Document:

Exhibit 10.44.3

 

 

INDEMNIFICATION
AGREEMENT

 

This Indemnification Agreement (this “Agreement”) is made and entered
into as of          ,
20   between Adelphia Communications Corporation, a Delaware
corporation (the “Company”), and                 
(“Indemnitee”), a director of the Company.

 

WHEREAS, the Indemnitee has been nominated to serve on the Company’s
board of directors (the “Board”) and agrees, on the condition that he be so
indemnified, to serve as a director of the Company and in such capacity will
render services to the Company;

 

WHEREAS, the Company is aware that because of the increased exposure to
litigation subjecting directors to expensive litigation risks, talented and
experienced persons are increasingly reluctant to serve or continue to serve as
directors and officers of corporations unless they are appropriately
indemnified;

 

WHEREAS, the Company is also aware that statutes and judicial decisions
regarding the duties of directors and officers are often difficult to apply,
ambiguous or conflicting and therefore fail to provide directors with adequate
guidance regarding the proper course of action;

 

WHEREAS, the Company desires to attract and retain the services of
highly experienced and capable individuals, such as Indemnitee, to serve as directors
of the Company and to indemnify its directors so as to provide them with the
maximum protection permitted by law;

 

WHEREAS, the Company believes that it is fair and proper to protect the
Company’s directors from the risk of judgments,
settlements and other expenses which may occur as a result of their service to
the Company, even in cases in which such persons received no personal profit or
were not otherwise culpable;

 

NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and Indemnitee, intending to be legally bound, hereby
agree as follows:

 

SECTION 1.               Definitions.  For purposes of this Agreement, the following
terms shall have the meanings set forth below:

 

(a)           “Change of Control” shall be deemed to have occurred in any
one of the following circumstances occurring after the date hereof: (i) there
shall have occurred an event required to be reported with respect to the
Company in response to Item 6(e) of Schedule 14A of Regulation 14A (or in
response to any similar item or any similar schedule or form) under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), regardless of
whether the Company is then subject to such reporting requirement; (ii) any
“person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act)
shall have become the “beneficial owner” (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of the Company representing
15% or more of the combined voting power of the Company’s then outstanding
voting securities; (iii) the Company is a party to a merger, consolidation,
sale of assets or other reorganization, or a proxy contest, as a consequence of
which members of the Board in

 

office
immediately prior to such transaction or event constitute less than a majority
of the Board thereafter; (iv) all or substantially all the assets of the
Company are sold or disposed of in a transaction or series of related transactions;
or (v) the individuals who on the date hereof constitute the Board (including,
for this purpose, any new director whose election or nomination for election by
the Company’s stockholders was approved by a vote of at least two-thirds of the
directors then still in office who were directors on the date hereof) cease for
any reason to constitute at least a majority of the Board.

 

(b)           “Enterprise” means any Person of which Indemnitee is or was a
Fiduciary.

 

(c)           “Expenses” means all direct and indirect costs
(including, without limitation, attorneys’ fees, retainers, court costs,
transcripts, fees of experts, witness fees, travel expenses, duplicating costs,
printing and binding costs, telephone charges, postage, delivery service fees,
and all other disbursements or out-of-pocket expenses) actually, reasonably and
customarily incurred in connection with (i) any Proceeding, (ii) establishing
or enforcing any right to indemnification or advancement of expenses under this
Agreement, applicable law, any other agreement or provision of the Company’s
Certificate of Incorporation or By-laws now or hereafter in effect or
otherwise, or (iii) the review and preparation of this Agreement on behalf of
Indemnitee; provided, however, that “Expenses” shall not include any Liabilities.

 

(d)           “Fiduciary” means an individual serving as a director,
officer, trustee, general partner, managing member, fiduciary, board of
directors’ committee member, employee or agent of (i) the Company, (ii) any
resulting corporation in connection with a consolidation or merger to which the
Company is a party, or (iii) any other Person (including an employee benefit
plan) at the request of the Company, including any service with respect to an
employee benefit plan, its participants or its beneficiaries.

 

(e)           “Independent Counsel” means a nationally recognized law firm,
or a member of a nationally recognized law firm, that is experienced in matters
of corporate law and neither currently is, nor in the five years previous to
its selection or appointment has been, retained to represent (i) the Company or
the Indemnitee in any matter material to either such party (other than with
respect to matters concerning the rights of Indemnitee under this Agreement or
of other indemnities under similar indemnification agreements) or (ii) any
other party to the Proceeding giving rise to a claim for indemnification
hereunder.  For the avoidance of doubt,
any law firm or member of a law firm that shall have advised either party with
respect to the review and preparation of this Agreement shall not be
Independent Counsel for the purposes of this Agreement.

 

(f)            “Liabilities” means
liabilities of any type whatsoever incurred by reason of (i) the fact that
Indemnitee is or was a Fiduciary, or (ii) any action taken (or failure to act)
by him or on his behalf in his capacity as a Fiduciary, including, but not
limited to, any judgments, fines (including any excise taxes assessed on
Indemnitee with respect to an employee benefit plan), ERISA excise taxes and
penalties, and penalties and amounts paid in settlement of any Proceeding
(including all interest, assessments and other charges paid or payable in
connection with or in respect of such judgments, fines, penalties or amounts
paid in settlement).

 

2

 

(g)           “Person” means any individual, partnership, joint venture,
firm, corporation, association, limited liability company, trust, estate,
governmental unit or other enterprise or entity.

 

(h)           “Proceeding” shall mean any threatened,
pending or completed investigation, civil
or criminal action, third-party action, derivative action, claim, suit,
arbitration, counterclaim, cross claim, alternative dispute resolution
mechanism, inquiry, administrative hearing or any other proceeding whether
civil, criminal, administrative, legislative or investigative, including any
appeal therefrom in which Indemnitee was involved as a party or otherwise by
reason of (i) the fact that Indemnitee is or was a Fiduciary, or (ii) any
action taken (or failure to act) by him or on his behalf in his capacity as a
Fiduciary.

 

(i)            “Subsidiary” means any Person of which a
majority of the outstanding voting securities or other voting equity interests
are owned, directly or indirectly by the Company.

 

SECTION 2.           Services
by the Indemnitee.  Subject to the
effectiveness of this Agreement pursuant to Section 13 hereof, the Indemnitee
agrees to serve as a director of the Company at the will of the Company for so
long as the Indemnitee is duly elected and qualified, appointed or until such
time as the Indemnitee tenders a resignation in writing or is removed as a
director in accordance with the Company’s Bylaws as amended from time to time;
provided, however, the Indemnitee may at any time and for any reason resign
from such position.

 

SECTION 3.           Indemnification.

 

(a)           Indemnification.  Subject to the further provisions of this
Agreement, the Company hereby agrees to and shall indemnify Indemnitee and hold
him harmless from and against any and all Expenses and Liabilities incurred by
Indemnitee or on Indemnitee’s behalf, to the fullest extent permitted by
applicable law in effect on the date hereof, and to such greater extent as
applicable law may thereafter permit or authorize.

 

(b)           Presumptions.

 

(i)            Upon
making any request for indemnification or advancement of Expenses under this
Agreement, Indemnitee shall be presumed to be entitled to such indemnification
or advancement of Expenses, as the case may be, under this Agreement and, in
connection with any determination with respect to entitlement to
indemnification under Section 4(c) hereof, the Company shall have the burdens
of coming forward with evidence and of persuasion to overcome that presumption
in connection with the making by any Person of any determination contrary to
that presumption.  Neither the failure of
any Person to have made such determination prior to the commencement of any
action pursuant to this Agreement that indemnification is proper in the
circumstances because Indemnitee has met the applicable standard of conduct,
nor an actual determination by any Person that Indemnitee has not met any
applicable standard of conduct, shall be a defense to any such action by
Indemnitee or create a presumption that Indemnitee has not met the applicable
standard of conduct.

 

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(ii)           For
purposes of any determination of good faith, Indemnitee shall be deemed to have
acted in good faith if Indemnitee’s action is based on the records or books of
account of any Enterprise, including financial statements, or on information
supplied to Indemnitee by the officers of such Enterprise in the course of
their duties, or on the advice of legal counsel for such Enterprise or on
information or records given or reports made to such Enterprise by an
independent certified public accountant or by an appraiser or other expert
selected by such Enterprise.  The
provisions of this Section 3(b) shall not be deemed to be exclusive or to limit
in any way the other circumstances in which Indemnitee may be deemed or found
to have met the applicable standard of conduct set forth in this Agreement.

 

(iii)          If
the Person empowered or selected under Section 4(c) hereof to determine whether
Indemnitee is entitled to indemnification shall not have made a determination
within twenty (20) calendar days after receipt by the Company of the request
therefor, the requisite determination of entitlement to indemnification shall
be deemed to have been made and Indemnitee shall be entitled to such
indemnification, absent (A) a misstatement by Indemnitee of a material fact, or
an omission of a material fact necessary to make Indemnitee’s statement not
materially misleading, in connection with the request for indemnification, or
(B) a prohibition of such indemnification under applicable law.

 

(iv)          The
knowledge and/or actions, or failure to act, of any other Fiduciary shall not
be imputed to Indemnitee for purposes of determining any right to
indemnification under this Agreement.

 

(c)           Effect
of Certain Proceedings.  The termination
of any Proceeding by judgment, order, settlement, conviction or upon a plea of
nolo contendre or its equivalent, shall not, of itself, create a presumption
that Indemnitee did not act in good faith and in a manner reasonably believed
to be in or not opposed to the best interests of the Company, and with respect
to any criminal Proceeding, that Indemnitee had reason to believe his or her
conduct was unlawful.

 

SECTION 4.               Expenses;
Indemnification Procedure.

 

(a)           Advancement
of Expenses.  The Company shall
advance all Expenses incurred by Indemnitee or on Indemnitee’s behalf, without
regard to Indemnitee’s ultimate entitlement to indemnification under the other
provisions of this Agreement.  Indemnitee
hereby undertakes to repay such amounts advanced if, and only to the extent
that, it shall be determined by a final judgment or other final adjudication,
not subject to further appeal or review, that Indemnitee is not entitled to be
indemnified by the Company as authorized hereby, or under applicable law or
otherwise.  The advances to be made
hereunder shall be paid by the Company to Indemnitee within twenty (20)
calendar days following delivery of any written request, from time to time, by
Indemnitee to the Company.  Any overdue
amount of such Expenses to be paid by the Company hereunder shall bear
interest, compounded monthly, at a rate of 8% per annum. Advances payable
hereunder shall include any and all reasonable Expenses incurred pursuing an
action to enforce this right of advancement, including Expenses incurred

 

4

 

preparing and forwarding any statements to the Company to support the
advances claimed.

 

(b)           Notice by
Indemnitee.  To obtain
indemnification under this Agreement, Indemnitee shall, as promptly as
reasonably practicable under the circumstances, notify the Company in writing
upon being served with any summons, citation, subpoena, complaint, indictment,
information or other document relating to any Proceeding or any other matter
which may be subject to indemnification of Liabilities or advancement of
Expenses covered by this Agreement; provided however, that any delay or failure
to so notify the Company shall relieve the Company of its obligations hereunder
only to the extent, if at all, that the Company is actually and materially
prejudiced by reason of such delay or failure. 
Notice to the Company shall be directed to the President/Chief Executive
Officer of the Company, with a copy to the Company’s outside counsel, at the
addresses shown on the signature page of this Agreement (or such other address
as the Company shall designate in writing to Indemnitee) in accordance with
Section 18 hereof.

 

(c)           Determination of
Entitlement to Indemnification.  Upon
the receipt of any notice pursuant to Section 4(b) hereof, a determination, if
expressly required by applicable law, with respect to Indemnitee’s entitlement
to indemnification hereunder shall be made within twenty (20) calendar days by
(i) a majority vote of the Board who are not parties to the Proceeding in
respect of which indemnification is sought by Indemnitee, even though less than
a quorum or (ii) by a committee of such directors designated by majority vote
of such directors even though less than a quorum, or (iii) if there are no such
directors, or if such directors so direct, by Independent Counsel in a written
opinion to the Board (a copy of which opinion shall be delivered to
Indemnitee); provided, however, that if there has been a Change of Control at
or prior to the time of such notice by Indemnitee, Indemnitee’s entitlement to
indemnification shall be determined within the foregoing time period by
Independent Counsel selected by Indemnitee, such determination to be set forth
in a written opinion to the Board (a copy of which opinion shall be delivered
to Indemnitee).  The Company agrees to
pay the reasonable fees of any Independent Counsel and to fully indemnify such
Independent Counsel against any and all Expenses, claims, liabilities and
damages arising out of or relating to this Agreement or its engagement pursuant
hereto. If, pursuant to the foregoing, it is determined that Indemnitee is
entitled to indemnification, payment to Indemnitee shall be made within twenty
(20) calendar days from the date of notice by Indemnitee pursuant to Section
4(b) hereof.  Indemnitee shall reasonably
cooperate in the making of such determination, including providing upon
reasonable advance request any documentation or information which is not
privileged or otherwise protected from disclosure and which is reasonably
available to Indemnitee and reasonably necessary to such determination.  For the avoidance of doubt, any costs or
expenses (including attorneys’ fees and disbursements) incurred by Indemnitee
in so cooperating with the Person making such determination shall be included
as Expenses for the purposes of this Agreement. Nothing in this Section 4(c)
shall be construed to limit or modify the presumptions in favor of Indemnitee
set forth in Section 3(b).

 

(d)           Notice
to Insurers.  If, at the time of the
receipt of any notice of any Proceeding pursuant to Section 4(b) hereof, the
Company has directors’ and officers’ liability insurance in effect, then the
Company shall give prompt notice of the

 

5

 

commencement of such Proceeding to the directors’ and officers’
liability insurers in accordance with the procedures set forth in the
respective policies.  The Company shall
thereafter take all necessary or appropriate action to cause such insurers to
pay, on behalf of Indemnitee, all amounts payable as a result of such
Proceeding in accordance with the terms of such policies. The failure or
refusal of such insurers to pay any such amount shall not affect or impair the
obligations of the Company under this Agreement.

 

(e)           Control of
Defense; Counsel Costs; Settlement. 
In connection with paying the Expenses of any Proceeding against
Indemnitee under Section 4(a), the Company shall be entitled to elect to assume
the defense of such Proceeding, with counsel approved by Indemnitee, which
approval shall not be unreasonably withheld, by the delivery to Indemnitee of
written notice of its election to do so. 
After delivery of such notice, approval of such counsel by Indemnitee
and the retention of such counsel by the Company, the Company shall not be
liable to Indemnitee under this Agreement for any fees of separate counsel
subsequently incurred by Indemnitee with respect to the same Proceeding;
provided, that (i) Indemnitee shall have the right to employ counsel in any
such Proceeding at Indemnitee’s expense; and provided, further (ii) if (A) the
employment of counsel by Indemnitee has been authorized by the Company, (B)
Indemnitee shall have reasonably concluded that there is an actual conflict of
interest between the Company and Indemnitee in the conduct of any such defense,
or (C) the Company shall not have employed counsel to assume the defense of
such Proceeding, then in any such event the fees and expenses of Indemnitee’s
counsel shall be at the expense of the Company. 
The Company shall not be entitled to assume the defense of any
Proceeding brought in the name of or on behalf of the Company or as to which
Indemnitee shall have made the conclusion provided for in (B) above.  Notwithstanding the foregoing, if at any time
the Company fails to pay any Expenses with respect to any Proceeding in
accordance with Section 4(a) hereof, Indemnitee shall immediately be entitled
to assume and control his own defense in such Proceeding with counsel of his
own choice (by notice to the Company), and will have all rights to
indemnification of those counsel Expenses hereunder.  The Company shall not settle any action or
claim in any manner that would impose any limitation or unindemnified penalty
on Indemnitee without Indemnitee’s written consent, which consent shall not be
unreasonably withheld.

 

SECTION 5.               Remedies
of Indemnitee.

 

(a)           In
the event that (i) a determination is made pursuant to Section 4(c) of this
Agreement that Indemnitee is not entitled to indemnification under this
Agreement, (ii) advancement of Expenses is not timely made pursuant to Section
4(a) hereof, (iii) no determination of entitlement to indemnification shall
have been made pursuant to Section 4(c) hereof within twenty (20) calendar days
after receipt by the Company of notice pursuant to Section 4(b) hereof, or (iv)
payment of indemnification is not made pursuant to the third last sentence of
Section 4(c) hereof within twenty (20) calendar days after the date of notice
by Indemnitee pursuant to Section 4(b) hereof, Indemnitee shall be entitled to
an adjudication by the Delaware Court of Chancery or other court of competent
jurisdiction of his entitlement to such indemnification, advancement of
Expenses, or to recover damages for breach of this Agreement.  The Company shall not oppose Indemnitee’s
right to seek any such adjudication.

 

(b)           In
the event that a determination shall have been made pursuant to Section 4(c) of
this Agreement that Indemnitee is not entitled to indemnification, any

 

6

 

judicial proceeding commenced pursuant to this Section 5 shall be
conducted in all respects as a de novo trial
and Indemnitee shall not be prejudiced by reason of that adverse
determination.  In any judicial
proceeding commenced pursuant to this Section 5 the Company shall have the
burdens of coming forward with evidence and of persuasion to prove that
Indemnitee is not entitled to indemnification or advancement of Expenses, as
the case may be, and the Company may not refer to or introduce into evidence
any determination pursuant to Section 4(c) of this Agreement adverse to
Indemnitee for any purpose.  If a
determination shall have been made pursuant to Section 4(c) hereof that
Indemnitee is entitled to indemnification, the Company shall be bound by such
determination in any judicial proceeding commenced pursuant to this Section 5,
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a
material fact necessary to make Indemnitee’s statement not materially misleading,
in connection with the request for indemnification, or (ii) a prohibition of
such indemnification under applicable law.

 

(c)           In
the event that Indemnitee, pursuant to this Section 5, seeks a judicial
adjudication to enforce his rights under, or to recover damages for breach of,
this Agreement, Indemnitee shall be entitled to recover from the Company, and
shall be indemnified by the Company against, any and all Expenses actually and
reasonably incurred by him in such judicial adjudication.  If it shall be determined in said judicial
adjudication that Indemnitee is entitled to receive part but not all of the
indemnification or advancement of Expenses sought, the Indemnitee shall be
entitled to recover from the Company, and shall be indemnified by the Company
against, any and all Expenses reasonably incurred by Indemnitee in connection
with such judicial adjudication.

 

(d)           The
Company shall be precluded from asserting in any judicial proceeding commenced
pursuant to this Section 5 that the procedures and presumptions of this
Agreement are not valid, binding and enforceable and shall stipulate in any
such court that the Company is bound by all the provisions of this Agreement.

 

SECTION 6.           Nonexclusivity.  The indemnification provided by this
Agreement shall be in addition to any rights to which Indemnitee may be
entitled under the Company’s Certificate of Incorporation, the Company’s
Bylaws, any agreement, any vote of shareholders or disinterested directors, the
General Corporation Law of the State of Delaware (the “DGCL”) or otherwise,
both as to action in Indemnitee’s official capacity and as to action in another
capacity while holding such office.

 

SECTION 7.               Partial
Indemnification.  If Indemnitee is
entitled under any provision of this Agreement to indemnification by the
Company for some or a portion of the Expenses or Liabilities actually or
reasonably incurred by Indemnitee in investigation, defense, appeal or
settlement of any Proceeding, but not, however, for the total amount thereof,
the Company shall nevertheless indemnify Indemnitee for the portion of such
Expenses and Liabilities to which Indemnitee is entitled.

 

SECTION 8.               Mutual
Acknowledgment.  Both the Company and
Indemnitee acknowledge that in certain instances, U.S. Federal law or
applicable public policy may prohibit the Company from advancing expenses or
indemnifying its directors under this Agreement or otherwise.  Indemnitee understands and acknowledges that
the Company may be required in the future to undertake with the Securities and
Exchange Commission to submit the question of indemnification to a court in
certain circumstances for a determination of the Company’s right

 

7

 

under public
policy to indemnify Indemnitee.  Any
action taken pursuant to the terms of this Section 8 shall not constitute a
breach of this Agreement.

 

SECTION 9.           Directors’
and Officers’ Liability Insurance. 
The Company shall use its best efforts to obtain and maintain on an
ongoing basis a policy or policies of insurance on commercially reasonable
terms with reputable insurance companies providing liability insurance for
Fiduciaries, including Indemnitee, in respect of acts or omissions occurring
while serving in such capacity, and to ensure the Company’s performance of its
indemnification obligations under this Agreement, on terms with respect to
coverage and amount (including with respect to the payment of Expenses) no less
favorable than those of such policy or policies of insurance in effect on the
date hereof.  To the extent that the
Company maintains a policy or policies of insurance pursuant to this Section 9,
Indemnitee shall be covered by such policy or policies in accordance with its
or their terms to the maximum extent of the coverage available for any Fiduciary
under such policy or policies.

 

SECTION 10.         Severability.  If this Agreement or any portion hereof shall
be invalidated or ruled to be unenforceable on any ground by any court of
competent jurisdiction, then the Company shall nevertheless indemnify Indemnitee
to the full extent permitted by applicable law and the court is expressly
requested and authorized to construe this Agreement in order, as closely as
possible, to provide the benefits to Indemnitee intended by this Agreement.

 

SECTION 11.         Duration of
Agreement.  The indemnification
provided under this Agreement shall continue as to the Indemnitee for any
action taken or not taken while serving as a Fiduciary even though Indemnitee
may have ceased to serve in such capacity at the time of any action or other
covered proceeding.

 

SECTION 12.         Exceptions.  Any other provision herein to the contrary
notwithstanding, the Company shall not be obligated pursuant to the terms of
this Agreement to indemnify Indemnitee as follows:

 

(a)           Excluded
Acts.  No indemnification shall be
made for any acts or omissions or transactions, if and to the extent that it
shall be determined by a final judgment or other final adjudication, not
subject to further appeal or review, that a director may not be relieved of
liability arising from any such acts or omissions or transactions under the
DGCL.

 

(b)           Indemnitee
Liable to Company.  No
indemnification shall be made in respect of any Proceeding, claim, issue or
matter as to which it shall have been determined by a final judgment or other
final adjudication, not subject to further appeal or review, that Indemnitee is
liable to the Company unless and only to the extent that such final judgment or
other final adjudication shall determine that, despite the adjudication of
liability but in view of all of the circumstances of the case, Indemnitee is
fairly and reasonably entitled to indemnity for such Expenses as the court
deems proper and then only to the extent that the court shall determine.

 

(c)           Claims
Initiated by Indemnitee.  No indemnification
or advance of Expenses to Indemnitee shall be made with respect to Proceedings
or claims initiated or brought voluntarily by Indemnitee and not by way of
defense, except with respect to such Proceedings brought to establish or
enforce a right to indemnification or advancement of Expenses under this
Agreement or any other statute or applicable law or otherwise as

 

8

 

required under Section 145(c) of the DGCL or any other provision of the
Certificate of Incorporation or Bylaws of the Company, unless (i) the Board of
Directors has approved the initiation or bringing of such Proceeding (or any
part of any Proceeding) or (ii) the Company provides the indemnification, in
its sole discretion, pursuant to the powers vested in the Company under
applicable law.

 

(d)           Lack
of Good Faith.  No indemnification
shall be made to indemnify Indemnitee for any Expenses or Liabilities incurred
by Indemnitee with respect to any Proceedings instituted by Indemnitee to enforce
or interpret this Agreement, if it shall be determined by a final judgment or
other final adjudication, not subject to further appeal or review, that each of
the material assertions made by Indemnitee in such proceeding was not made in
good faith or was frivolous;

 

(e)           Insured
Claims.  No indemnification shall be
made to indemnify Indemnitee for Expenses or Liabilities of any type whatsoever
if, but only to the extent that, Indemnitee shall have actually received
payment with respect to any such Expenses or Liabilities from an insurer under
any policy of directors’ and officers’ liability insurance maintained by the
Company, and any such payment shall not be recovered (in whole or in part) from
Indemnitee by such insurer;

 

(f)            Claims
under Section 16(b).  No
indemnification shall be made under this Agreement for Expenses, Liabilities
and the payment of profits arising from the purchase and sale by Indemnitee of
securities in violation of Section 16(b) of the Exchange Act or any
similar state or local law with respect to the disgorgement of “short swing”
profits; or

 

(g)           Unauthorized
Settlements.  No indemnification
shall be made under this Agreement for any amounts paid in settlement of any
Proceedings covered hereby without the prior consent of the Company to such
settlement, which consent shall not be unreasonably withheld;

 

provided,
that nothing in this Section 12 shall be construed to limit or modify the
presumptions in favor of Indemnitee set forth in Section 3(b).

 

SECTION
13.     Effectiveness of Agreement.  The indemnification permitted under the terms
of certain provisions of this Agreement shall be effective as of the date of
approval of this Agreement by the U.S. Bankruptcy Court overseeing the
Company’s case under chapter 11 of title 11 of the U.S. Code (the “Bankruptcy
Court”), in an order stating that no further approval by the Bankruptcy Court
shall be required before the Company makes any payment to Indemnitee hereunder,
and shall apply to acts or omissions of Indemnitee which occurred prior to such
date if Indemnitee was a Fiduciary at the time such act or omission occurred.

 

SECTION 14.     Counterparts.  This Agreement may be executed in two or more
counterparts, each of which shall constitute an original, and all of which
shall constitute one and the same agreement.

 

9

 

SECTION 15.     Successors and
Assigns.

 

(a)           This
Agreement shall be binding upon and inure to the benefit of and be enforceable
by the parties hereto and their respective successors, assigns, including any
direct or indirect successor by purchase, merger, consolidation or otherwise to
all or substantially all of the business and/or assets of the Company, spouses,
heirs, and executors, administrators, personal and legal representatives.  The Company shall require and cause any
successor (whether direct or indirect by purchase, merger, consolidation or
otherwise) to all or substantially all, or a substantial part of the business
or assets of the Company, by written agreement in the form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this
Agreement in the manner and to the same extent that the Company would be
required to perform if no such succession had taken place.

 

(b)           The indemnification
and advancement of Expenses provided by, or granted pursuant to this Agreement
shall continue as to a person who has ceased to be a Fiduciary.  If the Indemnitee is deceased and is entitled
to indemnification under any provision of this Agreement, when requested in
writing by the spouse of the Indemnitee, and/or the Indemnitee’s heirs,
executors, administrators, legatees or assigns, the Company shall provide
appropriate evidence of the Company’s agreement set out herein to indemnify the
Indemnitee against and to itself assume such Expenses.

 

SECTION 16.     Modification
and Waiver.  No supplement,
modification or amendment of this Agreement shall be binding unless executed in
writing by both of the parties hereto. 
The observance of any term of this Agreement may be waived (either
generally or in a particular instance and either retroactively or
prospectively) by the party entitled to enforce such term only by a writing
signed by the party against which such waiver is to be asserted.  No waiver of any of the provisions of this
Agreement shall be deemed or shall constitute a waiver of any other provisions
hereof (whether or not similar) nor shall such waiver constitute a continuing
waiver.

 

SECTION 17.     Notice.  All notices, requests, demands and other
communications under this Agreement shall be in writing and shall be deemed
duly given (i) if delivered by hand or by courier and receipted for by the part
addressee, on the date of such receipt, (ii) if mailed by domestic certified or
registered mail with postage prepaid, on the third business day after the date
postmarked or (iii) if sent by facsimile transmission and fax confirmation is
received, on the next business day following the date on which such facsimile
transmission was sent.  Addresses for
notice to either party are as shown on the signature page of this Agreement, or
as subsequently modified by written notice.

 

SECTION 18.     Subrogation.  In the event of payment under this Agreement,
the Company shall be subrogated to the extent of such payment to all of the
rights of recovery of the Indemnitee, who shall, at the Company’s expense,
execute all documents required and do all acts that may be necessary to secure
such rights and to enable the Company effectively to bring suit to enforce such
rights.

 

SECTION 19.     Evidence of
Coverage.  Upon request by
Indemnitee, the Company shall provide copies of any and all directors’ and
officers’ liability insurance policies obtained and maintained in accordance
with Section 9 of this Agreement.  The
Company shall

 

10

 

promptly notify Indemnitee of
any changes in the Company’s directors’ and officers’ liability insurance
coverage.

 

SECTION 20.     Governing Law.  The parties agree that this Agreement shall
be governed by, and construed and enforced in accordance with, the laws of the
State of Delaware without application of the conflict of laws principles
thereof.

 

SECTION 21.     Consent to
Jurisdiction.  The Company and
Indemnitee each hereby irrevocably consent to the jurisdiction and venue of the
Bankruptcy Court and the courts of the State of New York for all purposes in
connection with any action or proceeding which arises out of or relates to this
Agreement.

 

SECTION 22.     Entire
Agreement.  This Agreement and the
documents referred to herein constitute the entire agreement between the
parties hereto with respect to the matters covered hereby, and any other prior
or contemporaneous oral or written understandings or agreements with respect to
the matters covered hereby are superseded by this Agreement.

 

11

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first above-written.

 

	
   

  	
  ADELPHIA
  COMMUNICATIONS

  CORPORATION

  
	
   

  	
  5619
  DTC Parkway

  
	
   

  	
  Englewood,
  CO 80111

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  With
  a copy to:

  
	
   

  	
   

  
	
   

  	
  Boies,
  Schiller & Flexner, LLP

  
	
   

  	
  333
  Main Street

  
	
   

  	
  Armonk,
  NY 10504

  
	
   

  	
  Attn:
  Christopher Boies

  
	
   

  	
  Facsimile:
  (914) 749-8300

  
	
   

  	
   

  
	
   

  	
  and

  
	
   

  	
   

  
	
   

  	
  Willkie
  Farr & Gallagher

  
	
   

  	
  787
  Seventh Avenue

  
	
   

  	
  New
  York, NY 10019-6099

  
	
   

  	
  Attn:
  Maurice Lefkort

  
	
   

  	
  Facsimile:
  (212) 728-8111

  
	
   

  	
   

  
	
   

  	
   

  
	
  AGREED
  TO AND ACCEPTED:

  	
  INDEMNITEE:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  With a copy to:

  
						

 

12<Page>

                                                                    EXHIBIT 4.01

                                  ACUSPHERE, INC.

                                     ISSUER

                                DEBT SECURITIES

                                   ----------

                                   INDENTURE

                      DATED AS OF__________________, 200_

                              THE BANK OF NEW YORK

                                    TRUSTEE

<Page>

                              CROSS-REFERENCE TABLE

<Table>
<Caption>
TIA                                                                                              INDENTURE
SECTION                                                                                           SECTION
<S>                                                                                             <C>
310(a)(1)                                                                                          7.10
(a)(2)                                                                                             7.10
(a)(3)                                                                                             N.A.
(a)(5)                                                                                             7.10
(b)                                                                                                7.10
(c)                                                                                                N.A.
311(a)                                                                                             7.11
(b)                                                                                                7.11
(c)                                                                                                N.A.
312(a)                                                                                             5.01
(b)                                                                                                5.02
(c)                                                                                                5.02
313(a)                                                                                             5.04
(b)(1)                                                                                             5.04
(b)(2)                                                                                             5.04
(c)                                                                                                12.03
(d)                                                                                                5.04
314(a)(1)                                                                                          5.03
(a)(2)                                                                                             5.03
(a)(3)                                                                                             5.03
(a)(4)                                                                                             4.05
(b)                                                                                                N.A.
(c)(1)                                                                                             13.05
(c)(2)                                                                                             13.05
(c)(3)                                                                                             N.A.
(d)                                                                                                N.A.
(e)                                                                                                13.05
315(a)                                                                                             7.01
(b)                                                                                            6.07 & 13.03
(c)                                                                                                7.01
(d)                                                                                                7.01
(e)                                                                                                6.08
316(a)(last sentence)                                                                              1.01
(a)(1)(A)                                                                                          6.06
(a)(1)(B)                                                                                          6.06
(a)(2)                                                                                            9.01(d)
(b)                                                                                                6.04
(c)                                                                                                5.05
317(a)(1)                                                                                          6.02
(a)(2)                                                                                             6.02
(b)                                                                                                4.04
318(a)                                                                                             13.07
</Table>

N.A. means Not Applicable.

Note: This Cross-Reference Table shall not, for any purpose, be deemed to be a
part of the Indenture

<Page>

              TABLE OF CONTENTS

<Table>
<S>                                                                                                     <C>
                                    ARTICLE I

                                   Definitions
SECTION 1.01. Certain Terms Defined                                                                        1
SECTION 1.02. Incorporation by Reference of Trust Indenture Act                                            7
SECTION 1.03. Rules of Construction                                                                        8

                                   ARTICLE II

                                 Debt Securities

SECTION 2.01. Forms Generally                                                                              8
SECTION 2.03. Principal Amount; Issuable in Series                                                         9
SECTION 2.04. Execution of Debt Securities                                                                 11
SECTION 2.05. Authentication and Delivery of Debt Securities                                               11
SECTION 2.06. Denomination of Debt Securities                                                              12
SECTION 2.07. Registration of Transfer and Exchange                                                        12
SECTION 2.08. Temporary Debt Securities                                                                    13
SECTION 2.09. Mutilated, Destroyed, Lost or Stolen Debt Securities                                         14
SECTION 2.10. Cancellation of Surrendered Debt Securities                                                  15
SECTION 2.11. Provisions of the Indenture and Debt Securities for the Sole Benefit of the Parties          15
               and the Holders
SECTION 2.12. Payment of Interest; Rights Preserved                                                        15
SECTION 2.13. Securities Denominated in Foreign Currencies                                                 15
SECTION 2.14. Wire Transfers                                                                               16
SECTION 2.15. Securities Issuable in the Form of a Global Security                                         16
SECTION 2.16. Medium Term Securities                                                                       18
SECTION 2.17. Defaulted Interest                                                                           18
SECTION 2.18. Judgments                                                                                    19

                                   ARTICLE III

                          Redemption of Debt Securities

SECTION 3.01. Applicability of Article                                                                     19
SECTION 3.02. Notice of Redemption; Selection of Debt Securities                                           19
SECTION 3.03. Payment of Debt Securities Called for Redemption                                             21
SECTION 3.04. Mandatory and Optional Sinking Funds                                                         21
SECTION 3.05. Redemption of Debt Securities for Sinking Fund                                               22

                                   ARTICLE IV

                       Particular Covenants of the Company

SECTION 4.01. Payment of Principal of, and Premium, If Any, and Interest on, Debt Securities               23
SECTION 4.02. Maintenance of Offices or Agencies for Registration of Transfer, Exchange and                23
               Payment of Debt Securities
SECTION 4.03. Appointment to Fill a Vacancy in the Office of Trustee                                       24
SECTION 4.04. Duties of Paying Agents, etc                                                                 24
SECTION 4.05. Statement by Officers as to Default                                                          24
SECTION 4.06. Existence                                                                                    25
</Table>

<Page>

<Table>
<S>                                                                                                     <C>
SECTION 4.07. Maintenance of Properties                                                                    25
SECTION 4.08. Payment of Taxes and Other Claims                                                            25

                                    ARTICLE V

            Holders' Lists and Reports by the Company And the Trustee

SECTION 5.01. Company to Furnish Trustee Information as to Names and Addresses of Holders;                 25
               Preservation of Information
SECTION 5.02. Communications to Holders                                                                    26
SECTION 5.03. Reports by Company                                                                           26
SECTION 5.04. Reports by Trustee                                                                           26
SECTION 5.05. Record Dates for Action by Holders                                                           26

                                   ARTICLE VI

             Remedies of the Trustee and Holders in Event of Default

SECTION 6.01. Events of Default                                                                            27
SECTION 6.02. Collection of Indebtedness by Trustee, etc                                                   28
SECTION 6.03. Application of Moneys Collected by Trustee                                                   29
SECTION 6.04. Limitation on Suits by Holders                                                               30
SECTION 6.05. Remedies Cumulative; Delay or Omission in Exercise of Rights Not a Waiver of Default         30
SECTION 6.06. Rights of Holders of Majority in Principal Amount of Debt Securities to Direct               31
               Trustee and to Waive Default
SECTION 6.07. Trustee to Give Notice of Defaults Known to It, but May Withhold Such Notice in              31
               Certain Circumstances
SECTION 6.08. Requirement of an Undertaking To Pay Costs in Certain Suits under the Indenture or           31
               Against the Trustee

                                   ARTICLE VII

                             Concerning the Trustee

SECTION 7.01. Certain Duties and Responsibilities                                                          32
SECTION 7.02. Certain Rights of Trustee                                                                    33
SECTION 7.03. Trustee Not Liable for Recitals in Indenture or in Debt Securities                           34
SECTION 7.04. Trustee, Paying Agent or Registrar May Own Debt Securities                                   34
SECTION 7.05. Moneys Received by Trustee to Be Held in Trust                                               35
SECTION 7.06. Compensation and Reimbursement                                                               35
SECTION 7.07. Right of Trustee to Rely on an Officers' Certificate Where No Other Evidence                 35
               Specifically Prescribed
SECTION 7.08. Separate Trustee; Replacement of Trustee                                                     35
SECTION 7.09. Successor Trustee by Merger                                                                  37
SECTION 7.10. Eligibility; Disqualification                                                                37
SECTION 7.11. Preferential Collection of Claims Against Company                                            37
SECTION 7.12. Compliance with Tax Laws                                                                     37

                                  ARTICLE VIII

                             Concerning the Holders

SECTION 8.01. Evidence of Action by Holders                                                                37
SECTION 8.02. Proof of Execution of Instruments and of Holding of Debt Securities                          38
SECTION 8.03. Who May Be Deemed Owner of Debt Securities                                                   38
</Table>

                                      -ii-
<Page>

<Table>
<S>                                                                                                     <C>
SECTION 8.04. Instruments Executed by Holders Bind Future Holders                                          38

                                   ARTICLE IX

                             Supplemental Indentures

SECTION 9.01. Purposes for Which Supplemental Indenture May Be Entered into Without Consent of             39
               Holders
SECTION 9.02. Modification of Indenture with Consent of Holders of Debt Securities                         40
SECTION 9.03. Effect of Supplemental Indentures                                                            41
SECTION 9.04. Debt Securities May Bear Notation of Changes by Supplemental Indentures                      42
SECTION 9.05. Payment for Consent                                                                          42

                                    ARTICLE X

                    Consolidation, Merger, Sale or Conveyance

SECTION 10.01. Consolidations and Mergers of the Company                                                   42
SECTION 10.02. Rights and Duties of Successor Corporation                                                  42

                                   ARTICLE XI

      Satisfaction and Discharge of Indenture; Defeasance; Unclaimed Moneys

SECTION 11.01. Applicability of Article                                                                    43
SECTION 11.02. Satisfaction and Discharge of Indenture: Defeasance                                         43
SECTION 11.03. Conditions of Defeasance                                                                    44
SECTION 11.04. Application of Trust Money                                                                  45
SECTION 11.05. Repayment to Company                                                                        45
SECTION 11.06. Indemnity for U.S. Government Obligations                                                   45
SECTION 11.07. Reinstatement                                                                               45

                                   ARTICLE XII

                        Subordination of Debt Securities

SECTION 12.01. Applicability of Article; Agreement To Subordinate                                          45
SECTION 12.02. Liquidation, Dissolution, Bankruptcy                                                        46
SECTION 12.03. Default on Senior Indebtedness                                                              46
SECTION 12.04. Acceleration of Payment of Debt Securities                                                  47
SECTION 12.05. When Distribution Must Be Paid Over                                                         47
SECTION 12.06. Subrogation                                                                                 47
SECTION 12.07. Relative Rights                                                                             47
SECTION 12.08. Subordination May Not Be Impaired by Company                                                47
SECTION 12.09. Rights of Trustee and Paying Agent                                                          47
SECTION 12.10. Distribution or Notice to Representative                                                    48
SECTION 12.11. Article XII Not to Prevent Defaults or Limit Right to Accelerate                            48
SECTION 12.12. Trust Moneys Not Subordinated                                                               48
SECTION 12.13. Trustee Entitled to Rely                                                                    48
SECTION 12.14. Trustee to Effectuate Subordination                                                         48
SECTION 12.15. Trustee Not Fiduciary for Holders of Senior Indebtedness                                    48
SECTION 12.16. Reliance by Holders of Senior Indebtedness on Subordination Provisions                      49
</Table>

                                     -iii-

<Page>

<Table>
<S>                                                                                                     <C>
                                  ARTICLE XIII

                            Miscellaneous Provisions

SECTION 13.01. Successors and Assigns of Company Bound by Indenture                                        49
SECTION 13.02. Acts of Board, Committee or Officer of Successor Company Valid                              49
SECTION 13.03. Required Notices or Demands                                                                 49
SECTION 13.04. Indenture and Debt Securities to Be Construed in Accordance with the Laws of the            50
                State of New
SECTION 13.05. Officers' Certificate and Opinion of Counsel to Be Furnished upon Application or            50
                 Demand by the Company
SECTION 13.06. Payments Due on Legal Holidays                                                              50
SECTION 13.07. Provisions Required by Trust Indenture Act to Control                                       51
SECTION 13.08. Computation of Interest on Debt Securities                                                  51
SECTION 13.09. Rules by Trustee, Paying Agent and Registrar                                                51
SECTION 13.10. No Recourse Against Others                                                                  51
SECTION 13.11. Severability                                                                                51
SECTION 13.12. Effect of Headings                                                                          51
SECTION 13.13. Indenture May Be Executed in Counterparts                                                   51
</Table>

                                      -iv-

<Page>

       INDENTURE dated as of , 200_, between ACUSPHERE, INC., a corporation duly
organized and existing under the laws of the State of Delaware (hereinafter
sometimes called the "Company"), and The Bank of New York, a New York trust
company (hereinafter sometimes called the "Trustee").

                             RECITALS OF THE COMPANY

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

       NOW, THEREFORE, THIS INDENTURE WITNESSETH

       In consideration of the premises, and of the purchase and acceptance of
the Debt Securities by the holders thereof, the Company and the Trustee covenant
and agree with each other, for the benefit of the respective Holders from time
to time of the Debt Securities or any series thereof, as follows:

                                    ARTICLE I

                                   DEFINITIONS

       SECTION 1.01 CERTAIN TERMS DEFINED. The terms defined in this Section
1.01 (except as herein otherwise expressly provided or unless the context
otherwise requires) for all purposes of this Indenture and of any indenture
supplemental hereto shall have the respective meanings specified in this Section
1.01. All other terms used in this Indenture which are defined in the Trust
Indenture Act or which are by reference therein defined in the Securities Act
(except as herein otherwise expressly provided or unless the context otherwise
requires), shall have the meanings assigned to such terms in the Trust Indenture
Act and in the Securities Act as in force as of the date of original execution
of this Indenture.

       "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 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.

       "AUTHORIZED NEWSPAPER" means a newspaper in an official language of the
country of publication customarily published at least once a day, and
customarily published for at least five days in each calendar week, and of
general circulation in such city or cities specified pursuant to Section 2.03
with respect to the Debt Securities of any series. Where successive publications
are required to be made in Authorized Newspapers, the successive publications
may be made in the same or in different newspapers in the same city meeting the
foregoing requirements and in each case on any business day in such city.

       "BANKRUPTCY LAW" means Title 11, United States Code, or any similar
Federal or state law for the relief of debtors.

       "BOARD OF DIRECTORS" means either the Board of Directors of the Company
or any duly authorized committee or subcommittee of such Board, except as the
context may otherwise require.

       "BUSINESS DAY" means, when used with respect to any Place of Payment
specified pursuant to Section 2.03, any day that is not a Saturday, a Sunday or
a legal holiday or a day on which banking institutions or trust companies in
such Place of Payment are authorized or obligated by law to close, except as
otherwise specified pursuant to Section 2.03.

       "CAPITALIZED LEASE OBLIGATION" means an obligation that is required to be
classified and accounted for as a capitalized lease for financial reporting
purposes in accordance with GAAP; and the amount of Indebtedness represented by
such obligation shall be the capitalized amount of such obligation

<Page>

determined in accordance with GAAP; and the Stated Maturity thereof shall be the
date of the last payment of rent or any other amount due under such lease prior
to the first date upon which such lease may be terminated by the lessee without
payment of a penalty.

       "CAPITAL STOCK" of any Person means any and all shares, interests, rights
to purchase, warrants, options, participations or other equivalents of or
interests (including partnership interests) in (however designated) equity of
such Person, including any Preferred Stock, but excluding any debt securities
convertible into such equity.

       "COMMON STOCK" means the common shares, $0.01 par value per share, of the
Company, which stock is currently listed on the Nasdaq Stock Market, Inc.

       "COMPANY" means Acusphere, Inc., a Delaware corporation, and, subject to
the provisions of Article X, shall also include its successors and assigns.

       "COMPANY ORDER" means a written order of the Company, signed by its
Chairperson of the Board, its Vice Chairperson, Chief Executive Officer or
President and any Vice President, the Chief Financial Officer, the Controller,
the chief accounting officer, the Treasurer, the Secretary, any Assistant
Treasurer or any Assistant Secretary.

       "CORPORATE TRUST OFFICE OF THE TRUSTEE" or other similar term means the
corporate trust office of the Trustee at which, at any particular time, this
Indenture shall be principally administered in the United States of America,
except that with respect to the presentation of Debt Securities for payment or
for registration of transfer and exchange, such term shall also mean the office
of the Trustee or the Trustee's agent, which office at the date hereof is
located at 111 Sanders Creek Parkway, Mail Stop: DM-SYR-02, East Syracuse, NY
13057, Attention: Corporate Trust Operations/Transfers.

       "CURRENCY" means Dollars or Foreign Currency.

       "DEBT SECURITY" or "DEBT SECURITIES" has the meaning stated in the first
recital of this Indenture and more particularly means any debt security or debt
securities, as the case may be, of any series authenticated and delivered under
this Indenture.

       "DEFAULT" means any event which is, or after notice or passage of time or
both would be, an Event of Default.

       "DEPOSITARY" means, unless otherwise specified by the Company pursuant to
either Section 2.03 or 2.15, with respect to registered Debt Securities of any
series issuable or issued in whole or in part in the form of one or more Global
Securities, The Depository Trust Company, New York, New York, or any successor
thereto registered as a clearing agency under the Exchange Act or other
applicable statute or regulations.

       "DESIGNATED SENIOR INDEBTEDNESS" means any Senior Indebtedness of the
Company as to which the Company has notified the Trustee at the time of issuance
thereof, or upon execution of this Indenture that such Senior Indebtedness will
be treated as Designated Senior Indebtedness under this Indenture, or as
designated as such in an agreement between the Company and the holder of the
Senior Indebtedness.

       "DISQUALIFIED STOCK" of a Person means Redeemable Stock of such Person as
to which the maturity, mandatory redemption, conversion or exchange or
redemption at the option of the holder thereof occurs, or may occur, on or prior
to the first anniversary of the Stated Maturity of the Debt Securities as
provided in a supplemental indenture setting forth the terms of such Debt
Securities.

       "DOLLAR" or "$" means such currency of the United States as at the time
of payment is legal tender for the payment of public and private debts.

       "DOLLAR EQUIVALENT" means, with respect to any monetary amount in a
Foreign Currency, at any time for the determination thereof, the amount of
Dollars obtained by converting such Foreign Currency involved in such
computation into Dollars at the spot rate for the purchase of Dollars with the
applicable

                                      -2-
<Page>

Foreign Currency as quoted by Citibank, N.A. (unless another comparable
financial institution is designated by the Company) in New York, New York at
approximately 11:00 a.m. (New York time) on the date two business days prior to
such determination.

       "EVENT OF DEFAULT" has the meaning specified in Section 6.01.

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

       "FOREIGN CURRENCY" means a currency issued by the government of any
country (other than the United States) or the European Union or a composite
currency the value of which is determined by reference to the values of the
currencies of any group of countries.

       "GAAP" means generally accepted accounting principles in the United
States as in effect as of the date on which the Debt Securities of the
applicable series are issued, including those set forth in (i) the opinions and
pronouncements of the Accounting Principles Board of the American Institute of
Certified Public Accountants, (ii) statements and pronouncements of the
Financial Accounting Standards Board or in such other statements by such other
entity as approved by a significant segment of the accounting profession and
(iii) the rules and regulations of the SEC, including opinions and
pronouncements in staff accounting bulletins and similar written statements from
the accounting staff of the SEC. All ratios and computations based on GAAP
contained in this Indenture shall be computed in conformity with GAAP
consistently applied.

       "GLOBAL SECURITY" means with respect to any series of Debt Securities
issued hereunder, a Debt Security which 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 this Indenture and any
indentures supplemental hereto, or resolution of the Board of Directors and set
forth in an Officers' Certificate, which shall be registered in the name of the
Depositary or its nominee and which shall represent, and shall be denominated in
an amount equal to the aggregate principal amount of, all the Outstanding Debt
Securities of such series or any portion thereof, in either case having the same
terms, including, without limitation, the same original issue date, date or
dates on which principal is due and interest rate or method of determining
interest.

       "GUARANTEE" means any obligation, contingent or otherwise, of any Person
directly or indirectly guaranteeing any Indebtedness or other obligation of any
other Person and any obligation, direct or indirect, contingent or otherwise, of
such Person (i) to purchase or pay (or advance or supply funds for the purchase
or payment of) such Indebtedness or other obligation of such other Person or
(ii) entered into for purposes of assuring in any other manner the obligee of
such Indebtedness or other obligation of the payment thereof or to protect such
obligee against loss in respect thereof (in whole or in part); PROVIDED,
HOWEVER, that the term "Guarantee" shall not include endorsements for collection
or deposit in the ordinary course of business. The term "Guarantee" used as a
verb has a corresponding meaning.

       "HOLDER," "HOLDER OF DEBT SECURITIES" or other similar terms mean, with
respect to a Registered Security, the Registered Holder.

       "INCUR" means issue, assume, Guarantee, incur or otherwise become liable
for; PROVIDED, HOWEVER, that any Indebtedness or Capital Stock of a Person
existing at the time such Person becomes a Subsidiary (whether by merger,
consolidation, acquisition or otherwise) shall be deemed to be incurred by such
Subsidiary at the time it becomes a Subsidiary. The terms "Incurred",
"Incurrence" and "Incurring" shall each have a correlative meaning.

       "INDEBTEDNESS" means, with respect to any Person on any date of
determination (without duplication), (i) the principal of Indebtedness of such
Person for borrowed money; (ii) the principal of obligations of such Person
evidenced by bonds, debentures, notes or other similar instruments; (iii) all
Capitalized Lease Obligations of such Person; (iv) all obligations of such
Person to pay the deferred and unpaid purchase price of property or services
(except Trade Payables); (v) all obligations of such Person in respect of

                                      -3-
<Page>

letters of credit, banker's acceptances or other similar instruments or credit
transactions (including reimbursement obligations with respect thereto), other
than obligations with respect to letters of credit securing obligations (other
than obligations described in (i) through (iv) above) entered into in the
ordinary course of business of such Person to the extent such letters of credit
are not drawn upon or, if and to the extent drawn upon, such drawing is
reimbursed no later than the third business day following receipt by such Person
of a demand for reimbursement following payment on the letter of credit; (vi)
the amount of all obligations of such Person with respect to the redemption,
repayment or other repurchase of any Disqualified Stock (but excluding, in each
case, any accrued dividends); (vii) all Indebtedness of other Persons secured by
a Lien on any asset of such Person, whether or not such Indebtedness is assumed
by such Person; PROVIDED, HOWEVER, that the amount of such Indebtedness shall be
the lesser of (A) the fair market value of such asset at such date of
determination and (B) the amount of such Indebtedness of such other Persons; and
(viii) all Indebtedness of other Persons to the extent Guaranteed by such
Person.

       For purposes of this definition, the maximum fixed redemption, repayment
or repurchase price of any Disqualified Stock that does not have a fixed
redemption, repayment or repurchase price shall be calculated in accordance with
the terms of such Stock as if such Stock were redeemed, repaid or repurchased on
any date on which Indebtedness shall be required to be determined pursuant to
this Indenture. The amount of Indebtedness of any Person at any date shall be
the outstanding balance at such date of all unconditional obligations as
described above and the maximum liability, upon the occurrence of the
contingency giving rise to the obligation, of any contingent obligations at such
date.

       "INDENTURE" means this instrument as originally executed, or, if amended
or supplemented as herein provided, as so amended or supplemented and shall
include the form and terms of particular series of Debt Securities as
contemplated hereunder, whether or not a supplemental indenture is entered into
with respect thereto.

       "LIEN" means any mortgage, pledge, security interest, encumbrance, lien
or charge of any kind (including any conditional sale or other title retention
agreement or lease in the nature thereof).

       "OFFICERS' CERTIFICATE" means a certificate signed by the Chairman of the
Board, the Chief Executive Officer, the President, any Vice President, the Chief
Financial Officer, the Controller or chief accounting officer and by the
Treasurer, the Secretary or any Assistant Treasurer or Assistant Secretary of
the Company. Each such certificate shall include the statements provided for in
Section 13.05, if applicable.

       "OPINION OF COUNSEL" means an opinion in writing signed by legal counsel
for the Company (which counsel may be an employee of the Company), or outside
counsel for the Company. Each such opinion shall include the statements provided
for in Section 13.05, if applicable.

       "ORIGINAL ISSUE DISCOUNT DEBT SECURITY" means any Debt Security which
provides for an amount less than the principal amount thereof to be due and
payable upon a declaration or acceleration of the maturity thereof pursuant to
Section 6.01.

       "OUTSTANDING" when used with respect to any series of Debt Securities,
means, as of the date of determination, all Debt Securities of that series
theretofore authenticated and delivered under this Indenture, except: (i) Debt
Securities of that series theretofore canceled by the Trustee or delivered to
the Trustee for cancellation; (ii) Debt Securities of that series 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 Debt Securities; PROVIDED,
HOWEVER, that, if such Debt Securities are to be redeemed, notice of such
redemption has been duly given pursuant to this Indenture or provision therefor
satisfactory to the Trustee has been made; and (iii) Debt Securities of that
series which have been paid pursuant to Section 2.09 or in exchange for or in
lieu of which other Debt Securities have been authenticated and delivered
pursuant to this Indenture, other than any such Debt Securities in respect of
which there shall have been presented to the Trustee proof satisfactory to it
that such Debt Securities

                                      -4-
<Page>

are held by a bona fide purchaser in whose hands such Debt Securities are valid
obligations of the Company; PROVIDED, HOWEVER, that in determining whether the
Holders of the requisite principal amount of the Outstanding Debt Securities of
any series have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, Debt Securities owned by the Company or any other
obligor upon the Debt Securities or any Affiliate of the Company or of such
other obligor shall be disregarded and deemed not to be Outstanding, except
that, in determining whether the Trustee shall be protected in relying upon any
such request, demand, authorization, direction, notice, consent or waiver, only
Debt Securities which a Responsible Officer of the Trustee knows to be so owned
shall be so disregarded. Debt Securities so owned which have been pledged in
good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee's right so to act with respect to such
Debt Securities and that the pledgee is not the Company or any other obligor
upon the Debt Securities or an Affiliate of the Company or of such other
obligor. In determining whether the Holders of the requisite principal amount of
outstanding Debt Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, the principal amount of an
Original Issue Discount Debt Security that shall be deemed to be Outstanding for
such purposes shall be the amount of the principal thereof that would be due and
payable as of the date of such determination upon a declaration of acceleration
of the maturity thereof pursuant to Section 6.01. In determining whether the
Holders of the requisite principal amount of the Outstanding Debt Securities of
any series have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, the principal amount of a Debt Security denominated
in one or more foreign currencies or currency units that shall be deemed to be
Outstanding for such purposes shall be the Dollar Equivalent, determined in the
manner provided as contemplated by Section 2.03 on the date of original issuance
of such Debt Security, of the principal amount (or, in the case of any Original
Issue Discount Security, the Dollar Equivalent on the date of original issuance
of such Security of the amount determined as provided in the preceding sentence
above) of such Debt Security.

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

       "PLACE OF PAYMENT" means, when used with respect to the Debt Securities
of any series, the place or places where the principal of, and premium, if any,
and interest on, the Debt Securities of that series are payable as specified
pursuant to Section 2.03.

       "PREFERRED STOCK" as applied to the Capital Stock of any corporation,
means Capital Stock of any class or classes (however designated) which is
preferred as to the payment of dividends, or as to the distribution of assets
upon any voluntary or involuntary liquidation or dissolution of such
corporation, over shares of Capital Stock of any other class of such
corporation.

       "REDEEMABLE STOCK" means, with respect to any Person, any Capital Stock
which by its terms (or by the terms of any security into which it is convertible
or for which it is exchangeable) or upon the happening of any event (i) matures
or is mandatorily redeemable (other than redeemable only for Capital Stock of
such Person which itself is not Disqualified Stock) pursuant to a sinking fund
obligation or otherwise, (ii) is convertible or exchangeable at the option of
the holder for Indebtedness or Disqualified Stock or (iii) is redeemable at the
option of the holder thereof or must be purchased upon the occurrence of any
event, in whole or in part.

       "REGISTERED HOLDER" means the Person in whose name a Registered Security
is registered in the Debt Security Register (as defined in Section 2.07(a)).

       "REGISTERED SECURITY" means any Debt Security registered as to principal
and interest in the Debt Security Register (as defined in Section 2.07(a)).

       "REGISTRAR" has the meaning set forth in Section 2.07(a).

       "REPRESENTATIVE" means the trustee, agent or representative (if any) for
an issue of Indebtedness.

                                      -5-
<Page>

       "RESPONSIBLE OFFICER" when used with respect to the Trustee, means any
officer within the Corporate Trust Office of the Trustee, including any Vice
President, any trust officer or any other officer of the Trustee performing
functions similar to those performed by the persons who at the time shall be
such officers, and any other officer of the Trustee to whom corporate trust
matters are referred because of his knowledge of and familiarity with the
particular subject.

       "SEC" means the U.S. Securities and Exchange Commission.

       "SECURED INDEBTEDNESS" means any Indebtedness of the Company secured by a
Lien. "SECURITIES ACT" means the Securities Act of 1933, as amended.

       "SENIOR INDEBTEDNESS" means, as to any series of Debt Securities
subordinated pursuant to the provisions of Article XII, the Indebtedness of the
Company identified as Senior Indebtedness in the resolution of the Board of
Directors and accompanying Officers' Certificate or supplemental indenture
setting forth the terms of such Debt Securities.

       "STATED MATURITY" means, with respect to any security, the date specified
in such security as the fixed date on which the payment of principal of such
security is due and payable, including pursuant to any mandatory redemption
provision (but excluding any provision providing for the repurchase of such
security at the option of the holder thereof upon the happening of any
contingency beyond the control of the issuer unless such contingency has
occurred).

       "SUBORDINATED DEBT SECURITIES" means any Debt Securities that are
subordinated as contemplated by paragraph (21) of the second paragraph of
Section 2.03.

       "SUBSIDIARY" of any Person means any corporation, association,
partnership or other business entity of which more than 50% of the total voting
power of shares of Capital Stock entitled (without regard to the occurrence of
any contingency) to vote in the election of directors, managers or trustees
thereof is at the time owned or controlled, directly or indirectly, by (i) such
Person, (ii) such Person and one or more Subsidiaries of such Person or (iii)
one or more Subsidiaries of such Person.

       "TRADE PAYABLES" means, with respect to any Person, any accounts payable
or any Indebtedness or monetary obligation to trade creditors created, assumed
or Guaranteed by such Person arising in the ordinary course of business of such
Person in connection with the acquisition of goods or services.

       "TRUSTEE" initially means The Bank of New York and any other Person or
Persons appointed as such from time to time pursuant to Section 7.08, and,
subject to the provisions of Article VII, includes its or their successors and
assigns. If at any time there is more than one such Person, "Trustee" as used
with respect to the Debt Securities of any series shall mean the Trustee with
respect to the Debt Securities of that series.

       "TRUST INDENTURE ACT" (except as herein otherwise expressly provided)
means the Trust Indenture Act of 1939 as in force at the date of this indenture
as originally executed and, to the extent required by law, as amended.

       "UNITED STATES" means the United States of America (including the States
and the District of Columbia), its territories, its possessions and other areas
subject to its jurisdiction.

       "U.S. GOVERNMENT OBLIGATIONS" means securities that are (x) direct
obligations of the United States for the payment of which its full faith and
credit is pledged or (y) obligations of a Person controlled or supervised by and
acting as an agency or instrumentality of the United States, the payment of
which is unconditionally guaranteed as a full faith and credit obligation by the
United States, which, in either case, are not callable or redeemable at the
option of the issuer thereof.

       "YIELD TO MATURITY" means the yield to maturity calculated at the time of
issuance of a series of Debt Securities, or, if applicable, at the most recent
redetermination of interest on such series and calculated in accordance with
accepted financial practice.

                                      -6-
<Page>

       SECTION 1.02. INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT. This
Indenture is subject to the mandatory provisions of the Trust Indenture Act
which are incorporated by reference in and made a part of this indenture. The
following Trust Indenture Act terms have the following meanings:

            "INDENTURE SECURITIES" means the Debt Securities.

            "INDENTURE SECURITY HOLDER" means a Holder. "INDENTURE TO BE
       QUALIFIED" means this Indenture.

            "INDENTURE TRUSTEE" or "INSTITUTIONAL TRUSTEE" means the Trustee.

            "OBLIGOR" on the indenture securities means the Company and any
       other obligor on the Debt Securities.

       All other Trust Indenture Act terms used in this Indenture that are
defined by the Trust indenture Act, reference to another statute or defined by
rules of the Securities and Exchange Commission have the meanings assigned to
them by such definitions.

       SECTION 1.03. RULES OF CONSTRUCTION. Unless the context otherwise
requires:

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

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

       (3)  "including" means including without limitation;

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

       (5)  if the applicable series of Debt Securities are subordinated
            pursuant to Article XII, unsecured indebtedness shall not be

       (6)  deemed to be subordinate or junior to Secured Indebtedness merely by
            virtue of its nature as unsecured indebtedness;

       (7)  the principal amount of any noninterest bearing or other discount
            security at any date shall be the principal amount thereof that
            would be shown on a balance sheet of the issuer dated such date
            prepared in accordance with GAAP; and

       (8)  the principal amount of any Preferred Stock shall be the greater of
            (i) the maximum liquidation value of such Preferred Stock or (ii)
            the maximum mandatory redemption or mandatory repurchase price with
            respect to such Preferred Stock.

                                   ARTICLE II

                                 DEBT SECURITIES

       SECTION 2.01. FORMS GENERALLY. The Debt Securities of each series shall
be in substantially the form established without the approval of any Holder by
or pursuant to a resolution of the Board of Directors or in one or more
indentures supplemental hereto, in each case with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by
this Indenture, and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as the Company
may deem appropriate (and, if not contained in a supplemental indenture entered
into in accordance with Article IX, as are not prohibited by the provisions of
this Indenture) or as may be required or appropriate to comply with any law or
with any rules made pursuant thereto or with any rules of any securities
exchange on which such series of Debt Securities may be listed, as determined by
the Company, or to conform to general usage, or as may, consistently herewith,
be determined by the officers executing such Debt Securities as evidenced by
their execution of the Debt Securities.

                                      -7-
<Page>

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

       SECTION 2.02. FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION. The
Trustee's Certificate of Authentication on all Debt Securities authenticated by
the Trustee shall be in substantially the following form:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                        ----------------------------------------
                                        AS TRUSTEE

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

                                        AUTHORIZED SIGNATORY

       SECTION 2.03. PRINCIPAL AMOUNT; ISSUABLE IN SERIES. The aggregate
principal amount of Debt Securities which may be issued, executed,
authenticated, delivered and outstanding under this Indenture is unlimited.

       The Debt Securities may be issued in one or more series. There shall be
established, without the approval of any Holders, in or pursuant to a resolution
of the Board of Directors and set forth in an Officers' Certificate, or
established in one or more indentures supplemental hereto, prior to the issuance
of Debt Securities of any series any or all of the following:

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

       (2)  any limit upon the aggregate principal amount of the Debt Securities
            of the series which may be authenticated and delivered under this
            Indenture (except for Debt Securities authenticated and delivered
            upon registration of transfer of, or in exchange for, or in lieu of,
            other Debt Securities of the series pursuant to this Article II);

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

       (4)  the rate or rates (which may be fixed or variable) at which the Debt
            Securities of the series shall bear interest, if any, or the method
            of determining such rate or rates, the date or dates from which such
            interest shall accrue, the interest payment dates on which such
            interest shall be payable, or the method by which such date will be
            determined, the terms of any deferral of interest and the additional
            interest, if any, thereon, the right, if any, of the Company to
            extend the interest payment periods and the duration of the
            extensions and, in the case of Registered Securities, the record
            dates for the determination of Holders thereof to whom such interest
            is payable; and the basis upon which interest will be calculated if
            other than that of a 360-day year of twelve thirty-day months;

       (5)  the Place or Places of Payment, if any, in addition to or instead of
            the corporate trust office of the Trustee where the principal of,
            and interest on, Debt Securities of the series shall be payable;

       (6)  the price or prices at which, the period or periods within which and
            the terms and conditions upon which Debt Securities of the series
            may be redeemed, in whole or in part, at the option of the Company
            or otherwise;

                                      -8-
<Page>

       (7)  the obligation, if any, of the Company to redeem, purchase or repay
            Debt Securities of the series pursuant to any sinking fund or
            analogous provisions or at the option of a Holder thereof, and the
            price or prices to which and the period or periods within which and
            the terms and conditions upon which Debt Securities of the series
            shall be redeemed, purchased or repaid, in whole or in part,
            pursuant to such obligations;

       (8)  the terms, if any, upon which the Debt Securities of the series may
            be convertible into or exchanged for Common Stock, Preferred Stock
            (which may be represented by depositary shares), other Debt
            Securities or warrants for Common Stock, Preferred Stock or
            Indebtedness or other securities of any kind of the Company or any
            other obligor and the terms and conditions upon which such
            conversion or exchange shall be effected, including the initial
            conversion or exchange price or rate, the conversion or exchange
            period and any other provision in addition to or in lieu of those
            described herein;

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

       (10) if the amount of principal of or any premium or interest on Debt
            Securities of the series may be determined with reference to an
            index or pursuant to a formula, the manner in which such amounts
            will be determined;

       (11) if the principal amount payable at the Stated Maturity of Debt
            Securities of the series will not be determinable as of any one or
            more dates prior to such Stated Maturity, the amount which will be
            deemed to be such principal amount as of any such date for any
            purpose, including the principal amount thereof which will be due
            and payable upon any maturity other than the Stated Maturity or
            which will be deemed to be Outstanding as of any such date (or, in
            any such case, the manner in which such deemed principal amount is
            to be determined); and the manner of determining the equivalent
            thereof in the currency of the United States of America for purposes
            of the definition of Dollar Equivalent;

       (12) any changes or additions to Article XI, including the addition of
            additional covenants that may be subject to the covenant defeasance
            option pursuant to Section 11.02(b)(ii);

       (13) if other than such coin or Currency of the United States as at the
            time of payment is legal tender for payment of public and private
            debts, the coin or Currency or Currencies or units of two or more
            Currencies in which payment of the principal of and premium, if any,
            and interest on, Debt Securities of the series shall be payable;

       (14) if other than the principal amount thereof, the portion of the
            principal amount of Debt Securities of the series which shall be
            payable upon declaration of acceleration of the maturity thereof
            pursuant to Section 6.01 or provable in bankruptcy pursuant to
            Section 6.02;

       (15) the terms, if any, of the transfer, mortgage, pledge or assignment
            as security for the Debt Securities of the series of any properties,
            assets, moneys, proceeds, securities or other collateral, including
            whether certain provisions of the Trust Indenture Act are applicable
            and any corresponding changes to provisions of this Indenture as
            currently in effect;

       (16) any addition to or change in the Events of Default with respect to
            the Debt Securities of the series and any change in the right of the
            Trustee or the Holders to declare the principal of and interest on,
            such Debt Securities due and payable;

       (17) if the Debt Securities 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 other individual Debt
            Securities in definitive registered form; and the Depositary for
            such Global Security or Securities and the form of any legend or
            legends to be borne by any such Global Security or Securities in
            addition

                                      -9-
<Page>

            to or in lieu of the legend referred to in Section 2.15;

       (18) any trustees, authenticating or paying agents, transfer agents or
            registrars;

       (19) the applicability of, and any addition to or change in the covenants
            and definitions currently set forth in this Indenture or in the
            terms currently set forth in Article X, including conditioning any
            merger, conveyance, transfer or lease permitted by Article X upon
            the satisfaction of an Indebtedness coverage standard by the Company
            and Successor Company (as defined in Article X);

       (20) the terms, if any, of any Guarantee of the payment of principal of,
            and premium, if any, and interest on, Debt Securities of the series
            and any corresponding changes to the provisions of this Indenture as
            currently in effect;

       (21) the subordination, if any, of the Debt Securities of the series
            pursuant to Article XII and the terms of the subordination and any
            changes or additions to Article XII;

       (22) with regard to Debt Securities of the series that do not bear
            interest, the dates for certain required reports to the Trustee; and

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

       All Debt Securities of any one series appertaining thereto shall be
substantially identical except as to denomination and except as may otherwise be
provided in or pursuant to such resolution of the Board of Directors and as set
forth in such Officers' Certificate or in any such indenture supplemental
hereto. All Debt Securities of any one series need not be issued at the same
time and may be issued from time to time, consistent with the terms of this
Indenture, if so provided by or pursuant to such Board of Directors resolution,
such Officers' Certificate or such supplemental indenture.

       SECTION 2.04. EXECUTION OF DEBT SECURITIES. The Debt Securities shall be
signed on behalf of the Company by its Chairperson of the Board, its Vice
Chairperson, its Chief Executive Officer, its President, any Vice President, its
Chief Financial Officer, its Treasurer, its Corporate Controller or its
Secretary. Such signatures upon the Debt Securities may be the manual or
facsimile signatures of the present or any future such authorized officers and
may be imprinted or otherwise reproduced on the Debt Securities. The seal of the
Company, if any, may be in the form of a facsimile thereof and may be impressed,
affixed, imprinted or otherwise reproduced on the Debt Securities.

       Only such Debt Securities as shall bear thereon a certificate of
authentication substantially in the form hereinbefore recited, signed manually
by the Trustee, shall be entitled to the benefits of this Indenture or be valid
or obligatory for any purpose. Such certificate by the Trustee upon any Debt
Security executed by the Company shall be conclusive evidence that the Debt
Security so authenticated has been duly authenticated and delivered hereunder.

       In case any officer of the Company who shall have signed any of the Debt
Securities shall cease to be such officer before the Debt Securities so signed
shall have been authenticated and delivered by the Trustee, or disposed of by
the Company, such Debt Securities nevertheless may be authenticated and
delivered or disposed of as though the Person who signed such Debt Securities
had not ceased to be such officer of the Company; and any Debt Security may be
signed on behalf of the Company by such Persons as, at the actual date of the
execution of such Debt Security, shall be the proper officers of the Company,
although at the date of such Debt Security or of the execution of this Indenture
any such Person was not such officer.

       SECTION 2.05. AUTHENTICATION AND DELIVERY OF DEBT SECURITIES. At any time
and from time to time after the execution and delivery of this Indenture, the
Company may deliver Debt Securities of any series executed by the Company to the
Trustee for authentication, and the Trustee shall thereupon authenticate and
deliver said Debt Securities to or upon a Company Order. In authenticating such
Debt Securities and

                                      -10-
<Page>

accepting the additional responsibilities under this Indenture in relation to
such Debt Securities, the Trustee shall be entitled to receive, and (subject to
Section 7.01) shall be fully protected in relying upon:

       (1)  a copy of any resolution or resolutions of the Board of Directors,
            certified by the Secretary or Assistant Secretary of the Company,
            authorizing the terms of issuance of any series of Debt Securities;

       (2)  an executed supplemental indenture, if any;

       (3)  an Officers' Certificate; and

       (4)  an Opinion of Counsel prepared in accordance with Section 13.05
            substantially to the effect that:

            (a)    the form of such Debt Securities has been duly authorized in
                   conformity with the provisions of this Indenture;

            (b)    the terms of such Debt Securities have been duly authorized
                   in conformity with the provisions of this Indenture;

            (c)    such Debt Securities, when authenticated and delivered by the
                   Trustee and issued by the Company in accordance with the
                   provisions of this Indenture, delivered to and duly paid for
                   by the purchasers thereof, 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 except as the enforceability
                   thereof may be limited by (i) bankruptcy, insolvency,
                   reorganization, liquidation, moratorium, fraudulent transfer
                   or similar laws affecting the enforcement of creditors'
                   rights generally and (ii) equitable principles of general
                   applicability; and

            (d)    the Company has the corporate power to issue such Debt
                   Securities and has duly taken all necessary corporate action
                   with respect to such issuance

       Such Opinion of Counsel need express no opinion as to the enforceability
of Section 7.06 or as to whether a court in the United States would render a
money judgment in a currency other than that of the United States. Such counsel
may rely on opinions of other counsel (copies of which shall be delivered to the
Trustee), and, to the extent such opinion involves factual matters, such counsel
may rely upon certificates of officers of the Company and certificates of public
officials.

       The Trustee shall have the right to decline to authenticate and deliver
any Debt Securities under this Section 2.05 if the Trustee, being advised by
counsel, determines that such action may not lawfully be taken or if the Trustee
in good faith by its board of directors or trustees, executive committee or a
trust committee of directors, trustees or vice presidents shall determine that
such action would expose the Trustee to personal liability to existing Holders.

       The Trustee may appoint an authenticating agent reasonably acceptable to
the Company to authenticate Debt Securities of any series. Unless limited by the
terms of such appointment, an authenticating agent may authenticate Debt
Securities whenever the Trustee may do so. Each reference in this Indenture to
authentication by the Trustee includes authentication by such agent. An
authenticating agent has the same rights as any Registrar, paying agent or agent
for service of notices and demands.

       Unless otherwise provided in the form of Debt Security for any series,
each Debt Security shall be dated the date of its authentication.

       SECTION 2.06. DENOMINATION OF DEBT SECURITIES. Unless otherwise provided
in the form of Debt Security for any series, the Debt Securities of each series
shall be issuable only as Registered Securities in such denominations as shall
be specified or contemplated by Section 2.03. In the absence of any such
specification with respect to the Debt Securities of any series, the Debt
Securities of such series shall be issuable in denominations of $1,000 and any
integral multiple thereof.

                                      -11-
<Page>

       SECTION 2.07. REGISTRATION OF TRANSFER AND EXCHANGE. (a) The Company
shall keep or cause to be kept a register for each series of Registered
Securities issued hereunder (hereinafter collectively referred to as the "Debt
Security Register"), in which, subject to such reasonable regulations as it may
prescribe, the Company shall provide for the registration of Registered
Securities and the transfer of Registered Securities as in this Article II
provided. At all reasonable times the Debt Security Register shall be open for
inspection by the Trustee. Subject to Section 2.15, upon due presentment for
registration of transfer of any Registered Security at any office or agency to
be maintained by the Company in accordance with the provisions of Section 4.02,
the Company shall execute and the Trustee shall authenticate and deliver in the
name of the transferee or transferees a new Registered Security or Registered
Securities of authorized denominations for a like aggregate principal amount.

       Unless and until otherwise determined by the Company by resolution of the
Board of Directors, the register of the Company for the purpose of registration,
exchange or registration of transfer of the Registered Securities shall be kept
at the corporate trust office of the Trustee and, for this purpose, the Trustee
shall be designated "Registrar".

       Registered Securities of any series (other than a Global Security) may be
exchanged for a like aggregate principal amount of Registered Securities of the
same series of other authorized denominations. Subject to Section 2.15,
Registered Securities to be exchanged shall be surrendered at the office or
agency to be maintained by the Company as provided in Section 4.02, and the
Company shall execute and the Trustee shall authenticate and deliver in exchange
therefor the Registered Security or Registered Securities which the Holder
making the exchange shall be entitled to receive.

       (b) All Registered Securities presented or surrendered for registration
of transfer, exchange or payment shall (if so required by the Company, the
Trustee or the Registrar) be duly endorsed or be accompanied by a written
instrument or instruments of transfer, in form satisfactory to the Company, the
Trustee and the Registrar, duly executed by the Registered Holder or his
attorney duly authorized in writing.

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

       No service charge shall be made for any exchange or registration of
transfer of Debt Securities (except as provided by Section 2.09), but the
Company may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto, other than those
expressly provided in this Indenture to be made at the Company's own expense or
without expense or without charge to the Holders.

       The Company shall not be required (a) to issue, register the transfer of
or exchange any Debt Securities for a period of 15 days next preceding any
mailing of notice of redemption of Debt Securities of such series or (b) to
register the transfer of or exchange any Debt Securities selected, called or
being called for redemption.

       Prior to the due presentation for registration of transfer of any Debt
Security, the Company, the Trustee, any paying agent or any Registrar may deem
and treat the Person in whose name a Debt Security is registered as the absolute
owner of such Debt Security for the purpose of receiving payment of principal
of, and premium, if any, and interest on, such Debt Security and for all other
purposes whatsoever, whether or not such Debt Security is overdue, and none of
the Company, the Trustee, any paying agent or Registrar shall be affected by
notice to the contrary. The foregoing shall not preclude the Trustee from
relying on any proxy received from any registered Holder.

       None of the Company, the Trustee, any agent of the Trustee, any paying
agent or any Registrar will have any responsibility or liability for any aspect
of the records relating to, or payments made on account

                                      -12-
<Page>

of, beneficial ownership interests of a Global Security or for maintaining,
supervising or reviewing any records relating to such beneficial ownership
interests.

       SECTION 2.08. TEMPORARY DEBT SECURITIES. Pending the preparation of
definitive Debt Securities of any series, the Company may execute and the
Trustee shall authenticate and deliver temporary Debt Securities (printed,
lithographed, photocopied, typewritten or otherwise produced) of any authorized
denomination, and substantially in the form of the definitive Debt Securities in
lieu of which they are issued, in registered form and with such omissions,
insertions and variations as may be appropriate for temporary Debt Securities,
all as may be determined by the Company with the concurrence of the Trustee.
Temporary Debt Securities may contain such reference to any provisions of this
Indenture as may be appropriate. Every temporary Debt Security shall be executed
by the Company and be authenticated by the Trustee upon the same conditions and
in substantially the same manner, and with like effect, as the definitive Debt
Securities.

       If temporary Debt Securities of any series are issued, the Company will
cause definitive Debt Securities of such series to be prepared without
unreasonable delay. After the preparation of definitive Debt Securities of such
series, the temporary Debt Securities of such series shall be exchangeable for
definitive Debt Securities of such series upon surrender of the temporary Debt
Securities of such series at the office or agency of the Company at a Place of
Payment for such series, without charge to the Holder thereof, except as
provided in Section 2.07 in connection with a transfer, and upon surrender for
cancellation of any one or more temporary Debt Securities of any series, the
Company shall execute and the Trustee shall authenticate and deliver in exchange
therefor a like principal amount of definitive Debt Securities of the same
series of authorized denominations and of like tenor. Until so exchanged,
temporary Debt Securities of any series shall in all respects be entitled to the
same benefits under this Indenture as definitive Debt Securities of such series,
except as otherwise specified as contemplated by Section 2.03(17) with respect
to the payment of interest on Global Securities in temporary form.

       Upon any exchange of a portion of a temporary Global Security for a
definitive Global Security or for the individual Debt Securities represented
thereby pursuant to Section 2.07 or this Section 2.08, the temporary Global
Security shall be endorsed by the Trustee to reflect the reduction of the
principal amount evidenced thereby, whereupon the principal amount of such
temporary Global Security shall be reduced for all purposes by the amount so
exchanged and endorsed.

       SECTION 2.09. MUTILATED, DESTROYED, LOST OR STOLEN DEBT SECURITIES. If
(i) any mutilated Debt Security is surrendered to the Trustee at its corporate
trust office (in the case of Registered Securities) or (ii) the Company and the
Trustee receive evidence to their satisfaction of the destruction, loss or theft
of any Debt Security, and there is delivered to the Company and the Trustee such
security or indemnity as may be required by them to save each of them and any
paying agent harmless, and neither the Company nor the Trustee receives notice
that such Debt Security has been acquired by a bona fide purchaser, then the
Company shall execute and, upon a Company Order, the Trustee shall authenticate
and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost
or stolen Debt Security, a new Debt Security of the same series of like tenor,
form, terms and principal amount, bearing a number not contemporaneously
Outstanding. Upon the issuance of any substituted Debt Security, 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 connected
therewith. In case any Debt Security which has matured or is about to mature or
which has been called for redemption shall become mutilated or be destroyed,
lost or stolen, the Company may, instead of issuing a substituted Debt Security,
pay or authorize the payment of the same (without surrender thereof except in
the case of a mutilated Debt Security) if the applicant for such payment shall
furnish the Company and the Trustee with such security or indemnity as either
may require to save it harmless from all risk, however remote, and, in case of
destruction, loss or theft, evidence to the satisfaction of the Company and the
Trustee of the destruction, loss or theft of such Debt Security and of the
ownership thereof.

                                      -13-
<Page>

       Every substituted Debt Security of any series issued pursuant to the
provisions of this Section 2.09 by virtue of the fact that any Debt Security is
destroyed, lost or stolen shall constitute an original additional contractual
obligation of the Company, whether or not the destroyed, lost or stolen Debt
Security shall be found at any time, and shall be entitled to all the benefits
of this Indenture equally and proportionately with any and all other Debt
Securities of that series duly issued hereunder. All Debt Securities shall be
held and owned upon the express condition that the foregoing provisions are
exclusive with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Debt Securities, and shall preclude any and all other rights or
remedies, notwithstanding any law or statute existing or hereafter enacted to
the contrary with respect to the replacement or payment of negotiable
instruments or other securities without their surrender.

       SECTION 2.10. CANCELLATION OF SURRENDERED DEBT SECURITIES. All Debt
Securities surrendered for payment, redemption, registration of transfer or
exchange shall, if surrendered to the Company or any paying agent or a
Registrar, be delivered to the Trustee for cancellation by it, or if surrendered
to the Trustee, shall be canceled by it, and no Debt Securities shall be issued
in lieu thereof except as expressly permitted by any of the provisions of this
Indenture. All canceled Debt Securities held by the Trustee shall be destroyed
(subject to applicable record retention requirements of the Exchange Act or
other law that may be applicable) and certification of their destruction
delivered to the Company, unless otherwise directed. On request of the Company,
the Trustee shall deliver to the Company canceled Debt Securities held by the
Trustee. If the Company shall acquire any of the Debt Securities, however, such
acquisition shall not operate as a redemption or satisfaction of the
indebtedness represented thereby unless and until the same are delivered or
surrendered to the Trustee for cancellation. The Company may not issue new Debt
Securities to replace Debt Securities it has redeemed, paid or delivered to the
Trustee for cancellation.

       SECTION 2.11. PROVISIONS OF THE INDENTURE AND DEBT SECURITIES FOR THE
SOLE BENEFIT OF THE PARTIES AND THE HOLDERS. Nothing in this Indenture or in the
Debt Securities, expressed or implied, shall give or be construed to give to any
Person, other than the parties hereto, the Holders or any Registrar or paying
agent, any legal or equitable right, remedy or claim under or in respect of this
Indenture, or under any covenant, condition or provision herein contained except
as provided in Section 12 herein; all its covenants, conditions and provisions
being for the sole benefit of the parties hereto, the Holders and any Registrar
and paying agents.

       SECTION 2.12. PAYMENT OF INTEREST; RIGHTS PRESERVED. (a) Interest on any
Registered Security 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 such
Registered Security is registered at the close of business on the regular record
date for such interest notwithstanding the cancellation of such Registered
Security upon any transfer or exchange subsequent to the regular record date.
Payment of interest on Registered Securities shall be made at the corporate
trust office of the Trustee (except as otherwise specified pursuant to Section
2.03), or at the option of the Company, by check mailed to the address of the
Person entitled thereto as such address shall appear in the Debt Security
Register or, if provided pursuant to Section 2.03 and in accordance with
arrangements satisfactory to the Trustee, at the option of the Registered Holder
by wire transfer to an account designated by the Registered Holder.

       (b) Subject to the foregoing provisions of this Section 2.12 and Section
2.17, each Debt Security of a particular series delivered under this Indenture
upon registration of transfer of or in exchange for or in lieu of any other Debt
Security of the same series shall carry the rights to interest accrued and
unpaid, and to accrue, which were carried by such other Debt Security.

       SECTION 2.13. SECURITIES DENOMINATED IN FOREIGN CURRENCIES.

       (a) Except as otherwise specified pursuant to Section 2.03 for Registered
Securities of any series, payment of the principal of, and premium, if any, and
interest on, Registered Securities of such series will be made in Dollars.

                                      -14-
<Page>

       (b) For the purposes of calculating the principal amount of Debt
Securities of any series denominated in a Foreign Currency or in units of two or
more Foreign Currencies for any purpose under this Indenture, the principal
amount of such Debt Securities at any time Outstanding shall be deemed to be the
Dollar Equivalent of such principal amount as of the date of any such
calculation.

       In the event any Foreign Currency or currencies or units of two or more
Currencies in which any payment with respect to any series of Debt Securities
may be made ceases to be a freely convertible Currency on United States Currency
markets, for any date thereafter on which payment of principal of, or premium,
if any, or interest on, the Debt Securities of a series is due, the Company
shall select the Currency of payment for use on such date, all as provided in
the Debt Securities of such series. In such event, the Company shall, as
provided in the Debt Securities of such series, notify the Trustee of the
Currency which it has selected to constitute the funds necessary to meet the
Company's obligations or such payment date and of the amount of such Currency to
be paid. Such amount shall be determined as provided in the Debt Securities of
such series. The payment to the Trustee with respect to such payment date shall
be made by the Company solely in the Currency so selected.

       SECTION 2.14. WIRE TRANSFERS. Notwithstanding any other provision to the
contrary in this Indenture, the Company may make any payment of monies required
to be deposited with the Trustee on account of principal of, or premium, if any,
or interest on, the Debt Securities (whether pursuant to optional or mandatory
redemption payments, interest payments or otherwise) by wire transfer of
immediately available funds to an account designated by the Trustee on or before
the date such moneys are to be paid to the Holders of the Debt Securities in
accordance with the terms hereof.

       SECTION 2.15. SECURITIES ISSUABLE IN THE FORM OF A GLOBAL SECURITY. (a)
If the Company shall establish pursuant to Sections 2.01 and 2.03 that the Debt
Securities 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 or its agent shall, in accordance with Section 2.05, authenticate and
deliver, such Global Security or Securities, which (i) shall represent, and
shall be denominated in an amount equal to the aggregate principal amount of,
the Outstanding Debt Securities of such series to be represented by such Global
Security or Securities, or such portion thereof as the Company shall specify in
an Officers' Certificate, (ii) shall be registered in the name of the Depositary
for such Global Security or securities or its nominee, (iii) shall be delivered
by the Trustee or its agent to the Depositary or pursuant to the Depositary's
instruction and (iv) shall bear a legend substantially to the following effect:
"Unless and until it is exchanged in whole or in part for the individual Debt
Securities represented hereby, this Global Security may not be transferred
except as a whole by the Depositary to a nominee of the Depositary or by a
nominee of the Depositary to the Depositary or another nominee of the Depositary
or by the Depositary or any such nominee to a successor Depositary or a nominee
of such successor Depositary", or such other legend as may then be required by
the Depositary for such Global Security or Securities.

       (b) Notwithstanding any other provision of this Section 2.15 or of
Section 2.07 to the contrary, and 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 definitive Debt Securities in
registered form, a Global Security may be transferred, in whole but not in part
and in the manner provided in Section 2.07, only by the Depositary to a nominee
of the Depositary for such Global Security, or by a nominee of the Depositary to
the Depositary or another nominee of the Depositary, or by the Depositary or a
nominee of the Depositary to a successor Depositary for such Global Security
selected or approved by the Company, or to a nominee of such successor
Depositary.

       (c) If at any time the Depositary for a Global Security or Securities
notifies the Company that it is unwilling or unable to continue as Depositary
for such Global Security or Securities or if at any time the Depositary for the
Debt Securities for such series shall no longer be eligible or in good standing
under the Exchange Act or other applicable statute, rule or regulation, the
Company shall appoint a successor Depositary with respect to such Global
Security or Securities. If a successor Depositary for such Global

                                      -15-
<Page>

Security or Securities is not appointed by the Company within 90 days after the
Company receives such notice or becomes aware of such ineligibility, the Company
shall execute, and the Trustee or its agent, upon receipt of a Company Order for
the authentication and delivery of such individual Debt Securities of such
series in exchange for such Global Security, will authenticate and deliver,
individual Debt Securities 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 or securities.

       The Company may at any time and in its sole discretion determine that the
Debt Securities of any series or portion thereof 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 Order for the authentication and delivery of
individual Debt Securities of such series in exchange in whole or in part for
such Global Security, will authenticate and deliver individual Debt Securities
of such series of like tenor and terms in definitive form in an aggregate
principal amount equal to the principal amount of such series or portion thereof
in exchange for such Global Security or Securities.

       If specified by the Company pursuant to Sections 2.01 and 2.03 with
respect to Debt Securities 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 Debt Securities of such series of
like tenor and terms in definitive form on such terms as are acceptable to the
Company, the Trustee and such Depositary. Thereupon the Company shall execute,
and the Trustee or its agent upon receipt of a Company Order for the
authentication and delivery of definitive Debt Securities of such series shall
authenticate and deliver, without service charge, (1) to each Person specified
by such Depositary a new Debt Security or Securities of the same series of like
tenor and terms and of any authorized denomination as requested by such Person
in aggregate principal amount equal to and in exchange for such Persons
beneficial interest in the Global Security; and (2) 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 Debt Securities delivered
to Holders thereof.

       In any exchange provided for in any of the preceding three paragraphs,
the Company will execute and the Trustee or its agent will authenticate and
deliver individual Debt Securities. Upon the exchange of the entire principal
amount of a Global Security for individual Debt Securities, such Global Security
shall be canceled by the Trustee or its agent. Except as provided in the
preceding paragraph, Registered Securities issued in exchange for a Global
Security pursuant to this Section 2.15 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 or the Registrar. The Trustee or the Registrar shall
deliver such Registered Securities to the Persons in whose names such Registered
Securities are so registered.

       Payments in respect of the principal of and interest on any Debt
Securities registered in the name of the Depositary or its nominee will be
payable to the Depositary or such nominee in its capacity as the registered
owner of such Global Security. The Company and the Trustee may treat the Person
in whose name the Debt Securities, including the Global Security, are registered
as the owner thereof for the purpose of receiving such payments and for any and
all other purposes whatsoever. None of the Company, the Trustee, any Registrar,
the paying agent or any agent of the Company or the Trustee will have any
responsibility or liability for (a) any aspect of the records relating to or
payments made on account of the beneficial ownership interests of the Global
Security by the Depositary or its nominee or any of the Depositary's direct or
indirect participants, or for maintaining, supervising or reviewing any records
of the Depositary, its nominee or any of its direct or indirect participants
relating to the beneficial ownership interests of the Global Security, (b) the
payments to the beneficial owners of the Global Security of amounts paid to the
Depositary or its nominee, or (c) any other matter relating to the actions and
practices of the Depositary, its nominee or any of its direct or indirect
participants. None of the

                                      -16-
<Page>

Company, the Trustee or any such agent will be liable for any delay by the
Depositary, its nominee, or any of its direct or indirect participants in
identifying the beneficial owners of the Debt Securities, and the Company and
the Trustee may conclusively rely on, and will be protected in relying on,
instructions from the Depositary or its nominee for all purposes (including with
respect to the registration and delivery, and the respective principal amounts,
of the Debt Securities to be issued).

       SECTION 2.16. MEDIUM TERM SECURITIES. Notwithstanding any contrary
provision herein, if all Debt Securities of a series are not to be originally
issued at one time, it shall not be necessary for the Company to deliver to the
Trustee an Officers' Certificate, resolutions of the Board of Directors,
supplemental indenture, Opinion of Counsel or written order or any other
document otherwise required pursuant to Section 2.01, 2.03, 2.05 or 13.05 at or
prior to the time of authentication of each Debt Security of such series if such
documents are delivered to the Trustee or its agent at or prior to the
authentication upon original issuance of the first such Debt Security of such
series to be issued; PROVIDED, HOWEVER, that any subsequent request by the
Company to the Trustee to authenticate Debt Securities of such series upon
original issuance shall constitute a representation and warranty by the Company
(and, if requested by the Trustee, shall expressly state) that, as of the date
of such request, the statements made in the Officers' Certificate delivered
pursuant to Section 2.05 or 13.05 shall be true and correct as if made on such
date and that the Opinion of Counsel delivered at or prior to such time of
authentication of an original issuance of Debt Securities shall specifically
state that it shall relate to all subsequent issuances of Debt Securities of
such series that are identical to the Debt Securities issued in the first
issuance of Debt Securities of such series.

       A Company Order delivered by the Company to the Trustee in the
circumstances set forth in the preceding paragraph may provide that Debt
Securities which are the subject thereof will be authenticated and delivered by
the Trustee or its agent on original issue from time to time upon the telephonic
or written order of Persons designated in such written order (any such
telephonic instructions to be promptly confirmed in writing by such Person) and
that such Persons are authorized to determine, consistent with the Officers'
Certificate, supplemental indenture or resolution of the Board of Directors
relating to such written order, such terms and conditions of such Debt
Securities as are specified in such Officers' Certificate, supplemental
indenture or such resolution.

       SECTION 2.17. DEFAULTED INTEREST. Any interest on any Debt Security of a
particular series which is payable, but is not punctually paid or duly provided
for, on the dates and in the manner provided in the Debt Securities of such
series and in this Indenture (herein called "Defaulted Interest") shall
forthwith cease to be payable to the Registered Holder thereof on the relevant
record date by virtue of having been such Registered Holder, and such Defaulted
Interest may be paid by the Company, at its election in each case (as between
clauses (i) and (ii) below), as provided in clause (i) or (ii) below:

       (i)  The Company may elect to make payment of any Defaulted Interest to
            the Persons in whose names the Registered Securities of such series
            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 such
            Registered Security of such series and the date of the proposed
            payment, and at the same time the Company shall deposit with the
            Trustee an amount of money equal to the aggregate amount proposed to
            be paid in respect of such Defaulted Interest or shall make
            arrangements satisfactory to the Trustee for such deposit prior to
            the date of the proposed payment, such money when deposited to be
            held in trust for the benefit of the Persons entitled to such
            Defaulted Interest as in this clause provided. Thereupon the Trustee
            shall fix a special record date for the payment of such Defaulted
            Interest which shall be not more than 15 days and not less than 10
            days prior to the date of the proposed payment and not less than 10
            days after the receipt by the Trustee of the notice of the proposed
            payment. The Trustee shall promptly notify the Company of such
            special record date and, in the name and at the expense of the
            Company, shall cause notice of the proposed payment of such
            Defaulted Interest and the special record date

                                      -17-
<Page>

            therefor to be mailed, first class postage prepaid, to each Holder
            thereof at its address as it appears in the Security Register, not
            less than 10 days prior to such special record date. Notice of the
            proposed payment of such Defaulted Interest and the special record
            date therefor having been so mailed, such Defaulted Interest shall
            be paid to the Persons in whose names the Registered Securities of
            such series are registered at the close of business on such special
            record date.

       (ii) The Company may make payment of any Defaulted Interest on the
            Registered Securities of such series in any other lawful manner not
            inconsistent with the requirements of any securities exchange on
            which the Registered Securities of such series 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.

       SECTION 2.18. JUDGMENTS. The Company may provide pursuant to Section 2.03
for Debt Securities of any series that (a) the obligation, if any, of the
Company to pay the principal of, and premium, if any, and interest on, the Debt
Securities of any series in a Foreign Currency or Dollars (the "Designated
Currency") as may be specified pursuant to Section 2.03 is of the essence and
agrees that, to the fullest extent possible under applicable law, judgments in
respect of Debt Securities of such series shall be given in the Designated
Currency; (b) the obligation of the Company to make payments in the Designated
Currency of the principal of, and premium, if any, and interest on, such Debt
Securities shall, notwithstanding any payment in any other Currency (whether
pursuant to a judgment or otherwise), be discharged only to the extent of the
amount in the Designated Currency that the Holder receiving such payment may, in
accordance with normal banking procedures, purchase with the sum paid in such
other Currency (after any premium and cost exchange) on the business day in the
country of issue of the Designated Currency or in the international banking
community (in the case of a composite currency) immediately following the day on
which such Holder receives such payment; (c) if the amount in the Designated
Currency that may be so purchased for any reason falls short of the amount
originally due, the Company shall pay such additional amounts as may be
necessary to compensate for such shortfall; and (d) any obligation of the
Company not discharged by such payment shall be due as a separate and
independent obligation and, until discharged as provided herein, shall continue
in full force and effect.

                                   ARTICLE III

                          REDEMPTION OF DEBT SECURITIES

       SECTION 3.01. APPLICABILITY OF ARTICLE. The provisions of this Article
shall be applicable to the Debt Securities of any series which are redeemable
before their Stated Maturity except as otherwise specified as contemplated by
Section 2.03 for Debt Securities of such series.

       SECTION 3.02. NOTICE OF REDEMPTION; SELECTION OF DEBT SECURITIES. In case
the Company shall desire to exercise the right to redeem all or, as the case may
be, any part of the Debt Securities of any series, the Company shall fix a date
for redemption and shall give notice of such redemption at least 30 and not more
than 60 days prior to the date fixed for redemption to the Holders of Debt
Securities of such series so to be redeemed as a whole or in part, in the manner
provided in Section 13.03. The notice if given in the manner herein provided
shall be conclusively presumed to have been duly given, whether or not the
Holder receives such notice. In any case, failure to give such notice or any
defect in the notice to the Holder of any Debt Security of a series designated
for redemption as a whole or in part shall not affect the validity of the
proceedings for the redemption of any other Debt Security of such series.

       Each such notice of redemption shall specify (i) the date fixed for
redemption, (ii) the redemption price at which Debt Securities of such series
are to be redeemed, (iii) the Place or Places of Payment that payment will be
made upon presentation and surrender of such Debt Securities, (iv) that any
interest accrued to the date fixed for redemption will be paid as specified in
said notice, (v) that the redemption is for a sinking fund payment (if
applicable), (vi) that, unless the Company defaults on making such

                                      -18-
<Page>

redemption payment or unless the Debt Securities of that series are subordinated
pursuant to the terms of Article XII and the paying agent is prohibited from
making such payment pursuant to the terms of this Indenture, on and after said
date any interest thereon or on the portions thereof to be redeemed will cease
to accrue, (vii) that in the case of Original Issue Discount Securities original
issue discount accrued after the date fixed for redemption will cease to accrue,
(viii) the terms of the Debt Securities of that series pursuant to which the
Debt Securities of that series are being redeemed and (ix) that no
representation is made as to the correctness or accuracy of the CUSIP number, if
any, listed in such notice or printed on the Debt Securities of that series. If
less than all the Debt Securities of a series are to be redeemed the notice of
redemption shall specify the CUSIP numbers of the Debt Securities of that series
to be redeemed. In case any Debt Security of a series is to be redeemed in part
only, the notice of redemption shall state the portion of the principal amount
thereof to be redeemed and shall state that on and after the date fixed for
redemption, upon surrender of such Debt Security, a new Debt Security or Debt
Securities of that series in principal amount equal to the unredeemed portion
thereof.

       At least 60 days before the redemption date unless the Trustee consents
to a shorter period, the Company shall give notice to the Trustee of the
redemption date, the principal amount of Debt Securities to be redeemed and the
series and terms of the Debt Securities pursuant to which such redemption will
occur. Such notice shall be accompanied by an Officers' Certificate and an
Opinion of Counsel from the Company to the effect that such redemption will
comply with the conditions herein. If fewer than all the Debt Securities of a
series are to be redeemed, the record date relating to such redemption shall be
selected by the Company and given to the Trustee, which record date shall be not
less than 15 days after the date of notice to the Trustee.

       Prior to 10:00 am on the redemption date for any Registered Securities,
the Company shall deposit with the Trustee or with a paying agent (or, if the
Company is acting as its own paying agent, segregate and hold in trust) an
amount of money in the Currency in which such Debt Securities are denominated
(except as provided pursuant to Section 2.03) sufficient to pay the redemption
price of such Registered Securities or any portions thereof that are to be
redeemed on that date.

       If less than all the Debt Securities of like tenor and terms of a series
are to be redeemed (other than pursuant to mandatory sinking fund redemptions)
the Trustee shall select, in such manner as in its sole discretion it shall deem
appropriate and fair, the Debt Securities of that series or portions thereof (in
multiples of $1,000) to be redeemed. In any case where more than one Registered
Security of such series is registered in the same name, the Trustee in its
discretion may treat the aggregate principal amount so registered as if it were
represented by one Registered Security of such series. The Trustee shall
promptly notify the Company in writing of the Debt Securities selected for
redemption and, in the case of any Debt Securities selected for partial
redemption, the principal amount thereof to be redeemed. If any Debt Security
called for redemption shall not be so paid upon surrender thereof on such
redemption date, the principal, premium, if any, and interest shall bear
interest until paid from the redemption date at the rate borne by the Debt
Securities of that series. If less than all the Debt Securities of unlike tenor
and terms of a series are to be redeemed, the particular Debt Securities to be
redeemed shall be selected by the Company. Provisions of this Indenture that
apply to Debt Securities called for redemption also apply to portions of Debt
Securities called for redemption.

       SECTION 3.03. PAYMENT OF DEBT SECURITIES CALLED FOR REDEMPTION. If notice
of redemption has been given as provided in Section 3.02, the Debt Securities or
portions of Debt Securities of the series with respect to which such notice has
been given shall become due and payable on the date and at the Place or Places
of Payment stated in such notice at the applicable redemption price, together
with any interest accrued to the date fixed for redemption, and on and after
said date (unless the Company shall default in the payment of such Debt
Securities at the applicable redemption price, together with any interest
accrued to said date) any interest on the Debt Securities or portions of Debt
Securities of any series so called for redemption shall cease to accrue and any
original issue discount in the case of Original Issue Discount Securities shall
cease to accrue and such Debt Securities shall cease from and after the date
fixed for

                                      -19-
<Page>

redemption to be entitled to any benefit or security under this Indenture, and
the Holders thereof shall have no right in respect of such Debt Securities
except the right to receive the redemption price thereof and unpaid interest to
the date fixed for redemption. On presentation and surrender of such Debt
Securities at the Place or Places of Payment in said notice specified, the said
Debt Securities or the specified portions thereof shall be paid and redeemed by
the Company at the applicable redemption price, together with any interest
accrued thereon to the date fixed for redemption.

       Any Debt Security that is to be redeemed only in part shall be
surrendered at the corporate trust office or such other office or agency of the
Company as is specified pursuant to Section 2.03, if the Company, the Registrar
or the Trustee so requires, due endorsement by, or a written instrument of
transfer in form satisfactory to the Company, the Registrar 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 Debt Security without service charge, a new Debt Security or Debt
Securities of the same series, of like tenor and form, 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 Debt Security
so surrendered; except that if a Global Security is so surrendered, the Company
shall execute, and the Trustee shall authenticate and deliver to the Depositary
for such Global Security, without service charge, a new Global Security in a
denomination equal to and in exchange for the unredeemed portion of the
principal of the Global Security so surrendered. In the case of a Debt Security
providing appropriate space for such notation, at the option of the Holder
thereof, the Trustee, in lieu of delivering a new Debt Security or Debt
Securities as aforesaid, may make a notation on such Debt Security of the
payment of the redeemed portion thereof.

       SECTION 3.04. MANDATORY AND OPTIONAL SINKING FUNDS. The minimum amount of
any sinking fund payment provided for by the terms of Debt Securities of any
series, resolution of the Board of Directors or a supplemental indenture 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 Debt Securities of
any series, resolution of the Board of Directors or a supplemental indenture is
herein referred to as an "optional sinking fund payment".

       In lieu of making all or any part of any mandatory sinking fund payment
with respect to any Debt Securities of a series in cash, the Company may at its
option (a) deliver to the Trustee Debt Securities of that series theretofore
purchased or otherwise acquired by the Company or (b) receive credit for the
principal amount of Debt Securities of that series which have been redeemed
either at the election of the Company pursuant to the terms of such Debt
Securities or through the application of permitted optional sinking fund
payments pursuant to the terms of such Debt Securities, resolution or
supplemental indenture; PROVIDED, that such Debt Securities have not been
previously so credited. Such Debt Securities shall be received and credited for
such purpose by the Trustee at the redemption price specified in such Debt
Securities, resolution or supplemental indenture for redemption through
operation of the sinking fund and the amount of such mandatory sinking fund
payment shall be reduced accordingly.

       SECTION 3.05. REDEMPTION OF DEBT SECURITIES FOR SINKING FUND. Not less
than 60 days prior to each sinking fund payment date for any series of Debt
Securities, the Company will deliver to the Trustee an Officers' Certificate
(which need not contain the statements required by Section 13.05) specifying the
amount of the next ensuing sinking fund payment for that series pursuant to the
terms of that series, any resolution or supplemental indenture, 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 Debt
Securities of that series pursuant to this Section 3.05 (which Debt Securities,
if not previously redeemed, will accompany such certificate) and whether the
Company intends to exercise its right to make any permitted optional sinking
fund payment with respect to such series. Such certificate shall be irrevocable
and upon its delivery the Company shall be obligated to make the cash payment or
payments therein referred to, if any, on or before the next succeeding sinking
fund payment date. Failure of the Company to deliver such certificate (or to
deliver the Debt Securities specified in this paragraph) shall not constitute a
Default, but

                                      -20-
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such failure shall require that the sinking fund payment due on the next
succeeding sinking fund payment date for that series shall be paid entirely in
cash and shall be sufficient to redeem the principal amount of such Debt
Securities subject to a mandatory sinking fund payment without the option to
deliver or credit Debt Securities as provided in this Section 3.05 and without
the right to make any optional sinking fund payment, if any, with respect to
such series.

       Any sinking fund payment or payments (mandatory or optional) made in cash
plus any unused balance of any preceding sinking fund payments made in cash
which shall equal or exceed $50,000 (or a lesser sum if the Company shall so
request) with respect to the Debt Securities of any particular series shall be
applied by the Trustee on the sinking fund payment date on which such payment is
made (or, if such payment is made before a sinking fund payment date, on the
sinking fund payment date following the date of such payment) to the redemption
of such Debt Securities at the Redemption Price specified in such Debt
Securities, resolution or supplemental indenture for operation of the sinking
fund together with any accrued interest to the date fixed for redemption. Any
sinking fund moneys not so applied or allocated by the Trustee to the redemption
of Debt Securities shall be added to the next cash sinking fund payment received
by the Trustee for such series and, together with such payment, shall be applied
in accordance with the provisions of this Section 3.05. Any and all sinking fund
moneys with respect to the Debt Securities of any particular series held by the
Trustee on the last sinking fund payment date with respect to Debt Securities of
such series and not held for the payment or redemption of particular Debt
Securities shall be applied by the Trustee, together with other moneys, if
necessary, to be deposited sufficient for the purpose, to the payment of the
principal of the Debt Securities of that series at its Stated Maturity.

       The Trustee shall select the Debt Securities to be redeemed upon such
sinking fund payment date in the manner specified in the last paragraph of
Section 3.02 and the Company shall cause notice of the redemption thereof to be
given in the manner provided in Section 3.02 except that the notice of
redemption shall also state that the Debt Securities are being redeemed by
operation of the sinking fund. Such notice having been duly given, the
redemption of such Debt Securities shall be made upon the terms and in the
manner stated in Section 3.03.

       At least one business day before each sinking fund payment date, the
Company shall pay to the Trustee (or, if the Company is acting as its own paying
agent, the Company shall segregate and hold in trust) in cash a sum in the
Currency in which the Debt Securities of such series are denominated (except as
provided pursuant to Section 2.03) equal to any interest accrued to the date
fixed for redemption of Debt Securities or portions thereof to be redeemed on
such sinking fund payment date pursuant to this Section 3.05.

       The Trustee shall not redeem any Debt Securities of a series with sinking
fund moneys or mail any notice of redemption of such Debt Securities by
operation of the sinking fund for such series during the continuance of a
Default in payment of interest on such Debt Securities or of any Event of
Default (other than an Event of Default occurring as a consequence of this
paragraph) with respect to such Debt Securities, except that if the notice of
redemption of any such Debt Securities shall theretofore have been mailed in
accordance with the provisions hereof, the Trustee shall redeem such Debt
Securities if cash sufficient for that purpose shall be deposited with the
Trustee for that purpose in accordance with the terms of this Article III.
Except as aforesaid, any moneys in the sinking fund for such series at the time
when any such Default or Event of Default shall occur and any moneys thereafter
paid into such sinking fund shall, during the continuance of such Default or
Event of Default, be held as security for the payment of such Debt Securities;
PROVIDED, HOWEVER, that in case such Event of Default or Default shall have been
cured or waived as provided herein, such moneys shall thereafter be applied on
the next sinking fund payment date for such Debt Securities on which such moneys
may be applied pursuant to the provisions of this Section 3.05.

                                      -21-
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                                   ARTICLE IV

                       PARTICULAR COVENANTS OF THE COMPANY

       SECTION 4.01. PAYMENT OF PRINCIPAL OF, AND PREMIUM, IF ANY, AND INTEREST
ON, DEBT SECURITIES. The Company, for the benefit of each series of Debt
Securities, will duly and punctually pay or cause to be paid the principal of,
and premium, if any, and interest on, each of the Debt Securities at the place,
at the respective times and in the manner provided herein and in the Debt
Securities. Each installment of interest on the Debt Securities may at the
Company's option be paid by mailing checks for such interest payable to the
Person entitled thereto to the address of such Person as it appears on the Debt
Security Register maintained pursuant to Section 2.07 (a).

       Principal, premium and interest of Debt Securities of any series shall be
considered paid on the date due if on such date the Trustee or any paying agent
holds in accordance with this Indenture money sufficient to pay in the Currency
in which the Debt Securities of such series are denominated (except as provided
pursuant to Section 2.03) all principal, premium and interest then due and, in
the case of Debt Securities subordinated pursuant to the terms of Article XII,
the Trustee or such paying agent, as the case may be, is not prohibited from
paying such money to the Holders on that date pursuant to the terms of the
Indenture.

       The Company shall pay interest on overdue principal at the rate specified
therefor in the Debt Securities and it shall pay interest on overdue
installments of interest at the same rate to the extent lawful.

       SECTION 4.02. MAINTENANCE OF OFFICES OR AGENCIES FOR REGISTRATION OF
TRANSFER, EXCHANGE AND PAYMENT OF DEBT SECURITIES. The Company will maintain in
each Place of Payment for any series of Debt Securities, an office or agency
where Debt Securities of such series may be presented or surrendered for
payment, where Debt Securities of such series may be surrendered for transfer or
exchange and where notices and demands to or upon the Company in respect of the
Debt Securities of such series and this Indenture may be served. The Company
will give prompt written notice to the Trustee of the location, and any change
in the location, of such office or agency. If at any time the Company shall fail
to maintain any such required office or agency or shall fail to furnish the
Trustee with the address thereof, such presentations, surrenders, notices and
demands may be made or served at the corporate trust office of the Trustee, and
the Company hereby appoints the Trustee as its agent to receive all
presentations, surrenders, notices and demands.

       The Company may also from time to time designate different or additional
offices or agencies to be maintained for such purposes (in or outside of such
Place of Payment), and may from time to time rescind any such designation;
PROVIDED, HOWEVER, that no such designation or rescission shall in any manner
relieve the Company of its obligations described in the preceding paragraph. The
Company will give prompt written notice to the Trustee of any such additional
designation or rescission of designation and any change in the Location of any
such different or additional office or agency.

       SECTION 4.03. APPOINTMENT TO FILL A VACANCY IN THE OFFICE OF TRUSTEE. The
Company, whenever necessary to avoid or fill a vacancy in the office of Trustee,
will appoint, in the manner provided in Section 7.08, a Trustee, so that there
shall at all times be a Trustee hereunder with respect to each series of Debt
Securities.

       SECTION 4.04. DUTIES OF PAYING AGENTS, ETC. (a) The Company shall cause
each paying agent, if any, other than the Trustee, to execute and deliver to the
Trustee an instrument in which such agent shall agree with the Trustee, subject
to the provisions of this Section 4.04,

       (i)     that it will hold all sums held by it as such agent for the
               payment of the principal of, and premium, if any, or interest on,
               the Debt Securities of any series (whether such sums have been
               paid to it by the Company or by any other obligor on the Debt
               Securities of such series) in trust for the benefit of the
               Holders of the Debt Securities of such series;

       (ii)    that it will give the Trustee notice of any failure by the
               Company (or by any other obligor on

                                      -22-
<Page>

               the Debt Securities of such series) to make any payment of the
               principal of and premium, if any, or interest on, the Debt
               Securities of such series when the same shall be due and payable;
               and

       (iii)   that it will at any time during the continuance of an Event of
               Default, upon the written request of the Trustee, forthwith pay
               to the Trustee all sums so held by it as such agent.

       (b) If the Company shall act as its own paying agent, it will, on or
before each due date of the principal of, and premium, if any, or interest on,
the Debt Securities if any, of any series, set aside, segregate and hold in
trust for the benefit of the Holders of the Debt Securities of such series a sum
sufficient to pay such principal, premium, if any, or interest so becoming due.
The Company will promptly notify the Trustee of any failure by the Company to
take such action.

       (c) Anything in this Section 4.04 to the contrary notwithstanding, the
Company may, at any time, for the purpose of obtaining a satisfaction and
discharge with respect to one or more or all series of Debt Securities, or for
any other reason, pay or cause to be paid to the Trustee all sums held in trust
by it or any paying agent, as required by this Section 4.04, 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.

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

       (e) Anything in this Section 4.04 to the contrary notwithstanding, the
agreement to hold sums in trust as provided in this Section 4.04 is subject to
the provisions of Section 11.05

       SECTION 4.05. STATEMENT BY OFFICERS AS TO DEFAULT. The Company will
deliver to the Trustee, on or before a date not more than 60 days after the end
of each quarter and not more than four months after the end of each fiscal year
of the Company ending after the date hereof, an Officers' Certificate stating,
as to each officer signing such certificate, that (i) in the course of his
performance of his duties as an officer of the Company he would normally have
knowledge of any Default, (ii) whether or not to the best of his knowledge any
Default occurred during such year and (iii) if to the best of his knowledge the
Company is in Default, specifying all such Defaults and what action the Company
is taking or proposes to take with respect thereto. As of the date hereof, the
Company's fiscal year ends on December 31. The Company also shall comply with
Section 314(a)(4) of the Trust Indenture Act.

       SECTION 4.06. EXISTENCE. Subject to Article X, the Company will do or
cause to be done all things necessary to preserve and keep in full force and
effect its corporate existence.

       SECTION 4.07. MAINTENANCE OF PROPERTIES. The Company will cause all
properties used or useful in the conduct of its business to be maintained and
kept in good condition, repair and working order in all material respects and
will cause to be made all necessary repairs, renewals, replacements, betterments
and improvements thereof, all as in the judgment of the Company may be necessary
so that the business carried on by the Company and its subsidiaries may be
properly and advantageously conducted at all times; PROVIDED, HOWEVER, that
nothing in this Section shall prevent the Company or a Subsidiary from
discontinuing the operation or maintenance of any of such properties if such
discontinuance is, in the judgment of the Company, not materially detrimental to
the conduct of the business of the Company and its Subsidiaries, taken as a
whole, and not disadvantageous in any material respect to the Holders.

       SECTION 4.08. PAYMENT OF TAXES AND OTHER CLAIMS. The Company will pay or
discharge or cause to be paid or discharged, before the same shall become
delinquent, (1) all taxes, assessments and governmental charges levied or
imposed upon the Company or any Subsidiary or upon the income, profits

                                      -23-
<Page>

or property of the Company or any Subsidiary, and (2) all lawful claims for
labor, materials and supplies which, if unpaid, might by law become a Lien upon
the property of the Company or any Subsidiary, PROVIDED, HOWEVER, that the
Company shall not be required to pay or discharge or cause to be paid or
discharged any such tax, assessment, charge or claim whose amount, applicability
or validity is being contested in good faith by appropriate proceedings.

                                    ARTICLE V

                           HOLDERS' LISTS AND REPORTS
                         BY THE COMPANY AND THE TRUSTEE

       SECTION 5.01. COMPANY TO FURNISH TRUSTEE INFORMATION AS TO NAMES AND
ADDRESSES OF HOLDERS; PRESERVATION OF INFORMATION. The Company covenants and
agrees that it will furnish or cause to be furnished to the Trustee with respect
to the Registered Securities of each series:

       (a) not more than 15 days after each record date with respect to the
payment of interest, if any, a list, in such form as the Trustee may reasonably
require, of the names and addresses of the Registered Holders as of such record
date, and

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

       PROVIDED, HOWEVER, that so long as the Trustee shall be the Registrar,
such lists shall not be required to be furnished.

       The Trustee shall preserve, in as current a form as is reasonably
practicable, all information as to the names and addresses of the Holders (1)
contained in the most recent list furnished to it as provided in this Section
5.01 or (2) received by it in the capacity of paying agent or Registrar (if so
acting) hereunder.

       SECTION 5.02. COMMUNICATIONS TO HOLDERS. Holders may communicate pursuant
to Section 312(b) of the Trust Indenture Act with other Holders with respect to
their rights under this Indenture or the Debt Securities. The Company, the
Trustee, the Registrar and anyone else shall have the protection of Section
312(c) of the Trust Indenture Act.

       SECTION 5.03. REPORTS BY COMPANY. (a) The Company shall comply with
TIA Section 314(a).

       (b) The Company covenants and agrees to file with the Trustee and the
Securities and Exchange Commission, in accordance with the rules and regulations
prescribed from time to time by said Commission, such additional information,
documents, and reports with respect to compliance by the Company with the
conditions and covenants provided for in this Indenture as may be required from
time to time by such rules and regulations.

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

       SECTION 5.04. REPORTS BY TRUSTEE. The Trustee shall transmit to Holders
such reports concerning the Trustee and its actions under this Indenture as may
be required pursuant to the Trust Indenture Act at the time and in the manner
provided pursuant thereto.

       Reports pursuant to this Section 5.04 shall be transmitted by mail:

       (1)  to all Registered Holders, as the names and addresses of such
            Holders appear in the Debt Security Register;

                                      -24-
<Page>

       (2)  except in the cases of reports under Section 313(b)(2) of the Trust
            Indenture Act, to each holder of a Debt Security of any series whose
            name and address appear in the information preserved at the time by
            the Trustee in accordance with Section 5.02.

       A copy of each report at the time of its mailing to Holders shall be
filed with the Securities and Exchange Commission and each stock exchange (if
any) on which the Debt Securities of any series are listed. The Company agrees
to notify promptly the Trustee whenever the Debt Securities of any series become
listed on any securities exchange and of any delisting thereof.

       SECTION 5.05. RECORD DATES FOR ACTION BY HOLDERS. If the Company shall
solicit from the Holders of Debt Securities of any series any action (including
the making of any demand or request, the giving of any direction, notice,
consent or waiver or the taking of any other action), the Company may, at its
option, by resolution of the Board of Directors, fix in advance a record date
for the determination of Holders of Debt Securities entitled to take such
action, 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
action may be sought or given before or after the record date, but only the
Holders of Debt Securities of record at the close of business on such record
date shall be deemed to be Holders of Debt Securities for the purpose of
determining whether Holders of the requisite proportion of Debt Securities of
such series Outstanding have authorized or agreed or consented to such action,
and for that purpose the Debt Securities of such series Outstanding shall be
computed as of such record date.

                                   ARTICLE VI

             REMEDIES OF THE TRUSTEE AND HOLDERS IN EVENT OF DEFAULT

       SECTION 6.01. EVENTS OF DEFAULT. If any one or more of the following
shall have occurred and be continuing with respect to Debt Securities of any
series (each of the following, an "Event of Default"):

       (a) default in the payment of any installment of interest upon any Debt
Securities of that series as and when the same shall become due and payable,
whether or not such payment shall be prohibited by Article XII, if applicable,
and continuance of such default for a period of 30 days; or

       (b) default in the payment of the principal of or premium, if any, on any
Debt Securities of that series as and when the same shall become due and
payable, whether at maturity, upon redemption, by declaration, upon required
repurchase or otherwise, whether or not such payment shall be prohibited by
Article XII, if applicable; or

       (c) default in the payment of any sinking fund payment with respect to
any Debt Securities of that series as and when the same shall become due and
payable; or

       (d) failure on the part of the Company to comply with Article X; or

       (e) failure on the part of the Company duly to observe or perform any
other of the covenants or agreements on the part of the Company in the Debt
Securities of that series, in this Indenture with respect to such series or in
any supplemental indenture with respect to such series (other than a covenant a
default in the performance of which is elsewhere in this Section specifically
dealt with), continuing for a period of 60 days after the date on which written
notice specifying such failure and requiring the Company to remedy the same
shall have been given, by registered or certified mail, to the Company by the
Trustee or to the Company and the Trustee by the Holders of at least 25% in
aggregate principal amount of the Debt Securities of that series at the time
Outstanding; or

       (f) the Company shall, pursuant to or within the meaning of any
Bankruptcy Law, (i) voluntarily commence any case, (ii) consent to the entry of
an order for relief against it in an involuntary case, (iii) apply for or
consent to the appointment of a receiver, trustee, custodian or similar official
for the Company or for a substantial part of its property, (iv) make a general
assignment for the benefit of creditors or (v) take any comparable action under
any foreign laws relating to insolvency; or

                                      -25-
<Page>

       (g) the entry of an order or decree under any Bankruptcy Law by a court
having competent jurisdiction for (i) relief in respect of the Company or a
substantial part of its property, (ii) the appointment of a receiver, trustee,
custodian or similar official for the Company or for a substantial part of its
property or (iii) the winding-up or liquidation of the Company; and such order
or decree shall continue unstayed and in effect for 60 consecutive days; or any
similar relief is granted under any foreign laws and the order or decree stays
in effect for 60 consecutive days; or

       (h) any other event of default provided under the terms of the Debt
Securities of that series (as set forth in or pursuant to the applicable
supplemental indenture or Officer's Certificate establishing such terms, as
provided in Section 2.03);

then and in each and every case that an Event of Default (other than an Event of
Default specified in Section 6.01(f) or (g)) with respect to Debt Securities of
that series at the time outstanding occurs and is continuing, unless the
principal of and interest on all the Debt Securities of that series shall have
already become due and payable, either the Trustee or the Holders of not less
than 25% in aggregate principal amount of the Debt Securities of that series
then Outstanding hereunder, by notice in writing to the Company (and to the
Trustee if given by Holders), may declare the principal of (or, if the Debt
Securities of that series are original issue Discount Debt Securities, such
portion of the principal amount as may be specified in the terms of that
series), premium, if any, and accrued and unpaid interest on all the Debt
Securities of that series to be due and payable immediately, and upon any such
declaration the same shall become and shall be immediately due and payable,
anything in this Indenture or in the Debt Securities of that series contained to
the contrary notwithstanding. If an Event of Default specified in Section
6.01(f) or (g) occurs, the principal amount of (or, if the Debt Securities of
that series are original issue Discount Debt Securities, such portion of the
principal amount as may be specified in the terms of that series), premium, if
any, and accrued and unpaid interest on all the Debt Securities of each series
shall IPSO FACTO become and be immediately due and payable without any
declaration or other act on the part of the Trustee or any Holder.

       The Holders of a majority in principal amount of the Debt Securities of a
particular series by notice to the Trustee may rescind an acceleration and its
consequences if the rescission would not conflict with any judgment or decree
already rendered and if all existing Events of Default have been cured or waived
except nonpayment of principal or interest that has become due solely because of
acceleration. Upon any such rescission, the parties hereto shall be restored
respectively to their several positions and rights hereunder, and all rights,
remedies and powers of the parties hereto shall continue as though no proceeding
had been taken.

       In case the Trustee or any Holder shall have proceeded to enforce any
right under this Indenture and such proceedings shall have been discontinued or
abandoned because of such rescission or annulment or for any other reason or
shall have been determined adversely to the Trustee or such Holder, then and in
every such case the parties hereto shall be restored respectively to their
several positions and rights hereunder, and all rights, remedies and powers of
the parties hereto shall continue as though no such proceeding had been taken.

       The foregoing Events of Default shall constitute Events of Default
whatever the reason for any such Event of Default and whether it is voluntary
or involuntary or is 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.

       The Company shall deliver to the Trustee, within 30 days after the
occurrence thereof, written notice in the form of an Officers' Certificate of
any event which with the giving of notice and the lapse of time would become an
Event of Default under clause (d), (e), (f), (g) or (h), its status and what
action the Company is taking or proposes to take with respect thereto.

                                      -26-
<Page>

       SECTION 6.02. COLLECTION OF INDEBTEDNESS BY TRUSTEE, ETC. If an Event of
Default occurs and is continuing, the Trustee, in its own name and as trustee of
an express trust, shall be entitled and empowered to institute any action or
proceedings at law or in equity for the collection of the sums so due and unpaid
or enforce the performance of any provision of the Debt Securities of the
affected series or this Indenture, and may prosecute any such action or
proceedings to judgment or final decree, and may enforce any such judgment or
final decree against the Company or any other obligor upon the Debt Securities
of such series (and collect in the manner provided by law out of the property of
the Company or any other obligor upon the Debt Securities of such series
wherever situated the moneys adjudged or decreed to be payable).

       In case there shall be pending proceedings for the bankruptcy or for the
reorganization of the Company or any other obligor upon the Debt Securities of
any series under any Bankruptcy Law, or in case a receiver, trustee or other
similar official shall have been appointed for a substantial part of its
property, or in case of any other similar judicial proceedings relative to the
Company or any other obligor upon the Debt Securities of any series, its
creditors or a substantial part of its property,

       (a) the Trustee, irrespective of whether the principal of Debt Securities
of any series 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 pursuant to the provisions of this Section 6.02, shall be entitled
and empowered, by intervention in such proceedings or otherwise, (i) to file and
prove a claim or claims for the whole amount of principal, premium, if any, and
interest (or, if the Debt Securities of such series are Original Issue Discount
Debt Securities, such portion of the principal amount as may be specified in the
terms of such series) owing and unpaid in respect of the Debt Securities of such
series, (ii) 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
reasonable compensation to the Trustee, its agents, attorneys and counsel, and
for reimbursement of all expenses and liabilities Incurred, and all advances
made, by the Trustee except as a result of its negligence, bad faith or willful
misconduct) and of the Holders thereof allowed in any such judicial proceedings
relative to the Company, or any other obligor upon the Debt Securities of such
series, its creditors or its property and (iii) to collect and receive any
moneys or other property payable or deliverable on any such claims, and to
distribute all amounts received with respect to the claims of such Holders and
of the Trustee on their behalf, and

       (b) any receiver, assignee or trustee in bankruptcy or reorganization is
hereby authorized by each of such Holders to make payments to the Trustee, and,
in the event that the Trustee shall consent to the making of payments directly
to such Holders, to pay to the Trustee such amount as shall be sufficient to
cover reasonable compensation to the Trustee, its agents, attorneys and counsel,
and all other reasonable expenses and liabilities Incurred, and all advances
made, by the Trustee except as a result of its negligence, bad faith or willful
misconduct.

       All rights of action and of asserting claims under this Indenture, or
under any of the Debt Securities, of any series, may be enforced by the Trustee
without the possession of any such Debt Securities or the production thereof in
any trial or other proceedings relative thereto, and any such action or
proceedings instituted by the Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment (except for any
amounts payable to the Trustee pursuant to Section 7.06) shall be for the
ratable benefit of the Holders of all the Debt Securities in respect of which
such action was taken.

       In case of an Event of Default hereunder the Trustee may proceed to
protect and enforce the rights vested in it by this Indenture by such
appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce any of such rights, either at law or in equity or in
bankruptcy or otherwise, whether for the specific enforcement of any covenant or
agreement contained in this Indenture or in aid of the exercise of any power
granted in this Indenture, or to enforce any other legal or equitable right
vested in the Trustee by this Indenture or by law.

                                      -27-
<Page>

       SECTION 6.03. APPLICATION OF MONEYS COLLECTED BY TRUSTEE. Any moneys or
other property collected by the Trustee pursuant to Section 6.02 with respect to
Debt Securities of any series shall be applied, after giving effect to the
provisions of Article XII, if applicable, in the order following, at the date or
dates fixed by the Trustee for the distribution of such moneys or other
property, upon presentation of the several Debt Securities of such series in
respect of which moneys or other property have been collected, and the notation
thereon of the payment, if only partially paid, and upon surrender thereof if
fully paid:

       FIRST: To the payment of all money due the Trustee pursuant to Section
7.06 in connection with such series of Debt Securities in respect of which
moneys or other property is collected;

       SECOND: In case the principal of the Outstanding Debt Securities in
respect of which such moneys have been collected shall not have become due, to
the payment of interest on the Debt Securities of such series in the order of
the maturity of the installments of such interest, with interest (to the extent
that such interest has been collected by the Trustee) upon the overdue
installments of interest at the rate or Yield to Maturity (in the case of
Original Issue Discount Debt Securities) borne by the Debt Securities of such
series, such payments to be made ratably to the Persons entitled thereto,
without discrimination or preference;

       THIRD: In case the principal of the Outstanding Debt Securities in
respect of which such moneys have been collected shall have become due, by
declaration or otherwise, to the payment of the whole amount then owing and
unpaid upon the Debt Securities of such series for principal and premium, if
any, and interest, with interest on the overdue principal and premium, if any,
and (to the extent that such interest has been collected by the Trustee) upon
overdue installments of interest at the rate or Yield to Maturity (in the case
of Original Issue Discount Debt Securities) borne by the Debt Securities of such
series; and, in case such moneys shall be insufficient to pay in full the whole
amount so due and unpaid upon the Debt Securities of such series, then to the
payment of such principal and premium, if any, and interest, without preference
or priority of principal and premium, if any, over interest, or of interest over
principal and premium, if any, or of any installment of interest over any other
installment of interest, or of any Debt Security of such series over any Debt
Security of such series, ratably to the aggregate of such principal and premium,
if any, and interest; and

       FOURTH: The remainder, if any, shall be paid to the Company, its
successors or assigns.

       The Trustee may fix a record date and payment date for any payment to
Holders pursuant to this Section 6.03. At least 15 days before such record date,
the Company shall mail to each Holder and the Trustee a notice that states the
record date, the payment date and amount to be paid.

       SECTION 6.04. LIMITATION ON SUITS BY HOLDERS. No Holder of any Debt
Security of any series shall have any right by virtue or by availing of any
provision of this Indenture to institute any action or proceeding at law or in
equity or in bankruptcy or otherwise, upon or under or with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless (a) such Holder previously shall have given to the
Trustee written notice of an Event of Default with respect to Debt Securities of
that same series and of the continuance thereof, (b) the Holders of not less
than 25% in aggregate principal amount of the Outstanding Debt Securities of
that series shall have made written request upon the Trustee to institute such
action or proceedings in respect of such Event of Default in its own name as
Trustee hereunder and shall have offered to the Trustee such indemnity
reasonably satisfactory to it as it may require against the costs, expenses and
liabilities to be Incurred therein or thereby, (c) the Trustee, for 60 days
after its receipt of such notice, request and offer of indemnity shall have
failed to institute any such action or proceedings and (d) no direction
inconsistent with such written request shall have been given to the Trustee
pursuant to Section 6.06; it being understood and intended, and being expressly
covenanted by the Holder of every Debt Security with every other Holder and the
Trustee, that no one or more Holders shall have any right in any manner whatever
by virtue or by availing of any provision of this Indenture to affect, disturb
or prejudice the rights of any Holders, or to obtain or

                                      -28-
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seek to obtain priority over or preference to any other such Holder, or to
enforce any right under this Indenture, except in the manner herein provided and
for the equal, ratable and common benefit of all such Holders. For the
protection and enforcement of the provisions of this Section 6.04, each and
every Holder and the Trustee shall be entitled to such relief as can be given
either at law or in equity.

       Notwithstanding any other provision in this Indenture, however, the right
of any Holder of any Debt Security to receive payment of the principal of, and
premium, if any, and (subject to Section 2.12) interest on, such Debt Security
on or after the respective due dates expressed in such Debt Security, and to
institute suit for the enforcement of any such payment on or after such
respective dates, shall not be impaired or effected without the consent of such
Holder.

       SECTION 6.05. REMEDIES CUMULATIVE; DELAY OR OMISSION IN EXERCISE OF
RIGHTS NOT A WAIVER OF DEFAULT. Except as provided in Section 6.04, all powers
and remedies given by this Article VI to the Trustee or to the Holders shall, to
the extent permitted by law, be deemed cumulative and not exclusive of any
thereof or of any other powers and remedies available to the Trustee or the
Holders, by judicial proceedings or otherwise, to enforce the performance or
observance of the covenants and agreements contained in this Indenture, and no
delay or omission of the Trustee or of any Holder to exercise any right or power
accruing upon any Default occurring and continuing as aforesaid, shall impair
any such right or power, or shall be construed to be a waiver of any such
Default or an acquiescence therein; and, subject to the provisions of Section
6.04, every power and remedy given by this Article VI or by law to the Trustee
or to the Holders may be exercised from time to time, and as often as shall be
deemed expedient, by the Trustee or by the Holders.

       SECTION 6.06. RIGHTS OF HOLDERS OF MAJORITY IN PRINCIPAL AMOUNT OF DEBT
SECURITIES TO DIRECT TRUSTEE AND TO WAIVE DEFAULT. The Holders of a majority in
aggregate principal amount of the Debt Securities of any series at the time
Outstanding 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 Debt Securities
of such series; PROVIDED, HOWEVER, that such direction shall not be otherwise
than in accordance with law and the provisions of this Indenture, and that
subject to the provisions of Section 7.01, the Trustee shall have the right to
decline to follow any such direction if the Trustee being advised by counsel
shall determine that the action so directed may not lawfully be taken, or if the
Trustee shall by a Responsible Officer or officers determine that the action so
directed would involve it in personal liability or would be unjustly prejudicial
to Holders of Debt Securities of such series not taking part in such direction;
and PROVIDED FURTHER, HOWEVER, that nothing in this Indenture contained shall
impair the right of the Trustee to take any action deemed proper by the Trustee
and which is not inconsistent with such direction by such Holders. Prior to the
acceleration of the maturity of the Debt Securities of any series, as provided
in Section 6.01, the Holders of a majority in aggregate principal amount of the
Debt Securities of that series at the time Outstanding may on behalf of the
Holders of all the Debt Securities of that series waive any past Default or
Event of Default and its consequences for that series, except (i) a Default in
the payment of the principal of, and premium, if any, or interest on, any of the
Debt Securities and (ii) a Default in respect of a provision that under Section
9.02 cannot be amended without the consent of each Holder affected thereby and
(iii) a Default in respect of a provision for the personal benefit or protection
of the Trustee (without its consent). In case of any such waiver, such Default
shall cease to exist, any Event of Default arising therefrom shall be deemed to
have been cured for every purpose of this Indenture, and the Company, the
Trustee and the Holders of the Debt Securities of that series shall be restored
to their former positions and rights hereunder, respectively; but no such waiver
shall extend to any subsequent or other Default or impair any right consequent
thereon.

       SECTION 6.07. TRUSTEE TO GIVE NOTICE OF DEFAULTS KNOWN TO IT, BUT MAY
WITHHOLD SUCH NOTICE IN CERTAIN CIRCUMSTANCES. The Trustee shall, within 90 days
after the occurrence of a Default known to it with respect to a series of Debt
Securities give to the Holders thereof, in the manner provided in Section 13.03,
notice of all Defaults with respect to such series known to the Trustee, unless
such Defaults shall

                                      -29-
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have been cured or waived before the giving of such notice; PROVIDED that,
except in the case of Default in the payment of the principal of, or premium, if
any, or interest on, any of the Debt Securities of such series or in the making
of any sinking fund payment with respect to the Debt Securities 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 committee of directors or
Responsible Officers of the Trustee in good faith determine that the withholding
of such notice is in the interests of the Holders thereof.

       SECTION 6.08. REQUIREMENT OF AN UNDERTAKING TO PAY COSTS IN CERTAIN SUITS
UNDER THE INDENTURE OR AGAINST THE TRUSTEE. All parties to this Indenture agree,
and each Holder of any Debt Security by his acceptance thereof shall be deemed
to have agreed, that any court may in its discretion require, in any suit for
the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken 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 in the manner and to the extent provided in the Trust Indenture Act, 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 6.08 shall not apply to any suit
instituted by the Trustee, to any suit instituted by any Holder, or group of
Holders, holding in the aggregate more than ten percent in principal amount of
the Outstanding Debt Securities of that series or to any suit instituted by any
Holder for the enforcement of the payment of the principal of, or premium, if
any, or interest on, any Debt Security on or after the due date for such payment
expressed in such Debt Security.

                                   ARTICLE VII

                             CONCERNING THE TRUSTEE

       SECTION 7.01. CERTAIN DUTIES AND RESPONSIBILITIES. The Trustee, prior to
the occurrence of an Event of Default known to the Trustee and after the curing
or waiving of all Events of Default with respect to the Debt Securities of a
series which may have occurred with respect to such series, undertakes to
perform such duties and only such duties as are specifically set forth in this
Indenture. In case an Event of Default has occurred (which has not been cured or
waived) with respect to the Debt Securities of a series and is known to the
Trustee, the Trustee shall exercise with respect to 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 Person would exercise or use
under the circumstances in the conduct of such Person's own affairs.

       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,
its own bad faith or its own willful misconduct, except that:

       (a) this subsection shall not be construed to limit the effect of the
first paragraph of this Section 7.01;

       (b) prior to the occurrence of an Event of Default with respect to the
Debt Securities of a series and after the curing or waiving of all Events of
Default with respect to such series which may have occurred:

       (1)  the duties and obligations of the Trustee with respect to Debt
            Securities of any series shall be determined solely by the express
            provisions of this Indenture, and the Trustee shall not be liable
            except for the performance of such duties and obligations with
            respect to such series as are specifically set forth in this
            Indenture, and no implied covenants or obligations with respect to
            such series shall be read into this Indenture against the Trustee;
            and

       (2)  in the absence of bad faith on the part of the Trustee, the Trustee
            may conclusively rely, as to the truth of the statements and the
            correctness of the opinions expressed therein, upon any 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

                                      -30-
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            determine whether or not they conform to the requirements of this
            Indenture (but need not confirm or investigate the accuracy of
            mathematical calculations or other facts stated therein);

       (c) the Trustee shall not be liable for an 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; and

       (d) the Trustee shall not be liable with respect to any action taken or
omitted to be taken by it with respect to Debt Securities of any series in good
faith in accordance with the direction of the Holders of not less than a
majority in aggregate principal amount of the Outstanding Debt Securities of
that 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 Debt Securities
of such series.

       None of the provisions of this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur any personal financial liability
in the performance of any of its duties hereunder, or in the exercise of any of
its rights or powers, if there shall be reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it.

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

       SECTION 7.02. CERTAIN RIGHTS OF TRUSTEE. Except as otherwise provided in
Section 7.01:

       (a) the Trustee may conclusively rely and shall be protected in acting or
refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture,
note 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, direction, order or demand of the Company mentioned
herein shall be sufficiently evidenced by a Company Order (unless other evidence
in respect thereof be herein specifically prescribed); and any resolution of the
Board of Directors may be evidenced to the Trustee by a copy thereof certified
by the Secretary or an Assistant Secretary of the Company;

       (c) the 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 or suffered or
omitted by it hereunder in good faith and in accordance with such advice or
Opinion of Counsel;

       (d) the Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Indenture at the request, order or
direction of any of the Holders of Debt Securities of any series pursuant to the
provisions of this Indenture, unless such Holders shall have offered to the
Trustee security or indemnity reasonably satisfactory to it against the costs,
expenses and liabilities which may be Incurred therein or thereby;

       (e) subject to Section 7.01, the Trustee shall not be liable for any
action taken or omitted by it in good faith and reasonably believed by it to be
authorized or within the discretion or rights or powers conferred upon it by
this Indenture;

       (f) prior to the occurrence of an Event of Default known to it and after
the curing of all Events of Default which may have occurred, 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, approval 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 will be entitled to examine the
books, records, and premises of the Company, personally or by agent or attorney
at the sole cost of the Company and shall incur no liability or additional
liability of any kind by reason of such inquiry or investigation;

                                      -31-
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       (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 bad faith, misconduct
or negligence on the part of any agent or attorney appointed by it with due care
hereunder;

       (h) if any property other then cash shall at any time be subject to a
Lien in favor of the Holders, the Trustee, if and to the extent authorized by a
receivership or bankruptcy court of competent jurisdiction or by the
supplemental instrument subjecting such property to such Lien, may, but shall
not be obligated to, make advances for the purpose of preserving such property
or of discharging tax Liens or other prior Liens or encumbrances thereon;

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

       (j) in no event shall the Trustee be responsible or liable for special,
indirect, or consequential loss or damage of any kind whatsoever (including, but
not limited to, loss of profit) irrespective of whether the Trustee has been
advised of the likelihood of such loss or damage and regardless of the form of
action;

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

       (l) the Trustee may request that the Company deliver an Officers'
Certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture,
which Officers' Certificate may be signed by any person authorized to sign an
Officers' Certificate, including any person specified as so authorized in any
such certificate previously delivered and not superseded;

       (m) any permissive right or power granted to the Trustee hereunder shall
not be construed to be a duty;

       (n) the Trustee shall not be charged with notice or knowledge of any
Default or Event of Default, other than an Event of Default described in Section
6.01(a), (b) or (c), unless and except to the extent such Default or Event of
Default is actually known to a Responsible Officer of the Trustee or written
notice thereof is received by the Trustee at its corporate trust office; and

       (o) the Trustee shall be entitled to require that any notice, request,
direction or instruction provided to it pursuant to the terms of this Indenture
shall be made or confirmed to it in writing.

       SECTION 7.03. TRUSTEE NOT LIABLE FOR RECITALS IN INDENTURE OR IN DEBT
SECURITIES. The recitals contained herein and in the Debt Securities (except the
Trustee's certificate of authentication) shall be taken as the statements of the
Company, and the Trustee assumes no responsibility for the correctness of the
same. The Trustee makes no representations as to the validity or sufficiency of
this Indenture or of the Debt Securities of any series, except that the Trustee
represents that it is duly authorized to execute and deliver this Indenture,
authenticate the Debt Securities and perform its obligations hereunder, and that
the statements made by it or to be made by it in a Statement of Eligibility and
Qualification on Form T-1 supplied to the Company are true and accurate. The
Trustee shall not be accountable for the use or application by the Company of
any of the Debt Securities or of the proceeds thereof.

       SECTION 7.04. TRUSTEE, PAYING AGENT OR REGISTRAR MAY OWN DEBT SECURITIES.
The Trustee or any paying agent or Registrar, in its individual or any other
capacity, may become the owner or pledgee of Debt Securities and subject to the
provisions of the Trust Indenture Act relating to conflicts of interest and
preferential claims may otherwise deal with the Company with the same rights it
would have if it were not Trustee, paying agent or Registrar.

                                      -32-
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       SECTION 7.05. MONEYS RECEIVED BY TRUSTEE TO BE HELD IN TRUST. Subject to
the provisions of Section 11.05, all moneys received by the Trustee shall, until
used or applied as herein provided, be held in trust for the purposes for which
they were received, but 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 moneys received by it hereunder. So long as no Event of Default shall have
occurred and be continuing, all interest allowed on any such moneys shall be
paid from time to time to the Company upon a Company Order.

       SECTION 7.06. COMPENSATION AND REIMBURSEMENT. The Company covenants and
agrees to pay in Dollars to the Trustee from time to time, such compensation as
the parties shall agree in writing from time to time for all services rendered
by it hereunder (which shall not be limited by any provision of law in regard to
the compensation of a trustee of an express trust), and, except as otherwise
expressly provided herein, the Company will pay or reimburse in Dollars the
Trustee upon its request for all reasonable expenses, disbursements and advances
incurred or made by the Trustee in accordance with any of the provisions of this
Indenture (including the reasonable compensation and the expenses and
disbursements of its agents, attorneys and counsel and of all Persons not
regularly in its employ) except any such expense, disbursement or advances as
may arise from the Trustee's negligence, bad faith or willful misconduct . The
Company also covenants to indemnify in Dollars the Trustee for, and to hold it
harmless against, any loss, liability or expense, including taxes (other than
taxes based upon the Trustee's income), Incurred without negligence, bad faith
or willful misconduct on the part of the Trustee, arising out of or in
connection with the acceptance or administration of this trust or trusts
hereunder or the exercise or performance of its powers or duties hereunder,
including the reasonable costs and expenses of defending itself against any
claim (whether asserted by any Holder or any other Person other than the
Company) or liability in connection with the exercise or performance of any of
its powers or duties hereunder. The Trustee shall notify the Company promptly of
any claim for which it may seek indemnity. The Company may elect to defend such
claim and, in such case, the Trustee may have separate counsel. The obligations
of the Company under this Section 7.06 to compensate and indemnify the Trustee
and to hold it harmless and to pay or reimburse the Trustee for expenses,
disbursements and advances shall constitute additional indebtedness hereunder
and shall survive the satisfaction and discharge of this Indenture. The Company
and the Holders agree that such additional indebtedness shall be secured by a
Lien prior to that of the Debt Securities upon all property and funds held or
collected by the Trustee, as such, except funds held in trust for the payment of
principal of, and premium, if any, or interest on, particular Debt Securities.

       When the Trustee incurs expenses or renders services after an Event of
Default specified in Section 6.01(f) or (g) occurs, the expenses and the
compensation for the services are intended to constitute expenses of
administration under any bankruptcy, insolvency, reorganization or other similar
law.

       SECTION 7.07. RIGHT OF TRUSTEE TO RELY ON AN OFFICERS' CERTIFICATE WHERE
NO OTHER EVIDENCE SPECIFICALLY PRESCRIBED. Except as otherwise provided in
Section 7.01, whenever in the administration of the provisions of this Indenture
the Trustee shall deem it necessary or desirable that a matter be proved or
established prior to taking or suffering or omitting any action hereunder, such
matter (unless other evidence in respect thereof be herein specifically
prescribed) may, in the absence of negligence or bad faith on the part of the
Trustee, be deemed to be conclusively proved and established by an Officers'
Certificate delivered to the Trustee and such certificate, in the absence of
negligence or bad faith on the part of the Trustee, shall be full warrant to the
Trustee for any action taken, suffered or omitted by it under the provisions of
this Indenture upon the faith thereof.

       SECTION 7.08. SEPARATE TRUSTEE; REPLACEMENT OF TRUSTEE. The Company may,
but need not, appoint a separate Trustee for any one or more series of Debt
Securities. The Trustee may resign with respect to one or more or all series of
Debt Securities at any time by giving notice to the Company. The Holders of a
majority in principal amount of the Debt Securities of a particular series may
remove the Trustee for such series and only such series by so notifying the
Trustee and may appoint a successor Trustee. The Company shall remove the
Trustee if:

                                      -33-
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       (1)  the Trustee fails to comply with Section 7.10;

       (2)  the Trustee is adjudged bankrupt or insolvent;

       (3)  a receiver or other public officer takes charge of the Trustee or
            its property; or

       (4)  the Trustee otherwise becomes incapable of acting.

       If the Trustee resigns, is removed by the Company or by the Holders of a
majority in principal amount of the Debt Securities of a particular series and
such Holders do not reasonably promptly appoint a successor Trustee, or if a
vacancy exists in the office of Trustee for any reason (the Trustee in such
event being referred to herein as the retiring Trustee), the Company shall
promptly appoint a successor Trustee. No resignation or removal of the Trustee
and no appointment of a successor Trustee shall become effective until the
acceptance of appointment by the successor Trustee in accordance with the
applicable requirements of this Section 7.08.

       A successor Trustee shall deliver a written acceptance of its appointment
to the retiring Trustee and to the Company. Thereupon the resignation or removal
of the retiring Trustee shall become effective, and the successor Trustee shall
have all the rights, powers and duties of the Trustee under this Indenture. The
successor Trustee shall mail a notice of its succession to Holders of Debt
Securities of each applicable series. The retiring Trustee shall promptly
transfer all property held by it as Trustee to the successor Trustee, subject to
the Lien provided for in Section 7.06.

       If a successor Trustee does not take office within 60 days after the
retiring Trustee gives notice of resignation or is removed, the retiring Trustee
(at the Company's expense) or the Holders of 25% in principal amount of the Debt
Securities of any applicable series may petition any court of competent
jurisdiction for the appointment of a successor Trustee for the Debt Securities
of such series.

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

       Notwithstanding the replacement of the Trustee pursuant to this Section
7.08, the Company's obligations under Section 7.06 shall continue for the
benefit of the retiring Trustee.

       In the case of the appointment hereunder of a separate or successor
trustee with respect to the Debt Securities of one or more series, the Company,
any retiring Trustee and each successor or separate Trustee with respect to the
Debt Securities of any applicable series shall execute and deliver an indenture
supplemental hereto (1) which shall contain such provisions as shall be deemed
necessary or desirable to confirm that all the rights, powers, trusts and duties
of any retiring Trustee with respect to the Debt Securities of any series as to
which any such retiring Trustee is not retiring shall continue to be vested in
such retiring Trustee and (2) that 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
separate, retiring or successor 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.

       SECTION 7.09. SUCCESSOR TRUSTEE BY MERGER. If the Trustee consolidates
with, merges or converts into, or transfers all or substantially all of its
corporate trust business or assets to, another corporation or banking
association, the resulting, surviving or transferee corporation or banking
association without any further act shall be the successor Trustee, provided
that such successor shall be eligible and qualified in accordance with Section
7.10.

       In case at the time such successor or successors by merger, conversion or
consolidation to the Trustee shall succeed to the trusts created by this
Indenture any of the Debt Securities shall have been authenticated but not
delivered, any such successor to the Trustee may adopt the certificate of

                                      -34-
<Page>

authentication of any predecessor trustee, and deliver such Debt Securities so
authenticated; and in case at that time any of the Debt Securities shall not
have been authenticated, any successor to the Trustee may authenticate such Debt
Securities either in the name of any predecessor hereunder or in the name of the
successor to the Trustee; and in all such cases such certificates shall have the
full force which it is anywhere in the Debt Securities or in this Indenture
provided that the certificate of the Trustee shall have.

       SECTION 7.10. ELIGIBILITY; DISQUALIFICATION. The Trustee shall at all
times satisfy the requirements of Section 310(a) of the Trust Indenture Act. The
Trustee shall have a combined capital and surplus of at least $50,000,000, as
set forth in its most recent published annual report of condition. No obligor
upon the Debt Securities of a particular series or Person directly or indirectly
controlling, controlled by or under common control with such obligor shall serve
as Trustee upon the Debt Securities of such series. The Trustee shall comply
with Section 310(b) of the Trust Indenture Act; PROVIDED, HOWEVER, that there
shall be excluded from the operation of Section 310(b)(1) of the Trust Indenture
Act this Indenture or any indenture or indentures under which other securities
or certificates of interest or participation in other securities of the Company
are outstanding if the requirements for such exclusion set forth in Section
310(b)(1) of the Trust Indenture Act are met.

       SECTION 7.11. PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY. The
Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding
any creditor relationship listed in Section 311(b) of the Trust Indenture Act. A
Trustee who had resigned or been removed shall be subject to Section 311(a) of
the Trust Indenture Act to the extent indicated therein.

       SECTION 7.12. COMPLIANCE WITH TAX LAWS. The Trustee hereby agrees to
comply with all U.S. Federal income tax information reporting and withholding
requirements applicable to it with respect to payments of premium (if any) and
interest on the Debt Securities, whether acting as Trustee, Security Registrar,
paying agent or otherwise with respect to the Debt Securities.

                                  ARTICLE VIII

                             CONCERNING THE HOLDERS

       SECTION 8.01. EVIDENCE OF ACTION BY HOLDERS. Whenever in this Indenture
it is provided that the Holders of a specified percentage in aggregate principal
amount of the Debt Securities of any or all series may take action (including
the making of any demand or request, the giving of any direction, notice,
consent or waiver or the taking of any other action) the fact that at the time
of taking any such action the Holders of such specified percentage have joined
therein may be evidenced (a) by any instrument or any number of instruments of
similar tenor executed by Holders in person or by agent or proxy appointed in
writing, (b) by the record of the Holders voting in favor thereof at any meeting
of Holders duly called and held in accordance with the provisions of Section
5.02 or (c) by a combination of such instrument or instruments and any such
record of such a meeting of Holders.

       SECTION 8.02. PROOF OF EXECUTION OF INSTRUMENTS AND OF HOLDING OF DEBT
SECURITIES. Subject to the provisions of Sections 7.01, 7.02 and 13.09, proof of
the execution of any instrument by a Holder or his agent or proxy shall be
sufficient if made in accordance with such reasonable rules and regulations as
may be prescribed by the Trustee or in such manner as shall be satisfactory to
the Trustee.

       The ownership of Registered Securities of any series shall be proved by
the Debt Security Register or by a certificate of the Registrar for such series.

       SECTION 8.03. WHO MAY BE DEEMED OWNER OF DEBT SECURITIES. Prior to due
presentment for registration of transfer of any Registered Security, the
Company, the Trustee, any paying agent and any Registrar may deem and treat the
Person in whose name any Registered Security shall be registered upon the books
of the Company as the absolute owner of such Registered Security (whether or not
such Registered Security shall be overdue and notwithstanding any notation of
ownership or other writing thereon) for the purpose of receiving payment of or
on account of the principal of and premium, if any,

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and (subject to Section 2.03) interest on such Registered Security and for all
other purposes, and neither the Company nor the Trustee nor any paying agent nor
any Registrar shall be affected by any notice to the contrary; and all such
payments so made to any such Holder for the time being, or upon his order, shall
be valid and, to the extent of the sum or sums so paid, effectual to satisfy and
discharge the liability for moneys payable upon any such Registered Security.

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

       SECTION 8.04. INSTRUMENTS EXECUTED BY HOLDERS BIND FUTURE HOLDERS. At any
time prior to (but not after) the evidencing to the Trustee, as provided in
Section 8.01, of the taking of any action by the Holders of the percentage in
aggregate principal amount of the Debt Securities of any series specified in
this Indenture in connection with such action and subject to the following
paragraph, any Holder of a Debt Security which is shown by the evidence to be
included in the Debt Securities the Holders of which have consented to such
action may, by filing written notice with the Trustee at its corporate trust
office and upon proof of holding as provided in Section 8.02, revoke such action
so far as concerns such Debt Security. Except as aforesaid any such action taken
by the Holder of any Debt Security shall be conclusive and binding upon such
Holder and upon all future Holders and owners of such Debt Security and of any
Debt Security issued upon transfer thereof or in exchange or substitution
therefor, irrespective of whether or not any notation in regard thereto is made
upon such Debt Security or such other Debt Securities. Any action taken by the
Holders of the percentage in aggregate principal amount of the Debt Securities
of any series specified in this Indenture in connection with such action shall
be conclusively binding upon the Company, the Trustee and the Holders of all the
Debt Securities of such series.

       The Company may, but shall not be obligated to, fix a record date for the
purpose of determining the Holders of Registered Securities entitled to give
their consent or take any other action required or permitted to be taken
pursuant to this Indenture. If a record date is fixed, then notwithstanding the
immediately preceding paragraph, those Persons who were Holders of Registered
Securities at such record date (or their duly designated proxies), and only
those Persons, shall be entitled to give such consent or to revoke any consent
previously given or to take any such action, whether or not such Persons
continue to be Holders of Registered Securities after such record date. No such
consent shall be valid or effective for more than 120 days after such record
date unless the consent of the Holders of the percentage in aggregate principal
amount of the Debt Securities of such series specified in this Indenture shall
have been received within such 120-day period.

                                   ARTICLE IX

                             SUPPLEMENTAL INDENTURES

       SECTION 9.01. PURPOSES FOR WHICH SUPPLEMENTAL INDENTURE MAY BE ENTERED
INTO WITHOUT CONSENT OF HOLDERS. The Company, when authorized by a resolution of
the Board of Directors, and the Trustee may from time to time and at any time,
without the consent of Holders, enter into an indenture or indentures
supplemental hereto (which shall conform to the provisions of the Trust
Indenture Act as in force at the date of the execution thereof) for one or more
of the following purposes:

       (a) to evidence the succession pursuant to Article X of another Person to
the Company, or successive successions, and the assumption by the Successor
Company (as defined in Section 10.01) of the covenants, agreements and
obligations of the Company in this Indenture and in the Debt Securities;

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

                                      -36-
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series) as the Board of Directors shall consider to be for the protection of the
Holders of such Debt Securities, and to make the occurrence, or the occurrence
and continuance, of a Default in any of such additional covenants, restrictions,
conditions or provisions a Default or an Event of Default permitting the
enforcement of all or any of the several remedies provided in this Indenture;
PROVIDED, HOWEVER, that in respect of any such additional covenant, restriction,
condition or provision such supplemental indenture may provide for a particular
period of grace after Default (which period may be shorter or longer than that
allowed in the case of other Defaults) or may provide for an immediate
enforcement upon such Default or may limit the remedies available to the Trustee
upon such Default or may limit the right of the Holders of a majority in
aggregate principal amount of any or all series of Debt Securities to waive such
default;

       (c) to cure any ambiguity or to correct or supplement any provision
contained herein, in any supplemental indenture or in any Debt Securities of any
series that may be defective or inconsistent with any other provision contained
herein, in any supplemental indenture or in the Debt Securities of such series;
to convey, transfer, assign, mortgage or pledge any property to or with the
Trustee, or to make such other provisions in regard to matters or questions
arising under this Indenture provided that, in each case, such provisions shall
not adversely affect the interests of any Holders of Debt Securities of any
series in any material respect;

       (d) to modify or amend this Indenture in such a manner as to permit the
qualification of this Indenture or any indenture supplemental hereto under the
Trust Indenture Act as then in effect, except that nothing herein contained
shall permit or authorize the inclusion in any indenture supplemental hereto of
the provisions referred to in Section 316(a)(2) of the Trust Indenture Act;

       (e) to add to or change any of the provisions of this Indenture to change
or eliminate any restrictions on the payment of principal of, or premium, if
any, or interest on, Registered Securities; PROVIDED, that any such action shall
not adversely affect the interests of the Holders of Debt Securities of any
series in any material respect or permit or facilitate the issuance of Debt
Securities of any series in uncertificated form;

       (f) to comply with Article X;

       (g) in the case of any Debt Securities, if any, subordinated pursuant to
Article XII, to make any change in Article XII that would limit or terminate the
benefits applicable to any holder of Senior Indebtedness (or Representatives
therefor) under Article XII;

       (h) to add Guarantees with respect to the Debt Securities or to secure
the Debt Securities;

       (i) to add to, change or eliminate any of the provisions of this
Indenture in respect of one or more series of Debt Securities; PROVIDED,
HOWEVER, that any such addition, change or elimination not otherwise permitted
under this Section 9.01 shall (i) neither (A) apply to any Debt Security of any
series created prior to the execution of such supplemental indenture and
entitled to the benefit of such provision nor (B) modify the rights of the
Holder of any such Debt Security with respect to such provision or (ii) shall
become effective only when there is no such Debt Security outstanding;

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

       (k) to establish the form or terms of Debt Securities of any series as
permitted by Sections 2.01 and 2.03; and

       (l) to make any change not otherwise prohibited under the Trust Indenture
Act that does not adversely affect the rights of any Holder of Debt Securities
of any series in any material respect.

       The Trustee is hereby authorized to join with the Company in the
execution of any such supplemental indenture, to make any further appropriate
agreements and stipulations which may be therein contained

                                      -37-
<Page>

and to accept the conveyance, transfer, assignment, mortgage or pledge of any
property thereunder, but the Trustee shall not be obligated to enter into any
such supplemental indenture which affects the Trustee's own rights, duties,
obligations, privileges or immunities under this Indenture or otherwise.

       Any supplemental indenture authorized by the provisions of this Section
9.01 may be executed by the Company and the Trustee without the consent of the
Holders of any of the Debt Securities at the time outstanding, notwithstanding
any of the provisions of Section 9.02.

       In the case of any Debt Securities subordinated pursuant to Article XII,
an amendment under this Section 9.01 may not make any change that adversely
affects the rights under Article XII of any holder of such 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.

       After an amendment under this Section 9.01 becomes effective, the Company
shall mail to Holders of Debt Securities of each series affected thereby a
notice briefly describing such amendment. The failure to give such notice to all
such Holders, or any defect therein, shall not impair or affect the validity of
an amendment under this Section 9.01.

       SECTION 9.02. MODIFICATION OF INDENTURE WITH CONSENT OF HOLDERS OF DEBT
SECURITIES. Without notice to any Holder but with the consent (evidenced as
provided in Section 8.01) of the Holders of not less than a majority in
aggregate principal amount of the outstanding Debt Securities of each series
affected by such supplemental indenture, the Company, when authorized by a
resolution of the Board of Directors, and the Trustee may from time to time and
at any time enter into an indenture or indentures supplemental hereto (which
shall conform to the provisions of the Trust Indenture Act as in force at the
date of execution thereof) for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Indenture or
of any supplemental indenture or of modifying in any manner the rights of the
Holders of the Debt Securities of such series; PROVIDED, that no such
supplemental indenture, without the consent of the Holders of each Debt Security
so affected, shall (i) reduce the percentage in principal amount of Debt
Securities of any series whose Holders must consent to an amendment; (ii) reduce
the rate of or extend the time for payment of interest on any Debt Security;
(iii) reduce the principal of or extend the Stated Maturity of any Debt
Security; (iv) reduce the premium payable upon the redemption of any Debt
Security or change the time at which any Debt Security may or shall be redeemed
in accordance with Article III; (v) make any Debt Security payable in Currency
other than that stated in the Debt Security; (vi) in the case of any Debt
Security subordinated pursuant to Article XII, make any change in Article XII
that adversely affects the rights of any Holder under Article XII; (vii) release
any security that may have been granted in respect of the Debt Securities; or
(viii) make any change in Section 6.06 or this Section 9.02.

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

       Upon the request of the Company, accompanied by a copy of a resolution of
the Board of Directors authorizing the execution of any such supplemental
indenture, and upon the filing with the Trustee of evidence of the consent of
Holders as aforesaid, the Trustee shall join with the Company in the execution
of such supplemental indenture unless such supplemental indenture affects the
Trustee's own rights, duties, obligations, privileges or immunities under this
Indenture or otherwise, in which case the Trustee may, but shall not be
obligated to, enter into such supplemental indenture.

       It shall not be necessary for the consent of the Holders under this
Section 9.02 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such consent shall approve the
substance thereof.

                                      -38-
<Page>

       In the case of any Debt Securities subordinated pursuant to Article XII,
an amendment under this Section 9.02 may not make any change that adversely
affects the rights under Article XII of any holder of such 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.

       After an amendment under this Section 9.02 becomes effective, the Company
shall mail to Holders of Debt Securities of each series affected thereby a
notice briefly describing such amendment. The failure to give such notice to all
such Holders, or any defect therein, shall not impair or affect the validity of
an amendment under this Section 9.02.

       SECTION 9.03. EFFECT OF SUPPLEMENTAL INDENTURES. Upon the execution of
any supplemental indenture pursuant to the provisions of this Article IX, this
Indenture shall be and be deemed to be modified and amended in accordance
therewith and the respective rights, limitations of rights, obligations, duties
and immunities under this Indenture of the Trustee, the Company and the Holders
shall thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions
of any such supplemental indenture shall be and be deemed to be part of the
terms and conditions of this Indenture for any and all purposes.

       The Trustee, subject to the provisions of Sections 7.01 and 7.02, may
require, and shall be entitled to receive and rely upon, an Officers'
Certificate and an Opinion of Counsel as conclusive evidence that any such
supplemental indenture complies with the provisions of this Article IX.

       SECTION 9.04. DEBT SECURITIES MAY BEAR NOTATION OF CHANGES BY
SUPPLEMENTAL INDENTURES. Debt Securities of any series authenticated and
delivered after the execution of any supplemental indenture pursuant to the
provisions of this Article IX 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. New Debt Securities of any series so modified as to
conform, in the opinion of the Trustee and the Board of Directors, to any
modification of this Indenture contained in any such supplemental indenture may
be prepared and executed by the Company, authenticated by the Trustee and
delivered in exchange for the Debt Securities of such series then outstanding.
Failure to make the appropriate notation or to issue a new Debt Security of such
series shall not affect the validity of such amendment.

       SECTION 9.05. PAYMENT FOR CONSENT. Neither the Company nor any Affiliate
of the Company shall, directly or indirectly, pay or cause to be paid any
consideration, whether by way of interest fee or otherwise, to any Holder for or
as an inducement to any consent, waiver or amendment of any of the terms or
provisions of this Indenture or the Debt Securities unless such consideration is
offered to be paid to all Holders that so consent, waive or agree to amend in
the time frame set forth in solicitation documents relating to such consent,
waiver or agreement.

                                   ARTICLE X

                    CONSOLIDATION, MERGER, SALE OR CONVEYANCE

       SECTION 10.01. CONSOLIDATIONS AND MERGERS OF THE COMPANY. The Company
shall not, in a single transaction or through a series of related transactions,
consolidate with or merge with or into any Person or group of Persons, in a
transaction in which it is not the surviving Corporation, or sell, assign,
convey, transfer, lease or otherwise dispose of all or substantially all its
assets to any successor Person, or permit any of its Subsidiaries to enter into
any such transaction or series of transactions, if such transactions, in the
aggregate, would result in a sale, assignment, conveyance, transfer, lease or
disposition of all or substantially all of the assets of the Company and its
Subsidiaries on a consolidated basis to any other Person or group of Persons
unless: (i) the resulting, surviving or transferee Person if other than the
Company (the "Successor Company") shall be a corporation organized and existing
under the laws of the United States, any State thereof or the District of
Columbia and the Successor Company shall expressly assume, by an indenture
supplemental hereto, executed and delivered to the Trustee, in form satisfactory
to the Trustee, all the obligations of the Company under the Debt Securities
according to their tenor, and

                                      -39-
<Page>

this Indenture; (ii) immediately after giving effect to such transaction (and
treating any Indebtedness which becomes an obligation of the Successor Company
or any Subsidiary of the Company as a result of such transaction as having been
Incurred by the Successor Company or such Subsidiary at the time of such
transaction), no Default or Event of Default would occur or be continuing; and
(iii) the Company shall have delivered to the Trustee an Officers' Certificate
and an Opinion of Counsel, each stating that such consolidation, merger or
transfer and such supplemental indenture (if any) comply with this Indenture.

       SECTION 10.02. RIGHTS AND DUTIES OF SUCCESSOR CORPORATION. In case of any
consolidation or merger, or conveyance or transfer of the assets of the Company
as an entirety or virtually as an entirety in accordance with Section 10.01, the
Successor Company shall succeed to and be substituted for the Company, with the
same effect as if it had been named herein as the party of the first part, and
the predecessor corporation shall be relieved of any further obligation under
the Indenture and the Debt Securities. The Successor Company thereupon may cause
to be signed, and may issue either in its own name or in the name of the
Company, any or all the Debt Securities issuable hereunder which theretofore
shall not have been signed by the Company and delivered to the Trustee; and,
upon the order of the Successor Company, instead of the Company, and subject to
all the terms, conditions and limitations in this Indenture prescribed, the
Trustee shall authenticate and shall deliver any Debt Securities which
previously shall have been signed and delivered by the officers of the Company
to the Trustee for authentication, and any Debt Securities which the Successor
Company thereafter shall cause to be signed and delivered to the Trustee for
that purpose. All the Debt Securities so issued shall in all respects have the
same legal rank and benefit under this Indenture as the Debt Securities
theretofore or thereafter issued in accordance with the terms of this Indenture
as though all such Debt Securities had been issued at the date of the execution
hereof.

       In case of any such consolidation, merger, sale or conveyance such
changes in phraseology and form (but not in substance) may be made in the Debt
Securities appertaining thereto thereafter to be issued as may be appropriate.

                                   ARTICLE XI

                    SATISFACTION AND DISCHARGE OF INDENTURE;
                          DEFEASANCE; UNCLAIMED MONEYS

       SECTION 11.01. APPLICABILITY OF ARTICLE. If, pursuant to Section 2.03,
provision is made for the defeasance of Debt Securities of a series, then the
provisions of this Article XI relating to defeasance of Debt Securities shall be
applicable except as otherwise specified pursuant to Section 2.03 for Debt
Securities of such series.

       SECTION 11.02. SATISFACTION AND DISCHARGE OF INDENTURE; DEFEASANCE. (a)
If at any time (i) the Company shall have delivered to the Trustee for
cancellation all Debt Securities of any series theretofore authenticated and
delivered (other than (1) any Debt Securities of such series which shall have
been destroyed, lost or stolen and which shall have been replaced or paid as
provided in Section 2.09 and (2) Debt Securities for whose payment money has
theretofore been deposited in trust and thereafter repaid to the Company as
provided in Section 11.05) or (ii) all Debt Securities of such series not
theretofore delivered to the Trustee for cancellation shall have become due and
payable, or are by their terms to become due and payable within one year or are
to be called for redemption within one year under arrangements satisfactory to
the Trustee for the giving of notice of redemption, and the Company shall
deposit with the Trustee as trust funds the entire amount in the Currency in
which such Debt Securities are denominated (except as otherwise provided
pursuant to Section 2.03) sufficient to pay at maturity or upon redemption all
Debt Securities of such series not theretofore delivered to the Trustee for
cancellation, including principal and premium, if any, and interest due or to
become due on such date of maturity or redemption date, as the case may be, and
if in either case the Company shall also pay or cause to be paid all other sums
payable hereunder by the Company, then this Indenture shall cease to be of

                                      -40-
<Page>

further effect (except as to any surviving rights of registration of transfer or
exchange of such Debt Securities herein expressly provided for and rights to
receive payments of principal of, and premium, if any, and interest on, such
Debt Securities and the Company's right of optional redemption, if any) with
respect to the Debt Securities of such series, and the Trustee, on demand of the
Company accompanied by an Officers' Certificate and an Opinion of Counsel and at
the cost and expense of the Company, shall execute proper instruments
acknowledging satisfaction of and discharging this Indenture.

       (b) In addition to the rights of the Company pursuant to Section
11.02(a), but subject to Sections 11.02(c), 11.03 and 11.07, the Company at any
time may terminate, with respect to Debt Securities of a particular series, (i)
all its obligations under the Debt Securities of such series and this Indenture
with respect to the Debt Securities of such series ("legal defeasance option")
or (ii) its obligations with respect to the Debt Securities of such series under
clause (ii) of Section 10.01 and the related operation of Section 6.01(d) and
the operation of Sections 6.01(e) ("covenant defeasance option"). The Company
may exercise its legal defeasance option notwithstanding its prior exercise of
its covenant defeasance option.

       If the Company exercises its legal defeasance option, payment of the Debt
Securities of the defeased series may not be accelerated because of an Event of
Default. If the Company exercises its covenant defeasance option, payment of the
Debt Securities of the defeased series may not be accelerated because of an
Event of Default specified in Sections 6.01(d) and (e) (except to the extent
covenants or agreements referenced in such Sections remain applicable).

       Upon satisfaction of the conditions set forth herein and upon request of
the Company, the Trustee shall acknowledge in writing the discharge of those
obligations that the Company terminates.

       (c) Notwithstanding clauses (a) and (b) above, the Company's obligations
in Sections 2.07, 2.09, 4.02, 4.04, 5.01, 7.06, 7.08, 11.06 and 11.07 shall
survive until the Debt Securities of the defeased series have been paid in full.
Thereafter, the Company's obligations in Sections 7.06, 11.06 and 11.07 shall
survive.

       SECTION 11.03. CONDITIONS OF DEFEASANCE. The Company may exercise its
legal defeasance option or its covenant defeasance option with respect to Debt
Securities of a particular series only if:

       (1)  the Company irrevocably deposits in trust with the Trustee money or
            U.S. Government Obligations for the payment of principal of, and
            premium, if any, and interest on, the Debt Securities of such series
            to maturity or redemption, as the case may be;

       (2)  the Company delivers to the Trustee a certificate from a nationally
            recognized firm of independent accountants that in their belief the
            payments of principal and interest when due and without reinvestment
            on the deposited U.S. Government Obligations plus any deposited
            money without investment will provide cash at such times and in such
            amounts as will be sufficient to pay the principal, premium and
            interest when due on all the Debt Securities of such series to
            maturity or redemption, as the case may be;

       (3)  123 days pass after the deposit is made and during the 123-day
            period no Default specified in Section 6.01(f) or (g) with respect
            to the Company occurs which is continuing at the end of the period;

       (4)  the deposit does not constitute a default under any other agreement
            binding on the Company and, if the Debt Securities of such series
            are subordinated pursuant to Article XII, is not prohibited by
            Article XII;

       (5)  the Company delivers to the Trustee an Opinion of Counsel to the
            effect that the trust resulting from the deposit does not
            constitute, or is qualified as, a regulated investment company under
            the Investment Company Act of 1940;

       (6)  in the event of the legal defeasance option, the Company shall have
            delivered to the Trustee an Opinion of Counsel stating that (i) the
            Company has received from the Internal Revenue Service a

                                      -41-
<Page>

            ruling, or (ii) since the date of this Indenture there has been a
            change in the applicable Federal income tax law, in either case of
            the effect that, and based thereon such Opinion of Counsel shall
            confirm that, the Holders of Debt Securities of such series will not
            recognize income, gain or loss for Federal income tax purposes as a
            result of such defeasance and will be subject to Federal income tax
            on the same amounts, in the same manner and at the same times as
            would have been the case if such defeasance had not occurred;

       (7)  in the event of the covenant defeasance option, the Company shall
            have delivered to the Trustee an Opinion of Counsel to the effect
            that the Holders of Debt Securities of such series will not
            recognize income, gain or loss for Federal income tax purposes as a
            result of such covenant defeasance and will be subject to Federal
            income tax on the same amounts, in the same manner and at the same
            times as would have been the case if such covenant defeasance had
            not occurred; and

       (8)  the Company delivers to the Trustee an Officers' Certificate and an
            Opinion of Counsel, each stating that all conditions precedent to
            the defeasance and discharge of the Debt Securities of such series
            as contemplated by this Article XI have been complied with.

       Before or after a deposit, the Company may make arrangements satisfactory
to the Trustee for the redemption of Debt Securities of such series at a future
date in accordance with Article III.

       SECTION 11.04. APPLICATION OF TRUST MONEY. The Trustee shall hold in
trust money or U.S. Government Obligations deposited with it pursuant to this
Article XI. It shall apply the deposited money and the money from U.S.
Government Obligations through any paying agent and in accordance with this
Indenture to the payment of principal of, and premium, if any, and interest on,
the Debt Securities of the defeased series. In the event the Debt Securities of
the defeased series are subordinated pursuant to Article XII, money and
securities so held in trust are not subject to Article XII.

       SECTION 11.05. REPAYMENT TO COMPANY. The Trustee and any paying agent
shall promptly turn over to the Company upon request any excess money or
securities held by them at any time.

       Subject to any applicable abandoned property law, the Trustee and any
paying agent shall pay to the Company upon request any money held by them for
the payment of principal, premium or interest that remains unclaimed for two
years, and, thereafter, Holders entitled to such money must look to the Company
for payment as general creditors.

       SECTION 11.06. INDEMNITY FOR U.S. GOVERNMENT OBLIGATIONS. The Company
shall pay and shall indemnify the Trustee and the Holders against any tax, fee
or other charge imposed on or assessed against deposited U.S. Government
Obligations or the principal and interest received on such U.S. Government
Obligations.

       SECTION 11.07. REINSTATEMENT. If the Trustee or any paying agent is
unable to apply any money or U.S. Government Obligations in accordance with this
Article XI by reason of any legal proceeding or by reason of any order or
judgment of any court or government authority, in either case enjoining,
restraining or otherwise prohibiting such application, the Company's obligations
under this Indenture and the Debt Securities of the defeased series shall be
revived and reinstated as though no deposit had occurred pursuant to this
Article XI until such time as the Trustee or any paying agent is permitted to
apply all such money or U.S. Government Obligations in accordance with this
Article XI.

                                   ARTICLE XII

                        SUBORDINATION OF DEBT SECURITIES

       SECTION 12.01. APPLICABILITY OF ARTICLE; AGREEMENT TO SUBORDINATE. The
provisions of this Article XII shall be applicable to the Debt Securities of any
series (Debt Securities of such series referred to in this Article XII as
"Subordinated Debt Securities") designated, pursuant to Section 2.03, as
subordinated to Senior Indebtedness. Each Holder by accepting a Subordinated
Debt Security agrees that the

                                      -42-
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Indebtedness evidenced by such Subordinated Debt Security is subordinated in
right of payment, to the extent and in the manner provided in this Article XII,
to the prior payment of all Senior Indebtedness and that the subordination is
for the benefit of and enforceable by the holders of Senior Indebtedness. All
provisions of this Article XII shall be subject to Section 12.12.

       SECTION 12.02. LIQUIDATION, DISSOLUTION, BANKRUPTCY. Upon any payment or
distribution of the assets of the Company to creditors upon a total or partial
liquidation or a total or partial dissolution of the Company or in a bankruptcy,
reorganization, insolvency, receivership or similar proceeding relating to the
Company or a substantial part of its property:

       (1)  holders of Senior Indebtedness shall be entitled to receive payment
            in full in cash of the Senior Indebtedness (including interest (if
            any), accruing on or after the commencement of a proceeding in
            bankruptcy, whether or not allowed as a claim against the Company in
            such bankruptcy proceeding) before Holders of Subordinated Debt
            Securities shall be entitled to receive any payment of principal of,
            or premium, if any, or interest on, the Subordinated Debt
            Securities; and

       (2)  until the Senior Indebtedness is paid in full, any distribution to
            which Holders of Subordinated Debt Securities would be entitled but
            for this Article XII shall be made to holders of Senior Indebtedness
            as their interests may appear, except that such Holders may receive
            shares of stock of the Company and any debt securities that are
            subordinated to Senior Indebtedness to at least the same extent as
            the Subordinated Debt Securities.

       SECTION 12.03. DEFAULT ON SENIOR INDEBTEDNESS. The Company may not pay
the principal of, or premium, if any, or interest on, the Subordinated Debt
Securities or make any deposit pursuant to Article XI and may not repurchase,
redeem or otherwise retire (except, in the case of Subordinated Debt Securities
that provide for a mandatory sinking fund pursuant to Section 3.04, by the
delivery of Subordinated Debt Securities by the Company to the Trustee pursuant
to the first paragraph of Section 3.05) any Debt Securities (collectively, "pay
the Subordinated Debt Securities") if (i) any principal, premium or interest in
respect of Senior Indebtedness is not paid within any applicable grace period
(including at maturity) or (ii) any other default on Senior Indebtedness occurs
and the maturity of such Senior Indebtedness is accelerated in accordance with
its terms unless, in either case, (x) the default has been cured or waived and
any such acceleration has been rescinded or (y) such Senior Indebtedness has
been paid in full in cash; PROVIDED, HOWEVER, that the Company may pay the
Subordinated Debt Securities without regard to the foregoing if the Company and
the Trustee receive written notice approving such payment from the
Representative of each issue of Designated Senior Indebtedness. During the
continuance of any default (other than a default described in clause (i) or (ii)
of the preceding sentence) with respect to any Designated Senior Indebtedness
pursuant to which the maturity thereof may be accelerated immediately without
further notice (except such notice as may be required to effect such
acceleration) or the expiration of any applicable grace periods, the Company may
not pay the Subordinated Debt Securities for a period (a "Payment Blockage
Period") commencing upon the receipt by the Company and the Trustee of written
notice of such default from the Representative of any Designated Senior
Indebtedness specifying an election to effect a Payment Blockage Period (a
"Blockage Notice") and ending 179 days thereafter (or earlier if such Payment
Blockage Period is terminated (i) by written notice to the Trustee and the
Company from the Person or Persons who gave such Blockage Notice, (ii) by
repayment in full in cash of such Designated Senior Indebtedness or (iii)
because the default giving rise to such Blockage Notice is no longer
continuing). Subject to the provisions contained in the first sentence of this
Section 12.03, unless the holders of such Designated Senior Indebtedness or the
Representative of such holders shall have accelerated the maturity of such
Designated Senior Indebtedness, the Company may resume payments on the
Subordinated Debt Securities after such Payment Blockage Period. Not more than
one Blockage Notice may be given in any consecutive 360-day period, irrespective
of the number of defaults with respect to any number of issues of Senior
Indebtedness during such period. For purposes of this Section 12.03, no default
or event of default which existed or was continuing on the date of the
commencement of any Payment Blockage Period with respect to the

                                      -43-
<Page>

Designated Senior Indebtedness initiating such Payment Blockage Period shall be,
or be made, the basis of the commencement of a subsequent Payment Blockage
Period by the Representative of such Designated Senior Indebtedness, whether or
not within a period of 360 consecutive days, unless such default or event of
default shall have been cured or waived for a period of not less than 90
consecutive days.

       SECTION 12.04. ACCELERATION OF PAYMENT OF DEBT SECURITIES. If payment of
the Subordinated Debt Securities is accelerated because of an Event of Default,
the Company or the Trustee shall promptly notify the holders of the Designated
Senior Indebtedness (or their Representatives) of the acceleration.

       SECTION 12.05. WHEN DISTRIBUTION MUST BE PAID OVER. If a distribution is
made to Holders of Subordinated Debt Securities that because of this Article XII
should not have been made to them, the Holders who receive such distribution
shall hold it in trust for holders of Senior Indebtedness and pay it over to
them as their interests may appear.

       SECTION 12.06. SUBROGATION. After all Senior Indebtedness is paid in full
and until the Subordinated Debt Securities are paid in full, Holders thereof
shall be subrogated to the rights of holders of Senior Indebtedness to receive
distributions applicable to Senior Indebtedness. A distribution made under this
Article XII to holders of Senior Indebtedness which otherwise would have been
made to Holders of Subordinated Debt Securities is not, as between the Company
and such Holders, a payment by the Company on Senior Indebtedness.

       SECTION 12.07. RELATIVE RIGHTS. This Article XII defines the relative
rights of Holders of Subordinated Debt Securities and holders of Senior
Indebtedness. Nothing in this Indenture shall:

       (1)  impair, as between the Company and Holders of either Subordinated
            Debt Securities or Debt Securities, the obligation of the Company,
            which is absolute and unconditional, to pay principal of, and
            premium, if any, and interest on, the Subordinated Debt Securities
            and the Debt Securities in accordance with their terms; or

       (2)  prevent the Trustee or any Holder of either Subordinated Debt
            Securities or Debt Securities from exercising its available remedies
            upon a Default, subject to the rights of holders of Senior
            Indebtedness to receive distributions otherwise payable to Holders
            of Subordinated Debt Securities.

       SECTION 12.08. SUBORDINATION MAY NOT BE IMPAIRED BY COMPANY. No right of
any holder of Senior Indebtedness to enforce the subordination of the
Indebtedness evidenced by the Subordinated Debt Securities shall be impaired by
any act or failure to act by the Company or by its failure to comply with this
Indenture.

       SECTION 12.09. RIGHTS OF TRUSTEE AND PAYING AGENT. Notwithstanding
Section 12.03, the Trustee or any paying agent may continue to make payments on
Subordinated Debt Securities and shall not be charged with knowledge of the
existence of facts that would prohibit the making of any such payments unless,
not less than two business days prior to the date of such payment, a Responsible
Officer of the Trustee receives written notice satisfactory to it that payments
may not be made under this Article XII. The Company, the Registrar, any paying
agent, a Representative or a holder of Senior Indebtedness may give the notice;
PROVIDED, HOWEVER, that, if an issue of Senior Indebtedness has a
Representative, only the Representative may give the notice.

       The Trustee in its individual or any other capacity may hold Senior
Indebtedness with the same rights it would have if it were not Trustee. The
Registrar and any paying agent may do the same with like rights. The Trustee
shall be entitled to all the rights set forth in this Article XII 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 Article VII
shall deprive the Trustee of any of its rights as such holder.

                                      -44-
<Page>

       Nothing in this Article XII shall apply to claims of, or payments to, the
Trustee under or pursuant to Section 7.06.

       SECTION 12.10. DISTRIBUTION OR NOTICE TO REPRESENTATIVE. Whenever a
distribution is to be made or a notice given to holders of Senior Indebtedness,
the distribution may be made and the notice given to their Representative (if
any).

       SECTION 12.11. ARTICLE XII NOT TO PREVENT DEFAULTS OR LIMIT RIGHT TO
ACCELERATE. The failure to make a payment pursuant to the Debt Securities by
reason of any provision in this Article XII shall not be construed as preventing
the occurrence of a Default. Nothing in this Article XII shall have any effect
on the right of the Holders or the Trustee to accelerate the maturity of either
the Subordinated Debt Securities or the Debt Securities, as the case may be.

       SECTION 12.12. TRUST MONEYS NOT SUBORDINATED. Notwithstanding anything
contained herein to the contrary, payments from money or the proceeds of U.S.
Government Obligations held in trust under Article XI by the Trustee for the
payment of principal of, and premium, if any, and interest on, the Subordinated
Debt Securities or the Debt Securities shall not be subordinated to the prior
payment of any Senior Indebtedness or subject to the restrictions set forth in
this Article XII, and none of the Holders thereof shall be obligated to pay over
any such amount to the Company or any holder of Senior Indebtedness of the
Company or any other creditor of the Company.

       SECTION 12.13. TRUSTEE ENTITLED TO RELY. Upon any payment or distribution
pursuant to this Article XII, the Trustee and the Holders shall be entitled to
rely (i) upon any order or decree of a court of competent jurisdiction in which
any proceedings of the nature referred to in Section 12.02 are pending, (ii)
upon a certificate of the liquidating trustee or agent or other Person making
such payment or distribution to the Trustee or to such Holders or (iii) upon the
Representatives for the holders of Senior Indebtedness for the purpose of
ascertaining the Persons entitled to participate in such payment or
distribution, the holders of the Senior Indebtedness and other Indebtedness of
the Company, the amount thereof or payable thereon, the amount or amounts paid
or distributed thereon and all other facts pertinent thereto or to this Article
XII. In the event that the Trustee determines, in good faith, that 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 XII, 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 other facts pertinent to the rights of such
Person under this Article XII, and, if such evidence is not furnished, the
Trustee may defer any payment to such Person pending judicial determination as
to the right of such Person to receive such payment. The provisions of Sections
7.01 and 7.02 shall be applicable to all actions or omissions of actions by the
Trustee pursuant to this Article XII.

       SECTION 12.14. TRUSTEE TO EFFECTUATE SUBORDINATION. Each Holder by
accepting a Subordinated Debt Security authorizes and directs the Trustee on his
behalf to take such action as may be necessary or appropriate to acknowledge or
effectuate the subordination between the Holders of Subordinated Debt Securities
and the holders of Senior Indebtedness as provided in this Article XII and
appoints the Trustee as attorney-in-fact for any and all such purposes.

       SECTION 12.15. TRUSTEE NOT FIDUCIARY FOR HOLDERS OF SENIOR INDEBTEDNESS.
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
mistakenly pay over or distribute to Holders of Subordinated Debt Securities or
the Company or any other Person, money or assets to which any holders of Senior
Indebtedness shall be entitled by virtue of this Article XII or otherwise.

       SECTION 12.16. RELIANCE BY HOLDERS OF SENIOR INDEBTEDNESS ON
SUBORDINATION PROVISIONS. Each Holder by accepting a Subordinated Debt Security
acknowledges and agrees that the foregoing subordination provisions are, and are
intended to be, an inducement and a consideration to each holder of

                                      -45-
<Page>

any Senior Indebtedness, whether such Senior Indebtedness was created or
acquired before or after the issuance of the Subordinated Debt Securities, 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 XIII

                            MISCELLANEOUS PROVISIONS

       SECTION 13.01. SUCCESSORS AND ASSIGNS OF COMPANY BOUND BY INDENTURE. All
the covenant's stipulations, promises and agreements in this Indenture contained
by or in behalf of the Company or the Trustee shall bind its successors and
assigns, whether so expressed or not.

       SECTION 13.02. ACTS OF BOARD, COMMITTEE OR OFFICER OF SUCCESSOR COMPANY
VALID. Any act or proceeding by any provision of this Indenture authorized or
required to be done or performed by any board, committee or officer of the
Company shall and may be done and performed with like force and effect by the
like board, committee or officer of any Successor Company.

       SECTION 13.03. REQUIRED NOTICES OR DEMANDS. Except as otherwise expressly
provided in this Indenture, any notice or demand which by any provision of this
Indenture is required or permitted to be given or served by the Trustee or by
the Holders to or on the Company may be given or served by facsimile, or by
overnight courier or by being deposited postage prepaid in a post office letter
box in the United States, in each case addressed (until another address is filed
by the Company with the Trustee) as follows:

            Acusphere, Inc.
            500 Arsenal Street
            Watertown, MA 02472
            Telephone:  (617) 648-8800
            Facsimile: (617)
            Attention: Chief Financial Officer

            With a copy to:
            Testa, Hurwitz & Thibeault, LLP
            125 High Street
            Boston, Massachusetts 02110
            Attention: Lawrence S. Wittenberg, Esq.
            Facsimile: (617) 248-7100

       Except as otherwise expressly provided in this Indenture, any notice,
direction, request or demand by the Company or by any Holder to or upon the
Trustee may be given or made, for all purposes, by facsimile, or by overnight
courier or by being mailed, postage prepaid, in the United States, in each case
addressed to:

            The Bank of New York
            Corporate Trust Services
            c/o The Bank of New York Trust Company, N.A.
            470 Atlantic Avenue - 4th Floor
            Boston, Massachusetts 02210
            Attention:  Peter M. Murphy
            Facsimile:  (617) 273-8001

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

                                      -46-
<Page>

       Any notice required or permitted to a Registered Holder by the Company or
the Trustee pursuant to the provisions of this Indenture shall be deemed to be
properly mailed by being deposited postage prepaid in a post office letter box
in the United States addressed to such Holder at the address of such Holder as
shown on the Debt Security Register. Any report pursuant to Section 313 of the
Trust Indenture Act shall be transmitted in compliance with subsection (c)
therein.

       In the event of suspension of publication of any Authorized Newspaper or
by reason of any other cause it shall be impracticable to give notice by
publication, then such notification as shall be given with the approval of the
Trustee shall constitute sufficient notice for every purpose hereunder.

       Failure to mail a notice or communication to a Holder or any defect in it
or any defect in any notice by publication as to a Holder shall not affect the
sufficiency of such notice with respect to other Holders. If a notice or
communication is mailed or published in the manner provided above, it is
conclusively presumed duly given (provided, however, that in no event shall any
notice, direction, request or demand to the Trustee be deemed to have been given
to or received by the Trustee unless and until actually received by the Trustee
at the address provided for in this Section 13.03).

       SECTION 13.04. INDENTURE AND DEBT SECURITIES TO BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. This Indenture and each Debt
Security shall be deemed to be New York contracts, and for all purposes shall be
construed in accordance with the laws of said State.

       SECTION 13.05. OFFICERS' CERTIFICATE AND OPINION OF COUNSEL TO BE
FURNISHED UPON APPLICATION OR DEMAND BY THE COMPANY. Upon any application or
demand by the Company to the Trustee to take any action under any of the
provisions of this Indenture, the Company shall furnish to the Trustee an
Officers' Certificate stating that all conditions precedent 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 have been complied with, except that in the case of any such
application or demand as to which the furnishing of such document is
specifically required by any provision of this Indenture relating to such
particular application or demand, no additional certificate or opinion need be
furnished.

       Each certificate or opinion provided for in this Indenture and delivered
to the Trustee with respect to compliance with a condition or covenant provided
for in this Indenture shall include (1) a statement that the Person making such
certificate or opinion has read such covenant or condition, (2) a brief
statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are
based, (3) a statement that, in the opinion of such Person, he has made such
examination or investigation as is necessary to enable him to express an
informed opinion as to whether or not such covenant or condition has been
complied with and (4) a statement as to whether or not, in the opinion of such
Person, such condition or covenant has been complied with.

       SECTION 13.06. PAYMENTS DUE ON LEGAL HOLIDAYS. In any case where the date
of maturity of interest on or principal of and premium, if any, on the Debt
Securities of a series or the date fixed for redemption or repayment of any Debt
Security or the making of any sinking fund payment shall not be a business day
at any Place of Payment for the Debt Securities of such series, then payment of
interest or principal and premium, if any, or the making of such sinking fund
payment need not be made on such date at such Place of Payment, but may be made
on the next succeeding business day at such Place of Payment with the same force
and effect as if made on the date of maturity or the date fixed for redemption,
and no interest shall accrue for the period after such date. If a record date is
not a business day, the record date shall not be affected.

       SECTION 13.07. PROVISIONS REQUIRED BY TRUST INDENTURE ACT TO CONTROL. If
and to the extent that any provision of this Indenture limits, qualifies or
conflicts with another provision included in this Indenture which is required to
be included in this Indenture by any of Sections 310 to 318, inclusive, of the
Trust Indenture Act, such required provision shall control.

                                      -47-
<Page>

       SECTION 13.08. COMPUTATION OF INTEREST ON DEBT SECURITIES. Interest, if
any, on the Debt Securities shall be computed on the basis of a 360-day year of
twelve 30-day months, except as may otherwise be provided pursuant to Section
2.03.

       SECTION 13.09. RULES BY TRUSTEE, PAYING AGENT AND REGISTRAR. The Trustee
may make reasonable rules for action by or a meeting of Holders. The Registrar
and any paying agent may make reasonable rules for their functions.

       SECTION 13.10. 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 Debt Securities or this Indenture or for any claim based on, in respect of
or by reason of such obligations or their creation. By accepting a Debt
Security, each Holder shall waive and release all such liability. The waiver and
release shall be part of the consideration for the issue of the Debt Securities.

       SECTION 13.11. SEVERABILITY. In case any provision in this Indenture, the
Debt Securities shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby.

       SECTION 13.12. EFFECT OF HEADINGS. The article and section headings
herein and in the Table of Contents are for convenience only and shall not
affect the construction hereof.

       SECTION 13.13. INDENTURE MAY BE EXECUTED IN COUNTERPARTS. This Indenture
may be executed in any number of counterparts, each of which shall be an
original; but such counterparts shall together constitute but one and the same
instrument.

       The Trustee hereby accepts the trusts in this Indenture upon the terms
and conditions herein set forth.

       IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be
duly signed as of the date first written above.

                                         ACUSPHERE, INC.,

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

                                         THE BANK OF NEW YORK

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

                                      -48-

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