution of this instrument such Commission is not
existing and performing the duties now assigned to it under the Trust Indenture
Act, then the body performing such duties at such time.

         "Common Security" means an undivided beneficial ownership interest in
the assets of the Trust having a Liquidation Preference of $50 and having the
rights provided therefor in this Trust Agreement, including the right to receive
Distributions and a Liquidation Distribution as provided herein.

         "Common Securities Certificate" means a certificate evidencing
ownership of a Common Security or Securities, substantially in the form attached
as Exhibit C.

         "Common Stock" means common stock, par value $.01 per share, of the
Depositor.

         "Company" means Southern Energy, Inc.

         "Conversion Agent" has the meaning specified in Section 4.05.

         "Conversion Date" has the meaning specified in Section 4.05.

         "Conversion Price" has the meaning specified in Section 4.05.

         "Corporate Trust Office" means the office of the Property Trustee at
which its corporate trust business shall be principally administered.

         "Current Market Price", with respect to Common Stock, means for any day
the last reported sale price, regular way, on such day, or, if no sale takes
place on such day, the average of the reported closing bid and asked prices on
such day, regular way, in either case as reported on the New York Stock Exchange
Consolidated Transactions Tape, or, if Common Stock is not listed or admitted to
trading on the New York Stock Exchange on such day, on the principal national
securities exchange on which Common Stock is listed or admitted to trading, if
Common Stock is listed on a national securities exchange, or the Nasdaq National
Market, or, if

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<PAGE>   10

Common Stock is not quoted or admitted to trading on such quotation system, on
the principal quotation system on which Common Stock may be listed or admitted
to trading or quoted, or, if not listed or admitted to trading or quoted on any
national securities exchange or quotation system, the average of the closing bid
and asked prices of Common Stock in the over-the-counter market on the day in
question as reported by the National Quotation Bureau Incorporated, or a similar
generally accepted reporting service, or, if not so available in such manner, as
furnished by any New York Stock Exchange member firm selected from time to time
by the Board of Directors for that purpose or, if not so available in such
manner, as otherwise determined in good faith by the Board of Directors.

         "Definitive Preferred Securities Certificates" means either or both (as
the context requires) of (i) Preferred Securities Certificates issued in
certificated, fully registered form as provided in Section 5.11(a) and (ii)
Preferred Securities Certificates issued in certificated, fully registered form
as provided in Section 5.13.

         "Delaware Bank" has the meaning specified in the preamble to this Trust
Agreement.

         "Delaware Business Trust Act" means Chapter 38 of Title 12 of the
Delaware Code, 12 Del. Code Section 3801 et seq., as it may be amended from time
to time.

         "Delaware Trustee" means the commercial bank or trust company or any
other Person identified as the "Delaware Trustee" and has the meaning specified
in the preamble to this Trust Agreement solely in its capacity as Delaware
Trustee of the Trust formed and continued hereunder and not in its individual
capacity, or its successor in interest in such capacity, or any successor
Delaware Trustee appointed as herein provided.

         "Depositor" means Southern Energy, Inc., in its capacity as "Depositor"
under this Trust Agreement.

         "Distribution Date" has the meaning specified in Section 4.01(a).

         "Distributions" means amounts payable in respect of the Trust
Securities as provided in Section 4.01.

         "Event of Default" means the occurrence of an Indenture Event of
Default.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended.

         "Expense Agreement" means the Agreement as to Expenses and Liabilities
between the Company and the Trust, substantially in the form attached as Exhibit
D, as amended from time to time.

         "Guarantee" means the Guarantee Agreement executed and delivered by the
Company and Bankers Trust Company, as Guarantee Trustee, contemporaneously with
the execution and delivery

                                       5
<PAGE>   11

of this Trust Agreement, for the benefit of the Holders of the Preferred
Securities, as amended from time to time.

         "Indenture Event of Default" means an "Event of Default" as defined in
the Subordinated Indenture.

         "Indenture Redemption Date" means "Redemption Date," as defined in the
Subordinated Indenture.

         "Indenture Trustee" means the trustee under the Subordinated Indenture.

         "Investment Company Act" means the Investment Company Act of 1940, as
amended.

         "Issue Date" means the date of the delivery of the Trust Securities.

         "Junior Subordinated Notes" means the $__________ aggregate principal
amount of the Depositor's Series __ ____% Junior Convertible Subordinated Notes,
Series due 2030, issued pursuant to the Subordinated Indenture.

         "Lien" means any lien, pledge, charge, encumbrance, mortgage, deed of
trust, adverse ownership interest, hypothecation, assignment, security interest
or preference, priority or other security agreement or preferential arrangement
of any kind or nature whatsoever.

         "Like Amount" means (i) Trust Securities having a Liquidation
Preference equal to the principal amount of Junior Subordinated Notes to be
contemporaneously redeemed in accordance with the Subordinated Indenture and the
proceeds of which will be used to pay the Redemption Price of such Trust
Securities and (ii) Junior Subordinated Notes having a principal amount equal to
the Liquidation Preference of the Trust Securities of the Holder to whom such
Junior Subordinated Notes are distributed.

         "Liquidation Date" means the date on which Junior Subordinated Notes
are to be distributed to Holders of Trust Securities in connection with a
dissolution and liquidation of the Trust pursuant to Section 9.04.

         "Liquidation Distribution" has the meaning specified in Section 9.05.

         "Liquidation Preference" means the stated amount of $50 per Trust
Security.

         "Notice of Conversion" means the notice given by a Holder of Preferred
Securities to the Conversion Agent directing the Conversion Agent to exchange
such Preferred Security for Junior Subordinated Notes and to convert such Junior
Subordinated Notes and to convert such Junior Subordinated Notes into Common
Stock on behalf of such Holder. Such notice is substantially in the form set
forth in Exhibit A.

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<PAGE>   12

         "Officers' Certificate" means a certificate signed by the Chairman of
the Board, a Vice Chairman of the Board, the President or a Vice President, and
by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant
Secretary, of the Depositor, and delivered to the appropriate Trustee. One of
the officers signing an Officers' Certificate given pursuant to Section 8.16
shall be the principal executive, financial or accounting officer of the
Depositor. An Officers' Certificate delivered with respect to compliance with a
condition or covenant provided for in this Trust Agreement shall include:

                  (a)      a statement that each officer signing the Officers'
         Certificate has read the covenant or condition and the definitions
         relating thereto;

                  (b)      a brief statement of the nature and scope of the
         examination or investigation undertaken by each officer in rendering
         the Officers' Certificate;

                  (c)      a statement that each such officer has made such
         examination or investigation as is necessary, in such officer's
         opinion, to express an informed opinion as to whether or not such
         covenant or condition has been complied with; and

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

         "Opinion of Counsel" means a written opinion of counsel, who may be
counsel for the Trust, the Trustees or the Depositor, but not an employee of the
Trust or the Trustees, and who shall be reasonably acceptable to the Property
Trustee. Any Opinion of Counsel pertaining to federal income tax matters may
rely on published rulings of the Internal Revenue Service.

         "Original Trust Agreement" has the meaning specified in the recitals to
this Trust Agreement.

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

                  (i)      Preferred Securities theretofore cancelled by the
         Administrative Trustees or delivered to the Administrative Trustees for
         cancellation or tendered for conversion;

                  (ii)     Preferred Securities for whose payment or redemption
         money in the necessary amount has been theretofore deposited with the
         Property Trustee or any Paying Agent for the Holders of such Preferred
         Securities; provided that if such Preferred Securities are to be
         redeemed, notice of such redemption has been duly given pursuant to
         this Trust Agreement; and

                  (iii)    Preferred Securities in exchange for or in lieu of
         which other Preferred Securities have been authenticated and delivered
         pursuant to this Trust Agreement;

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<PAGE>   13

provided, however, that in determining whether the Holders of the requisite
Liquidation Preference of the Outstanding Preferred Securities have given any
request, demand, authorization, direction, notice, consent or waiver hereunder,
Preferred Securities owned by the Depositor, the Holder of the Common
Securities, any Administrative Trustee or any Affiliate of the Depositor or any
Administrative Trustee shall be disregarded and deemed not to be Outstanding,
except that (a) in determining whether any Trustee shall be protected in relying
upon any such request, demand, authorization, direction, notice, consent or
waiver, only Preferred Securities which such Trustee knows to be so owned shall
be so disregarded and (b) the foregoing shall not apply at any time when all of
the outstanding Preferred Securities are owned by the Depositor, the Holder of
the Common Securities, one or more Administrative Trustees and/or any such
Affiliate. Preferred Securities so owned which have been pledged in good faith
may be regarded as Outstanding if the pledgee establishes to the satisfaction of
the Administrative Trustees the pledgee's right so to act with respect to such
Preferred Securities and that the pledgee is not the Depositor or any Affiliate
of the Depositor.

         "Owner" means each Person who is the beneficial owner of a Book-Entry
Preferred Securities Certificate as reflected in the records of the Clearing
Agency or, if a Clearing Agency Participant is not the Owner, then as reflected
in the records of a Person maintaining an account with such Clearing Agency
(directly or indirectly, in accordance with the rules of such Clearing Agency).

         "Paying Agent" means any paying agent or co-paying agent appointed
pursuant to Section 5.09 and shall initially be the Property Trustee.

         "Payment Account" means a segregated non-interest-bearing corporate
trust account maintained by the Property Trustee for the benefit of the
Securityholders in which all amounts paid in respect of the Junior Subordinated
Notes will be held and from which the Property Trustee shall make payments to
the Securityholders in accordance with Section 4.01.

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

         "Preferred Security" means an undivided beneficial ownership interest
in the assets of the Trust having a Liquidation Preference of $50 and having
rights provided therefor in this Trust Agreement, including the right to receive
Distributions and a Liquidation Distribution as provided herein.

         "Preferred Securities Certificate" means a certificate evidencing
ownership of a Preferred Security or Securities, substantially in the form
attached as Exhibit E.

         "Property Trustee" means the commercial bank or trust company
identified as the "Property Trustee" in the preamble to this Trust Agreement
solely in its capacity as Property Trustee of the Trust formed and continued
hereunder and not in its individual capacity, or its successor in interest in
such capacity, or any successor "Property Trustee" as herein provided.

                                       8
<PAGE>   14

         "Redemption Date" means, with respect to any Trust Security to be
redeemed, the date fixed for such redemption by or pursuant to this Trust
Agreement; provided that each Indenture Redemption Date shall be a Redemption
Date for a Like Amount of Trust Securities.

         "Redemption Price" means, with respect to any date fixed for redemption
of any Trust Security, the Liquidation Preference of such Trust Security, plus
accrued and unpaid Distributions to such date, plus the related amount of the
premium, if any, paid by the Depositor upon the concurrent redemption or
repayment of a Like Amount of Junior Subordinated Notes.

         "Relevant Trustee" shall have the meaning specified in Section 8.10.

         "Securities Register" and "Securities Registrar" are described in
Section 5.04.

         "Securityholder" or "Holder" means a Person in whose name a Trust
Security or Securities is registered in the Securities Register; any such Person
is a beneficial owner within the meaning of the Delaware Business Trust Act.

         "Spin-Off" means the distribution by The Southern Company of [all of]
its shares of the Common Stock to the holders of its common stock.

         "Subordinated Indenture" means the Subordinated Note Indenture, dated
as of __________ __, 2000, between the Depositor and the Indenture Trustee, as
supplemented by the Supplemental Indenture.

         "Supplemental Indenture" means the First Supplemental Indenture, dated
as of ______ __, 2000, by and between the Depositor and the Indenture Trustee.

         "Trading Day" means any day on which Common Stock (i) is not suspended
from trading on the principal securities exchange or interdealer quotation
system on which it is traded at the close of business and (ii) has traded at
least once on such principal securities exchange or inter dealer quotation
system.

         "Trust" means the Delaware business trust continued hereby and
identified on the cover page to this Trust Agreement.

         "Trust Agreement" means this Amended and Restated Trust Agreement, as
the same may be modified, amended or supplemented in accordance with the
applicable provisions hereof, including all exhibits hereto, including, for all
purposes of this Amended and Restated Trust Agreement and any modification,
amendment or supplement, the provisions of the Trust Indenture Act that are
deemed to be a part of and govern this Amended and Restated Trust Agreement and
any such modification, amendment or supplement, respectively.

         "Trustees" means the Persons identified as "Trustees" in the preamble
to this Trust Agreement solely in their capacities as Trustees of the Trust
formed and continued hereunder and

                                       9
<PAGE>   15

not in their individual capacities, or their successor in interest in such
capacity, or any successor trustee appointed as herein provided.

         "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.

         "Trust Property" means (i) the Junior Subordinated Notes, (ii) any cash
on deposit in, or owing to, the Payment Account, and (iii) all proceeds and
rights in respect of the foregoing and any other property and assets for the
time being held or deemed to be held by the Property Trustee pursuant to this
Trust Agreement.

         "Trust Securities Certificate" means any one of the Common Securities
Certificates or the Preferred Securities Certificates.

         "Trust Security" means any one of the Common Securities or the
Preferred Securities.

         "Underwriting Agreement" means the Underwriting Agreement, dated
September __, 2000, among the Trust, the Depositor and the underwriters named
therein.

         "Underwriters" means the underwriters named in the Underwriting
Agreement.

         "Underwriters' Over-Allotment Option" means the Underwriters' option to
purchase up to an additional _____ Preferred Securities pursuant to the
Underwriting Agreement.

         "Underwriters' Over-Allotment Option Closing Date" means the closing of
the transactions contemplated by the Underwriters' Over-Allotment Option.

                                   ARTICLE II

                           ESTABLISHMENT OF THE TRUST

         Section 2.01      Name. The Trust continued hereby shall be known as
"SEI Trust I", in which name the Trustees may conduct the business of the Trust,
make and execute contracts and other instruments on behalf of the Trust and sue
and be sued. The Administrative Trustees may change the name of the Trust from
time to time following written notice to the Holders.

         Section 2.02      Offices of the Trustees; Principal Place of Business.
The address of the Property Trustee is Bankers Trust Company, Four Albany
Street, New York, New York 10006, or at such other address as the Property
Trustee may designate by written notice to the Securityholders and the
Depositor. The principal place of business of the Delaware Trustee is E.A. Delle
Donne Corporate Center, Montgomery Building, 1011 Centre Road, Suite 200,
Wilmington, Delaware, 19805-1266, or at such other address in Delaware as the
Delaware Trustee may designate by notice

                                       10
<PAGE>   16

to the Depositor. The address of the Administrative Trustees is c/o Southern
Energy, Inc., 900 Ashwood Parkway, Suite 500, Atlanta, Georgia 30338, Attention:
Treasurer. The principal place of business of the Trust is c/o Southern Energy,
Inc., 1403 Foulk Road, Suite 102, Wilmington, Delaware 19803. The Depositor may
change the principal place of business of the Trust at any time by giving notice
thereof to the Trustees.

         Section 2.03      Initial Contribution of Trust Property;
Organizational Expenses. The Delaware Trustee acknowledges receipt in trust from
the Depositor in connection with the Original Trust Agreement of the sum of $10,
which constituted the initial Trust Property. The Depositor shall pay
organizational expenses of the Trust as they arise or shall, upon request of the
Trustees, promptly reimburse the Trustees for any such expenses paid by the
Trustees. The Depositor shall make no claim upon the Trust Property for the
payment of such expenses.

         Section 2.04      Issuance of the Preferred Securities.
Contemporaneously with the execution and delivery of this Trust Agreement, the
Administrative Trustees, on behalf of the Trust, shall execute and deliver to
the Underwriters Preferred Securities Certificates, registered in the name of
the nominee of the initial Clearing Agency, in an aggregate amount of _________
Preferred Securities having an aggregate Liquidation Preference of $______,
against receipt of the aggregate purchase price of such Preferred Securities of
$________, which amount the Administrative Trustees shall promptly deliver to
the Property Trustee. In addition, in connection with the Underwriters'
Over-Allotment Option, the Administrative Trustees, on behalf of the Trust, may
execute and deliver to the Underwriters Preferred Securities Certificates,
registered in the name of the nominee of the initial Clearing Agency, in an
additional aggregate amount of up to _________ Preferred Securities having an
Aggregate Liquidation Preference of up to $___________, against receipt of the
aggregate purchase price of such Preferred Securities, which amount the
Administrative Trustees shall promptly deliver to the Property Trustee.

         Section 2.05      Subscription and Purchase of Junior Subordinated
Notes; Issuance of the Common Securities. Contemporaneously with the execution
and delivery of this Trust Agreement, the Administrative Trustees, on behalf of
the Trust, shall execute and deliver to the Depositor Common Securities
Certificates, registered in the name of the Depositor, in an aggregate amount of
_______ Common Securities having an aggregate Liquidation Preference of
$_______, against payment by the Depositor of such amount. Contemporaneously
therewith, the Administrative Trustees, on behalf of the Trust, shall subscribe
to and purchase from the Depositor Junior Subordinated Notes, registered in the
name of the Property Trustee, on behalf of the Trust and the Holders, and having
an aggregate principal amount equal to $_______, and, in satisfaction of the
purchase price for such Junior Subordinated Notes, the Property Trustee, on
behalf of the Trust, shall deliver to the Depositor the sum of $_________. In
addition, in connection with any Underwriters' Over-Allotment Option, the
Administrative Trustees, on behalf of the Trust, shall execute and deliver to
the Depositor Common Securities Certificates, registered in the name of the
Depositor, representing Common Securities having an aggregate Liquidation
Preference of at least 3% of the aggregate Liquidation Preference of Common
Securities issued pursuant to this sentence and the Preferred Securities
delivered pursuant to the Underwriter's Over-Allotment Option. Contemporaneously
therewith, the Administrative Trustees, on behalf of the Trust, shall subscribe
to and purchase from the Depositor Junior Subordinated Notes, registered in the
name of the

                                       11
<PAGE>   17

Property Trustee, on behalf of the Trust and the Holders, and having an
aggregate principal amount equal to the aggregate Liquidation Preference of the
Trust Securities delivered to the Underwriters and the Depositor, and, in
satisfaction of the purchase of such additional Junior Subordinated Notes, the
Property Trustee, on behalf of the Trust, shall deliver to the Depositor an
amount equal to the aggregate Liquidation Preference of the additional Trust
Securities in connection with the Underwriters' Over-Allotment Option.

         Section 2.06      Declaration of Trust. The exclusive purposes and
functions of the Trust are (i) to issue and sell the Trust Securities and use
the proceeds from such sale to acquire the Junior Subordinated Notes, and (ii)
to engage in those activities necessary, incidental, appropriate or convenient
thereto. The Depositor hereby appoints each of the Bank, the Delaware Bank,
Elizabeth B. Chandler, J. William Holden, III and Douglas L. Miller as trustees
of the Trust, to have all the rights, powers and duties to the extent set forth
herein. The Property Trustee hereby declares that it will hold the Trust
Property in trust upon and subject to the conditions set forth herein for the
benefit of the Trust and the Securityholders. The Trustees shall have all
rights, powers and duties set forth herein and in accordance with applicable law
with respect to accomplishing the purposes of the Trust. The Delaware Trustee
shall not be entitled to exercise any powers, nor shall the Delaware Trustee
have any of the duties and responsibilities, of the Property Trustee or the
Administrative Trustees set forth herein. The Delaware Trustee shall be one of
the Trustees for the sole and limited purpose of fulfilling the requirements of
the Delaware Business Trust Act.

         Section 2.07      Authorization to Enter into Certain Transactions. The
Trustees shall conduct the affairs of the Trust in accordance with the terms of
this Trust Agreement. Subject to the limitations set forth in paragraph C of
this Section, and in accordance with the following paragraphs A and B, the
Trustees shall have the authority to enter into all transactions and agreements
determined by the Trustees to be appropriate in exercising the authority,
express (in the case of the Property Trustee) or implied, otherwise granted to
the Trustees under this Trust Agreement, and to perform all acts in furtherance
thereof, including without limitation, the following:

         A.       As among the Trustees, the Administrative Trustees, acting
singly or jointly, shall have the exclusive power, duty and authority to act on
behalf of the Trust with respect to the following matters:

                  (i)      to acquire the Junior Subordinated Notes with the
         proceeds of the sale of the Trust Securities; provided, however, the
         Administrative Trustees shall cause legal title to all of the Junior
         Subordinated Notes to be vested in, and the Junior Subordinated Notes
         to be held of record in the name of, the Property Trustee for the
         benefit of the Trust and Holders of the Trust Securities;

                  (ii)     to give the Depositor and the Property Trustee prompt
         written notice of the occurrence of any Special Event (as defined in
         the Supplemental Indenture) and to take any ministerial actions in
         connection therewith; provided, that the Administrative Trustees shall
         consult with the Depositor and the Property Trustee before taking or
         refraining to take any ministerial action in relation to a Special
         Event;

                                       12
<PAGE>   18

                  (iii)    to establish a record date with respect to all
         actions to be taken hereunder that require a record date to be
         established, including for the purposes of ss. 316(c) of the Trust
         Indenture Act and with respect to Distributions, voting rights,
         redemptions and exchanges, and to issue relevant notices to Holders of
         the Trust Securities as to such actions and applicable record dates;

                  (iv)     to bring or defend, pay, collect, compromise,
         arbitrate, resort to legal action or otherwise adjust claims or demands
         of or against the Trust ("Legal Action"), unless pursuant to Section
         2.07(B)(v), the Property Trustee has the power to bring such Legal
         Action;

                  (v)      to employ or otherwise engage employees and agents
         (who may be designated as officers with titles) and managers,
         contractors, advisors and consultants and pay reasonable compensation
         for such services;

                  (vi)     to cause the Trust to comply with the Trust's
         obligations under the Trust Indenture Act;

                  (vii)    to give the certificate to the Property Trustee
         required by ss. 314(a)(4) of the Trust Indenture Act, which certificate
         may be executed by any Administrative Trustee;

                  (viii)   to take all actions and perform such duties as may be
         required of the Administrative Trustees pursuant to the terms of this
         Trust Agreement;

                  (ix)     to take all action that may be necessary or
         appropriate for the preservation and the continuation of the Trust's
         valid existence, rights, franchises and privileges as a statutory
         business trust under the laws of the State of Delaware and of each
         other jurisdiction in which such existence is necessary to protect the
         limited liability of the Holders of the Trust Securities or to enable
         the Trust to effect the purposes for which the Trust has been created;

                  (x)      to take all action necessary to cause all applicable
         tax returns and tax information reports that are required to be filed
         with respect to the Trust to be duly prepared and filed by any
         Administrative Trustee, on behalf of the Trust;

                  (xi)     to issue and sell the Trust Securities;

                  (xii)    to cause the Trust to enter into, and to execute,
         deliver and perform on behalf of the Trust, the Expense Agreement and
         the Certificate Depository Agreement and such other agreements as may
         be necessary or desirable in connection with the consummation hereof;

                  (xiii)   to assist in the registration of the Preferred
         Securities under the Securities Act of 1933, as amended, and under
         state securities or blue sky laws, and the qualification of this Trust
         Agreement as a trust indenture under the Trust Indenture Act;

                                       13
<PAGE>   19

                  (xiv)    to assist in the listing of the Preferred Securities
         upon such securities exchange or exchanges as shall be determined by
         the Depositor and the registration of the Preferred Securities under
         the Exchange Act, and the preparation and filing of all periodic and
         other reports and other documents pursuant to the foregoing;

                  (xv)     to send notices (other than notices of default) and
         other information regarding the Trust Securities and the Junior
         Subordinated Notes to the Securityholders in accordance with this Trust
         Agreement;

                  (xvi)    to appoint a Paying Agent (subject to Section 5.09),
         authenticating agent and Securities Registrar in accordance with this
         Trust Agreement;

                  (xvii)   to register transfers of the Trust Securities in
         accordance with this Trust Agreement;

                  (xviii)  to incur expenses that are necessary or incidental to
         carry out any purpose of the Trust;

                  (xix)    to assist in, to the extent provided in this Trust
         Agreement, the winding up of the affairs of and termination of the
         Trust and the preparation, execution and filing of the certificate of
         cancellation with the Secretary of State of the State of Delaware; and

                  (xx)     to take any action incidental to the foregoing as the
         Administrative Trustees may from time to time determine is necessary,
         appropriate, convenient or advisable to protect and conserve the Trust
         Property for the benefit of the Securityholders (without consideration
         of the effect of any such action on any particular Securityholder).

         B.       The Property Trustee shall:

                  (i)      engage in such ministerial activities as shall be
         necessary or appropriate to effect the redemption of the Trust
         Securities to the extent the Junior Subordinated Notes are redeemed or
         mature;

                  (ii)     upon notice of distribution issued by the
         Administrative Trustees in accordance with the terms of this Trust
         Agreement, engage in such ministerial activities as shall be necessary
         or appropriate to effect the distribution pursuant to the terms of this
         Trust Agreement of Junior Subordinated Notes to Holders of Trust
         Securities;

                  (iii)    subject to the terms hereof, take any Legal Action
         which arises out of or in connection with an Event of Default of which
         a Responsible Officer of the Property Trustee has actual knowledge or
         the Property Trustee's duties and obligations under this Trust
         Agreement or the Trust Indenture Act; and

                                       14
<PAGE>   20

                  (iv)     take all actions and perform such duties as may be
         specifically required of the Property Trustee pursuant to the terms of
         this Trust Agreement.

         C.       So long as this Trust Agreement remains in effect, the Trust
(or the Trustees acting on behalf of the Trust) shall not undertake any
business, activities or transaction except as expressly provided herein or
contemplated hereby. In particular, the Trustees shall not (i) acquire any
investments or engage in any activities not authorized by this Trust Agreement,
(ii) sell, assign, transfer, exchange, pledge, set-off or otherwise dispose of
any of the Trust Property or interests therein, including to Securityholders,
except as expressly provided herein, (iii) take any action that would cause the
Trust to fail or cease to qualify as a grantor trust for United States federal
income tax purposes, (iv) incur any indebtedness for borrowed money, (v) take or
consent to any action that would result in the placement of a Lien on any of the
Trust Property, (vi) issue any securities other than the Trust Securities, or
(vii) have any power to, or agree to any action by the Depositor that would,
vary the investment (within the meaning of Treasury Regulation Section
301.7701-4(c)) of the Trust or of the Securityholders. The Trustees shall defend
all claims and demands of all Persons at any time claiming any Lien on any of
the Trust Property adverse to the interest of the Trust or the Securityholders
in their capacity as Securityholders.

         D.       In connection with the issue and sale of the Preferred
Securities, the Depositor shall have the right and responsibility to assist the
Trust with respect to, or effect on behalf of the Trust, the following (and any
actions taken by the Depositor in furtherance of the following prior to the date
of this Trust Agreement are hereby ratified and confirmed in all respects):

                  (i)      to prepare for filing by the Trust with the
         Commission a registration statement on Form S-1 under the Securities
         Act of 1933, as amended, in relation to the Preferred Securities,
         including any amendments thereto;

                  (ii)     to determine the states in which to take appropriate
         action to qualify or register for sale all or part of the Preferred
         Securities and to do any and all such acts, other than actions which
         must be taken by or on behalf of the Trust, and advise the Trustees of
         actions they must take on behalf of the Trust, and prepare for
         execution and filing any documents to be executed and filed by the
         Trust or on behalf of the Trust, as the Depositor deems necessary or
         advisable in order to comply with the applicable laws of any such
         States;

                  (iii)    to prepare for filing by the Trust an application to
         the New York Stock Exchange or any other national stock exchange or the
         NASDAQ National Market for listing upon notice of issuance of any
         Preferred Securities;

                  (iv)     to prepare for filing by the Trust with the
         Commission a registration statement on Form 8-A relating to the
         registration of the Preferred Securities under Section 12(b) of the
         Exchange Act, including any amendments thereto;

                                       15
<PAGE>   21

                  (v)      to negotiate the terms of the Underwriting Agreement
         providing for the sale of the Preferred Securities and to execute,
         deliver and perform the Underwriting Agreement on behalf of the Trust;
         and

                  (vi)     any other actions necessary, incidental, appropriate
         or convenient to carry out any of the foregoing activities.

         E.       Notwithstanding anything herein to the contrary, the
Administrative Trustees are authorized and directed to conduct the affairs of
the Trust and to operate the Trust so that the Trust will not be deemed to be an
"investment company" required to be registered under the Investment Company Act
or taxed as other than a grantor trust for United States federal income tax
purposes and so that the Junior Subordinated Notes will be treated as
indebtedness of the Depositor for United States federal income tax purposes. In
this connection, the Depositor and the Administrative Trustees are authorized to
take any action, not inconsistent with applicable law, the Certificate of Trust
or this Trust Agreement, that each of the Depositor and the Administrative
Trustees determines in its discretion to be necessary or desirable for such
purposes, as long as such action does not materially and adversely affect the
interests of the Holders of the Preferred Securities.

         Section 2.08      Assets of Trust. The assets of the Trust shall
consist of the Trust Property.

         Section 2.09      Title to Trust Property. Legal title to all Trust
Property shall be vested at all times in the Property Trustee (in its capacity
as such) and shall be held and administered by the Property Trustee for the
benefit of the Securityholders and the Trust in accordance with this Trust
Agreement. The right, title and interest of the Property Trustee to the Junior
Subordinated Notes shall vest automatically in each Person who may thereafter be
appointed as Property Trustee in accordance with the terms hereof. Such vesting
and cessation of title shall be effective whether or not conveyancing documents
have been executed and delivered.

         Section 2.10      Mergers and Consolidations of the Trust. The Trust
may not consolidate, convert into, amalgamate, merge with or into, or be
replaced by, or convey, transfer or lease its properties and assets
substantially as an entirety to any corporation or other body, except as
described below or otherwise provided in this Trust Agreement. The Trust may at
the request of the Company, with the consent of the Administrative Trustees and
without the consent of the Holders of the Trust Securities, the Delaware Trustee
or the Property Trustee, consolidate, convert into, amalgamate, merge with or
into, or be replaced by, or convey, transfer or lease its properties and assets
substantially as an entirety to, a trust organized as such under the laws of any
state; provided, that (i) such successor entity either (x) expressly assumes all
of the obligations of the Trust with respect to the Trust Securities or (y)
substitutes for the Trust Securities other securities having substantially the
same terms as the Trust Securities (herein referred to as the "Successor
Securities") so long as the Successor Securities rank the same as the Trust
Securities rank in priority with respect to Distributions and payments upon
liquidation, redemption and otherwise, (ii) the Company expressly appoints a
trustee of such successor entity possessing the same powers and duties as the
Property Trustee as the holder of legal title to the Junior Subordinated Notes,
(iii) the Successor Securities are listed, or any Successor Securities will be
listed upon notification of

                                       16
<PAGE>   22

issuance, on any national securities exchange or other organization on which the
Preferred Securities are then listed, (iv) such merger, consolidation,
amalgamation, replacement, conveyance, transfer or lease does not cause the
Preferred Securities (including any Successor Securities) to be downgraded by
any nationally recognized statistical rating organization, (v) such merger,
consolidation, amalgamation, replacement, conveyance, transfer or lease does not
adversely affect the rights, preferences and privileges of the Holders of the
Trust Securities (including any Successor Securities) in any material respect
(other than with respect to any dilution of the Holders), (vi) such successor
entity has a purpose substantially identical to that of the Trust, (vii) prior
to such merger, consolidation, amalgamation, replacement, conveyance, transfer
or lease, the Company and the Property Trustee have received an Opinion of
Counsel to the effect that (A) such merger, consolidation, amalgamation,
replacement, conveyance, transfer or lease does not adversely affect the rights,
preferences and privileges of the Holders of the Trust Securities (including any
Successor Securities) in any material respect (other than with respect to any
dilution of the Holders), (B) following such merger, consolidation,
amalgamation, replacement, conveyance, transfer or lease, neither the Trust nor
such successor entity will be required to register as an investment company
under the Investment Company Act, and (C) following such merger, consolidation,
amalgamation, replacement, conveyance, transfer or lease, the Trust (or the
successor entity) will be treated as a grantor trust for United States federal
income tax purposes, and (viii) the Company or its permitted successor or
assignee owns all of the common securities of such successor entity and
guarantees the obligations of such successor entity under the Successor
Securities at least to the extent provided by the Guarantee. Notwithstanding the
foregoing, the Trust shall not, except with the consent of Holders of 100% in
Liquidation Preference of the Trust Securities, consolidate, amalgamate, merge
with or into, convert into, or be replaced by, or convey, transfer or lease its
properties and assets as an entirety or substantially as an entirety to, any
other entity or permit any other entity to consolidate, amalgamate, merge with
or into, or replace it if such consolidation, amalgamation, merger, conversion,
replacement, conveyance, transfer or lease would cause the Trust or the
successor entity to be classified as other than a grantor trust for United
States federal income tax purposes.

                                   ARTICLE III

                                 PAYMENT ACCOUNT

         Section 3.01      Payment Account.

         (a)      On or prior to the Issue Date, the Property Trustee shall
establish the Payment Account. The Property Trustee and an agent of the Property
Trustee shall have exclusive control and sole right of withdrawal with respect
to the Payment Account for the purpose of making deposits in and withdrawals
from the Payment Account in accordance with this Trust Agreement. All monies and
other property deposited or held from time to time in the Payment Account shall
be held by the Property Trustee in the Payment Account for the exclusive benefit
of the Securityholders and for distribution as herein provided, including (and
subject to) any priority of payments provided for herein.

                                       17
<PAGE>   23

         (b)      The Property Trustee shall deposit in the Payment Account,
promptly upon receipt, all payments of principal or interest on, and any other
payments or proceeds with respect to, the Junior Subordinated Notes. Amounts
held in the Payment Account shall not be invested by the Property Trustee
pending distribution thereof.

                                   ARTICLE IV

                      DISTRIBUTIONS; REDEMPTION; CONVERSION

         Section 4.01      Distributions.

         (a)      Distributions on the Trust Securities shall be cumulative and
accrue from the Issue Date and, except in the event that the Depositor exercises
its right to extend the interest payment period for the Junior Subordinated
Notes pursuant to Section 104 of the Supplemental Indenture, shall be payable
quarterly in arrears on _________, __________, _______ and _________ of each
year, commencing on _____ __, 2000. If any date on which Distributions are
otherwise payable on the Trust Securities is not a Business Day, then the
payment of such Distribution shall be made on the next succeeding day which is a
Business Day (and without any interest or other payment in respect of any such
delay) except that, if such Business Day is in the next succeeding calendar
year, payment of such Distribution shall be made on the immediately preceding
Business Day, in each case, with the same force and effect as if made on such
date (each such date, a "Distribution Date").

         (b)      Distributions payable on the Trust Securities shall be fixed
at a rate of ___% per annum of the Liquidation Preference of the Trust
Securities. The amount of Distributions payable for any full quarterly period
shall be computed on the basis of twelve 30-day months and a 360-day year. If
the interest payment period for the Junior Subordinated Notes is extended
pursuant to Section 104 of the Supplemental Indenture (an "Extension Period"),
then the rate per annum at which Distributions on the Trust Securities
accumulate shall be increased by an amount such that the aggregate amount of
Distributions that accumulate on all Trust Securities during any such Extension
Period is equal to the aggregate amount of interest (including interest payable
on unpaid interest at the percentage rate per annum set forth above, compounded
quarterly) that accrues during any such Extension Period on the Junior
Subordinated Notes. The payment of such deferred interest, together with
interest thereon, will be distributed to the Holders of the Trust Securities as
received at the end of any Extension Period. The amount of Distributions payable
for any period shall include the Additional Amounts, if any.

         (c)      Distributions on the Trust Securities shall be made and shall
be deemed payable on each Distribution Date only to the extent that the Trust
has legally and immediately available funds in the Payment Account for the
payment of such Distributions.

         (d)      Distributions, including Additional Amounts, if any, on the
Trust Securities on each Distribution Date shall be payable to the Holders
thereof as they appear on the Securities Register for the Trust Securities on
the relevant record date, which shall be the close of business on the fifteenth
calendar day prior to the relevant Distribution Date.

                                       18
<PAGE>   24

         Each Trust Security upon registration of transfer of or in exchange for
or in lieu of any other Trust Security shall carry the rights of Distributions
accrued (including Additional Amounts, if any) and unpaid, and to accrue
(including Additional Amounts, if any), which were carried by such other Trust
Security.

         Section 4.02      Redemption.

         (a)      On each Redemption Date with respect to the Junior
Subordinated Notes, the Trust will be required to redeem a Like Amount of Trust
Securities at the Redemption Price.

         (b)      Notice of redemption shall be given by the Property Trustee 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 Trust Securities to be redeemed,
at such Holder's address appearing in the Securities Register. All notices of
redemption shall state:

                  (i)      the Redemption Date;

                  (ii)     the Redemption Price;

                  (iii)    the CUSIP number;

                  (iv)     if less than all the Outstanding Trust Securities are
         to be redeemed, the total Liquidation Preference of the Trust
         Securities to be redeemed;

                  (v)      the Conversion Price and that a Holder of Preferred
         Securities who desires to convert such Preferred Securities called for
         redemption must satisfy the requirements for conversion contained in
         Section 4.05 below; and

                  (vi)     that on the Redemption Date the Redemption Price will
         become due and payable upon each such Trust Security to be redeemed and
         that Distributions thereon will cease to accrue on and after such date.

         (c)      The Trust Securities redeemed on each Redemption Date shall be
redeemed at the Redemption Price with the proceeds from the contemporaneous
redemption of Junior Subordinated Notes. Redemptions of the Trust Securities
shall be made and the Redemption Price shall be deemed payable on each
Redemption Date only to the extent that the Trust has funds legally and
immediately available in the Payment Account for the payment of such Redemption
Price.

         (d)      If the Property Trustee gives a notice of redemption in
respect of any Preferred Securities, then, by 2:00 p.m. New York time, on the
Redemption Date, subject to Section 4.02(c), the Property Trustee will, so long
as the Preferred Securities are in book-entry only form, irrevocably deposit
with the Clearing Agency for the Preferred Securities funds sufficient to pay
the applicable Redemption Price. If the Preferred Securities are no longer in
book-entry only form, the Property Trustee, subject to Section 4.02(c), shall
irrevocably deposit with the Paying Agent funds

                                       19
<PAGE>   25

sufficient to pay the applicable Redemption Price and will give the Paying Agent
irrevocable instructions to pay the Redemption Price to the Holders thereof upon
surrender of their Preferred Securities Certificates. Notwithstanding the
foregoing, Distributions payable on or prior to the Redemption Date for any
Trust Securities called for redemption shall be payable to the Holders of such
Trust Securities as they appear on the Securities Register for the Trust
Securities on the relevant record dates for the related Distribution Dates. If
notice of redemption shall have been given and funds deposited as required, then
upon the date of such deposit, all rights of Securityholders holding Trust
Securities so called for redemption will cease, except (i) the right of such
Securityholders to receive the Redemption Price, but without interest, and (ii)
the right to convert such Preferred Securities into Common Stock or cash, as the
case may be, in the manner provided in Section 4.05 hereof through the close of
business on the Business Day prior to the Redemption Date; and such Securities
will cease to be outstanding. In the event that any date on which any Redemption
Price is payable is not a Business Day, then payment of the Redemption Price
payable on such date shall be made on the next succeeding day which is a
Business Day (and without any interest or other payment in respect of any such
delay) except that, if such Business Day is in the next succeeding calendar
year, payment of such Redemption Price shall be made on the immediately
preceding Business Day, in each case, with the same force and effect as if made
on such date. In the event that payment of the Redemption Price in respect of
Trust Securities is improperly withheld or refused and not paid either by the
Trust or by the Depositor pursuant to the Guarantee, Distributions on such Trust
Securities will continue to accrue at the then applicable rate, from such
Redemption Date originally established by the Trust for such Preferred
Securities to the date such Redemption Price is actually paid.

         (e)      If less than all the Outstanding Trust Securities are to be
redeemed on a Redemption Date, then the aggregate Liquidation Preference of
Trust Securities to be redeemed shall be allocated 3% to the Common Securities
and 97% to the Preferred Securities, with such adjustments that each amount so
allocated shall be divisible by $50. The particular Preferred Securities to be
redeemed shall be selected not more than 60 days prior to the Redemption Date by
the Property Trustee from the Outstanding Preferred Securities not previously
called for redemption, by such method as the Property Trustee shall deem fair
and appropriate and which may provide for the selection for a redemption of
portions (equal to $50 or integral multiples thereof) of the Liquidation
Preference of Preferred Securities of a denomination larger than $50; provided,
however, that before undertaking redemption of the Preferred Securities on other
than a pro rata basis, the Property Trustee shall have received an Opinion of
Counsel that the status of the Trust as a grantor trust for United States
federal income tax purposes would not be adversely affected. The Property
Trustee shall promptly notify the Securities Registrar in writing of the
Preferred Securities selected for redemption and, in the case of any Preferred
Securities selected for partial redemption, the Liquidation Preference thereof
to be redeemed. For all purposes of this Trust Agreement, unless the context
otherwise requires, all provisions relating to the redemption of Preferred
Securities shall relate, in the case of any Preferred Securities redeemed or to
be redeemed only in part, to the portion of the Liquidation Preference of
Preferred Securities which has been or is to be redeemed.

         (f)      Subject to the foregoing provisions of Section 4.02 and to
applicable law (including, without limitation, United States federal securities
laws), the Company or its Affiliates may, at any

                                       20
<PAGE>   26

time and from time to time, purchase outstanding Preferred Securities by tender,
in the open market or by private agreement.

         Section 4.03      Subordination of Common Securities.

         (a)      Payment of Distributions (including Additional Amounts, if
applicable) on, and the Redemption Price of, the Trust Securities, as
applicable, shall be made pro rata based on the Liquidation Preference of the
Trust Securities; provided, however, that if on any Distribution Date or
Redemption Date an Indenture Event of Default shall have occurred and be
continuing, no payment of any Distribution (including Additional Amounts, if
applicable) on, or Redemption Price of, any Common Security, and no other
payment on account of the redemption, liquidation or other acquisition of Common
Securities, shall be made unless payment in full in cash of all accumulated and
unpaid Distributions (including Additional Amounts, if applicable) on all
Outstanding Preferred Securities for all distribution periods terminating on or
prior thereto, or in the case of payment of the Redemption Price the full amount
of such Redemption Price on all Outstanding Preferred Securities, shall have
been made or provided for, and all funds immediately available to the Property
Trustee shall first be applied to the payment in full in cash of all
Distributions (including Additional Amounts, if applicable) on, or Redemption
Price of, Preferred Securities then due and payable.

         (b)      In the case of the occurrence of any Indenture Event of
Default, the Holder of Common Securities will be deemed to have waived any such
Event of Default under this Trust Agreement until the effect of all such Events
of Default with respect to the Preferred Securities have been cured, waived or
otherwise eliminated. Until any such Events of Default under this Trust
Agreement with respect to the Preferred Securities have been so cured, waived or
otherwise eliminated, the Property Trustee shall act solely on behalf of the
Holders of the Preferred Securities and not the Holder of the Common Securities,
and only the Holders of the Preferred Securities will have the right to direct
the Property Trustee to act on their behalf.

         Section 4.04      Payment Procedures. Payments in respect of the
Preferred Securities shall be made by check mailed to the address of the Person
entitled thereto as such address shall appear on the Securities Register or, if
the Preferred Securities are held by a Clearing Agency, such Distributions shall
be made to the Clearing Agency, which shall credit the relevant Persons'
accounts at such Clearing Agency on the applicable distribution dates. Payments
in respect of the Common Securities shall be made in such manner as shall be
mutually agreed between the Property Trustee and the Holder of the Common
Securities.

         Section 4.05      Conversion. After __________, 2001, the Holders of
Trust Securities, subject to the limitations set forth in this Section, shall
have the right, at their option, to cause the Conversion Agent to convert Trust
Securities, on behalf of the converting Holders, into shares of Common Stock in
the manner described herein on and subject to the following terms and
conditions:

                  (i)      Subject to subparagraph (ii) below, the Trust
         Securities will be convertible into fully paid and nonassessable shares
         of Common Stock pursuant to the Holder's direction to the Conversion
         Agent to exchange such Trust Securities for a portion of the

                                       21
<PAGE>   27

         Junior Subordinated Notes having a principal amount equal to the
         aggregate Liquidation Preference of such Trust Securities, and
         immediately (unless the Spin-Off has not occurred, in which case within
         the time specified in subparagraph (ii) below) convert such amount of
         Junior Subordinated Notes into fully paid and nonassessable shares of
         Common Stock at an initial rate of _________ shares of Common Stock for
         each Trust Security (which is equivalent to a conversion price of
         approximately $_____ per share of Common Stock), subject to certain
         adjustments set forth in the Indenture (as so adjusted, "Conversion
         Price").

                  (ii)     At any time after __________, 2001 and prior to the
         Spin-Off, the Company may elect to make a cash settlement in respect of
         any Trust Security surrendered for exchange by delivering notice
         thereof to the tendering Holder not more than five Trading Days after
         such Trust Security is surrendered for exchange. Such cash settlement
         shall be in an amount, per $50 Liquidation Preference of Trust
         Securities delivered for exchange, equal to the product of (i) the
         then-prevailing Conversion Price and (ii) the average of the Closing
         Price of the Common Stock on the five Trading Days commencing two
         Trading Days after delivery by the Company of such notice to such
         Holder. The Company will pay such cash settlement amount as promptly as
         practicable after the completion of such five Trading Day period.

                  (iii)    In order to convert Trust Securities into Common
         Stock or cash, as the case may be, the Holder of such Trust Securities
         shall submit to the Conversion Agent an irrevocable Notice of
         Conversion to convert Trust Securities on behalf of such Holder,
         together, if the Trust Securities are in certificated form, with such
         certificates. The Notice of Conversion shall (i) set forth the number
         of Trust Securities to be converted and the name or names, if other
         than the Holder, in which the shares of Common Stock or cash, as the
         case may be, should be issued and (ii) direct the Conversion Agent (a)
         to exchange such Trust Securities for a portion of the Junior
         Subordinated Notes held by the Property Trustee (at the rate of
         exchange specified in the preceding paragraph) and (b) to immediately
         (unless the Spin-Off has not occurred, in which case within the time
         specified in subparagraph (ii) below) convert such Junior Subordinated
         Notes, on behalf of such Holder, into Common Stock (at the conversion
         rate specified in the preceding paragraph) or cash, as the case may be.
         The Conversion Agent shall notify the Property Trustee in writing of
         the Holder's election to exchange Trust Securities for a portion of the
         Junior Subordinated Notes held by the Property Trustee and the Property
         Trustee shall, upon receipt of such written notice, deliver to the
         Conversion Agent the appropriate principal amount of Junior
         Subordinated Notes for exchange in accordance with this Section. The
         Conversion Agent shall thereupon notify the Depositor of the Holder's
         election to convert such Junior Subordinated Notes into shares of
         Common Stock. Holders of Trust Securities at the close of business on a
         Distribution payment record date will be entitled to receive the
         Distribution paid on such Trust Securities on the corresponding
         Distribution Date notwithstanding the conversion of such Trust
         Securities on or following such record date but prior to such
         Distribution Date. Except as provided above, neither the Trust nor the
         Depositor will make, or be required to make, any payment, allowance or
         adjustment upon any conversion on account of any accumulated and unpaid
         Distributions whether or not in arrears accrued on the Trust Securities

                                       22
<PAGE>   28

         surrendered for conversion, or on account of any accumulated and unpaid
         dividends on the shares of Common Stock issued upon such conversion.
         Trust Securities submitted for conversion prior to the expiration of
         conversion rights as provided in Section 4.05(iv) shall be deemed to
         have been converted immediately prior to the close of business on the
         day on which an irrevocable Notice of Conversion relating to such Trust
         Securities is received by the Conversion Agent in accordance with the
         foregoing provision (the "Conversion Date"). The Person or Persons
         entitled to receive the Common Stock issuable upon conversion of the
         Junior Subordinated Notes shall be treated for all purposes as the
         record holder or holders of such Common Stock on the Conversion Date.
         As promptly as practicable on or after the Conversion Date, if
         applicable, the Depositor shall issue and deliver at the office of the
         Conversion Agent a certificate or certificates for the number of full
         shares of Common Stock issuable upon such conversion, together with the
         cash payment, if any, in lieu of any fraction of any share to the
         Person or Persons entitled to receive the same, unless otherwise
         directed by the Holder in the notice of conversion and the Conversion
         Agent shall distribute such certificate or certificates to such Person
         or Persons.

                  (iv)     The conversion rights of holders of the Junior
         Subordinated Notes and the corresponding conversion rights of Holders
         of Trust Securities shall expire either (i) at the close of business on
         the Business Day prior to the date set for redemption of the Trust
         Securities upon the mandatory or optional redemption of the Junior
         Subordinated Notes or (ii) at the close of business on the Business Day
         prior to the maturity of the Junior Subordinated Notes.

                  (v)      Each Holder of a Trust Security by its acceptance
         thereof initially appoints Bankers Trust Company not in its individual
         capacity but solely as conversion agent (the "Conversion Agent") for
         the purpose of effecting the conversion of Trust Securities in
         accordance with this Section. In effecting the conversion and
         transactions described in this Section, the Conversion Agent shall be
         acting as agent of the Holders of Trust Securities directing it to
         effect such conversion transactions. The Conversion Agent is hereby
         authorized (i) to exchange Trust Securities from time to time for
         Junior Subordinated Notes held by the Trust in connection with the
         conversion of such Trust Securities in accordance with this Section and
         (ii) to convert all or a portion of the Junior Subordinated Notes into
         Common Stock and thereupon to deliver such shares of Common Stock or
         cash, as the case may be, in accordance with the provisions of this
         Section and to deliver to the Property Trustee any new Junior
         Subordinated Note or Junior Subordinated Notes for any resulting
         unconverted principal amount delivered to the Conversion Agent by the
         Indenture Trustee.

                  (vi)     No fractional shares of Common Stock will be issued
         as a result of conversion, but, in lieu thereof, such fractional
         interest will be paid in cash by the Depositor to the Conversion Agent
         in an amount equal to the Current Market Price of the fractional share
         of the Common Stock, and the Conversion Agent will in turn make such
         payment to the Holder or Holders of Trust Securities so converted.

                                       23
<PAGE>   29

                  (vii)    Nothing in this Section 4.05 shall limit the
         requirement of the Trust to withhold taxes pursuant to the terms of the
         Trust Securities or as set forth in this Trust Agreement or otherwise
         required of the Property Trustee or the Trust to pay any amounts on
         account of such withholdings.

         Section 4.06      Tax Returns and Reports. The Administrative
Trustee(s) shall prepare (or cause to be prepared), at the Depositor's expense,
and file all United States federal, state and local tax and information returns
and reports required to be filed by or in respect of the Trust. The
Administrative Trustee(s) shall provide or cause to be provided on a timely
basis to each Holder any Internal Revenue Service form required to be so
provided in respect of the Trust Securities.

                                    ARTICLE V

                          TRUST SECURITIES CERTIFICATES

         Section 5.01      Initial Ownership. Upon the creation of the Trust by
the contribution by the Depositor pursuant to Section 2.03 and until the
issuance of the Trust Securities, and at any time during which no Trust
Securities are Outstanding, the Depositor shall be the sole beneficial owner of
the Trust.

         Section 5.02      The Trust Securities Certificates. Each of the
Preferred and Common Securities Certificates shall be issued in minimum
denominations of $50 and integral multiples in excess thereof. The Trust
Securities Certificates shall be executed on behalf of the Trust by manual or
facsimile signature of at least one Administrative Trustee. Trust Securities
Certificates bearing the manual or facsimile signatures of individuals who were,
at the time when such signatures shall have been affixed, authorized to sign on
behalf of the Trust, shall be validly issued and entitled to the benefits of
this Trust Agreement, notwithstanding that such individuals or any of them shall
have ceased to be so authorized prior to the authentication and delivery of such
Trust Securities Certificates or did not hold such offices at the date of
authentication and delivery of such Trust Securities Certificates. A transferee
of a Trust Securities Certificate shall become a Securityholder, and shall be
entitled to the rights and subject to the obligations of a Securityholder
hereunder, upon due registration of such Trust Securities Certificate in such
transferee's name pursuant to Section 5.04.

         Section 5.03      Authentication of Trust Securities Certificates. On
the Issue Date, the Administrative Trustees shall cause Trust Securities
Certificates, in an aggregate Liquidation Preference as provided in Sections
2.04 and 2.05, to be executed on behalf of the Trust, authenticated and
delivered to or upon the written order of the Depositor signed by its Chairman
of the Board, its President or any Vice President, without further corporate
action by the Depositor, in authorized denominations. No Trust Securities
Certificate shall entitle its holder to any benefit under this Trust Agreement,
or shall be valid for any purpose, unless there shall appear on such Trust
Securities Certificate a certificate of authentication substantially in the form
set forth in Exhibit C or Exhibit E, as applicable, executed by at least one
Administrative Trustee by manual signature; such authentication shall constitute
conclusive evidence that such Trust Securities

                                       24
<PAGE>   30

Certificate shall have been duly authenticated and delivered hereunder. All
Trust Securities Certificates shall be dated the date of their authentication.

         Section 5.04      Registration of Transfer and Exchange of Preferred
Securities Certificates. The Securities Registrar shall keep or cause to be
kept, at the office or agency maintained pursuant to Section 5.08, a Securities
Register in which, subject to such reasonable regulations as it may prescribe,
the Securities Registrar shall provide for the registration of Preferred
Securities Certificates and the Common Securities Certificates (subject to
Section 5.10 in the case of the Common Securities Certificates) and registration
of transfers and exchanges of Preferred Securities Certificates as herein
provided. The Property Trustee shall be the initial Securities Registrar.

         Upon surrender for registration of transfer of any Preferred Securities
Certificate at the office or agency maintained pursuant to Section 5.08, the
Administrative Trustees shall execute, authenticate and deliver in the name of
the designated transferee or transferees one or more new Preferred Securities
Certificates in authorized denominations of a like aggregate Liquidation
Preference dated the date of authentication by the Administrative Trustee or
Trustees. The Securities Registrar shall not be required to register the
transfer of any Preferred Securities that have been called for redemption. At
the option of a Holder, Preferred Securities Certificates may be exchanged for
other Preferred Securities Certificates in authorized denominations of the same
class and of a like aggregate Liquidation Preference upon surrender of the
Preferred Securities Certificates to be exchanged at the office or agency
maintained pursuant to Section 5.08.

         Every Preferred Securities Certificate presented or surrendered for
registration of transfer or exchange shall be accompanied by a written
instrument of transfer in form satisfactory to the Administrative Trustees and
the Securities Registrar duly executed by the Holder or his attorney duly
authorized in writing. Each Preferred Securities Certificate surrendered for
registration of transfer or exchange shall be cancelled and subsequently
disposed of by the Securities Registrar in accordance with its customary
practice.

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

         Section 5.05      Mutilated, Destroyed, Lost or Stolen Trust Securities
Certificates. If (a) any mutilated Trust Securities Certificate shall be
surrendered to the Securities Registrar, or if the Securities Registrar shall
receive evidence to its satisfaction of the destruction, loss or theft of any
Trust Securities Certificate and (b) there shall be delivered to the Securities
Registrar and the Administrative Trustees such security or indemnity as may be
required by them to save each of them harmless, then in the absence of notice
that such Trust Securities Certificate shall have been acquired by a bona fide
purchaser, the Administrative Trustees or any one of them on behalf of the Trust
shall execute and authenticate and make available for delivery, in exchange for
or in lieu of any such mutilated, destroyed, lost or stolen Trust Securities
Certificate, a new Trust Securities Certificate of like class, tenor and
denomination. In connection with the issuance of any new Trust Securities
Certificate under this Section, the Administrative Trustees or the Securities
Registrar

                                       25
<PAGE>   31

may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith. Any duplicate
Trust Securities Certificate issued pursuant to this Section shall constitute
conclusive evidence of an ownership interest in the Trust, as if originally
issued, whether or not the lost, stolen or destroyed Trust Securities
Certificate shall be found at any time.

         Section 5.06      Persons Deemed Securityholders. Prior to due
presentation of a Trust Securities Certificate for registration of transfer, the
Trustees or the Securities Registrar shall treat the Person in whose name any
Trust Securities Certificate shall be registered in the Securities Register as
the owner of such Trust Securities Certificate for the purpose of receiving
Distributions (subject to Section 4.01(d)) and for all other purposes
whatsoever, and neither the Trustees nor the Securities Registrar shall be bound
by any notice to the contrary.

         Section 5.07      Access to List of Securityholders' Names and
Addresses. The Administrative Trustees shall furnish or cause to be furnished to
(i) the Depositor and the Property Trustee semi-annually, not later than June 1
and December 1 in each year, and (ii) the Depositor or the Property Trustee, as
the case may be, within 30 days after receipt by any Administrative Trustee of a
request therefor from the Depositor or the Property Trustee, as the case may be,
in writing, a list, in such form as the Depositor or the Property Trustee, as
the case may be, may reasonably require, of the names and addresses of the
Securityholders as of a date not more than 15 days prior to the time such list
is furnished; provided, that the Administrative Trustees shall not be obligated
to provide such list at any time such list does not differ from the most recent
list given to the Depositor and the Property Trustee by the Administrative
Trustees or at any time the Property Trustee is the Securities Registrar. Each
Holder, by receiving and holding a Trust Securities Certificate, shall be deemed
to have agreed not to hold either the Depositor or the Administrative Trustees
accountable by reason of the disclosure of its name and address, regardless of
the source from which such information was derived. The Property Trustee shall
comply with its obligations under Sections 310(b), 311 and 312(b) of the Trust
Indenture Act.

         Section 5.08      Maintenance of Office or Agency. The Trust shall
maintain in the Borough of Manhattan, New York, an office or offices or agency
or agencies where Preferred Securities Certificates may be surrendered for
registration of transfer, exchange or conversion and where notices and demands
to or upon the Trustees in respect of the Trust Securities Certificates may be
served. The Administrative Trustees initially designate Bankers Trust Company,
Four Albany Street, New York, New York 10006, as its principal agency for such
purposes. The Administrative Trustees shall give prompt written notice to the
Depositor and to the Securityholders of any change in the location of the
Securities Register or any such office or agency.

         Section 5.09      Appointment of Paying Agent. The Paying Agent shall
make Distributions and other payments provided hereby to Securityholders from
the Payment Account and shall report the amounts of such Distributions and
payments to the Property Trustee and the Administrative Trustees. Any Paying
Agent shall have the revocable power to withdraw funds from the Payment Account
for the purpose of making the Distributions and payments provided hereby. The
Administrative Trustees may revoke such power and remove the Paying Agent if
such Trustees determine in their sole discretion that the Paying Agent shall
have failed to perform its obligations

                                       26
<PAGE>   32

under this Agreement in any material respect. The Paying Agent shall initially
be the Property Trustee, and it may choose any co-paying agent that is
acceptable to the Administrative Trustees and the Depositor. Any Person acting
as Paying Agent shall be permitted to resign as Paying Agent upon 30 days'
written notice to the Administrative Trustees and the Depositor. In the event
that a Paying Agent shall resign or be removed, the Administrative Trustees
shall appoint a successor that is acceptable to the Depositor to act as Paying
Agent (which shall be a bank or trust company). The Administrative Trustees
shall cause such successor Paying Agent or any additional Paying Agent appointed
by the Administrative Trustees to execute and deliver to the Trustees an
instrument in which such successor Paying Agent or additional Paying Agent shall
agree with the Trustees that as Paying Agent, such successor Paying Agent or
additional Paying Agent will hold all sums, if any, held by it for payment to
the Securityholders in trust for the benefit of the Securityholders entitled
thereto until such sums shall be paid to such Securityholders. The Paying Agent
shall return all unclaimed funds to the Property Trustee and upon removal of a
Paying Agent such Paying Agent shall also return all funds in its possession to
the Property Trustee. The provisions of Sections 8.01, 8.03 and 8.06 shall apply
to the Property Trustee also in its role as Paying Agent, for so long as the
Property Trustee shall act as Paying Agent and, to the extent applicable, to any
other paying agent appointed hereunder. Any reference in this Agreement to the
Paying Agent shall include any co-paying agent unless the context requires
otherwise.

         Section 5.10      Ownership of Common Securities by Depositor. On the
Issue Date, the Depositor shall acquire, and thereafter retain, beneficial and
record ownership of the Common Securities. Any attempted transfer of the Common
Securities, except for transfers by operation of law or to an Affiliate of the
Guarantor or the Depositor or a permitted successor under Section 801 of the
Subordinated Indenture, shall be void. The Administrative Trustees shall cause
each Common Securities Certificate issued to the Depositor to contain a legend
stating "THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT AS PROVIDED IN THE TRUST
AGREEMENT REFERRED TO HEREIN".

         Section 5.11      Book-Entry Preferred Securities Certificates; Common
Securities Certificate.

         (a)      The Preferred Securities Certificates, upon original issuance,
will be issued in the form of a typewritten Preferred Securities Certificate or
Certificates representing Book-Entry Preferred Securities Certificates, to be
delivered to The Depository Trust Company, the initial Clearing Agency, by, or
on behalf of, the Trust. Such Preferred Securities Certificate or Certificates
shall initially be registered on the Securities Register in the name of Cede &
Co., the nominee of the initial Clearing Agency, and no Owner will receive a
definitive Preferred Securities Certificate representing such beneficial owner's
interest in such Preferred Securities, except as provided in Section 5.13.
Unless and until Definitive Preferred Securities Certificates have been issued
to Owners pursuant to Section 5.13:

                  (i)      the provisions of this Section 5.11(a) shall be in
         full force and effect;

                  (ii)     the Securities Registrar and the Trustees shall be
         entitled to deal with the Clearing Agency for all purposes of this
         Trust Agreement relating to the Book-Entry

                                       27
<PAGE>   33

         Preferred Securities Certificates (including the payment of principal
         of and interest on the Book-Entry Preferred Securities and the giving
         of instructions or directions to Owners of Book-Entry Preferred
         Securities) as the sole Holder of Book-Entry Preferred Securities and
         shall have no obligations to the Owners thereof;

                  (iii)    to the extent that the provisions of this Section
         conflict with any other provisions of this Trust Agreement, the
         provisions of this Section shall control; and

                  (iv)     the rights of the Owners of the Book-Entry Preferred
         Securities Certificates shall be exercised only through the Clearing
         Agency and shall be limited to those established by law and agreements
         between such Owners and the Clearing Agency and/or the Clearing Agency
         Participants. Pursuant to the Certificate Depository Agreement, unless
         and until Definitive Preferred Securities Certificates are issued
         pursuant to Section 5.13, the Clearing Agency will make book-entry
         transfers among the Clearing Agency Participants and receive and
         transmit payments on the Preferred Securities to such Clearing Agency
         Participants.

         (b)      A single Common Securities Certificate representing the Common
Securities shall be issued to the Depositor in the form of a definitive Common
Securities Certificate.

         Section 5.12      Notices to Clearing Agency. To the extent a notice or
other communication to the Owners is required under this Trust Agreement, unless
and until Definitive Preferred Securities Certificates shall have been issued to
Owners pursuant to Section 5.13, the Trustees shall give all such notices and
communications specified herein to be given to Owners to the Clearing Agency,
and shall have no obligations to the Owners.

         Section 5.13      Definitive Preferred Securities Certificates. If (i)
the Depositor advises the Trustees in writing that the Clearing Agency is no
longer willing or able to properly discharge its responsibilities with respect
to the Preferred Securities Certificates, and the Depositor is unable to locate
a qualified successor, or (ii) the Depositor at its option advises the Trustees
in writing that it elects to terminate the book-entry system through the
Clearing Agency, then the Administrative Trustees shall notify the Clearing
Agency and Holders of the Preferred Securities. Upon surrender to the
Administrative Trustees of the typewritten Preferred Securities Certificate or
Certificates representing the Book-Entry Preferred Securities Certificates by
the Clearing Agency, accompanied by registration instructions, the
Administrative Trustees or any one of them shall execute and authenticate the
Definitive Preferred Securities Certificates in accordance with the instructions
of the Clearing Agency. Neither the Securities Registrar nor the Trustees shall
be liable for any delay in delivery of such instructions and may conclusively
rely on, and shall be protected in relying on, such instructions. Upon the
issuance of Definitive Preferred Securities Certificates, the Trustees shall
recognize the Holders of the Definitive Preferred Securities Certificates as
Securityholders. The Definitive Preferred Securities Certificates shall be
printed, lithographed or engraved or may be produced in any other manner as is
reasonably acceptable to the Administrative Trustees, as evidenced by the
execution thereof by the Administrative Trustees or any one of them.

                                       28
<PAGE>   34
         Section 5.14 Rights of Securityholders. The legal title to the Trust
Property is vested exclusively in the Property Trustee (in its capacity as such)
in accordance with Section 2.09, and the Securityholders shall not have any
right or title therein other than the beneficial ownership interest in the
assets of the Trust conferred by their Trust Securities, and they shall have no
right to call for any partition or division of property, profits or rights of
the Trust except as described below. The Trust Securities shall be personal
property giving only the rights specifically set forth therein and in this Trust
Agreement. The Trust Securities shall have no preemptive or other similar rights
and when issued and delivered to Securityholders against payment of the purchase
price therefor, except as otherwise provided in the Expense Agreement and
Section 10.01 hereof, will be fully paid and nonassessable by the Trust. Except
as otherwise provided in the Expense Agreement and Section 10.01 hereof, the
Holders of the Trust Securities shall be entitled to the same limitation of
personal liability extended to stockholders of private corporations for profit
organized under the General Corporation Law of the State of Delaware.

                                   ARTICLE VI

                    ACTS OF SECURITYHOLDERS; MEETINGS; VOTING

         Section 6.01  Limitations on Voting Rights.

         (a)      Except as provided in this Section, in Section 8.10 or Section
10.03 of this Trust Agreement, in the Subordinated Indenture and as otherwise
required by law, no Holder of Preferred Securities shall have any right to vote
or in any manner otherwise control the administration, operation and management
of the Trust or the obligations of the parties hereto, nor shall anything herein
set forth, or contained in the terms of the Trust Securities Certificates, be
construed so as to constitute the Securityholders from time to time as partners
or members of an association.

         (b)      So long as any Junior Subordinated Notes are held by the
Property Trustee, the Trustees shall not (i) direct the time, method and place
of conducting any proceeding for any remedy available to the Indenture Trustee,
or executing any trust or power conferred on the Indenture Trustee with respect
to such Junior Subordinated Notes, (ii) waive any past default which is waivable
under Section 513 of the Subordinated Indenture, or (iii) exercise any right to
rescind or annul a declaration that the principal of all the Junior Subordinated
Notes shall be due and payable, without, in each case, obtaining the prior
approval of the Holders of at least a majority in Liquidation Preference of the
Trust Securities; provided, however, that where a consent under the Subordinated
Indenture would require the consent of each holder of Junior Subordinated Notes
affected thereby, no such consent shall be given by the Trustees without the
prior written consent of each Holder of Preferred Securities. The Trustees shall
not revoke any action previously authorized or approved by a vote of the Holders
of Preferred Securities, except pursuant to a subsequent vote of the Holders of
Preferred Securities. The Property Trustee shall notify all Holders of the
Preferred Securities of any notice of default received from the Indenture
Trustee with respect to the Junior Subordinated Notes. In addition to obtaining
the foregoing approvals of the Holders of the Trust Securities, prior to taking
any of the foregoing actions, the Trustees shall, at the expense of the
Depositor, obtain an Opinion of Counsel experienced in such matters to the
effect that the Trust

                                       29
<PAGE>   35

will not be classified as other than a grantor trust for United States federal
income tax purposes on account of such action.

         (c)      If any proposed amendment to this Trust Agreement provides
for, or the Trustees otherwise propose to effect, (i) any action that would
adversely affect the powers, preferences or special rights of the Trust
Securities, whether by way of amendment to this Trust Agreement or otherwise, or
(ii) the dissolution, winding-up or termination of the Trust, other than
pursuant to the terms of this Trust Agreement, then the Holders of Outstanding
Trust Securities as a class will be entitled to vote on such amendment or
proposal and such amendment or proposal shall not be effective except with the
approval of the Holders of at least a majority in Liquidation Preference of the
Outstanding Trust Securities. If any amendment or proposal referred to above
would adversely affect only the Preferred Securities or the Common Securities,
then only the affected class will be entitled to vote on the amendment or
proposal and the amendment or proposal will not be effective except without the
approval of a majority in liquidation amount of the Preferred Securities or
Common Securities. In addition to obtaining the foregoing approvals of the
Holders of the Preferred Securities, prior to taking any of the foregoing
actions, the Trustees shall, at the expense of the Depositor, obtain an Opinion
of Counsel experienced in such matters to the effect that the Trust will not be
classified as other than a grantor trust for United States federal income tax
purposes on account of such action.

         Section 6.02  Notice of Meetings. Notice of all meetings of the
Preferred Securityholders, stating the time, place and purpose of the meeting,
shall be given by the Administrative Trustees pursuant to Section 10.08 to each
Preferred Securityholder of record, at his registered address, at least 15 days
and not more than 90 days before the meeting. At any such meeting, any business
properly before the meeting may be so considered whether or not stated in the
notice of the meeting. Any adjourned meeting may be held as adjourned without
further notice.

         Section 6.03  Meetings of Preferred Securityholders. No annual meeting
of Securityholders is required to be held. The Administrative Trustees, however,
shall call a meeting of Securityholders to vote on any matter upon the written
request of the Preferred Securityholders of record of 25% of the Preferred
Securities (based upon their Liquidation Preference) and the Administrative
Trustees or the Property Trustee may, at any time in their discretion, call a
meeting of Preferred Securityholders to vote on any matters as to which
Preferred Securityholders are entitled to vote.

         Preferred Securityholders of record of 50% of the Preferred Securities
(based upon their Liquidation Preference), present in person or by proxy, shall
constitute a quorum at any meeting of Securityholders.

         If a quorum is present at a meeting, an affirmative vote by the
Preferred Securityholders of record present, in person or by proxy, holding more
than a majority of the Preferred Securities (based upon their Liquidation
Preference) held by the Preferred Securityholders of record present, either in
person or by proxy, at such meeting shall constitute the action of the
Securityholders, unless this Trust Agreement requires a greater number of
affirmative votes.

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<PAGE>   36

         Section 6.04  Voting Rights. Securityholders shall be entitled to one
vote for each $50 of Liquidation Preference represented by their Trust
Securities in respect of any matter as to which such Securityholders are
entitled to vote.

         Section 6.05  Proxies, etc. At any meeting of Securityholders, any
Securityholder entitled to vote may vote by proxy, provided that no proxy shall
be voted at any meeting unless it shall have been placed on file with the
Administrative Trustees, or with such other officer or agent of the Trust as the
Administrative Trustees may direct, for verification prior to the time at which
such vote shall be taken. Pursuant to a resolution of the Property Trustee,
proxies may be solicited in the name of the Property Trustee or one or more
officers of the Property Trustee. Only Securityholders of record shall be
entitled to vote. When Trust Securities are held jointly by several Persons, any
one of them may vote at any meeting in person or by proxy in respect of such
Trust Securities, but if more than one of them shall be present at such meeting
in person or by proxy, and such joint owners or their proxies so present
disagree as to any vote to be cast, such vote shall not be received in respect
of such Trust Securities. A proxy purporting to be executed by or on behalf of a
Securityholder shall be deemed valid unless challenged at or prior to its
exercise, and the burden of proving invalidity shall rest on the challenger. No
proxy shall be valid more than three years after its date of execution.

         Section 6.06  Securityholder Action by Written Consent. Any action
which may be taken by Securityholders at a meeting may be taken without a
meeting if Securityholders holding at least 66-2/3% of all outstanding Trust
Securities entitled to vote in respect of such action (or such other proportion
thereof as shall be required by any express provision of this Trust Agreement)
shall consent to the action in writing (based upon their Liquidation
Preference).

         Section 6.07  Record Date for Voting and Other Purposes. For the
purposes of determining the Securityholders who are entitled to notice of and to
vote at any meeting or by written consent, or to participate in any Distribution
on the Trust Securities in respect of which a record date is not otherwise
provided for in this Trust Agreement, or for the purpose of any other action,
the Administrative Trustees may from time to time fix a date, not more than 90
days prior to the date of any meeting of Securityholders or the payment of
Distribution or other action, as the case may be, as a record date for the
determination of the identity of the Securityholders of record for such
purposes.

         Section 6.08  Acts of Securityholders. Any request, demand,
authorization, direction, notice, consent, waiver or other action provided or
permitted by this Trust Agreement to be given, made or taken by Securityholders
may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Securityholders in person or by an agent appointed
in writing; and, except as otherwise expressly provided herein, such action
shall become effective when such instrument or instruments are delivered to the
Administrative Trustees. Such instrument or instruments (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the "Act" of
the Securityholders 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 Trust Agreement and (subject to Section 8.01)
conclusive in favor of the Trustees, if made in the manner provided in this
Section.

                                       31
<PAGE>   37

         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 Trustees deem sufficient.

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

         Any request, demand, authorization, direction, notice, consent, waiver
or other Act of the Securityholder of any Trust Security shall bind every future
Securityholder of the same Trust Security and the Securityholder of every Trust
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 Trustees or the Trust in reliance thereon, whether or not
notation of such action is made upon such Trust Security.

         Without limiting the foregoing, a Securityholder entitled hereunder to
take any action hereunder with regard to any particular Trust Security may do so
with regard to all or any part of the Liquidation Preference of such Trust
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 Liquidation
Preference.

         If any dispute shall arise between the Securityholders of Trust
Securities and the Administrative Trustees or among such Securityholders or
Trustees with respect to the authenticity, validity or binding nature of any
request, demand, authorization, direction, consent, waiver or other Act of such
Securityholder or Trustee under this Article VI, then the determination of such
matter by the Property Trustee shall be conclusive with respect to such matter.

         Section 6.09  Inspection of Records. Upon reasonable notice to the
Trustees, the records of the Trust shall be open to inspection by
Securityholders during normal business hours for any purpose reasonably related
to such Securityholder's interest as a Securityholder.

                                   ARTICLE VII

                 REPRESENTATIONS AND WARRANTIES OF THE TRUSTEES

         Section 7.01  Representations and Warranties of Property Trustee. The
Trustee that acts as initial Property Trustee represents and warrants to the
Trust and to the Depositor at the date of this Trust Agreement, and each
Successor Property Trustee represents and warrants to the Trust and the
Depositor at the time of the Successor Property Trustee's acceptance of its
appointment as Property Trustee that:

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<PAGE>   38

         (a)      the Property Trustee is a New York banking corporation with
trust powers and authority to execute and deliver, and to carry out and perform
its obligations under the terms of, this Trust Agreement;

         (b)      The execution, delivery and performance by the Property
Trustee of this Trust Agreement has been duly authorized by all necessary
corporate action on the part of the Property Trustee. This Trust Agreement has
been duly executed and delivered by the Property Trustee and constitutes a
legal, valid and binding obligation of the Property Trustee, enforceable against
it in accordance with its terms, subject to applicable bankruptcy,
reorganization, moratorium, insolvency and other similar laws affecting
creditors' rights generally and to general principles of equity and the
discretion of the court (regardless of whether the enforcement of such remedies
is considered in a proceeding in equity or at law);

         (c)      The execution, delivery and performance of this Trust
Agreement by the Property Trustee does not conflict with or constitute a breach
of the charter or by-laws of the Property Trustee; and

         (d)      No consent, approval or authorization of, or registration with
or notice to, any New York State or federal banking authority is required for
the execution, delivery or performance by the Property Trustee of this Trust
Agreement.

         Section 7.02  Representations and Warranties of Delaware Trustee.

         The Trustee that acts as initial Delaware Trustee represents and
warrants to the Trust and to the Depositor at the date of this Trust Agreement,
and each Successor Delaware Trustee represents and warrants to the Trust and the
Depositor at the time of the Successor Delaware Trustee's acceptance of its
appointment as Delaware Trustee that:

         (a)      The Delaware Trustee is duly organized, validly existing and
in good standing under the laws of the State of Delaware, with trust power and
authority to execute and deliver, and to carry out and perform its obligations
under the terms of, this Trust Agreement;

         (b)      The execution, delivery and performance by the Delaware
Trustee of this Trust Agreement has been duly authorized by all necessary
corporate action on the part of the Delaware Trustee. This Trust Agreement has
been duly executed and delivered by the Delaware Trustee and constitutes a
legal, valid and binding obligation of the Delaware Trustee, enforceable against
it in accordance with its terms, subject to applicable bankruptcy,
reorganization, moratorium, insolvency and other similar laws affecting
creditors' rights generally and to general principles of equity and the
discretion of the court (regardless of whether the enforcement of such remedies
is considered in a proceeding in equity or at law);

         (c)      No consent, approval or authorization of, or registration with
or notice to, any federal banking authority is required for the execution,
delivery or performance by the Delaware Trustee of this Trust Agreement; and

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<PAGE>   39

         (d)      The Delaware Trustee is a natural person who is a resident of
the State of Delaware or, if not a natural person, an entity which has its
principal place of business in the State of Delaware.

                                  ARTICLE VIII

                                  THE TRUSTEES

         Section 8.01  Certain Duties and Responsibilities.

         (a)      The rights, duties and responsibilities of the Trustees shall
be as provided by this Trust Agreement and, in the case of the Property Trustee,
the Trust Indenture Act. Notwithstanding the foregoing, no provision of this
Trust Agreement shall require the Trustees to expend or risk their own funds or
otherwise incur any financial liability in the performance of any of their
duties hereunder, or in the exercise of any of their rights or powers, if they
shall have reasonable grounds for believing that repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured to
them. Whether or not therein expressly so provided, every provision of this
Trust Agreement relating to the conduct or affecting the liability of or
affording protection to the Trustees shall be subject to the provisions of this
Section.

         (b)      All payments made by the Property Trustee in respect of the
Trust Securities shall be made only from the income and proceeds from the Trust
Property and only to the extent that there shall be sufficient income or
proceeds from the Trust Property to enable the Property Trustee to make payments
in accordance with the terms hereof. Each Securityholder, by its acceptance of a
Trust Security, agrees that it will look solely to the income and proceeds from
the Trust Property to the extent available for distribution to it as herein
provided and that the Trustees are not personally liable to it for any amount
distributable in respect of any Trust Security or for any other liability in
respect of any Trust Security. This Section 8.01(b) does not limit the liability
of the Trustees expressly set forth elsewhere in this Trust Agreement or, in the
case of the Property Trustee, in the Trust Indenture Act.

         Section 8.02  Notice of Defaults. Within 90 days after the occurrence
of any Event of Default, the Property Trustee shall transmit, in the manner and
to the extent provided in Section 10.08, notice of any Event of Default known to
the Property Trustee to the Securityholders, the Administrative Trustees and the
Depositor, unless such Event of Default shall have been cured or waived.

         Section 8.03  Certain Rights of Property Trustee. Subject to the
provisions of Section 8.01 and except as provided by law:

                  (i)      the Property Trustee may conclusively rely and shall
                  be protected in acting or refraining from acting in good faith
                  upon any resolution, Opinion of Counsel, certificate, written
                  representation of a Holder or transferee, certificate of
                  auditors or

                                       34
<PAGE>   40

                  any other certificate, statement, instrument, opinion, report,
                  notice, request, consent, order, appraisal, bond or other
                  paper or document believed by it to be genuine and to have
                  been signed or presented by the proper party or parties;

                  (ii) if (A) in performing its duties under this Trust
                  Agreement, the Property Trustee is required to decide between
                  alternative courses of action, (B) in construing any of the
                  provisions in this Trust Agreement, the Property Trustee finds
                  the same ambiguous or inconsistent with any other provisions
                  contained herein, or (C) the Property Trustee is unsure of the
                  application of any provision of this Trust Agreement, then,
                  except as to any matter as to which the Preferred
                  Securityholders are entitled to vote under the terms of this
                  Trust Agreement, the Property Trustee shall deliver a notice
                  to the Depositor requesting written instructions of the
                  Depositor as to the course of action to be taken. The Property
                  Trustee shall take such action, or refrain from taking such
                  action, as the Property Trustee shall be instructed in writing
                  to take, or to refrain from taking, by the Depositor;
                  provided, however, that if the Property Trustee does not
                  receive such instructions of the Depositor within ten Business
                  Days after it has delivered such notice, or such reasonably
                  shorter period of time set forth in such notice (which to the
                  extent practicable shall not be less than two Business Days),
                  it may, but shall be under no duty to, take or refrain from
                  taking such action not inconsistent with this Trust Agreement
                  as it shall deem advisable and in the best interests of the
                  Securityholders, in which event the Property Trustee shall
                  have no liability except for its own bad faith, negligence or
                  willful misconduct;

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

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

                  (v) the Property Trustee shall not be bound to make any
                  investigation into the facts or matters stated in any
                  resolution, certificate, statement, instrument, opinion,
                  report, notice, request, consent, order, approval, bond or
                  other document, unless requested in writing to do so by one or
                  more Securityholders; and

                  (vi) the Property Trustee may execute any of the trusts or
                  powers hereunder or perform any duties hereunder either
                  directly or by or through its agents or attorneys, provided
                  that the Property Trustee shall be responsible for its own
                  negligence or

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<PAGE>   41

                  recklessness with respect to selection of any agent or
                  attorney appointed by it hereunder.

         Section 8.04  Not Responsible for Recitals or Issuance of Securities.
The recitals contained herein and in the Trust Securities Certificates shall be
taken as the statements of the Trust, and the Trustees do not assume any
responsibility for their correctness. The Trustees shall not be accountable for
the use or application by the Trust of the proceeds of the Trust Securities in
accordance with Section 2.05.

         The Property Trustee may conclusively assume that any funds held by it
hereunder are legally available unless a Responsible Officer shall have received
written notice from the Company, any Holder or any other Trustee that such funds
are not legally available.

         Section 8.05  May Hold Securities. Except as provided in the definition
of the term "Outstanding" in Article I, any Trustee or any other agent of the
Trustees or the Trust, in its individual or any other capacity, may become the
owner or pledgee of Trust Securities and may otherwise deal with the Trust with
the same rights it would have if it were not a Trustee or such other agent.

         Section 8.06  Compensation; Fees; Indemnity.

         The Depositor agrees:

         (1)      to pay to the Trustees from time to time reasonable
compensation for all services rendered by the Trustees 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 Trustees upon request for all reasonable expenses, disbursements and
advances incurred or made by the Trustees in accordance with any provision of
this Trust Agreement (including the reasonable compensation and the expenses and
disbursements of their agents and counsel), except any such expense,
disbursement or advance as may be attributable to their willful misconduct,
negligence or bad faith; and

         (3)      to indemnify the Trustees for, and to hold the Trustees
harmless against, any and all loss, damage, claim, liability or expense incurred
without willful misconduct, negligence or bad faith on their part, arising out
of or in connection with the acceptance or administration of this Trust
Agreement, including the costs and expenses of defending themselves against any
claim or liability in connection with the exercise or performance of any of
their powers or duties hereunder.

         The provisions of this Section 8.06 shall survive the termination of
this Trust Agreement.

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<PAGE>   42

         Section 8.07  Trustees Required; Eligibility.

         (a)      There shall at all times be a Property Trustee hereunder with
respect to the Trust Securities. The Property Trustee shall be a Person that has
a combined capital and surplus of at least $50,000,000. 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, 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 Property Trustee with respect to the
Trust Securities 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.

         (b)      There shall at all times be one or more Administrative
Trustees hereunder with respect to the Trust Securities. Each Administrative
Trustee shall be either a natural person who is at least 21 years of age or a
legal entity that shall act through one or more persons authorized to bind such
entity.

         (c)      There shall at all times be a Delaware Trustee with respect to
the Trust Securities. The Delaware Trustee shall either be (i) a natural person
who is at least 21 years of age and a resident of the State of Delaware or (ii)
a legal entity authorized to conduct a trust business and with its principal
place of business in the State of Delaware that shall act through one or more
persons authorized to bind such entity.

         Section 8.08  Conflicting Interests.

         If the Property Trustee has or shall acquire a conflicting interest
within the meaning of the Trust Indenture Act, the Property 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 Trust
Agreement. To the extent permitted by the Trust Indenture Act, the Property
Trustee shall not be deemed to have a conflicting interest by virtue of being
trustee under the Guarantee.

         Section 8.09  Co-Trustees and Separate Trustee.

         At any time or times, for the purpose of meeting the legal requirements
of the Trust Indenture Act or of any jurisdiction in which any part of the Trust
Property may at the time be located, the Holder of the Common Securities and the
Property Trustee shall have power to appoint, and upon the written request of
the Property Trustee, the Depositor shall for such purpose join with the
Property Trustee in the execution, delivery and performance of all instruments
and agreements necessary or proper to appoint, one or more Persons approved by
the Property Trustee either to act as co-trustee, jointly with the Property
Trustee, of all or any part of such Trust Property, or to act as separate
trustee of any such Trust Property, in either case with such powers as may be
provided in the instrument of appointment, and to vest in such Person or Persons
in the capacity aforesaid, any property, title, right or power deemed necessary
or desirable, subject to the other provisions of this Section. If the Depositor
does not join in such appointment within 15 days after the receipt by it of a
request so to do, or in case an Indenture Event of Default has occurred and is
continuing, the

                                       37
<PAGE>   43

Property Trustee alone shall have power to make such appointment. Any co-trustee
or separate trustee appointed pursuant to this Section shall satisfy the
requirements of Section 8.07.

         Should any written instrument from the Depositor be required by any
co-trustee or separate trustee so appointed for more fully confirming to such
co-trustee or separate trustee such property, title, right or power, any and all
such instruments shall, on request, be executed, acknowledged, and delivered by
the Depositor.

         Every co-trustee or separate trustee shall, to the extent permitted by
law, but to such extent only, be appointed subject to the following terms,
namely:

                  (i)      The Trust Securities shall be executed, authenticated
         and delivered and all rights, powers, duties and obligations hereunder
         in respect of the custody of securities, cash and other personal
         property held by, or required to be deposited or pledged with, the
         Trustees hereunder, shall be exercised, solely by the Trustees.

                  (ii)     The rights, powers, duties and obligations hereby
         conferred or imposed upon the Property Trustee in respect of any
         property covered by such appointment shall be conferred or imposed upon
         and exercised or performed by the Property Trustee or by the Property
         Trustee and such co-trustee or separate trustee jointly, as shall be
         provided in the instrument appointing such co-trustee or separate
         trustee, except to the extent that under any law of any jurisdiction in
         which any particular act is to be performed, the Property Trustee shall
         be incompetent or unqualified to perform such act, in which event such
         rights, powers, duties and obligations shall be exercised and performed
         by such co-trustee or separate trustee.

                  (iii)    The Property Trustee at any time, by an instrument in
         writing executed by it, with the written concurrence of the Depositor,
         may accept the resignation of or remove any co-trustee or separate
         trustee appointed under this Section, and, in case an Indenture Event
         of Default has occurred and is continuing, the Property Trustee shall
         have power to accept the resignation of, or remove, any such co-trustee
         or separate trustee without the concurrence of the Depositor. Upon the
         written request of the Property Trustee, the Depositor shall join with
         the Property Trustee in the execution, delivery and performance of all
         instruments and agreements necessary or proper to effectuate such
         resignation or removal. A successor to any co-trustee or separate
         trustee so resigned or removed may be appointed in the manner provided
         in this Section.

                  (iv)     No co-trustee or separate trustee hereunder shall be
         personally liable by reason of any act or omission of the Property
         Trustee, or any other such trustee hereunder.

                  (v)      The Trustees shall not be liable by reason of any act
         of a co-trustee or separate trustee.

                  (vi)     Any Act of Holders delivered to the Property Trustee
         shall be deemed to have been delivered to each such co-trustee and
         separate trustee.

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<PAGE>   44

         Section 8.10 Resignation and Removal; Appointment of Successor. No
resignation or removal of any Trustee (the "Relevant Trustee") and no
appointment of a successor Relevant Trustee pursuant to this Article shall
become effective until the acceptance of appointment by the successor Relevant
Trustee in accordance with the applicable requirements of Section 8.11.

         The Relevant Trustee may resign at any time by giving written notice
thereof to the Securityholders. If the instrument of acceptance by a successor
Relevant Trustee required by Section 8.11 shall not have been delivered to the
Relevant Trustee within 30 days after the giving of such notice of resignation,
the resigning Relevant Trustee may petition any court of competent jurisdiction
for the appointment of a successor Relevant Trustee.

         Unless an Indenture Event of Default shall have occurred and be
continuing, the Relevant Trustee may be removed at any time by Act of the Holder
of the Common Securities. If an Indenture Event of Default shall have occurred
and be continuing, the Relevant Trustee may be removed at such time by Act of
the Securityholders of a majority in Liquidation Preference of the Preferred
Securities then Outstanding, delivered to the Relevant Trustee (in its
individual capacity and on behalf of the Trust).

         If the Relevant Trustee shall resign, be removed or become incapable of
continuing to act as Trustee at a time when no Indenture Event of Default shall
have occurred and be continuing, the Holder of the Common Securities, by Act of
the Holder of the Common Securities delivered to the retiring Relevant Trustee,
shall promptly appoint a successor Relevant Trustee or Trustees, and the
retiring Relevant Trustee shall comply with the applicable requirements of
Section 8.11. If the Relevant Trustee shall resign, be removed or become
incapable of continuing to act as the Relevant Trustee at a time when an
Indenture Event of Default shall have occurred and be continuing, the Holders of
Preferred Securities, by Act of the Securityholders of a majority in Liquidation
Preference of the Preferred Securities then Outstanding, delivered to the
retiring Relevant Trustee, shall promptly appoint a successor Relevant Trustee
or Trustees, and the Relevant Trustee shall comply with the applicable
requirements of Section 8.11. If no successor Relevant Trustee shall have been
so appointed in accordance with this Section 8.10 and accepted appointment in
the manner required by Section 8.11, any Securityholder who has been a
Securityholder of Trust Securities for at least six months may, on behalf of
himself and all others similarly situated, petition any court of competent
jurisdiction for the appointment of a successor Relevant Trustee.

         The retiring Relevant Trustee shall give notice of each resignation and
each removal of the Relevant Trustee, and each appointment of a successor
Trustee to all Securityholders in the manner provided in Section 10.08 and shall
give notice to the Depositor. Each notice shall include the name of the
successor Relevant Trustee and the address of its Corporate Trust Office if it
is the Property Trustee.

         Notwithstanding the foregoing or any other provision of this Trust
Agreement, in the event any Administrative Trustee or a Delaware Trustee who is
a natural person dies or becomes incompetent or incapacitated or resigns, the
vacancy created by such death, incompetence or incapacity or resignation may be
filled by (i) the act of the remaining Administrative Trustee or (ii)

                                       39
<PAGE>   45

otherwise by the Depositor (with the successor in each case being an individual
who satisfies the eligibility requirement for Administrative Trustees set forth
in Section 8.07). Additionally, notwithstanding the foregoing or any other
provision of this Trust Agreement, in the event the Depositor believes that any
Administrative Trustee has become incompetent or incapacitated, the Depositor,
by notice to the remaining Trustees, may terminate the status of such Person as
an Administrative Trustee (in which case the vacancy so created will be filled
in accordance with the preceding sentence).

         Section 8.11  Acceptance of Appointment by Successor. In case of the
appointment hereunder of a successor Relevant Trustee, every such successor
Relevant Trustee so appointed shall execute, acknowledge and deliver to the
Trust and to the retiring Relevant Trustee an instrument accepting such
appointment, and thereupon the resignation or removal of the retiring Relevant
Trustee shall become effective and such successor Relevant Trustee, without any
further act, deed or conveyance, shall become vested with all the rights,
powers, trusts and duties of the retiring Relevant Trustee; but, on the request
of the Depositor or the successor Relevant Trustee, such retiring Relevant
Trustee shall, upon payment of its charges, execute and deliver an instrument
transferring to such successor Relevant Trustee all the rights, powers and
trusts of the retiring Relevant Trustee and shall duly assign, transfer and
deliver to such successor Relevant Trustee all property and money held by such
retiring Relevant Trustee hereunder.

         Upon request of any such successor Relevant Trustee, the Trust shall
execute any and all instruments for more fully and certainly vesting in and
confirming to such successor Relevant Trustee all such rights, powers and trusts
referred to in the preceding paragraph.

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

         Section 8.12  Merger, Conversion, Consolidation or Succession to
Business. Any Person into which the Property Trustee, Delaware Trustee or any
Administrative Trustee which is not a natural person may be merged or converted
or with which it may be consolidated, or any Person resulting from any merger,
conversion or consolidation to which such Relevant Trustee shall be a party, or
any Person succeeding to all or substantially all the corporate trust business
of such Relevant Trustee, shall be the successor of such Relevant Trustee
hereunder, provided such Person 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.

         Section 8.13  Preferential Collection of Claims Against Depositor or
Trust. If and when the Property Trustee shall be or become a creditor of the
Depositor or the Trust (or any other obligor upon the Junior Subordinated Notes
or the Trust Securities), the Property Trustee shall be subject to the
provisions of the Trust Indenture Act regarding the collection of claims against
the Depositor or Trust (or any such other obligor). For purposes of Section
311(b)(4) and (6) of the Trust Indenture Act:

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<PAGE>   46

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

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

         Section 8.14  Reports by Property Trustee.

         (a)      Within 60 days after May 15 of each year commencing with May
15, 2001, if required by Section 313(a) of the Trust Indenture Act, the Property
Trustee shall transmit a brief report dated as of such May 15 with respect to
any of the events specified in such Section 313(a) that may have occurred since
the later of the date of this Trust Agreement or the preceding May 15.

         (b)      The Property Trustee shall transmit to Securityholders the
reports required by Section 313(b) of the Trust Indenture Act at the times
specified therein.

         (c)      Reports pursuant to this Section shall be transmitted in the
manner and to the Persons required by Sections 313(c) and (d) of the Trust
Indenture Act.

         Section 8.15  Reports to the Property Trustee. The Depositor and the
Administrative Trustees on behalf of the Trust shall provide to the Property
Trustee such documents, reports and information as required by Section 314 of
the Trust Indenture Act (if any) and, within 120 days after the end of each
fiscal year of the Depositor, the compliance certificate required by Section
314(a)(4) of the Trust Indenture Act in the form and in the manner required by
Section 314 of the Trust Indenture Act.

         Section 8.16  Evidence of Compliance with Conditions Precedent. Each of
the Depositor and the Administrative Trustees on behalf of the Trust shall
provide to the Property Trustee such evidence of compliance with any conditions
precedent, if any, provided for in this Trust Agreement that relate to any of
the matters set forth in Section 314(c) of the Trust Indenture Act. Any
certificate or opinion required to be given pursuant to Section 314(c)(1) of the
Trust Indenture Act shall comply with Section 314(e) of the Trust Indenture Act.

         Section 8.17  Number of Trustees.

         (a)      The number of Trustees shall initially be five, provided that
the Depositor by written instrument may increase or decrease the number of
Administrative Trustees.

                                       41
<PAGE>   47

         (b)      If a Trustee ceases to hold office for any reason and the
number of Administrative Trustees is not reduced pursuant to Section 8.17(a), or
if the number of Trustees is increased pursuant to Section 8.17(a), a vacancy
shall occur. The vacancy shall be filled with a Trustee appointed in accordance
with Section 8.10.

         (c)      The death, resignation, retirement, removal, bankruptcy,
incompetence or incapacity to perform the duties of a Trustee shall not operate
to annul the Trust. Whenever a vacancy in the number of Administrative Trustees
shall occur, until such vacancy is filled by the appointment of an
Administrative Trustee in accordance with Section 8.10, the Administrative
Trustees in office, regardless of their number (and notwithstanding any other
provision of this Trust Agreement), shall have all powers granted to the
Administrative Trustees and shall discharge the duties imposed upon the
Administrative Trustees by this Trust Agreement.

         Section 8.18  Delegation of Power.

         (a)      Any Administrative Trustee may, by power of attorney
consistent with applicable law, delegate to any other natural person over the
age of 21 his or her power for the purpose of executing any documents
contemplated in Section 2.07(A), including any registration statement or
amendment thereto filed with the Commission, or making any other governmental
filing; and

         (b)      The Administrative Trustees shall have power to delegate from
time to time to such of their number the doing of such things and the execution
of such instruments either in the name of the Trust or the names of the
Administrative Trustees or otherwise as the Administrative Trustees may deem
expedient, to the extent such delegation is not prohibited by applicable law or
contrary to the provisions of the Trust, as set forth herein.

         Section 8.19  Enforcement of Rights of Property Trustee by
Securityholders. If (i) the Trust fails to pay Distributions in full on the
Preferred Securities for more than 20 consecutive quarterly distribution
periods, or (ii) an Event of Default occurs and is continuing, then the Holders
of Preferred Securities will rely on the enforcement by the Property Trustee of
its rights against the Company as the holder of the Junior Subordinated Notes.
In addition, the Holders of a majority in aggregate Liquidation Preference of
the Preferred Securities will have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Property
Trustee or to direct the exercise of any trust or power conferred upon the
Property Trustee under this Trust Agreement, including the right to direct the
Property Trustee to exercise the remedies available to it as the holder of the
Junior Subordinated Notes, provided that such direction shall not be in conflict
with any rule of law or with this Trust Agreement, and could not involve the
Property Trustee in personal liability in circumstances where reasonable
indemnity would not be adequate. If the Property Trustee fails to enforce its
rights under the Junior Subordinated Notes, a Holder of Preferred Securities
may, to the fullest extent permitted by applicable law, institute a legal
proceeding against the Company to enforce its rights under this Trust Agreement
without first instituting any legal proceeding against the Property Trustee or
any other Person, including the Trust; it being understood and intended that no
one or more of such Holders shall have any right in any manner whatsoever by
virtue of, or by availing of, any provision of this Trust Agreement to

                                       42
<PAGE>   48

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 Trust Agreement, except in the manner
herein provided and for the equal and ratable benefit of all such Holders.
Notwithstanding the foregoing, a Holder of Preferred Securities may institute a
legal proceeding directly against the Company, without first instituting a legal
proceeding against or requesting or directing that action be taken by the
Property Trustee or any other Person, for enforcement of payment to such Holder
of principal of or interest on the Junior Subordinated Notes having a principal
amount equal to the aggregate stated liquidation preference of the Preferred
Securities of such Holder on or after the due dates therefor specified or
provided for in the Junior Subordinated Notes. The Company shall be subrogated
to all rights of the Holders of Preferred Securities in respect of any amounts
paid to such Holders by the Company pursuant to this Section.

                                   ARTICLE IX

                           TERMINATION AND LIQUIDATION

         Section 9.01  Termination Upon Expiration Date. The Trust shall
automatically terminate on December 31, 2031 (the "Expiration Date") or earlier
pursuant to Section 9.02.

         Section 9.02  Early Termination. Upon the first to occur of any of the
following events (such first occurrence, an "Early Termination Event"), the
Trust shall be dissolved and terminated in accordance with the terms hereof:

                  (i)      the occurrence of a Bankruptcy Event in respect of
         the Depositor, dissolution or liquidation of the Depositor, or the
         dissolution of the Trust pursuant to judicial decree;

                  (ii)     the delivery of written direction to the Property
         Trustee by the Depositor at any time (which direction is optional and
         wholly within the discretion of the Depositor) to terminate the Trust
         and distribute the Junior Subordinated Notes to Securityholders as
         provided in Section 9.04;

                  (iii)    the payment at maturity or redemption of all of the
         Junior Subordinated Notes, and the consequent payment of the Preferred
         Securities; and

                  (iv)     the distribution of Common Stock or cash, as the case
         may be, to all Holders upon conversion of all outstanding Trust
         Securities.

         Section 9.03  Termination. The respective obligations and
responsibilities of the Trust and the Trustees created hereby shall terminate
upon the latest to occur of the following: (a) the distribution by the Property
Trustee to Securityholders upon the liquidation of the Trust pursuant to Section
9.04, or upon the redemption of all of the Trust Securities pursuant to Section
4.02, of all amounts or instruments required to be distributed hereunder upon
the final payment of the Trust Securities; (b) the payment of any expenses owed
by the Trust; and (c) the discharge of all

                                       43
<PAGE>   49

administrative duties of the Administrative Trustees, including the performance
of any tax reporting obligations with respect to the Trust or the
Securityholders.

         Section 9.04  Liquidation.

         (a)      If any Early Termination Event specified in clause (ii) of
Section 9.02 occurs, the Trust shall be liquidated and the Property Trustee
shall distribute the Junior Subordinated Notes to the Securityholders as
provided in this Section 9.04.

         (b)      In connection with a distribution of the Junior Subordinated
Notes, each Holder of Trust Securities shall be entitled to receive, after the
satisfaction of liabilities to creditors of the Trust (as evidenced by a
certificate of the Administrative Trustees), a Like Amount of Junior
Subordinated Notes. Notice of liquidation shall be given by the Trustees by
first-class mail, postage prepaid, mailed not later than 30 nor more than 60
days prior to the Liquidation Date to each Holder of Trust Securities at such
Holder's address appearing in the Securities Register. All notices of
liquidation shall:

                  (i)      state the Liquidation Date;

                  (ii)     state that from and after the Liquidation Date, the
         Trust Securities will no longer be deemed to be Outstanding and any
         Trust Securities Certificates not surrendered for exchange will be
         deemed to represent a Like Amount of Junior Subordinated Notes; and

                  (iii)    provide such information with respect to the
         mechanics by which Holders may exchange Trust Securities Certificates
         for Junior Subordinated Notes as the Administrative Trustees or the
         Property Trustee shall deem appropriate.

         (c)      In order to effect the liquidation of the Trust and
distribution of the Junior Subordinated Notes to Securityholders, the Property
Trustee shall establish a record date for such distribution (which shall be not
more than 45 days prior to the Liquidation Date) and, either itself acting as
exchange agent or through the appointment of a separate exchange agent, shall
establish such procedures as it shall deem appropriate to effect the
distribution of Junior Subordinated Notes in exchange for the Outstanding Trust
Securities Certificates.

         (d)      After the Liquidation Date, (i) the Trust Securities will no
longer be deemed to be Outstanding, (ii) certificates representing a Like Amount
of Junior Subordinated Notes will be issued to Holders of Trust Securities
Certificates, upon surrender of such certificates to the Administrative Trustees
or their agent for exchange, (iii) any Trust Securities Certificates not so
surrendered for exchange will be deemed to represent a Like Amount of Junior
Subordinated Notes, accruing interest at the rate provided for in the Junior
Subordinated Notes from the last Distribution Date on which a Distribution was
made on such Trust Certificates until such certificates are so surrendered (and
until such certificates are so surrendered, no payments of interest or principal
will be made to Holders of Trust Securities Certificates with respect to such
Junior Subordinated Notes) and (iv) all rights of Securityholders holding Trust
Securities will cease, except the right of such

                                       44
<PAGE>   50

Securityholders to receive Junior Subordinated Notes upon surrender of Trust
Securities Certificates.

         (e)      The Depositor will use its best efforts to have the Junior
Subordinated Notes that are distributed in exchange for the Preferred Securities
to be listed on such securities exchange as the Preferred Securities are then
listed. The Depositor may elect to have the Junior Subordinated Notes issued in
book-entry form to the Clearing Agency or its nominee.

         Section 9.05  Bankruptcy. If an Early Termination Event specified in
clause (i) of Section 9.02 has occurred, the Trust shall be liquidated. The
Property Trustee shall distribute the Junior Subordinated Notes to the
Securityholders as provided in Section 9.04, unless such distribution is
determined by the Administrative Trustees not to be practical, in which event
the Holders will be entitled to receive out of the assets of the Trust available
for distribution to Securityholders, after satisfaction of liabilities to
creditors, an amount equal to the Liquidation Preference per Trust Security plus
accrued and unpaid Distributions thereon to the date of payment (such amount
being the "Liquidation Distribution"). If such Liquidation Distribution can be
paid only in part because the Trust has insufficient assets available to pay in
full the aggregate Liquidation Distribution, then, subject to the next
succeeding sentence, the amounts payable by the Trust on the Trust Securities
shall be paid on a pro rata basis (based upon Liquidation Preferences). The
Holder of the Common Securities will be entitled to receive Liquidation
Distributions upon any such dissolution, winding-up or termination pro rata
(determined as aforesaid) with Holders of Preferred Securities, except that, if
an Indenture Event of Default has occurred and is continuing, the Preferred
Securities shall have a priority over the Common Securities.

                                    ARTICLE X

                            MISCELLANEOUS PROVISIONS

         Section 10.01  Guarantee by the Depositor. Subject to the terms and
conditions hereof, the Depositor irrevocably and unconditionally guarantees to
each Person to whom the Trust is now or hereafter becomes indebted or liable
(the "Beneficiaries") the full payment, when and as due, of any and all
Obligations (as hereinafter defined) to such Beneficiaries. As used herein,
"Obligations" means any indebtedness, expenses or liabilities of the Trust,
other than obligations of the Trust to pay to Holders of any Preferred
Securities or other similar interests in the Trust the amounts due such Holders
pursuant to the terms of the Preferred Securities or such other similar
interests, as the case may be. This guarantee is intended to be for the benefit
of, and to be enforceable by, all such Beneficiaries, whether or not such
Beneficiaries have received notice hereof.

         Section 10.02  Limitation of Rights of Securityholders. The death or
incapacity of any Person having an interest, beneficial or otherwise, in a Trust
Security shall not operate to terminate this Trust Agreement, nor entitle the
legal representatives or heirs of such Person or any Securityholder for such
Person, to claim an accounting, take any action or bring any proceeding in and
for a partition or winding up of the arrangements contemplated hereby, nor
otherwise affect the rights, obligations and liabilities of the parties hereto
or any of them.

                                       45
<PAGE>   51

         Section 10.03  Amendment.

         (a)      This Trust Agreement may be amended from time to time by the
Trustees and the Depositor, without the consent of any Securityholders, (i) (A)
to cure any ambiguity, (B) to correct or supplement any provision herein which
may be defective or inconsistent with any other provision herein, (C) to make
any other provisions with respect to matters or questions arising under this
Trust Agreement, which shall not be inconsistent with the other provisions of
this Trust Agreement, (D) to add to the covenants, restrictions or obligations
of the Depositor or (E) to conform to changes in, or a change in interpretation
or application of, certain Investment Company Act requirements by the
Commission; provided, however, that any such amendment described in clause (i)
shall not adversely affect in any material respect the interests of any
Securityholder, (ii) to modify, eliminate or add to any provisions of this Trust
Agreement to such extent as shall be necessary to ensure that the Trust will not
be classified as other than a grantor trust for United States federal income tax
purposes at any time that any Trust Securities are outstanding or to ensure that
the Trust will not be required to register as an "investment company" under the
Investment Company Act, or (iii) to evidence the acceptance of the appointment
of a Successor Trustee or fill a vacancy created by an increase in the number of
Administrative Trustees; provided, however, that, except in the case of clause
(ii), such action shall not adversely affect in any material respect the
interests of any Securityholder and, in the case of clause (i), any amendments
of this Trust Agreement shall become effective when notice thereof is given to
the Securityholders.

         (b)      Except as provided in Section 10.03(c) hereof, any provision
in this Trust Agreement may be amended by the Trust or the Trustees with (i) the
consent of Trust Securityholders representing not less than a majority (based
upon Liquidation Preferences) of the Trust Securities then Outstanding and (ii)
receipt by the Trustees of an Opinion of Counsel to the effect that such
amendment or the exercise of any power granted to the Trustees in accordance
with such amendment will not affect the Trust's status as a grantor trust for
United States federal income tax purposes or the Trust's exemption from status
of an "investment company" under the Investment Company Act.

         (c)      In addition to and notwithstanding any other provision in this
Trust Agreement, without the consent of each affected Securityholder (such
consent being obtained in accordance with Section 6.03 or 6.06 hereof), this
Trust Agreement may not be amended to (i) change the amount or timing of any
Distribution on the Trust Securities or otherwise adversely affect the amount of
any Distribution required to be made in respect of the Trust Securities as of a
specified date, (ii) restrict the right of a Securityholder to institute suit
for the enforcement of any such payment on or after such date, or (iii) change
the consent required pursuant to Section 10.03.

         (d)      Notwithstanding any other provisions of this Trust Agreement,
the Trustees shall not enter into or consent to any amendment to this Trust
Agreement which would (i) cause the Trust to fail or cease to qualify for the
exemption from status of an "investment company" under the Investment Company
Act, afforded by Rule 3a-5 thereunder, (ii) reduce or otherwise adversely affect
the powers of the Property Trustee in contravention of the Trust Indenture Act
or (iii) cause

                                       46
<PAGE>   52

the Trust to fail to continue to be classified for purposes of the United States
federal income taxation as a grantor trust.

         (e)      Without the consent of the Depositor, this Trust Agreement may
not be amended in a manner which imposes any additional obligation on the
Depositor. In executing any amendment permitted by this Trust Agreement, the
Trustees shall be entitled to receive, and (subject to Section 8.01) shall be
fully protected in relying upon an Opinion of Counsel stating that the execution
of such amendment is authorized or permitted by this Trust Agreement and an
Officers' Certificate stating that such amendment is permitted by, and conforms
to, the terms of this Trust Agreement. Any Trustee may, but shall not be
obligated to, enter into any such amendment which affects such Trustee's own
rights, duties, immunities or liabilities under this Trust Agreement or
otherwise.

         (f)      In the event that any amendment to this Trust Agreement is
made, the Administrative Trustees shall promptly provide to the Depositor a copy
of such amendment.

         Section 10.04  Separability. In case any provision in this Trust
Agreement or in the Trust Securities Certificates 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 10.05  Governing Law. THIS TRUST AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF EACH OF THE SECURITYHOLDERS, THE TRUST AND THE TRUSTEES WITH
RESPECT TO THIS TRUST AGREEMENT AND THE TRUST SECURITIES SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF DELAWARE;
PROVIDED THAT THE IMMUNITIES AND STANDARD OF CARE OF THE PROPERTY TRUSTEE SHALL
BE GOVERNED BY NEW YORK LAW.

         Section 10.06  Successors. This Trust Agreement shall be binding upon
and shall inure to the benefit of any successor to both the Trust and the
Trustees, including any successor by operation of law.

         Section 10.07  Headings. The Article and Section headings are for
convenience only and shall not affect the construction of this Trust Agreement.

         Section 10.08  Notice and Demand. Any notice, demand or other
communication which by any provision of this Trust Agreement is required or
permitted to be given or served to or upon any Securityholder or the Depositor
may be given or served in writing by deposit thereof, first-class postage
prepaid, in the United States mail, hand delivery or facsimile transmission, in
each case, addressed, (i) in the case of a Preferred Securityholder, to such
Preferred Securityholder as such Securityholder's name and address appear on the
Securities Register and (ii) in the case of the Common Securityholder or the
Depositor, to Southern Energy, Inc., 900 Ashwood Parkway, Suite 500, Atlanta,
Georgia 30338, Attention: Treasurer, Facsimile No. (404) 821-7000. Such notice,
demand or other communication to or upon a Securityholder shall be deemed to
have been sufficiently given or made, for all purposes, upon hand delivery,
mailing or transmission.

                                       47
<PAGE>   53

         Any notice, demand or other communication which by any provision of
this Trust Agreement is required or permitted to be given or served to or upon
the Trust or the Trustees shall be given in writing addressed (until another
address is published by the Trust) as follows: (i) with respect to the Property
Trustee and the Delaware Trustee, Bankers Trust Company, Four Albany Street, New
York, New York, 10006, Attention: Corporate Trust and Agency Group, Manager
Public Utilities Group; Bankers Trust (Delaware), E.A. Delle Donne Corporate
Center, 1011 Centre Road, Suite 200, Wilmington, Delaware 19805-1266, Attention:
Lisa Wilkens, as the case may be; and (ii) with respect to the Administrative
Trustees, to them at the address above for notices to the Depositor, marked
Attention: Administrative Trustees of SEI Trust I c/o Corporate Secretary. Such
notice, demand or other communication to or upon the Trust or the Trustees shall
be deemed to have been sufficiently given or made only upon actual receipt of
the writing by the applicable Trustee.

         Section 10.09  Agreement Not to Petition. Each of the Trustees and the
Depositor agrees for the benefit of the Securityholders that, until at least one
year and one day after the Trust has been terminated in accordance with Article
IX, it shall not file, or join in the filing of, a petition against the Trust
under any bankruptcy, reorganization, arrangement, insolvency, liquidation or
other similar law (including, without limitation, the United States Bankruptcy
Code) (collectively, "Bankruptcy Laws") or otherwise join in the commencement of
any proceeding against the Trust under any Bankruptcy Law. In the event the
Depositor takes action in violation of this Section 10.09, the Property Trustee
agrees, for the benefit of Securityholders, that it shall file an answer with
the bankruptcy court or otherwise properly contest the filing of such petition
by the Depositor against the Trust or the commencement of such action and raise
the defense that the Depositor has agreed in writing not to take such action and
should be stopped and precluded therefrom and such other defenses, if any, as
counsel for the Trustees or the Trust may assert. The provisions of this Section
10.09 shall survive the termination of this Trust Agreement.

         Section 10.10  Conflict with Trust Indenture Act.

         (a)      This Trust Agreement is subject to the provisions of the Trust
Indenture Act that are required to be part of this Trust Agreement and shall, to
the extent applicable, be governed by such provisions.

         (b)      The Property Trustee shall be the only Trustee which is a
Trustee for the purposes of the Trust Indenture Act.

         (c)      If any provision hereof limits, qualifies or conflicts with
another provision hereof which is required to be included in this Trust
Agreement by any of the provisions of the Trust Indenture Act, such required
provision shall control.

         (d)      The application of the Trust Indenture Act to this Trust
Agreement shall not affect the nature of the Trust Securities as equity
securities representing undivided beneficial interests in the assets of the
Trust.

                                       48
<PAGE>   54

THE RECEIPT AND ACCEPTANCE OF A TRUST SECURITY OR ANY INTEREST THEREIN BY OR ON
BEHALF OF A SECURITYHOLDER OR ANY BENEFICIAL OWNER, WITHOUT ANY SIGNATURE OR
FURTHER MANIFESTATION OF ASSENT, SHALL CONSTITUTE THE UNCONDITIONAL ACCEPTANCE
BY THE SECURITYHOLDER AND ALL OTHERS HAVING A BENEFICIAL INTEREST IN SUCH TRUST
SECURITY OF ALL THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT AND AGREEMENT
TO THE SUBORDINATION PROVISIONS AND OTHER TERMS OF THE GUARANTEE AND THE
SUBORDINATED INDENTURE AND THE AGREEMENT OF THE TRUST, SUCH SECURITYHOLDER AND
SUCH OTHERS THAT THOSE TERMS AND PROVISIONS SHALL BE BINDING, OPERATIVE AND
EFFECTIVE AS BETWEEN THE TRUST AND SUCH SECURITYHOLDER AND SUCH OTHERS.

                                       49
<PAGE>   55

         IN WITNESS WHEREOF, the parties hereto have executed this Trust
Agreement or have caused this Trust Agreement to be executed on their behalf,
all as of the day and year first above written.

                             SOUTHERN ENERGY, INC.,
                                as Depositor

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

                             BANKERS TRUST COMPANY,
                                as Property Trustee

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

                            BANKERS TRUST (DELAWARE),
                                 as Delaware Trustee

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

                             --------------------------------------------------
                             Elizabeth B. Chandler, as Administrative Trustee

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

                             J. William Holden, III, as Administrative Trustee

                             --------------------------------------------------
                             Douglas L. Miller, as Administrative Trustee

<PAGE>   56

                                                                       EXHIBIT A

                              NOTICE OF CONVERSION

To:      Bankers Trust Company
         as Property Trustee of
         SEI Trust I

         The undersigned owner of these Preferred Securities hereby irrevocably
exercises the option to convert these Preferred Securities, or the portion below
designated, into Common Stock of Southern Energy, Inc. (the "Southern Energy
Common Stock") in accordance with the terms of the Amended and Restated Trust
Agreement (as amended from time to time, the "Trust Agreement"), dated as of
_________ 1, 2000, by Elizabeth B. Chandler, J. William Holden, III and Douglas
L. Miller, as Administrative Trustees, Bankers Trust (Delaware), as Delaware
Trustee, Bankers Trust Company, as Property Trustee, and Southern Energy, Inc.,
as Depositor. Pursuant to the aforementioned exercise of the option to convert
these Preferred Securities, the undersigned hereby directs the Conversion Agent
(as that term is defined in the Trust Agreement) to (i) exchange such Preferred
Securities for a portion of the Junior Subordinated Notes (as that term is
defined in the Trust Agreement) held by the Trust (at the rate of exchange
specified in the terms of the Preferred Securities set forth in the Trust
Agreement) and (ii) convert such Junior Subordinated Notes on behalf of the
undersigned, into Southern Energy Common Stock or cash, as the case may be, (at
the conversion rate specified in the terms of the Preferred Securities set forth
in the Trust Agreement).

                               Exhibit A - Page 1

<PAGE>   57

         The undersigned does also hereby direct the Conversion Agent that the
shares issuable and deliverable upon conversion, together with any check in
payment for fractional shares, be issued in the name of and delivered to the
undersigned, unless a different name has been indicated in the assignment below.
If shares are to be issued in the name of a person other than the undersigned,
the undersigned will pay all transfer taxes payable with respect thereto.

Date:
      -----------------------

in whole                         in part
         --------------                  --------
                                 Number of Preferred Securities to be converted:

                                 -----------------------------------------------
                                 If a name or names other than the
                                 undersigned, please indicate in the spaces
                                 below the name or names in which the shares
                                 of Southern Energy Common Stock are to be
                                 issued, along with the address or addresses of
                                 such person or persons

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

                                 Signature (for conversion only) Please Print
                                 or Typewrite Name and Address, Including Zip
                                 Code, and Social Security or Other Identifying
                                 Number

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

Signature Guarantee:*
                     -----------------------------------------------
*        (Signature must be guaranteed by an institution which is a member of
         the following recognized Signature Guaranty Programs: (i) The
         Securities Transfer Agent Medallion Program (STAMP); (ii) The New York
         Stock Exchange Medallion Program (MSP); (iii) The Stock Exchange
         Medallion Program (SEMP); or (iv) in such other guarantee programs
         acceptable to the Trustee.

                               Exhibit A - Page 2
<PAGE>   58

                                                                       EXHIBIT B

                            [INTENTIONALLY RESERVED]

                               Exhibit B - Page 1
<PAGE>   59

                                                                       EXHIBIT C

         THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT AS PROVIDED IN THE
                       TRUST AGREEMENT REFERRED TO HEREIN

Certificate Number                                   Number of Common Securities
      C-1                                                   ________

                    Certificate Evidencing Common Securities
                                       of
                                   SEI Trust I

                                Common Securities
                (Liquidation Preference $50 per Common Security)

         SEI Trust I, a statutory business trust created under the laws of the
State of Delaware (the "Trust"), hereby certifies that Southern Energy, Inc.
(the "Holder") is the registered owner of _____________ (_______) common
securities of the Trust representing undivided beneficial interests in the
assets of the Trust and designated the Common Securities (liquidation preference
$50 per Common Security) (the "Common Securities"). In accordance with Section
5.10 of the Trust Agreement (as defined below), the Common Securities are not
transferable, except by operation of law, and any attempted transfer hereof
shall be void. The designations, rights, privileges, restrictions, preferences
and other terms and provisions of the Common Securities are set forth in, and
this certificate and the Common Securities represented hereby are issued and
shall in all respects be subject to the terms and provisions of, the Amended and
Restated Trust Agreement of the Trust dated as of ______ 1, 2000, as the same
may be amended from time to time (the "Trust Agreement"), including the
designation of the terms of the Common Securities as set forth therein. The
Trust will furnish a copy of the Trust Agreement to the Holder without charge
upon written request to the Trust at its principal place of business or
registered office.

         Upon receipt of this certificate, the Holder is bound by the Trust
Agreement and is entitled to the benefits thereunder.

                               Exhibit C - Page 1
<PAGE>   60

         IN WITNESS WHEREOF, the Administrative Trustees of the Trust have
executed this certificate this ____ day of ________, 20__.

                            SEI TRUST I

                            By:
                               ------------------------------------------------
                               Elizabeth B. Chandler, as Administrative Trustee

                            By:
                               -------------------------------------------------
                               J. William Holden, III, as Administrative Trustee

                            By:
                               -------------------------------------------------
                               Douglas L. Miller, as Administrative Trustee

                          CERTIFICATE OF AUTHENTICATION

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

                                                 ------------------------------
                                                 as Administrative Trustee

                               Exhibit C - Page 2
<PAGE>   61

                                                                       EXHIBIT D

                    AGREEMENT AS TO EXPENSES AND LIABILITIES

         THIS AGREEMENT AS TO EXPENSES AND LIABILITIES (this "Agreement") is
made as of _________ 1, 2000, between Southern Energy, Inc., a Delaware
corporation (the "Company"), and SEI Trust I, a Delaware business trust (the
"Trust").

         WHEREAS, the Trust intends to issue its Common Securities (the "Common
Securities") to and receive Junior Subordinated Notes from the Company and to
issue and sell SEI Trust I ___% Convertible Trust Preferred Securities, Series A
(the "Preferred Securities") with such powers, preferences and special rights
and restrictions as are set forth in the Amended and Restated Trust Agreement of
the Trust dated as of ________ 1, 2000, as the same may be amended from time to
time (the "Trust Agreement"); and

         WHEREAS, the Company is the issuer of the Junior Subordinated Notes.

         NOW, THEREFORE, in consideration of the purchase by each holder of the
Preferred Securities, which purchase the Company hereby agrees shall benefit the
Company and which purchase the Company acknowledges will be made in reliance
upon the execution and delivery of this Agreement, the Company and the Trust
hereby agree as follows:

                                    ARTICLE I

         Section 1.01.  Guarantee by the Company. Subject to the terms and
conditions hereof, the Company hereby irrevocably and unconditionally guarantees
to each person or entity to whom the Trust is now or hereafter becomes indebted
or liable (the "Beneficiaries") the full payment, when and as due, of any and
all Obligations (as hereinafter defined) to such Beneficiaries. As used herein,
"Obligations" means any indebtedness, expenses or liabilities of the Trust,
other than obligations of the Trust to pay to holders of any Preferred
Securities or other similar interests in the Trust the amounts due such holders
pursuant to the terms of the Preferred Securities or such other similar
interests, as the case may be. This Agreement is intended to be for the benefit
of, and to be enforceable by, all such Beneficiaries, whether or not such
Beneficiaries have received notice hereof.

         Section 1.02.  Term of Agreement. This Agreement shall terminate and be
of no further force and effect upon the date on which there are no Beneficiaries
remaining; provided, however, that this Agreement shall continue to be effective
or shall be reinstated, as the case may be, if at any time any holder of
Preferred Securities or any Beneficiary must restore payment of any sums paid
under the Preferred Securities, under any Obligation, under the Guarantee
Agreement dated the date hereof by the Company and Bankers Trust Company, as
guarantee trustee, or under this Agreement for any reason whatsoever. This
Agreement is continuing, irrevocable, unconditional and absolute.

                               Exhibit D - Page 1
<PAGE>   62

         Section 1.03.  Waiver of Notice. The Company hereby waives notice of
acceptance of this Agreement and of any Obligation to which it applies or may
apply, and the Company hereby waives presentment, demand for payment, protest,
notice of nonpayment, notice of dishonor, notice of redemption and all other
notices and demands.

         Section 1.04.  No Impairment. The obligations, covenants, agreements
and duties of the Company under this Agreement shall in no way be affected or
impaired by reason of the happening from time to time of any of the following:

                  (a)      the extension of time for the payment by the Trust of
         all or any portion of the Obligations or for the performance of any
         other obligation under, arising out of or in connection with, the
         Obligations;

                  (b)      any failure, omission, delay or lack of diligence on
         the part of the Beneficiaries to enforce, assert or exercise any right,
         privilege, power or remedy conferred on the Beneficiaries with respect
         to the Obligations or any action on the part of the Trust granting
         indulgence or extension of any kind; or

                  (c)      the voluntary or involuntary liquidation,
         dissolution, sale of any collateral, receivership, insolvency,
         bankruptcy, assignment for the benefit of creditors, reorganization,
         arrangement, composition or readjustment of debt of, or other similar
         proceedings affecting, the Trust or any of the assets of the Trust.

There shall be no obligation of the Beneficiaries to give notice to, or obtain
the consent of, the Company with respect to the happening of any of the
foregoing.

         Section 1.05.  Enforcement. A Beneficiary may enforce this Agreement
directly against the Company and the Company waives any right or remedy to
require that any action be brought against the Trust or any other person or
entity before proceeding against the Company.

                                   ARTICLE II

         Section 2.01.  Binding Effect. All guarantees and agreements contained
in this Agreement shall bind the successors, assigns, receivers, trustees and
representatives of the Company and shall inure to the benefit of the
Beneficiaries.

         Section 2.02.  Amendment. So long as there remains any Beneficiary or
any Preferred Securities of any series are outstanding, this Agreement shall not
be modified or amended in any manner adverse to such Beneficiary or to the
holders of the Preferred Securities.

         Section 2.03.  Notices. Any notice, request or other communication
required or permitted to be given hereunder shall be given in writing by
delivering the same against receipt therefor by facsimile transmission
(confirmed by mail), telex or by registered or certified mail, addressed as

                               Exhibit D - Page 2
<PAGE>   63

follows (and if so given, shall be deemed given when mailed or upon receipt of
an answer-back, if sent by telex), to-wit:

                           SEI Trust I
                           c/o Bankers Trust Company
                           Four Albany Street
                           New York, New York 10006
                           Facsimile No.: (212) 250-6725
                           Attention:       Corporate Trust and Agency Group
                                            Manager Public Utilities Group

                           Southern Energy, Inc.
                           900 Ashwood Parkway, Suite 500
                           Atlanta, Georgia  30338
                           Facsimile No.: (770) 821-7000
                           Attention: Treasurer

         Section 2.04.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE.

                               Exhibit D - Page 3
<PAGE>   64

         THIS AGREEMENT is executed as of the date and year first above written.

                                  SOUTHERN ENERGY, INC.

                                  By:
                                  ---------------------------------------------

                                  SEI TRUST I

                                  By:
                                  ---------------------------------------------
                                  Elizabeth B. Chandler, Administrative Trustee

                               Exhibit D - Page 4
<PAGE>   65

                                                                       EXHIBIT E

         Unless this certificate is presented by an authorized representative of
The Depository Trust Company a New York corporation ("DTC"), to SEI Trust I or
its agent for registration of transfer, exchange or payment, and any certificate
issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment 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 thereof, Cede & Co., has
an interest herein.

         Certificate Number                      Number of Preferred Securities
                                                          ___________
                P-1
                                                    CUSIP NO. _______

                   Certificate Evidencing Preferred Securities

                                       of

                                   SEI Trust I

            ______% Convertible Trust Preferred Securities, Series A
               (Liquidation Preference $50 per Preferred Security)

         SEI Trust I, a statutory business trust created under the laws of the
State of Delaware (the "Trust"), hereby certifies that Cede & Co. (the "Holder")
is the registered owner of _____ MILLION (_______) preferred securities of the
Trust representing undivided beneficial interests in the assets of the Trust and
designated the SEI Trust I ____% Convertible Trust Preferred Securities, Series
A (liquidation preference $50 per Preferred Security) (the "Preferred
Securities"). The Preferred Securities are transferable on the books and records
of the Trust, in person or by a duly authorized attorney, upon surrender of this
certificate duly endorsed and in proper form for transfer as provided in Section
5.04 of the Trust Agreement (as defined below). The designations, rights,
privileges, restrictions, preferences and other terms and provisions of the
Preferred Securities are set forth in, and this certificate and the Preferred
Securities represented hereby are issued and shall in all respects be subject to
the terms and provisions of, the Amended and Restated Trust Agreement of the
Trust, dated as of ________ 1, 2000, as the same may be amended from time to
time (the "Trust Agreement"), including the designation of the terms of
Preferred Securities as set forth therein. The holder of this certificate is
entitled to the benefits of a guarantee by Southern Energy, Inc., a Delaware
corporation (the "Company"), pursuant to a Guarantee Agreement between the
Company and Bankers Trust Company, as guarantee trustee, dated as of _________
1, 2000, as the same may be amended from time to time (the "Guarantee"), to the
extent provided therein. The Trust will furnish a copy of the Trust Agreement
and the Guarantee to the holder of this certificate without charge upon written
request to the Trust at its principal place of business or registered office.

                               Exhibit E - Page 1
<PAGE>   66

         Upon receipt of this certificate, the holder of this certificate is
bound by the Trust Agreement and is entitled to the benefits thereunder.

                               Exhibit E - Page 2
<PAGE>   67

         IN WITNESS WHEREOF, the Administrative Trustees of the Trust have
executed this certificate this ____ day of _________, 20__.

                            SEI TRUST I

                            By:
                               ------------------------------------------------
                               Elizabeth B. Chandler, as Administrative Trustee

                            By:
                               -------------------------------------------------
                               J. William Holden, III, as Administrative Trustee

                            By:
                               -------------------------------------------------
                               Douglas L. Miller, as Administrative Trustee

                          CERTIFICATE OF AUTHENTICATION

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

                                               -----------------------------
                                               as Administrative Trustee

                               Exhibit E - Page 3
<PAGE>   68

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned assigns and transfers this Preferred
Security to:

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

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

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

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

(Insert assignee's social security or tax identification number)

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

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

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

(Insert address and zip code of assignee)
and irrevocably appoints

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

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

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

agent to transfer this Preferred Securities Certificate on the books of the
Trust. The agent may substitute another to act for him or her.

Date:
           ------------------------------------

Signature:
           ------------------------------------

(Sign exactly as your name appears on the other side of this Preferred
Securities Certificate)<PAGE>   1

                                                                    EXHIBIT 4.6
===============================================================================

                             SOUTHERN ENERGY, INC.

                                       TO

                             BANKERS TRUST COMPANY,
                                    TRUSTEE.

                          SUBORDINATED NOTE INDENTURE

                         DATED AS OF __________ , 2000

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

<PAGE>   2

                             SOUTHERN ENERGY, INC.
         RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939 AND
         SUBORDINATED NOTE INDENTURE, DATED AS OF ____________ 1, 2000

<TABLE>
<CAPTION>
                    TRUST INDENTURE
                      ACT SECTION                                                                    INDENTURE SECTION

<S>      <C>                                                                                         <C>
(S)      310(a)(1)...............................................................................               609
            (a)(2)...............................................................................               609
            (a)(3)...............................................................................    Not Applicable
            (a)(4)...............................................................................    Not Applicable
            (b)..................................................................................               608
                                                                                                                610
(S)  311(a)......................................................................................               613
         311(b)(4)...............................................................................            613(a)
            (b)(6)...............................................................................            613(b)
(S)      312(a)..................................................................................               701
                                                                                                             702(a)
            (c)..................................................................................            702(b)
(S)      313(a)..................................................................................            703(a)
         313(b)..................................................................................            703(b)
         313(c)..................................................................................            703(c)
                                                                                                                704
            (d)..................................................................................            703(c)
(S)      314(a)..................................................................................         704, 1007
            (b)..................................................................................    Not Applicable
            (c)(1)...............................................................................               102
            (c)(2)...............................................................................               102
            (c)(3)...............................................................................    Not Applicable
            (d)..................................................................................    Not Applicable
            (e)..................................................................................               102
(S)      315(a)..................................................................................            601(a)
            (b)..................................................................................               602
            (c)..................................................................................            601(b)
            (d)..................................................................................            601(c)
            (d)(1)...............................................................................         601(a)(1)
            (d)(2)...............................................................................         601(c)(2)
            (d)(3)...............................................................................         601(c)(3)
            (e)..................................................................................               514
(S)      316(a)..................................................................................               101
            (a)(1)(A)............................................................................               502
                                                                                                                512
            (a)(1)(B)............................................................................               513
            (a)(2)...............................................................................    Not Applicable
            (b)..................................................................................               508
(S)      317(a)(1)...............................................................................               503
            (a)(2)...............................................................................               504
            (b)..................................................................................              1003
(S)      318(a)..................................................................................               107
</TABLE>

<PAGE>   3

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                       PAGE

<S>                                                                                                                    <C>
Parties..........................................................................................................        1
Recitals of the Company..........................................................................................        1

ARTICLE ONE   DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION............................................        1

         SECTION 101. DEFINITIONS................................................................................        1
                  Act............................................................................................        2
                  Additional Interest............................................................................        2
                  Affiliate......................................................................................        2
                  Authenticating Agent...........................................................................        2
                  Board of Directors.............................................................................        3
                  Board Resolution...............................................................................        3
                  Business Day...................................................................................        3
                  Commission.....................................................................................        3
                  Company........................................................................................        3
                  Company Request or Company Order...............................................................        3
                  Corporate Trust Office.........................................................................        3
                  Corporation....................................................................................        3
                  Defaulted Interest.............................................................................        3
                  Depositary.....................................................................................        3
                  Event of Default...............................................................................        4
                  Global Security................................................................................        4
                  Guarantee......................................................................................        4
                  Holder.........................................................................................        4
                  Indenture......................................................................................        4
                  Interest Payment Date..........................................................................        4
                  Junior Subordinated Note.......................................................................        4
                  Maturity.......................................................................................        4
                  Officers' Certificate..........................................................................        4
                  Opinion of Counsel.............................................................................        4
                  Outstanding....................................................................................        4
                  Paying Agent...................................................................................        5
                  Person.........................................................................................        5
                  Predecessor Security...........................................................................        5
                  Property Trustee...............................................................................        5
                  Redemption Date................................................................................        5
                  Redemption Price...............................................................................        5
                  Regular Record Date............................................................................        6
                  Responsible Officer............................................................................        6
                  Securities Trust...............................................................................        6
                  Security Register and Security Registrar.......................................................        6
                  Senior Indebtedness............................................................................        6
</TABLE>

                                       i
<PAGE>   4

<TABLE>

<S>                                                                                                                     <C>
                  Special Record Date............................................................................        6
                  Stated Maturity................................................................................        6
                  Trust Agreement................................................................................        7
                  Trust Indenture Act............................................................................        7
                  Trust Securities...............................................................................        7
                  Trustee........................................................................................        7
                  Vice President.................................................................................        7
         SECTION 102. COMPLIANCE CERTIFICATES AND OPINIONS.......................................................        7
         SECTION 103. FORM OF DOCUMENTS DELIVERED TO TRUSTEE.....................................................        7
         SECTION 104. ACTS OF HOLDERS............................................................................        7
         SECTION 105. NOTICES, ETC., TO TRUSTEE AND COMPANY......................................................       10
         SECTION 106. NOTICE TO HOLDERS OF JUNIOR SUBORDINATED NOTES; WAIVER.....................................       10
         SECTION 107. CONFLICT WITH TRUST INDENTURE ACT..........................................................       10
         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.............................................................................       12

ARTICLE TWO......................................................................................................       12

         SECTION 201. FORMS GENERALLY............................................................................       12
         SECTION 202. FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION............................................       12
         SECTION 203. JUNIOR SUBORDINATED NOTES ISSUABLE IN THE FORM OF A GLOBAL SECURITY........................       12

ARTICLE THREE  THE JUNIOR SUBORDINATED NOTES.....................................................................       14

         SECTION 301. AMOUNT UNLIMITED; ISSUABLE IN SERIES.......................................................       14
         SECTION 302. EXECUTION, AUTHENTICATION, DELIVERY AND DATING.............................................       17
         SECTION 303. REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE........................................       18
         SECTION 304. MUTILATED, DESTROYED, LOST AND STOLEN JUNIOR SUBORDINATED NOTES............................       19
         SECTION 305. PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED.............................................       20
         SECTION 306. PERSONS DEEMED OWNERS......................................................................       21
         SECTION 307. CANCELLATION...............................................................................       21
         SECTION 308. COMPUTATION OF INTEREST....................................................................       22

ARTICLE FOUR  SATISFACTION AND DISCHARGE.........................................................................       22

         SECTION 401. SATISFACTION AND DISCHARGE OF INDENTURE....................................................       22
         SECTION 402. APPLICATION OF TRUST MONEY.................................................................       24
         SECTION 403. SATISFACTION, DISCHARGE AND DEFEASANCE OF SECURITIES OF ANY SERIES.........................       24

ARTICLE FIVE  REMEDIES...........................................................................................       25

         SECTION 501. EVENTS OF DEFAULT..........................................................................       25

</TABLE>

                                       ii
<PAGE>   5
<TABLE>
<S>      <C>                                                                                                            <C>
         SECTION 502. ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.........................................       27
         SECTION 503. COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE............................       27
         SECTION 504. TRUSTEE MAY FILE PROOFS OF CLAIM...........................................................       28
         SECTION 505. TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF JUNIOR SUBORDINATED NOTES.................       29
         SECTION 506. APPLICATION OF MONEY COLLECTED.............................................................       29
         SECTION 507. LIMITATION ON SUITS........................................................................       29
         SECTION 508. UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM AND INTEREST..................       30
         SECTION 509. RESTORATION OF RIGHTS AND REMEDIES.........................................................       30
         SECTION 510. RIGHTS AND REMEDIES CUMULATIVE.............................................................       31
         SECTION 511. DELAY OR OMISSION NOT WAIVER...............................................................       31
         SECTION 512. CONTROL BY HOLDERS OF JUNIOR SUBORDINATED NOTES............................................       31
         SECTION 513. WAIVER OF PAST DEFAULTS....................................................................       31
         SECTION 514. UNDERTAKING FOR COSTS......................................................................       32
         SECTION 515. WAIVER OF STAY OR EXTENSION LAWS...........................................................       32

ARTICLE SIX THE TRUSTEE..........................................................................................       32

         SECTION 601. CERTAIN DUTIES AND RESPONSIBILITIES........................................................       32
         SECTION 602. NOTICE OF DEFAULTS.........................................................................       34
         SECTION 603. CERTAIN RIGHTS OF TRUSTEE..................................................................       34
         SECTION 604. NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF JUNIOR SUBORDINATED NOTES......................       35
         SECTION 605. MAY HOLD JUNIOR SUBORDINATED NOTES.........................................................       36
         SECTION 606. MONEY HELD IN TRUST........................................................................       36
         SECTION 607. COMPENSATION AND REIMBURSEMENT.............................................................       35
         SECTION 608. DISQUALIFICATION; 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
         SECTION 614. APPOINTMENT OF AUTHENTICATING AGENT........................................................       40

ARTICLE SEVEN   HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY................................................       42

         SECTION 701. COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS..................................       42
         SECTION 702. PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS.....................................       42
</TABLE>

                                      iii

<PAGE>   6

<TABLE>

<S>                                                                                                                     <C>
         SECTION 703. REPORTS BY TRUSTEE.........................................................................       43
         SECTION 704. REPORTS BY COMPANY.........................................................................       43

ARTICLE EIGHT  CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE..............................................       44

         SECTION 801. COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS.......................................       44
         SECTION 802. SUCCESSOR CORPORATION SUBSTITUTED..........................................................       44

ARTICLE NINE  SUPPLEMENTAL INDENTURES............................................................................       45

         SECTION 901. SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS.........................................       45
         SECTION 902. SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS............................................       46
         SECTION 903. GENERAL PROVISIONS REGARDING SUPPLEMENTAL INDENTURE........................................       47
         SECTION 904. EXECUTION OF SUPPLEMENTAL INDENTURES.......................................................       47
         SECTION 905. EFFECT OF SUPPLEMENTAL INDENTURES..........................................................       47
         SECTION 906. CONFORMITY WITH TRUST INDENTURE ACT........................................................       47
         SECTION 907. REFERENCE IN JUNIOR SUBORDINATED NOTES TO SUPPLEMENTAL INDENTURES..........................       48

ARTICLE TEN   COVENANTS..........................................................................................       48

         SECTION 1001. PAYMENT OF PRINCIPAL AND INTEREST.........................................................       48
         SECTION 1002. MAINTENANCE OF OFFICE OR AGENCY...........................................................       48
         SECTION 1003. MONEY FOR JUNIOR SUBORDINATED NOTES PAYMENTS TO BE HELD IN TRUST..........................       49
         SECTION 1004. ADDITIONAL INTEREST.......................................................................       50
         SECTION 1005. CORPORATE EXISTENCE.......................................................................       50
         SECTION 1006. LIMITATIONS ON DIVIDEND AND CERTAIN OTHER PAYMENTS........................................       51
         SECTION 1007. STATEMENT AS TO COMPLIANCE................................................................       51
         SECTION 1008. WAIVER OF CERTAIN COVENANTS...............................................................       51
         SECTION 1009. COVENANTS REGARDING TRUST.................................................................       52

ARTICLE ELEVEN   REDEMPTION OF JUNIOR SUBORDINATED NOTES.........................................................       52

         SECTION 1101. APPLICABILITY OF ARTICLE..................................................................       52
         SECTION 1102. ELECTION TO REDEEM; NOTICE TO TRUSTEE.....................................................       52
         SECTION 1103. SELECTION BY TRUSTEE OF JUNIOR SUBORDINATED NOTES TO BE REDEEMED..........................       53
         SECTION 1104. NOTICE OF REDEMPTION......................................................................       53
         SECTION 1105. DEPOSIT OF REDEMPTION PRICE...............................................................       54
         SECTION 1106. JUNIOR SUBORDINATED NOTES PAYABLE ON REDEMPTION DATE......................................       54
         SECTION 1107. JUNIOR SUBORDINATED NOTES REDEEMED IN PART................................................       55

ARTICLE TWELVE  SINKING FUNDS....................................................................................       55
</TABLE>

                                       iv
<PAGE>   7

<TABLE>

<S>                                                                                                                     <C>
         SECTION 1201. APPLICABILITY OF ARTICLE..................................................................       55
         SECTION 1202. SATISFACTION OF SINKING FUND PAYMENTS WITH JUNIOR SUBORDINATED NOTES......................       55
         SECTION 1203. REDEMPTION OF JUNIOR SUBORDINATED NOTES FOR SINKING FUND..................................       56

ARTICLE THIRTEEN  SUBORDINATION..................................................................................       56

         SECTION 1301. JUNIOR SUBORDINATED NOTES SUBORDINATE TO SENIOR INDEBTEDNESS..............................       56
         SECTION 1302. PAYMENT OF PROCEEDS UPON DISSOLUTION, ETC.................................................       56
         SECTION 1303. NO PAYMENT WHEN SENIOR INDEBTEDNESS IN DEFAULT............................................       57
         SECTION 1304. PAYMENT PERMITTED IF NO DEFAULT...........................................................       58
         SECTION 1305. SUBROGATION TO RIGHTS OF HOLDERS OF SENIOR INDEBTEDNESS...................................       58
         SECTION 1306. PROVISIONS SOLELY TO DEFINE RELATIVE RIGHTS...............................................       58
         SECTION 1307. TRUSTEE TO EFFECTUATE SUBORDINATION.......................................................       59
         SECTION 1308. NO WAIVER OF SUBORDINATION PROVISIONS.....................................................       59
         SECTION 1309. TRUST MONEYS NOT SUBORDINATED.............................................................       60
         SECTION 1310. NOTICE TO THE TRUSTEE.....................................................................       60
         SECTION 1311. RELIANCE ON JUDICIAL ORDER OR CERTIFICATE OF LIQUIDATING AGENT............................       61
         SECTION 1312. TRUSTEE NOT FIDUCIARY FOR HOLDERS OF SENIOR INDEBTEDNESS..................................       61
         SECTION 1313. RIGHTS OF TRUSTEE AS HOLDER OF SENIOR  INDEBTEDNESS;  PRESERVATION  OF  TRUSTEE'S
                       RIGHTS....................................................................................       61
         SECTION 1314. ARTICLE APPLICABLE TO PAYING AGENTS.......................................................       61
         SECTION 1315. RELIANCE BY HOLDERS OF SENIOR INDEBTEDNESS ON SUBORDINATION PROVISIONS....................       62

ARTICLE FOURTEEN   MISCELLANEOUS PROVISIONS......................................................................       62

         SECTION 1401. NO RECOURSE AGAINST OTHERS................................................................       62
         SECTION 1402. SET-OFF...................................................................................       62
         SECTION 1403. ASSIGNMENT; BINDING EFFECT................................................................       62
         SECTION 1404. ADDITIONAL INTEREST.......................................................................       63
</TABLE>

                                       v
<PAGE>   8

                          SUBORDINATED NOTE INDENTURE

         THIS SUBORDINATED NOTE INDENTURE is made as of _________, 2000,
between SOUTHERN ENERGY, INC., a corporation duly organized and existing under
the laws of the State of Delaware (herein called the "Company"), having its
principal office at 900 Ashwood Parkway, Suite 500, Atlanta, Georgia 30338, and
BANKERS TRUST COMPANY, a banking corporation duly organized and existing under
the laws of the State of New York, having its principal corporate trust office
at Four Albany Street, New York, New York 10006, as Trustee (herein called the
"Trustee").

                              W I T N E S S E T H:

         WHEREAS, the Company has duly authorized the execution and delivery of
this Subordinated Note Indenture to provide for the issuance from time to time
of its unsecured subordinated debentures, notes or other evidences of
indebtedness (herein called the "Junior Subordinated Notes"), to be issued in
one or more series as provided in this Subordinated Note Indenture; and

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

         NOW, THEREFORE, for and in consideration of the premises and the
purchase of the Junior Subordinated Notes by the Holders thereof, it is
mutually covenanted and agreed, for the equal and proportionate benefit of all
Holders of the Junior Subordinated Notes or of any series thereof, as follows:

                                  ARTICLE ONE

                        DEFINITIONS AND OTHER PROVISIONS
                             OF GENERAL APPLICATION

SECTION 101.               DEFINITIONS.

         For all purposes of this Subordinated Note 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 in the United States of America, and,
         except as otherwise herein expressly provided, the term "generally
         accepted accounting principles" with respect to any computation
         required or permitted

                                       1
<PAGE>   9

         hereunder shall mean such accounting principles as are generally
         accepted in the United States of America at the date of such
         computation;

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

                  (5)      Trust Securities related to a particular series of
         Junior Subordinated Notes means the series of Trust Securities the
         proceeds of the sale of which were loaned to the Company in exchange
         for such series of Junior Subordinated Notes, and the guarantee
         related to such series of Trust Securities means the guarantee
         pursuant to which the Company has guaranteed, to the extent stated
         therein, the payment of distributions and certain other amounts with
         respect to such series of Trust Securities.

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

         "Act" when used with respect to any Holder of a Junior Subordinated
Note, has the meaning specified in Section 104.

         "Additional Interest" means (i) such additional amounts as may be
required so that the net amounts received and retained by the Holder (if the
Holder is a Securities Trust) after paying taxes, duties, assessments or
governmental charges of whatever nature (other than withholding taxes) imposed
by the United States or any other taxing authority will not be less than the
amounts the Holder would have received had no such taxes, duties, assessments
or other governmental charges been imposed; and (ii) any interest due and not
paid on an Interest Payment Date, together with interest thereon from such
Interest Payment Date to the date of payment, compounded quarterly, on each
Interest Payment Date.

         "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. Notwithstanding the foregoing, any Securities Trust organized by the
Company shall not be deemed to be an Affiliate of the Company.

         "Authenticating Agent" means any Person or Persons authorized by the
Trustee to authenticate one or more series of Junior Subordinated Notes.

         "Board of Directors" means either the board of directors of the
Company or any duly authorized committee of the officers and/or directors of
the Company appointed by 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.

                                       2
<PAGE>   10

         "Business Day" means a day other than (i) a Saturday or a Sunday, (ii)
a day on which banks in New York, New York are authorized or obligated by law
or executive order to remain closed, or (iii) a day on which the Trustee's
Corporate Trust Office or Property Trustee's principal corporate trust office
is closed for business.

         "Commission" means the Securities and Exchange Commission, as from
time to time constituted, created under the Securities Exchange Act of 1934, as
amended, 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 corporation shall have become
such pursuant to the applicable provisions of this Subordinated Note Indenture,
and thereafter "Company" shall mean such successor corporation.

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

         "Corporate Trust Office" means the office of the Trustee in the
Borough of Manhattan, New York City, at which at any particular time its
corporate trust business shall be principally administered, which office at the
date of execution of this Subordinated Note Indenture is located at Four Albany
Street, New York, New York 10006.

         "Corporation" includes corporations, partnerships, limited liability
companies, associations, companies and business trusts.

         "Defaulted Interest" has the meaning specified in Section 305.

         "Depositary" means, unless otherwise specified by the Company pursuant
to either Section 203 or 301, with respect to Junior Subordinated Notes of any
series issuable or issued as a Global Security, The Depository Trust Company,
New York, New York, or any successor thereto registered as a clearing agency
under the Securities Exchange Act of 1934, as amended, or other applicable
statute or regulation.

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

         "Global Security" means, with respect to any series of Junior
Subordinated Notes issued hereunder, a Junior Subordinated Note that is
executed by the Company and authenticated and delivered by the Trustee to the
Depositary or pursuant to the Depositary's instruction, all in accordance with
Section 203 of this Indenture and any indenture supplemental hereto.

         "Guarantee" means a Guarantee Agreement, if any, executed and
delivered by the Company for the benefit of the holders from time to time of
all or a portion of the Trust Securities of a Securities Trust.

                                       3
<PAGE>   11

         "Holder", when used with respect to any Junior Subordinated Note,
means the Person in whose name the Junior Subordinated Note is registered in
the Security Register.

         "Indenture" means this instrument as originally executed or as it may
from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof
and shall include the terms of the particular series of Junior Subordinated
Notes established as contemplated by Section 301.

         "Interest Payment Date", when used with respect to any series of
Junior Subordinated Notes, means the dates established for the payment of
interest thereon, as provided in the supplemental indenture for such series.

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

         "Maturity", when used with respect to any Junior Subordinated Note,
means the date on which the principal of such Junior Subordinated Note 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.

         "Officers' Certificate" means a certificate signed by the Chairman of
the Board, 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.

         "Opinion of Counsel" means a written opinion of counsel, who may be
counsel for the Company, and who shall be acceptable to the Trustee.

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

                  (i)      Junior Subordinated Notes theretofore canceled by the
         Trustee or delivered to the Trustee for cancellation;

                  (ii)     Junior Subordinated Notes 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 Junior Subordinated Notes; provided that if such Junior
         Subordinated Notes are to be redeemed, notice of such redemption has
         been duly given pursuant to this Indenture or provision therefor
         satisfactory to the Trustee has been made;

                  (iii)    Junior Subordinated Notes that have been paid or in
         exchange for or in lieu of which other Junior Subordinated Notes have
         been authenticated and delivered pursuant

                                       4
<PAGE>   12

         to this Indenture, other than any such Junior Subordinated Notes in
         respect of which there shall have been presented to the Trustee proof
         satisfactory to it that such Junior Subordinated Notes are held by a
         bona fide purchaser in whose hands such Junior Subordinated Notes are
         valid obligations of the Company; and

                  (iv)     Junior Subordinated Notes, or portions thereof,
         converted into or exchanged for another security if the terms of such
         Junior Subordinated Notes provide for such conversion or exchange;

provided, however, that in determining, during any period in which any Junior
Subordinated Notes of a series are owned by any Person other than the Company
or any Affiliate thereof, whether the Holders of the requisite principal amount
of Outstanding Junior Subordinated Notes of such series have given any request,
demand, authorization, direction, notice, consent or waiver hereunder, Junior
Subordinated Notes of such series owned by the Company or any Affiliate thereof
shall be disregarded and deemed not to be Outstanding. In determining whether
the Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Junior Subordinated
Notes that the Trustee knows to be so owned by the Company or an Affiliate of
the Company in the above circumstances shall be so disregarded. Junior
Subordinated Notes so owned that 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 Junior Subordinated
Notes and that the pledgee is not the Company or any Affiliate of the Company.

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

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

         "Predecessor Security" of any particular Junior Subordinated Note
means every previous Junior Subordinated Note evidencing all or a portion of
the same debt as that evidenced by such particular Junior Subordinated Note;
and, for the purposes of this definition, any Junior Subordinated Note
authenticated and delivered under Section 304 in exchange for or in lieu of a
mutilated, destroyed, lost or stolen Junior Subordinated Note shall be deemed
to evidence the same debt as the mutilated, destroyed, lost or stolen Junior
Subordinated Note.

         "Property Trustee", when used with respect to the Junior Subordinated
Notes of any series, means the Person designated as such in the related Trust
Agreement.

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

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

                                       5
<PAGE>   13

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

         "Responsible Officer", when used with respect to the Trustee, means
any managing director, any vice president, any assistant vice president, any
assistant secretary, any assistant treasurer or any other officer of the
Corporate Trust and Agency Group of the Trustee customarily performing
functions similar to those performed by any of the above designated officers
and also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of his knowledge of and
familiarity with the particular subject.

         "Securities Trust" means any statutory business trust formed by the
Company or an Affiliate to issue Trust Securities, the proceeds of which will
be used to purchase Junior Subordinated Notes of one or more series.

         "Security Register" and "Security Registrar" have the respective
meanings specified in Section 303.

         "Senior Indebtedness" means, with respect to the Company, (i) any
payment due in respect of indebtedness of the Company, whether outstanding at
the date of execution of this Subordinated Note Indenture or thereafter
incurred, created or assumed, (a) in respect of money borrowed (including any
financial derivative, hedging or futures contract or similar instrument) and
(b) evidenced by securities, debentures, bonds, notes or other similar
instruments issued by the Company which, by their terms, are senior or senior
subordinated debt securities including, without limitation, all obligations
under its indentures with various trustees; (ii) all capital lease obligations;
(iii) all obligations issued or assumed as the deferred purchase price of
property, all conditional sale obligations and all obligations of the Company
under any title retention agreement (but excluding trade accounts payable
arising in the ordinary course of business and long-term purchase obligations);
(iv) all obligations for the reimbursement of any letter of credit, banker's
acceptance, security purchase facility or similar credit transaction; (v) all
obligations of the type referred to in clauses (i) through (iv) above of other
persons the payment of which the Company is responsible or liable as obligor,
guarantor or otherwise; and (vi) all obligations of the type referred to in
clauses (i) through (v) above of other persons secured by any lien on any
property or asset of the Company (whether or not such obligation is assumed by
the Company), except for (1) any such indebtedness that is by its terms
subordinated to or pari passu with the Junior Subordinated Notes and (2) any
unsecured indebtedness between or among the Company or its Affiliates. Such
Senior Indebtedness shall continue to be entitled to the benefits of the
subordination provisions contained in Article Thirteen irrespective of any
amendment, modification or waiver of any term of such Senior Indebtedness.

         "Special Record Date" for the payment of any Defaulted Interest on the
Junior Subordinated Notes of any series means a date fixed by the Trustee
pursuant to Section 305.

         "Stated Maturity", when used with respect to any Junior Subordinated
Note or any installment of principal thereof or interest thereon, means the
date specified in such Junior

                                       6
<PAGE>   14

Subordinated Note as the fixed date on which the principal of such Junior
Subordinated Note or such installment of principal or interest is due and
payable.

         "Trust Agreement", when used with respect to a Securities Trust, means
the agreement or instrument that governs the affairs of such Securities Trust.

         "Trust Indenture Act" means the Trust Indenture Act of 1939, as
amended, and any reference herein to the Trust Indenture Act or a particular
provision thereof shall mean such Trust Indenture Act or provision, as the case
may be, as amended or replaced from time to time.

         "Trust Securities" means the securities issued by a Securities Trust
evidencing the entire beneficial interest therein.

         "Trustee" means the Person named as the "Trustee" in the first
paragraph of this instrument until a successor Trustee shall have become such
with respect to one or more series of Junior Subordinated Notes 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 Junior
Subordinated Notes of any series shall mean the Trustee with respect to Junior
Subordinated Notes of that series.

         "U.S. Government Obligations" means direct obligations of the United
States for the payment of which its full faith and credit is pledged, or
obligations of a person controlled or supervised by and acting as an agency or
instrumentality of the United States and the payment of which is
unconditionally guaranteed by the United States, and shall also include a
depository receipt issued by a bank or trust company as custodian with respect
to any such U.S. Government Obligation or a specific payment of interest on or
principal of any such U.S. Government Obligation held by such custodian for the
account of a holder of a depository receipt; provided that (except as required
by law) such custodian is not authorized to make any deduction from the amount
payable to the holder of such depository receipt from any amount received by
the custodian in respect of the U.S. Government Obligation or the specific
payment of interest on or principal of the U.S. Government Obligation evidenced
by such depository receipt.

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

                                       7
<PAGE>   15

         Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include

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

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

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

                  (iv)     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 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.

         (a)      Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken
by Holders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in

                                       8
<PAGE>   16

person or by agent duly appointed in writing. 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.

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

         (c)      The principal amount and serial numbers of Junior
Subordinated Notes held by any Person, and the date of holding the same, shall
be proved by the Security Register.

         (d)      Any request, demand, authorization, direction, notice,
consent, election, waiver or other Act of the Holder of any Junior Subordinated
Note shall bind every future Holder of the same Junior Subordinated Note and
the Holder of every Junior Subordinated Note 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
Junior Subordinated Note.

         (e)      The fact and date of execution of any such instrument or
writing and the authority of the Person executing the same may also be proved
in any other manner which the Trustee deems sufficient; and the Trustee may in
any instance require further proof with respect to any of the matters referred
to in this Section.

         (f)      If the Company shall solicit from the Holders of Junior
Subordinated Notes of any series any Act, the Company may, at its option, by
Board Resolution, fix in advance a record date for the determination of Holders
of Junior Subordinated Notes entitled to take such Act, but the Company shall
have no obligation to do so. Any such record date shall be fixed at the
Company's discretion. If such a record date is fixed, such Act may be sought or
given before or after the record date, but only the Holders of record at the
close of business on such record date shall be deemed to be Holders of Junior
Subordinated Notes for the purpose of determining whether Holders of the
requisite proportion of Junior Subordinated Notes of such series Outstanding
have authorized or agreed or consented to such Act, and for that purpose the
Junior Subordinated Notes of such series Outstanding shall be computed as of
such record date.

                                       9
<PAGE>   17

SECTION 105.               NOTICES, ETC., TO TRUSTEE AND COMPANY.

         Any request, demand, authorization, direction, notice, consent,
election, 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 of a Junior Subordinated
         Note or by the Company shall be sufficient for every purpose hereunder
         if made, given, furnished or filed in writing to or with the Trustee
         at its Corporate Trust Office, Attention: Corporate Trust and Agency
         Group, 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 the attention of its Treasurer,
         900 Ashwood Parkway, Suite 500, Atlanta, Georgia 30338, or at any
         other address previously furnished in writing to the Trustee by the
         Company.

SECTION 106.               NOTICE TO HOLDERS OF JUNIOR SUBORDINATED NOTES;
                           WAIVER.

         Except as otherwise expressly provided herein, where this Indenture
provides for notice to Holders of Junior Subordinated Notes of any event, such
notice shall be sufficiently given if in writing and mailed, first-class
postage prepaid, to each Holder affected by such event, at his address as it
appears in the Security Register, not later than the latest date, and not
earlier than the earliest date, prescribed for the giving of such Notice.

         In case by reason of the suspension of regular mail service or by
reason of any other cause it shall be impracticable to give such notice by
mail, then such notification as shall be made with the approval of the Trustee
shall constitute a sufficient notification for every purpose hereunder. 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 of Junior Subordinated Notes 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.

SECTION 107.               CONFLICT WITH TRUST INDENTURE ACT.

         If any provision hereof limits, qualifies or conflicts with a
provision of the Trust Indenture Act that is required to be a part of and
govern this Indenture, such required provision shall control.

                                      10
<PAGE>   18

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 the Junior Subordinated
Notes 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 the Junior Subordinated Notes, express or
implied, shall give to any Person, other than the parties hereto, their
successors hereunder and the Holders of Junior Subordinated Notes and, to the
extent provided in Section 1403, the holders of Senior Indebtedness or Trust
Securities, any benefit or any legal or equitable right, remedy or claim under
this Indenture.

SECTION 112.               GOVERNING LAW.

         THIS INDENTURE AND THE JUNIOR SUBORDINATED NOTES SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK.
THE COMPANY HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE UNITED STATES
DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK. THE COMPANY IRREVOCABLY
CONSENTS AND AGREES, FOR THE BENEFIT OF THE HOLDERS FROM TIME TO TIME OF THE
SECURITIES AND THE TRUSTEE, THAT ANY LEGAL ACTION, SUIT OR PROCEEDING AGAINST
IT WITH RESPECT TO ITS OBLIGATIONS, LIABILITIES OR ANY OTHER MATTER ARISING OUT
OF OR IN CONNECTION WITH THIS INDENTURE OR THE SECURITIES MAY BE BROUGHT IN THE
SUPREME COURT OF NEW YORK, NEW YORK COUNTY OR THE UNITED STATES DISTRICT COURT
FOR THE SOUTHERN DISTRICT OF NEW YORK AND ANY APPELLATE COURT FROM EITHER
THEREOF AND, UNTIL AMOUNTS DUE AND TO BECOME DUE IN RESPECT OF THE JUNIOR
SUBORDINATED NOTES HAVE BEEN PAID, HEREBY IRREVOCABLY CONSENTS AND SUBMITS TO
THE NONEXCLUSIVE JURISDICTION OF EACH SUCH COURT IN PERSONAM, GENERALLY AND
UNCONDITIONALLY WITH RESPECT TO ANY ACTION, SUIT OR PROCEEDING FOR ITSELF AND
IN RESPECT OF ITS PROPERTIES, ASSETS AND REVENUES.

                                      11
<PAGE>   19

SECTION 113.               LEGAL HOLIDAYS.

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

                                  ARTICLE TWO

SECTION 201                FORMS GENERALLY.

         The Junior Subordinated Notes of each series shall be in substantially
the form appended to the supplemental indenture authorizing such series, 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 as may, consistently herewith, be determined by the
officers executing such Junior Subordinated Notes, as evidenced by their
execution of the Junior Subordinated Notes.

         The Junior Subordinated Notes of each series shall be issuable in
registered form without coupons.

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

SECTION 202.               FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION.

         The form of the Trustee's Certificate of Authentication for a series
of Junior Subordinated Notes shall be in substantially the form appended to the
supplemental indenture authorizing such series.

SECTION 203.               JUNIOR SUBORDINATED NOTES ISSUABLE IN THE FORM OF A
                           GLOBAL SECURITY.

         (a)      If the Company shall establish pursuant to Section 301 that
the Junior Subordinated Notes of a particular series are to be issued in whole
or in part in the form of one or more Global Securities, then the Company shall
execute and the Trustee shall, in accordance with Section 302 and the Company
Order delivered to the Trustee thereunder, authenticate and deliver such Global

                                      12
<PAGE>   20

Security or Securities, which (i) shall represent, and shall be denominated in
an amount equal to the aggregate principal amount of the Outstanding Junior
Subordinated Notes of such series to be represented by such Global Security or
Securities, (ii) may provide that the aggregate amount of Outstanding Junior
Subordinated Notes represented thereby may from time to time be increased or
reduced to reflect exchanges, (iii) shall be registered in the name of the
Depositary for such Global Security or Securities or its nominee, (iv) shall be
delivered by the Trustee to the Depositary or pursuant to the Depositary's
instruction and (v) shall bear a legend in accordance with the requirements of
the Depositary.

         (b)      Notwithstanding any other provision of this Section 203 or of
Section 303, subject to the provisions of paragraph (c) below, unless the terms
of a Global Security expressly permit such Global Security to be exchanged in
whole or in part for individual Junior Subordinated Notes, a Global Security
may be transferred, in whole but not in part and in the manner provided in
Section 303, only to a nominee of the Depositary for such Global Security, or
to the Depositary, or to a successor Depositary for such Global Security
selected or approved by the Company, or to a nominee of such successor
Depositary.

         (c)      (1)      If at any time the Depositary for a Global Security
         notifies the Company that it is unwilling or unable to continue as
         Depositary for such Global Security or if at any time the Depositary
         for the Junior Subordinated Notes for such series shall no longer be
         eligible or in good standing under the Securities Exchange Act of
         1934, as amended, or other applicable statute or regulation, the
         Company shall appoint a successor Depositary with respect to such
         Global Security. If a successor Depositary for such Global Security is
         not appointed by the Company within 90 days after the Company receives
         such notice or becomes aware of such ineligibility, the Company will
         execute, and the Trustee, upon receipt of a Company Order for the
         authentication and delivery of individual Junior Subordinated Notes of
         such series in exchange for such Global Security, will authenticate
         and deliver individual Junior Subordinated Notes of such series of
         like tenor and terms in definitive form in an aggregate principal
         amount equal to the principal amount of the Global Security in
         exchange for such Global Security.

                  (2)      The Company may at any time and in its sole
         discretion determine that the Junior Subordinated Notes of any series
         issued or issuable in the form of one or more Global Securities shall
         no longer be represented by such Global Security or Securities. In
         such event the Company will execute, and the Trustee, upon receipt of
         a Company Request for the authentication and delivery of individual
         Junior Subordinated Notes of such series in exchange in whole or in
         part for such Global Security, will authenticate and deliver
         individual Junior Subordinated Notes of such series of like tenor and
         terms in definitive form in an aggregate principal amount equal to the
         principal amount of such Global Security or Securities representing
         such series in exchange for such Global Security or Securities.

                  (3)      If specified by the Company pursuant to Section 301
         with respect to Junior Subordinated Notes issued or issuable in the
         form of a Global Security, the Depositary for such Global Security may
         surrender such Global Security in exchange in whole or in part for
         individual Junior Subordinated Notes of such series of like tenor and
         terms in definitive

                                      13
<PAGE>   21

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

                  (4)      In any exchange provided for in any of the preceding
         three paragraphs, the Company will execute and the Trustee will
         authenticate and deliver individual Junior Subordinated Notes in
         definitive form in authorized denominations. Upon the exchange of the
         entire principal amount of a Global Security for individual Junior
         Subordinated Notes, such Global Security shall be canceled by the
         Trustee. Except as provided in the preceding paragraph, Junior
         Subordinated Notes issued in exchange for a Global Security pursuant
         to this Section shall be registered in such names and in such
         authorized denominations as the Depositary for such Global Security,
         pursuant to instructions from its direct or indirect participants or
         otherwise, shall instruct the Trustee. Provided that the Company and
         the Trustee have so agreed, the Trustee shall deliver such Junior
         Subordinated Notes to the Persons in whose names the Junior
         Subordinated Notes are registered.

                  (5)      Any endorsement of a Global Security to reflect the
         amount, or any increase or decrease in the amount, or changes in the
         rights of Holders, of Outstanding Junior Subordinated Notes
         represented thereby shall be made in such manner and by such Person or
         Persons as shall be specified therein or in the Company Order to be
         delivered pursuant to Section 302 with respect thereto. Subject to the
         provisions of Section 302, the Trustee shall deliver and redeliver any
         such Global Security in the manner and upon instructions given by the
         Person or Persons specified therein or in the applicable Company
         Order. If a Company Order pursuant to Section 302 has been, or
         simultaneously is, delivered, any instructions by the Company with
         respect to such Global Security shall be in writing but need not be
         accompanied by or contained in an Officers' Certificate and need not
         be accompanied by an Opinion of Counsel.

                                 ARTICLE THREE

                         THE JUNIOR SUBORDINATED NOTES

SECTION 301.               AMOUNT UNLIMITED; ISSUABLE IN SERIES.

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

         The Junior Subordinated Notes may be issued in one or more series.
There may be established, pursuant to one or more indentures supplemental
hereto, prior to the issuance of Junior Subordinated Notes of any series,

                                      14
<PAGE>   22

                  (1)      the title of the Junior Subordinated Notes of the
         series (which shall distinguish the Junior Subordinated Notes of the
         series from Junior Subordinated Notes of all other series);

                  (2)      any limit upon the aggregate principal amount of the
         Junior Subordinated Notes of the series which may be authenticated and
         delivered under this Indenture (except for Junior Subordinated Notes
         authenticated and delivered upon registration of transfer of, or in
         exchange for, or in lieu of, other Junior Subordinated Notes of the
         series pursuant to Sections 203, 303, 304, 907 or 1107);

                  (3)      the Person to whom interest on a Junior Subordinated
         Note of the series shall be payable if other than the Person in whose
         name that Junior Subordinated Note (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 the
         Junior Subordinated Notes of the series is payable, and the right, if
         any, to shorten, extend or advance the Stated Maturity of the Junior
         Subordinated Notes and the conditions to such shortening, extension or
         advancement;

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

                  (6)      the place or places where the principal of (and
         premium, if any) and interest, if any, on Junior Subordinated Notes 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 Junior
         Subordinated Notes of the series may be redeemed, in whole or in part,
         at the option of the Company;

                  (8)      the obligation, if any, of the Company to redeem or
         purchase Junior Subordinated Notes of the series pursuant to any
         sinking fund or analogous provision or at the option of a Holder
         thereof and the period or periods within which, the price or prices at
         which, and the terms and conditions upon which, Junior Subordinated
         Notes of the series shall be redeemed or purchased, in whole or in
         part, pursuant to such obligation;

                  (9)      the denominations in which Junior Subordinated Notes
         of the series shall be issuable;

                  (10)     if the amount of payments of principal of (and
         premium, if any) or interest (including Additional Interest) on the
         Junior Subordinated Notes of the series may be

                                      15
<PAGE>   23

         determined with reference to an index or formula, the manner in which
         such amounts shall be determined;

                  (11)     if other than the principal amount thereof, the
         portion of the principal amount of Junior Subordinated Notes of the
         series which shall be payable upon declaration of acceleration of the
         Maturity thereof pursuant to Section 502;

                  (12)     any deletions from, modifications of or additions to
         the Events of Default or covenants of the Company as provided herein
         pertaining to the Junior Subordinated Notes of the series, and any
         change in the rights of the Trustee or Holders of such series pursuant
         to Section 901 or 902;

                  (13)     any additions to the definitions currently set forth
         in this Indenture with respect to such series;

                  (14)     any exchangeability, conversion or prepayment
         provisions of the Junior Subordinated Notes;

                  (15)     whether the Junior Subordinated Notes of the series
         shall be issued in whole or in part in the form of a Global Security
         or Securities; the terms and conditions, if any, upon which such
         Global Security or Securities may be exchanged in whole or in part for
         certificated Junior Subordinated Notes of such series and of like
         tenor of any authorized denomination and the circumstances under which
         such exchange may occur, if other than in the manner provided for in
         Section 203; the Depositary for such Global Security or Securities;
         and the form of any legend or legends to be borne by any such Global
         Security in addition to or in lieu of the legend referred to in
         Section 203;

                  (16)     the right, if any, of the Company to extend the
         interest payment periods of such series of Junior Subordinated Notes,
         including the maximum duration of any such extension or extensions,
         the Additional Interest, if any, payable on such Junior Subordinated
         Notes during any extension of the interest payment period and any
         notice (which shall include notice to the Trustee) that must be given
         upon the exercise of such right to extend interest payment periods;

                  (17)     any restriction or condition on the transferability
         of such Junior Subordinated Notes; and

                  (18)     any other terms of the series.

         All Junior Subordinated Notes of any one series shall be substantially
identical except as to the date or dates from which interest, if any, shall
accrue and denomination and except as may otherwise be provided in the terms of
such Junior Subordinated Notes determined or established as provided above. All
Junior Subordinated Notes of any one series need not be issued at the same time
and, unless otherwise provided, a series may be reopened for issuances of
additional Junior Subordinated Notes of such series.

                                      16
<PAGE>   24

SECTION 302.               EXECUTION, AUTHENTICATION, DELIVERY AND DATING.

         The Junior Subordinated Notes shall be executed on behalf of the
Company by its Chairman of the Board, its President or one of its Vice
Presidents, under its corporate seal reproduced thereon attested by its
Secretary or one of its Assistant Secretaries. The signature of any of these
officers on the Junior Subordinated Notes may be manual or facsimile.

         Junior Subordinated Notes bearing the manual or facsimile signatures
of individuals who were at the time relevant to the authorization thereof 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 Junior Subordinated Notes or did not hold
such offices at the date of such Junior Subordinated Notes.

         At any time and from time to time after the execution and delivery of
this Indenture, the Company may deliver Junior Subordinated Notes of any series
executed by the Company to the Trustee for authentication, together with a
Company Order for the authentication and delivery of such Junior Subordinated
Notes, and the Trustee, in accordance with the Company Order, shall
authenticate and deliver such Junior Subordinated Notes. If all of the Junior
Subordinated Notes of any series are not to be issued at one time and if the
supplemental indenture establishing such series shall so permit, such Company
Order may set forth procedures acceptable to the Trustee for the issuance of
such Junior Subordinated Notes and determining the terms of particular Junior
Subordinated Notes of such series, such as interest rate, maturity date, date
of issuance and date from which interest shall accrue. In authenticating Junior
Subordinated Notes hereunder, and accepting the additional responsibilities
under this Indenture in relation to such Junior Subordinated Notes, the Trustee
shall be entitled to receive, and (subject to Section 601) shall be fully
protected in relying upon:

                  (1)      an Opinion of Counsel, to the effect that:

                                    (a) the form and terms of such Junior
                           Subordinated Notes or the manner of determining such
                           terms have been established in conformity with the
                           provisions of this Indenture; and

                                    (b) such Junior Subordinated Notes, 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, as to
                           enforcement, to bankruptcy, insolvency,
                           reorganization and other laws of general
                           applicability relating to or affecting the
                           enforcement of creditors' rights and to general
                           equity principles; and

                  (2)      an Officers' Certificate stating, to the best
         knowledge of each signer of such certificate, that no event which is,
         or after notice or lapse of time would become, an Event of Default
         with respect to any of the Junior Subordinated Notes shall have
         occurred and be continuing.

                                      17
<PAGE>   25

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

         If all the Junior Subordinated Notes of any series are not to be
issued at one time, it shall not be necessary to deliver an Opinion of Counsel
and Officers' Certificate at the time of issuance of each such Junior
Subordinated Note, but such opinion and certificate shall be delivered at or
before the time of issuance of the first Junior Subordinated Note of such
series to be issued.

         Each Junior Subordinated Note shall be dated the date of its
authentication.

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

SECTION 303.               REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE.

         The Company shall cause to be kept at the office of the Security
Registrar designated pursuant to this Section 303 or Section 1002 a register
(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 Junior Subordinated Notes and of transfers of Junior Subordinated Notes. The
Trustee is hereby initially appointed as Security Registrar for the purpose of
registering Junior Subordinated Notes and transfers of Junior Subordinated
Notes as herein provided.

         Subject to Section 203, upon surrender for registration of transfer of
any Junior Subordinated Note of any series at the office or agency maintained
for such purpose for such 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 Junior Subordinated Notes of the same series,
Stated Maturity and original issue date, of any authorized denominations and of
like tenor and aggregate principal amount.

         Subject to Section 203, Junior Subordinated Notes of any series may be
exchanged, at the option of the Holder, for Junior Subordinated Notes of the
same series, Stated Maturity and original issue date, of any authorized
denominations and of like tenor and aggregate principal amount, upon surrender
of the Junior Subordinated Notes to be exchanged at any such office or agency.

         Whenever any Junior Subordinated Notes are so surrendered for
exchange, the Company shall execute, and the Trustee shall authenticate and
deliver, the Junior Subordinated Notes that the Holder making the exchange is
entitled to receive.

                                      18
<PAGE>   26

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

         Every Junior Subordinated Note 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 Junior Subordinated Notes, 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 Junior
Subordinated Notes, other than exchanges pursuant to Section 304, 907 or 1107
not involving any transfer.

         The Company shall not be required (i) to issue, to register the
transfer of or to exchange Junior Subordinated Notes of any series during a
period of 15 days immediately preceding the date notice is given identifying
the serial numbers of the Junior Subordinated Notes of that series called for
redemption, or (ii) to issue, to register the transfer of or to exchange any
Junior Subordinated Notes so selected for redemption in whole or in part,
except the unredeemed portion of any Junior Subordinated Note being redeemed in
part.

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

SECTION 304.               MUTILATED, DESTROYED, LOST AND STOLEN JUNIOR
                           SUBORDINATED NOTES.

         If any mutilated Junior Subordinated Note is surrendered to the
Trustee, the Company shall execute and the Trustee shall authenticate and
deliver in exchange therefor a new Junior Subordinated Note of the same series,
Stated Maturity and original issue date, 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 Junior
Subordinated Note 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 Junior
Subordinated Note has been acquired by a bona fide purchaser, the Company shall
execute and upon its request the Trustee shall authenticate and deliver, in
lieu of any such destroyed, lost or stolen Junior Subordinated Note, a new
Junior Subordinated Note of the same series, Stated Maturity and original issue
date, and of like tenor and principal amount and bearing a number not
contemporaneously outstanding.

                                      19
<PAGE>   27

         In case any such mutilated, destroyed, lost or stolen Junior
Subordinated Note has become or is about to become due and payable, the Company
in its discretion may, instead of issuing a new Junior Subordinated Note, pay
such Junior Subordinated Note.

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

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

SECTION 305.               PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED.

         Unless otherwise provided as contemplated by Section 301 with respect
to any series of Junior Subordinated Notes, interest (including Additional
Interest) on any Junior Subordinated Note that is payable, and is punctually
paid or duly provided for, on any Interest Payment Date shall be paid to the
Person in whose name that Junior Subordinated Note (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest.

         Any interest (including Additional Interest) on any Junior
Subordinated Note of any series that is payable, but is not punctually paid or
duly provided for on any Interest Payment Date (herein called "Defaulted
Interest") shall forthwith cease to be payable to the 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 Junior
         Subordinated Notes 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 Junior Subordinated Note 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

                                      20
<PAGE>   28

         Trustee shall fix a Special Record Date for the payment of such
         Defaulted Interest which shall be not more than 15 days and not less
         than 10 days prior to the date of the proposed payment and not less
         than 10 days after the receipt by the Trustee of the notice of the
         proposed payment. The Trustee shall promptly notify the Company of
         such Special Record Date and, in the name and at the expense of the
         Company, shall cause notice of the proposed payment of such Defaulted
         Interest and the Special Record Date therefor to be mailed,
         first-class postage prepaid, to each Holder of Junior Subordinated
         Notes of such series at the address of such Holder as it appears in
         the Security Register, not less than 10 days prior to such Special
         Record Date. Notice of the proposed payment of such Defaulted Interest
         and the Special Record Date therefor having been so mailed, such
         Defaulted Interest shall be paid to the Persons in whose names the
         Junior Subordinated Notes of such series (or their respective
         Predecessor Securities) are registered at the close of business on
         such Special Record Date and shall no longer be payable pursuant to
         the following Clause (2).

                  (2)      The Company may make payment of any Defaulted
         Interest (including Additional Interest, if any) on the Junior
         Subordinated Notes of any series in any other lawful manner not
         inconsistent with the requirements of any securities exchange on which
         such Junior Subordinated Notes 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 Junior
Subordinated Note delivered under this Indenture upon registration of transfer
of or in exchange for or in lieu of any other Junior Subordinated Note shall
carry the rights to interest accrued (including Additional Interest, if any)
and unpaid, and to accrue (including Additional Interest, if any), which were
carried by such other Junior Subordinated Note.

SECTION 306.               PERSONS DEEMED OWNERS.

         Prior to due presentment of a Junior Subordinated Note 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 Junior Subordinated Note
is registered as the absolute owner of such Junior Subordinated Note for the
purpose of receiving payment of principal of (and premium, if any) and (subject
to Section 305) interest (including Additional Interest, if any) on such Junior
Subordinated Note and for all other purposes whatsoever, whether or not such
Junior Subordinated Note 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 307.               CANCELLATION.

         All Junior Subordinated Notes 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 canceled by the Trustee. The
Company may at any time deliver to the Trustee for cancellation any Junior
Subordinated Notes

                                      21
<PAGE>   29

previously authenticated and delivered hereunder which the Company may have
acquired in any manner whatsoever, and all Junior Subordinated Notes so
delivered shall be canceled by the Trustee. No Junior Subordinated Notes shall
be authenticated in lieu of or in exchange for any Junior Subordinated Notes
canceled as provided in this Section, except as expressly permitted by this
Indenture. All canceled Junior Subordinated Notes held by the Trustee shall be
disposed of in accordance with a Company Order or, in the absence of such a
Company Order, in accordance with the Trustee's usual procedure and the Trustee
shall promptly deliver a certificate of disposition to the Company.

SECTION 308.               COMPUTATION OF INTEREST.

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

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

SECTION 401.               SATISFACTION AND DISCHARGE OF INDENTURE.

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

                  (1)      either

                                    (A) all Junior Subordinated Notes
                  theretofore authenticated and delivered (other than (i)
                  Junior Subordinated Notes that have been destroyed, lost or
                  stolen and that have been replaced as provided for in Section
                  304 and (ii) Junior Subordinated Notes 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 Junior Subordinated Notes 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

                                      22
<PAGE>   30

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

                                        (iv)  are deemed paid and discharged
                                     pursuant to Section 403, as applicable;

         and the Company, in the case of (B)(i) or (B)(ii) above, has deposited
         or caused to be deposited with the Trustee as funds in trust for the
         purpose described above an amount sufficient to pay and discharge the
         entire indebtedness on such Junior Subordinated Notes not theretofore
         delivered to the Trustee for cancellation, for principal (and premium,
         if any) and interest to the date of the Stated Maturity or Redemption
         Date, as the case may be, or if later, the date of payment;

                  (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.

         In the event there are Junior Subordinated Notes of two or more series
hereunder, the Trustee shall be required to execute an instrument acknowledging
satisfaction and discharge of this Indenture only if requested to do so with
respect to Junior Subordinated Notes of all series as to which it is Trustee
and if the other conditions thereto are met. In the event there are two or more
Trustees hereunder, then the effectiveness of any such instrument shall be
conditioned upon receipt of such instruments from all Trustees hereunder.

         If, subsequent to the date a discharge is effected pursuant to this
Section 401, Additional Interest (in excess of that established as of the date
such discharge is effected) becomes payable in respect of the series of Junior
Subordinated Notes discharged, in order to preserve the benefits of the
discharge established hereunder, the Company shall irrevocably deposit or cause
to be irrevocably deposited in accordance with the provisions of this Section
401, within ten Business Days prior to the date the first payment in respect of
any portion of such excess Additional Interest becomes due, such additional
funds as are necessary to satisfy the provisions of this Section 401 as if a
discharge were being effected as of the date of such subsequent deposit.
Failure to comply with the requirements of this paragraph shall result in the
termination of the benefits of the discharge established by this Section 401.

         Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 607, the obligations of
the Company to any Authenticating Agent under Section 614 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.

                                      23
<PAGE>   31

SECTION 402.               APPLICATION OF TRUST MONEY.

         (a)      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
Junior Subordinated Notes, and this Indenture, to the payment, either directly
or through any Paying Agent (including the Company or an Affiliate acting as
its own Paying Agent) as the Trustee may determine, to the Persons entitled
thereto, of the principal (and premium, if any) and interest for whose payment
such money has been deposited with the Trustee or to make payments as provided
by Sections 401 or 403.

         (b)      Any monies paid by the Company to the Trustee or any Paying
Agent, or held by the Company in trust, for the payment of the principal (and
premium, if any) or any interest or Additional Interest on any Junior
Subordinated Notes and remaining unclaimed at the end of two years after such
principal (and premium, if any), interest or Additional Interest becomes due
and payable will be repaid to the Company, or released from that trust, upon
its written request, and upon such repayment or release of all liability of the
Company, the Trustee and such Paying Agent with respect thereto will cease.

SECTION 403.               SATISFACTION, DISCHARGE AND DEFEASANCE OF SECURITIES
                           OF ANY SERIES.

         The Company, at its option, (a) will be discharged from any and all
obligations in respect of the Junior Subordinated Notes (except in each case
for the obligations to register the transfer or exchange of the Junior
Subordinated Notes, replace stolen, lost or mutilated Junior Subordinated
Notes, maintain paying agencies and hold monies for payment in trust); or (b)
will be released from its obligations with respect to the Junior Subordinated
Notes (except for the obligations set forth in the preceding clause (a) and
except for the obligations to pay the principal of, premium, if any, and any
interest on the Junior Subordinated Notes, to compensate and indemnify the
Trustee and appoint a successor Trustee, provided that the Company has
deposited or caused to be irrevocably deposited (except as provided in Section
402(c), 607 and the last paragraph of Section 1003) with the Trustee
(specifying that each deposit is pursuant to this Section 403) as trust funds
in trust, specifically pledged as security for, and dedicated solely to, the
benefit of the Holders of the Junior Subordinated Notes, U.S. Government
Obligations which, through the payment of interest and principal in respect
thereof in accordance with their terms, will provide money in an amount
sufficient to pay and discharge the principal and interest on the Outstanding
Junior Subordinated Notes on the dates such payments are due in accordance with
the terms of the Junior Subordinated Notes (or if the Company has designated a
Redemption Date pursuant to the final sentence of this paragraph, to and
including the Redemption Date so designated by the Company), and no Event of
Default or event which with notice or lapse of time would become an Event of
Default (including by reason of such deposit) with respect to the Junior
Subordinated Notes of such series shall have occurred and be continuing on the
date of such deposit. To exercise any such option, the Company is required to
deliver to the Trustee (x) an Opinion of Counsel to the effect that the Holders
of the Junior Subordinated Notes will not recognize income, gain or loss for
federal income tax purposes as a result of such deposit, defeasance and
discharge of certain obligations, which in the case of (a) must be based on a
change in law or a ruling by the U.S. Internal Revenue Service and (y) an
Officers' Certificate as to compliance with all conditions precedent provided
for in the Indenture

                                      24
<PAGE>   32

relating to the satisfaction and discharge of the Junior Subordinated Notes. If
the Company shall wish to deposit or cause to be deposited money or U.S.
Government Obligations to pay or discharge the principal of (and premium, if
any) and interest, if any, on the outstanding Junior Subordinated Notes to and
including a Redemption Date on which all of the outstanding Junior Subordinated
Notes are to be redeemed, such Redemption Date shall be irrevocably designated
by a Board Resolution delivered to the Trustee on or prior to the date of
deposit of U.S. Government Obligations, and such Board Resolution shall be
accompanied by an irrevocable Company Request that the Trustee give notice of
such redemption in the name and at the expense of the Company not less than 30
nor more than 60 days prior to such Redemption Date in accordance with this
Indenture.

                                  ARTICLE FIVE

                                    REMEDIES

SECTION 501.               EVENTS OF DEFAULT.

         "Event of Default", wherever used herein with respect to Junior
Subordinated Notes of any series, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body or occasioned by the operation of Article
Thirteen):

                  (1)      default in the payment of any interest upon any
         Junior Subordinated Note of that series when it becomes due and
         payable on an Interest Payment Date other than at Maturity, including
         Additional Interest (as defined in clause (ii) of the definition
         thereof) in respect thereof, and continuance of such default for a
         period of thirty (30) days; provided, however, that (i) a valid
         extension of the interest payment period by the Company pursuant to
         the terms of a supplemental indenture authorizing the Junior
         Subordinated Notes of that series shall not constitute a default in
         the payment of interest for this purpose and (ii) no such default
         shall be deemed to exist if, on or prior to the date on which such
         interest became due, the Company shall have made a payment sufficient
         to pay such interest pursuant to the Guarantee related to the Trust
         Securities of the Securities Trust owning such series of Junior
         Subordinated Notes, and shall have delivered a notice to the Trustee
         to that effect; or

                  (2)      default in payment of Additional Interest (as defined
         in clause (i) of the definition thereof) and the continuance of such
         default for a period of thirty (30) days; or

                  (3)      default in the payment of the principal of, (or
         premium, if any) or interest (including Additional Interest as defined
         in clause (ii) of the definition thereof) on any Junior Subordinated
         Note of that series at its Maturity; provided, however, that no such
         default in the payment of principal (or premium, if any) or interest
         (including Additional Interest as defined in clause (ii) of the
         definition thereof) shall be deemed to exist if, on or

                                      25
<PAGE>   33

         prior to the date such principal (and premium, if any) or interest
         (including Additional Interest as defined in clause (ii) of the
         definition thereof) became due, the Company shall have made a payment
         sufficient to pay such principal (and premium, if any) or interest
         (including Additional Interest as defined in clause (ii) of the
         definition thereof) pursuant to the Guarantee related to the Trust
         Securities of the Securities Trust owning such series of Junior
         Subordinated Notes, and shall have delivered a notice to the Trustee
         to that effect; or

                  (4)      default in the deposit of any sinking fund payment,
         when and as due by the terms of a Junior Subordinated Note of that
         series and continuance of such default for a period of thirty (30)
         Business Days; or

                  (5)      material default in the performance or material
         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 one or more series of Junior Subordinated Notes other than
         that series), and continuance of such default or breach for a period
         of 90 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
         Junior Subordinated Notes 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

                  (6)      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 as bankrupt or insolvent,
         or approving as properly filed a petition by one or more Persons other
         than the Company 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 for the
         Company or for any substantial part of its property, or ordering the
         winding up or liquidation of its affairs, and the continuance of any
         such decree or order for relief or any such other decree or order
         unstayed and in effect for a period of 90 consecutive days; or

                  (7)      the commencement by the Company of a case or
         proceeding under any applicable federal or state bankruptcy,
         insolvency, reorganization or other similar law or of any other case
         or proceeding to be adjudicated a bankrupt or insolvent, or the
         consent by it to the entry of a decree or order for relief in respect
         of the Company in a case or proceeding under any applicable federal or
         state bankruptcy, insolvency, reorganization or other similar law or
         to the commencement of any bankruptcy or insolvency case or proceeding
         against it, or the filing by it of a petition or answer or consent
         seeking reorganization or relief under any applicable federal or state
         law, or the consent by it to the filing of such petition or to the
         appointment of or taking possession by a custodian, receiver,
         liquidator, assignee, trustee, sequestrator or similar official of the
         Company or 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

                                      26
<PAGE>   34

         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

                  (8)      any other Event of Default provided with respect to
         Junior Subordinated Notes of that series in the supplemental indenture
         authorizing such series.

SECTION 502.               ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.

         If an Event of Default with respect to Junior Subordinated Notes 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 Junior Subordinated Notes of that series may declare the principal
amount (or such portion of the principal amount as may be specified in the
terms of that series) of all of the Junior Subordinated Notes of that series to
be due and payable immediately, by a notice in writing to the Company (and to
the Trustee if given by Holders), and upon any such declaration such principal
amount (or specified amount) shall become immediately due and payable.

         At any time after such a declaration of acceleration with respect to
Junior Subordinated Notes 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, if all Events of Default with respect to
Junior Subordinated Notes of that series, other than the non-payment of the
principal of Junior Subordinated Notes of that series which have become due
solely by such declaration of acceleration, have been cured or waived as
provided in Section 513, then such declaration of acceleration and its
consequences shall be automatically annulled and rescinded. 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 an Event of Default occurs under Section
501(1), (2), (3) or (4) with respect to any Junior Subordinated Notes the
Company will, upon demand of the Trustee, pay to it, for the benefit of the
Holders of such Junior Subordinated Notes, the whole amount then due and
payable on such Junior Subordinated Notes for principal (and premium, if any)
and interest (including Additional Interest, if any) and, to the extent that
payment of such interest shall be legally enforceable, interest on any overdue
principal (and premium, if any) and on any overdue interest (including
Additional Interest, if any), at the rate or rates prescribed therefor in such
Junior Subordinated Notes, and, in addition thereto, such further amount as
shall be sufficient to cover the costs and expenses of collection, including
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due to the Trustee under
Section 607.

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

                                      27
<PAGE>   35

property of the Company or any other obligor upon such Junior Subordinated
Notes, wherever situated.

         If an Event of Default with respect to Junior Subordinated Notes 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 Junior
Subordinated Notes 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 the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceeding relative to the Company or any other obligor upon the
Junior Subordinated Notes or the property of the Company or of such other
obligor or their creditors, the Trustee (irrespective of whether the principal
of the Junior Subordinated Notes shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the
Trustee shall have made any demand on the Company for the payment of overdue
principal or interest) shall be entitled and empowered, by intervention in such
proceeding or otherwise,

                  (1)      to file and prove a claim for the whole amount of
         principal (and premium, if any) and interest (including Additional
         Interest, if any) owing and unpaid in respect of the Junior
         Subordinated Notes and to file such other papers or documents as may
         be necessary or advisable in order to have the claims of the Trustee
         (including any claim for the reasonable compensation, expenses,
         disbursements and advances of the Trustee, its agents and counsel, and
         any other amounts due to the Trustee under Section 607) and of the
         Holders of Junior Subordinated Notes allowed in such judicial
         proceeding, and

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

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such judicial proceeding is hereby authorized by
each Holder of Junior Subordinated Notes 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 of Junior Subordinated Notes, 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.

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

                                      28
<PAGE>   36
SECTION 505.      TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF JUNIOR
                  SUBORDINATED NOTES.

         All rights of action and claims under this Indenture or the Junior
Subordinated Notes may be prosecuted and enforced by the Trustee without the
possession of any of the Junior Subordinated Notes 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 Junior
Subordinated Notes in respect of which such judgment has been recovered.

SECTION 506.      APPLICATION OF MONEY COLLECTED.

         Any money collected by the Trustee pursuant to this Article shall be
applied in the following order, at the date or dates fixed by the Trustee and,
in case of the distribution of such money on account of principal (or premium,
if any) or interest (including Additional Interest, if any), upon presentation
of the Junior Subordinated Notes, and the notation thereon of the payment if
only partially paid and upon surrender thereof if fully paid:

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

                  Second: Subject to Article Thirteen, to the payment of the
         amounts then due and unpaid for principal of (and premium, if any) and
         interest (including Additional Interest, if any) on the Junior
         Subordinated Notes 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 Junior
         Subordinated Notes for principal (and premium, if any) and interest
         (including Additional Interest, if any), respectively; and

                  Third:  The balance, if any, to the Person or Persons entitled
         thereto.

SECTION 507.      LIMITATION ON SUITS.

         No Holder of any Junior Subordinated Note 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 Junior
         Subordinated Notes of that series;

             (2)  the Holders of not less than 25% in principal amount of the
         Outstanding Junior Subordinated Notes 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;

                                       29
<PAGE>   37

             (3)  such Holder or Holders have offered to the Trustee reasonable
         indemnity satisfactory to the Trustee 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 Junior Subordinated
         Notes of that series;

it being understood and intended that no one or more of such Holders shall have
any right in any manner whatsoever 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 but subject to
Article Thirteen, (1) the Holder of any Junior Subordinated Note shall have the
right, which is absolute and unconditional, to receive payment of the principal
of (and premium, if any) and (subject to Section 305) interest (including any
Additional Interest, if any) on such Junior Subordinated Note on the due dates
expressed in such Junior Subordinated Note (or, in the case of redemption, on
the Redemption Date) and to institute suit for the enforcement of any such
payment, and such rights shall not be impaired without the consent of such
Holder; and (2) so long as the Junior Subordinated Notes of any series are held
by a Securities Trust, a registered holder of preferred securities issued by
such Securities Trust may institute a legal proceeding directly against the
Company, without first instituting a legal proceeding directly against or
requesting or directing that action be taken by the Property Trustee of such
Securities Trust or any other Person, for enforcement of payment to such
registered holder of principal of or interest on Junior Subordinated Notes of
such series having a principal amount equal to the aggregate stated liquidation
amount of such preferred securities of such registered holder on or after the
due dates therefor specified or provided for in the Junior Subordinated Notes of
such series.

SECTION 509.      RESTORATION OF RIGHTS AND REMEDIES.

         If the Trustee or any Holder of a Junior Subordinated Note 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 of Junior Subordinated Notes 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.

                                       30
<PAGE>   38

SECTION 510.      RIGHTS AND REMEDIES CUMULATIVE.

         Except as otherwise provided with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Junior Subordinated Notes in the last
paragraph of Section 304, no right or remedy herein conferred upon or reserved
to the Trustee or to the Holders of Junior Subordinated Notes 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 Junior
Subordinated Note to exercise any right or remedy 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 of Junior Subordinated Notes
may be exercised from time to time, and as often as may be deemed expedient, by
the Trustee or by the Holders of Junior Subordinated Notes.

SECTION 512.      CONTROL BY HOLDERS OF JUNIOR SUBORDINATED NOTES.

         The Holders of not less than a majority in principal amount of the
Outstanding Junior Subordinated Notes 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 Junior Subordinated Notes of such series, provided
that

             (1)  such direction shall not be in conflict with any rule of law
         or with this Indenture, and could not involve the Trustee in personal
         liability in circumstances where reasonable indemnity would not be
         adequate, 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 Junior Subordinated Notes of any series may, on behalf of the
Holders of all the Junior Subordinated Notes of such series, waive any past
default hereunder with respect to such series and its consequences, except a
default

             (1)  in the payment of the principal of (or premium, if any) or
         interest (including Additional Interest, if any) on any Junior
         Subordinated Note of such series, or

                                      31
<PAGE>   39

             (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 Junior Subordinated Note 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.

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

SECTION 515.      WAIVER OF 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 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.

     (a) Except during the continuance of an Event of Default with respect to
Junior Subordinated Notes of any series,

                                      32
<PAGE>   40

             (1)  the Trustee undertakes to perform, with respect to Junior
         Subordinated Notes of such series, such duties and only such duties as
         are specifically set forth in this Indenture, and no implied covenants
         or obligations shall be read into this Indenture against the Trustee;
         and

             (2)  in the absence of bad faith on its part, the Trustee may, with
         respect to Junior Subordinated Notes of such series, conclusively
         rely, as to the truth of the statements and the correctness of the
         opinions expressed therein, upon certificates or opinions furnished to
         the Trustee and conforming to the requirements of this Indenture; but
         in the case of any such certificates or opinions which by any
         provision hereof are specifically required to be furnished to the
         Trustee, the Trustee shall be under a duty to examine the same to
         determine whether or not they conform to the requirements of this
         Indenture.

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

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

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

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

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

             (4)  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.

         (d) 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.

                                      33
<PAGE>   41

SECTION 602.      NOTICE OF DEFAULTS.

         Within 90 days after the occurrence of any default hereunder with
respect to the Junior Subordinated Notes of any series, the Trustee shall
transmit by mail to all Holders of Junior Subordinated Notes of such series
entitled to receive reports pursuant to Section 313(c) of the Trust Indenture
Act, notice of all defaults hereunder known to the Trustee, unless such default
shall have been cured or waived; provided, however, that, except in the case of
a default in the payment of the principal of (or premium, if any) or interest
(including Additional Interest, if any) on any Junior Subordinated Note of such
series or in the payment of any sinking fund installment with respect to Junior
Subordinated Notes of such series, the Trustee shall be protected in
withholding such notice if and so long as the board of directors, the executive
committee or a trust committee of directors or Responsible Officers of the
Trustee in good faith determine that the withholding of such notice is in the
interest of the Holders of Junior Subordinated Notes of such series; and
provided further, that in the case of any default of the character specified in
Section 501(5) with respect to Junior Subordinated Notes of such series, no
such notice to Holders shall be given until at least 45 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 Junior Subordinated Notes of such series.

SECTION 603.      CERTAIN RIGHTS OF TRUSTEE.

         Subject to the provisions of Section 601:

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

             (b)  any request or direction of the Company mentioned herein
         shall be sufficiently evidenced by a Company Request or Company Order
         and a resolution of the Board of Directors may be sufficiently
         evidenced by a Board Resolution;

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

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

             (e)  the Trustee shall be under no obligation to exercise any of
         the rights or powers vested in it by this Indenture at the request or
         direction of any of the Holders of

                                      34
<PAGE>   42

         Junior Subordinated Notes of any series pursuant to this Indenture,
         unless such Holders shall have offered to the Trustee reasonable
         security or indemnity satisfactory to the Trustee against the costs,
         expenses and liabilities which might be incurred by it in compliance
         with such request or direction;

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

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

             (h)  the Trustee shall not be charged with knowledge of any Event
         of Default with respect to the Junior Subordinated Notes of any series
         for which it is acting as Trustee unless either (1) a Responsible
         Officer of the Trustee shall have actual knowledge of the Event of
         Default or (2) written notice of such Event of Default shall have been
         given to the Trustee by the Company, any other obligor on such Junior
         Subordinated Notes or by any Holder of such Junior Subordinated Notes.

SECTION 604.      NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF JUNIOR
                  SUBORDINATED NOTES.

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

         The Trustee shall not be deemed to owe any fiduciary duty to the
holders of Trust Securities and shall be entitled to rely on the delivery to it
of a written notice by a Person representing himself to be a holder of a Trust
Security to establish that such Person is such a holder. The Trustee may
conclusively rely on an Officers' Certificate as evidence that the holders of
the necessary percentage of liquidation preference of Trust Securities have
taken any action contemplated hereunder and shall have no duty to investigate
the truth or accuracy of any statement contained therein.

                                      35
<PAGE>   43

SECTION 605.      MAY HOLD JUNIOR SUBORDINATED NOTES.

         The Trustee, any Authenticating Agent, any Paying Agent, any Security
Registrar or any other agent of the Company, in its individual or any other
capacity, may become the owner or pledgee of Junior Subordinated Notes and,
subject to Sections 608 and 613, may otherwise deal with the Company with the
same rights it would have if it were not Trustee, Authenticating Agent, Paying
Agent, Security Registrar or such other agent.

SECTION 606.      MONEY HELD IN TRUST.

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

SECTION 607.      COMPENSATION AND REIMBURSEMENT.

         The Company agrees

             (1)  to pay to the Trustee from time to time such compensation as
         is agreed upon in writing;

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

             (3)  to indemnify the Trustee and its officers, directors and
         employees for, and to hold it harmless against, any loss, liability or
         expense incurred without negligence, willful misconduct or bad faith
         on its part, arising out of or in connection with the acceptance or
         administration of the trust or trusts hereunder, including the costs
         and expenses of defending itself against any claim or liability in
         connection with the exercise or performance of any of its powers or
         duties hereunder.

         As security for the performance of the obligations of the Company under
this Section the Trustee shall have a lien prior to the Junior Subordinated
Notes upon all property and funds held or collected by the Trustee as such,
except funds held in trust for the payment of principal of, premium, if any, or
interest, if any, on particular Junior Subordinated Notes.

         The provisions of this Section 607 shall survive the termination of
this Indenture or the resignation or removal of the Trustee.

                                      36
<PAGE>   44

SECTION 608.      DISQUALIFICATION; CONFLICTING INTERESTS.

         If the Trustee has or shall acquire any conflicting interest, within
the meaning of the Trust Indenture Act, it shall, within 90 days after
ascertaining that it has such conflicting interest, either eliminate such
conflicting 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.

SECTION 609.      CORPORATE TRUSTEE REQUIRED; ELIGIBILITY.

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

SECTION 610.      RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.

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

         (b) The Trustee may resign at any time with respect to the Junior
Subordinated Notes of one or more series by giving written notice thereof to
the Company. If the instrument of acceptance by a successor Trustee required by
Section 611 shall not have been delivered to the Trustee within 30 days after
the giving of such notice of resignation, the resigning Trustee may petition
any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Junior Subordinated Notes of such series.

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

         (d) If at any time:

             (1)  the Trustee shall fail to comply with Section 608 after
     written request therefor by the Company or by any Holder of a Junior
     Subordinated Note who has been a Holder of a Junior Subordinated Note for
     at least six months, or

                                      37
<PAGE>   45

             (2)  the Trustee shall cease to be eligible under Section 609 and
     shall fail to resign after written request therefor by the Company or by
     any such Holder, or

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

then, in any such case, (i) the Company, by a Board Resolution, may remove the
Trustee with respect to all Junior Subordinated Notes, or (ii) subject to
Section 514, any Holder of a Junior Subordinated Note who has been a bona fide
Holder of a Junior Subordinated Note 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 Junior
Subordinated Notes and the appointment of a successor Trustee or Trustees.

         (e) If the Trustee shall resign, be removed or become incapable of
acting, or if a vacancy shall occur in the office of Trustee for any cause,
with respect to the Junior Subordinated Notes of one or more series, the
Company, by a Board Resolution, shall promptly appoint a successor Trustee or
Trustees with respect to the Junior Subordinated Notes of that or those series
(it being understood that any such successor Trustee may be appointed with
respect to the Junior Subordinated Notes of one or more or all of such series
and that at any time there shall be only one Trustee with respect to the Junior
Subordinated Notes 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 Junior Subordinated Notes of any series
shall be appointed by Act of the Holders of a majority in principal amount of
the Outstanding Junior Subordinated Notes 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 Junior Subordinated Notes of such series and to that extent
supersede the successor Trustee appointed by the Company. If no successor
Trustee with respect to the Junior Subordinated Notes of any series shall have
been so appointed by the Company or the Holders of Junior Subordinated Notes
and accepted appointment in the manner required by Section 611, any Holder of a
Junior Subordinated Note who has been a bona fide Holder of a Junior
Subordinated Note of such series for at least six months may, on behalf of
himself and all others similarly situated, petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Junior Subordinated Notes of such series.

         (f) The Company shall give notice of each resignation and each removal
of the Trustee with respect to the Junior Subordinated Notes of any series and
each appointment of a successor Trustee with respect to the Junior Subordinated
Notes of any series by mailing written notice of such event by first-class mail,
postage prepaid, to all Holders of such series of Junior Subordinated Notes as
their names and addresses appear in the Security Register.

                                      38
<PAGE>   46

SECTION 611.      ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

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

         (b) In case of the appointment hereunder of a successor Trustee with
respect to the Junior Subordinated Notes of one or more (but not all) series,
the Company, the retiring Trustee and each successor Trustee with respect to the
Junior Subordinated Notes 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 Junior Subordinated Notes 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 Junior Subordinated Notes, 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 Junior
Subordinated Notes 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
Junior Subordinated Notes 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 Junior Subordinated Notes of that or those series to which
the appointment of such successor Trustee relates.

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

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

                                      39
<PAGE>   47

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

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 Junior Subordinated Notes), 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). For purposes of Section
311(b)(4) and (6) of the Trust Indenture Act:

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

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

SECTION 614.      APPOINTMENT OF AUTHENTICATING AGENT.

         At any time when any of the Junior Subordinated Notes remain
Outstanding, the Trustee may appoint an Authenticating Agent or Agents with
respect to one or more series of Junior Subordinated Notes that shall be
authorized to act on behalf of the Trustee to authenticate Junior Subordinated
Notes of such series issued upon exchange, registration of transfer or partial
redemption thereof or pursuant to Section 304, and Junior Subordinated Notes so
authenticated shall be entitled to the benefits of this Indenture and shall be
valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. Wherever reference is made in this Indenture to the authentication
and delivery of Junior Subordinated Notes by the Trustee or the Trustee's
certificate of authentication, such reference shall be deemed to include
authentication and delivery on behalf

                                      40
<PAGE>   48

of the Trustee by an Authenticating Agent and a certificate of authentication
executed on behalf of the Trustee by an Authenticating Agent. Each
Authenticating Agent shall be acceptable to the Company and shall at all times
be a corporation organized and doing business under the laws of the United
States of America, any State thereof or the District of Columbia, authorized
under such laws to act as Authenticating Agent, having a combined capital and
surplus of not less than $50,000,000 and subject to supervision or examination
by federal or state authority. If such Authenticating Agent publishes reports
of condition at least annually, pursuant to law or to the requirements of said
supervising or examining authority, then for the purposes of this Section, the
combined capital and surplus of such Authenticating Agent shall be deemed to be
its combined capital and surplus as set forth in its most recent report of
condition so published. If at any time an Authenticating Agent shall cease to
be eligible in accordance with the provisions of this Section, such
Authenticating Agent shall resign immediately in the manner and with the effect
specified in this Section.

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

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

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

         The provisions of Sections 306, 604 and 605 shall be applicable to each
Authenticating Agent.

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

                                      41
<PAGE>   49

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

                                   As Trustee

                            By ______________________
                              As Authenticating Agent

                            By ______________________
                                Authorized Signatory

                                 ARTICLE SEVEN

               HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

SECTION 701.      COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS.

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

             (a)  semi-annually, not later than June 1 and December 1, in
         each year, a list, in such form as the Trustee may reasonably require,
         containing all the information in the possession or control of the
         Company, or any of its Paying Agents other than the Trustee, as to the
         names and addresses of the Holders of Junior Subordinated Notes as of
         the preceding May 15 or November 15, as the case may be, and

             (b)  at such other times as the Trustee may request in writing,
         within 30 days after the receipt by the Company of any such request, a
         list of similar form and content as of the most recent Regular Record
         Date;

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

SECTION 702.      PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS.

         (a) The Trustee shall comply with the obligations imposed on it
pursuant to Section 312 of the Trust Indenture Act.

         (b) Every Holder of Junior Subordinated Notes, by receiving and holding
the same, agrees with the Company and the Trustee that neither the Company nor
the Trustee nor any agent of either of them shall be held accountable by reason
of the disclosure of any such information as to the names and addresses of the
Holders of Junior Subordinated Notes in accordance with Section 312(b) of the
Trust Indenture Act, regardless of the source from which such information was

                                      42
<PAGE>   50

derived, and that the Trustee shall not be held accountable by reason of mailing
any material pursuant to a request made under Section 312(b) of the Trust
Indenture Act.

SECTION 703.      REPORTS BY TRUSTEE.

         (a) Within 60 days after May 15 of each year commencing with the first
May 15 after the first issuance of Junior Subordinated Notes pursuant to this
Indenture, if required by Section 313(a) of the Trust Indenture Act, the Trustee
shall transmit a brief report dated as of such May 15 with respect to any of the
events specified in such Section 313(a) that may have occurred since the later
of the immediately preceding May 15 and the date of this Indenture.

         (b) The Trustee shall transmit the reports required by Section 313(b)
of the Trust Indenture Act at the times specified therein.

         (c) Reports pursuant to this Section shall be transmitted in the manner
and to the Persons required by Sections 313(c) and (d) of the Trust Indenture
Act.

SECTION 704.      REPORTS BY COMPANY.

         The Company, pursuant to Section 314(a) of the Trust Indenture Act,
shall:

            (1)   file with the Trustee, within 15 days after the Company is
         required to file the same with the Commission, copies of the annual
         reports and of the information, documents and other reports (or copies
         of such portions of any of the foregoing as the Commission may from
         time to time by rules and regulations prescribe) that the Company may
         be required to file with the Commission pursuant to Section 13 or
         Section 15(d) of the Securities Exchange Act of 1934, as amended; or,
         if the Company is not required to file information, documents or
         reports pursuant to either of said Sections, then it shall file with
         the Trustee and the Commission, in accordance with rules and
         regulations prescribed from time to time by the Commission, such of the
         supplementary and periodic information, documents and reports which may
         be required pursuant to Section 13 of the Securities Exchange Act of
         1934, as amended, in respect of a security listed and registered on a
         national securities exchange as may be prescribed from time to time in
         such rules and regulations;

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

             (3)  transmit, within 30 days after the filing thereof with the
         Trustee, to the Holders of Junior Subordinated Notes, in the manner and
         to the extent provided in Section 313(c) of the Trust Indenture Act,
         such summaries of any information, documents and reports required to be
         filed by the Company pursuant to paragraphs (1) and (2) of this

                                      43
<PAGE>   51

         Section 704 as may be required by rules and regulations prescribed
         from time to time by the Commission; and

             (4)  notify the Trustee when and as the Junior Subordinated
         Notes of any series become admitted to trading on any national
         securities exchange.

                                 ARTICLE EIGHT

              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

SECTION 801.      COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS.

         Nothing contained in this Indenture or in the Junior Subordinated Notes
will prevent any consolidation of the Company with, or merger of the Company
with or into, any other corporation or corporations (whether or not affiliated
with the Company), or successive consolidations or mergers to which the Company
or its successor will be a party, or will prevent any sale, lease or conveyance
of the property of the Company, as an entirety or substantially as an entirety;
provided that upon any such consolidation, merger, sale, lease or conveyance to
which the Company is a party and in which the Company is not the surviving
corporation, the due and punctual performance and observance of all of the
covenants and conditions of the Indenture to be performed or observed by the
Company and the due and punctual payment of the principal of, premium, if any,
and interest on all of the Junior Subordinated Notes, according to their tenor,
shall be expressly assumed by supplemental indenture satisfactory in form to the
Trustee, executed and delivered to the Trustee, by the corporation formed by
such consolidation, or into which the Company shall have been merged, or which
shall have acquired such property; provided that 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.

SECTION 802.      SUCCESSOR CORPORATION SUBSTITUTED.

         Upon any consolidation by the Company with or merger by the Company
into any corporation 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 corporation 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
corporation had been named as the Company herein, and thereafter, except in the
case of a lease, the predecessor corporation shall be relieved of all
obligations and covenants under this Indenture and the Junior Subordinated
Notes.

                                      44
<PAGE>   52

                                  ARTICLE NINE

                            SUPPLEMENTAL INDENTURES

SECTION 901.      SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS.

         Without the consent of any Holders of Junior Subordinated Notes, 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 corporation to the
         Company and the assumption by any such successor of the covenants of
         the Company herein and in the Junior Subordinated Notes; or

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

             (3)  to add any additional Events of Default; or

             (4)  to add to or change any of the provisions of this
         Indenture, to change or eliminate any restrictions on the payment of
         principal (or premium, if any) on Junior Subordinated Notes or to
         permit the issuance of Junior Subordinated Notes in uncertificated
         form, provided any such action shall not adversely affect the interests
         of the Holders of Junior Subordinated Notes of any series in any
         material respect; or

             (5)  to change or eliminate any of the provisions of this
         Indenture with respect to any series of Junior Subordinated Notes
         theretofore unissued; or

             (6)  to secure the Junior Subordinated Notes; or

             (7)  to establish the form or terms of Junior Subordinated
         Notes 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 Junior
         Subordinated Notes 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(b); or

             (9)  to cure any ambiguity, to correct or supplement any
         provision herein which may be inconsistent with any other provision
         herein, or to make provisions with respect to

                                      45
<PAGE>   53

         matters or questions arising under this Indenture, provided such
         action shall not adversely affect the interests of the Holders of
         Junior Subordinated Notes of any series or holders of outstanding
         Trust Securities in any material respect; or

             (10) subject to Section 903(a), to make any change in Article
         Thirteen that would limit or terminate the benefits available to any
         holder of Senior Indebtedness under such Article; or

             (11) to modify, eliminate or add to the provisions of this
         Indenture to such extent as shall be necessary to effect the
         qualification of this Indenture under the Trust Indenture Act or under
         any similar federal statute hereafter enacted, and to add to this
         Indenture such other provisions as may be expressly required by the
         Trust Indenture Act.

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 Junior Subordinated Notes of each series
affected by such supplemental indenture, by Act of said Holders delivered to the
Company and the Trustee, the Company, when authorized by a Board Resolution, and
the Trustee may enter into an indenture or indentures supplemental hereto for
the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of modifying in any manner the rights
of the Holders of Junior Subordinated Notes of such series under this Indenture;
provided, however, that no such supplemental indenture shall, without the
consent of the Holder of each Outstanding Junior Subordinated Note affected
thereby,

             (1)  extend the Stated Maturity of the principal of, or any
         installment of principal of or interest on, any Junior Subordinated
         Note, or reduce the principal amount thereof or the rate of interest
         (including Additional Interest) thereon or any premium payable upon the
         redemption thereof, or change the method of calculating the rate of
         interest thereon, 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
         Junior Subordinated Notes 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 902, Section 513
         or Section 1008, 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 Junior
         Subordinated Note affected thereby; provided, however, that this
         clause shall not be deemed to require the consent of any Holder of a
         Junior Subordinated Note with respect to changes in the references to
         "the Trustee" and concomitant changes in this Section and Section
         1008, or the deletion of this proviso, in accordance with the
         requirements of Sections 611(b) and 901(8), or

                                      46
<PAGE>   54

             (4)  modify the provisions of this Indenture with respect to
         the subordination of the Junior Subordinated Notes in a manner adverse
         to such Holder.

SECTION 903.      GENERAL PROVISIONS REGARDING SUPPLEMENTAL INDENTURE.

         (a) A supplemental indenture entered into pursuant to Section 901 or
Section 902 may not make any change that adversely affects the rights under
Article Thirteen of any holder of Senior Indebtedness then outstanding unless
the holders of such Senior Indebtedness (or any group or representative thereof
authorized to give a consent) consent to such change.

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

         (c) It shall not be necessary for any Act of Holders of Junior
Subordinated Notes under this Section to approve the particular form of any
proposed supplemental indenture, but it shall be sufficient if such Act or
action shall approve the substance thereof.

SECTION 904.      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, immunities or liabilities under this Indenture or
otherwise.

SECTION 905.      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 Junior Subordinated Notes theretofore or thereafter authenticated and
delivered hereunder shall be bound thereby.

SECTION 906.      CONFORMITY WITH TRUST INDENTURE ACT.

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

                                      47
<PAGE>   55

SECTION 907.      REFERENCE IN JUNIOR SUBORDINATED NOTES TO SUPPLEMENTAL
                  INDENTURES.

         Junior Subordinated Notes 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 Junior Subordinated Notes 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 Junior
Subordinated Notes of such series.

                                  ARTICLE TEN

                                   COVENANTS

SECTION 1001.     PAYMENT OF PRINCIPAL AND INTEREST.

         The Company covenants and agrees for the benefit of each series of
Junior Subordinated Notes that it will duly and punctually pay the principal of
(and premium, if any) and interest, including Additional Interest (subject to
the right of the Company to extend an interest payment period pursuant to the
terms of a supplemental indenture authorizing the Junior Subordinated Notes of
that series), on the Junior Subordinated Notes of that series in accordance with
the terms of the Junior Subordinated Notes and this Indenture.

SECTION 1002.     MAINTENANCE OF OFFICE OR AGENCY.

         The Company or its Affiliate will maintain an office or agency where
Junior Subordinated Notes of each series may be presented or surrendered for
payment, where Junior Subordinated Notes 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 Junior Subordinated Notes 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 in respect of any series of Junior Subordinated Notes or shall
fail to furnish the Trustee with the address thereof, such presentations and
surrenders of Junior Subordinated Notes of that series may be made and 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 such
respective presentations, surrenders, notices and demands.

         The Company may also from time to time designate one or more other
offices or agencies where the Junior Subordinated Notes 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. 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.

                                      48
<PAGE>   56

SECTION 1003.     MONEY FOR JUNIOR SUBORDINATED NOTES PAYMENTS TO BE HELD IN
                  TRUST.

         If the Company or one of its Affiliates shall at any time act as its
own Paying Agent with respect to any series of Junior Subordinated Notes, it
will, on or before each due date of the principal of (and premium, if any) or
interest (including Additional Interest, if any) on any of the Junior
Subordinated Notes of that series, segregate and hold in trust for the benefit
of the Persons entitled thereto a sum sufficient to pay the principal (and
premium, if any) or interest (including Additional Interest, if any) 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 Junior Subordinated Notes, it will, prior to each due date of the
principal of (and premium, if any) or interest (including Additional Interest,
if any) on any Junior Subordinated Notes of that series, deposit with a Paying
Agent a sum sufficient to pay the principal (and premium, if any) or interest
(including Additional Interest, if any) so becoming due, such sum to be held in
trust for the benefit of the Persons entitled to such principal (and premium,
if any) or interest (including Additional Interest, if any), 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 Junior
Subordinated Notes other than the Trustee to execute and deliver to the Trustee
an instrument in which such Paying Agent shall agree with the Trustee, subject
to the provisions of this Section, that such Paying Agent will:

             (1)  hold all sums held by it for the payment of the principal
         of (and premium, if any) or interest (including Additional Interest, if
         any) on Junior Subordinated Notes of that series in trust for the
         benefit of the Persons entitled thereto until such sums shall be paid
         to such Persons or otherwise disposed of as herein provided;

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

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

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

                                      49
<PAGE>   57

         Any money deposited with the Trustee or any Paying Agent, or then held
by the Company, in trust for the payment of the principal of (and premium, if
any) or interest (including Additional Interest, if any) on any Junior
Subordinated Note of any series and remaining unclaimed for two years after
such principal (and premium, if any) or interest (including Additional
Interest, if any) 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 Junior Subordinated Note 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 of general circulation in New York City
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.     ADDITIONAL INTEREST.

         If the Junior Subordinated Notes of a series provide for the payment
of Additional Interest (for purposes of this Section 1004, as defined in clause
(i) of the definition thereof) to the Holders of such Junior Subordinated
Notes, then the Company shall pay to each Holder of such Junior Subordinated
Notes the Additional Interest as provided therein.

         Except as otherwise provided in or pursuant to this Indenture, if the
Junior Subordinated Notes of a series provide for the payment of Additional
Interest, at least 10 days prior to the first Interest Payment Date with
respect to that series of Junior Subordinated Notes upon which such Additional
Interest shall be payable (or, if the Junior Subordinated Notes of that series
shall not bear interest prior to Maturity, the first day on which a payment of
principal and any premium is made), and at least 10 days prior to each date of
payment of principal and any premium or interest if there has been any change
with respect to the matters set forth in the below-mentioned Officers'
Certificate, the Company will furnish the Trustee and the Company's Paying
Agents, if other than the Trustee or the Company, with an Officers' Certificate
stating the amount of the Additional Interest payable per minimum authorized
denomination of such Junior Subordinated Notes (and, if such Additional
Interest is payable only with respect to particular Junior Subordinated Notes,
then the names of the Holders of such Junior Subordinated Notes).

SECTION 1005.     CORPORATE 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 and the rights (charter and statutory) and franchises of the Company;
provided, however, that the Company shall not be required to preserve any such
right or franchise if the Board of Directors shall determine that the
preservation thereof is no longer desirable in the conduct of the business of
the Company, and that the loss thereof is not disadvantageous in any material
respect to the Holders.

                                      50
<PAGE>   58

SECTION 1006.     LIMITATIONS ON DIVIDEND AND CERTAIN OTHER PAYMENTS.

         The Company covenants that, subject to the next succeeding sentence,
it will not (a) declare or pay any dividends on, or redeem, purchase, acquire
or make a distribution or liquidation payment with respect to, any of its
capital stock except for dividends, payments or distributions payable in shares
of, or options, warrants, rights to subscribe for or purchase shares of, its
capital stock and conversions or exchanges of capital stock, reclassifications
of its capital stock of one class or series for capital stock of another class
or series, except for any transaction relating to a shareholders' rights plan
and except for a redemption, purchase or other acquisition of shares of its
capital stock made for the purpose of an employee incentive plan or benefit
plan or similar arrangement of the Company or any of its subsidiaries or (b)
make any payment of interest, principal of or premium, if any, on, or repay,
repurchase or redeem any debt securities issued by the Company that rank pari
passu with or junior to the Junior Subordinated Notes (except by conversion
into or exchange for shares of its capital stock) or (c) make any guarantee
payment with respect to the foregoing, if at such time (i) the Company shall be
in default with respect to its guarantee payments or other payment obligations
under the Guarantee with respect to the series of Trust Securities, if any,
related to such series of Junior Subordinated Notes, (ii) there shall have
occurred and be continuing any Event of Default with respect to such series of
Junior Subordinated Notes, or (iii) the Company shall have given notice of its
election to extend an interest payment period for such series of Junior
Subordinated Notes and such extension is continuing. The preceding sentence,
however, shall not restrict the payment of accrued dividends or the purchase of
fractional interests in shares of the Company's capital stock pursuant to the
conversion or exchange provisions of such capital stock or the security being
converted or exchanged.

SECTION 1007.     STATEMENT AS TO COMPLIANCE.

         (a) The Company shall deliver to the Trustee, within 120 days after the
end of each fiscal year, a written statement, which need not comply with Section
102, signed by the principal executive officer, the principal financial officer
or the principal accounting officer of the Company, as to his or her knowledge
of the Company's compliance with all conditions and covenants under this
Indenture. For purposes of this Section 1007, such compliance shall be
determined without regard to any period of grace or requirement of notice under
this Indenture.

         (b) The Company shall deliver to the Trustee, no later than the
Business Day on which the event occurs, written notice of the liquidation,
dissolution or winding-up of a Securities Trust if such liquidation, dissolution
or winding-up would occur earlier than the Stated Maturity of the Junior
Subordinated Notes owned by such Securities Trust.

         (c) The Company shall deliver to the Trustee, within five days after
the occurrence thereof, written notice of any event which after notice or lapse
of time or both would become an Event of Default pursuant to Section 501.

SECTION 1008.     WAIVER OF CERTAIN COVENANTS.

         The Company may omit in any particular instance to comply with any
term, provision or condition set forth in Sections 1005 and 1006 with respect
to the Junior Subordinated Notes of any

                                      51
<PAGE>   59

series if before the time for such compliance the Holders of at least a
majority in principal amount of the Outstanding Junior Subordinated Notes 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.

SECTION 1009.     COVENANTS REGARDING TRUST.

         For so long as the Trust Securities remain outstanding, the Company
covenants (i) to directly or indirectly maintain 100% ownership of the Common
Securities (as defined in the Trust Agreement relating to such securities) of
the Trust and to permit such Common Securities to be transferred only as
permitted by the related Trust Agreements; provided, however, that any
permitted successor of the Company hereunder may succeed to the Company's
ownership of such Common Securities; (ii) to use its reasonable efforts to
cause the Trust (a) to remain a statutory business trust, except in connection
with the distribution of Junior Subordinated Notes to the holders of Trust
Securities in liquidation of the Trust, the redemption of all of the Trust
Securities of the Trust, or certain mergers, consolidations or amalgamations,
each as permitted under the Trust Agreement, and (b) to otherwise continue to
be classified as a grantor trust for United States federal income tax purposes;
and (iii) to comply with all of its obligations and agreements in the related
Trust Agreement.

                                 ARTICLE ELEVEN

                    REDEMPTION OF JUNIOR SUBORDINATED NOTES

SECTION 1101.     APPLICABILITY OF ARTICLE.

         Junior Subordinated Notes 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 Junior
Subordinated Notes of any series) in accordance with this Article.

SECTION 1102.     ELECTION TO REDEEM; NOTICE TO TRUSTEE.

         The election of the Company to redeem any Junior Subordinated Notes
shall be evidenced by a Board Resolution. In case of any redemption at the
election of the Company of all of the Junior Subordinated Notes of any series,
the Company shall, at least 30 days prior to the Redemption Date fixed by the
Company (unless a shorter notice shall be satisfactory to the Trustee and the
related Property Trustee), notify the Trustee and the related Property Trustee
in writing of such Redemption Date. In case of any redemption at the election of
the Company of less than all the Junior Subordinated Notes of any series, the
Company shall, at least 30 days prior to the Redemption Date fixed by the
Company (unless a shorter notice shall be satisfactory to the Trustee and the
related Property Trustee), notify the Trustee and the related Property Trustee
in writing of

                                      52
<PAGE>   60

such Redemption Date and of the principal amount of Junior Subordinated Notes
of such series to be redeemed. In the case of any redemption of Junior
Subordinated Notes (i) prior to the expiration of any restriction on such
redemption provided in the terms of such Junior Subordinated Notes or elsewhere
in this Indenture, or (ii) pursuant to an election of the Company which is
subject to a condition specified in the terms of such Junior Subordinated Notes,
the Company shall furnish the Trustee with an Officers' Certificate evidencing
compliance with such restriction or condition.

SECTION 1103.     SELECTION BY TRUSTEE OF JUNIOR SUBORDINATED NOTES TO BE
                  REDEEMED.

         If the Junior Subordinated Notes are registered in the name of only
one Holder, any partial redemptions shall be pro rata. If the Junior
Subordinated Notes are held in definitive form by more than one Holder and if
less than all the Junior Subordinated Notes of any series are to be redeemed,
the particular Junior Subordinated Notes to be redeemed shall be selected not
more than 30 days prior to the Redemption Date by the Trustee, from the
Outstanding Junior Subordinated Notes of such series not previously called for
redemption, by lot or other such method as the Trustee shall deem fair and
appropriate and which may provide for the selection for redemption of portions
(equal to the minimum authorized denomination for Junior Subordinated Notes of
that series or any integral multiple thereof) of the principal amount of Junior
Subordinated Notes of such series of a denomination larger than the minimum
authorized denomination for Junior Subordinated Notes of that series.

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

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

SECTION 1104.     NOTICE OF REDEMPTION.

         Notice of redemption shall be given in the manner provided in Section
106 to the Holders of Junior Subordinated Notes to be redeemed not less than 30
nor more than 60 days prior to the Redemption Date.

         All notices of redemption shall state:

             (1)  the Redemption Date,

             (2)  the Redemption Price,

             (3)  if less than all the Outstanding Junior Subordinated Notes
         of any series are to be redeemed, the identification (and, in the case
         of partial redemption, the principal amounts) of the particular Junior
         Subordinated Notes to be redeemed,

                                      53
<PAGE>   61

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

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

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

         Notice of redemption of Junior Subordinated Notes 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.

SECTION 1105.     DEPOSIT OF REDEMPTION PRICE.

         Except as otherwise provided in a supplemental indenture pursuant to
Section 301, prior to any Redemption Date, the Company shall deposit with the
Trustee or with a Paying Agent (or, if the Company or its Affiliate 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 accrued
interest, if any, on all the Junior Subordinated Notes which are to be redeemed
on that date.

SECTION 1106.     JUNIOR SUBORDINATED NOTES PAYABLE ON REDEMPTION DATE.

         Notice of redemption having been given as aforesaid, the Junior
Subordinated Notes so to be redeemed shall, on the Redemption Date, become due
and payable at the Redemption Price therein specified together with any accrued
interest (including any Additional Interest) thereon, and from and after such
date (unless the Company shall default in the payment of the Redemption Price
and accrued interest) such Junior Subordinated Notes shall cease to bear
interest. Upon surrender of any such Junior Subordinated Note for redemption in
accordance with such notice, such Junior Subordinated Note shall be paid by the
Company at the Redemption Price, together with accrued interest, if any, and
any Additional Interest to the Redemption Date; provided, however, that, except
as otherwise provided in a supplemental indenture pursuant to Section 301,
installments of interest on Junior Subordinated Notes whose Stated Maturity is
on or prior to the Redemption Date shall be payable to the Holders of such
Junior Subordinated Notes, 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 305.

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

                                      54
<PAGE>   62

SECTION 1107.     JUNIOR SUBORDINATED NOTES REDEEMED IN PART.

             Any Junior Subordinated Note that is to be redeemed only in part
shall be surrendered at an office or agency of the Company 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 Junior Subordinated Note without service charge, a new
Junior Subordinated Note of the same series, Stated Maturity and original issue
date 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 Junior Subordinated Note 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 Junior Subordinated Notes of a series except as otherwise
specified as contemplated by Section 301 for Junior Subordinated Notes of such
series.

         The minimum amount of any sinking fund payment provided for by the
terms of Junior Subordinated Notes of any series is herein referred to as a
"mandatory sinking fund payment", and any payment in excess of such minimum
amount provided for by the terms of Junior Subordinated Notes of any series is
herein referred to as an "optional sinking fund payment". If provided for by the
terms of Junior Subordinated Notes of any series, 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 Junior Subordinated
Notes of any series as provided for by the terms of Junior Subordinated Notes of
such series.

SECTION 1202.     SATISFACTION OF SINKING FUND PAYMENTS WITH JUNIOR SUBORDINATED
                  NOTES.

         The Company (1) may deliver Outstanding Junior Subordinated Notes of a
series (other than any previously called for redemption), and (2) may apply as a
credit Junior Subordinated Notes of a series which have been redeemed either at
the election of the Company pursuant to the terms of such Junior Subordinated
Notes or through the application of permitted optional sinking fund payments
pursuant to the terms of such Junior Subordinated Notes, in each case in
satisfaction of all or any part of any sinking fund payment with respect to the
Junior Subordinated Notes of such series required to be made pursuant to the
terms of such Junior Subordinated Notes as provided for by the terms of such
series; provided that such Junior Subordinated Notes have not been previously so
credited. Such Junior Subordinated Notes shall be received and credited for such
purpose by the Trustee at the Redemption Price specified in such Junior
Subordinated Notes

                                      55
<PAGE>   63

for redemption through operation of the sinking fund and the amount of such
sinking fund payment shall be reduced accordingly.

SECTION 1203.     REDEMPTION OF JUNIOR SUBORDINATED NOTES FOR SINKING FUND.

         Not less than 60 days prior to each sinking fund payment date for any
series of Junior Subordinated Notes, the Company will deliver to the Trustee an
Officers' Certificate specifying the amount of the next ensuing sinking fund
payment for that series pursuant to the terms of that series, the portion
thereof, if any, which is to be satisfied by payment of cash and the portion
thereof, if any, which is to be satisfied by delivering and crediting Junior
Subordinated Notes of that series pursuant to Section 1202 and stating the basis
for such credit and that such Junior Subordinated Notes have not previously been
so credited and will also deliver to the Trustee any Junior Subordinated Notes
to be so delivered. Not less than 30 days before each such sinking fund payment
date the Trustee shall select the Junior Subordinated Notes 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 Junior Subordinated Notes shall be made upon
the terms and in the manner stated in Sections 1106 and 1107.

                                ARTICLE THIRTEEN

                                 SUBORDINATION

SECTION 1301.     JUNIOR SUBORDINATED NOTES SUBORDINATE TO SENIOR INDEBTEDNESS.

         The Company covenants and agrees, and each Holder of a Junior
Subordinated Note, by his acceptance thereof, likewise covenants and agrees,
that, to the extent and in the manner hereinafter set forth in this Article
(subject to Article Four), the payment of the principal of, premium, if any, and
interest (including Additional Interest) on each and all of the Junior
Subordinated Notes are hereby expressly made subordinate and subject in right of
payment to the prior payment in full in cash of all Senior Indebtedness.

SECTION 1302.     PAYMENT OF PROCEEDS UPON DISSOLUTION, ETC.

         Upon any payment or distribution of assets of the Company to creditors
upon any liquidation, dissolution, winding-up, reorganization, assignment for
the benefit of creditors, marshaling of assets or liabilities or any
bankruptcy, insolvency or similar proceedings of the Company (each such event,
if any, referred to as a "Proceeding"), the holders of Senior Indebtedness
shall be entitled to receive payment in full of all amounts due on or to become
due on or in respect of all Senior Indebtedness (including any interest
accruing thereon after the commencement of any such Proceeding, whether or not
allowed as a claim against the Company in such Proceeding), before the Holders
of the Junior Subordinated Notes are entitled to receive any payment or
distribution (excluding any payment described in Section 1309) on account of
the

                                      56
<PAGE>   64

principal of, premium, if any, or interest (including Additional Interest, if
any) on the Junior Subordinated Notes or on account of any purchase, redemption
or other acquisition of Junior Subordinated Notes by the Company (all such
payments, distributions, purchases, redemptions and acquisitions, whether or
not in connection with a Proceeding, herein referred to, individually and
collectively, as a "Payment").

         In the event that, notwithstanding the foregoing, any payment or
distribution of assets of the Company of any kind or character, whether in
cash, property or securities, prohibited by the foregoing shall be received by
the Trustee or the Holders of the Junior Subordinated Notes before all Senior
Indebtedness is paid in full, or provision is made for such payment in money in
accordance with its terms, such payment or distribution shall be held in trust
for the benefit of and shall be paid over or delivered to the holders of Senior
Indebtedness or to the trustee or trustees under any indenture pursuant to
which any instruments evidencing any such Senior Indebtedness may have been
issued, as their respective interests may appear, as calculated by the Company,
for application to the payment of all Senior Indebtedness remaining unpaid to
the extent necessary to pay all Senior Indebtedness in full in accordance with
its terms, after giving effect to any concurrent payment or distribution to or
for the holders of such Senior Indebtedness.

         For purposes of this Article, "assets of the Company" 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 provided for by a plan of
reorganization or readjustment, the payment of which is subordinated at least
to the extent provided in this Article with respect to the Junior Subordinated
Notes to the payment of all Senior Indebtedness that may at the time be
outstanding; provided, however, that (i) the Senior Indebtedness is assumed by
the new corporation, if any, resulting from any such reorganization or
readjustment, and (ii) the rights of the holders of the Senior Indebtedness are
not, without the consent of such holders, altered by such reorganization or
readjustment. The consolidation of the Company with, or the merger of the
Company into, another corporation or the liquidation or dissolution of the
Company following the conveyance or transfer of its property as an entirety, or
substantially as an entirety, to another corporation upon the terms and
conditions provided for in Article Eight hereof shall not be deemed a
dissolution, winding-up, liquidation or reorganization for the purposes of this
Section 1302 if such other corporation shall, as a part of such consolidation,
merger, conveyance or transfer, comply with the conditions stated in Article
Eight hereof. Nothing in Section 1303 or in this Section 1302 shall apply to
claims of, or payments to, the Trustee under or pursuant to Section 607.

SECTION 1303.     NO PAYMENT WHEN SENIOR INDEBTEDNESS IN DEFAULT.

         No payment of any principal, including redemption payments, if any,
premium, if any, or interest on (including Additional Interest) the Junior
Subordinated Notes shall be made if:

             (i)  any Senior Indebtedness is not paid when due whether at
         the stated maturity of any such payment or by call for redemption and
         any applicable grace period with respect to such default has ended,
         with such default remaining uncured and such default has not been
         waived or otherwise ceased to exist;

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<PAGE>   65

             (ii) the maturity of any Senior Indebtedness has been accelerated
         because of a default; or

             (iii)notice has been given of the exercise of an option to require
         repayment, mandatory payment or prepayment or otherwise.

         In the event that, notwithstanding the foregoing, the Company shall
make any Payment to the Trustee or any Holder prohibited by the foregoing
provisions of this Section, then in such event such Payment shall be held in
trust and paid over and delivered forthwith to the holders of the Senior
Indebtedness.

         The provisions of this Section shall not apply to any Payment with
respect to which Section 1302 hereof would be applicable.

SECTION 1304.     PAYMENT PERMITTED IF NO DEFAULT.

         Nothing contained in this Article or elsewhere in this Indenture or in
any of the Junior Subordinated Notes shall prevent the Company, at any time
except during the pendency of any Proceeding referred to in Section 1302 hereof
or under the conditions described in Section 1303 hereof, from making Payments.
Nothing in this Article shall have any effect on the right of the Holders or the
Trustee to accelerate the maturity of the Junior Subordinated Notes upon the
occurrence of an Event of Default, but, in that event, no payment may be made in
violation of the provisions of this Article with respect to the Junior
Subordinated Notes. If payment of the Junior Subordinated Notes is accelerated
because of an Event of Default, the Company shall promptly notify the holders of
the Senior Indebtedness (or their representatives) of such acceleration.

SECTION 1305.     SUBROGATION TO RIGHTS OF HOLDERS OF SENIOR INDEBTEDNESS.

         The rights of the Holders of the Junior Subordinated Notes shall be
subrogated to the rights of the holders of such Senior Indebtedness to receive
payments and distributions of cash, property and securities applicable to the
Senior Indebtedness until the principal of, premium, if any, and interest
(including Additional Interest) on the Junior Subordinated Notes shall be paid
in full. For purposes of such subrogation, no payments or distributions to the
holders of the Senior Indebtedness of any cash, property or securities to which
the Holders of the Junior Subordinated Notes or the Trustee would be entitled
except for the provisions of this Article, and no payments pursuant to the
provisions of this Article to the holders of Senior Indebtedness by Holders of
the Junior Subordinated Notes or the Trustee, shall, as among the Company, its
creditors other than holders of Senior Indebtedness and the Holders of the
Junior Subordinated Notes, be deemed to be a payment or distribution by the
Company to or on account of the Senior Indebtedness.

SECTION 1306.     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 on the one hand and the
holders of Senior Indebtedness on the other hand. Nothing contained in this
Article or elsewhere in this Indenture or in the Junior Subordinated

                                      58
<PAGE>   66

Notes is intended to or shall (a) impair, as among the Company, its creditors
other than holders of Senior Indebtedness and the Holders of the Junior
Subordinated Notes, the obligation of the Company, which is absolute and
unconditional (and which, subject to the rights under this Article of the
holders of Senior Indebtedness, is intended to rank equally with all other
general obligations of the Company), to pay to the Holders of the Junior
Subordinated Notes the principal of, premium, if any, and interest (including
Additional Interest) on the Junior Subordinated Notes 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 Junior Subordinated
Notes and creditors of the Company other than the holders of Senior
Indebtedness; or (c) prevent the Trustee or the Holder of any Junior
Subordinated Note 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 Indebtedness to receive cash,
property and securities otherwise payable or deliverable to the Trustee or such
Holder or, under the conditions specified in Section 1303, to prevent any
payment prohibited by such Section or enforce their rights pursuant to the
penultimate paragraph in Section 1303.

SECTION 1307.     TRUSTEE TO EFFECTUATE SUBORDINATION.

         Each Holder of a Junior Subordinated Note 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, including, in the event of any dissolution, winding-up, liquidation or
reorganization of the Company, whether in bankruptcy, insolvency, receivership
proceedings or otherwise, the timely filing of a claim for the unpaid balance of
the indebtedness of the Company owing to such Holder in the form required in
such proceedings and the causing of such claim to be approved.

SECTION 1308.     NO WAIVER OF SUBORDINATION PROVISIONS.

         No right of any present or future holder of any Senior Indebtedness to
enforce the subordination provisions provided herein 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 any failure to act, in good faith, by any such holder,
or by any noncompliance 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 Indebtedness may, at any time and from time to time,
without the consent of or notice to the Trustee or the Holders of the Junior
Subordinated Notes, without incurring responsibility to the Holders of the
Junior Subordinated Notes and without impairing or releasing the subordination
provided in this Article or the obligations hereunder of the Holders of the
Junior Subordinated Notes to the holders of Senior Indebtedness, 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 Indebtedness, or
otherwise amend or supplement in any manner Senior Indebtedness or any
instrument evidencing the same or any agreement under which Senior Indebtedness
is outstanding; (ii) permit the Company to borrow, repay and then reborrow any
or all of the Senior Indebtedness; (iii) sell, exchange, release or otherwise
deal with any property pledged, mortgaged or otherwise

                                      59
<PAGE>   67

securing Senior Indebtedness; (iv) release any Person liable in any manner for
the collection of Senior Indebtedness; (v) exercise or refrain from exercising
any rights against the Company and any other Person; or (vi) apply any sums
received by them to Senior Indebtedness.

SECTION 1309.     TRUST MONEYS NOT SUBORDINATED.

         Notwithstanding anything contained herein to the contrary, payments
from money held in trust by the Trustee under Article Four for the payment of
the principal of, premium, if any, and interest (including Additional Interest)
on any series of Junior Subordinated Notes shall not be subordinated to the
prior payment of any Senior Indebtedness or subject to the restrictions set
forth in this Article and no Holder of such Junior Subordinated Notes nor the
Trustee shall be obligated to pay over such amount to the Company, any holder of
Senior Indebtedness (or a designated representative of such holder) or any other
creditor of the Company.

SECTION 1310.     NOTICE TO THE TRUSTEE.

         The Company shall give prompt written notice to a Responsible Officer
of the Trustee of any fact known to the Company that would prohibit the making
of any payment of monies to or by the Trustee in respect of the Junior
Subordinated Notes pursuant to the provisions of this Article. 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 that
would prohibit the making of any payment of monies to or by the Trustee in
respect of the Junior Subordinated Notes pursuant to the provisions of this
Article unless and until a Responsible Officer of the Trustee shall have
received written notice thereof at the Corporate Trust Office of the Trustee
from the Company or a holder or holders of Senior Indebtedness or from any
trustee therefor; and before 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; provided, however, that if the
Trustee shall not have received the notice provided for in this Section 1310 at
least two Business Days prior to the date upon which, by the terms hereof, any
money may become payable for any purpose (including, without limitation, the
payment of the principal of (or premium, if any) or interest on any Junior
Subordinated Note), then, anything herein contained to the contrary
notwithstanding, the Trustee shall have full power and authority to receive such
money and to apply the same to the purposes for which they were received, and
shall not be affected by any notice to the contrary that may be received by it
within two Business Days prior to such date.

         The Trustee, subject to the provisions of Section 601, 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 Indebtedness (or a trustee on
behalf of such holder) to establish that such notice has been given by a holder
of Senior Indebtedness or a trustee on behalf of any such holder or holders. 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
Indebtedness 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 Indebtedness
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

                                      60
<PAGE>   68

defer any payment to such Person pending judicial determination as to the right
of such Person to receive such payment.

SECTION 1311.     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 hereof,
and the Holders of the Junior Subordinated Notes shall be entitled to rely upon
any order or decree entered by any court of competent jurisdiction in which such
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 Junior Subordinated Notes, for the purpose of ascertaining the
Persons entitled to participate in such payment or distribution, the holders of
the Senior Indebtedness, the amount thereof or payable thereon, the amount or
amounts paid or distributed thereon and all other facts pertinent thereto or to
this Article, provided that the foregoing shall apply only if such court has
been apprised of the provisions of this Article.

SECTION 1312.     TRUSTEE NOT FIDUCIARY FOR HOLDERS OF SENIOR INDEBTEDNESS.

         Subject to the provisions of Section 601, the Trustee shall not be
deemed to owe any fiduciary duty to the holders of Senior Indebtedness and shall
not be liable to any such holders if it shall in good faith mistakenly pay over
or distribute to Holders of Junior Subordinated Notes or to the Company or to
any other Person cash, property or securities to which any holders of Senior
Indebtedness shall be entitled by virtue of this Article or otherwise.

SECTION 1313.     RIGHTS OF TRUSTEE AS HOLDER OF SENIOR INDEBTEDNESS;
                  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 Indebtedness which
may at any time be held by it, to the same extent as any other holder of Senior
Indebtedness, 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 hereof.

SECTION 1314.     ARTICLE APPLICABLE TO PAYING AGENTS.

         In case at any time any Paying Agent other than the Trustee (or the
Company or an Affiliate of the Company) 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>   69

SECTION 1315.     RELIANCE BY HOLDERS OF SENIOR INDEBTEDNESS ON SUBORDINATION
                  PROVISIONS.

         Each Holder by accepting a Junior Subordinated Note acknowledges and
agrees that the foregoing subordination provisions are, and are intended to be,
an inducement and a consideration to each holder of any Senior Indebtedness,
whether such Senior Indebtedness was created or acquired before or after the
issuance of the Junior Subordinated Notes, to acquire and continue to hold, or
to continue to hold, such Senior Indebtedness and such holder of Senior
Indebtedness shall be deemed conclusively to have relied on such subordination
provisions in acquiring and continuing to hold, or in continuing to hold, such
Senior Indebtedness.

                                ARTICLE FOURTEEN

                            MISCELLANEOUS PROVISIONS

SECTION 1401.     NO RECOURSE AGAINST OTHERS.

         An incorporator or any past, present or future director, officer,
employee or stockholder, as such, of the Company shall not have any liability
for any obligations of the Company under the Junior Subordinated Notes or this
Indenture or for any claim based on, in respect of or by reason of such
obligations or their creation. By accepting a Junior Subordinated Note, each
Holder shall waive and release all such liability. Such waiver and release shall
be part of the consideration for the issue of the Junior Subordinated Notes.

SECTION 1402.     SET-OFF.

         Notwithstanding anything to the contrary in this Indenture or in any
Junior Subordinated Note of any series, prior to the dissolution of any
Securities Trust that has issued Trust Securities related to a series of Junior
Subordinated Notes, the Company shall have the right to set-off and apply
against any payment it is otherwise required to make hereunder or thereunder
with respect to the principal of or interest (including any Additional Interest)
on the Junior Subordinated Notes of such series with and to the extent the
Company has theretofore made, or is concurrently on the date of such payment
making, a payment with respect to the Trust Securities of the series related to
such series of Junior Subordinated Notes under the applicable Guarantee.
Contemporaneously with, or as promptly as practicable after, any such payment
under such Guarantee, the Company shall deliver to the Trustee an Officers'
Certificate (upon which the Trustee shall be entitled to rely conclusively
without any requirement to investigate the facts contained therein) to the
effect that such payment has been made and that, as a result of such payment,
the corresponding payment under the related series of Junior Subordinated Notes
has been set-off in accordance with this Section 1402.

SECTION 1403.     ASSIGNMENT; BINDING EFFECT.

         The Company shall have the right at all times to assign any of its
rights or obligations under this Indenture to a direct or indirect wholly-owned
subsidiary of the Company; provided that, in the

                                      62
<PAGE>   70

event of any such assignment, the Company shall remain primarily liable for the
performance of all such obligations. This Indenture may also be assigned by the
Company in connection with a transaction described in Article Eight. This
Indenture shall be binding upon and inure to the benefit of the Company, the
Trustee, the Holders, any Security Registrar, Paying Agent and Authenticating
Agent and, to the extent specifically set forth herein, the holders of Senior
Indebtedness and their respective successors and assigns. The provisions of
clause (2) of Section 508 and Section 1006 are for the benefit of the holders
of the series of Trust Securities referred to therein and, prior to the
dissolution of the related Securities Trust, may be enforced by such holders. A
holder of a Trust Security shall not have the right, as such a holder, to
enforce any other provision of this Indenture.

SECTION 1404.     ADDITIONAL INTEREST.

         Whenever there is mentioned in this Indenture, in any context, the
payment of the principal of, premium, if any, or interest on, or in respect of,
any Junior Subordinated Note of any series, such mention shall be deemed to
include mention of the payment of Additional Interest provided for by the terms
of such series of Junior Subordinated Notes to the extent that, in such context,
Additional Interest is, were or would be payable in respect thereof pursuant to
such terms, and express mention of the payment of Additional Interest in any
provisions hereof shall not be construed as excluding Additional Interest in
those provisions hereof where such express mention is not made.

         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.

                                      63
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         IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be
duly executed, and their respective corporate seals to be hereunto affixed and
attested, all as of the day and year first above written.

                                           SOUTHERN ENERGY, INC.

                                           By:
                                              ----------------------------------
                                              Vice President

Attest:

-----------------------------------
Vice President and Secretary

                                           BANKERS TRUST COMPANY
                                           Trustee

                                           By:
                                              ----------------------------------

Attest:

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

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