<SUBMISSION>
<ACCESSION-NUMBER>0000950135-04-004628
<TYPE>S-3
<PUBLIC-DOCUMENT-COUNT>7
<REFERENCES-429>333-64887
<FILING-DATE>20040930
<DATE-OF-FILING-DATE-CHANGE>20040930
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>BOSTON SCIENTIFIC CORP
<CIK>0000885725
<ASSIGNED-SIC>3841
<IRS-NUMBER>042695240
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-3
<ACT>33
<FILE-NUMBER>333-119412
<FILM-NUMBER>041055515
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>ONE BOSTON SCIENTIFIC PL
<CITY>NATICK
<STATE>MA
<ZIP>01760-1537
<PHONE>5086508000
</BUSINESS-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>b51909bssv3.htm
<DESCRIPTION>BOSTON SCIENTIFIC CORPORATION
<TEXT>
<HTML>
<HEAD>
<TITLE>BOSTON SCIENTIFIC CORPORATION</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
 <B><FONT size="2">As filed with the Securities and Exchange
Commission on September 30, 2004</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Registration
No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>
</DIV>

<DIV align="center">
<HR size="1" width="100%" align="center" noshade>
</DIV>

<DIV align="center">
<HR size="1" width="100%" align="center" noshade>
</DIV>

<P align="center">
<B><FONT size="4">SECURITIES AND EXCHANGE COMMISSION</FONT></B>

<DIV align="center">
<B>Washington, D.C. 20549</B>
</DIV>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="center">
<B><FONT size="5">Form&nbsp;S-3</FONT></B>

<DIV align="center">
<B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B>
</DIV>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="center">
<B><FONT size="6">Boston Scientific Corporation</FONT></B>

<DIV align="center">
<I><FONT size="2">(Exact name of Registrant as specified in its
charter)</FONT></I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="57%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="40%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B><FONT size="2">Delaware</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <B><FONT size="2">04-2695240</FONT></B></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <I><FONT size="2">(State or other jurisdiction of<BR>
    incorporation or organization)</FONT></I></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <I><FONT size="2">(I.R.S. Employer<BR>
    Identification No.)</FONT></I></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B><FONT size="2">One Boston Scientific Place<BR>
    Natick, Massachusetts 01760-1537<BR>
    (508)&nbsp;650-8000<BR>
     </FONT></B><I><FONT size="2">(Address, including zip code, and
    telephone number,<BR>
    including area code, of the Registrant&#146;s principal<BR>
    executive offices)</FONT></I></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <B><FONT size="2">Paul W. Sandman, Esq.<BR>
    Senior Vice President<BR>
    Secretary and General Counsel<BR>
    Boston Scientific Corporation<BR>
    One Boston Scientific Place<BR>
    Natick, Massachusetts 01760-1537<BR>
    (508)&nbsp;650-8000<BR>
     </FONT></B><I><FONT size="2">(Name, address, including zip
    code, and telephone<BR>
    number, including area code, of agent for the
    Registrant)</FONT></I></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="center">
<B><I><FONT size="2">Copies of Correspondence to:</FONT></I></B>

<P align="center">
<B><FONT size="2">Danielle Carbone, Esq.</FONT></B>

<DIV align="center">
<B><FONT size="2">Shearman &#38; Sterling LLP</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">599 Lexington Avenue</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">New York, New York 10022-6069</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">(212)&nbsp;848-4000</FONT></B>
</DIV>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Approximate date of
commencement of proposed sale to the
public:</FONT></B><FONT size="2"> From time to time after this
registration statement becomes effective.
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;If the only securities
being registered on this Form are being offered pursuant to
dividend or interest reinvestment plans, please check the
following
box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;If any of the securities
being registered on this Form are to be offered on a delayed or
continuous basis pursuant to Rule&nbsp;415 under the Securities
Act of 1933, other than securities offered only in connection
with dividend or interest reinvestment plans, please check the
following
box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#254;</FONT>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If this Form is filed to register additional
securities for an offering pursuant to Rule&nbsp;462(b) under
the Securities Act, please check the following box and list the
Securities Act registration statement number of the earlier
effective registration statement for the same
offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a
post-effective amendment filed pursuant to Rule&nbsp;462(c)
under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier
effective registration statement for the same
offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;If delivery of the
Prospectus is expected to be made pursuant to Rule&nbsp;434,
please check the following
box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="center">
<B><FONT size="2">CALCULATION OF REGISTRATION FEE</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="29%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="17%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Proposed Maximum</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Proposed Maximum</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Amount of</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Title of Each Class of Securities</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Amount to be</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Offering Price Per</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Aggregate Offering</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Registration</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">to be Registered</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Registered(1)(2)(9)</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Security(2)(3)(9)</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Price(2)(3)(4)(9)</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Fee(4)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Senior Debt Securities(5)(6)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Subordinated Debt Securities(5)(6)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Preferred Stock, $0.01 par value(5)(6)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depositary Shares(5)(6)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Common Stock, $0.01 par value(5)(6)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Warrants(5)(6)(7)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stock Purchase Contracts(5)(6)(8)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stock Purchase Units(5)(6)(8)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">$1,500,000,000
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">$1,500,000,000
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">$189,559.83(10)
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="right">
<I><FONT size="2">(footnotes on next page)</FONT></I>
</DIV>

<P align="center">
<HR size="1" width="100%" align="center" noshade>

<DIV align="center">
<HR size="1" width="100%" align="center" noshade>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp; (1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Such indeterminate number or amount of senior
    debt securities, subordinated debt securities, preferred stock,
    depositary shares, common stock, warrants, stock purchase
    contracts and stock purchase units of Boston Scientific
    Corporation as may from time to time be issued and having an
    aggregate initial offering price not to exceed $1,500,000,000 or
    the equivalent amount denominated in one or more foreign
    currencies, currency units or composite currencies. This
    Registration Statement also covers delayed delivery contracts
    that may be issued by Boston Scientific Corporation under which
    the party purchasing such contracts may be required to purchase
    senior debt securities, subordinated debt securities, preferred
    stock or common stock. Such contracts may be issued together
    with the specific securities to which they relate. In addition,
    securities registered hereunder may be sold either separately or
    as units comprised of more than one type of security registered
    hereunder.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp; (2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Estimated solely for the purpose of computing the
    registration fee pursuant to Rule&nbsp;457(o) of the Securities
    Act of 1933, as amended. The aggregate offering price of the
    senior debt securities, subordinated debt securities, preferred
    stock, depositary shares, common stock, warrants, stock purchase
    contracts and stock purchase units and the exercise price of any
    securities issuable upon the exercise of warrants registered
    hereby, will not exceed $1,500,000,000.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp; (3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Exclusive of accrued interest and distributions,
    if any.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp; (4)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The aggregate maximum public offering price of
    all offered securities issued pursuant to this registration
    statement will not exceed $1,500,000,000. Pursuant to
    Rule&nbsp;429(b) under the Securities Act of 1933, as amended,
    the $1,500,000,000 of senior debt securities, subordinated debt
    securities, preferred stock, depositary shares, common stock,
    warrants, stock purchase contracts and stock purchase units of
    Boston Scientific Corporation being registered hereunder
    includes $3,868,750 of securities previously registered pursuant
    to a registration statement on Form&nbsp;S-3
    (No.&nbsp;333-64887) filed by Boston Scientific Corporation and
    certain of its affiliates which was declared effective on
    June&nbsp;3, 1999. Accordingly, this registration statement also
    constitutes post effective amendment No.&nbsp;1 to such prior
    registration statement, and the prospectus contained herein
    covers a total combined maximum aggregate offering of
    $1,500,000,000 of Boston Scientific Corporation&#146;s
    securities.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp; (5)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Also includes such indeterminate number of senior
    debt securities, subordinated debt securities, shares of
    preferred stock, depositary shares, shares of common stock,
    warrants, stock purchase contracts and stock purchase units as
    may be issued upon conversion or exchange of any securities as
    may be offered pursuant to the prospectus filed with this
    Registration Statement that provide for conversion or exchange
    into other securities or upon exercise of warrants for such
    securities. No separate consideration will be received for the
    senior debt securities, subordinated debt securities, preferred
    stock, depositary shares, or common stock issuable upon
    conversion of or in exchange for securities as may be offered
    pursuant to the prospectus filed with this Registration
    Statement.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp; (6)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Such amount represents the principal amount of
    any senior debt securities or subordinated debt securities
    issued at their principal amount, the issue price of any senior
    debt securities or subordinated debt securities issued at an
    original issue discount, the liquidation preference of any
    preferred stock or depositary shares, the amount computed
    pursuant to Rule&nbsp;457(c) for any common stock, the issue
    price of any warrants, the exercise price of any securities
    issuable upon exercise of warrants, the purchase price of any
    stock purchase contract and the issue price of any stock
    purchase units.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp; (7)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Warrants may be sold separately or with other
    securities.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp; (8)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes an indeterminable number of shares of
    common stock, preferred stock or depositary shares to be
    issuable by Boston Scientific Corporation upon settlement of the
    stock purchase contracts or stock purchase units.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp; (9)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Not specified as to each class of securities to
    be registered pursuant to General Instruction&nbsp;II.D of
    Form&nbsp;S-3 under the Securities Act of 1933 as amended.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(10)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Calculated in accordance with Rule&nbsp;457(o)
    under the Securities Act of 1933, as amended, at a statutory
    rate of $126.70 per $1,000,000 of securities registered,
    pursuant to which a fee of $189,559.83 is being paid with
    respect to $1,496,131,250 of Boston Scientific
    Corporation&#146;s securities. Pursuant to Rule&nbsp;429(b) of
    the Securities Act of 1933, as amended, a registration fee of
    $354,000 was previously paid on September&nbsp;30, 1998 in
    connection with the filing of a registration statement on
    Form&nbsp;S-3 (No.&nbsp;333-64887), of which $490.17 is
    attributable to the $3,868,750 of securities being carried
    forward and is being applied to offset the current filing fee.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS REGISTRATION
STATEMENT ALSO CONSTITUTES POST-EFFECTIVE AMENDMENT NO.&nbsp;1
TO REGISTRATION STATEMENT NO.&nbsp;333-64887, WHICH WAS DECLARED
EFFECTIVE ON JUNE&nbsp;3, 1999. SUCH POST-EFFECTIVE AMENDMENT
SHALL HEREAFTER BECOME EFFECTIVE CONCURRENTLY WITH THE
EFFECTIVENESS OF THIS REGISTRATION STATEMENT AND IN ACCORDANCE
WITH SECTION&nbsp;8(C) OF THE SECURITIES ACT OF 1933, AS
AMENDED. PURSUANT TO RULE&nbsp;429 UNDER THE SECURITIES ACT OF
1933, AS AMENDED, THE PROSPECTUS FILED AS PART OF THIS
REGISTRATION STATEMENT ALSO CONSTITUTES A PROSPECTUS FOR
REGISTRATION STATEMENT NO.&nbsp;333-64887. THE $3,868,750
AGGREGATE AMOUNT OF SECURITIES REMAINING UNSOLD FROM
REGISTRATION STATEMENT NO.&nbsp;333-64887 WILL BE COMBINED WITH
THE ADDITIONAL $1,496,131,250 AGGREGATE AMOUNT OF SECURITIES, TO
BE REGISTERED PURSUANT TO THIS REGISTRATION STATEMENT TO ENABLE
BOSTON SCIENTIFIC CORPORATION TO OFFER AN AGGREGATE AMOUNT OF
$1,500,000,000 OF SECURITIES PURSUANT TO THE COMBINED
PROSPECTUS.</B>
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<B>The Registrant hereby
amends this Registration Statement on such date or dates as may
be necessary to delay its effective date until the Registrant
shall file a further amendment which specifically states that
this Registration Statement shall thereafter become effective in
accordance with Section&nbsp;8(a) of the Securities Act of 1933
or until the Registration Statement shall become effective on
such date as the Securities and Exchange Commission, acting
pursuant to said Section&nbsp;8(a), may determine.</B>
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<TABLE width="100%" border="1" cellpadding="5"><TR><TD>
<FONT size="2" color="#E8112D">The information in this
prospectus is not complete and may be changed. We may not sell
these securities until the registration statement filed with the
Securities and Exchange Commission is effective. This prospectus
is not an offer to sell these securities and it is not
soliciting an offer to buy these securities in any state where
the offer or sale is not permitted.
</FONT>
</TD></TR></TABLE>

<P align="center">
<FONT size="2"> <BR>
 <B><FONT color="#E8112D">SUBJECT TO COMPLETION, DATED
SEPTEMBER&nbsp;30, 2004</FONT></B>
</FONT>

<P align="left">
<B><FONT size="2">PROSPECTUS</FONT></B>

<P align="center">
<B><FONT size="6">Boston Scientific Corporation</FONT></B>

<DIV align="center">
<B><FONT size="4">$1,500,000,000</FONT></B>
</DIV>

<P align="center">
<B><FONT size="4">Senior Debt Securities</FONT></B>

<DIV align="center">
<B><FONT size="4">Subordinated Debt Securities</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">Preferred Stock</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">Depositary Shares</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">Common Stock</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">Warrants</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">Stock Purchase Contracts</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">Stock Purchase Units</FONT></B>
</DIV>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
securities covered by this prospectus may be sold from time to
time by Boston Scientific Corporation. We may offer the
securities independently or together in any combination for sale
directly to purchasers or through underwriters, dealers or
agents to be designated at a future date.
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
we offer securities we will provide you with a prospectus
supplement describing the specific terms of the specific issue
of securities, including the offering price of the securities.
You should carefully read this prospectus and the prospectus
supplement relating to the specific issue of securities before
you decide to invest in any of these securities.
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS
PROSPECTUS MAY NOT BE USED TO OFFER OR SELL ANY SECURITIES
UNLESS ACCOMPANIED BY A PROSPECTUS SUPPLEMENT.
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
common shares are traded on the New York Stock Exchange under
the symbol &#147;BSX&#148;.
</FONT>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NEITHER
THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES
COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR
PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</B>
</FONT>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
securities may be offered and sold to or through underwriters,
dealers or agents as designated from time to time, or directly
to one or more other purchasers or through a combination of such
methods. See &#147;Plan of Distribution.&#148; If any
underwriters, dealers or agents are involved in the sale of any
of the securities, their names, and any applicable purchase
price, fee, commission or discount arrangements between or among
them, will be set forth, or will be calculable from the
information set forth, in the applicable prospectus supplement.
</FONT>

<P align="center">
<FONT size="2">The date of this prospectus
is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004.
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="left">

</DIV>

<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<P align="center">
<B><FONT size="2">TABLE OF CONTENTS</FONT></B>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="90%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Page</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#101'>About this Prospectus</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#102'>Where You Can Find More
    Information</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#103'>Forward-Looking
    Statements</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#104'>The Company</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#105'>Use of Proceeds</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#106'>Ratio of Earnings to Fixed
    Charges</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#107'>Description of Debt
    Securities</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#108'>Description of Preferred
    Stock</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#109'>Description of Depositary
    Shares</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#110'>Description of Common
    Stock</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#111'>Description of Warrants</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#112'>Description of Stock
    Purchase Contracts and Stock Purchase Units</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#113'>Plan of Distribution</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#114'>Legal Matters</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#115'>Experts</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b51909bsexv1w1.txt">EX-1.1 FORM OF DEBT SECURITIES U/A</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b51909bsexv4w3.txt">EX-4.3 FORM OF DEBT SECURITIES INDENTURE</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b51909bsexv12w1.txt">EX-12.1 STATEMENT OF COMPUTATION</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b51909bsexv23w1.txt">EX-23.1 CONSENT OF ERNST & YOUNG LLP</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b51909bsexv23w2.txt">EX-23.2 CONSENT OF DELOITTE & TOUCHE LLP</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b51909bsexv25w1.txt">EX-25.1 FORM T-1 STATEMENT OF ELIGIBILITY</A></FONT></TD></TR>
</TABLE>
</CENTER>

<DIV align="left">
<!-- /TOC -->
</DIV>

<P align="center"><FONT size="2">i
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2"> <A name='101'></A>
</FONT>
</DIV>

<!-- link1 "ABOUT THIS PROSPECTUS" -->

<P align="center">
<B><FONT size="2">ABOUT THIS PROSPECTUS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This prospectus is part of a registration
statement that we filed with the United States Securities and
Exchange Commission, or SEC, using the &#147;shelf&#148;
registration process. Under this shelf process, we may sell the
securities described in this prospectus in one or more offerings
up to a total dollar amount of $1,500,000,000. This prospectus
provides you with a general description of the securities we may
offer. Each time we sell securities, we will provide a
prospectus supplement that will contain specific information
about the terms of that offering. The prospectus supplement may
also add, update or change information contained in this
prospectus. You should read both this prospectus and any
prospectus supplement together with additional information
described under the heading &#147;Where You Can Find More
Information.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In this prospectus we use the terms &#147;Boston
Scientific Corporation,&#148; &#147;we,&#148; &#147;us,&#148;
and &#147;our&#148; to refer to Boston Scientific Corporation
and our consolidated subsidiaries. References to
&#147;securities&#148; includes any security that we might sell
under this prospectus or any prospectus supplement. References
to &#147;$&#148; and &#147;dollars&#148; are to United States
dollars.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This prospectus contains summaries of certain
provisions contained in some of the documents described herein,
but reference is made to the actual documents for complete
information. All of the summaries are qualified in their
entirety by the actual documents. Copies of some of the
documents referred to herein have been filed, or will be filed
or incorporated by reference as exhibits to the registration
statement of which this prospectus is a part, and you may obtain
copies of those documents as described below under &#147;Where
You Can Find More Information.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">You should rely only on the information contained
or incorporated by reference in this prospectus. We have not
authorized any other person to provide you with different
information. If anyone provides you with different or
inconsistent information, you should not rely on it. We are not
making an offer to sell these securities in any jurisdiction
where the offer or sale is not permitted. You should assume that
the information appearing in this prospectus is accurate only as
of the date on the front cover of this prospectus. Our business,
financial condition, results of operations and prospects may
have changed since then.
</FONT>

<P align="center"><FONT size="2">1
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<A name='102'></A>
</DIV>

<!-- link1 "WHERE YOU CAN FIND MORE INFORMATION" -->

<P align="center">
<B><FONT size="2">WHERE YOU CAN FIND MORE INFORMATION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are subject to the informational requirements
of the Securities Exchange Act of 1934, as amended, or the
Exchange Act, and, in accordance therewith, we file annual,
quarterly and current reports, proxy statements and other
information with the SEC. These reports, proxy statements and
other information can be read and copied at the public reference
room of the SEC at 450&nbsp;Fifth Street, N.W., Washington, D.C.
20549 at prescribed rates. Please call the SEC at 1-800-SEC-0330
for further information about the public reference room. The SEC
also maintains a web site at <I>http://www.sec.gov </I>that
contains our SEC filings. In addition, reports, proxy statements
and other information concerning us may be inspected at the
offices of the New York Stock Exchange, 20 Broad Street, New
York, New York 10005.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are &#147;incorporating by reference&#148;
into this prospectus specific documents that we file with the
SEC, which means that we can disclose important information to
you by referring you to those documents that are considered part
of this prospectus. Information that we file subsequently with
the SEC will automatically update and supercede this
information. We incorporate by reference the documents listed
below, and any documents that we file with the SEC under
Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act after
the date of this prospectus until the termination of the
offerings of all of the securities registered pursuant to the
registration statement of which this prospectus is a part:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our Annual Report on Form&nbsp;10-K for the year
    ended December&nbsp;31, 2003;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our definitive 2004 Proxy Statement on
    Schedule&nbsp;14A;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our Quarterly Report on Form&nbsp;10-Q for the
    quarter ended March&nbsp;31, 2004;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our Quarterly Report on Form&nbsp;10-Q for the
    quarter ended June&nbsp;30, 2004;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the description of our common stock set forth in
    our registration statement on Form&nbsp;8-A filed pursuant to
    Section&nbsp;12 of the Exchange Act on April&nbsp;3, 1992, and
    any amendment or report filed for the purpose of updating this
    information; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our Current Reports on Form&nbsp;8-K filed with
    the SEC on March 9 2004; June&nbsp;1, 2004 (only Item&nbsp;2
    relating to the Advanced Bionics acquisition); June&nbsp;4,
    2004, as amended and supplemented by our Current Report on
    Form&nbsp;8-K/ A filed with the SEC on August&nbsp;6, 2004;
    June&nbsp;22, 2004; and June&nbsp;25, 2004.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">You may also request a copy of these filings, at
no cost, by writing or telephoning our investor relations
department at the following address:
</FONT>

<P align="center">
<FONT size="2">Boston Scientific Corporation
</FONT>

<DIV align="center">
<FONT size="2">One Boston Scientific Place
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Natick, Massachusetts 01760-1537
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Attention: Investor Relations MS-C2
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Telephone: (508)&nbsp;650-8555
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">email: Investor<U>&nbsp;</U>Relations@bsci.com
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any statement contained herein or in a document
incorporated or deemed to be incorporated by reference herein
shall be deemed to be modified or superseded for purposes of
this prospectus to the extent that a statement contained herein,
in any other subsequently filed document which also is or is
deemed to be incorporated by reference herein or in any
accompanying prospectus supplement, modifies or supersedes such
statement. Any such statement so modified or superseded shall
not be deemed, except as so modified and superseded, to
constitute a part of this prospectus.
</FONT>

<P align="center"><FONT size="2">2
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<A name='103'></A>
</DIV>

<!-- link1 "FORWARD-LOOKING STATEMENTS" -->

<P align="center">
<B><FONT size="2">FORWARD-LOOKING STATEMENTS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This prospectus, any accompanying prospectus
supplement and the documents incorporated herein and therein by
reference include forward-looking statements within the meaning
of Section&nbsp;27A of the Securities Act of 1933, as amended,
or the Securities Act, and Section&nbsp;21E of the Exchange Act.
We intend such forward-looking statements to be covered by the
safe harbor provisions for forward-looking statements in these
provisions. These forward-looking statements include, without
limitation, statements about our market opportunity, strategies,
competition, expected activities, expected profitability and
investments as we pursue our business plan, and the adequacy of
our available cash resources. These forward-looking statements
are usually accompanied by words such as &#147;believe,&#148;
&#147;anticipate,&#148; &#147;plan,&#148; &#147;seek,&#148;
&#147;expect,&#148; &#147;intend&#148; and similar expressions.
The forward-looking information is based on various factors and
was derived using numerous assumptions.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Forward-looking statements necessarily involve
risks and uncertainties, and our actual results could differ
materially from those anticipated in the forward-looking
statements due to a number of factors, including those set forth
below and elsewhere in this prospectus and any accompanying
prospectus supplement. The factors set forth below and other
cautionary statements made in this prospectus and any
accompanying prospectus supplement should be read and understood
as being applicable to all related forward-looking statements
wherever they appear in this prospectus and any accompanying
prospectus supplement (including the documents incorporated by
reference herein and therein). The forward-looking statements
contained in this prospectus and any accompanying prospectus
supplement (including the documents incorporated by reference
herein and therein) represent our judgment as of the dates of
this prospectus, any accompanying prospectus supplement, or the
dates of the documents incorporated herein or therein, as the
case may be. We caution readers not to place undue reliance on
such statements. We undertake no obligation to update publicly
any forward-looking statements for any reason, even if new
information becomes available or other events occur in the
future.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Examples of forward-looking statements discussed
in this prospectus and any accompanying prospectus supplement
(including the documents incorporated by reference herein and
therein) include, but are not limited to, statements with
respect to, and our performance may be affected by:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">volatility in the coronary stent market,
    competitive offerings and the timing of receipt of regulatory
    approvals to market existing and anticipated drug-eluting stent
    technology and other coronary and peripheral stent platforms;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our ability to continue significant growth in
    revenue, gross profit, earnings and cash flow resulting from the
    sale of the TAXUS drug-eluting stent system in the United
    States, and to launch the TAXUS stent system in Japan in 2006;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the continued availability of the TAXUS stent
    system in sufficient quantities and mix, our ability to prevent
    disruptions to our TAXUS manufacturing processes and to maintain
    or replenish inventory levels consistent with forecasted demand
    around the world;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the impact of new drug-eluting stents on the size
    of the coronary stent market and distribution of share within
    the coronary stent market in the United States and around the
    world;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the overall performance of and continued
    physician confidence in drug-eluting stents and the results of
    drug-eluting stent clinical trials undertaken by us or our
    competitors;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our ability to capitalize on the opportunity in
    the drug-eluting stent market for continued growth in revenue
    and earnings and to maintain worldwide market leadership
    positions through reinvestment in our drug-eluting stent program;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our ability to take advantage of our position as
    one of two early entrants in the United States drug-eluting
    stent market, to anticipate competitor products as they enter
    the market and to take advantage of opportunities that exist in
    the markets we serve;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">3
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our ability to manage inventory levels, accounts
    receivable and gross margins relating to our TAXUS stent system
    and to react effectively to worldwide economic and political
    conditions;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our ability to successfully develop products and
    technologies in addition to our TAXUS drug-eluting stent
    technology;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our ability to manage research and development
    and other operating expenses in light of expected revenue growth
    over the next twelve months;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our ability to achieve benefits from our
    increased focus on internal research and development and our
    ability to capitalize on opportunities across our businesses;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our ability to integrate the acquisitions and
    other strategic alliances we have consummated since early 2001;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our ability to successfully complete planned
    clinical trials and to develop and launch products on a timely
    basis within cost estimates, including the successful completion
    of in-process projects from purchased research and development;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the timing, size and nature of strategic
    initiatives, market opportunities and research and development
    platforms available to us and the ultimate cost and success of
    these initiatives;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our ability to maintain a 24&nbsp;percent
    effective tax rate, excluding net special charges, during 2004
    and to substantially recover our deferred tax assets;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our ability to meet our projected cash needs over
    the next twelve months, to maintain borrowing flexibility and to
    renew or refinance our borrowings beyond the next twelve months;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our ability to issue debt or equity securities on
    terms reasonably acceptable to us;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">risks associated with international operations
    including compliance with local legal and regulatory
    requirements;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the potential effect of foreign currency
    fluctuations and interest rate fluctuations on revenues,
    expenses and resulting margins;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the effect of litigation, risk management
    practices including self-insurance and compliance activities on
    our loss contingency, legal provision and cash flow;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the impact of stockholder, patent, product
    liability, Medinol Ltd. and other litigation, as well as the
    ultimate outcome of the United States Department of Justice
    investigation; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">risks associated with regulatory compliance,
    quality systems standards and complaint-handling investigations.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Several other important factors, in addition to
the specific factors discussed in connection with each
forward-looking statement individually, could affect our future
results and growth rates and could cause those results and rates
to differ materially from those expressed in the forward-looking
statements contained in this prospectus and any accompanying
prospectus supplement. These additional factors include, among
other things, future economic, competitive, reimbursement and
regulatory conditions, new product introductions, demographic
trends, third-party intellectual property, financial market
conditions, our future business decisions and those of our
competitors, all of which are difficult or impossible to predict
accurately and many of which are beyond our control. Therefore,
we wish to caution each reader of this prospectus and any
accompanying prospectus supplement to consider carefully these
factors as well as the specific factors discussed with each
forward-looking statement in this prospectus and any
accompanying prospectus supplement and the documents
incorporated by reference herein, therein and as disclosed in
our filings with the SEC. These factors, in some cases, have
affected, and in the future (together with other factors) could
affect, our ability to implement our business strategy and may
cause actual results to differ materially from those
contemplated by the statements expressed in this prospectus and
any accompanying prospectus supplement.
</FONT>

<P align="center"><FONT size="2">4
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<A name='104'></A>
</DIV>

<!-- link1 "THE COMPANY" -->

<P align="center">
<B><FONT size="2">THE COMPANY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are a worldwide developer, manufacturer and
marketer of medical devices whose products are used in a broad
range of interventional medical specialties, including
interventional cardiology, peripheral interventions, vascular
surgery, neurovascular intervention, electrophysiology,
endoscopy, oncology, urology and gynecology. Since we were
formed in 1979, we have advanced the practice of less-invasive
medicine by providing a broad portfolio of innovative products,
technologies and services across a wide range of medical
specialties. Our products are generally inserted into the human
body through natural openings or small incisions in the skin and
can be guided to most areas of the anatomy to diagnose and treat
a wide range of medical problems. These products help physicians
and other medical professionals improve their patients&#146;
quality of life by providing alternatives to surgery.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our products are offered for sale by two
dedicated business groups: Cardiovascular and Endosurgery. The
Cardiovascular organization focuses on products and technologies
for use in interventional cardiology, peripheral interventions,
vascular surgery, electrophysiology, and neurovascular
procedures. The Endosurgery organization focuses on products and
technologies for use in oncology, endoscopy, urology and
gynecology procedures. In 2004, we also entered the
microelectronics market.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our mission is to improve the quality of patient
care and the productivity of health care delivery through the
development and advocacy of less-invasive medical devices and
procedures. This is accomplished through the continuing
refinement of existing products and procedures and the
investigation and development of new technologies that can
reduce risk, trauma, cost, procedure time and the need for
aftercare. Our approach to innovation combines internally
developed products and technologies with those obtained
externally through strategic acquisitions and alliances.
Building relationships with development companies and inventors
allows us to support our current franchises as well as expand
into complementary businesses.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our principal executive offices are located at
One Boston Scientific Place, Natick, MA 01760-1537. Our
telephone number is (508)&nbsp;650-8000. Our website is located
at <I>www.bostonscientific.com</I>. Information contained on our
website is not incorporated in this prospectus or any
accompanying prospectus supplement (or any document incorporated
by reference herein or therein).
</FONT>

<P align="left">
<B><FONT size="2">Recent Development</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On June&nbsp;1, 2004, we acquired 100 percent of
the fully diluted equity of Advanced Bionics Corporation, a
privately-held company located in Valencia, California, for an
initial payment of approximately $740&nbsp;million in cash, plus
earn out payments tied to future performance milestones. The
initial purchase price was funded by the issuance of commercial
paper.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On September&nbsp;24, 2004, we announced that
Advanced Bionics was voluntarily recalling worldwide all
unimplanted CLARION&#174; and HiResolution&#174; cochlear
implants. The devices are being recalled due to the potential
presence of moisture in the internal circuitry, which can cause
the device to stop functioning. The total number of devices
shipped but not implanted is estimated to be 440. We do not
believe that this recall will materially impact our future
operating results.
</FONT>

<P align="center"><FONT size="2">5
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<A name='105'></A>
</DIV>

<!-- link1 "USE OF PROCEEDS" -->

<P align="center">
<B><FONT size="2">USE OF PROCEEDS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Unless otherwise indicated in a prospectus
supplement, we intend to use the net proceeds from the sale of
the securities for general corporate purposes, which may
include, without limitation, repurchases or redemptions of our
outstanding debt securities or other reductions of our
outstanding borrowings, working capital, business acquisitions
or other strategic alliances, investments in or loans to
subsidiaries, capital expenditures or for such other purposes as
may be specified in the applicable prospectus supplement.
</FONT>

<DIV align="left">
<A name='106'></A>
</DIV>

<!-- link1 "RATIO OF EARNINGS TO FIXED CHARGES" -->

<P align="center">
<B><FONT size="2">RATIO OF EARNINGS TO FIXED CHARGES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our ratio of earnings to fixed charges, on a
consolidated basis for the periods indicated, was as follows
(unaudited):
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="42%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Six Months</FONT></B></TD>
    <TD></TD>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Ended June 30,</FONT></B></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">Year Ended December 31,</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2004</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Ratio of earnings to fixed charges</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23.90</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11.75</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12.48</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11.17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.44</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7.35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.09</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The ratio of earnings to fixed charges for the
six months ended June&nbsp;30, 2004 is not necessarily
indicative of the results that may be expected for the entire
year. The data above includes special charges (credits) recorded
in conjunction with acquisitions, restructurings and litigation.
The ratios above should be read in conjunction with our
consolidated financial statements (including the notes thereto)
included in our Annual Report on Form&nbsp;10-K for the year
ended December&nbsp;31, 2003 and Quarterly Report on
Form&nbsp;10-Q for the six month period ended June&nbsp;30,
2004, each of which are incorporated by reference herein.
</FONT>

<P align="center"><FONT size="2">6
</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<A name='107'></A>
</DIV>

<!-- link1 "DESCRIPTION OF DEBT SECURITIES" -->

<P align="center">
<B><FONT size="2">DESCRIPTION OF DEBT SECURITIES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This section contains a description of the
general terms and provisions of the debt securities to which any
prospectus supplement may relate. Particular terms of the debt
securities offered by any prospectus supplement and the extent
to which these general provisions may apply to any series of
debt securities will be described in the relevant prospectus
supplement. This description is not complete and is subject to,
and qualified in its entirety by reference to, all of the
provisions of the indenture covering the debt securities (as
described below). The following summary of the material terms of
the indenture is qualified in its entirety by the provisions of
the indenture, including definitions of some terms used in the
indenture. You should review the indenture that is filed as an
exhibit to the registration statement of which this prospectus
forms a part for additional information.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may issue debt securities from time to time in
one or more series. Senior debt securities and/or subordinated
debt securities may be issued under an indenture, as amended or
supplemented from time to time, between us and JP Morgan Trust
Company, National Association, as trustee. Any modifications to
the terms applicable to any debt securities will be described in
the relevant prospectus supplement. The indenture will be
subject to and governed by the Trust Indenture Act.
</FONT>

<P align="left">
<B><FONT size="2">General</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The debt securities will be our unsecured
obligations. The indebtedness represented by (i)&nbsp;senior
unsecured debt securities will rank on a parity with all of our
other unsecured and unsubordinated indebtedness and (ii)
subordinated debt securities will be unsecured and subordinated
in right of payment to the prior payment in full of all of our
senior indebtedness. Unsecured debt securities will be
effectively junior to any existing or future secured debt, and
all of our debt securities will be effectively junior to any
existing and future liabilities of our subsidiaries. See
&#147;&#151;&nbsp;Subordination.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indenture will provide for the issuance by us
from time to time of debt securities in one or more series. The
indenture will set forth the specific terms of any series of
debt securities or provide that such terms shall be set forth
in, or determined pursuant to, an authorizing resolution and/or
a supplemental indenture, if any, relating to that series.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">You should refer to the prospectus supplement
relating to the particular series of debt securities for a
description of the following terms of the debt securities
offered thereby and by this prospectus:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the form and title of those debt securities, and
    whether they are senior debt securities or subordinated debt
    securities;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any limit on the aggregate principal amount of
    that series of debt securities;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the date or dates on which the principal of the
    debt securities is payable;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the rate or rates, if any, at which the debt
    securities will bear interest, the date or dates from which that
    interest will accrue, the interest payment dates on which that
    interest will be payable, our right, if any, to defer or extend
    an interest payment date and the regular record date, if any,
    for interest payable on any registered security on any interest
    payment date, or the method by which any of the foregoing will
    be determined, and the basis upon which interest will be
    calculated if other than on the basis of a 360-day year of
    twelve 30-day months;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the place or places, if any, other than or in
    addition to the Borough of Manhattan, The City of New York,
    where the principal of, premium, if any, on and interest, if
    any, on the debt securities will be payable, where any
    registered securities of the series may be surrendered for
    registration of transfer, where the debt securities may be
    surrendered for exchange, where the debt securities that are
    convertible or exchangeable may be surrendered for conversion or
    exchange, as applicable and, if different than the location
    specified in the indenture, the place or places where notices or
    demands to or upon us in respect of the debt securities and the
    indenture may be served;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">7
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the period or periods within which, the price or
    prices at which, the currency or currencies in which, and other
    terms and conditions upon which the debt securities may be
    redeemed, in whole or in part, at our option or the option of a
    Holder (as defined in the indenture), if we or a Holder is to
    have that option;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our obligation or right, if any, to redeem, repay
    or purchase the debt securities pursuant to any sinking fund or
    analogous provision or at the option of a Holder, and the terms
    and conditions upon which the debt securities will be redeemed,
    repaid or purchased, in whole or in part, pursuant to that
    obligation;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if other than as expressed in the indenture, the
    denomination or denominations in which any registered securities
    or bearer securities of that series will be issuable;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if other than the trustee, the identity of each
    security registrar and/or paying agent;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if other than the principal amount thereof, the
    portion of the principal amount of the debt securities that will
    be payable upon declaration of acceleration of the maturity
    thereof under the indenture, or the method by which that portion
    will be determined;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if other than United States dollars, the currency
    or currencies in which payment of principal of, or premium, if
    any, on or interest, if any, on the debt securities will be
    payable or in which the debt securities will be denominated;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">whether payments on the debt securities may be
    determined with reference to an index, formula or other method
    and the manner in which those payments will be determined;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">whether the principal of, or premium, if any, on
    or interest, if any, on the debt securities are to be payable,
    at our election or the election of a Holder thereof, in a
    currency or currencies other than that in which the debt
    securities are denominated or stated to be payable, the period
    or periods within which (including the election date) and the
    terms and conditions upon which this election may be made, and
    the time and manner of determining the exchange rate between the
    currency in which the debt securities are denominated or stated
    to be payable and the currency or currencies in which the debt
    securities are to be so payable, in each case in accordance
    with, in addition to or in lieu of any of the provisions of the
    indenture;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the designation of the initial Exchange Rate
    Agent (as defined in the indenture), if any, or any depositaries;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the applicability, if any, of the defeasance or
    covenant defeasance provisions, and any modifications to the
    related provisions of the indenture;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">provisions, if any, granting special rights to
    Holders of debt securities upon the occurrence of specified
    events;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any changes to the events of default or covenants
    specified in the indenture with respect to the debt securities;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">whether the debt securities are to be issuable as
    registered securities or bearer securities and the related terms
    and conditions;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the date as of which any bearer securities and
    any temporary global security will be dated if other than the
    date of original issuance of the first debt security of the
    series;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the person to whom any interest in any registered
    security of the series will be payable (if other than the person
    in whose name that debt security is registered at the close of
    business on the regular record date for that interest), the
    manner in which, or the person to whom, any interest on any
    bearer security will be payable (if other than upon presentation
    and surrender of the coupons appertaining thereto as they
    severally mature) and the extent to which, or the manner in
    which, any interest payable on a temporary global security on an
    interest payment date will be paid if other than in the manner
    provided in the indenture;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">8
</FONT>

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<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if the debt securities are to be issuable in
    definitive form and any related conditions;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if the debt securities are to be issued upon the
    exercise of warrants, the time, manner and place for those debt
    securities to be authenticated and delivered;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">whether, under what circumstances and the
    currency or currencies in which we will pay Additional Amounts
    (as defined in the indenture) to any Holder who is not a United
    States person in respect of any tax, assessment or governmental
    charge and, if so, whether we will have the option to redeem
    those debt securities rather than pay the Additional Amounts;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the terms and conditions upon which the debt
    securities may be convertible or exchangeable;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">whether the debt securities are subject to
    subordination and the terms of that subordination; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any other terms, conditions, rights and
    preferences relating to the debt securities.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">With respect to debt securities of any series
denominated in United States dollars, the registered securities
of that series, other than registered securities issued in
global form (which may be of any denomination), will be issuable
in denominations of $1,000 and any integral multiple thereof,
and the bearer securities of that series, other than bearer
securities issued in global form (which may be of any
denomination), will be issuable in a denomination of $5,000,
unless otherwise provided in the applicable prospectus
supplement. The prospectus supplement relating to a series of
debt securities denominated in any currency other than United
States dollars or a composite currency will specify the
denominations thereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">One or more series of debt securities may be sold
at a substantial discount below their stated principal amount,
bearing no interest or interest at a rate which is below market
rates at the time of issuance. One or more series of debt
securities may be floating rate debt securities which are
exchangeable for fixed rate debt securities. We may describe
certain federal income tax consequences and special
considerations, if any, applicable to each series of debt
securities in the prospectus supplement relating thereto.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Unless otherwise indicated in the applicable
prospectus supplement, interest, if any, on any registered
security which is payable, and is punctually paid or duly
provided for, on any interest payment date will be paid to the
person in whose name that security is registered at the close of
business on the regular record date for such interest at our
office or agency maintained for such purpose as set forth in the
indenture; <I>provided, however</I>, that we may, at our option,
pay each installment of interest, if any, on any registered
security by (i)&nbsp;mailing a check for that interest
installment, payable to or upon the written order of the person
entitled thereto as set forth in the indenture, to the address
of that person as it appears on the Security Register (as
defined in the indenture) or (ii)&nbsp;transferring an amount
equal to that interest installment to an account located in the
United States maintained by the payee.
</FONT>

<P align="left">
<B><FONT size="2">Events of Default</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indenture provides that the following will be
&#147;events of default&#148; with respect to any series of debt
securities:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">default in the payment of any interest on any
    debt security of that series, when it becomes due and payable,
    and continuance of such default for a period of 30&nbsp;days;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">default in the payment of, the principal of, or
    premium, if any, on any debt security of that series when due at
    its maturity or upon acceleration;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">default in the deposit of any sinking fund
    payment, when and as due by the terms of the debt securities of
    that series and the indenture;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">default in the performance, or breach, of any
    covenant or agreement by us in the indenture which affects or is
    applicable to debt securities of such series (other than a
    default in the performance, or breach of a covenant or agreement
    which is specifically dealt with elsewhere in the indenture),
    and the continuation of that default or breach for a period of
    60&nbsp;days after the trustee has given us, or
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">9
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD align="left">
    <FONT size="2">after Holders of at least 25% in aggregate
    principal amount of all outstanding securities of that series
    have given us and the trustee, written notice thereof;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">certain events relating to our bankruptcy,
    insolvency or reorganization; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any other event of default provided with respect
    to debt securities of that series.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">No event of default with respect to a particular
series of debt securities issued under the indenture necessarily
constitutes an event of default with respect to any other series
of debt securities issued thereunder. Any modifications to the
foregoing events of default will be described in any prospectus
supplement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indenture provides that if an event of
default specified in the first, second, third, fourth or sixth
bullets above occurs and is continuing, either the trustee or
the Holders of at least 25% in aggregate principal amount of the
outstanding debt securities of that series may declare the
principal of all those debt securities (or, in the case of
original issue discount securities or indexed securities, the
portion of the principal amount thereof as may be specified in
the terms thereof) to be due and payable immediately. If an
event of default specified in the fifth bullet above occurs and
is continuing, then the principal of all those debt securities
(or, in the case of original issue discount securities or
indexed securities, that portion of the principal amount thereof
as may be specified in the terms thereof) will be due and
payable immediately, without any declaration or other act on the
part of the trustee or any Holder. In certain cases, Holders of
a majority in principal amount of the outstanding debt
securities of any series may, on behalf of Holders of all those
debt securities, rescind and annul a declaration of acceleration.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indenture provides that the trustee will not
be liable for any action taken, suffered or omitted by it in
good faith and believed by it to be authorized or within the
discretion or rights or powers conferred upon it by the
indenture. The indenture provides that no Holder may institute
any proceedings, judicial or otherwise, to enforce the indenture
except in the case of failure of the trustee thereunder to act
for 60&nbsp;days after it has received a request to enforce the
indenture by Holders of at least 25% in aggregate principal
amount of the then outstanding debt securities of that series
(in the case of an event of default specified in the first,
second, third, fourth or sixth bullets above) or a request to
enforce the indenture by Holders of at least 25% in aggregate
principal amount of all of the debt securities then outstanding
(in the case of an event of default specified in the fifth
bullet above), and an offer of reasonable indemnity. This
provision will not prevent any Holder from enforcing payment of
principal thereof, and premium, if any, on and interest, if any,
thereon at the respective due dates.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Holders of a majority in aggregate principal
amount of the debt securities of any series then outstanding may
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 it with respect to debt securities of that
series. The trustee may, however, refuse to follow any direction
that it determines may not lawfully be taken or would be illegal
or in conflict with the indenture or involve it in personal
liability or which would be unjustly prejudicial to Holders not
joining in that proceeding.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indenture provides that the trustee will,
within 90&nbsp;days after the occurrence of a default with
respect to any series of debt securities, give to Holders of
debt securities of that series notice of such default if that
default has not been cured or waived. Except in the case of a
default in the payment of principal of, or premium, if any, on
or interest on, or in the payment of any sinking fund
installment in respect of, any debt securities of that series,
the trustee will be protected in withholding the notice if it
determines in good faith that the withholding of the notice is
in the interest of Holders of the debt securities of such series.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will be required to file annually with the
trustee an officers&#146; certificate as to compliance with all
conditions and covenants under the terms of the indenture.
</FONT>

<P align="center"><FONT size="2">10
</FONT>

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<P align="left">
<B><FONT size="2">Modification and Waiver</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Modifications of and amendments to the indenture
may be made by us and the trustee with the consent of Holders of
a majority in principal amount of the outstanding debt
securities of each series issued under the indenture that is
affected by the modification or amendment; <I>provided,
however</I>, that no such modification or amendment may, without
the consent of the Holder of each outstanding debt security
affected thereby:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">change the Stated Maturity (as defined in the
    indenture) of the principal of, or premium, if any, on or any
    installment of interest on any debt security of that series, or
    reduce the principal amount thereof, or premium, if any, on or
    the rate of interest, if any, thereon, or change any of our
    obligations to pay Additional Amounts (except as contemplated or
    permitted by the indenture), or reduce the amount of principal
    of an Original Issue Discount Security (as defined in the
    indenture) of that series that would be due and payable upon a
    declaration of acceleration of the maturity thereof or the
    amount thereof provable in bankruptcy, or adversely affect any
    right of repayment at the option of any Holder of any debt
    security of such series, or change any place of payment where,
    or the currency in which, any debt security of that series or
    premium, if any, on or interest thereon is payable, or impair
    the right to institute suit for the enforcement of any such
    payment on or after the Stated Maturity thereof (or, in the case
    of redemption or repayment at the option of the Holder, on or
    after the redemption date or repayment date, as the case may
    be), or adversely affect any right to convert or exchange any
    debt security;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">reduce the percentage in principal amount of the
    outstanding debt securities of any series, the consent of whose
    Holders is required for any supplemental indenture, for any
    waiver of compliance with certain provisions of the indenture or
    certain defaults applicable to that series thereunder and their
    consequences provided for in the indenture, or reduce the quorum
    or voting with respect to debt securities of that series; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">modify any of the provisions relating to
    supplemental indentures requiring the consent of Holders or
    relating to the waiver of past defaults or relating to the
    waiver of certain covenants, except to increase any such
    percentage or to provide that certain other provisions of the
    indenture which affect that series cannot be modified or waived
    without the consent of the Holder of each outstanding debt
    security affected thereby.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may, with respect to any series of debt
securities, omit to comply with certain restrictive provisions
of the indenture if Holders of at least a majority in principal
amount of all outstanding debt securities affected waive
compliance. No such waiver will extend to or affect any term,
provision or condition except to the extent so expressly waived,
and, until the waiver becomes effective, our obligations and the
duties of the trustee to Holders of debt securities of that
series in respect of the applicable term, provision or condition
will remain in full force and effect.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Holders of a majority in principal amount of the
outstanding debt securities of each series (in the case of an
event of default specified in the first, second, third, fourth
or sixth bullets under &#147;Events of Default,&#148; above) or
the Holders of a majority in principal amount of all of the debt
securities then outstanding (in the case of an event of default
specified in the fifth bullet under &#147;Events of
Default,&#148; above) may, on behalf of all those Holders, waive
any past default under the indenture with respect to debt
securities of that series except a default in the payment of the
principal of, or premium, if any, on or interest, if any, on any
such debt security and except a default in respect of a covenant
or provision the modification or amendment of which would
require the consent of the Holder of each outstanding debt
security affected.
</FONT>

<P align="center"><FONT size="2">11
</FONT>

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<P align="left">
<B><FONT size="2">Merger, Consolidation, or Sale of
Assets</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will not consolidate with or merge with or
into any other corporation or transfer all or substantially all
of our property and assets as an entirety to any person, unless:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">either we will be the continuing person, or the
    person (if other than us) formed by the consolidation or into
    which we are merged or to which all or substantially all of our
    properties and assets are transferred is a corporation organized
    and existing under the laws of the United States or any State
    thereof or the District of Columbia which expressly assumes all
    of our obligations under each series of debt securities and the
    indenture with respect to each such series;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">immediately before and immediately after giving
    effect to that transaction, no event of default and no event
    which, after notice or passage of time or both, would become an
    event of default has occurred and is continuing. Notwithstanding
    this limitation, any of our Subsidiaries (as defined in the
    indenture) may consolidate with, merge with or into or transfer
    all or part of its properties and assets to us or any other
    Subsidiary or Subsidiaries; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">we have delivered to the trustee an
    officer&#146;s certificate and an opinion of counsel each
    stating that the consolidation, merger, conveyance or transfer
    and the supplemental indenture complies with the indenture and
    that all conditions precedent therein provided for relating to
    the transaction have been complied with.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Limitation on Liens</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indenture will provide that with respect to
each series of senior debt securities, unless otherwise set
forth in the related prospectus supplement, we will not, and
will not permit any of our Subsidiaries to, directly or
indirectly, create, incur, assume or suffer to exist any Lien
(as defined in the indenture) upon any of our property, assets
or revenues, whether now owned or hereafter acquired, except for:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Liens for taxes not yet due or which are being
    contested in good faith by appropriate proceedings;
    <I>provided</I> that adequate reserves with respect thereto are
    maintained on our or our Subsidiaries&#146; books, as the case
    may be, in conformity with accounting principles generally
    accepted in the United States;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">carriers&#146;, warehousemen&#146;s,
    mechanics&#146;, materialmen&#146;s, repairmen&#146;s or other
    like Liens arising in the ordinary course of business that are
    not overdue for a period of more than 60&nbsp;days or which are
    being contested in good faith by appropriate proceedings;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">pledges or deposits in connection with
    workers&#146; compensation, unemployment insurance and other
    social security legislation and deposits securing liability to
    insurance carriers under insurance or self-insurance
    arrangements;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">deposits to secure the performance of bids, trade
    contracts (other than for borrowed money), leases, statutory
    obligations, surety and appeal bonds, performance bonds and
    other obligations of a like nature incurred in the ordinary
    course of business;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">easements, rights-of-way, restrictions and other
    similar encumbrances incurred in the ordinary course of business
    which, in the aggregate, are not substantial in amount and which
    do not in any case materially detract from the value of the
    property subject thereto or materially interfere with the
    ordinary conduct of our business or that Subsidiary;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Liens in existence on the date of the first
    issuance by us of senior debt securities issued pursuant to the
    indenture; <I>provided</I> that no such Lien is spread to cover
    any additional property after such date and that the amount of
    debt secured thereby is not increased;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Liens securing our debt and that of our
    Subsidiaries incurred to finance the acquisition of fixed or
    capital assets; <I>provided</I> that (A)&nbsp;such Liens will be
    created substantially simultaneously with the acquisition of
    such fixed or capital assets, (B)&nbsp;such Liens do not at any
    time encumber any
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">12
</FONT>

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD align="left">
    <FONT size="2">property other than the property financed by such
    debt and (C)&nbsp;the amount of debt secured thereby is not
    increased;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Liens on the property or assets of a corporation
    that becomes a Subsidiary after the date hereof; <I>provided
    </I>that (A)&nbsp;such Liens existed at the time such
    corporation became a Subsidiary and were not created in
    anticipation thereof, (B)&nbsp;any such Lien is not spread to
    cover any property or assets of such corporation after the time
    such corporation becomes a Subsidiary, and (C)&nbsp;the amount
    of debt secured thereby is not increased;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Liens pursuant to any Receivables Transaction (as
    defined in the indenture) in an aggregate principal amount not
    exceeding 20% of our Consolidated Tangible Assets (as defined in
    the indenture); and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Liens (not otherwise permitted hereunder)
    (A)&nbsp;which secure obligations not exceeding the greater of
    (1) $100.0&nbsp;million or (2) 20% of our Consolidated Net Worth
    (as defined in the indenture), in each case in aggregate amount
    at any time outstanding, or (B)&nbsp;with respect to which we
    effectively provide that the senior debt securities outstanding
    under the indenture are secured equally and ratably with (or, at
    our option, prior to) the debt secured by such Lien.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Defeasance</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If so specified in the prospectus supplement with
respect to debt securities of any series, we at our option:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">will be discharged from any and all obligations
    in respect of the debt securities of that series (except for
    certain obligations to register the transfer or exchange of debt
    securities of that series, replace stolen, lost or mutilated
    debt securities of that series, maintain paying agencies, and
    hold money for payment in trust); or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">will not be subject to certain specified
    covenants with respect to the debt securities of that series as
    set forth in the related prospectus supplement,
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">in each case if we deposit with the trustee, in
trust, money or Government Obligations (as defined in the
indenture) which through the payment of interest thereon and
principal thereof in accordance with their terms will provide
money in an amount sufficient to pay all the principal
(including any mandatory sinking fund payments) of, and interest
on, the outstanding debt securities of that series on the dates
such payments are due in accordance with the terms of such debt
securities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">To exercise any such option, we are required to
deliver to the trustee an opinion of counsel to the effect that
the deposit and related defeasance would not cause the Holders
of the debt securities of that series to recognize income, gain
or loss for federal income tax purposes and, in the case of a
discharge pursuant to the first bullet above, either a ruling to
such effect received from or published by the United States
Internal Revenue Service or an opinion that there has been a
change in applicable federal income tax law to such effect. We
are required to deliver to the trustee an officer&#146;s
certificate stating that no event of default with respect to the
debt securities of that series has occurred and is continuing.
</FONT>

<P align="left">
<B><FONT size="2">Conversion Rights and Exchange
Rights</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The terms and conditions, if any, upon which any
of the debt securities are convertible into or exchangeable for
common stock or other of our securities or property will be set
forth in the applicable prospectus supplement. Those terms will
include the conversion or exchange price (or manner of
calculation thereof), the exchange or conversion period,
provisions as to whether conversion or exchange is mandatory (at
the option of the Holder or at our option), and may include
provisions pursuant to which the number of shares, or other of
our securities or property to be received by the Holders would
be calculated. The conversion or exchange price of any debt
securities of any series that is convertible into our common
stock, preferred stock or depositary shares may be adjusted for
any stock dividends, stock
</FONT>

<P align="center"><FONT size="2">13
</FONT>

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<DIV align="left">
<FONT size="2">splits, reclassifications, combinations or
similar transactions, as set forth in the applicable prospectus
supplement.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Subordination</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Certain provisions of the indenture relating to
the subordination of the subordinated debt securities are
summarized below. The extent to which a particular series of
subordinated debt securities is subordinated to other of our
indebtedness will be set forth in the prospectus supplement for
that series and the indenture may be modified by a supplemental
indenture to reflect those subordination provisions. The
particular terms of subordination of an issue of subordinated
debt securities may supersede the general provisions of the
indenture summarized below.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon any distribution to our creditors in a
liquidation, dissolution or reorganization, payment of the
principal of, premium, if any, on and interest, if any, on the
subordinated debt securities will be subordinated to the extent
provided in the indenture in right of payment to the prior
payment in full of all senior indebtedness, but our obligation
to make payment of the principal of and premium, if any, on and
interest, if any, on the subordinated debt securities will not
otherwise be affected. Except as provided in a prospectus
supplement and the related authorizing resolution and/or
supplemental indenture, if any, no payment of principal or
interest may be made on the subordinated debt securities at any
time if a default on senior indebtedness exists that permits the
holders of such senior indebtedness to accelerate its maturity
and the default is the subject of judicial proceedings or we
have received notice of such default. The authorizing resolution
and/or supplemental indenture may also provide that subordinated
debt securities issued thereunder are subordinated and junior in
right of payment to the prior payment in full of future senior
subordinated debt securities, if any. After all senior
indebtedness is paid in full and until the subordinated debt
securities are paid in full, Holders of the subordinated debt
securities will be subrogated to the rights of holders of senior
indebtedness to the extent that distributions otherwise payable
to such Holders have been applied to the payment of senior
indebtedness. By reason of such subordination, in the event of
any distribution of assets upon our insolvency, certain of our
general creditors may recover more, ratably, than holders of
subordinated debt securities.
</FONT>

<P align="left">
<B><FONT size="2">Global Securities</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If so specified in any prospectus supplement,
debt securities of any series may be issued under a book-entry
system in the form of one or more global securities. Each global
security will be deposited with, or on behalf of, a depositary,
which will be The Depository Trust Company, New York, New York,
or the Depositary. Global securities will be registered in the
name of the Depositary or its nominee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Depositary has advised us that it is a
limited purpose trust company organized under the laws of the
State of New York, a &#147;banking organization&#148; within the
meaning of the New York banking law, a member of the Federal
Reserve System, a &#147;clearing corporation&#148; within the
meaning of the New York Uniform Commercial Code, and a
&#147;clearing agency&#148; registered pursuant to the
provisions of Section&nbsp;17A of the Exchange Act. The
Depositary was created to hold securities of its participants
and to facilitate the clearance and settlement of securities
transactions among its participants through electronic
book-entry changes in accounts of the participants, thereby
eliminating the need for physical movement of securities
certificates. The Depositary&#146;s participants include
securities brokers and dealers, banks, trust companies, clearing
corporations, and certain other organizations, some of which
(and/or their representatives) own the Depositary. Access to the
Depositary&#146;s book-entry system is also available to others,
such as banks, brokers, dealers, and trust companies that clear
through or maintain a custodial relationship with a participant,
either directly or indirectly.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Unless and until it is exchanged in whole or in
part for debt securities in definitive registered form, a global
security may not be transferred except as a whole by the
Depositary for such global security 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 of the Depositary or a nominee of
that successor.
</FONT>

<P align="center"><FONT size="2">14
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The specific terms of the Depositary arrangement
with respect to any debt securities of a series will be
described in the relevant prospectus supplement. We anticipate
that the following provisions will apply to all Depositary
arrangements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon the issuance of a global security, the
Depositary will credit on its book-entry registration and
transfer system the respective principal amounts of the debt
securities represented by that global security to the
participants&#146; accounts. The accounts to be credited will be
designated by the underwriters or agents with respect to the
debt securities or by us if the debt securities are offered and
sold directly by us.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Ownership of beneficial interests in a global
security will be limited to participants or persons that may
hold interests through participants. Ownership of a
participant&#146;s interests in a global security will be shown
on, and the transfer of that ownership will be effected only
through, records maintained by the Depositary for that global
security. Ownership of beneficial interests in a global security
will be shown on, and the transfer of that ownership will be
effected only through, records maintained by participants or
persons that hold interests through participants. The laws of
some states require that some purchasers of securities take
physical delivery of those securities in definitive form. These
limits and laws may impair the ability to transfer beneficial
interests in a global security.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">So long as the Depositary or its nominee is the
registered owner of a global security, the Depositary or its
nominee, as the case may be, will be considered the sole owner
or holder of the debt securities represented by the global
security for all purposes under the indenture. Except as set
forth below, owners of beneficial interests in a global security
will not be entitled to have debt securities of the series
represented by a global security registered in their names, will
not receive or be entitled to receive physical delivery of debt
securities of that series in definitive form and will not be
considered the owners or holders thereof under the indenture.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Principal, premium, if any, on and any interest
payments on debt securities registered in the name of a
Depositary or its nominee will be made to the Depositary or its
nominee, as the case may be, as the registered owner of a global
security representing the debt securities. None of us, the
trustee, any paying agent or the security registrar for any debt
securities will have any responsibility or liability for any
aspect of the records relating to or payments made on account of
beneficial ownership interests in the global security or
securities for the debt securities or for maintaining,
supervising or reviewing any records relating to such beneficial
ownership interests.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We expect that the Depositary, upon receipt of
any payment of principal, premium or interest, will credit
immediately participants&#146; accounts with payments in amounts
proportionate to their respective beneficial interests in the
principal amount of the global security or securities for the
debt securities as shown on the records of the Depositary. We
also expect that payments by participants to owners of
beneficial interests in a global security or securities held
through such participants will be governed by standing
instructions and customary practices, as is now the case with
securities held for the accounts of customers in bearer form or
registered in &#147;street name,&#148; and will be the
responsibility of such participants.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A global security representing all but not part
of an offering of debt securities will be exchangeable for debt
securities in definitive form of like tenor and terms if:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the Depositary notifies us that it is unwilling
    or unable to continue as depositary for the global security or
    if at any time the Depositary is no longer eligible to be in
    good standing as a clearing agency registered under the Exchange
    Act, and we do not appoint a successor depositary within
    90&nbsp;days after we receive notice or become aware of the
    ineligibility; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">we at any time determine not to have all of the
    debt securities represented in an offering by a global security
    and notify the trustee to this effect.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Further, if we so specify with respect to the
debt securities of a series, an owner of a beneficial interest
in a global security may, on terms acceptable to us, receive
debt securities in definitive form. In that instance, an owner
of a beneficial interest in a global security will be entitled
to have debt securities
</FONT>

<P align="center"><FONT size="2">15
</FONT>

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<DIV align="left">
<FONT size="2">of the series represented by that global security
equal in principal amount to such beneficial interest registered
in its name and will be entitled to physical delivery of those
debt securities in definitive form.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">The Trustee</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Indenture provides that, except during the
continuance of an event of default, the trustee will perform
only such duties as are specifically set forth in the indenture.
During the existence of an event of default, the trustee will
exercise those rights and powers vested in it under the
indenture and use the same degree of care and skill in its
exercise as a prudent person would exercise under the
circumstances in the conduct of such person&#146;s own affairs.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indenture and the provisions of the Trust
Indenture Act incorporated by reference therein contain
limitations on the rights of the trustee, should it become one
of our creditors, to obtain payment of claims in certain cases
or to realize on certain property received by it in respect of
any such claim as security or otherwise. The trustee is
permitted to engage in other transactions with us or any
Affiliate (as defined in the indenture); <I>provided,
however</I>, that if the trustee acquires any conflicting
interest (as defined in the indenture or in the Trust Indenture
Act), it must eliminate that conflict or resign.
</FONT>

<P align="left">
<B><FONT size="2">No Personal Liability of Officers, Directors,
Employees or Stockholders</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">None of our directors, officers, employees or
stockholders, as such, or any of our Affiliates will have any
personal liability in respect of our obligations under the
indenture or the debt securities by reason of his, her or its
status as such.
</FONT>

<P align="left">
<B><FONT size="2">Applicable Law</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indenture is, and the debt securities offered
hereby will be, governed by and construed in accordance with the
laws of the State of New York.
</FONT>

<DIV align="left">
<A name='108'></A>
</DIV>

<!-- link1 "DESCRIPTION OF PREFERRED STOCK" -->

<P align="center">
<B><FONT size="2">DESCRIPTION OF PREFERRED STOCK</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following description of the terms of the
preferred stock sets forth certain general terms and provisions
of any series of preferred stock to which any prospectus
supplement may relate. Particular terms of the preferred stock
offered by any prospectus supplement and the extent, if any, to
which such general provisions may apply to any series of
preferred stock so offered will be described in the prospectus
supplement relating to that preferred stock. This description
does not purport to be complete and is subject to and qualified
in its entirety by reference to applicable Delaware law, the
provisions of the Second Restated Certificate of Incorporation
of the Company as amended, also referred to as the Charter, and
the Certificate of Designation relating to a particular series
of preferred stock which will be in the form filed or
incorporated by reference in the registration statement of which
this prospectus is a part at or prior to the time of the
issuance of that series of preferred stock.
</FONT>

<P align="left">
<B><FONT size="2">General</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under our Charter and our by-laws, which are
filed as exhibits to the registration statement of which this
prospectus is a part, our board of directors is authorized
without further shareholder action to adopt resolutions, by an
affirmative vote of a majority of the board, providing for the
issuance of up to 50,000,000 shares of preferred stock, par
value $0.01 per share, in one or more series, and to fix by
resolution any of the powers, designations, preferences and
relative dividend participation, option or other rights thereof,
including dividend rights, conversion rights, voting rights,
redemption terms and liquidation preferences, and the number of
shares constituting each such series. Preferred stock, upon
issuance against full payment of the purchase price therefor,
will be fully paid and nonassessable. As of the date of this
prospectus, we had no shares of preferred stock outstanding.
</FONT>

<P align="center"><FONT size="2">16
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The prospectus supplement relating to a
particular series of preferred stock offered will describe the
specific terms thereof, including, where applicable:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the title, designation, number of shares and
    stated value of the preferred stock;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the price at which the preferred stock will be
    issued;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the dividend rates, if any (or method of
    calculation), whether that rate is fixed or variable or both,
    and the dates on which dividends will be payable, whether those
    dividends will be cumulative or noncumulative and, if
    cumulative, the dates from which dividends will begin to
    cumulate;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the dates on which the preferred stock will be
    subject to redemption and the applicable redemption prices;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any redemption or sinking fund provisions;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the convertibility or exchangeability of the
    preferred stock;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if other than United States dollars, the currency
    or currencies (including composite currencies) in which the
    preferred stock is denominated and/or in which payments will or
    may be payable;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the method by which amounts in respect of the
    preferred stock may be calculated and any commodities,
    currencies or indices, or the value, rate or price relevant to
    that calculation;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the place where dividends and other payments on
    the preferred stock are payable and the identity of the transfer
    agent, registrar and dividend disbursement agent for the
    preferred stock;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any listing of the preferred stock on any
    securities exchange; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any additional dividend, liquidation, redemption,
    sinking fund, voting and other rights, preferences, privileges,
    limitations and restrictions.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The federal income tax consequences and special
considerations applicable to any series of preferred stock will
be generally described in the prospectus supplement related
thereto.
</FONT>

<P align="left">
<B><FONT size="2">Rank</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Unless otherwise specified in the prospectus
supplement relating to a particular series of preferred stock,
each series of preferred stock will rank <I>pari passu </I>as to
dividends and liquidation rights in all respects with each other
series of preferred stock.
</FONT>

<P align="left">
<B><FONT size="2">Dividends</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Holders of preferred stock of each series will be
entitled to receive cash dividends, when and as declared by our
board of directors out of our assets legally available for
payment, at those rates and on the dates as will be set forth in
the prospectus supplement relating to that series of preferred
stock. Each dividend will be payable to holders of record as
they appear on our stock books on the record dates fixed by our
board of directors or a duly authorized committee thereof.
Different series of the preferred stock may be entitled to
dividends at different rates or based upon different methods of
determination. Those rates may be fixed or variable or both.
Dividends on any series of the preferred stock may be cumulative
or noncumulative as provided in the prospectus supplement
relating thereto. Except as provided in the related prospectus
supplement, no series of preferred stock will be entitled to
participate in our earnings or assets.
</FONT>

<P align="left">
<B><FONT size="2">Liquidation Rights</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Unless otherwise stated in the related prospectus
supplement, in the event of our voluntary or involuntary
liquidation, dissolution or winding up, holders of each series
of preferred stock will be entitled to receive out of our assets
available for distribution to shareholders, before any
distribution of assets is made to holders of common stock or any
other class of stock ranking junior to that series of preferred
</FONT>

<P align="center"><FONT size="2">17
</FONT>

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<DIV align="left">
<FONT size="2">stock upon liquidation, liquidating distributions
in an amount set forth in the prospectus supplement related to
that series of preferred stock, plus an amount equal to all
accrued and unpaid dividends up to the date fixed for
distribution for the current dividend period and, if that series
of the preferred stock is cumulative, for all dividend periods
prior thereto, all as set forth in the prospectus supplement
with respect to that series of preferred stock. If, upon our
voluntary or involuntary liquidation, dissolution or winding up,
amounts payable with respect to a series of preferred stock and
any other shares of our capital stock ranking <I>pari passu
</I>as to any distribution with that series of preferred stock
are not paid in full, holders of that series of preferred stock
and of such other shares will share ratably in any distribution
of our assets in proportion to the full respective preferential
amounts to which they are entitled. After payment in full of the
liquidating distribution to which they are entitled, holders of
preferred stock will not be entitled to any further
participation in any distribution of our assets.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Neither the sale, conveyance, exchange or
transfer of all or substantially all of our property and assets,
our consolidation or merger with or into any other corporation,
nor the merger or consolidation of any other corporation into or
with us, will be deemed to be a liquidation, dissolution or
winding up of us.
</FONT>

<P align="left">
<B><FONT size="2">Redemption and Sinking Fund</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The terms, if any, on which shares of a series of
preferred stock may be subject to optional or mandatory
redemption, in whole or in part, or may have the benefit of a
sinking fund, will be set forth in the prospectus supplement
relating to that series.
</FONT>

<P align="left">
<B><FONT size="2">Voting Rights</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The voting rights attaching to any series of
preferred stock will be described in the applicable prospectus
supplement.
</FONT>

<P align="left">
<B><FONT size="2">Conversion and Exchange Rights</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The terms, if any, on which shares of any series
of preferred stock are convertible or exchangeable will be set
forth in the prospectus supplement relating thereto. The
prospectus supplement will describe the securities or rights
into which the shares of preferred stock are convertible or
exchangeable (which may include other preferred stock, debt
securities, depositary shares, common stock or other of our
securities or rights (including rights to receive payment in
cash or securities based on the value, rate or price of one or
more specified commodities, currencies or indices) or securities
of other issuers or a combination of the foregoing), and the
terms and conditions upon which those conversions or exchanges
will be effected including the initial conversion or exchange
prices or rules, the conversion or exchange period and any other
related provisions. Those terms may include provisions for
conversion or exchange, the exchange or conversion period,
provisions as to whether the conversion or exchange is
mandatory, at the option of the holder, or at our option, and
may include provisions pursuant to which the consideration to be
received by holders of that series of preferred stock would be
calculated.
</FONT>

<P align="left">
<B><FONT size="2">Transfer Agent and Registrar</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The transfer agent, registrar and dividend
disbursement agent for each series of preferred stock will be
designated in the related prospectus supplement.
</FONT>

<DIV align="left">
<A name='109'></A>
</DIV>

<!-- link1 "DESCRIPTION OF DEPOSITARY SHARES" -->

<P align="center">
<B><FONT size="2">DESCRIPTION OF DEPOSITARY SHARES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following description of the terms of the
depositary shares sets forth certain general terms and
provisions of depositary shares to which any prospectus
supplement may relate. Particular terms of the depositary shares
offered by any prospectus supplement, and the related deposit
agreement and depositary receipt, and the extent, if any, to
which such general provisions may apply to that deposit
agreement, depositary shares and depositary receipt, will be
described in the prospectus supplement relating to those
depositary shares. This description does not purport to be
complete and is subject to, and qualified in its
</FONT>

<P align="center"><FONT size="2">18
</FONT>

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<DIV align="left">
<FONT size="2">entirety by reference to, the provisions of the
applicable deposit agreement, which will be in the form filed or
incorporated by reference in the registration statement of which
this prospectus is a part at or prior to the time of the
issuance of those depositary shares, as well as our Charter or
any certificate of designation describing the applicable series
of preferred stock.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">General</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may, at our option, elect to offer fractional
interests in shares of a series of preferred stock as depositary
shares, rather than full shares of preferred stock. In such
event, we will issue depositary receipts for those depositary
shares, each of which will represent a fraction of a share of a
particular class or series of preferred stock, as described in
the related prospectus supplement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Shares of any series of preferred stock
represented by depositary shares will be deposited under a
separate deposit agreement, between us and a bank or trust
company selected by us having its principal office in the United
States and having a combined capital and surplus of at least
$50&nbsp;million. We refer to this entity as a Preferred Stock
Depositary. The prospectus supplement relating to a series of
depositary shares will set forth the name and address of the
Preferred Stock Depositary with respect to those depositary
shares. Subject to the terms of the deposit agreement, each
owner of a depositary share will be entitled, in proportion to
the applicable fraction of a share of preferred stock
represented by the depositary share, to all of the rights,
preferences and privileges of the preferred stock represented
thereby (including dividend, voting, conversion, exchange,
redemption, and liquidation rights, if any).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Depositary shares will be evidenced by depositary
receipts issued pursuant to the applicable deposit agreement.
Depositary receipts will be distributed to those persons
purchasing the fractional interests in shares of preferred stock
as described in the applicable prospectus supplement.
</FONT>

<P align="left">
<B><FONT size="2">Dividends and Other Distributions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Preferred Stock Depositary will distribute
all cash dividends or other cash distributions received in
respect of a series of preferred stock to the record holders of
depositary receipts relating to that preferred stock in
proportion, insofar as possible, to the number of the depositary
receipts owned by those holders on the relevant record date
(subject to certain obligations of holders to file proofs,
certificates and other information and to pay certain charges
and expenses to the Preferred Stock Depositary). The Preferred
Stock Depositary will distribute only such amount, however, as
can be distributed without attributing to any holder of
depositary shares a fraction of one cent, and the balance not so
distributed will be held by the Preferred Stock Depositary and
added to and treated as part of the next sum received by such
Preferred Stock Depositary for distribution to record holders of
depositary shares then outstanding.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the event of a distribution other than in
cash, the Preferred Stock Depositary will distribute property
received by it to the record holders of depositary shares
entitled thereto, in proportion to the number of such depositary
shares owned by those holders, unless the Preferred Stock
Depositary determines that it is not feasible to make such
distribution, in which case the Preferred Stock Depositary may,
with our approval, adopt a method it deems equitable and
practicable to effect the distribution, including the public or
private sale of such property and distribution of the net
proceeds therefrom to holders of depositary shares.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The amount so distributed to record holders of
depositary receipts in any of the foregoing cases will be
reduced by any amount required to be withheld by us or the
Preferred Stock Depositary on account of taxes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The deposit agreement will also contain
provisions relating to the manner in which any subscription or
similar rights offered by us to holders of the preferred stock
will be made available to holders of depositary shares.
</FONT>

<P align="center"><FONT size="2">19
</FONT>

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<P align="left">
<B><FONT size="2">Redemption of Depositary Shares</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If a series of preferred stock represented by
depositary shares is subject to redemption, the depositary
shares will be redeemed from the proceeds received by the
Preferred Stock Depositary resulting from redemption, in whole
or in part, of such class or series of preferred stock held by
the Preferred Stock Depositary. The redemption price per
depositary share will be equal to the applicable fraction of the
redemption price and other amounts per share, if any, payable in
respect of such class or series of preferred stock. Whenever we
redeem preferred stock held by the Preferred Stock Depositary,
the Preferred Stock Depositary will redeem as of the same
redemption date the number of depositary shares representing
shares of preferred stock so redeemed. If fewer than all of the
depositary shares are to be redeemed, the depositary shares to
be redeemed will be selected by lot or pro rata as may be
determined to be equitable by the Preferred Stock Depositary.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">After the date fixed for redemption, the
depositary shares so called for redemption will no longer be
deemed to be outstanding and all rights of the holders of the
depositary shares with respect to those depositary shares will
cease, except the right to receive the redemption price upon
that redemption. Any funds deposited by us with the Preferred
Stock Depositary for any depositary shares which the holders
thereof fail to redeem shall be returned to us after a period of
two years from the date those funds are so deposited.
</FONT>

<P align="left">
<B><FONT size="2">Voting the Preferred Stock</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon receipt of notice of any meeting at which
the holders of a class or series of preferred stock are entitled
to vote, the Preferred Stock Depositary will mail the
information contained in the notice of meeting to record holders
of the depositary receipts evidencing the depositary shares of
such class or series of preferred stock. Each record holder of
the depositary receipts on the record date (which will be the
same date as the record date for the related class or series of
preferred stock) will be entitled to instruct the Preferred
Stock Depositary as to the exercise of the voting rights
pertaining to the amount of preferred stock represented by that
holder&#146;s depositary shares. The Preferred Stock Depositary
will endeavor, insofar as practicable, to vote the number of
shares of preferred stock represented by those depositary shares
in accordance with the instructions, and we will agree to take
all reasonable action which may be deemed necessary by the
Preferred Stock Depositary in order to enable the Preferred
Stock Depositary to do so. The Preferred Stock Depositary will
abstain from voting the preferred stock to the extent it does
not receive specific instructions from the holder of depositary
shares representing those shares of preferred stock. The
Preferred Stock Depositary will not be responsible for any
failure to carry out any instruction to vote, or for the manner
or effect of any such vote made, as long as any such action or
non-action is taken in good faith and does not result from the
negligence or willful misconduct of the Preferred Stock
Depositary.
</FONT>

<P align="left">
<B><FONT size="2">Liquidation Preference</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the event of our liquidation, dissolution or
winding up, whether voluntary or involuntary, holders of each
depositary receipt will be entitled to the fraction of the
liquidation preference accorded each share of related preferred
stock as set forth in the related prospectus supplement.
</FONT>

<P align="left">
<B><FONT size="2">Conversion and Exchange of Preferred
Stock</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If any series of preferred stock underlying the
depositary shares is subject to provisions relating to its
conversion or exchange, as set forth in the applicable
prospectus supplement relating thereto, each record holder of
depositary receipts will have the right or obligation to convert
or exchange the depositary shares represented by those
depositary receipts pursuant to the terms thereof.
</FONT>

<P align="left">
<B><FONT size="2">Amendment and Termination of the Deposit
Agreement</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The form of depositary receipt evidencing the
depositary shares and any provision of the deposit agreement may
be amended at any time by agreement between us and the Preferred
Stock Depositary.
</FONT>

<P align="center"><FONT size="2">20
</FONT>

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<DIV align="left">
<FONT size="2">However, amendments, if any, which materially and
adversely alter the rights of holders of depositary receipts or
that would be materially and adversely inconsistent with the
rights of holders of the underlying preferred stock, will be
ineffective unless the amendment has been approved by holders of
at least a majority of the depositary shares then outstanding
under the deposit agreement. Every holder of outstanding
depositary receipts at the time the amendment, if any, becomes
effective will be deemed, by continuing to hold its depositary
receipts, to consent to the amendment and to be bound by the
applicable deposit agreement as amended thereby.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may terminate a deposit agreement upon not
less than 30&nbsp;days&#146; prior written notice to the
Preferred Stock Depositary if a majority of each class or series
of preferred stock subject to the deposit agreement consents to
its termination, whereupon the Preferred Stock Depositary will
deliver or make available to each holder of depositary receipts,
upon surrender of the depositary receipts held by such holder,
the number of whole or fractional shares of preferred stock as
are represented by the depositary shares evidenced by those
depositary receipts, together with any other property held by
the Preferred Stock Depositary with respect to those depositary
receipts. Additionally, a deposit agreement will automatically
terminate if:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">all outstanding depositary shares related thereto
    have been redeemed;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">there has been a final distribution in respect of
    the preferred stock underlying those depositary shares in
    connection with our liquidation, dissolution or winding up and
    the distribution has been distributed to the holders of the
    related depositary receipts; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">each share of related preferred stock has been
    converted into our capital stock not so represented by
    depositary shares.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Charges of Depositary</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will pay all transfer and other taxes and
governmental charges arising solely from the existence of the
depositary arrangements. We will pay the Preferred Stock
Depositary&#146;s fees and charges in connection with the
initial deposit of the preferred stock and initial issuance of
depositary receipts and any redemption or conversion of the
preferred stock. Holders of depositary receipts will pay all
other transfer and other taxes, governmental charges and fees
and charges of the Preferred Stock Depositary that are not
expressly provided for in the deposit agreement.
</FONT>

<P align="left">
<B><FONT size="2">Resignation and Removal of
Depositary</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A Preferred Stock Depositary may resign at any
time by delivering to us notice of its election to do so, and we
may at any time remove any Preferred Stock Depositary. Any such
resignation or removal will take effect upon the appointment of
a successor Preferred Stock Depositary and that successor
Preferred Stock Depositary&#146;s acceptance of the appointment.
The successor Preferred Stock Depositary must be appointed
within 60&nbsp;days after delivery of the notice of resignation
or removal and must be a bank or trust company having its
principal office in the United States and having a combined
capital and surplus of at least $50&nbsp;million.
</FONT>

<P align="left">
<B><FONT size="2">Miscellaneous</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Preferred Stock Depositary will forward all
reports and communications which we deliver to the Preferred
Stock Depositary and which we are required or otherwise
determine to furnish to holders of the preferred stock.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Neither we nor any Preferred Stock Depositary
will be liable if we or it is prevented or delayed by law or any
circumstance beyond our or its control in performing our or its
obligations under a deposit agreement. Our obligations and the
obligations of any Preferred Stock Depositary under a deposit
agreement will be limited to performing in good faith our and
its respective duties thereunder (in the case of any action or
inaction in the voting of a class or series of preferred stock
represented by the depositary shares), gross negligence or
willful misconduct excepted. We and any Preferred Stock
Depositary will not
</FONT>

<P align="center"><FONT size="2">21
</FONT>

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<DIV align="left">
<FONT size="2">be obligated under the deposit agreement to
prosecute or defend any legal proceeding in respect of any
depositary shares, depositary receipts or shares of any
preferred stock represented thereby unless satisfactory
indemnity is furnished. We and the Preferred Stock Depositary
may rely upon written advice of counsel or accountants, or
information provided by persons presenting shares of preferred
stock for deposit, holders of depositary receipts or other
persons believed to be competent to give such information and on
documents believed to be genuine and to have been signed and
presented by the proper party or parties.
</FONT>
</DIV>

<DIV align="left">
<A name='110'></A>
</DIV>

<!-- link1 "DESCRIPTION OF COMMON STOCK" -->

<P align="center">
<B><FONT size="2">DESCRIPTION OF COMMON STOCK</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following description of the terms of the
common stock sets forth certain general provisions of the common
stock as contained in our Charter and by-laws and is qualified
in its entirety by reference to Delaware law and our Charter and
by-laws in their entirety.
</FONT>

<P align="left">
<B><FONT size="2">General</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are currently authorized to issue up to
1,200,000,000 shares of common stock, par value $0.01 per share.
As of June&nbsp;30, 2004, there were 842,167,705 shares of our
common stock outstanding. All outstanding shares of our common
stock are fully paid and nonassessable. Our common stock is
listed on the NYSE under the symbol &#147;BSX.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Holders of our common stock have no preemptive,
subscription, redemption or conversion rights and the common
stock is not subject to redemption. The rights, preferences and
privileges of holders of common stock are subject to, and may be
adversely affected by, the rights of holders of any series of
preferred stock, whether currently outstanding or designated and
issued in the future. See &#147;Description of Preferred
Stock.&#148;
</FONT>

<P align="left">
<B><FONT size="2">Dividends</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Subject to the preferences of holders of
preferred stock, holders of common stock are entitled to
dividends and other distributions when, as and if declared by
our board of directors out of funds legally available therefor
and shall share equally on a per share basis in all such
dividends and other distributions.
</FONT>

<P align="left">
<B><FONT size="2">Voting Rights</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Except as otherwise provided by law or by the
designation of the preferences, limitations and relative rights
of any series of preferred stock, the voting power with respect
to us is held by holders of our common stock. Each holder of
common stock is entitled to one vote for each share held.
Holders of common stock are not entitled to cumulative voting
rights and, therefore, holders of a plurality of shares voting
in the election of directors may elect the entire class of our
board of directors standing for election at a shareholders&#146;
meeting at which a quorum is present.
</FONT>

<P align="left">
<B><FONT size="2">Liquidation and Dissolution</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Except as otherwise provided by the certificate
of designation and limitations and relative rights of any series
of preferred stock, in the event of any of our liquidation,
dissolution, or winding up, whether voluntary or involuntary,
after payment of all our liabilities and obligations and after
payment has been made to holders of each series of preferred
stock of the full amount to which they are entitled, holders of
shares of common stock will be entitled to share, ratably
according to the number of shares of common stock held by them,
in all remaining assets available for distribution to holders of
the common stock.
</FONT>

<P align="left">
<B><FONT size="2">Certain Provisions of Delaware Law, the
Charter and the By-laws</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Business Combinations with Interested
Stockholders.</FONT></I><FONT size="2"> We are subject to the
provisions of the Delaware General Corporate Law, or the DGCL.
Section&nbsp;203 of the DGCL prohibits a publicly held Delaware
corporation from engaging in a &#147;business combination&#148;
with an &#147;interested stockholder&#148; for a
</FONT>

<P align="center"><FONT size="2">22
</FONT>

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<DIV align="left">
<FONT size="2">period of three years after the date of the
transaction in which the person became an interested
stockholder, unless the business combination is approved in a
prescribed manner. A &#147;business combination&#148; includes
mergers, consolidations, assets sales, and other transactions
resulting in a financial benefit to the interested stockholder.
Subject to certain exceptions, an &#147;interested
stockholder&#148; is a person who, together with affiliates
owns, or within three years did own, 15% or more of the
corporation&#146;s voting stock.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Liability of Directors and
Officers.</FONT></I><FONT size="2"> As permitted by the DGCL,
our Charter provides that our directors will not be personally
liable to us or our stockholders for monetary damages for breach
of fiduciary duty as a director, except in certain circumstances
involving wrongful acts, such as the breach of a director&#146;s
duty of loyalty, acts or omissions which involve intentional
misconduct or a knowing violation of law or for any transaction
from which the director derives an improper personal benefit.
Our directors are also subject to liability under
Section&nbsp;174 of the DGCL, which makes directors personally
liable for unlawful dividends or unlawful stock repurchases or
redemptions if the unlawful conduct is willful or results from
negligence.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under our Charter and by-laws (and in accordance
with Section&nbsp;145 of the DGCL), we shall indemnify to the
fullest extent permitted by the DGCL any person who was or is a
party or is threatened to be made a party to any threatened,
pending or completed action, suit or proceeding. These include
civil, criminal, administrative, investigative or other
proceedings by reason of the fact that the person is or was one
of our directors, officers or employees, or is or was serving in
that capacity or as an agent at our request for another entity.
Our indemnity covers expenses, judgments, fines and amounts paid
or to be paid in settlement actually and reasonably incurred in
connection with the defense or settlement of an action, suit or
proceeding if the person acted in good faith and in a manner the
person reasonably believed to be in or not opposed to our best
interest and, with respect to any criminal action or proceeding,
had no reasonable cause to believe that their conduct was
unlawful. We will indemnify a person in a derivative action
under the same conditions, except that no indemnification is
permitted without judicial approval if the person is adjudged to
be liable to us in performance of his or her duty. Derivative
actions are actions by us or in our right to procure a judgment
in our favor. Our agents may be similarly indemnified at the
discretion of our board of directors. In addition, we have
entered into indemnification agreements with each of our
directors and executive officers. These agreements provide
rights of indemnification substantially similar to and in
certain respects broader than those provided by our Charter and
by-laws.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Classified Board of Directors; Removal;
Vacancies.</FONT></I><FONT size="2"> Our Charter and by-laws
provide that the board of directors be divided into three
classes of directors as nearly equal in size as possible, with
staggered three year terms, so that one of the three classes of
the directors will be elected at each annual meeting of our
stockholders. Our Charter provides that vacancies on the board
of directors may only be filled by a majority of the board of
directors then in office and further provides that directors may
only be removed by the affirmative vote of holders of at least
80% of the voting power of all the then outstanding shares of
stock entitled to vote generally in the election of directors.
The provisions of our Charter and by-laws that govern the
number, election, classification and terms of the board of
directors may not be amended without the affirmative vote of at
least 80% of the voting power of all the then outstanding shares
of stock entitled to vote generally in the election of directors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Meetings of Stockholders.
</FONT></I><FONT size="2">Our Charter provides that stockholder
action can only be taken at an annual or special meeting of
stockholders and that the business permitted to be conducted at
any meeting of stockholders is limited to the business brought
before the meeting by the Chairman of the board of directors or
our President or at the request of a majority of the members of
the board of directors. Our Charter and by-laws provide that
special meetings of stockholders can be called only by the
Chairman of the board of directors or pursuant to a resolution
approved by a majority of the total number of directors which we
would have if there were no vacancies on the board of directors.
Stockholders are not permitted to call a special meeting or to
require that the board of directors call a special meeting of
stockholders.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Stockholder Nomination of
Directors.</FONT></I><FONT size="2"> Our by-laws contain a
procedure for stockholder nomination of directors. The by-laws
provide that any record owner of stock entitled to vote
generally in the election of
</FONT>

<P align="center"><FONT size="2">23
</FONT>

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<DIV align="left">
<FONT size="2">directors may nominate one or more persons for
election as a director at a stockholders meeting only if written
notice is given to our secretary of the intent to make a
nomination. Each notice must include:
</FONT>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the name and address of the stockholder who
    intends to make the nomination and of the person or persons to
    be nominated;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a representation that the stockholder is a holder
    of record of stock entitled to vote at such meeting and intends
    to appear in person or by proxy at the meeting to nominate the
    person or persons to be nominated;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a description of all arrangements or
    understandings between the stockholder and each nominee and any
    other person or persons (naming them) pursuant to which the
    nomination is to be made by the stockholder;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">other information regarding each nominee proposed
    as would have been included in a proxy statement filed pursuant
    to Rule&nbsp;14a-8 under the Exchange Act; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the consent of each nominee to serve as director
    if elected.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The presiding officer of the meeting may refuse
to acknowledge the nomination of any person not made in
compliance with this procedure.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The procedure for stockholder nomination of
directors described above may have the effect of precluding a
nomination for election of directors at a particular meeting if
the required procedure is not followed.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Stock Repurchases; Change of Control.
</FONT></I><FONT size="2">Our Charter prohibits us, with certain
exceptions, from purchasing any shares of our stock from any
person, entity or group that beneficially owns 5% or more of our
voting stock at an above-market price, unless a majority of our
disinterested stockholders approve the transaction. In addition,
our Charter empowers the board of directors, when considering a
tender offer or merger or acquisition proposal, to take into
account factors in addition to potential economic benefits to
stockholders and to consider constituencies other than
stockholders.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Amendment of Charter and By-Laws.
</FONT></I><FONT size="2">The DGCL provides generally that the
vote of a majority of shares entitled to vote is required to act
on most matters and to amend a corporation&#146;s certificate of
incorporation. Our Charter and by-laws contain provisions
requiring the affirmative vote of the holders of at least 80% of
the voting stock, voting together as a single class, to amend
certain provisions of the Charter and our by-laws, including
certain of the foregoing provisions. Such a supermajority vote
would be in addition to any separate class vote that might in
the future be required with respect to shares of preferred stock
then outstanding.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Miscellaneous.</FONT></I><FONT size="2"> The
foregoing and other provisions of Delaware law and the Charter
and our by-laws could make it more difficult to acquire us by
means of a tender offer, a proxy contest or otherwise. These
provisions may have the effect of delaying, deferring or
preventing a change in control of our company, may discourage
bids for the common stock at a premium over the market price of
the common stock and may adversely affect the market price of
the common stock.
</FONT>

<P align="left">
<B><FONT size="2">Transfer Agent</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The transfer agent and registrar for our common
stock is Mellon Investor Services LLC.
</FONT>

<DIV align="left">
<A name='111'></A>
</DIV>

<!-- link1 "DESCRIPTION OF WARRANTS" -->

<P align="center">
<B><FONT size="2">DESCRIPTION OF WARRANTS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following description of the terms of the
warrants sets forth certain general terms and provisions of the
warrants to which any prospectus supplement may relate.
Particular terms of the warrants offered by any prospectus
supplement and the extent, if any, to which such general
provisions may apply to the warrants so offered will be
described in the prospectus supplement relating thereto. This
description does not purport to be complete and is subject to,
and qualified in its entirety by reference to, the provisions of
</FONT>

<P align="center"><FONT size="2">24
</FONT>

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<DIV align="left">
<FONT size="2">the warrant agreement relating to each series of
warrants, which will be in the form filed or incorporated by
reference in the registration statement at or prior to the time
of the issuance of such series of warrants.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">General</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may issue warrants to purchase debt
securities, preferred stock, depositary shares, common stock or
any combination thereof, which we refer to as, collectively, the
Underlying Warrant Securities. The warrants may be issued
independently or together with any series of Underlying Warrant
Securities and may be attached or separate from the Underlying
Warrant Securities. Each series of warrants will be issued under
a separate warrant agreement to be entered into between us and a
warrant agent. The warrant agent will act solely as our agent in
connection with the warrants of such series and will not assume
any obligation or relationship of agency for or with holders or
beneficial owners of warrants.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The applicable prospectus supplement will
describe the terms of any series of warrants in respect of which
this prospectus is being delivered, including the following:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the title of the warrants;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the aggregate number of warrants;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the price or prices at which the warrants will be
    issued;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the currency or currencies in which the price of
    the warrants may be payable;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the designation and terms of the Underlying
    Warrant Securities purchasable upon exercise of the warrants and
    the number of such Underlying Warrant Securities issuable upon
    exercise of the warrants;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the price at which and the currency or
    currencies, including composite currencies, in which the
    Underlying Warrant Securities purchasable upon exercise of the
    warrants may be purchased;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the date on which the right to exercise the
    warrants will commence and the date on which that right will
    expire;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">whether the warrants will be issued in registered
    form or bearer form;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if applicable, the minimum or maximum amount of
    the warrants which may be exercised at any one time;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if applicable, the designation and terms of the
    Underlying Warrant Securities with which the warrants are issued
    and the number of the warrants issued with each Underlying
    Warrant Security;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if applicable, the date on and after which the
    warrants and the related Underlying Warrant Securities will be
    separately transferable;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">information with respect to book-entry
    procedures, if any;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if applicable, a discussion of certain United
    States federal income tax considerations; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any other terms of the warrants, including terms,
    procedures and limitations relating to the exchange and exercise
    of the warrants.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Amendments and Supplements to Warrant
Agreement</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The warrant agreement for a series of warrants
may be amended or supplemented without the consent of the
holders of the warrants issued thereunder to effect changes that
are not inconsistent with the provisions of the warrants and
that do not adversely affect the interests of the holders of the
warrants.
</FONT>

<P align="center"><FONT size="2">25
</FONT>

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<DIV align="left">
<A name='112'></A>
</DIV>

<!-- link1 "DESCRIPTION OF STOCK PURCHASE CONTRACTS AND STOCK PURCHASE UNITS" -->

<P align="center">
<B><FONT size="2">DESCRIPTION OF STOCK PURCHASE CONTRACTS AND
STOCK PURCHASE UNITS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following description of the terms of the
stock purchase contracts and stock purchase units sets forth
certain general terms and provisions of the stock purchase
contracts and/or stock purchase units to which any prospectus
supplement may relate. Particular terms of the stock purchase
contracts and/or stock purchase units offered by any prospectus
supplement and the extent, if any, to which such general
provisions may apply to the stock purchase contracts and/or
stock purchase units so offered will be described in the
prospectus supplement relating to the stock purchase contracts
and/or stock purchase units.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may issue stock purchase contracts, including
contracts obligating holders to purchase from us, and us to sell
to holders, a specified number of shares of common stock,
preferred stock or depositary shares at a future date. The
consideration per share of common stock, preferred stock or
depositary shares may be fixed at the time that the stock
purchase contracts are issued or may be determined by reference
to a specific formula set forth in the stock purchase contracts.
Any such formula may include anti-dilution provisions to adjust
the number of shares issuable pursuant to such stock purchase
contract upon the occurrence of certain events. The stock
purchase contracts may be issued separately or as a part of
units, which we refer to as stock purchase units, consisting of
a stock purchase contract and debt securities or debt
obligations of third parties, including United States Treasury
securities, in each case securing holders&#146; obligations to
purchase common stock, preferred stock or depositary shares
under the stock purchase contracts. The stock purchase contracts
may require us to make periodic payments to holders of the stock
purchase units, or vice versa, and such payments may be
unsecured or prefunded. The stock purchase contracts may require
holders to secure their obligations thereunder in a specified
manner.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each applicable prospectus supplement will
describe the terms of any stock purchase contracts or stock
purchase units. The description in the prospectus supplement
will not purport to be complete and will be qualified in its
entirety by reference to the stock purchase contracts, and, if
applicable, collateral arrangements and depositary arrangements,
relating to the stock purchase contracts or stock purchase units.
</FONT>

<P align="center"><FONT size="2">26
</FONT>

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<DIV align="left">
<A name='113'></A>
</DIV>

<!-- link1 "PLAN OF DISTRIBUTION" -->

<P align="center">
<B><FONT size="2">PLAN OF DISTRIBUTION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may sell the securities in any one or more of
the following ways from time to time: (i)&nbsp;through agents;
(ii)&nbsp;to or through underwriters; (iii) through dealers;
and/or (iv)&nbsp;directly by us to purchasers. The applicable
prospectus supplement will contain the terms of the transaction,
name or names of any underwriters, dealers, agents and the
respective amounts of securities underwritten or purchased by
them, the initial public offering price of the securities, and
the applicable agent&#146;s commission, dealer&#146;s purchase
price or underwriter&#146;s discount.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any initial offering price, dealer purchase
price, discount or commission may be changed from time to time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Offers to purchase securities may be solicited
directly by us or by agents designated by us from time to time.
Any such agent may be deemed to be an underwriter, as that term
is defined in the Securities Act, of the securities so offered
and sold.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If underwriters are utilized in the sale of any
securities in respect of which this prospectus is being
delivered, such securities will be acquired by the underwriters
for their own account and may be resold from time to time in one
or more transactions, including negotiated transactions, at
fixed public offering prices or at varying prices determined by
the underwriters at the time of sale. Securities may be offered
to the public either through underwriting syndicates represented
by managing underwriters or directly by one or more
underwriters. If any underwriter or underwriters are utilized in
the sale of securities, unless otherwise indicated in the
applicable prospectus supplement, the obligations of the
underwriters are subject to certain conditions precedent and
that the underwriters will be obligated to purchase all such
securities if any are purchased.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If a dealer is utilized in the sale of the
securities in respect of which this prospectus is delivered, we
will sell such securities to the dealer, as principal. The
dealer may then resell such securities to the public at varying
prices to be determined by such dealer at the time of resale.
Any such dealer may be deemed to be an underwriter, as such term
is defined in the Securities Act, of the securities so offered
and sold.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Offers to purchase securities may be solicited
directly by us and the sale thereof may be made by us directly
to institutional investors or others, who may be deemed to be
underwriters within the meaning of the Securities Act with
respect to any resale thereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If so indicated in the applicable prospectus
supplement, we may authorize agents and underwriters to solicit
offers by certain institutions to purchase securities from us at
the public offering price set forth in the applicable prospectus
supplement pursuant to delayed delivery contracts providing for
payment and delivery on the date or dates stated in the
applicable prospectus supplement. Such delayed delivery
contracts will be subject only to those conditions set forth in
the applicable prospectus supplement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Agents, underwriters and dealers may be entitled
under relevant agreements with us to indemnification by us
against certain liabilities, including liabilities under the
Securities Act, or to contribution with respect to payments
which such agents, underwriters and dealers may be required to
make in respect thereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may enter into derivative transactions with
third parties, or sell securities not covered by this prospectus
to third parties in privately negotiated transactions. If the
applicable prospectus supplement indicates, in connection with
those derivatives, the third parties may sell securities covered
by this prospectus and the applicable prospectus supplement,
including in short sale transactions. If so, the third party may
use securities pledged by us or borrowed from us or others to
settle those sales or to close out any related open borrowings
of stock, and may use securities received from us in settlement
of those derivatives to close out any related open borrowings of
stock. The third party in such sale transactions will be an
underwriter and will be identified in the applicable prospectus
supplement (or a post-effective amendment).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each series of securities will be a new issue
and, other than the common stock, which is listed on the New
York Stock Exchange, will have no established trading market. We
may elect to list any series of
</FONT>

<P align="center"><FONT size="2">27
</FONT>

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<DIV align="left">
<FONT size="2">securities on an exchange, and in the case of the
common stock, on any additional exchange, but, unless otherwise
specified in the applicable prospectus supplement, we shall not
be obligated to do so. No assurance can be given as to the
liquidity of the trading market for any of the securities.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Agents, underwriters and dealers may engage in
transactions with, or perform services for us and our
subsidiaries in the ordinary course of business.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any underwriter may engage in overallotment,
stabilizing transactions, short covering transactions and
penalty bids in accordance with Regulation&nbsp;M under the
Exchange Act. Overallotment involves sales in excess of the
offering size, which create a short position. Stabilizing
transactions permit bids to purchase the underlying security so
long as the stabilizing bids do not exceed a specified maximum.
Short covering transactions involve purchases of the securities
in the open market after the distribution is completed to cover
short positions. Penalty bids permit the underwriters to reclaim
a selling concession from a dealer when the securities
originally sold by the dealer are purchased in a covering
transaction to cover short positions. Those activities may cause
the price of the securities to be higher than it would otherwise
be. If commenced, the underwriters may discontinue any of these
activities at any time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The place and time of delivery for securities
will be set forth in the accompanying prospectus supplement for
such securities.
</FONT>

<DIV align="left">
<A name='114'></A>
</DIV>

<!-- link1 "LEGAL MATTERS" -->

<P align="center">
<B><FONT size="2">LEGAL MATTERS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The validity of the securities will be passed
upon for us by Lawrence J. Knopf, our Assistant General Counsel,
and by Shearman&nbsp;&#38; Sterling LLP, New York, New York. If
the securities are being distributed in an underwritten
offering, the validity of the securities will be passed upon for
the underwriters by counsel identified in the related prospectus
supplement.
</FONT>

<DIV align="left">
<A name='115'></A>
</DIV>

<!-- link1 "EXPERTS" -->

<P align="center">
<B><FONT size="2">EXPERTS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Ernst&nbsp;&#38; Young LLP, independent
registered public accounting firm, have audited our consolidated
financial statements and schedule incorporated by reference or
included in our Annual Report on Form&nbsp;10-K for the year
ended December&nbsp;31, 2003, as set forth in their reports,
which are incorporated by reference in this prospectus and
elsewhere within the registration statement. Our financial
statements and schedule are incorporated by reference in
reliance on Ernst&nbsp;&#38; Young LLP&#146;s reports, given on
their authority as experts in accounting and auditing.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The financial statements of Advanced Bionics
Corporation as of December&nbsp;31, 2003 and 2002, and for each
of the two years in the period ended December&nbsp;31, 2003,
incorporated in this prospectus by reference from the Current
Report on form&nbsp;8K/A of Boston Scientific Corporation filed
on August&nbsp;6, 2004, have been audited by Deloitte&nbsp;&#38;
Touche LLP, an independent registered accounting firm, as stated
in their report, which is incorporated herein by reference, and
have been so incorporated in reliance upon the report of such
firm given their authority as experts in accounting and auditing.
</FONT>

<P align="center"><FONT size="2">28
</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">PART II</FONT></B>

<P align="center">
<B><FONT size="2">INFORMATION NOT REQUIRED IN
PROSPECTUS</FONT></B>

<P align="left">
<B><FONT size="2">Item&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other
Expenses of Issuance and Distribution.</I></FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The aggregate estimated expenses, other than
underwriting discounts and commissions, in connection with the
sale of the securities being registered hereby are currently
anticipated to be as follows (all amounts except for the
Securities and Exchange Commission filing fee are estimated).
All expenses of the offering will be paid by Boston Scientific
Corporation.
</FONT>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="82%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amount</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Securities and Exchange Commission registration
    fee
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">189,559.83</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Blue Sky fees and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Printing and engraving expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Legal fees and expenses (other than Blue Sky fees
    and expenses)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">85,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accounting fees and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">40,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Miscellaneous (including any applicable listing
    fees, Trustee and Transfer Agent&#146;s fees and expenses)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">356,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">691,059.83</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<B><FONT size="2">Item&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Indemnification
of Directors and Officers.</I></FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under our Second Restated Certificate of
Incorporation, as amended, and by-laws (and in accordance with
Section&nbsp;145 of the Delaware General Corporate Law), we
shall indemnify to the fullest extent permitted by the Delaware
General Corporate Law any person who was or is a party or is
threatened to be made a party to any threatened, pending or
completed action, suit or proceeding. These include civil,
criminal, administrative, investigative or other proceedings by
reason of the fact that the person is or was a director, officer
or employee of the Company, or is or was serving in that
capacity or as an agent at the request of the Company for
another entity.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our indemnity covers expenses, judgments, fines
and amounts paid or to be paid in settlement actually and
reasonably incurred in connection with the defense or settlement
of an action, suit or proceeding if the person acted in good
faith and in a manner the person reasonably believed to be in or
not opposed to our best interest and, with respect to any
criminal action or proceeding, had no reasonable cause to
believe that his or her conduct was unlawful. We will indemnify
a person in a derivative action under the same conditions,
except that no indemnification is permitted without judicial
approval if the person is adjudged to be liable to us in
performance of his or her duty. Derivative actions are actions
by us or in our right to procure a judgment in our favor. Our
agents may be similarly indemnified at the discretion of our
board of directors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to
directors, officers or persons that control us pursuant to the
foregoing provisions, we have been informed that in the opinion
of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Securities Act of
1933 and is therefore unenforceable.
</FONT>

<P align="center"><FONT size="2">II-1
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">
<B><FONT size="2">Item&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exhibits.</I></FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="86%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Debt Securities Underwriting
    Agreement&nbsp;&#151; Basic Provisions
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">*1.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Equity Securities Underwriting Agreement
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">*1.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Depositary Shares Underwriting Agreement
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">+3.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Second Restated Certificate of Incorporation of
    the Company (Exhibit&nbsp;3.1, Annual Report on Form&nbsp;10-K
    for the year ended December&nbsp;31, 1993, File No. 1-11083);
    Certificate of Amendment of Second Restated Certificate of
    Incorporation of the Company (Exhibit&nbsp;3.2, Annual Report on
    Form&nbsp;10-K for the year ended December&nbsp;31, 1995, File
    No.&nbsp;1-11083); Certificate of Second Amendment of Second
    Restated Certificate of Incorporation of the Company
    (Exhibit&nbsp;3.3, Annual Report on Form&nbsp;10-K for the year
    ended December&nbsp;31, 1998, File No.&nbsp;1-11083); and
    Certificate of Third Amendment of Second Restated Certificate of
    Incorporation of the Company (Exhibit&nbsp;3.4, Annual Report on
    Form&nbsp;10-K for the year ended December&nbsp;31, 2003)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">+3.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Restated By-laws of the Company
    (Exhibit&nbsp;3.2, Registration No.&nbsp;33-46980)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">+4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Specimen Certificate for shares of the
    Company&#146;s Common Stock (Exhibit&nbsp;4.1, Registration
    No.&nbsp;33-46980)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">*4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Certificate of Designations of Preferred
    Stock
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Debt Securities Indenture
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">*4.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Debt Securities
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">*4.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Deposit Agreement with respect to the
    Depositary Shares (including the terms of Depositary Receipts to
    be issuable thereunder)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">*4.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Warrant Agreement (including Form of
    Warrant)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">*4.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Stock Purchase Contract (including Form
    of Stock Purchase Contract Certificate), and, if applicable,
    Pledge Agreement
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">*4.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Unit Agreement (including Form of Unit
    Certificate)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">**5.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Opinion of Lawrence J. Knopf as to legality of
    the Securities
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">**5.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Opinion of Shearman &#38; Sterling LLP as to
    legality of the Securities
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">12.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Statement of computation of ratio of earnings to
    fixed charges of the Company
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Ernst &#38; Young LLP, independent
    registered public accounting firm
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Deloitte &#38; Touche LLP, independent
    registered public accounting firm of Advanced Bionics Corporation
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">**23.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Lawrence J. Knopf (included in
    Exhibit&nbsp;5.1)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">**23.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Shearman &#38; Sterling LLP (included
    in Exhibit&nbsp;5.2)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">24.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Powers of Attorney (included in signature pages)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">25.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form&nbsp;T-1 Statement of Eligibility under the
    Trust Indenture Act of 1939 of JP Morgan Trust Company, National
    Association, as Trustee for the Debt Securities.
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">*&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">To be filed pursuant to Item&nbsp;601 as an
    exhibit to a Current Report on Form&nbsp;8-K to be filed by the
    Company in connection with a specific offering.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">**&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">To be filed by amendment.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;+&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Incorporated by reference.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">II-2
</FONT>

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<P align="left">
<B><FONT size="2">Item&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Undertakings.</I></FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(a)&nbsp;The undersigned registrant hereby
undertakes:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;To file, during any period in which
    offers or sales are being made, a post-effective amendment to
    this Registration Statement:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;To include any prospectus required by
    Section&nbsp;10(a)(3) of the Securities Act of 1933;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(ii)&nbsp;To reflect in the prospectus any facts
    or events arising after the effective date of the Registration
    Statement (or the most recent post-effective amendment thereof)
    which, individually or in the aggregate, represent a fundamental
    change in the information set forth in the Registration
    Statement. Notwithstanding the foregoing, any increase or
    decrease in volume of securities offered (if the total dollar
    value of securities offered would not exceed that which was
    registered) and any deviation from the low or high end of the
    estimated maximum offering range may be reflected in the form of
    prospectus filed with the Commission pursuant to
    Rule&nbsp;424(b) under the Securities Act of 1933 if, in the
    aggregate, the changes in volume and price represent no more
    than a 20% change in the maximum aggregate offering price set
    forth in the &#147;Calculation of Registration Fee&#148; table
    in the effective Registration Statement; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(iii)&nbsp;To include any material information
    with respect to the plan of distribution not previously
    disclosed in the Registration Statement or any material change
    to such information in the Registration Statement;
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <I><FONT size="2">provided, however</FONT></I><FONT size="2">,
    that clauses (i)&nbsp;and (ii)&nbsp;do not apply if the
    information required to be included in a post-effective
    amendment by those clauses is contained in periodic reports
    filed with or furnished to the Commission by the registrant
    pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the
    Securities Exchange Act of 1934 that are incorporated by
    reference in the Registration Statement.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;That, for the purpose of determining any
    liability under the Securities Act of 1933, each such
    post-effective amendment shall be deemed to be a new
    Registration Statement relating to the securities offered
    therein, and the offering of such securities at that time shall
    be deemed to be the initial bona fide offering thereof.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;To remove from registration by means of
    a post-effective amendment any of the securities being
    registered which remain unsold at the termination of the
    offering.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(b)&nbsp;The undersigned registrant hereby
undertakes that, for purposes of determining any liability under
the Securities Act, each filing of the Company&#146;s annual
report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of
the Securities Exchange Act of 1934 (and where applicable, each
filing of an employee benefit plan&#146;s annual report pursuant
to section 15(d) of the Securities Exchange Act of 1934) that is
incorporated by reference in the Registration Statement shall be
deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide
offering thereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(c)&nbsp;If the securities to be registered are
to be offered at competitive bidding, the undersigned registrant
hereby undertakes: (1)&nbsp;to use its best efforts to
distribute prior to the opening of bids, to prospective bidders,
underwriters and dealers, a reasonable number of copies of a
prospectus which at that time meets the requirements of
Section&nbsp;10(a) of the Securities Act of 1933, and relating
to the securities offered at competitive bidding, as contained
in the registration statement, together with any supplements
thereto, and (2)&nbsp;to file an amendment to the registration
statement reflecting the results of bidding, the terms of the
reoffering and related matters to the extent required by the
applicable form, not later than the first use authorized by the
issuer after the opening of bids, of a prospectus relating to
the securities offered at competitive bidding, unless no further
public offering of such securities by the issuer and no
reoffering of such securities by the purchasers is proposed to
be made.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(d)&nbsp;Insofar as indemnification for
liabilities arising under the Securities Act may be permitted to
directors, officers and controlling persons of the registrant
pursuant to the foregoing provisions, or
</FONT>

<P align="center"><FONT size="2">II-3
</FONT>

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<DIV align="left">
<FONT size="2">otherwise, the registrant has been advised that
in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the
Securities Act of 1933 and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities
(other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the
registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the
registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in
the Securities Act of 1933 and will be governed by the final
adjudication of such issue.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(e)&nbsp;The undersigned registrant hereby
undertakes that (1)&nbsp;for purposes of determining any
liability under the Securities Act of 1933, the information
omitted from the form of prospectus filed as part of this
Registration Statement in reliance upon Rule&nbsp;430A and
contained in a form of prospectus filed by the registrant
pursuant to Rule&nbsp;424(b)(1) or (4) or 497(h) under the
Securities Act of 1933 shall be deemed to be part of this
Registration Statement as of the time it was declared effective;
and (2)&nbsp;for the purpose of determining any liability under
the Securities Act of 1993, each post-effective amendment that
contains a form of prospectus shall be deemed to be a new
registration statement relating to the securities offered
therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(f)&nbsp;The undersigned registrant hereby
undertakes to file an application for the purpose of determining
the eligibility of the Trustee to act under subsection&nbsp;(a)
of Section&nbsp;310 of the Trust Indenture Act of 1939, as
amended, in accordance with the rules and regulations prescribed
by the Securities and Exchange Commission under
Section&nbsp;305(b)(2) of the Securities Act of 1933.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(g)&nbsp;The undersigned registrant hereby
undertakes to deliver or cause to be delivered with the
prospectus, to each person to whom the prospectus is sent or
given, the latest annual report to security holders that is
incorporated by reference in the prospectus and furnished
pursuant to and meeting the requirements of Rule&nbsp;14a-3 or
Rule&nbsp;14c-3 under the Securities Exchange Act of 1934; and,
where interim financial information required to be presented by
Article&nbsp;3 of Regulation&nbsp;S-X is not set forth in the
prospectus, to deliver, or cause to be delivered to each person
to whom the prospectus is sent or given, the latest quarterly
report that is specifically incorporated by reference in the
prospectus to provide such interim information.
</FONT>

<P align="center"><FONT size="2">II-4
</FONT>

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<P align="center">
<B><FONT size="2">SIGNATURES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, Boston Scientific Corporation certifies that it has
reasonable grounds to believe that it meets all of the
requirements for filing on Form&nbsp;S-3 and has duly caused
this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the Town of Natick,
Commonwealth of Massachusetts, on the 30th day of September,
2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">BOSTON SCIENTIFIC CORPORATION
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ LAWRENCE C. BEST
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Lawrence C. Best
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">Senior Vice President&nbsp;&#151; Finance and
    Administration and Chief Financial Officer</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Paul W.
Sandman, Lawrence J. Knopf and Kristin S. Caplice, and each of
them, his true and lawful attorney-in-fact and agent, severally,
with full power of substitution and resubstitution, for him and
in his name, place and stead, in any and all capacities, to sign
any or all amendments to this Registration Statement, and to
file the same, with all exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and
each of them, full power of authority to do and perform each and
every act and thing requisite or necessary to be done in and
about the premises, as fully to all intents and purposes as he
might or could do in person, thereby ratifying and confirming
all that said attorneys-in-fact and agents, or their
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement and the Power of
Attorney set forth above have been signed below by the following
persons in the capacities indicated on the 30th day of
September, 2004.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="56%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Name and Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN E. ABELE<BR>
    <HR size="1" noshade>John E. Abele
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director, Founder Chairman
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ URSULA M. BURNS<BR>
    <HR size="1" noshade>Ursula M. Burns
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ LAWRENCE C. BEST<BR>
    <HR size="1" noshade>Lawrence C. Best
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Senior Vice President&nbsp;&#151; Finance and
    Administration and Chief Financial Officer<BR>
    (Principal Financial and Accounting Officer)
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOEL L. FLEISHMAN<BR>
    <HR size="1" noshade>Joel L. Fleishman
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ MARYE ANNE FOX<BR>
    <HR size="1" noshade>Marye Anne Fox
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-5
</FONT>
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<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="55%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Name and Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ RAY J. GROVES<BR>
    <HR size="1" noshade>Ray J. Groves
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ ERNEST MARIO<BR>
    <HR size="1" noshade>Ernest Mario
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ N.J. NICHOLAS JR.<BR>
    <HR size="1" noshade>N.J. Nicholas Jr.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ PETER M. NICHOLAS<BR>
    <HR size="1" noshade>Peter M. Nicholas
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director, Founder and Chairman of the Board
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN E. PEPPER<BR>
    <HR size="1" noshade>John E. Pepper
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ UWE E. REINHARDT<BR>
    <HR size="1" noshade>Uwe E. Reinhardt
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ WARREN B. RUDMAN<BR>
    <HR size="1" noshade>Warren B. Rudman
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JAMES R. TOBIN<BR>
    <HR size="1" noshade>James R. Tobin
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director, President and Chief Executive
    Officer<BR>
    (Principal Executive Officer)
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-6
</FONT>

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<P align="center">
<B><FONT size="2">EXHIBIT INDEX</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="86%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Debt Securities Underwriting
    Agreement&nbsp;&#151; Basic Provisions
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">*1.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Equity Securities Underwriting Agreement
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">*1.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Depositary Shares Underwriting Agreement
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">+3.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Second Restated Certificate of Incorporation of
    the Company (Exhibit&nbsp;3.1, Annual Report on Form&nbsp;10-K
    for the year ended December&nbsp;31, 1993, File
    No.&nbsp;1-11083); Certificate of Amendment of Second Restated
    Certificate of Incorporation of the Company (Exhibit&nbsp;3.2,
    Annual Report on Form&nbsp;10-K for the year ended
    December&nbsp;31, 1995, File No.&nbsp;1-11083); Certificate of
    Second Amendment of Second Restated Certificate of Incorporation
    of the Company (Exhibit&nbsp;3.3, Annual Report on
    Form&nbsp;10-K for the year ended December&nbsp;31, 1998, File
    No.&nbsp;1-11083); and Certificate of Third Amendment of Second
    Restated Certificate of Incorporation of the Company
    (Exhibit&nbsp;3.4, Annual Report on Form&nbsp;10-K for the year
    ended December&nbsp;31, 2003)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">+3.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Restated By-laws of the Company
    (Exhibit&nbsp;3.2, Registration No.&nbsp;33-46980)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">+4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Specimen Certificate for shares of the
    Company&#146;s Common Stock (Exhibit&nbsp;4.1, Registration
    No.&nbsp;33-46980)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">*4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Certificate of Designations of Preferred
    Stock
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Debt Securities Indenture
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">*4.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Debt Securities
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">*4.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Deposit Agreement with respect to the
    Depositary Shares (including the terms of Depositary Receipts to
    be issuable thereunder)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">*4.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Warrant Agreement (including Form of
    Warrant)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">*4.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Stock Purchase Contract (including Form
    of Stock Purchase Contract Certificate), and, if applicable,
    Pledge Agreement
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">*4.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Unit Agreement (including Form of Unit
    Certificate)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">**5.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Opinion of Lawrence J. Knopf as to legality of
    the Securities
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">**5.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Opinion of Shearman &#38; Sterling LLP as to
    legality of the Securities
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">12.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Statement of computation of ratio of earnings to
    fixed charges of the Company
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Ernst &#38; Young LLP, independent
    registered public accounting firm
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Deloitte &#38; Touche LLP, independent
    registered public accounting firm of Advanced Bionics Corporation
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">**23.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Lawrence J. Knopf (included in
    Exhibit&nbsp;5.1)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">**23.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Shearman &#38; Sterling LLP (included
    in Exhibit&nbsp;5.2)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">24.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Powers of Attorney (included in signature pages)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">25.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form&nbsp;T-1 Statement of Eligibility under the
    Trust Indenture Act of 1939 of JP Morgan Trust Company, National
    Association, as Trustee for the Debt Securities.
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">*&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">To be filed pursuant to Item&nbsp;601 as an
    exhibit to a Current Report on Form&nbsp;8-K to be filed by the
    Company in connection with a specific offering.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">**&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">To be filed by amendment.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">&nbsp;+&nbsp;Incorporated by reference.
</FONT>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>b51909bsexv1w1.txt
<DESCRIPTION>EX-1.1 FORM OF DEBT SECURITIES U/A
<TEXT>
<PAGE>

                                                                     EXHIBIT 1.1

                          BOSTON SCIENTIFIC CORPORATION
                                 Debt Securities

                     UNDERWRITING AGREEMENT-BASIC PROVISIONS

                                                                          [date]

To:   The Underwriters named in the within-mentioned Terms Agreement

Dear Sirs:

      Boston Scientific Corporation (the "Company") proposes to issue and sell
its Debt Securities having an aggregate initial public offering price or
purchase price of up to U.S. $[ ] or the equivalent thereof in foreign
currencies or currency units (the "Securities"). The Securities will be issued
under an indenture dated as of [ ] between the Company and J.P. Morgan Trust
Company, National Association, as trustee (the "Trustee"), as supplemented from
time to time by supplemental indentures and/or modified from time to time by
resolutions of the Board of Directors of the Company as provided in Section 301
of such indenture (such indenture as so supplemented and/or modified being
hereinafter referred to as the "Indenture").

      Whenever the Company determines to make an offering of Securities, it will
enter into an agreement substantially in the form of Exhibit A hereto (a "Terms
Agreement") providing for the sale of such Securities to, and the purchase and
offering thereof by, the underwriter or underwriters named therein (each an
"Underwriter" and, collectively, the "Underwriters" or "you," which terms shall
include the underwriter or underwriters named therein whether acting alone in
the resale of the Securities or as members of an underwriting syndicate). The
Terms Agreement relating to each offering of Securities shall specify the
principal amount of Securities to be issued and their terms not otherwise
specified in the Indenture, the name or names of the Underwriters participating
in such offering (subject to substitution as provided in Section 10 hereof) and
the principal amount of Securities which each severally agrees to purchase, the
name or names of the Underwriters acting as manager or co-managers in connection
with such offering, if any (each a "Representative" and, collectively, the
"Representatives," which term shall include each Underwriter in the event that
there shall be no manager or co-managers), the price at which the Securities are
to be purchased by the Underwriters from the Company, the initial public
offering price, any delayed delivery arrangements and the time and place of
delivery and payment. Each offering of Securities will be governed by this
Agreement, as supplemented by the applicable Terms Agreement, and this Agreement
and such Terms Agreement shall inure to the benefit of and be binding upon each
Underwriter participating in the offering of such Securities.

            1.    Representations and Warranties. The Company represents and
warrants to you that as of the date hereof, as of the date of the applicable
Terms Agreement and as of the Closing Time (as hereinafter defined) under such
Terms Agreement (in each case, the

<PAGE>

"Representation Date") as set forth below. Certain terms used in this Section 1
are defined in paragraph (C) hereof.

            A.    If the offering of the Securities is a Delayed Offering (as
specified in the relevant Terms Agreement), paragraph (i) below is applicable
and, if the offering of the Securities is a Non-Delayed Offering (as so
specified), paragraph (ii) below is applicable.

            (i)   The Company meets the requirements for the use of Form S-3
under the Securities Act of 1933, as amended (the "1933 Act"), and has filed
with the Securities and Exchange Commission (the "Commission") a Registration
Statement (File No. 333-[ ]) on such Form, including a Basic Prospectus, for
registration under the 1933 Act of the offering and sale of the Securities. The
Company may have filed one or more amendments thereto, and may have used a
Preliminary Prospectus, each of which has previously been furnished to you. Such
Registration Statement, as so amended, has become effective. The offering of the
Securities is a Delayed Offering and, although the Basic Prospectus may not
include all the information with respect to the Securities and the offering
thereof required by the 1933 Act and the rules thereunder to be included in the
Final Prospectus, the Basic Prospectus included all such information required by
the 1933 Act and the rules thereunder to be included therein as of the Effective
Date. The Company will next file with the Commission pursuant to Rules 415 and
424(b)(2) or (5) a Final Prospectus to the Basic Prospectus included in such
Registration Statement relating to the Securities and the offering thereof. As
filed, such Final Prospectus shall include all required information with respect
to the Securities and the offering thereof and, except to the extent the
Representatives shall agree to a modification, shall be in all substantive
respects in the form furnished to you for your review prior to the Execution
Time or, to the extent not completed at the Execution Time, shall contain only
such specific additional information and other changes (beyond that contained in
the Basic Prospectus and any Preliminary Prospectus) as the Company has advised
you, prior to the Execution Time, will be included or made therein.

            (ii)  The Company meets the requirements for the use of Form S-3
under the 1933 Act and has filed with the Commission a Registration Statement
(File No. 333-[ ]) on such Form, including a Basic Prospectus, for registration
under the 1933 Act of the offering and sale of the Securities. The Company may
have filed one or more amendments thereto, including a Preliminary Prospectus,
each of which has previously been furnished to you. The Company will next file
with the Commission either (x) a Final Prospectus relating to the Securities in
accordance with Rules 430A and 424(b)(1) or (4), or (y) prior to the
effectiveness of such Registration Statement, an amendment to such Registration
Statement, including the form of Final Prospectus. In the case of clause (x),
the Company has included in such Registration Statement, as amended at the
Effective Date, all information (other than Rule 430A Information) required by
the 1933 Act and the rules thereunder to be included in the Final Prospectus
with respect to the Securities and the offering thereof. As filed, such Final
Prospectus or such amendment and form of Final Prospectus shall contain all Rule
430A Information, together with all other such required information, with
respect to the Securities and the offering thereof and, except to the extent the
Representatives shall agree in writing to a modification, shall be in all
substantive respects in the form furnished to you for your review prior to the
Execution Time or, to the extent not completed at the Execution Time, shall
contain only such specific additional information and other changes (beyond that
contained in the Basic

<PAGE>

Prospectus and any Preliminary Prospectus) as the Company has advised you, prior
to the Execution Time, will be included or made therein.

            B.    On the Effective Date, the Registration Statement did, and
when the Final Prospectus is first filed (if required) in accordance with Rule
424(b) and at the Closing Time, the Final Prospectus (and any supplement
thereto) will, comply in all material respects with the applicable requirements
of the 1933 Act, the Securities Exchange Act of 1934, as amended (the "1934
Act"), and the Trust Indenture Act of 1939, as amended (the "Trust Indenture
Act"), and the respective rules thereunder; on the Effective Date, the
Registration Statement did not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary in
order to make the statements therein not misleading; at the Closing Time, the
Indenture will comply in all material respects with the requirements of the
Trust Indenture Act and the rules thereunder; and, the Final Prospectus, will
not, on the date of any filing pursuant to Rule 424(b) and at the Closing Time,
include any untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided, however,
that the Company makes no representations or warranties as to (i) that part of
the Registration Statement which shall constitute the Statement of Eligibility
and Qualification (Form T-1) under the Trust Indenture Act of the Trustee or
(ii) the information contained in or omitted from the Registration Statement or
the Final Prospectus (or any supplement thereto) in reliance upon and in
conformity with information furnished in writing to the Company by or on behalf
of any Underwriter through the Representatives specifically for inclusion in the
Registration Statement or the Final Prospectus (or any supplement thereto).

            C.    The terms which follow, when used in this Agreement, shall
have the meanings indicated. The term "the Effective Date" shall mean each date
that the Registration Statement and any post-effective amendment or amendments
thereto became or become effective. "Execution Time" shall mean the date and
time that the applicable Terms Agreement (including this Agreement as
incorporated by reference therein) is executed and delivered by the parties
thereto. "Basic Prospectus" shall mean the prospectus referred to in paragraph
(A)(i) above contained in the Registration Statement at the Effective Date
including, in the case of a Non-Delayed Offering, any Preliminary Prospectus.
"Preliminary Prospectus" shall mean any preliminary prospectus supplement to the
Basic Prospectus which describes the Securities and the offering thereof
including the Basic Prospectus and is used prior to filing of the Final
Prospectus. "Final Prospectus" shall mean the final prospectus supplement
relating to the Securities that is filed pursuant to Rule 424(b) after the
Execution Time, together with the Basic Prospectus or, if, in the case of a
Non-Delayed Offering, no filing pursuant to Rule 424(b) is required, shall mean
the form of final prospectus relating to the Securities, including the Basic
Prospectus, included in the Registration Statement at the Effective Date.
"Registration Statement" shall mean the registration statement referred to in
paragraph (A)(i) above, including incorporated documents, exhibits and financial
statements, as amended at the Execution Time (or, if not effective at the
Execution Time, in the form in which it shall become effective) and, in the
event any post-effective amendment thereto becomes effective prior to the
Closing Time (as hereinafter defined), shall also mean such Registration
Statement as so amended. Such term shall include any Rule 430A Information
deemed to be included therein at the Effective Date as provided by Rule 430A.
"Rule 415", "Rule 424", "Rule 430A" and "Regulation S-K" refer to such rules or
regulation under the 1933 Act. "Rule 430A Information" means information with

<PAGE>

respect to the Securities and the offering thereof permitted to be omitted from
the Registration Statement when it becomes effective pursuant to Rule 430A. Any
reference herein to the Registration Statement, the Basic Prospectus, any
Preliminary Prospectus or the Final Prospectus shall be deemed to refer to and
include the documents incorporated by reference therein pursuant to Item 12 of
Form S-3 which were filed under the 1934 Act on or before the Effective Date of
the Registration Statement or the issue date of the Basic Prospectus, any
Preliminary Prospectus or the Final Prospectus, as the case may be; and any
reference herein to the terms "amend", "amendment" or "supplement" with respect
to the Registration Statement, the Basic Prospectus, any Preliminary Prospectus
or the Final Prospectus shall be deemed to refer to and include the filing of
any document under the 1934 Act after the Effective Date of the Registration
Statement or the issue date of the Basic Prospectus, any Preliminary Prospectus
or the Final Prospectus, as the case may be, deemed to be incorporated therein
by reference. A "Non-Delayed Offering" shall mean an offering of securities
which is intended to commence promptly after the effective date of the
Registration Statement, with the result that, pursuant to Rules 415 and 430A,
all information (other than Rule 430A Information) with respect to the
securities so offered must be included in such Registration Statement at the
effective date thereof. A "Delayed Offering" shall mean an offering of
securities pursuant to Rule 415 which does not commence promptly after the
effective date of the Registration Statement, with the result that only
information required pursuant to Rule 415 need be included in such Registration
Statement at the effective date thereof with respect to the securities so
offered. Whether an offering of the Securities is a Non-Delayed Offering or a
Delayed Offering shall be set forth in the relevant Terms Agreement.

            D.    The consolidated financial statements included or incorporated
by reference in the Registration Statement and the Final Prospectus present
fairly in all material respects the consolidated financial position of the
Company and its consolidated subsidiaries as at the dates indicated and the
results of their operations for the periods specified; said financial statements
have been prepared in conformity with generally accepted accounting principles
applied on a consistent basis during the periods involved, except as indicated
therein; the supporting schedules included or incorporated by reference in the
Registration Statement, if any, present fairly the information required to be
stated therein; and if pro forma financial statements are included or
incorporated by reference in the Registration Statement and the Final
Prospectus, the assumptions used in preparing the pro forma financial statements
included therein provide a reasonable basis for presenting the significant
effects directly attributable to the transactions or events described therein,
the related pro forma adjustments give appropriate effect to those assumptions,
and the pro forma columns therein reflect the proper application of those
adjustments to the corresponding historical financial statement amounts.

            E.    The documents incorporated by reference in the Final
Prospectus, at the time they were or hereafter are filed with the Commission,
complied and will comply in all material respects with the requirements of the
1934 Act and the rules and regulations thereunder, and, when read together and
with the other information in the Final Prospectus and the Registration
Statement, at each Representation Date, did not and will not contain an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading.

<PAGE>

            F.    Since the respective dates as of which information is given in
the Registration Statement and the Final Prospectus, except as may otherwise be
stated therein or contemplated thereby, (i) there has been no material adverse
change in the condition (financial or other), earnings, results of operations,
business or properties of the Company and its subsidiaries, considered as one
enterprise, whether or not arising from transactions in the ordinary course of
business and (ii) there have been no material transactions entered into by the
Company or any of its subsidiaries, other than those in the ordinary course of
business.

            G.    The Company has been duly incorporated and is validly existing
as a corporation in good standing under the laws of the State of Delaware with
corporate power and authority to own, lease and operate its properties and
conduct its business as now being conducted and as described in the Registration
Statement and the Final Prospectus; and the Company is duly qualified as a
foreign corporation to transact business and is in good standing in each
jurisdiction in which such qualification is required, whether by reason of the
ownership or leasing of property or the conduct of business, except where the
failure to so qualify would not have a material adverse effect on the condition
(financial or other), earnings, results of operations, business or properties of
the Company and its subsidiaries, considered as one enterprise (a "Material
Adverse Effect").

            H.    Each domestic and foreign subsidiary of the Company which is a
"significant subsidiary" within the meaning of Rule 1-02 of Regulation S-X of
the 1933 Act (each, a "Material Subsidiary" and collectively, the "Material
Subsidiaries") has been duly incorporated and is validly existing as a
corporation in good standing under the laws of the jurisdiction of its
incorporation, has corporate power and authority to own, lease and operate its
properties and conduct its business as described in the Registration Statement
and the Final Prospectus and is duly qualified as a foreign corporation to
transact business and is in good standing in each jurisdiction in which such
qualification is required, whether by reason of the ownership or leasing of
property or the conduct of business, except where the failure to be in good
standing or to so qualify would not have a Material Adverse Effect, and, except
as otherwise disclosed in the Registration Statement or the Final Prospectus,
all of the issued and outstanding capital stock of each such Material Subsidiary
has been duly authorized and validly issued, is fully paid and non-assessable
and is owned by the Company (except for directors' qualifying shares and shares
held by individuals for the purpose of satisfying the legal requirements of the
jurisdiction of incorporation), directly or through subsidiaries, free and clear
of any security interest, mortgage, pledge, lien, encumbrance, claim or equity.

            I.    Neither the Company nor any of its subsidiaries is in
violation of its or any of their charters or in default in the performance or
observance of any obligation, agreement, covenant or condition contained in any
contract, indenture, mortgage, loan agreement, note, lease or other instrument
to which it or any of them is a party or by which it or any of them or their
properties may be bound where any such violation or default would have a
Material Adverse Effect; and the execution of this Agreement, the execution and
delivery of the Indenture and the applicable Terms Agreement (including this
Agreement as incorporated by reference therein), the filing of the Registration
Statement and the consummation of the transactions contemplated herein and
therein have been duly authorized by all necessary corporate action and will not
conflict with or constitute a breach of, or default under, or result in the
creation or imposition of any lien, charge or encumbrance upon any property or
assets of the Company or any of its

<PAGE>

subsidiaries pursuant to, any contract, indenture, mortgage, loan agreement,
note, lease or other instrument to which the Company or any of its subsidiaries
is a party or by which it or any of them may be bound or to which any of the
property or assets of the Company or any of its subsidiaries is subject where
any such conflict, breach, default, creation or imposition would have a Material
Adverse Effect, nor will such action result in any violation of the provisions
of the charter or by-laws of the Company or, to the best of its knowledge, any
law, administrative regulation or administrative or court decree (except for
such violations that would not have a Material Adverse Effect), and no consent,
approval, authorization or order of any court or governmental authority or
agency is required for the consummation by the Company of the transactions
contemplated by this Agreement, except such as may be required under the 1933
Act or the rules and regulations promulgated thereunder (the "Regulations"), the
Trust Indenture Act or state securities or "blue sky" laws.

            J.    The Company and its Material Subsidiaries possess adequate
certificates, authorities or permits issued by the appropriate state, federal or
foreign regulatory agencies or bodies necessary to conduct the business now
operated by them, except such certificates, authorities or permits which are not
material to such conduct of their business, and neither the Company nor any of
its Material Subsidiaries has, to the knowledge of the Company, received any
notice of proceedings relating to the revocation or modification of any such
certificate, authority or permit which, singly or in the aggregate, if the
subject of any unfavorable decision, ruling or finding, would have a Material
Adverse Effect.

            K.    Except as set forth in the Registration Statement or Final
Prospectus, there is no action, suit or proceeding before or by any court or
governmental agency or body, domestic or foreign, now pending or, to the
knowledge of the Company, threatened against or affecting the Company or any of
its subsidiaries that might reasonably be expected to result in a Material
Adverse Effect, or that might reasonably be expected to materially and adversely
affect the consummation of this Agreement and the applicable Terms Agreement.

            L.    There are no contracts or documents of the Company or any of
its subsidiaries which are required to be filed as exhibits to the Registration
Statement (including the documents incorporated by reference therein) by the
1933 Act or the Regulations which have not been so filed.

            M.    The Company has full right, power and authority to execute and
deliver this Agreement, the Securities and the Indenture (collectively, the
"Transaction Documents") and to perform its obligations hereunder and
thereunder.

            N.    The Indenture has been duly and validly authorized by the
Company and, when executed and delivered by the Company and, assuming due
execution and delivery by the Trustee, will be a valid and binding agreement of
the Company, enforceable in accordance with its terms, except as enforcement
thereof may be limited by bankruptcy, insolvency or other similar laws affecting
creditors' rights generally and subject to the applicability of general
principles of equity, and has been duly qualified under the Trust Indenture Act.

            O.    The Securities have been duly authorized for issuance and sale
pursuant to this Agreement and the applicable Terms Agreement (or will have been
so authorized prior to

<PAGE>

each issuance of Securities) and, when executed and authenticated in accordance
with the provisions of the Indenture and the Resolutions of the Board of
Directors of the Company or Pricing Committee thereof, and delivered to and paid
for by the purchasers thereof, will constitute legal, valid and binding
obligations of the Company enforceable in accordance with their terms (subject,
as to enforcement of remedies, to applicable bankruptcy, fraudulent transfer,
reorganization, insolvency, moratorium or other laws affecting creditors' rights
generally from time to time in effect and to principles relating to the
availability of equitable remedies to the extent that adequate remedies at law
may exist) and will be entitled to the benefits of the Indenture, which will be
substantially in the form heretofore delivered to you; and the Securities and
the Indenture will conform when executed and delivered in all material respects
to all statements relating thereto contained in the Final Prospectus.

            P.    Except as disclosed in the Registration Statement or the Final
Prospectus, and except as where such failure would not have a Material Adverse
Effect, the Company and its subsidiaries own, possess, license or have the right
to use the patents, patent rights, licenses, inventions, copyrights, know-how
(including trade secrets and other unpatented and/or unpatentable proprietary or
confidential information, systems or procedures), trademarks, service marks,
trade names and other rights or interests in items of intellectual property as
are necessary for the operation and conduct of the businesses now operated by
them (the "patent and proprietary rights"); and except as disclosed in the
Registration Statement or the Final Prospectus, the Company has no knowledge of
any infringement of or conflict with asserted rights of others with respect to
any patent and proprietary rights which, singly or in the aggregate, if the
subject of an unfavorable decision, ruling or finding, would have a Material
Adverse Effect, and, except as disclosed in the Registration Statement or the
Final Prospectus, the Company has no knowledge that any person or entity is
infringing or otherwise violating any of the Company's patents, trademarks,
servicemarks or copyrights in a manner that could materially affect the use
thereof by the Company or any of its subsidiaries and which infringement would
have a Material Adverse Effect.

            Q.    No labor disturbance by the employees of the Company or any
subsidiary exists or, to the knowledge of the Company, is imminent which might
reasonably be expected to have a Material Adverse Effect.

            R.    The Company is not, and, after giving effect to the offering
and sale of the Securities and the application of the proceeds thereof as
described in the Final Prospectus, will not be an "investment company" or an
entity "controlled" by an "investment company" as such terms are defined in the
Investment Company Act of 1940, as amended.

            S.    Except as described in the Registration Statement or the Final
Prospectus and except as could not reasonably be expected to have a Material
Adverse Effect, to the knowledge of the Company, the properties, assets and
operations of each of the Company and its subsidiaries are in compliance with
all applicable federal, state, local and foreign laws (including, without
limitation, common law), rules and regulations, orders, decrees, judgments,
permits and licenses relating to worker health and safety, and to the protection
and clean-up of the natural environment and to the protection or preservation of
natural resources, including, without limitation, those relating to the
processing, manufacturing, generation, handling, disposal, transportation or
release of hazardous materials (collectively, "Environmental Laws").

<PAGE>

With respect to such properties, assets and operations, there are no events,
conditions, circumstances, activities, practices, incidents, actions or plans of
the Company or any of its subsidiaries of which the Company is aware that may
interfere with or prevent compliance or continued compliance with applicable
Environmental Laws or otherwise result in liability to the Company or any of its
subsidiaries pursuant to applicable Environmental Law in a manner that could
reasonably be expected to have a Material Adverse Affect. Except as described in
the Registration Statement or the Final Prospectus and except as could not
reasonably be expected to have a Material Adverse Effect, (A) to the Company's
knowledge, none of the Company or any of its subsidiaries is the subject of any
federal, state, local or foreign investigation pursuant to Environmental Laws,
(B) none of the Company or any of its subsidiaries has received any written
notice or claim pursuant to Environmental Laws and (C) there are no pending, or,
to the knowledge of the Company, threatened actions, suits or proceedings
against the Company, any of its subsidiaries or its properties, assets or
operations, in connection with any Environmental Laws. The term "hazardous
materials" shall mean those substances that are regulated by or pursuant to any
applicable Environmental Laws.

            T.    This Agreement has been duly authorized, executed and
delivered by the Company.

            U.    No holders of securities of the Company have rights to the
registration of such securities under the Registration Statement.

      Any certificate signed by any officer of the Company and delivered to the
Representatives or counsel for the Underwriters in connection with an offering
of Securities shall be deemed a representation and warranty by the Company, as
to the matters covered thereby, to each Underwriter.

            2.    Purchase and Sale. The several commitments of the Underwriters
to purchase securities pursuant to any Terms Agreement shall be deemed to have
been made on the basis of the representations and warranties herein contained
and shall be subject to the terms and conditions herein set forth.

      Payment of the purchase price for, and delivery of, any Securities to be
purchased by the Underwriters shall be made at the place set forth in the
applicable Terms Agreement, or at such other place as shall be agreed upon by
the Representatives and the Company, on the third business day (unless postponed
in accordance with the provisions of Section 10) following the date of the
applicable Terms Agreement or such other time as shall be agreed upon by the
Representatives and the Company (each such time and date being referred to as a
"Closing Time"). Except as indicated in the applicable Terms Agreement, payment
shall be made to the Company by wire transfer in same-day funds against delivery
of the Securities to be purchased by the Representatives for the respective
accounts of the Underwriters. Such Securities shall be in such denominations and
registered in such names as the Representatives may request in writing at least
two business days prior to the applicable Closing Time or shall be in global or
bearer form as permitted by the Indenture. Such Securities, which may be in
temporary form, will be made available for examination and packaging by the
Representatives on or before the first business day prior to Closing Time.

<PAGE>

      If authorized by the applicable Terms Agreement, the Underwriters named
therein may solicit offers to purchase Securities from the Company pursuant to
delayed delivery contracts ("Delayed Delivery Contracts") substantially in the
form of Exhibit B hereto, with such changes therein as the Company may approve.

      As compensation for arranging Delayed Delivery Contracts, the Company will
pay to the Representatives at Closing Time, for the accounts of the
Underwriters, a fee equal to that percentage of the principal amount of
Securities for which Delayed Delivery Contracts are made at Closing Time as is
specified in the applicable Terms Agreement. Any Delayed Delivery Contracts are
to be with institutional investors of the types which will be set forth in the
applicable prospectus supplement included in the Final Prospectus. If
applicable, at Closing Time the Company will enter into Delayed Delivery
Contracts (for not less than the minimum principal amount of Securities per
Delayed Delivery Contract specified in the applicable Terms Agreement) with all
purchasers proposed by the Underwriters and previously approved by the Company
as provided below, but not for an aggregate principal amount of Securities in
excess of that specified in the applicable Terms Agreement. The Underwriters
will not have any responsibility for the validity or performance of Delayed
Delivery Contracts.

      The Representatives are to submit to the Company, at least two business
days prior to Closing Time, the names of any institutional investors with which
it is proposed that the Company will enter into Delayed Delivery Contracts and
the principal amount of Securities to be purchased by each of them, and the
Company will advise the Representatives, at least one business day prior to
Closing Time, of the names of the institutions with which the making of Delayed
Delivery Contracts is approved by the Company and the principal amount of
Securities to be covered by each such Delayed Delivery Contract.

      The principal amount of Securities agreed to be purchased by the
respective Underwriters pursuant to the applicable Terms Agreement shall be
reduced by the principal amount of Securities covered by Delayed Delivery
Contracts, as to each Underwriter as set forth in a written notice delivered by
the Representatives to the Company; provided, however, that the total principal
amount of Securities to be purchased by all Underwriters shall be the total
amount of Securities covered by the applicable Terms Agreement, less the
principal amount of Securities covered by Delayed Delivery Contracts.

            3.    Covenants of the Company. The Company covenants with each
Underwriter as follows:

            A.    The Company will use commercially reasonable efforts to cause
the Registration Statement, if not effective at the Execution Time, and any
amendment thereto, to become effective. Immediately following the execution of
each Terms Agreement, the Company will prepare a final prospectus supplement to
be included in the Final Prospectus setting forth the principal amount of
Securities covered thereby and their terms not otherwise specified in the
Indenture, the names of the Underwriters and the principal amount of Securities
which each severally has agreed to purchase, the names of the Representatives,
the price at which the Securities are to be purchased by the Underwriters from
the Company, the initial public offering price, the selling concession and
reallowance, if any, any delayed delivery arrangements, and such other
information as the Representatives and the Company reasonably deem necessary in

<PAGE>

connection with the offering of the Securities. Following the completion of the
offering, the Company will promptly transmit copies of the Final Prospectus to
the Commission for filing pursuant to Rule 424 of the Regulations.

            B.    If at any time when a prospectus is required by the 1933 Act
to be delivered in connection with sales of the Securities any event shall occur
or condition exist as a result of which it is necessary, in the opinion of
counsel for the Underwriters or counsel for the Company, to further amend or
supplement the Final Prospectus in order that the Final Prospectus will not
include an untrue statement of a material fact or omit to state any material
fact necessary to make the statements therein not misleading in the light of
circumstances existing at the time it is delivered to a purchaser or if it shall
be necessary, in the opinion of either such counsel, at any such time to amend
or supplement the Registration Statement or the Final Prospectus in order to
comply with the requirements of the 1933 Act or the Regulations, the Company
will promptly prepare and file with the Commission such amendment or supplement,
whether by filing documents pursuant to the 1934 Act or otherwise, as may be
necessary to correct such untrue statement or omission or to make the
Registration Statement comply with such requirements.

            C.    With respect to each sale of Securities, the Company will make
generally available to its security holders and to the Representatives as soon
as practicable earnings statements of the Company that will satisfy the
provisions of Section 11(a) of the 1933 Act and Rule 158 of the Regulations.

            D.    From the date of a Terms Agreement, and for so long as a
prospectus is required by the 1933 Act to be delivered in connection with the
sale of Securities covered by such Terms Agreement, the Company will give the
Representatives notice of its intention to file any amendment to the
Registration Statement or any amendment or supplement to the Final Prospectus,
whether pursuant to the 1934 Act, the 1933 Act or otherwise, and will furnish
them with copies of any such proposed amendment or supplement or other documents
proposed to be filed a reasonable time in advance of filing and will provide the
Representatives the opportunity to review and comment on such documents.

            E.    From the date of a Terms Agreement, and for so long as a
prospectus is required by the 1933 Act to be delivered in connection with the
sale of Securities covered by such Terms Agreement, the Company will notify the
Representatives immediately, and confirm the notice in writing, (i) of the
effectiveness of any amendment to the Registration Statement, (ii) of the
mailing or the delivery to the Commission for filing of any supplement to the
Final Prospectus or any document to be filed pursuant to the 1934 Act which will
be incorporated by reference into the Final Prospectus, (iii) of the receipt of
any comments from the Commission with respect to the Registration Statement, the
Final Prospectus or any prospectus supplement related thereto, (iv) of any
request by the Commission for any amendment to the Registration Statement or any
amendment or supplement to the Final Prospectus or for additional information
relating to the offering of the Securities, and (v) of the issuance by the
Commission of any stop order suspending the effectiveness of the Registration
Statement or the initiation of any proceedings for that purpose. The Company
will make every reasonable effort to prevent the issuance of any stop order and,
if any stop order is issued, to obtain the lifting thereof as soon as
practicable.

<PAGE>

            F.    The Company will deliver to the Representatives a conformed
copy of the Registration Statement, any documents incorporated by reference
therein (unless such documents are available on the "EDGAR" website), and each
amendment thereto for each of the Underwriters. So long as delivery of a
prospectus by an Underwriter or dealer may be required by the 1933 Act, the
Company will deliver to the Representatives as many copies of any Preliminary
Prospectus and the Final Prospectus and any supplement thereto as the
Representatives may reasonably request.

            G.    The Company will arrange for the qualification of the
Securities for offering and sale under the laws of such jurisdictions as the
Representatives, after consultation with the Company, may collectively designate
and will maintain such qualifications in effect so long as required for the
distribution of the Securities.

            H.    The Company, during the period when the Final Prospectus is
required to be delivered under the 1933 Act, will file promptly all documents
required to be filed with the Commission pursuant to Section 13 or 14 of the
1934 Act.

            I.    Between the date of any Terms Agreement and the Closing Time
the Company will not, without the prior consent of the Representatives, offer or
sell, or enter into any agreement to sell, any debt securities of the Company
with a maturity of more than one year, including additional Securities.

            4.    Conditions of Underwriters' Obligations. The obligations of
the Underwriters to purchase Securities pursuant to any Terms Agreement are
subject to the accuracy of the representations and warranties on the part of the
Company herein contained as of the Execution Time and Closing Time, to the
accuracy of the statements of the Company's officers made in any certificate
furnished pursuant to the provisions hereof, to the performance by the Company
of all of its covenants and other obligations hereunder and to the following
further conditions:

            A.    If the Registration Statement has not become effective prior
to the Execution Time, unless the Representatives agree in writing to a later
time, the Registration Statement will become effective not later than (i) 6:00
p.m. New York City time, on the date of determination of the public offering
price, if such determination occurred at or prior to 3:00 p.m. New York City
time on such date or (ii) 12:00 Noon on the business day following the day on
which the public offering price was determined, if such determination occurred
after 3:00 p.m. New York City time on such date; if filing of the Final
Prospectus, or any supplement thereto, is required pursuant to Rule 424(b), the
Final Prospectus, and any such supplement, shall have been filed in the manner
and within the time period required by Rule 424(b). The Company will (i) prepare
the Rule 462(b) Registration Statement, if necessary, in a form approved by the
Underwriters and file such Rule 462(b) Registration Statement with the
Commission in compliance with Rule 462(b) under the 1933 Act by 10:00 a.m. New
York City time on the business day immediately following the date of
determination of the public offering price of the Securities and, at the time of
filing, either pay to the Commission the filing fee for the Rule 462(b)
Registration Statement or give irrevocable instructions for the payment of such
fee pursuant to Rule 111(b) under the 1933 Act.

<PAGE>

            B.    At the applicable Closing Time (i) no stop order suspending
the effectiveness of the Registration Statement shall have been issued under the
1933 Act or proceedings thereof or initiated or threatened by the Commission,
(ii) there shall not have been since the execution of such Terms Agreement any
decrease in the ratings of any of the Company's debt securities by any
"nationally recognized statistical rating organization" (as defined for purpose
of Rule 436(g) under the 1933 Act) or any notice given of any intended or
potential decrease in any such rating or of a possible change in any such rating
that does not indicate the direction of the possible change and (iii) there
shall not have come to the attention of the Representatives any facts that would
cause them reasonably to believe that the Final Prospectus, at the time it was
required to be delivered to a purchaser of the Securities, contained an untrue
statement of a material fact or omitted to state a material fact necessary in
order to make the statements therein, in the light of the circumstances under
which they were made, not misleading.

            C.    At the applicable Closing Time you shall have received:

                  1.    A legal opinion, dated as of the Closing Time, of
Shearman & Sterling LLP, counsel of the Company, reasonably satisfactory in form
and substance to the Representatives.

                  2.    A legal opinion, dated as of the Closing Time, of
Lawrence J. Knopf, Assistant General Counsel of the Company, reasonably
satisfactory in form and substance to the Representatives.

                  3.    The favorable opinion or opinions, dated as of the
applicable Closing Time, of counsel for the Underwriters, with respect to the
issuance and sale of the Securities, the Indenture, the Registration Statement,
the Final Prospectus and other related matters as the Representatives may
reasonably require, and the Company shall have furnished to such counsel such
documents as they may reasonably request for the purpose of enabling them to
pass upon such matters.

            D.    At the applicable Closing Time there shall not have been,
since the date of the applicable Terms Agreement or since the date as of which
information is given in the Final Prospectus, any material adverse change in the
condition (financial or otherwise), earnings, results of operations, business or
properties of the Company and its subsidiaries considered as one enterprise,
whether or not arising from transactions in the ordinary course of business,
except as set forth or contemplated in the Final Prospectus (exclusive of any
supplement thereto), and the Company shall have furnished to the Representatives
a certificate of the Company, signed by the Chairman of the Board, the Chief
Executive Officer, the President, the principal financial officer or the
principal accounting officer of the Company, dated as of such Closing Time, to
the effect that:

                  1.    the representations and warranties of the Company in
this Agreement are true and correct in all material respects on and as of the
Closing Time with the same effect as if made at the Closing Time and the Company
has complied with all the agreements and satisfied all the conditions on its
part to be performed or satisfied at or prior to the Closing Time;

<PAGE>

                  2.    no stop order suspending the effectiveness of the
Registration Statement has been issued and no proceedings for that purpose have
been instituted or, to the Company's knowledge, threatened; and

                  3.    since the date of the most recent financial statements
or financial data included or incorporated by reference in the Final Prospectus
(exclusive of any supplement thereto), there has been no material adverse change
in the condition (financial or other), earnings, results of operations, business
or properties of the Company and its subsidiaries, considered as one enterprise,
whether or not arising from transactions in the ordinary course of business,
except as set forth in or contemplated in the Final Prospectus (exclusive of any
supplement thereto).

      You shall have received from Ernst & Young LLP or other independent
certified public accountants acceptable to the Representatives a letter or
letters, dated the date of the applicable Terms Agreement and as of the
applicable Closing Time, in form and substance reasonably satisfactory to the
Representatives, containing statements and information of the type customarily
included in accountants' "comfort letters" to underwriters with respect to the
financial statements and certified financial information contained or
incorporated by reference in the Final Prospectus; provided that such letters
shall use a "cut-off" date no more than three business days prior to the
respective dates of such letters.

            E.    At the applicable Closing Time counsel for the Underwriters
shall have been furnished with such documents and opinions as they may
reasonably require for the purpose of enabling them to pass upon the issuance
and sale of the Securities as herein contemplated and related proceedings or in
order to evidence the accuracy and completeness of any of the representations
and warranties, or the fulfillment of any of the conditions, herein contained;
and all proceedings taken by the Company in connection with the issuance and
sale of the Securities as herein contemplated shall be in all material respects
satisfactory in form and substance to the Representatives and counsel for the
Underwriters.

      If any condition specified in this Section shall not have been fulfilled
when and as required to be fulfilled, the applicable Terms Agreement may be
terminated by the Representatives by notice to the Company at any time at or
prior to the applicable Closing Time, and such termination shall be without
liability of any party to any other party except as provided in Section 5.

            5.    Payment of Expenses. The Company will pay all reasonable and
necessary expenses incident to the performance of its obligations under this
Agreement and each Terms Agreement, including (a) the preparing, printing or
other production and filing of the Registration Statement (as originally filed)
and all amendments thereto, (b) the preparation, issuance and delivery of the
Securities to the Underwriters, (c) the reasonable fees and disbursements of the
Company's counsel and accountants and of the Trustee and its counsel, (d) the
qualification of the Securities under securities laws in accordance with the
provisions of Section 3(G), including filing fees and the reasonable fees and
disbursements of counsel for the Underwriters in connection therewith and in
connection with the preparation of any Blue Sky Survey, (e) the printing or
other production and delivery to the Underwriters in quantities as hereinabove
stated of copies of the Preliminary Prospectus and the Final Prospectus and any
amendments or supplements thereto, (f) the production and delivery to the
Underwriters of

<PAGE>

copies of the Indenture and any Blue Sky Survey reasonably requested by the
Representatives, (g) the fees of rating agencies, (h) the fees and expenses, if
any, incurred in connection with the listing of the Securities on any securities
exchange, and (i) the fees, if any, of the National Association of Securities
Dealers, Inc. in connection with the review of the offering and including the
reasonable fees and expenses of counsel for the Underwriters in connection
therewith.

      If a Terms Agreement is terminated by the Representatives in accordance
with the provisions of Section 4 or Sections 9(i) and 9(iv), or if the sale of
any Securities provided for herein or in any Terms Agreement is not consummated
because any condition to the obligations of the Underwriters set forth herein is
not satisfied by the Company or because of any refusal, inability or failure on
the part of the Company to perform any agreement herein or comply with any
provision hereof, the Company shall reimburse the Underwriters named in such
Terms Agreement for all of their reasonable out-of-pocket expenses, including
the reasonable fees and disbursements of counsel for the Underwriters, that
shall have been incurred by them in connection with the proposed purchase and
sale of the Securities.

            6.    Indemnification.

            A.    The Company agrees to indemnify and hold harmless each
Underwriter and each person, if any, who controls any Underwriter within the
meaning of Section 15 of the 1933 Act or Section 20(a) of the 1934 Act, against
any and all losses, liabilities, claims, damages and expenses whatsoever as
incurred (including but not limited to reasonable attorneys' fees and any and
all expenses reasonably and necessarily incurred in investigating, preparing or
defending against any litigation, commenced or threatened, or any claim
whatsoever, and any and all amounts paid in settlement of any claim or
litigation), joint or several, to which they or any of them may become subject
under the 1933 Act, the 1934 Act or otherwise, insofar as such losses,
liabilities, claims, damages or expenses (or actions in respect thereof) arise
out of or are based upon any untrue statement or alleged untrue statement of a
material fact contained in the Registration Statement for the registration of
the Securities, as originally filed or any amendment thereof, or any related
Preliminary Prospectus or the Final Prospectus, or in any supplement thereto or
amendment thereof, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading; provided, however, that
the Company will not be liable in any such case to the extent, but only to the
extent, that any such loss, liability, claim, damage or expense arises out of or
is based upon any such untrue statement or alleged untrue statement or omission
or alleged omission made therein in reliance upon and in conformity with written
information furnished to the Company by or on behalf of any Underwriter through
the Representatives expressly for use therein; it being understood and agreed
that the only such information furnished by any Underwriter consists of the
information described as such in the Terms Agreement and provided further that
with respect to any such untrue statement in or omission from the Preliminary
Prospectus, the indemnity agreement contained in this paragraph (A) shall not
inure to the benefit of any Underwriter to the extent that the sale to the
person asserting any such loss, claim, damage or liability was an initial resale
by the Underwriter and any such loss, claim, damage or liability of or with
respect to the Underwriter results from the fact that both (i) a copy of the
Final Prospectus (excluding any documents incorporated by reference therein) was
not sent or given to such person at or prior to the written confirmation of the
sale of such Securities

<PAGE>

to such person and (ii) the untrue statement in or omission from such
Preliminary Prospectus was corrected in the Final Prospectus unless, in either
case, such failure to deliver the Final Prospectus was a result of
non-compliance by the Company with the provisions of Section 4 hereof. This
indemnity will be in addition to any liability which the Company may otherwise
have, including under this Agreement.

            B.    Each Underwriter severally, and not jointly, agrees to
indemnify and hold harmless the Company, each of the directors of the Company,
each of the officers of the Company who shall have signed the Registration
Statement, and each other person, if any, who controls the Company within the
meaning of Section 15 of the 1933 Act or Section 20(a) of the 1934 Act, against
any losses, liabilities, claims, damages and expenses whatsoever as incurred
(including but not limited to reasonable attorneys' fees and any and all
expenses reasonably and necessarily incurred in investigating, preparing or
defending against any litigation, commenced or threatened, or any claim
whatsoever, and any and all amounts paid in settlement of any claim or
litigation) to which they or any of them may become subject under the 1933 Act,
the 1934 Act or otherwise, insofar as such losses, liabilities, claims, damages
or expenses (or actions in respect thereof) arise out of or are based upon any
untrue statement or alleged untrue statement of a material fact contained in the
Registration Statement for the registration of the Securities, as originally
filed or any amendment thereof, or any related Preliminary Prospectus or the
Final Prospectus, or in any amendment thereof or supplement thereto, or arise
out of or are based upon the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, in each case to the extent, but only to the extent, that
any such loss, liability, claim, damage or expense arises out of or is based
upon any such untrue statement or alleged untrue statement or omission or
alleged omission made therein in reliance upon and in conformity with written
information furnished to the Company by or on behalf of such Underwriter through
the Representatives expressly for use therein; it being understood and agreed
that the only such information furnished by any Underwriter consists of the
information described as such in the Terms Agreement. This indemnity will be in
addition to any liability which any Underwriter may otherwise have, including
under this Agreement.

            C.    Promptly after receipt by an indemnified party under
subsection (a) or (b) above of notice of the commencement of any action, such
indemnified party shall, if a claim in respect thereof is to be made against the
indemnifying party under such subsection, notify each party against whom
indemnification is to be sought in writing of the commencement thereof (but the
failure so to notify an indemnifying party shall not relieve it from any
liability which it may have under this Section 6). In case any such action is
brought against any indemnified party, and it notifies an indemnifying party of
the commencement thereof, the indemnifying party will be entitled to participate
therein, and to the extent it may elect by written notice delivered to the
indemnified party promptly after receiving the aforesaid notice from such
indemnified party, to assume the defense thereof with counsel reasonably
satisfactory to such indemnified party. Notwithstanding the foregoing, the
indemnified party or parties shall have the right to employ its or their own
counsel in any such case, but the fees and expenses of such counsel shall be at
the expense of such indemnified party or parties unless (i) the employment of
such counsel shall have been authorized in writing by one of the indemnifying
parties in connection with the defense of such action, (ii) the indemnifying
parties shall not have employed counsel reasonably satisfactory to the
indemnified parties to have charge of the defense of such action within a
reasonable time after notice of commencement of the action, or (iii) such
indemnified party or

<PAGE>

parties shall have reasonably concluded that there may be defenses available to
it or them which are different from or additional to those available to one or
all of the indemnifying parties (in which case the indemnifying parties shall
not have the right to direct the defense of such action on behalf of the
indemnified party or parties), in any of which events such fees and expenses
shall be borne by the indemnifying parties. Anything in this subsection to the
contrary notwithstanding, an indemnifying party shall not be liable for any
settlement of any claim or action effected without its written consent;
provided, however, that such consent was not unreasonably withheld. No
indemnifying party shall, without the written consent of the indemnified party,
effect any settlement of any pending or threatened proceeding in respect of
which any indemnified party is or could have been a party and indemnification
could have been sought hereunder by such indemnified party, unless such
settlement (x) includes an unconditional release of such indemnified party, in
form and substance reasonably satisfactory to such indemnified party, from all
liability on claims that are the subject matter of such proceeding and (y) does
not include any statement as to or any admission of fault, culpability or a
failure to act by or on behalf of any indemnified party.

            D.    If at any time an indemnified party shall have requested an
indemnifying party to reimburse the indemnified party for fees and expenses of
counsel, such indemnifying party agrees that it shall be liable for any
settlement of the nature contemplated by Section 6C effected without its written
consent if (i) such settlement is entered into more than 45 days after receipt
by such indemnifying party of the aforesaid request, (ii) such indemnifying
party shall have received notice of the terms of such settlement at least 30
days prior to such settlement being entered into and (iii) such indemnifying
party shall not have reimbursed such indemnified party in accordance with such
request prior to the date of such settlement.

            7.    Contribution. In order to provide for contribution in
circumstances in which the indemnification provided for in Section 6 is for any
reason held to be unavailable from any indemnifying party or is insufficient to
hold harmless a party indemnified thereunder, then the indemnifying parties
shall contribute to the aggregate losses, claims, damages, liabilities and
expenses of the nature contemplated by such indemnification provision (including
any investigation, legal and other expenses incurred in connection with, and any
amount paid in settlement of, any action, suit or proceeding or any claims
asserted, but after deducting in the case of losses, claims, damages,
liabilities and expenses suffered by the Company any contribution received by
the Company from persons, other than the Underwriters, who may also be liable
for contributions, including persons who control the Company within the meaning
of Section 15 of the 1933 Act or Section 20(a) of the 1934 Act, officers of the
Company who signed the Registration Statement and directors of the Company) as
incurred to which the Company and one or more of the Underwriters may be
subject, in such proportions as is appropriate to reflect the relative benefits
received by the Company and the Underwriters from the offering of the Securities
or, if such allocation is not permitted by applicable law or indemnification is
not available as a result of the indemnifying party not having received notice
as provided in Section 6 hereof, in such proportion as is appropriate to reflect
not only the relative benefits referred to above but also the relative fault of
the Company and the Underwriters in connection with the statements or omissions
which resulted in such losses, claims, damages, liabilities or expenses, as well
as any other relevant equitable considerations. The relative benefits received
by the Company and the Underwriters shall be deemed to be in the same proportion
as (x) the total proceeds from the offering (net of underwriting discounts and

<PAGE>

commissions but before deducting expenses) received by the Company and (y) the
underwriting discounts and commissions received by the Underwriters,
respectively, in each case as set forth in the table on the cover page of the
Final Prospectus. The relative fault of the Company and of the Underwriters
shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission
to state a material fact relates to information supplied by the Company or the
Underwriters and the parties' relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission. The Company
and the Underwriters agree that it would not be just and equitable if
contribution pursuant to this Section 7 were determined by pro rata allocation
(even if the Underwriters were treated as one entity for such purpose) or by any
other method of allocation which does not take account of the equitable
considerations referred to above. Notwithstanding the provisions of this Section
7, in no case shall any Underwriter be liable or responsible for any amount in
excess of the underwriting discount applicable to the securities purchased by
such Underwriter hereunder. Notwithstanding the provisions of this Section 7 and
the preceding sentence, (i) no Underwriter shall be required to contribute any
amount in excess of the amount by which the total price at which the Securities
underwritten by it and distributed to the public were offered to the public
exceeds the amount of any damages that such Underwriter has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission and (ii) no person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the 1933 Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation. For purposes of this Section 7, each person, if any, who
controls an Underwriter within the meaning of Section 15 of the 1933 Act or
Section 20(a) of the 1934 Act shall have the same rights to contribution as such
Underwriter, and each person, if any, who controls the Company within the
meaning of Section 15 of the 1933 Act or Section 20(a) of the 1934 Act, each
officer of the Company who shall have signed the Registration Statement and each
director of the Company shall have the same rights to contribution as the
Company, subject in each case to clauses (i) and (ii) of this Section 7. Any
party entitled to contribution will, promptly after receipt of notice of
commencement of any action, suit or proceeding against such party in respect of
which a claim for contribution may be made against another party or parties,
notify each party or parties from whom contribution may be sought, but the
omission to so notify such party or parties shall not relieve the party or
parties from whom contribution may be sought from any obligation it or they may
have under this Section 7 or otherwise. The obligation of the Underwriters to
contribute pursuant to this Section 7 shall be several in proportion to their
respective underwriting obligations and not joint.

            8.    Representations, Warranties and Agreements to Survive
Delivery. All representations, warranties, indemnities and agreements contained
in this Agreement or any Term Agreement, or contained in certificates of
officers of the Company submitted pursuant hereto, shall remain operative and in
full force and effect regardless of any termination of the applicable Terms
Agreement (including this Agreement as incorporated by reference therein), or
any investigation made by or on behalf of any Underwriter or controlling person,
or by or on behalf of the Company, and shall survive delivery of, and payment
for, any Securities to the Underwriters.

            9.    Termination. The Representatives may terminate the applicable
Terms Agreement (including this Agreement, as incorporated by reference
therein), immediately upon notice to the Company, at any time at or prior to the
applicable Closing Time (i) if there has

<PAGE>

been, since the date of such Terms Agreement or since the respective dates as of
which information is given in the Final Prospectus, any material adverse change
in the condition, (financial or otherwise), earnings, results of operations,
business or properties of the Company and its subsidiaries considered as one
enterprise, whether or not from transactions arising in the ordinary course of
business, or (ii) if there has occurred any outbreak or escalation of
hostilities or other calamity or crisis or change in general domestic or
international economic, political or financial conditions either within or
outside of the United States the effect of which is such as to make it, in the
judgment of the Representatives, impracticable or inadvisable to proceed with
the offering, sale or delivery of the Securities, or (iii) if trading in any
Securities of the Company has been suspended by the Commission or any securities
exchange or in the over-the-counter market, or if trading generally on the
American Stock Exchange, the New York Stock Exchange or in the over-the-counter
market has been suspended, or minimum or maximum prices for trading have been
fixed, or maximum ranges for prices for securities have been required, by either
of said exchanges or by order of the Commission or any other governmental
authority, or if a banking moratorium has been declared by either Federal or New
York authorities or (iv) there shall have been since the execution of such Terms
Agreement any decrease in the ratings of any of the Company's debt securities by
any "nationally recognized statistical rating organization" (as defined for
purpose of Rule 436(g) under the 1933 Act) or any notice given of any intended
or potential decrease in any such rating or of a possible change in any such
rating that does not indicate the direction of the possible change.

            10.   Default. If one or more of the Underwriters shall fail at the
applicable Closing Time to purchase the Securities which it or they are
obligated to purchase under the applicable Terms Agreement (the "Defaulted
Securities"), then the Representatives shall have the right, within 24 hours
thereafter, to make arrangements for one or more of the non-defaulting
Underwriters, or any other underwriters, to purchase all, but not less than all,
of the Defaulted Securities in such amounts as may be agreed upon and upon the
terms herein set forth. If, however, during such 24 hours you shall not have
completed such arrangements for the purchase of all of the Defaulted Securities,
then:

            A.    if the aggregate principal amount of Defaulted Securities does
not exceed 10% of the aggregate principal amount of the Securities to be
purchased pursuant to such Terms Agreement, the non-defaulting Underwriters
shall be obligated to purchase the full amount thereof in the proportions that
their respective underwriting obligations under the applicable Terms Agreement
(including this Agreement as incorporated by reference therein) bear to the
underwriting obligations of all such non-defaulting Underwriters, unless
otherwise agreed, or

            B.    if the aggregate principal amount of Defaulted Securities
exceeds 10% of the aggregate principal amount of the Securities to be purchased
pursuant to such Terms Agreement, such Terms Agreement (including this Agreement
as incorporated by reference therein) shall terminate, without any liability on
the part of any non-defaulting Underwriter or the Company.

      No action taken pursuant to this Section shall relieve any defaulting
Underwriter from liability in respect of any default of such Underwriter under
the applicable Terms Agreement or this Agreement.

<PAGE>

      In the event of a default by any Underwriter or Underwriters as set forth
in this Section which does not result in termination of the applicable Terms
Agreement, either the Representatives or the Company shall have the right to
postpone the applicable Closing Time for a period not exceeding seven days in
order that any required changes in the Registration Statement or the Final
Prospectus or in any other documents or arrangements may be effected.

            11.   Notices. All notices and other communications hereunder shall
be in writing and shall be deemed to have been duly given if mailed or
transmitted by any standard form of telecommunication. Notices to the
Underwriters shall be directed to you as provided in the applicable Terms
Agreement. Notices to the Company shall be directed to it at Boston Scientific
Corporation, One Boston Scientific Place, Natick, Massachusetts 01760-1537,
attention of the Chief Financial Officer with a copy to the General Counsel.

            12.   Parties. The applicable Terms Agreement and this Agreement
shall inure to the benefit of and be binding upon the Underwriters and the
Company, and their respective successors and the officers and directors and any
controlling persons referred to in Section 6 hereof. Nothing expressed or
mentioned in the applicable Terms Agreement or this Agreement is intended or
shall be construed to give any person, firm or corporation, other than the
parties hereto or thereto and their respective successors and the controlling
persons and officers and directors referred to in Sections 6 and 7 and their
heirs and legal representatives, any legal or equitable right, remedy or claim
under or in respect of the applicable Terms Agreement or this Agreement or any
provision therein or herein contained. The applicable Terms Agreement and this
Agreement and all conditions and provisions thereof and hereof are intended to
be for the sole and exclusive benefit of the parties and their respective
successors and said controlling persons and officers and directors and their
heirs and legal representatives, and for the benefit of no other person, firm or
corporation. No purchaser of Securities from any Underwriter shall be deemed to
be a successor by reason merely of such purchase.

            13.   Authority of the Representatives. Any action by the
Underwriters hereunder may be taken by the Representatives on behalf of the
Underwriters, and any such action taken by the Representatives shall be binding
upon the Underwriters.

            14.   Governing Law. THIS AGREEMENT AND EACH TERMS AGREEMENT SHALL
BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

            15.   Amendments or Waivers. No amendment or waiver of any provision
of this Agreement, nor any consent or approval to any departure therefrom, shall
in any event be effective unless the same shall be in writing and signed by the
parties hereto.

            16.   Headings. The headings herein are included for convenience of
reference only and are not intended to be part of, or to affect the meaning or
interpretation of, this Agreement.

                                          Very truly yours,

                                          BOSTON SCIENTIFIC CORPORATION

                                          By ____________________________
                                             Name:
                                             Title:

<PAGE>

                                                                       EXHIBIT A

                          BOSTON SCIENTIFIC CORPORATION
                                 Debt Securities

                             FORM OF TERMS AGREEMENT

                                                          Dated:_________, _____

To:   Boston Scientific Corporation
      One Boston Scientific Place
      Natick, Massachusetts  01760-1537

Dear Sirs:

            We understand that Boston Scientific Corporation, a Delaware
corporation (the "Company"), proposes to issue and sell its Debt Securities
having an aggregate initial public offering price or purchase price of $____ (as
described in more detail below, the "Securities"). Subject to the terms and
conditions set forth herein or incorporated by reference herein, the
underwriter(s) named below (the "Underwriter(s)") hereby offer(s) to purchase
such Securities.

            The Securities to be purchased by the Underwriter(s), which are to
be issued under an Indenture dated as of ________ between the Company and J.P.
Morgan Trust Company, National Association, as Trustee, as supplemented from
time to time by supplemental indentures and/or modified from time to time by
resolutions of the Board of Directors of the Company or a Pricing Committee
thereof as provided in Section 301 of such Indenture, shall have the following
terms:

            Principal Amount:

            Date of maturity:

            Interest rate:

            Interest payment dates:

            Public offering price:

            Purchase price:

            Redemption provisions:

            Form of Securities:

            Delayed Delivery Contracts:

            Underwriting Discount:            %

<PAGE>

            Closing date and location:

            Representatives:

            All of the provisions contained in the document entitled "Boston
Scientific Corporation Debt Securities, Underwriting Agreement-Basic
Provisions," dated as of ____________ __, _____, a copy of which is attached
hereto as Annex A, are herein incorporated by reference in their entirety and
shall be deemed to be a part of this Agreement to the same extent as if such
provisions had been set forth in full herein. Terms defined in such document are
used herein as therein defined. Each Underwriter severally agrees, subject to
the terms and provisions of this Terms Agreement, including the terms and
provisions incorporated by reference herein, to purchase the principal amount of
Securities set forth opposite its name.

            Name                                         Principal Amount

                                                         ----------------
            Total
                                                         ================

            Any notice by the Company to the Underwriter(s) pursuant to this
Terms Agreement shall be in writing and shall be deemed to have been duly given
if mailed or transmitted by any standard form of telecommunication addressed to:
____________________________.

            The Company acknowledges that the statements set forth in the last
paragraph of the cover page and in the ________________ paragraph[s] under the
caption "Underwriting" in the Final Prospectus constitute the only information
furnished in writing by or on behalf of any Underwriter expressly for use in the
Registration Statement relating to the Securities as originally filed or in any
amendment thereof, any related Preliminary Prospectus or the Final Prospectus or
in any amendment thereof or supplement thereto, as the case may be.

            Please accept this offer by signing a copy of this Terms Agreement
in the space set forth below and returning the signed copy to us.

                                          Acting on behalf of themselves and as
                                          the Representatives of the several
                                          Underwriters

                                          By ________________________________

Accepted:

BOSTON SCIENTIFIC CORPORATION

By ________________________________

                                       2

<PAGE>

                                                                       EXHIBIT B

                          BOSTON SCIENTIFIC CORPORATION
                                 Debt Securities

                            DELAYED DELIVERY CONTRACT

                                                         ____________ __, _____


Boston Scientific Corporation
c/o [Name and address of Representatives]

Attention:

Dear Sirs:

            The undersigned hereby agree to purchase from Boston Scientific
Corporation (the "Company"), and the Company agrees to sell to the undersigned
on __________ __, ____ (the "Delivery Date"), principal amount of the Company's
Debt Securities due ___________ __, ____ (the "Securities"), offered by the
Company's Basic Prospectus dated ____, as supplemented by its Final Prospectus
dated ___________ __, ____, receipt of which is hereby acknowledged, at a
purchase price of ____% of the principal amount thereof, plus accrued interest
from ____, to the Delivery Date, and on the further terms and conditions set
forth in the contract.

            Payment for the Securities which the undersigned has agreed to
purchase on the Delivery Date shall be made to the Company or by wire transfer
in same day funds, on the Delivery Date, upon delivery to the undersigned at the
office of [name and address of Representatives], of the Securities to be
purchased by the undersigned in definitive form and in such denominations and
registered in such names as the undersigned may designate by written or
telegraphic communication addressed to the Company not less than five full
business days prior to the Delivery Date.

            The obligation of the undersigned to take delivery of and make
payment for Securities on the Delivery Date shall be subject only to the
conditions that (1) the purchase of Securities to be made by the undersigned
shall not on the Delivery Date be prohibited under the laws of the jurisdiction
to which the undersigned is subject and (2) the Company, on or before
___________ __, ____, shall have sold to the Underwriters of the Securities (the
"Underwriters") such principal amount of the Securities as is to be sold to them
pursuant to the Terms Agreement dated ___________ __, ____ between the Company
and the Underwriters. The obligation of the undersigned to take delivery of and
make payment for Securities shall not be affected by the failure of any
purchaser to take delivery of and make payment for Securities pursuant to other
contracts similar to this contract. The undersigned represents and warrants to
you that its investment in the Securities is not, as of the date hereof,
prohibited under the laws of any jurisdiction to which the undersigned is
subject and which govern such investment.

<PAGE>

            Promptly after completion of the sale to the Underwriters, the
Company will mail or deliver to the undersigned at its address set forth below
notice to such effect, accompanied by a copy of the opinion of counsel for the
Company delivered to the Underwriters in connection therewith.

            By the execution hereof, the undersigned represents and warrants to
the Company that all necessary corporate action for the due execution and
delivery of this contract and the payment for and purchase of the Securities has
been taken by it and no further authorization or approval of any governmental or
other regulatory authority is required for such execution, delivery, payment or
purchase, and that, upon acceptance hereof by the Company and mailing or
delivery of a copy as provided below, this contract will constitute a valid and
binding agreement of the undersigned in accordance with its terms.

                                          [Name of Purchaser]

                                          By ___________________________

Accepted:

Boston Scientific Corporation

By ______________________

                                       2

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>3
<FILENAME>b51909bsexv4w3.txt
<DESCRIPTION>EX-4.3 FORM OF DEBT SECURITIES INDENTURE
<TEXT>
<PAGE>

                                                                     EXHIBIT 4.3

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

                          BOSTON SCIENTIFIC CORPORATION

                                       TO

                           J.P. MORGAN TRUST COMPANY,
                              NATIONAL ASSOCIATION,

                                   as Trustee

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

                                    Indenture

                            Dated as of [__], 20[__]

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

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

<PAGE>

                          BOSTON SCIENTIFIC CORPORATION

               Reconciliation and tie between Trust Indenture Act
                 of 1939 and Indenture, dated as of [__], 20[__]

<TABLE>
<CAPTION>
TRUST INDENTURE
  ACT SECTION                                                                     INDENTURE SECTION
---------------                                                                   -----------------
<S>                                                                               <C>
Sec. 310(a)(1)         ........................................................   607
        (a)(2)         ........................................................   607
        (b)            ........................................................   608
Sec. 312(c)            ........................................................   701
Sec. 314(a)            ........................................................   703
        (a)(4)         ........................................................   1004
        (c)(1)         ........................................................   102
        (c)(2)         ........................................................   102
        (e)            ........................................................   102
Sec. 315(b)            ........................................................   601
Sec. 316(a)(last
        sentence)      ........................................................   101 ("Outstanding")
        (a)(1)(A)      ........................................................   502, 512
        (a)(1)(B)      ........................................................   513
        (b)            ........................................................   508
        (c)            ........................................................   104(c)
Sec. 317(a)(1)         ........................................................   503
        (a)(2)         ........................................................   504
        (b)            ........................................................   1003
Sec. 318(a)            ........................................................   111
</TABLE>

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

Note: This reconciliation and tie shall not, for any purpose, be deemed to be a
      part of the Indenture.

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                     Page
<S>                                                                                                                  <C>
PARTIES .........................................................................................................       1
RECITALS OF THE COMPANY..........................................................................................       1

                                                   ARTICLE ONE

                             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

SECTION 101. Definitions.........................................................................................       1
SECTION 102. Compliance Certificates and Opinions................................................................      11
SECTION 103. Form of Documents Delivered to Trustee..............................................................      12
SECTION 104. Acts of Holders.....................................................................................      12
SECTION 105. Notices, etc. to Trustee and Company................................................................      14
SECTION 106. Notice to Holders; Waiver...........................................................................      14
SECTION 107. Effect of Headings and Table of Contents............................................................      15
SECTION 108. Successors and Assigns..............................................................................      15
SECTION 109. Separability Clause.................................................................................      16
SECTION 110. Benefits of Indenture...............................................................................      16
SECTION 111. Governing Law.......................................................................................      16
SECTION 112. Legal Holidays......................................................................................      16
SECTION 113. No Recourse.........................................................................................      16

                                                   ARTICLE TWO

                                                  SECURITY FORMS

SECTION 201. Forms Generally.....................................................................................      17
SECTION 202. Form of Trustee's Certificate of Authentication.....................................................      17
SECTION 203. Securities Issuable in Global Form..................................................................      18

                                                  ARTICLE THREE

                                                  THE SECURITIES

SECTION 301. Amount Unlimited; Issuable in Series................................................................      19
SECTION 302. Denominations.......................................................................................      22
SECTION 303. Execution, Authentication, Delivery and Dating......................................................      23
SECTION 304. Temporary Securities................................................................................      25
SECTION 305. Registration, Registration of Transfer and Exchange.................................................      27
SECTION 306. Mutilated, Destroyed, Lost and Stolen Securities....................................................      31
SECTION 307. Payment of Interest; Interest Rights Preserved; Optional Interest Reset.............................      32
SECTION 308. Optional Extension of Stated Maturity...............................................................      34
</TABLE>

------------
Note: This table of contents shall not, for any purpose, be deemed to be a part
      of the Indenture.

                                        i
<PAGE>

<TABLE>
<S>                                                                                                                    <C>
SECTION 309. Persons Deemed Owners...............................................................................      35
SECTION 310. Cancellation........................................................................................      36
SECTION 311. Computation of Interest.............................................................................      36
SECTION 312. Currency and Manner of Payments in Respect of Securities............................................      36
SECTION 313. Appointment and Resignation of Successor Exchange Rate Agent........................................      39

                                                   ARTICLE FOUR

                                            SATISFACTION AND DISCHARGE

SECTION 401. Satisfaction and Discharge of Indenture.............................................................      40
SECTION 402. Application of Trust Money..........................................................................      41

                                                   ARTICLE FIVE

                                                    REMEDIES

SECTION 501. Events of Default...................................................................................      42
SECTION 502. Acceleration of Maturity; Rescission and Annulment..................................................      43
SECTION 503. Collection of Indebtedness and Suits for Enforcement by Trustee.....................................      44
SECTION 504. Trustee May File Proofs of Claim....................................................................      44
SECTION 505. Trustee May Enforce Claims Without Possession of Securities.........................................      45
SECTION 506. Application of Money Collected......................................................................      45
SECTION 507. Limitation on Suits.................................................................................      46
SECTION 508. Unconditional Right of Holders to Receive Principal, Premium and Interest...........................      47
SECTION 509. Restoration of Rights and Remedies..................................................................      47
SECTION 510. Rights and Remedies Cumulative......................................................................      47
SECTION 511. Delay or Omission Not Waiver........................................................................      47
SECTION 512. Control by Holders..................................................................................      47
SECTION 513. Waiver of Past Defaults.............................................................................      48
SECTION 514. Waiver of Stay or Extension Laws....................................................................      48

                                                   ARTICLE SIX

                                                   THE TRUSTEE

SECTION 601. Notice of Defaults..................................................................................      48
SECTION 602. Certain Duties, Responsibilities and Rights of Trustee..............................................      49
SECTION 603. Trustee Not Responsible for Recitals or Issuance of Securities......................................      51
SECTION 604. May Hold Securities.................................................................................      51
SECTION 605. Money Held in Trust.................................................................................      51
SECTION 606. Compensation and Reimbursement......................................................................      52
SECTION 607. Corporate Trustee Required; Eligibility; Conflicting Interests; Disqualification....................      52
SECTION 608. Resignation and Removal; Appointment of Successor...................................................      53
SECTION 609. Acceptance of Appointment by Successor..............................................................      54
SECTION 610. Merger, Conversion, Consolidation or Succession to Business.........................................      55
SECTION 611. Appointment of Authenticating Agent.................................................................      56
</TABLE>

                                       ii
<PAGE>

<TABLE>
<S>                                                                                                                    <C>
                                                   ARTICLE SEVEN

                                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

SECTION 701. Disclosure of Names and Addresses of Holders........................................................      57
SECTION 702. Reports by Trustee..................................................................................      57
SECTION 703. Reports by Company..................................................................................      58

                                                   ARTICLE EIGHT

              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

SECTION 801. Company May Consolidate, etc., Only on Certain Terms................................................      58
SECTION 802. Successor Person Substituted........................................................................      59

                                                   ARTICLE NINE

                                             SUPPLEMENTAL INDENTURES

SECTION 901. Supplemental Indentures Without Consent of Holders..................................................      59
SECTION 902. Supplemental Indentures with Consent of Holders.....................................................      61
SECTION 903. Execution of Supplemental Indentures................................................................      62
SECTION 904. Effect of Supplemental Indentures...................................................................      62
SECTION 905. Conformity with Trust Indenture Act.................................................................      62
SECTION 906. Reference in Securities to Supplemental Indentures..................................................      62
SECTION 907. Notice of Supplemental Indentures...................................................................      62
SECTION 908. Effect on Senior Indebtedness.......................................................................      62

                                                    ARTICLE TEN

                                                     COVENANTS

SECTION 1001. Payment of Principal, Premium, if any, and Interest................................................      62
SECTION 1002. Maintenance of Office or Agency....................................................................      63
SECTION 1003. Money for Securities Payments to Be Held in Trust..................................................      64
SECTION 1004. Statement as to Compliance.........................................................................      65
SECTION 1005. Additional Amounts.................................................................................      66
SECTION 1006. Payment of Taxes and Other Claims..................................................................      67
SECTION 1007. Maintenance of Principal Properties................................................................      67
SECTION 1008. Corporate Existence................................................................................      67
SECTION 1009. Limitation on Liens................................................................................      67
SECTION 1010. Waiver of Certain Covenants........................................................................      68

                                                  ARTICLE ELEVEN

                                             REDEMPTION OF SECURITIES

SECTION 1101. Applicability of Article...........................................................................      69
</TABLE>

                                       iii
<PAGE>

<TABLE>
<S>                                                                                                                    <C>
SECTION 1102. Election to Redeem; Notice to Trustee..............................................................      69
SECTION 1103. Selection by Trustee of Securities to Be Redeemed..................................................      69
SECTION 1104. Notice of Redemption...............................................................................      70
SECTION 1105. Deposit of Redemption Price........................................................................      71
SECTION 1106. Securities Payable on Redemption Date..............................................................      71
SECTION 1107. Securities Redeemed in Part........................................................................      72

                                                  ARTICLE TWELVE

                                                  SINKING FUNDS

SECTION 1201. Applicability of Article...........................................................................      72
SECTION 1202. Satisfaction of Sinking Fund Payments with Securities..............................................      72
SECTION 1203. Redemption of Securities for Sinking Fund..........................................................      73

                                                 ARTICLE THIRTEEN

                                          REPAYMENT AT OPTION OF HOLDERS

SECTION 1301. Applicability of Article...........................................................................      74
SECTION 1302. Repayment of Securities............................................................................      74
SECTION 1303. Exercise of Option.................................................................................      74
SECTION 1304. When Securities Presented for Repayment Become Due and Payable.....................................      75
SECTION 1305. Securities Repaid in Part..........................................................................      76

                                                 ARTICLE FOURTEEN

                                        DEFEASANCE AND COVENANT DEFEASANCE

SECTION 1401. Company's Option to Effect Defeasance or Covenant Defeasance.......................................      76
SECTION 1402. Defeasance and Discharge...........................................................................      76
SECTION 1403. Covenant Defeasance................................................................................      77
SECTION 1404. Conditions to Defeasance or Covenant Defeasance....................................................      77
SECTION 1405. Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions.....      79
SECTION 1406. Reinstatement......................................................................................      79

                                                  ARTICLE FIFTEEN

                                        MEETINGS OF HOLDERS OF SECURITIES

SECTION 1501. Purposes for Which Meetings May Be Called..........................................................      80
SECTION 1502. Call, Notice and Place of Meetings.................................................................      80
SECTION 1503. Persons Entitled to Vote at Meetings...............................................................      80
SECTION 1504. Quorum; Action.....................................................................................      81
SECTION 1505. Determination of Voting Rights; Conduct and Adjournment of Meetings................................      82
SECTION 1506. Counting Votes and Recording Action of Meetings....................................................      82
</TABLE>

                                       iv
<PAGE>

<TABLE>
<S>                                                                                                                    <C>
                                                  ARTICLE SIXTEEN

                                           SUBORDINATION OF SECURITIES

SECTION 1601. Agreement to Subordinate...........................................................................      83
SECTION 1602. Distribution on Dissolution, Liquidation and Reorganization; Subrogation of Securities.............      83
SECTION 1603. No Payment on Securities in Event of Default on Senior Indebtedness................................      85
SECTION 1604. Payments on Securities Permitted...................................................................      85
SECTION 1605. Authorization of Holders to Trustee to Effect Subordination........................................      85
SECTION 1606. Notices to Trustee.................................................................................      86
SECTION 1607. Trustee as Holder of Senior Indebtedness...........................................................      86
SECTION 1608. Modifications of Terms of Senior Indebtedness......................................................      86
SECTION 1609. Reliance on Judicial Order or Certificate of Liquidating Agent.....................................      87
SECTION 1610. Satisfaction and Discharge; Defeasance and Covenant Defeasance.....................................      87

EXHIBIT A     FORMS OF CERTIFICATION
</TABLE>

                                        v
<PAGE>

            INDENTURE, dated as of [__], 20[__], between BOSTON SCIENTIFIC
CORPORATION, a corporation duly organized and existing under the laws of the
State of Delaware (herein called the "Company"), having its principal office at
One Boston Scientific Place, Natick, Massachusetts 01760-1537, and J.P. MORGAN
TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, as Trustee
(herein called the "Trustee").

                             RECITALS OF THE COMPANY

            The Company has duly authorized the execution and delivery of this
Indenture to provide for the issuance from time to time of its unsecured senior
or subordinated debentures, notes or other evidences of indebtedness (herein
called the "Securities"), which may be convertible into or exchangeable for any
securities of any person (including the Company), to be issued in one or more
series as in this Indenture provided.

            This Indenture is subject to the provisions of the Trust Indenture
Act of 1939, as amended, that are required to be part of this Indenture and
shall, to the extent applicable, be governed by such provisions.

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

            NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

                                   ARTICLE ONE

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

            SECTION 101. Definitions. For all purposes of this Indenture, except
as otherwise expressly provided or unless the context otherwise requires:

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

            (2) all other terms used herein which are defined in the Trust
      Indenture Act, either directly or by reference therein, have the meanings
      assigned to them therein, and the terms "cash transaction" and
      "self-liquidating paper", as used in TIA Section 311, shall have the
      meanings assigned to them in the rules of the Commission adopted under the
      Trust Indenture Act;

            (3) all accounting terms not otherwise defined herein have the
      meanings assigned to them in accordance with generally accepted accounting
      principles, and, except as otherwise herein expressly provided, the term
      "generally accepted accounting

<PAGE>

      principles" with respect to any computation required or permitted
      hereunder shall mean such accounting principles as are generally accepted
      at the date of such computation; and

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

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

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

            "Additional Amounts" has the meaning specified in Section 1005.

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

            "Authenticating Agent" means any Person appointed by the Trustee to
act on behalf of the Trustee pursuant to Section 611 to authenticate Securities.

            "Authorized Newspaper" means a newspaper, in the English language or
in an official language of the country of publication, customarily published on
each Business Day, whether or not published on Saturdays, Sundays or holidays,
and of general circulation in each place in connection with which the term is
used or in the financial community of each such place. 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.

            "Bearer Security" means any Security except a Registered Security.

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

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

            "Business Day", when used with respect to any Place of Payment or
any other particular location referred to in this Indenture or in the
Securities, means, unless otherwise specified with respect to any Securities
pursuant to Section 301, each Monday, Tuesday, Wednesday, Thursday and Friday
which is not a day on which banking institutions in that Place of Payment or
other location are authorized or obligated by law or executive order to close.

            "Clearstream" means Clearstream, societe anonyme, or its successor.

                                        2
<PAGE>

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

            "Common Depositary" has the meaning specified in Section 304.

            "Company" means the Person named as the "Company" in the first
paragraph of this Indenture until a successor Person shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter
"Company" shall mean such successor Person.

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

            "Consolidated Intangibles" means at any time, all amounts included
in the Consolidated Net Worth of the Company at such time which, in accordance
with GAAP, would be classified as intangible assets, net of accumulated
amortization, on a consolidated balance sheet of the Company and its
Subsidiaries, including, without limitation, (a) goodwill, net of accumulated
amortization, (other than negative goodwill), including any amounts (however
designated on the balance sheet) representing the cost of acquisitions or
investments in excess of the sum of (i) underlying net tangible assets and (ii)
purchased research and development to the extent such costs will be expensed
within 12 months of such acquisition or investment, or within 12 months from the
time identification of such costs is required, and (b) patents, trademarks,
copyrights and other intangibles, net of accumulated amortization.

            "Consolidated Net Worth" means at any time, all amounts which would,
in accordance with GAAP, be included under shareholders' equity or classified as
temporary equity, as prescribed by the Financial Accounting Standards Board or
by the Commission (i.e. contingent stock repurchase obligations), on a
consolidated balance sheet of the Company and its Subsidiaries as at such time,
plus special charges (which would be designated as merger-related charges and
expenses in the notes to the Company's audited annual consolidated financial
statements) incurred in merging of operations related to mergers and
acquisitions.

            "Consolidated Tangible Assets" means at any date, the Consolidated
Total Assets minus (without duplication) the net book value of all assets which
would be treated as intangible assets, as determined on a consolidated basis in
accordance with GAAP.

            "Consolidated Total Assets" means, at any date, the net book value
of all assets of the Company and its subsidiaries as determined on a
consolidated basis in accordance with GAAP.

            "Conversion Date" has the meaning specified in Section 312(d).

            "Conversion Event" means the cessation of use of (i) a Foreign
Currency both by the government of the country which issued such Currency and by
a central bank or other public institution of or within the international
banking community for the settlement of transactions, (ii) the ECU both within
the European Monetary System and for the settlement of transactions by

                                        3
<PAGE>

public institutions of or within the European Union or (iii) any currency unit
(or composite currency) other than the ECU for the purposes for which it was
established.

            "Corporate Trust Office" means the office of the Trustee in Boston,
Massachusetts, at which at any particular time its corporate trust business
shall be administered, which office on the date of execution of this Indenture
is located at 50 Rowes Wharf, 4th Floor, Boston, Massachusetts 02110, Attention:
Institutional Trust Services, or such other office or address as the Trustee may
designate from time to time by notice to the Company, except that with respect
to presentation or surrender of Securities for payment, for registration of
transfer or exchange or for conversion or exchange, or notices and demands to or
upon the Company in respect of Securities and this Indenture may be served, and
if and to the extent that the Trustee is to act as agent of the Company as
contemplated herein, such term shall mean the office or agency of the Trustee at
which, at any particular time, its corporate agency business shall be conducted.

            "corporation" includes corporations, associations, companies and
business or statutory trusts.

            "coupon" means any interest coupon appertaining to a Bearer
Security.

            "Currency" means any currency or currencies, composite currency or
currency unit or currency units, including, without limitation, the ECU, issued
by the government of one or more countries or by any recognized confederation or
association of such governments.

            "Debt" means notes, bonds, debentures or other similar evidences of
indebtedness for money borrowed.

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

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

            "Depositary" means, with respect to Registered Securities of any
series, for which the Company shall determine that such Registered Securities
will be issued in permanent global form, The Depository Trust Company, New York,
New York, another clearing agency, or any successor registered as a clearing
agency under the Securities and Exchange Act of 1934, as amended (the "EXCHANGE
ACT"), or other applicable statute or regulations, which in each case, shall be
designated by the Company pursuant to Section 301.

            "Dollar" or "$" means a dollar or other equivalent unit in such coin
or currency of the United States of America as at the time shall be legal tender
for the payment of public and private debts.

            "Dollar Equivalent of the Currency Unit" has the meaning specified
in Section 312(g).

            "Dollar Equivalent of the Foreign Currency" has the meaning
specified in Section 312(f).

                                        4
<PAGE>

            "Euro" means the basic unit of currency among participating European
Union countries, as revised or replaced from time to time.

            "Election Date" has the meaning specified in Section 312(h).

            "Euroclear" means Euroclear Bank S.A./N.V. as operator of Euroclear
System, and any successor thereto.

            "European Union" means the European Economic Community, the European
Coal and Steel Community and the European Atomic Energy Community, as may be
modified from time to time.

            "European Monetary System" means the European Monetary System
established by the Resolution of December 5, 1978 of the Council of the European
Communities.

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

            "Exchange Date" has the meaning specified in Section 304.

            "Exchange Rate Agent" means, with respect to Securities of or within
any series, unless otherwise specified with respect to any Securities pursuant
to Section 301, a New York Clearing House bank, designated pursuant to Section
301 or Section 313.

            "Exchange Rate Officer's Certificate" means a tested telex or a
certificate setting forth (i) the applicable Market Exchange Rate and (ii) the
Dollar or Foreign Currency amounts of principal (and premium, if any) and
interest, if any (on an aggregate basis and on the basis of a Security having
the lowest denomination principal amount determined in accordance with Section
302 in the relevant Currency), payable with respect to a Security of any series
on the basis of such Market Exchange Rate, sent (in the case of a telex) or
signed (in the case of a certificate) by the Treasurer or any Vice President of
the Company.

            "Federal Bankruptcy Code" means the Bankruptcy Act of Title 11 of
the United States Code, as amended from time to time.

            "Foreign Currency" means any Currency other than Currency of the
United States.

            "Government Obligations" means, unless otherwise specified with
respect to any series of Securities pursuant to Section 301, securities which
are (i) direct obligations of the government which issued the Currency in which
the Securities of a particular series are payable or (ii) obligations of a
Person controlled or supervised by and acting as an agency or instrumentality of
the government which issued the Currency in which the Securities of such series
are payable, the payment of which is unconditionally guaranteed by such
government, which, in either case, are full faith and credit obligations of such
government payable in such Currency and are not callable or redeemable at the
option of the issuer thereof and shall also include a depository receipt issued
by a bank or trust company as custodian with respect to any such Government
Obligation or a specific payment of interest on or principal of any such
Government Obligation held by such custodian for the account of the holder of a
depository

                                        5
<PAGE>

receipt; provided that (except as required by law) such custodian is not
authorized to make any deduction from the amount payable to the holder of such
depository receipt from any amount received by the custodian in respect of the
Government Obligation or the specific payment of interest or principal of the
Government Obligation evidenced by such depository receipt.

            "Holder" means, in the case of a Registered Security, the Person in
whose name a Security is registered in the Security Register and, in the case of
a Bearer Security, the bearer thereof and, when used with respect to any coupon,
shall mean the bearer thereof.

            "Indenture" means this instrument as originally executed and as it
may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof,
and shall include the terms of particular series of Securities established as
contemplated by Section 301; provided, however, that, if at any time more than
one Person is acting as Trustee under this instrument, "Indenture" shall mean,
with respect to any one or more series of Securities for which such Person is
Trustee, this instrument as originally executed or as it may from time to time
be supplemented or amended by one or more indentures supplemental hereto entered
into pursuant to the applicable provisions hereof and shall include the terms of
particular series of Securities for which such Person is Trustee established as
contemplated by Section 301, exclusive, however, of any provisions or terms
which relate solely to other series of Securities for which such Person is not
Trustee, regardless of when such terms or provisions were adopted, and exclusive
of any provisions or terms adopted by means of one or more indentures
supplemental hereto executed and delivered after such Person had become such
Trustee but to which such Person, as such Trustee, was not a party.

            "Indexed Security" means a Security the terms of which provide that
the principal amount thereof payable at Stated Maturity may be more or less than
the principal face amount thereof at original issuance.

            "interest", when used with respect to an Original Issue Discount
Security which by its terms bears interest only after Maturity, means interest
payable after Maturity at the rate prescribed in such Original Issue Discount
Security.

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

            "Lien" means any pledge, mortgage, lien, charge, encumbrance or
security interest.

            "Market Exchange Rate" means, unless otherwise specified with
respect to any Securities pursuant to Section 301, (i) for any conversion
involving a currency unit on the one hand and Dollars or any Foreign Currency on
the other, the exchange rate between the relevant currency unit and Dollars or
such Foreign Currency calculated by the method specified pursuant to Section 301
for the Securities of the relevant series, (ii) for any conversion of Dollars
into any Foreign Currency, the noon (New York City time) buying rate for such
Foreign Currency for cable transfers quoted in New York City as certified for
customs purposes by the Federal Reserve Bank of New York and (iii) for any
conversion of one Foreign Currency into Dollars or another Foreign Currency, the
spot rate at noon local time in the relevant market at which, in

                                        6
<PAGE>

accordance with normal banking procedures, the Dollars or Foreign Currency into
which conversion is being made could be purchased with the Foreign Currency from
which conversion is being made from major banks located in either New York City,
London or any other principal market for Dollars or such purchased Foreign
Currency, in each case determined by the Exchange Rate Agent. Unless otherwise
specified with respect to any Securities pursuant to Section 301, in the event
of the unavailability of any of the exchange rates provided for in the foregoing
clauses (i), (ii) and (iii), the Exchange Rate Agent shall use, in its sole
discretion and without liability on its part, such quotation of the Federal
Reserve Bank of New York as of the most recent available date, or quotations
from one or more major banks in New York City, London or another principal
market for the Currency in question, or such other quotations as the Exchange
Rate Agent shall deem appropriate. Unless otherwise specified by the Exchange
Rate Agent, if there is more than one market for dealing in any Currency by
reason of foreign exchange regulations or otherwise, the market to be used in
respect of such Currency shall be that upon which a non-resident issuer of
securities designated in such Currency would purchase such Currency in order to
make payments in respect of such securities.

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

            "Officer's Certificate" means a certificate signed by the Chairman,
the President or a Vice President, and by the Treasurer, the Secretary or an
Assistant Secretary of the Company, and delivered to the Trustee.

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

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

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

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

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

                                        7
<PAGE>

            (iii) Securities, except to the extent provided in Sections 1402 and
      1403, with respect to which the Company has effected defeasance and/or
      covenant defeasance as provided in Article Fourteen; and

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

provided, however, that in determining whether the Holders of the requisite
principal amount of the Outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder or are present at
a meeting of Holders for quorum purposes, and for the purpose of making the
calculations required by TIA Section 313, (i) the principal amount of an
Original Issue Discount Security that may be counted in making such
determination or calculation and that shall be deemed to be Outstanding for such
purpose shall be equal to the amount of principal thereof that would be (or
shall have been declared to be) due and payable, at the time of such
determination, upon a declaration of acceleration of the maturity thereof
pursuant to Section 502, (ii) the principal amount of any Security denominated
in a Foreign Currency that may be counted in making such determination or
calculation and that shall be deemed Outstanding for such purpose shall be equal
to the Dollar equivalent, determined as of the date such Security is originally
issued by the Company as set forth in an Exchange Rate Officer's Certificate
delivered to the Trustee, of the principal amount (or, in the case of an
Original Issue Discount Security, the Dollar equivalent as of such date of
original issuance of the amount determined as provided in clause (i) above) of
such Security, (iii) the principal amount of any Indexed Security that may be
counted in making such determination or calculation and that shall be deemed
outstanding for such purpose shall be equal to the principal face amount of such
Indexed Security at original issuance, unless otherwise provided with respect to
such Security pursuant to Section 301, and (iv) Securities owned by the Company
or any other obligor upon the Securities or any Affiliate of the Company or of
such other obligor shall be disregarded and deemed not to be Outstanding, except
that, in determining whether the Trustee shall be protected in making such
calculation or in relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only Securities which a Responsible
Officer of the Trustee actually knows to be so owned shall be so disregarded.
Securities so owned which have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Trustee the
pledgee's right so to act with respect to such Securities and that the pledgee
is not the Company or any other obligor upon the Securities or any Affiliate of
the Company or such other obligor.

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

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

                                        8
<PAGE>

            "Place of Payment" means, when used with respect to the Securities
of or within any series, the place or places where the principal of (and
premium, if any) and interest, if any, on such Securities are payable as
specified as contemplated by Sections 301 and 1002.

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

            "Principal Property" means any plant, warehouse, technology center
or other property, together with the land upon which it is erected and fixtures
comprising a part thereof, owned by the Company or any Restricted Subsidiary and
located in the United States, the gross book value (without deduction of any
reserve for depreciation) of which on the date as of which the determination is
being made is an amount which exceeds 10% of Consolidated Net Worth, other than
any such plant, warehouse, technology center or other property or any portion
thereof (together with the land upon which it is erected and fixtures comprising
a part thereof) which, in the opinion of the Board of Directors, is not of
material importance to the total business conducted by the Company and its
Subsidiaries, taken as a whole.

            "Receivables" means any accounts receivable of any Person, including
without limitation, any thereof constituting or evidenced by chattel paper,
instruments or intangibles (as defined in the Uniform Commercial Code of the
State of New York), and all proceeds thereof and rights (contractual and other)
and collateral related thereto.

            "Receivables Transaction" means any transactions or series of
related transactions providing for the financing of Receivables of the Company
or any of its subsidiaries.

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

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

            "Registered Security" means any Security registered in the Security
Register.

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

            "Repayment Date" means, when used with respect to any Security to be
repaid at the option of the Holder, the date fixed for such repayment pursuant
to this Indenture.

            "Repayment Price" means, when used with respect to any Security to
be repaid at the option of the Holder, the price at which it is to be repaid
pursuant to this Indenture.

                                        9
<PAGE>

            "Responsible Officer", when used with respect to the Trustee, shall
mean any officer of the Trustee within the Conventional Debt unit of
Institutional Trust Services (or any successor unit or department) of the
Trustee located at the Corporate Trust Office of the Trustee who has direct
responsibility for administration of this Indenture and, for purposes of Section
601 or subparagraph (3)(b) of the first paragraph of Section 602 hereof, also
includes any other officer to whom such matter is referred because of such
officer's knowledge of and familiarity with the particular subject.

            "Securities" has the meaning stated in the first recital of this
Indenture and more particularly means any Securities authenticated and delivered
under this Indenture; provided, however, that if at any time there is more than
one Person acting as Trustee under this Indenture, "Securities" with respect to
the Indenture as to which such Person is Trustee shall have the meaning stated
in the first recital of this Indenture and shall more particularly mean
Securities authenticated and delivered under this Indenture, exclusive, however,
of Securities of any series as to which such Person is not Trustee.

            "Security Register" and "Security Registrar" have the respective
meanings specified in Section 305.

            "Senior Indebtedness" means the principal of (and premium, if any)
and unpaid interest on (x) indebtedness of the Company (including indebtedness
of others guaranteed by the Company), whether outstanding on the date hereof or
thereafter created, incurred, assumed or guaranteed, for money borrowed other
than (a) any indebtedness of the Company which when incurred and without respect
to any election under Section 1111(b) of the Federal Bankruptcy Code, was
without recourse to the Company, (b) any Indebtedness of the Company to any of
its subsidiaries, (c) Indebtedness to any employee of the Company, (d) any
liability for taxes and (e) Trade Payables, unless in the instrument creating or
evidencing the same or pursuant to which the same is outstanding it is provided
that such indebtedness is not senior or prior in right of payment to the
Securities, and (y) renewals, extensions, modifications and refundings of any
such indebtedness. This definition may be modified or superceded by a
supplemental indenture.

            "Special Record Date" for the payment of any Defaulted Interest on
the Registered Securities of or within any series means a date fixed by the
Trustee pursuant to Section 307.

            "Stated Maturity", when used with respect to any Security or any
installment of principal thereof or interest thereon, means the date specified
in such Security or a coupon representing such installment of interest as the
fixed date on which the principal of such Security or such installment of
principal or interest is due and payable, as such date may be extended pursuant
to the provisions of Section 308.

            "Subsidiary" means any corporation of which at the time of
determination the Company, directly and/or indirectly through one or more
Subsidiaries, owns more than 50% of the shares of Voting Stock.

            "Trade Payables" means accounts payable or any other indebtedness or
monetary obligations to trade creditors created or assumed by the Company or any
Subsidiary of the

                                       10
<PAGE>

Company in the ordinary course of business in connection with the obtaining of
materials or services.

            "Trust Indenture Act" or "TIA" means the Trust Indenture Act of 1939
as in force at the date as of which this Indenture was executed, except as
provided in Section 905.

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

            "United States" means, unless otherwise specified with respect to
any Securities pursuant to Section 301, the United States of America (including
the states and the District of Columbia), its territories, its possessions and
other areas subject to its jurisdiction.

            "United States person" means, unless otherwise specified with
respect to any Securities pursuant to Section 301, an individual who is a
citizen or resident of the United States, a corporation, partnership or other
entity created or organized in or under the laws of the United States or an
estate or trust the income of which is subject to United States federal income
taxation regardless of its source.

            "Valuation Date" has the meaning specified in Section 312(c).

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

            "Voting Stock" means stock of the class or classes having general
voting power under ordinary circumstances to elect at least a majority of the
board of directors, managers or trustees of a corporation (irrespective of
whether or not at the time stock of any other class or classes shall have or
might have voting power by reason of the happening of any contingency).

            "Yield to Maturity" means the yield to maturity, computed at the
time of issuance of a Security (or, if applicable, at the most recent
redetermination of interest on such Security) and as set forth in such Security
in accordance with generally accepted United States bond yield computation
principles.

            SECTION 102. Compliance Certificates and Opinions. Upon any
application or request by the Company to the Trustee to take any action under
any provision of this Indenture, the Company shall furnish to the Trustee an
Officer's Certificate stating that all conditions precedent, if any, provided
for in this Indenture (including any covenant compliance with which constitutes
a condition precedent) relating to the proposed action have been complied with
and an Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent, if any, have been complied with, except that in the case
of any such application or request as to which the furnishing of such documents
is specifically required by any provision of this

                                       11
<PAGE>

Indenture relating to such particular application or request, no additional
certificate or opinion need be furnished.

Every certificate or opinion with respect to compliance with a covenant or
condition provided for in this Indenture (other than pursuant to Section 1004)
shall include:

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

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

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

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

            SECTION 103. Form of Documents Delivered to Trustee. In any case
where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified
by, or covered by the opinion of, only one such Person, or that they be so
certified or covered by only one document, but one such Person may certify or
give an opinion with respect to some matters and one or more other such Persons
as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.

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

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

            SECTION 104. Acts of Holders. Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to
be given or taken by Holders of the Outstanding Securities of all series or one
or more series, as the case may be, may be embodied in and evidenced by one or
more instruments of substantially similar tenor signed by such Holders in person
or by agents duly appointed in writing. If Securities of a series are

                                       12
<PAGE>

issuable as Bearer Securities, any request, demand, authorization, direction,
notice, consent, waiver or other action provided by this Indenture to be given
or taken by Holders of such series may, alternatively, be embodied in and
evidenced by the record of Holders of Securities of such series voting in favor
thereof, either in person or by proxies duly appointed in writing, at any
meeting of Holders of Securities of such series duly called and held in
accordance with the provisions of Article Fifteen, or a combination of such
instruments and any such record. Except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments or record
or both are delivered to the Trustee and, where it is hereby expressly required,
to the Company. Such instrument or instruments and any such record (and the
action embodied therein and evidenced thereby) are herein sometimes referred to
as the "Act" of the Holders signing such instrument or instruments or so voting
at any such meeting. Proof of execution of any such instrument or of a writing
appointing any such agent, or of the holding by any Person of a Security, shall
be sufficient for any purpose of this Indenture and conclusive in favor of the
Trustee and the Company, if made in the manner provided in this Section. The
record of any meeting of Holders of Securities shall be proved in the manner
provided in Section 1506.

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

            (b) The principal amount and serial numbers of Registered Securities
held by any Person, and the date of holding the same, shall be proved by the
Security Register.

            (c) The principal amount and serial numbers of Bearer Securities
held by any Person, and the date of holding the same, may be proved by the
production of such Bearer Securities or by a certificate executed, as
depositary, by any trust company, bank, banker or other depositary, wherever
situated, if such certificate shall be deemed by the Trustee to be satisfactory,
showing that at the date therein mentioned such Person had on deposit with such
depositary, or exhibited to it, the Bearer Securities therein described; or such
facts may be proved by the certificate or affidavit of the Person holding such
Bearer Securities, if such certificate or affidavit is deemed by the Trustee to
be satisfactory. The Trustee and the Company may assume that such ownership of
any Bearer Security continues until (1) another certificate or affidavit bearing
a later date issued in respect of the same Bearer Security is produced, or (2)
such Bearer Security is produced to the Trustee by some other Person, or (3)
such Bearer Security is surrendered in exchange for a Registered Security, or
(4) such Bearer Security is no longer Outstanding. The principal amount and
serial numbers of Bearer Securities held by any Person, and the date of holding
the same, may also be proved in any other manner that the Trustee deems
sufficient.

            (d) If the Company shall solicit from the Holders of Registered
Securities any request, demand, authorization, direction, notice, consent,
waiver or other Act, the Company

                                       13
<PAGE>
\
may, at its option, by or pursuant to a Board Resolution, fix in advance a
record date for the determination of Holders entitled to give such request,
demand, authorization, direction, notice, consent, waiver or other Act, but the
Company shall have no obligation to do so. Notwithstanding TIA Section 316(c),
such record date shall be the record date specified in or pursuant to such Board
Resolution, which shall be a date not earlier than the date 30 days prior to the
first solicitation of Holders generally in connection therewith and not later
than the date such solicitation is completed. If such a record date is fixed,
such request, demand, authorization, direction, notice, consent, waiver or other
Act may be given before or after such record date, but only the Holders of
record at the close of business on such record date shall be deemed to be
Holders for the purposes of determining whether Holders of the requisite
proportion of Outstanding Securities have authorized or agreed or consented to
such request, demand, authorization, direction, notice, consent, waiver or other
Act, and for that purpose the Outstanding Securities shall be computed as of
such record date; provided that no such authorization, agreement or consent by
the Holders on such record date shall be deemed effective unless it shall become
effective pursuant to the provisions of this Indenture not later than eleven
months after the record date.

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

            SECTION 105. Notices, etc. to Trustee and Company. Any request,
demand, authorization, direction, notice, consent, waiver or Act of Holders or
other documents provided or permitted by this Indenture to be made upon, given
or furnished to, or filed with,

            (1) the Trustee by any Holder or by the Company shall be sufficient
      for every purpose hereunder if made, given, furnished or filed in writing
      to or with the Trustee at: J.P. Morgan Trust Company, N.A., 50 Rowes Wharf
      -- 4th Floor, Boston, MA 02110, Attn: Institutional Trust Services Group,
      James P. Freeman (fax: 617 310-0335), with a copy to: J.P. Morgan Trust
      Company, N.A., c/o JPMorgan Chase Bank, 4 New York Plaza -- 15th Floor,
      New York, NY 10004, Attn: Institutional Trust Services Group,
      Compliance (fax: 212 623-6205), or

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

            SECTION 106. Notice to Holders; Waiver. Where this Indenture
provides for notice of any event to Holders of Registered Securities by the
Company or the Trustee, such notice shall be sufficiently given (unless
otherwise herein expressly provided) if in writing and mailed, first-class
postage prepaid, to each such Holder affected by such event, at his address as
it appears in the Security Register, not later than the latest date, and not
earlier than the earliest date, prescribed for the giving of such notice. In any
case where notice to Holders of Registered Securities is given by mail, neither
the failure to mail such notice, nor any defect in any notice so

                                       14
<PAGE>

mailed, to any particular Holder shall affect the sufficiency of such notice
with respect to other Holders of Registered Securities or the sufficiency of any
notice to Holders of Bearer Securities given as provided. Any notice mailed to a
Holder in the manner herein prescribed shall be conclusively deemed to have been
received by such Holder, whether or not such Holder actually receives such
notice.

            In case, by reason of the suspension of or irregularities in regular
mail service or by reason of any other cause, it shall be impractical to mail
notice of any event to Holders of Registered Securities when such notice is
required to be given pursuant to any provision of this Indenture, then any
manner of giving such notice as shall be satisfactory to the Trustee shall be
deemed to be sufficient giving of such notice for every purpose hereunder.

            Except as otherwise expressly provided herein or otherwise specified
with respect to any Securities pursuant to Section 301, where this Indenture
provides for notice to Holders of Bearer Securities of any event, such notice
shall be sufficiently given to Holders of Bearer Securities if published in an
Authorized Newspaper in The City of New York and in such other city or cities as
may be specified in such Securities on a Business Day at least twice, the first
such publication to be not earlier than the earliest date, and not later than
the latest date, prescribed for the giving of such notice. Any such notice shall
be deemed to have been given on the date of the first such publication.

            In case, by reason of the suspension of publication of any
Authorized Newspaper or Authorized Newspapers or by reason of any other cause,
it shall be impracticable to publish any notice to Holders of Bearer Securities
as provided above, then such notification to Holders of Bearer Securities as
shall be given with the approval of the Trustee shall constitute sufficient
notice to such Holders for every purpose hereunder. Neither the failure to give
notice by publication to Holders of Bearer Securities as provided above, nor any
defect in any notice so published, shall affect the sufficiency of such notice
with respect to other Holders of Bearer Securities or the sufficiency of any
notice to Holders of Registered Securities given as provided herein.

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

            Where this Indenture provides for notice in any manner, such notice
may be waived in writing by the Person entitled to receive such notice, either
before or after the event, and such waiver shall be the equivalent of such
notice. Waivers of notice by Holders shall be filed with the Trustee, but such
filing shall not be a condition precedent to the validity of any action taken in
reliance upon such waiver.

            SECTION 107. Effect of Headings and Table of Contents. The Article
and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof.

            SECTION 108. Successors and Assigns. All covenants and agreements in
this Indenture by the Company shall bind its successors and assigns, whether so
expressed or not.

                                       15
<PAGE>

            SECTION 109. Separability Clause. In case any provision in this
Indenture or in any Security or coupon 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 110. Benefits of Indenture. Nothing in this Indenture or in
the Securities or coupons, express or implied, shall give to any Person, other
than the parties hereto, any Authenticating Agent, any Paying Agent, any
Securities Registrar and their successors hereunder and the Holders of
Securities or coupons, any benefit or any legal or equitable right, remedy or
claim under this Indenture.

            SECTION 111. Governing Law. THIS INDENTURE AND THE SECURITIES AND
COUPONS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE
STATE OF NEW YORK. THIS INDENTURE IS SUBJECT TO THE PROVISIONS OF THE TRUST
INDENTURE ACT THAT ARE REQUIRED TO BE PART OF THIS INDENTURE AND SHALL, TO THE
EXTENT APPLICABLE, BE GOVERNED BY SUCH PROVISIONS.

            SECTION 112. Legal Holidays. In any case where any Interest Payment
Date, Redemption Date, sinking fund payment date or Stated Maturity or Maturity
of any Security shall not be a Business Day at any Place of Payment, then
(notwithstanding any other provision of this Indenture or of any Security or
coupon other than a provision in the Securities of any series which specifically
states that such provision shall apply in lieu of this Section), payment of
principal (or premium, if any) or interest, if any, need not be made at such
Place of Payment on such date, but may be made on the next succeeding Business
Day at such Place of Payment with the same force and effect as if made on the
Interest Payment Date or Redemption Date or sinking fund payment date, or at the
Stated Maturity or Maturity; provided that no interest shall accrue for the
period from and after such Interest Payment Date, Redemption Date, sinking fund
payment date, Stated Maturity or Maturity, as the case may be.

            SECTION 113. No Recourse. No recourse for the payment of the
principal of or premium, if any, or interest on any Security or any coupons
appertaining thereto, or for any claim based thereon or otherwise in respect
thereof, and no recourse under or upon any obligation, covenant or agreement of
the Company in this Indenture or in any supplemental indenture, or in any
Security or any coupons appertaining thereto, or because of the creation of any
indebtedness represented thereby, shall be had against any director, officer,
employee, or stockholder as such, past, present or future, of the Company or any
of its Affiliates or any successor Person of the Company, either directly or
through the Company or any of its Affiliates or any successor Person of the
Company, whether by virtue of any constitution, statute or rule of law, or by
the enforcement of any assessment or penalty or otherwise; it being expressly
understood that all such liability is hereby expressly waived and released as a
condition of, and as a consideration for, the execution of this Indenture and
the issue of the Securities.

                                       16
<PAGE>

                                  ARTICLE TWO

                                 SECURITY FORMS

            SECTION 201. Forms Generally. The Registered Securities, if any, of
each series and the Bearer Securities, if any, of each series and related
coupons shall be in substantially the forms as shall be established by, or
pursuant to a Board Resolution or, subject to Section 303, set forth in, or
determined in the manner provided in, an Officer's Certificate pursuant to a
Board Resolution, or in one or more indentures supplemental hereto, in each case
with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture, and may have such letters,
numbers or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with the rules of any securities exchange
or as may, consistently herewith, be determined by the officers executing such
Securities or coupons, as evidenced by their execution of the Securities or
coupons. If the forms of Securities or coupons of any series are established by
action taken pursuant to a Board Resolution, a copy of an appropriate record of
such action shall be certified by the Secretary or Assistant Secretary of the
Company, and delivered to the Trustee at or prior to the delivery of the Company
Order contemplated by Section 303 for the authentication and delivery of such
Securities or coupons. Any portion of the text of any Security may be set forth
on the reverse thereof, with an appropriate reference thereto on the face of the
Security.

            Unless otherwise specified as contemplated by Section 301,
Securities in bearer form shall have interest coupons attached.

            The Trustee's certificate of authentication on all Securities shall
be in substantially the form set forth in this Article.

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

            SECTION 202. Form of Trustee's Certificate of Authentication.
Subject to Section 611, the Trustee's certificate of authentication shall be in
substantially the following form:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

            Dated: ____________________

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

                                             J.P. MORGAN TRUST COMPANY,
                                               NATIONAL ASSOCIATION,
                                               as Trustee

                                             By:________________________________
                                                     Authorized Officer

                                       17
<PAGE>

            SECTION 203. Securities Issuable in Global Form. If Securities of or
within a series are issuable in global form, as specified as contemplated by
Section 301, then, notwithstanding clause (8) of Section 301, any such Security
shall represent such of the Outstanding Securities of such series as shall be
specified therein and may provide that it shall represent the aggregate amount
of Outstanding Securities of such series from time to time endorsed thereon and
that the aggregate amount of Outstanding Securities of such series represented
thereby may from time to time be increased or decreased to reflect exchanges.
Any endorsement of a Security in global form to reflect the amount, or any
increase or decrease in the amount, of Outstanding Securities represented
thereby shall be made by the Trustee in such manner and upon instructions given
by such Person or Persons as shall be specified therein or in the Company Order
to be delivered to the Trustee pursuant to Section 303 or Section 304. Subject
to the provisions of Section 303 and, if applicable, Section 304, the Trustee
shall deliver and redeliver any Security in permanent global form in the manner
and upon instructions given by the Person or Persons specified therein or in the
applicable Company Order. If a Company Order pursuant to Section 303 or Section
304 has been, or simultaneously is, delivered, any instructions by the Company
with respect to endorsement or delivery or redelivery of a Security in global
form shall be in writing but need not comply with Section 102 and need not be
accompanied by an Opinion of Counsel.

            The provisions of the last sentence of Section 303 shall apply to
any Security represented by a Security in global form if such Security was never
issued and sold by the Company and the Company delivers to the Trustee the
Security in global form together with written instructions (which need not
comply with Section 102 and need not be accompanied by an Opinion of Counsel)
with regard to the reduction in the principal amount of Securities represented
thereby, together with the written statement contemplated by the last sentence
of Section 303.

            Notwithstanding any provisions of Section 307 to the contrary,
unless otherwise specified as contemplated by Section 301, payment of principal
of (and premium, if any) and interest, if any, on any Security in permanent
global form shall be made to the Person or Persons specified therein.

            Notwithstanding the provisions of Section 309 and except as provided
in the preceding paragraph, the Company, the Trustee and any agent of the
Company and the Trustee shall treat as the Holder of such principal amount of
Outstanding Securities represented by a permanent global Security (i) in the
case of a permanent global Security in registered form, the Holder of such
permanent global Security in registered form, or (ii) in the case of a permanent
global Security in bearer form, Euroclear or Clearstream.

                                       18
<PAGE>

                                 ARTICLE THREE

                                 THE SECURITIES

            SECTION 301. Amount Unlimited; Issuable in Series. The aggregate
principal amount of Securities which may be authenticated and delivered under
this Indenture is unlimited. The Securities may be subordinated in right of
payment to Senior Indebtedness as provided in Article Sixteen.

            The Securities may be issued in one or more series. There shall be
established in one or more Board Resolutions or pursuant to authority granted by
one or more Board Resolutions and, subject to Section 303, set forth in, or
determined in the manner provided in, an Officer's Certificate, or established
in one or more indentures supplemental hereto, prior to the issuance of
Securities of any series, any or all of the following, as applicable (each of
which (except for the matters set forth in clauses (1), (2) and (17) below), if
so provided, may be determined from time to time by the Company with respect to
unissued Securities of the series and set forth in such Securities of the series
when issued from time to time):

            (1) the form and title of the Securities of the series (which shall
      distinguish the Securities of the series from all other series of
      Securities) and whether such Securities are senior or subordinated;

            (2) any limit upon the aggregate principal amount of the Securities
      of the series that may be authenticated and delivered under this Indenture
      (except for Securities authenticated and delivered upon registration of
      transfer of, or in exchange for, or in lieu of, other Securities of the
      series pursuant to Section 304, 305, 306, 906, 1107 or 1305);

            (3) the date or dates, or the method by which such date or dates
      will be determined or extended, on which the principal of the Securities
      of the series is payable;

            (4) the rate or rates at which the Securities of the series shall
      bear interest, if any, or the method by which such rate or rates shall be
      determined, the date or dates from which such interest shall accrue, or
      the method by which such date or dates shall be determined, the Interest
      Payment Dates on which such interest shall be payable, the right, if any,
      of the Company to defer or extend an Interest Payment Date, and the
      Regular Record Date, if any, for the interest payable on any Registered
      Security on any Interest Payment Date, or the method by which such date or
      dates shall be determined, and the basis upon which interest shall be
      calculated if other than on the basis of a 360-day year of twelve 30-day
      months;

            (5) the place or places, if any, other than or in addition to the
      Borough of Manhattan, The City of New York, where the principal of (and
      premium, if any) and interest, if any, on Securities of the series shall
      be payable, where any Registered Securities of the series may be
      surrendered for registration of transfer, where Securities of the series
      may be surrendered for exchange, where Securities of the series that are
      convertible or exchangeable may be surrendered for conversion or exchange,
      as applicable and, if different than the location specified in Section
      106, the place or places

                                       19
<PAGE>

      where notices or demands to or upon the Company in respect of the
      Securities of the series and this Indenture may be served;

            (6) the period or periods within which, the price or prices at
      which, the Currency in which, and other terms and conditions upon which
      Securities of the series may be redeemed, in whole or in part, at the
      option of the Company or a Holder thereof, if the Company or such Holder
      is to have that option;

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

            (8) if other than denominations of $1,000 and any integral multiple
      thereof, the denomination or denominations in which any Registered
      Securities of the series shall be issuable and, if other than
      denominations of $5,000, the denomination or denominations in which any
      Bearer Securities of the series shall be issuable;

            (9) if other than the Trustee, the identity of each Security
      Registrar and/or Paying Agent;

            (10) if other than the principal amount thereof, the portion of the
      principal amount of Securities of the series that shall be payable upon
      declaration of acceleration of the Maturity thereof pursuant to Section
      502 or the method by which such portion shall be determined;

            (11) if other than Dollars, the Currency in which payment of the
      principal of (or premium, if any) or interest, if any, on the Securities
      of the series shall be payable or in which the Securities of the series
      shall be denominated and the particular provisions applicable thereto in
      accordance with, in addition to or in lieu of any of the provisions of
      Section 312;

            (12) whether the amount of payments of principal of (or premium, if
      any) or interest, if any, on the Securities of the series may be
      determined with reference to an index, formula or other method (which
      index, formula or method may be based, without limitation, on one or more
      Currencies, commodities, equity indices or other indices), and the manner
      in which such amounts shall be determined;

            (13) whether the principal of (or premium, if any) or interest, if
      any, on the Securities of the series are to be payable, at the election of
      the Company or a Holder thereof, in a Currency other than that in which
      such Securities are denominated or stated to be payable, the period or
      periods within which (including the Election Date), and the terms and
      conditions upon which, such election may be made, and the time and manner
      of determining the exchange rate between the Currency in which such
      Securities are denominated or stated to be payable and the Currency in
      which such Securities are to be

                                       20
<PAGE>

      so payable, in each case in accordance with, in addition to or in lieu of
      any of the provisions of Section 312;

            (14) the designation of the initial Exchange Rate Agent, if any, or
      any depositaries;

            (15) the applicability, if any, of Sections 1402 and/or 1403 to the
      Securities of the series and any provisions in modification of, in
      addition to or in lieu of any of the provisions of Article Fourteen that
      shall be applicable to the Securities of the series;

            (16) provisions, if any, granting special rights to the Holders of
      Securities of the series upon the occurrence of such events as may be
      specified;

            (17) any deletions from, modifications of or additions to the Events
      of Default or covenants of the Company with respect to Securities of the
      series, whether or not such Events of Default or covenants are consistent
      with the Events of Default or covenants set forth herein;

            (18) whether Securities of the series are to be issuable as
      Registered Securities, Bearer Securities (with or without coupons) or
      both, any restrictions applicable to the offer, sale or delivery of Bearer
      Securities, whether such Securities of any series are to be issuable
      initially in temporary global form and whether any Securities of the
      series are to be issuable in permanent global form with or without coupons
      and, if so, whether beneficial owners of interests in any such permanent
      global Security may exchange such interests for Securities of such series
      and of like tenor of any authorized form and denomination and the
      circumstances under which any such exchanges may occur, if other than in
      the manner provided in Section 305, whether Registered Securities of the
      series may be exchanged for Bearer Securities of the series (if permitted
      by applicable laws and regulations), and the circumstances under which and
      the place or places where any such exchanges may be made and if Securities
      of the series are to be issuable in global form, the identity and any
      temporary global security representing Outstanding Securities of any
      initial depository therefor;

            (19) the date as of which any Bearer Securities of the series and
      any temporary global security representing Outstanding Securities shall be
      dated if other than the date of original issuance of the first Security of
      the series to be issued;

            (20) the Person to whom any interest on any Registered Security of
      the series shall be payable, if other than the Person in whose name that
      Security (or one or more Predecessor Securities) is registered at the
      close of business on the Regular Record Date for such interest, the manner
      in which, or the Person to whom, any interest on any Bearer Security of
      the series shall be payable, if otherwise than upon presentation and
      surrender of the coupons appertaining thereto as they severally mature,
      and the extent to which, or the manner in which, any interest payable on a
      temporary global Security on an Interest Payment Date will be paid if
      other than in the manner provided in Section 304;

            (21) if Securities of the series are to be issuable in definitive
      form (whether upon original issue or upon exchange of a temporary Security
      of such series) only upon

                                       21
<PAGE>

      receipt of certain certificates or other documents or satisfaction of
      other conditions, the form and/or terms of such certificates, documents or
      conditions;

            (22) if the Securities of the series are to be issued upon the
      exercise of warrants, the time, manner and place for such Securities to be
      authenticated and delivered;

            (23) whether, under what circumstances and the Currency in which the
      Company will pay Additional Amounts as contemplated by Section 1005 on the
      Securities of the series to any Holder who is not a United States person
      (including any modification to the definition of such term) in respect of
      any tax, assessment or governmental charge and, if so, whether the Company
      will have the option to redeem such Securities rather than pay such
      Additional Amounts (and the terms of any such option);

            (24) if the Securities of the series are to be convertible into or
      exchangeable for any securities of any Person (including the Company), the
      terms and conditions upon which such Securities will be so convertible or
      exchangeable;

            (25) whether the Securities of such series are subject to
      subordination and the terms of such subordination; and

            (26) any other terms, conditions, rights and preferences (or
      limitations on such rights and preferences) relating to the series (which
      terms shall not be inconsistent with the requirements of the Trust
      Indenture Act or the provisions of this Indenture).

            All Securities of any one series and the coupons appertaining to any
Bearer Securities of such series shall be substantially identical except, in the
case of Registered Securities, as to denomination and except as may otherwise be
provided in or pursuant to such Board Resolution or pursuant to authority
granted by one or more Board Resolutions (subject to Section 303) and set forth
in such Officer's Certificate or in any such indenture supplemental hereto. Not
all Securities of any one series need be issued at the same time, and, unless
otherwise provided, a series may be reopened for issuances of additional
Securities of such series.

            If any of the terms of the series are established by action taken
pursuant to one or more Board Resolutions or pursuant to authority granted by
one or more Board Resolutions, such Board Resolutions shall be delivered to the
Trustee at or prior to the issuance of the first Security of such series.

            SECTION 302. Denominations. The Securities of each series shall be
issuable in such denominations as shall be specified as contemplated by Section
301. With respect to Securities of any series denominated in Dollars, in the
absence of any such provisions, the Registered Securities of such series, other
than Registered Securities issued in global form (which may be of any
denomination), shall be issuable in denominations of $1,000 and any integral
multiple thereof and the Bearer Securities of such series, other than the Bearer
Securities issued in global form (which may be of any denomination), shall be
issuable in the denomination of $5,000.

                                       22
<PAGE>

            SECTION 303. Execution, Authentication, Delivery and Dating. The
Securities and any coupons appertaining thereto shall be executed on behalf of
the Company by its Chairman, its President or a Vice President, under its
corporate seal affixed thereto or reproduced thereon attested by its Secretary
or an Assistant Secretary. The signature of any of these officers on the
Securities or coupons may be the manual or facsimile signatures of the present
or any future such authorized officer and may be imprinted or otherwise
reproduced on the Securities.

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

            At any time and from time to time after the execution and delivery
of this Indenture, the Company may deliver Securities of any series together
with any coupon appertaining thereto, executed by the Company to the Trustee for
authentication, together with a Company Order for the authentication and
delivery of such Securities, and the Trustee in accordance with such Company
Order shall authenticate and deliver such Securities; provided, however, that,
in connection with its original issuance, no Bearer Security shall be mailed or
otherwise delivered to any location in the United States; and provided further
that, unless otherwise specified with respect to any series of Securities
pursuant to Section 301, a Bearer Security may be delivered in connection with
its original issuance only if the Person entitled to receive such Bearer
Security shall have furnished a certificate in the form set forth in Exhibit A-1
to this Indenture, dated no earlier than 15 days prior to the earlier of the
date on which such Bearer Security is delivered and the date on which any
temporary Security first becomes exchangeable for such Bearer Security in
accordance with the terms of such temporary Security and this Indenture. If any
Security shall be represented by a permanent global Bearer Security, then, for
purposes of this Section and Section 304, the notation of a beneficial owner's
interest therein upon original issuance of such Security or upon exchange of a
portion of a temporary global Security shall be deemed to be delivery in
connection with its original issuance of such beneficial owner's interest in
such permanent global Security. Except as permitted by Section 306, the Trustee
shall not authenticate and deliver any Bearer Security unless all appurtenant
coupons for interest then matured have been detached and cancelled. If not all
the Securities of any series are to be issued at one time and if the Board
Resolution, Officer's Certificate pursuant to a Board Resolution, or
supplemental indenture establishing such series shall so permit, such Company
Order may set forth procedures acceptable to the Trustee for the issuance of
such Securities and determining terms of particular Securities of such series
such as interest rate, stated maturity, date of issuance and date from which
interest shall accrue.

            In authenticating such Securities, and accepting the additional
responsibilities under this Indenture in relation to such Securities, the
Trustee shall be entitled to receive, and shall be fully protected in relying
upon, an Opinion of Counsel stating in effect (subject to customary exceptions):

            (a) that the form or forms of such Securities and any coupons have
      been established in conformity with the provisions of this Indenture;

                                       23
<PAGE>

            (b) that the terms of such Securities and any coupons have been
      established in conformity with the provisions of this Indenture;

            (c) that such Securities, together with any coupons appertaining
      thereto, when completed by appropriate insertions and executed and
      delivered by the Company to the Trustee for authentication in accordance
      with this Indenture, authenticated and delivered by the Trustee in
      accordance with this Indenture and issued by the Company in the manner and
      subject to any conditions specified in such Opinion of Counsel, will be
      the legal, valid and binding obligations of the Company, enforceable
      against the Company in accordance with their terms, subject to the effect
      of any applicable bankruptcy, insolvency, reorganization, moratorium and
      other similar laws affecting creditors' rights generally (including
      without limitation on all laws relating to fraudulent transfers), to
      general principles of equity;

            (d) that all laws and requirements in respect of the execution and
      delivery by the Company of such Securities, any coupons and of the
      supplemental indentures, if any, have been complied with and that
      authentication and delivery of such Securities and any coupons and the
      execution and delivery of the supplemental indenture, if any, by the
      Trustee will not violate the terms of the Indenture;

            (e) that the Company has the corporate power to issue such
      Securities and any coupons, and has duly taken all necessary corporate
      action with respect to such issuance; and

            (f) that the issuance of such Securities and any coupons will not
      contravene the articles of incorporation or by-laws of the Company or
      result in any violation of any of the terms or provisions of any law or
      regulation or of any indenture, mortgage or other agreement known to such
      Counsel by which the Company is bound.

            Notwithstanding the provisions of Section 301 and of the preceding
two paragraphs, if not all the Securities of any series are to be issued at one
time, it shall not be necessary to deliver the Officer's Certificate otherwise
required pursuant to Section 301 or the Company Order and Opinion of Counsel
otherwise required pursuant to the preceding two paragraphs prior to or at the
time of issuance of each Security, but such documents shall be delivered prior
to or at the time of issuance of the first Security of such series.

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

            Each Registered Security shall be dated the date of its
authentication and each Bearer Security shall be dated as of the date specified
as contemplated by Section 301.

            No Security or coupon shall be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose unless there appears on such
Security a certificate of authentication substantially in the form provided for
herein duly executed by the Trustee by manual signature of an authorized
officer, and such certificate upon any Security shall be

                                       24
<PAGE>

conclusive evidence, and the only evidence, that such Security has been duly
authenticated and delivered hereunder and is entitled to the benefits of this
Indenture.

            Notwithstanding the foregoing, if any Security shall have been
authenticated and delivered hereunder but never issued and sold by the Company,
and the Company shall deliver such Security to the Trustee for cancellation as
provided in Section 310 together with a written statement (which need not comply
with Section 102 and need not be accompanied by an Opinion of Counsel) stating
that such Security has never been issued and sold by the Company, for all
purposes of this Indenture such Security shall be deemed never to have been
authenticated and delivered hereunder and shall never be entitled to the
benefits of this Indenture.

            SECTION 304. Temporary Securities. Pending the preparation of
definitive Securities of any series, the Company may execute, and upon Company
Order the Trustee shall authenticate and deliver, temporary Securities which are
printed, lithographed, typewritten, mimeographed or otherwise produced, in any
authorized denomination, substantially of the tenor of the definitive Securities
in lieu of which they are issued, in registered form or, if authorized, in
bearer form with one or more coupons or without coupons, and with such
appropriate insertions, omissions, substitutions and other variations as
conclusively the officers executing such Securities may determine, as
conclusively evidenced by their execution of such Securities. Such temporary
Securities may be in global form.

            Except in the case of temporary Securities in global form (which
shall be exchanged in accordance with the provisions of the following
paragraphs), if temporary Securities of any series are issued, the Company will
cause definitive Securities of that series to be prepared without unreasonable
delay. After the preparation of definitive Securities of such series, the
temporary Securities of such series shall be exchangeable for definitive
Securities of such series upon surrender of the temporary Securities of such
series at the office or agency of the Company in a Place of Payment for that
series, without charge to the Holder. Upon surrender for cancellation of any one
or more temporary Securities of any series (accompanied by any unmatured coupons
appertaining thereto), the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a like principal amount of
definitive Securities of the same series of authorized denominations; provided,
however, that no definitive Bearer Security shall be delivered in exchange for a
temporary Registered Security; and provided further that a definitive Bearer
Security shall be delivered in exchange for a temporary Bearer Security only in
compliance with the conditions set forth in Section 303. Until so exchanged the
temporary Securities of any series shall in all respects be entitled to the same
benefits under this Indenture as definitive Securities of such series.

            If temporary Securities of any series are issued in global form, any
such temporary global Security shall, unless otherwise provided therein, be
delivered to the London office of a depositary or common depositary (the "Common
Depositary"), for the benefit of Euroclear and Clearstream, for credit to the
respective accounts of the beneficial owners of such Securities (or to such
other accounts as they may direct).

            Without unnecessary delay but in any event not later than the date
specified in, or determined pursuant to the terms of, any such temporary global
Security (the "Exchange Date"), the Company shall deliver to the Trustee
definitive Securities, in aggregate principal amount

                                       25
<PAGE>

equal to the principal amount of such temporary global Security, executed by the
Company. On or after the Exchange Date such temporary global Security shall be
surrendered by the Common Depositary to the Trustee, as the Company's agent for
such purpose, to be exchanged, in whole or from time to time in part, for
definitive Securities without charge and the Trustee shall authenticate and
deliver, in exchange for each portion of such temporary global Security, an
equal aggregate principal amount of definitive Securities of the same series of
authorized denominations and of like tenor as the portion of such temporary
global Security to be exchanged. The definitive Securities to be delivered in
exchange for any such temporary global Security shall be in bearer form,
registered form, permanent global bearer form or permanent global registered
form, or any combination thereof, as specified as contemplated by Section 301,
and, if any combination thereof is so specified, as requested by the beneficial
owner thereof; provided, however, that, unless otherwise specified in such
temporary global Security, upon such presentation by the Common Depositary, such
temporary global Security is accompanied by a certificate dated the Exchange
Date or a subsequent date and signed by Euroclear as to the portion of such
temporary global Security held for its account then to be exchanged and a
certificate dated the Exchange Date or a subsequent date and signed by
Clearstream as to the portion of such temporary global Security held for its
account then to be exchanged, each in the form set forth in Exhibit A-2 to this
Indenture (or in such other form as may be established pursuant to Section 301);
and provided further that definitive Bearer Securities shall be delivered in
exchange for a portion of a temporary global Security only in compliance with
the requirements of Section 303.

            Unless otherwise specified in such temporary global Security, the
interest of a beneficial owner of Securities of a series in a temporary global
Security shall be exchanged for definitive Securities of the same series and of
like tenor following the Exchange Date when the account holder instructs
Euroclear or Clearstream, as the case may be, to request such exchange on his
behalf and delivers to Euroclear or Clearstream, as the case may be, a
certificate in the form set forth in Exhibit A-1 to this Indenture (or in such
other form as may be established pursuant to Section 301), dated no earlier than
15 days prior to the Exchange Date, copies of which certificate shall be
available from the offices of Euroclear and Clearstream, the Trustee, any
Authenticating Agent appointed for such series of Securities and each Paying
Agent. Unless otherwise specified in such temporary global Security, any such
exchange shall be made free of charge to the beneficial owners of such temporary
global Security, except that a Person receiving definitive Securities must bear
the cost of insurance, postage, transportation and the like in the event that
such Person does not take delivery of such definitive Securities in person at
the offices of Euroclear or Clearstream. Definitive Securities in bearer form to
be delivered in exchange for any portion of a temporary global Security shall be
delivered only outside the United States.

            Until exchanged in full as hereinabove provided, the temporary
Securities of any series shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities of the same series and of like
tenor authenticated and delivered hereunder, except that, unless otherwise
specified as contemplated by Section 301, interest payable on a temporary global
Security on an Interest Payment Date for Securities of such series occurring
prior to the applicable Exchange Date shall be payable to Euroclear and
Clearstream on such Interest Payment Date upon delivery by Euroclear and
Clearstream to the Trustee of a certificate or certificates in the form set
forth in Exhibit A-2 to this Indenture (or in such other form as may be
established pursuant to Section 301), for credit without further interest
thereon on or after such

                                       26
<PAGE>

Interest Payment Date to the respective accounts of the Persons who are the
beneficial owners of such temporary global Security on such Interest Payment
Date and who have each delivered to Euroclear or Clearstream, as the case may
be, a certificate dated no earlier than 15 days prior to the Interest Payment
Date occurring prior to such Exchange Date in the form set forth in Exhibit A-1
to this Indenture (or in such other form as may be established pursuant to
Section 301). Notwithstanding anything to the contrary herein contained, the
certifications made pursuant to this paragraph shall satisfy the certification
requirements of the preceding two paragraphs of this Section and of the third
paragraph of Section 303 of this Indenture and the interests of the Persons who
are the beneficial owners of the temporary global Security with respect to which
such certification was made will be exchanged for definitive Securities of the
same series and of like tenor on the Exchange Date or the date of certification
if such date occurs after the Exchange Date, without further act or deed by such
beneficial owners. Except as otherwise provided in this paragraph, no payments
of principal (or premium, if any) or interest, if any, owing with respect to a
beneficial interest in a temporary global Security will be made unless and until
such interest in such temporary global Security shall have been exchanged for an
interest in a definitive Security. Any interest so received by Euroclear and
Clearstream and not paid as herein provided shall be returned to the Trustee
immediately prior to the expiration of two years after such Interest Payment
Date in order to be repaid to the Company in accordance with (but otherwise
subject to) Section 1003.

            SECTION 305. Registration, Registration of Transfer and Exchange.
The Company or the Trustee shall cause to be kept at the Corporate Trust Office
of the Trustee a register for each series of Securities (the registers
maintained in the Corporate Trust Office of the Trustee and in any other office
or agency of the Company in a Place of Payment being herein sometimes
collectively referred to as the "Security Register") in which, subject to such
reasonable regulations as it may prescribe, the Company shall provide for the
registration of Registered Securities and of transfers of Registered Securities;
provided, however, that there shall be only one Security Register per series of
Securities. The Security Register shall be in written form or any other form
capable of being converted into written form within a reasonable time. At all
reasonable times, the Security Register shall be open to inspection by the
Trustee. The Trustee is hereby initially appointed as security registrar (the
"Security Registrar") for the purpose of registering Registered Securities and
transfers of Registered Securities as herein provided.

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

            At the option of the Holder, Registered Securities of any series may
be exchanged for other Registered Securities of the same series, of any
authorized denomination and of a like aggregate principal amount, upon surrender
of the Registered Securities to be exchanged at such office or agency. Whenever
any Registered Securities are so surrendered for exchange, the Company shall
execute, and the Trustee shall authenticate and deliver, the Registered
Securities which the Holder making the exchange is entitled to receive. Unless
otherwise specified with

                                       27
<PAGE>

respect to any series of Securities as contemplated by Section 301, Bearer
Securities may not be issued in exchange for Registered Securities.

            If (but only if) expressly permitted in or pursuant to the
applicable Board Resolution and (subject to Section 303) set forth in the
applicable Officer's Certificate, or in any indenture supplemental hereto,
delivered as contemplated by Section 301, at the option of the Holder, Bearer
Securities of any series may be exchanged for Registered Securities of the same
series of any authorized denomination and of a like aggregate principal amount
and tenor, upon surrender of the Bearer Securities to be exchanged at any such
office or agency, with all unmatured coupons and all matured coupons in default
thereto appertaining. If the Holder of a Bearer Security is unable to produce
any such unmatured coupon or coupons or matured coupon or coupons in default,
any such permitted exchange may be effected if the Bearer Securities are
accompanied by payment in funds acceptable to the Company in an amount equal to
the face amount of such missing coupon or coupons, or the surrender of such
missing coupon or coupons may be waived by the Company and the Trustee if there
is furnished to them such security or indemnity as they may require to save each
of them and any Paying Agent harmless. If thereafter the Holder of such Security
shall surrender to any Paying Agent any such missing coupon in respect of which
such a payment shall have been made, such Holder shall be entitled to receive
the amount of such payment; provided, however, that, except as otherwise
provided in Section 1002, interest represented by coupons shall be payable only
upon presentation and surrender of those coupons at an office or agency located
outside the United States. Notwithstanding the foregoing, in case a Bearer
Security of any series is surrendered at any such office or agency in a
permitted exchange for a Registered Security of the same series and like tenor
after the close of business at such office or agency on (i) any Regular Record
Date and before the opening of business at such office or agency on the relevant
Interest Payment Date, or (ii) any Special Record Date and before the opening of
business at such office or agency on the related proposed date for payment of
Defaulted Interest, such Bearer Security shall be surrendered without the coupon
relating to such Interest Payment Date or proposed date for payment, as the case
may be, and interest or Defaulted Interest, as the case may be, will not be
payable on such Interest Payment Date or proposed date for payment, as the case
may be, in respect of the Registered Security issued in exchange for such Bearer
Security, but will be payable only to the Holder of such coupon when due in
accordance with the provisions of this Indenture.

            Whenever any Securities are so surrendered for exchange, the Company
shall execute, and the Trustee shall authenticate and deliver, the Securities
which the Holder making the exchange is entitled to receive.

            Notwithstanding the foregoing, except as otherwise specified as
contemplated by Section 301, any permanent global Security shall be exchangeable
only as provided in this paragraph. If any beneficial owner of an interest in a
permanent global Security is entitled to exchange such interest for Securities
of such series and of like tenor and principal amount of another authorized form
and denomination, as specified as contemplated by Section 301 and provided that
any applicable notice provided in the permanent global Security shall have been
given, then without unnecessary delay but in any event not later than the
earliest date on which such interest may be so exchanged, the Company shall
deliver to the Trustee definitive Securities in aggregate principal amount equal
to the principal amount of such beneficial owner's interest in

                                       28
<PAGE>

such permanent global Security, executed by the Company. On or after the
earliest date on which such interests may be so exchanged, such permanent global
Security shall be surrendered by the Common Depositary or such other depositary
as shall be specified in the Company Order with respect thereto to the Trustee,
as the Company's agent for such purpose, to be exchanged, in whole or from time
to time in part, for definitive Securities without charge, and the Trustee shall
authenticate and deliver, in exchange for each portion of such permanent global
Security, an equal aggregate principal amount of definitive Securities of the
same series of authorized denominations and of like tenor as the portion of such
permanent global Security to be exchanged which, unless the Securities of the
series are not issuable both as Bearer Securities and as Registered Securities,
as specified as contemplated by Section 301, shall be in the form of Bearer
Securities or Registered Securities, or any combination thereof, as shall be
specified by the beneficial owner thereof; provided, however, that no such
exchanges may occur during a period beginning at the opening of business 15 days
before any selection of Securities to be redeemed and ending on the relevant
Redemption Date if the Security for which exchange is requested may be among
those selected for redemption; and provided, further, that no Bearer Security
delivered in exchange for a portion of a permanent global Security shall be
mailed or otherwise delivered to any location in the United States. If a
Registered Security is issued in exchange for any portion of a permanent global
Security after the close of business at the office or agency where such exchange
occurs on (i) any Regular Record Date and before the opening of business at such
office or agency on the relevant Interest Payment Date, or (ii) any Special
Record Date and before the opening of business at such office or agency on the
related proposed date for payment of Defaulted Interest, interest or Defaulted
Interest, as the case may be, will not be payable on such Interest Payment Date
or proposed date for payment, as the case may be, in respect of such Registered
Security, but will be payable on such Interest Payment Date or proposed date for
payment, as the case may be, only to the Person to whom interest in respect of
such portion of such permanent global Security is payable in accordance with the
provisions of this Indenture.

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

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

            No service charge shall be made for any registration of transfer or
exchange of Securities, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection
with any registration of transfer or exchange of Securities, other than
exchanges pursuant to Section 304, 906, 1107 or 1305 not involving any transfer.

            If at any time the Depositary for any permanent global Registered
Securities of any series notifies the Company that it is unwilling or unable to
continue as Depositary for such

                                       29
<PAGE>

permanent global Registered Securities or if at any time the Depositary for such
permanent global Registered Securities shall no longer be eligible under
applicable law, the Company shall appoint a successor Depositary eligible under
applicable law with respect to such permanent global Registered Securities. If a
successor Depositary eligible under applicable law for such Registered Global
Securities is not appointed by the Company within 90 days after the Company
receives such notice or becomes aware of such ineligibility, the Company will
execute, and the Trustee, upon receipt of the Company's order for the
authentication and delivery of definitive Registered Securities of such series
and tenor, will authenticate and deliver such definitive Registered Securities
of such series and tenor, in any authorized denominations, in an aggregate
principal amount equal to the principal amount of such permanent global
Registered Securities, in exchange for such permanent global Registered
Securities.

            The Company may at any time and in its sole discretion determine
that any permanent global Registered Securities of any series shall no longer be
maintained in global form. In such event the Company will execute, and the
Trustee, upon receipt of the Company's order for the authentication and delivery
of definitive Registered Securities of such series and tenor, will authenticate
and deliver, definitive Registered Securities of such series and tenor in any
authorized denominations, in an aggregate principal amount equal to the
principal amount of such permanent global Registered Securities, in exchange for
such permanent global Registered Securities.

            The Company shall not be required (i) to issue, register the
transfer of or exchange Securities of any series during a period beginning at
the opening of business 15 days before the day of the selection for redemption
of Securities of that series under Section 1103 or 1203 and ending at the close
of business on (A) if Securities of the series are issuable only as Registered
Securities, the day of the mailing of the relevant notice of redemption and (B)
if Securities of the series are issuable as Bearer Securities, the day of the
first publication of the relevant notice of redemption or, if Securities of the
series are also issuable as Registered Securities and there is no publication,
the mailing of the relevant notice of redemption, or (ii) to register the
transfer of or exchange any Registered Security so selected for redemption in
whole or in part, except the unredeemed portion of any Security being redeemed
in part, or (iii) to exchange any Bearer Security so selected for redemption
except that such a Bearer Security may be exchanged for a Registered Security of
that series and like tenor; provided that such Registered Security shall be
simultaneously surrendered for redemption, or (iv) to issue, register the
transfer of or exchange any Security which has been surrendered for repayment at
the option of the Holder, except the portion, if any, of such Security not to be
so repaid.

            The Trustee shall have no obligation or duty to monitor, determine
or inquire as to compliance with any restrictions on transfer that may be
imposed under this Indenture with respect to the Securities of any series
pursuant to the terms thereof established as contemplated by Section 301 or
under applicable law with respect to any transfer of any interest in any such
Security (including any transfers between or among any depositary (including any
Depositary or Common Depositary), or its nominee, as a Holder of a Security
issued in global form, any participants in such depositary or owners or holders
of beneficial interests in any such global Security) other than to require
delivery of such certificates and other documentation or evidence as are
expressly required by, and to do so if and when expressly required by, the terms
of such

                                       30
<PAGE>

Securities if and as may be so established in respect of such Securities, and to
examine the same to determine substantial compliance as to form with the express
requirements thereof.

            SECTION 306. Mutilated, Destroyed, Lost and Stolen Securities. If
any mutilated Security or a Security with a mutilated coupon appertaining to it
is surrendered to the Trustee, the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a new Security of the same series
and of like tenor and principal amount and bearing a number not
contemporaneously outstanding, with coupons corresponding to the coupons, if
any, appertaining to the surrendered Security, or, in case any such mutilated
Security or coupon has become or is about to become due and payable, the Company
in its discretion may, instead of issuing a new Security, with coupons
corresponding to the coupons, if any, appertaining to the surrendered Security,
pay such Security or coupon.

            If there shall be delivered to the Company and to the Trustee (i)
evidence to their satisfaction of the destruction, loss or theft of any Security
or coupon and (ii) such security or indemnity as may be required by them to save
each of them and any agent of either of them harmless, then, in the absence of
notice to the Company or the Trustee that such Security or coupon has been
acquired by a bona fide purchaser, the Company shall execute and upon Company
Order the Trustee shall authenticate and deliver, in lieu of any such destroyed,
lost or stolen Security or in exchange for the Security for which a destroyed,
lost or stolen coupon appertains (with all appurtenant coupons not destroyed,
lost or stolen), a new Security of the same series and of like tenor and
principal amount and bearing a number not contemporaneously outstanding, with
coupons corresponding to the coupons, if any, appertaining to such destroyed,
lost or stolen Security or to the Security to which such destroyed, lost or
stolen coupon appertains.

            Notwithstanding the provisions of the previous two paragraphs, in
case any such mutilated, destroyed, lost or stolen Security or coupon has become
or is about to become due and payable, the Company in its discretion may,
instead of issuing a new Security, with coupons corresponding to the coupons, if
any, appertaining to such mutilated, destroyed, lost or stolen Security or to
the Security to which such mutilated, destroyed, lost or stolen coupon
appertains, pay such Security or coupon; provided, however, that payment of
principal of (and premium, if any) and interest, if any, on Bearer Securities
shall, except as otherwise provided in Section 1002, be payable only at an
office or agency located outside the United States and, unless otherwise
specified as contemplated by Section 301, any interest on Bearer Securities
shall be payable only upon presentation and surrender of the coupons
appertaining thereto.

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

            Every new Security of any series with its coupons, if any, issued
pursuant to this Section in lieu of any mutilated, destroyed, lost or stolen
Security or in exchange for a Security to which a mutilated, destroyed, lost or
stolen coupon appertains, shall constitute an original additional contractual
obligation of the Company, whether or not the mutilated, destroyed, lost or
stolen Security and its coupons, if any, or the mutilated, destroyed, lost or
stolen coupon shall be

                                       31
<PAGE>

at any time enforceable by anyone, and shall be entitled to all the benefits of
this Indenture equally and proportionately with any and all other Securities of
that series and their coupons, if any, duly issued hereunder.

            The provisions of this Section are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Securities or coupons.

            SECTION 307. Payment of Interest; Interest Rights Preserved;
Optional Interest Reset. (a) Unless otherwise provided as contemplated by
Section 301 with respect to any series of Securities, interest, if any, on any
Registered Security which is payable, and is punctually paid or duly provided
for, on any Interest Payment Date shall be paid to the Person in whose name such
Security (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest at the office or agency of
the Company maintained for such purpose pursuant to Section 1002; provided,
however, that each installment of interest, if any, on any Registered Security
may at the Company's option be paid by (i) mailing a check for such interest,
payable to or upon the written order of the Person entitled thereto pursuant to
Section 309, to the address of such Person as it appears on the Security
Register or (ii) transfer to an account located in the United States maintained
by the payee.

            Unless otherwise provided as contemplated by Section 301 with
respect to the Securities of any series, payment of interest, if any, may be
made, in the case of a Bearer Security, by transfer to an account located
outside the United States maintained by the payee.

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

            (1) The Company may elect to make payment of any Defaulted Interest
      to the Persons in whose names the Registered Securities of such series (or
      their respective Predecessor Securities) are registered at the close of
      business on a Special Record Date for the payment of such Defaulted
      Interest, which shall be fixed in the following manner. The Company shall
      notify the Trustee in writing of the amount of Defaulted Interest proposed
      to be paid on each 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 in the Currency in which the Securities of such
      series are payable (except as otherwise specified pursuant to Section 301
      for the Securities of such series and except, if applicable, as provided
      in Sections 312(b), 312(d) and 312(e)) 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 on or 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

                                       32
<PAGE>

      shall be not more than 15 days and not less than 10 days prior to the date
      of the proposed payment and not less than 10 days after the receipt by the
      Trustee of the notice of the proposed payment. The Trustee shall promptly
      notify the Company of such Special Record Date and, in the name and at the
      expense of the Company, shall cause notice of the proposed payment of such
      Defaulted Interest and the Special Record Date therefor to be given in the
      manner provided in Section 106, not less than 10 days prior to such
      Special Record Date. Notice of the proposed payment of such Defaulted
      Interest and the Special Record Date therefor having been so given, such
      Defaulted Interest shall be paid to the Persons in whose name the
      Registered Securities of such series (or their respective Predecessor
      Securities) are registered at the close of business on such Special Record
      Date and shall no longer be payable pursuant to the following clause (2).

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

            (b) The provisions of this Section 307(b) may be made applicable to
any series of Securities pursuant to Section 301 (with such modifications,
additions or substitutions as may be specified pursuant to such Section 301).
The interest rate (or the spread or spread multiplier used to calculate such
interest rate, if applicable) on any Security of such series may be reset by the
Company on the date or dates specified on the face of such Security (each an
"Optional Reset Date"). The Company may exercise such option with respect to
such Security by notifying the Trustee of such exercise at least 50 but not more
than 60 days prior to an Optional Reset Date for such Note. Not later than 40
days prior to each Optional Reset Date, the Trustee shall transmit, in the
manner provided for in Section 106, to the Holder of any such Security a notice
(the "Reset Notice") indicating whether the Company has elected to reset the
interest rate (or the spread or spread multiplier used to calculate such
interest rate, if applicable), and if so (i) such new interest rate (or such new
spread or spread multiplier, if applicable) and (ii) the provisions, if any, for
redemption during the period from such Optional Reset Date to the next Optional
Reset Date or if there is no such next Optional Reset Date, to the Stated
Maturity Date of such Security (each such period a "Subsequent Interest
Period"), including the date or dates on which or the period or periods during
which and the price or prices at which such redemption may occur during the
Subsequent Interest Period.

            Notwithstanding the foregoing, not later than 20 days prior to the
Optional Reset Date, the Company may, at its option, revoke the interest rate
(or the spread or spread multiplier used to calculate such interest rate, if
applicable) provided for in the Reset Notice and establish an interest rate (or
a spread or spread multiplier used to calculate such interest rate, if
applicable) that is higher than the interest rate (or the spread or spread
multiplier, if applicable) provided for in the Reset Notice, for the Subsequent
Interest Period by causing the Trustee to transmit, in the manner provided for
in Section 106, notice of such higher interest rate (or such higher spread or
spread multiplier, if applicable) to the Holder of such Security. Such notice
shall be irrevocable. All Securities with respect to which the interest rate (or
the spread or spread multiplier used to calculate such interest rate, if
applicable) is reset on an Optional Reset Date, and with respect to

                                       33
<PAGE>

which the Holders of such Securities have not tendered such Securities for
repayment (or have validly revoked any such tender) pursuant to the next
succeeding paragraph, will bear such higher interest rate (or such higher spread
or spread multiplier, if applicable).

            The Holder of any such Security will have the option to elect
repayment by the Company of the principal of such Security on each Optional
Reset Date at a price equal to the principal amount thereof plus interest
accrued to such Optional Reset Date. In order to obtain repayment on an Optional
Reset Date, the Holder must follow the procedures set forth in Article Thirteen
for repayment at the option of Holders except that the period for delivery or
notification to the Trustee shall be at least 25 but not more than 35 days prior
to such Optional Reset Date and except that, if the Holder has tendered any
Security for repayment pursuant to the Reset Notice, the Holder may, by written
notice to the Trustee, revoke such tender or repayment until the close of
business on the tenth day before such Optional Reset Date.

            Subject to the foregoing provisions of this Section and Section 305,
each Security delivered under this Indenture upon registration of transfer of or
in exchange for or in lieu of any other Security shall carry the rights to
interest accrued and unpaid, and to accrue, which were carried by such other
Security.

            SECTION 308. Optional Extension of Stated Maturity. The provisions
of this Section 308 may be made applicable to any series of Securities pursuant
to Section 301 (with such modifications, additions or substitutions as may be
specified pursuant to such Section 301). The Stated Maturity of any Security of
such series may be extended at the option of the Company for the period or
periods specified on the face of such Security (each an "Extension Period") up
to but not beyond the date (the "Final Maturity") set forth on the face of such
Security. The Company may exercise such option with respect to any Security by
notifying the Trustee of such exercise at least 50 but not more than 60 days
prior to the Stated Maturity of such Security in effect prior to the exercise of
such option (the "Original Stated Maturity"). If the Company exercises such
option, the Trustee shall transmit, in the manner provided for in Section 106,
to the Holder of such Security not later than 40 days prior to the Original
Stated Maturity a notice (the "Extension Notice") indicating (i) the election of
the Company to extend the Stated Maturity, (ii) the new Stated Maturity, (iii)
the interest rate, if any, applicable to the Extension Period and (iv) the
provisions, if any, for redemption during such Extension Period. Upon the
Trustee's transmittal of the Extension Notice, the Stated Maturity of such
Security shall be extended automatically and, except as modified by the
Extension Notice and as described in the next paragraph, such Security will have
the same terms as prior to the transmittal of such Extension Notice.

            Notwithstanding the foregoing, not later than 20 days before the
Original Stated Maturity of such Security, the Company may, at its option,
revoke the interest rate provided for in the Extension Notice and establish a
higher interest rate for the Extension Period by causing the Trustee to
transmit, in the manner provided for in Section 106, notice of such higher
interest rate to the Holder of such Security. Such notice shall be irrevocable.
All Securities with respect to which the Stated Maturity is extended will bear
such higher interest rate.

            If the Company extends the Maturity of any Security, the Holder will
have the option to elect repayment of such Security by the Company on the
Original Stated Maturity at a

                                       34
<PAGE>

price equal to the principal amount thereof, plus interest accrued to such date.
In order to obtain repayment on the Original Stated Maturity once the Company
has extended the Maturity thereof, the Holder must follow the procedures set
forth in Article Thirteen for repayment at the option of Holders, except that
the period for delivery or notification to the Trustee shall be at least 25 but
not more than 35 days prior to the Original Stated Maturity and except that, if
the Holder has tendered any Security for repayment pursuant to an Extension
Notice, the Holder may by written notice to the Trustee revoke such tender for
repayment until the close of business on the tenth day before the Original
Stated Maturity.

            SECTION 309. Persons Deemed Owners. Prior to due presentment of a
Registered Security for registration of transfer, the Company, the Trustee and
any agent of the Company or the Trustee may treat the Person in whose name such
Registered Security is registered as the owner of such Registered Security for
the purpose of receiving payment of principal of (and premium, if any) and
(subject to Sections 305 and 307) interest, if any, on such Security and for all
other purposes whatsoever, whether or not such Security be overdue, and none of
the Company, the Trustee or any agent of the Company or the Trustee shall be
affected by notice to the contrary.

            Title to any Bearer Security and any coupons appertaining thereto
shall pass by delivery. The Company, the Trustee and any agent of the Company or
the Trustee may treat the bearer of any Bearer Security and the bearer of any
coupon as the absolute owner of such Security or coupon for the purpose of
receiving payment thereof or on account thereof and for all other purposes
whatsoever, whether or not such Security or coupons be overdue, and none of the
Company, the Trustee or any agent of the Company or the Trustee shall be
affected by notice to the contrary.

            None of the Company, the Trustee, any Paying Agent or the Security
Registrar shall have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial ownership
interests of a Security in global form or for maintaining, supervising or
reviewing any records relating to such beneficial ownership interests. The
Company, the Trustee and the Securities Registrar shall be entitled to deal with
any depositary (including any Depositary or Common Depositary), and any nominee
thereof, that is the Holder of any such global Security for all purposes of this
Indenture relating to such global Security (including the payment of principal,
premium, if any, and interest and Additional Amounts, if any, and the giving of
instructions or directions by or to the owner or holder of a beneficial
ownership interest in such global Security) as the sole Holder of such global
Security and shall have no obligations to the beneficial owners thereof. None of
the Company, the Trustee, any Paying Agent or the Security Registrar shall have
any responsibility or liability for any acts or omissions of any such depositary
with respect to such global Security, for the records of any such depositary,
including records in respect of beneficial ownership interests in respect of any
such global Security, for any transactions between such depositary and any
participant in such depositary or between or among any such depositary, any such
participant and/or any holder or owner of a beneficial interest in such global
Security or for any transfers of beneficial interests in any such global
Security.

            Notwithstanding the foregoing, with respect to any global Security,
nothing herein shall prevent the Company, the Trustee, or any agent of the
Company or the Trustee, from giving

                                       35
<PAGE>

effect to any written certification, proxy or other authorization furnished by
any depositary (including any Depositary or Common Depositary), as a Holder,
with respect to such global Security or impair, as between such depositary and
owners of beneficial interests in such global Security, the operation of
customary practices governing the exercise of the rights of such depositary (or
its nominee) as Holder of such global Security.

            SECTION 310. Cancellation. All Securities and coupons surrendered
for payment, redemption, repayment at the option of the Holder, registration of
transfer or exchange or for credit against any current or future sinking fund
payment shall, if surrendered to any Person other than the Trustee, be delivered
to the Trustee. All Securities and coupons so delivered to the Trustee shall be
promptly cancelled by it. The Company may at any time deliver to the Trustee for
cancellation any Securities previously authenticated and delivered hereunder
which the Company may have acquired in any manner whatsoever, and may deliver to
the Trustee (or to any other Person for delivery to the Trustee) for
cancellation any Securities previously authenticated hereunder which the Company
has not issued and sold, and all Securities so delivered shall be promptly
cancelled by the Trustee. If the Company shall so acquire any of the Securities,
however, such acquisition shall not operate as a redemption or satisfaction of
the indebtedness represented by such Securities unless and until the same are
surrendered to the Trustee for cancellation. No Securities shall be
authenticated in lieu of or in exchange for any Securities cancelled as provided
in this Section, except as expressly permitted by this Indenture. All cancelled
Securities held by the Trustee shall be disposed of by the Trustee in accordance
with its customary procedures and, if requested by the Company in writing,
certification of their disposal delivered to the Company, unless by Company
Order the Company shall timely direct that cancelled Securities be returned to
it.

            SECTION 311. Computation of Interest. Except as otherwise specified
as contemplated by Section 301 with respect to any Securities, interest, if any,
on the Securities of each series shall be computed on the basis of a 360-day
year of twelve 30-day months.

            SECTION 312. Currency and Manner of Payments in Respect of
Securities. (a) With respect to Registered Securities of any series not
permitting the election provided for in paragraph (b) below or the Holders of
which have not made the election provided for in paragraph (b) below, and with
respect to Bearer Securities of any series, except as provided in paragraph (d)
below, payment of the principal of (and premium, if any) and interest, if any,
on any Registered or Bearer Security of such series will be made in the Currency
in which such Registered Security or Bearer Security, as the case may be, is
payable. The provisions of this Section 312 may be modified or superseded with
respect to any Securities pursuant to Section 301.

            (b)   It may be provided pursuant to Section 301 with respect to
Registered Securities of any series that Holders shall have the option, subject
to paragraphs (d) and (e) below, to receive payments of principal of (or
premium, if any) or interest, if any, on such Registered Securities in any of
the Currencies which may be designated for such election by delivering to the
Trustee a written election with signature guarantees and in the applicable form
established pursuant to Section 301, not later than the close of business on the
Election Date immediately preceding the applicable payment date. If a Holder so
elects to receive such payments in any such Currency, such election will remain
in effect for such Holder or any

                                       36
<PAGE>

transferee of such Holder until changed by such Holder or such transferee by
written notice to the Trustee (but any such change must be made not later than
the close of business on the Election Date immediately preceding the next
payment date to be effective for the payment to be made on such payment date and
no such change of election may be made with respect to payments to be made on
any Registered Security of such series with respect to which an Event of Default
has occurred or with respect to which the Company has deposited funds pursuant
to Article Four or Fourteen or with respect to which a notice of redemption has
been given by the Company or a notice of option to elect repayment has been sent
by such Holder or such transferee). Any Holder of any such Registered Security
who shall not have delivered any such election to the Trustee not later than the
close of business on the applicable Election Date will be paid the amount due on
the applicable payment date in the relevant Currency as provided in Section
312(a). The Trustee shall notify the Exchange Rate Agent as soon as practicable
after the Election Date of the aggregate principal amount of Registered
Securities for which Holders have made such written election.

            (c)   Unless otherwise specified pursuant to Section 301, if the
election referred to in paragraph (b) above has been provided for pursuant to
Section 301, then, unless otherwise specified pursuant to Section 301, not later
than the fourth Business Day after the Election Date for each payment date for
Registered Securities of any series, the Exchange Rate Agent will deliver to the
Company a written notice specifying, in the Currency in which Registered
Securities of such series are payable, the respective aggregate amounts of
principal of (and premium, if any) and interest, if any, on the Registered
Securities to be paid on such payment date, specifying the amounts in such
Currency so payable in respect of the Registered Securities as to which the
Holders of Registered Securities of such series shall have elected to be paid in
another Currency as provided in paragraph (b) above. If the election referred to
in paragraph (b) above has been provided for pursuant to Section 301 and if at
least one Holder has made such election, then, unless otherwise specified
pursuant to Section 301, on the second Business Day preceding such payment date
the Company will deliver to the Trustee for such series of Registered Securities
an Exchange Rate Officer's Certificate in respect of the Dollar or Foreign
Currency payments to be made on such payment date. Unless otherwise specified
pursuant to Section 301, the Dollar or Foreign Currency amount receivable by
Holders of Registered Securities who have elected payment in a Currency as
provided in paragraph (b) above shall be determined by the Company on the basis
of the applicable Market Exchange Rate in effect on the third Business Day (the
"Valuation Date") immediately preceding each payment date, and such
determination shall be conclusive and binding for all purposes, absent manifest
error.

            (d)   If a Conversion Event occurs with respect to a Foreign
Currency in which any of the Securities are denominated or payable other than
pursuant to an election provided for pursuant to paragraph (b) above, then with
respect to each date for the payment of principal of (and premium, if any) and
interest, if any, on the applicable Securities denominated or payable in such
Foreign Currency occurring after the last date on which such Foreign Currency
was used (the "Conversion Date"), the Dollar shall be the Currency of payment
for use on each such payment date. Unless otherwise specified pursuant to
Section 301, the Dollar amount to be paid by the Company to the Trustee and by
the Trustee or any Paying Agent to the Holders of such Securities with respect
to such payment date shall be, in the case of a Foreign Currency other than a
currency unit, the Dollar Equivalent of the Foreign Currency or, in the case of
a currency

                                       37
<PAGE>

unit, the Dollar Equivalent of the Currency Unit, in each case as determined by
the Exchange Rate Agent in the manner provided in paragraph (f) or (g) below.

            (e)   Unless otherwise specified pursuant to Section 301, if the
Holder of a Registered Security denominated in any Currency shall have elected
to be paid in another Currency as provided in paragraph (b) above, and a
Conversion Event occurs with respect to such elected Currency, such Holder shall
receive payment in the Currency in which payment would have been made in the
absence of such election; and if a Conversion Event occurs with respect to the
Currency in which payment would have been made in the absence of such election,
such Holder shall receive payment in Dollars as provided in paragraph (d) above.

            (f)   The "Dollar Equivalent of the Foreign Currency" shall be
determined by the Exchange Rate Agent and shall be obtained for each subsequent
payment date by converting the specified Foreign Currency into Dollars at the
Market Exchange Rate on the Conversion Date.

            (g)   The "Dollar Equivalent of the Currency Unit" shall be
determined by the Exchange Rate Agent and subject to the provisions of paragraph
(h) below shall be the sum of each amount obtained by converting the Specified
Amount of each Component Currency into Dollars at the Market Exchange Rate for
such Component Currency on the Valuation Date with respect to each payment.

            (h)   For purposes of this Section 312 the following terms shall
have the following meanings:

            A "Component Currency" shall mean any Currency which, on the
      Conversion Date, was a component currency of the relevant currency unit,
      including, but not limited to, the Euro.

            A "Specified Amount" of a Component Currency shall mean the number
      of units of such Component Currency or fractions thereof which were
      represented in the relevant currency unit, including, but not limited to,
      the Euro, on the Conversion Date. If after the Conversion Date the
      official unit of any Component Currency is altered by way of combination
      or subdivision, the Specified Amount of such Component Currency shall be
      divided or multiplied in the same proportion. If after the Conversion Date
      two or more Component Currencies are consolidated into a single currency,
      the respective Specified Amounts of such Component Currencies shall be
      replaced by an amount in such single Currency equal to the sum of the
      respective Specified Amounts of such consolidated Component Currencies
      expressed in such single Currency, and such amount shall thereafter be a
      Specified Amount and such single Currency shall thereafter be a Component
      Currency. If after the Conversion Date any Component Currency shall be
      divided into two or more currencies, the Specified Amount of such
      Component Currency shall be replaced by amounts of such two or more
      currencies, having an aggregate Dollar Equivalent value at the Market
      Exchange Rate on the date of such replacement equal to the Dollar
      Equivalent value of the Specified Amount of such former Component Currency
      at the Market Exchange Rate immediately before such division and such
      amounts shall thereafter be Specified Amounts and such currencies shall
      thereafter be

                                       38
<PAGE>

      Component Currencies. If, after the Conversion Date of the relevant
      currency unit, including, but not limited to, the Euro, a Conversion Event
      (other than any event referred to above in this definition of "Specified
      Amount") occurs with respect to any Component Currency of such currency
      unit and is continuing on the applicable Valuation Date, the Specified
      Amount of such Component Currency shall, for purposes of calculating the
      Dollar Equivalent of the Currency Unit, be converted into Dollars at the
      Market Exchange Rate in effect on the Conversion Date of such Component
      Currency.

            "Election Date" shall mean the date for any series of Registered
      Securities as specified pursuant to clause (13) of Section 301 by which
      the written election referred to in paragraph (b) above may be made.

            All decisions and determinations of the Exchange Rate Agent
regarding the Dollar Equivalent of the Foreign Currency, the Dollar Equivalent
of the Currency Unit, the Market Exchange Rate and changes in the Specified
Amounts as specified above shall be in its sole discretion and shall, in the
absence of manifest error, be conclusive for all purposes and irrevocably
binding upon the Company, the Trustee and all Holders of such Securities
denominated or payable in the relevant Currency. The Exchange Rate Agent shall
promptly give written notice to the Company and the Trustee of any such decision
or determination.

            In the event that the Company determines in good faith that a
Conversion Event has occurred with respect to a Foreign Currency, the Company
will immediately give written notice thereof to the Trustee and to the Exchange
Rate Agent (and the Trustee will promptly thereafter give notice in the manner
provided for in Section 106 to the affected Holders) specifying the Conversion
Date. In the event the Company so determines that a Conversion Event has
occurred with respect to the Euro or any other currency unit in which Securities
are denominated or payable, the Company will immediately give written notice
thereof to the Trustee and to the Exchange Rate Agent (and the Trustee will
promptly thereafter give notice in the manner provided for in Section 106 to the
affected Holders) specifying the Conversion Date and the Specified Amount of
each Component Currency on the Conversion Date. In the event the Company
determines in good faith that any subsequent change in any Component Currency as
set forth in the definition of Specified Amount above has occurred, the Company
will similarly give written notice to the Trustee and the Exchange Rate Agent.
The Trustee shall be fully justified and protected in relying and acting upon
information received by it from the Company and the Exchange Rate Agent and
shall not otherwise have any duty or obligation to determine the accuracy or
validity of such information independent of the Company or the Exchange Rate
Agent.

            SECTION 313. Appointment and Resignation of Successor Exchange Rate
Agent. (a) Unless otherwise specified pursuant to Section 301, if and so long as
the Securities of any series (i) are denominated in a Currency other than
Dollars or (ii) may be payable in a Currency other than Dollars, or so long as
it is required under any other provision of this Indenture, then the Company
will maintain with respect to each such series of Securities, or as so required,
at least one Exchange Rate Agent. The Company will cause the Exchange Rate Agent
to make the necessary foreign exchange determinations at the time and in the
manner specified pursuant to Section 301 for the purpose of determining the
applicable rate of exchange and, if applicable, for the purpose of converting
the issued Currency into the applicable payment

                                       39
<PAGE>

Currency for the payment of principal (and premium, if any) and interest, if
any, pursuant to Section 312.

            (b)   No resignation of the Exchange Rate Agent and no appointment
of a successor Exchange Rate Agent pursuant to this Section shall become
effective until the acceptance of appointment by the successor Exchange Rate
Agent as evidenced by a written instrument delivered to the Company and the
Trustee.

            (c)   If the Exchange Rate Agent shall resign, be removed or become
incapable of acting, or if a vacancy shall occur in the office of the Exchange
Rate Agent for any cause with respect to the Securities of one or more series,
the Company, by or pursuant to a Board Resolution, shall promptly appoint a
successor Exchange Rate Agent or Exchange Rate Agents with respect to the
Securities of that or those series (it being understood that any such successor
Exchange Rate Agent may be appointed with respect to the Securities of one or
more or all of such series and that, unless otherwise specified pursuant to
Section 301, at any time there shall only be one Exchange Rate Agent with
respect to the Securities of any particular series that are originally issued by
the Company on the same date and that are initially denominated and/or payable
in the same Currency).

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

            SECTION 401. Satisfaction and Discharge of Indenture. This Indenture
shall upon Company Request cease to be of further effect with respect to any
series of Securities specified in such Company Request (except as to any
surviving rights of registration of transfer or exchange of Securities of such
series expressly provided for herein or pursuant hereto and any right to receive
Additional Amounts as contemplated by Section 1005) and the Trustee, at the
expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture as to such series when

            (1)   either

                  (A)   all Securities of such series theretofore authenticated
            and delivered and all coupons, if any, appertaining thereto (other
            than (i) coupons appertaining to Bearer Securities surrendered for
            exchange for Registered Securities and maturing after such exchange,
            whose surrender is not required or has been waived as provided in
            Section 305, (ii) Securities and coupons of such series which have
            been destroyed, lost or stolen and which have been replaced or paid
            as provided in Section 306, (iii) coupons appertaining to Securities
            called for redemption and maturing after the relevant Redemption
            Date, whose surrender has been waived as provided in Section 1106,
            and (iv) Securities and coupons of such series for whose payment
            money has theretofore been deposited in trust with the Trustee or
            any Paying Agent or segregated and held in trust by the Company and
            thereafter repaid to the Company, as provided in Section 1003) have
            been delivered to the Trustee for cancellation; or

                                       40
<PAGE>

                  (B)   all Securities of such series and, in the case of (i) or
            (ii) below, any coupons appertaining thereto not theretofore
            delivered to the Trustee for cancellation

                        (i)   have become due and payable, or

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

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

            and the Company, in the case of (i), (ii) or (iii) above, has
            irrevocably deposited or caused to be deposited with the Trustee as
            trust funds in trust for such purpose an amount in the Currency in
            which the Securities of such series are payable, sufficient to pay
            and discharge the entire indebtedness on such Securities not
            theretofore delivered to the Trustee for cancellation, for principal
            (and premium, if any) and interest, if any, to the date of such
            deposit (in the case of Securities which have become due and
            payable) or to the Stated Maturity or Redemption Date, as the case
            may be;

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

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

            Notwithstanding the satisfaction and discharge of this Indenture,
the obligations of the Company to the Trustee under Section 606, the obligations
of the Trustee to any Authenticating Agent under Section 611 and, if money shall
have been deposited with the Trustee pursuant to subclause (B) of clause (1) of
this Section, the obligations of the Trustee under Section 402 and the last
paragraph of Section 1003, the last sentence of Section 1005, and the
penultimate paragraph of Section 1405 shall survive.

            SECTION 402. Application of Trust Money. Subject to the provisions
of the last paragraph of Section 1003, all money deposited with the Trustee
pursuant to Section 401 shall be held in trust and applied by it, in accordance
with the provisions of the Securities, the coupons and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the Persons
entitled thereto, of the principal (and premium, if any) and interest, if any,
for whose payment such money has been deposited with the Trustee; but such money
need not be segregated from other funds except to the extent required by law.
Money so held in trust (i) is not subject to Article Sixteen and (ii) is subject
to the Trustee's rights under Section 606.

                                       41
<PAGE>

                                  ARTICLE FIVE

                                    REMEDIES

            SECTION 501. Events of Default. "Event of Default", wherever used
herein with respect to Securities of any series, means any one of the following
events (whatever the reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

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

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

            (3)   default in the deposit of any sinking fund payment, when and
      as due by the terms of the Securities of that series and Article Twelve;
      or

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

            (5)   the entry of a decree or order by a court having jurisdiction
      in the premises adjudging the Company as bankrupt or insolvent, or
      approving as properly filed a petition seeking reorganization,
      arrangement, adjustment or composition of or in respect of the Company
      under the Federal Bankruptcy Code or any other applicable federal or state
      law, or appointing a receiver, liquidator, assignee, trustee, sequestrator
      (or other similar official) of the Company or of any substantial part of
      its property, or ordering the winding up or liquidation of its affairs,
      and the continuance of any such decree or order unstayed and in effect for
      a period of 90 consecutive days; or

            (6)   the institution by the Company of proceedings to be
      adjudicated a bankrupt or insolvent, or the consent by it to the
      institution of bankruptcy or insolvency proceedings against it, or the
      filing by it of a petition or answer or consent seeking reorganization or
      relief under the Federal Bankruptcy Code or any other applicable federal
      or state law, or the consent by it to the filing of any such petition or
      to the appointment of a receiver, liquidator, assignee, trustee,
      sequestrator (or other similar official) of the Company or of any
      substantial part of its property, or the making by it of

                                       42
<PAGE>

      an assignment for the benefit of creditors, or the admission by it in
      writing of its inability to pay its debts generally as they become due; or

            (7)   any other Event of Default provided pursuant to Section 301 or
      901 with respect to Securities of that series.

            SECTION 502. Acceleration of Maturity; Rescission and Annulment. If
an Event of Default described in clause (1), (2), (3), (4) or (7) of Section 501
with respect to Securities of any series at the time Outstanding occurs and is
continuing, then in every such case the Trustee or the Holders of not less than
25% in principal amount of the Outstanding Securities of that series may declare
the principal amount (or, if the Securities of that series are Original Issue
Discount Securities or Indexed Securities, such portion of the principal amount
as may be specified in the terms of that series) of all of the Securities of
that series to be due and payable immediately, by a notice in writing to the
Company (and to the Trustee if given by Holders), and upon any such declaration
such principal amount (or specified portion thereof) shall become immediately
due and payable. If an Event of Default specified in Sections 501(5) or 501(6)
occurs and is continuing, then the principal amount of all the Securities then
Outstanding (or, if any such Securities are Original Issue Discount Securities
or Indexed Securities, such portion of the principal amount as may be specified
in the terms of that 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.

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

            (1)   the Company has paid or deposited with the Trustee a sum
      sufficient to pay in the Currency in which the Securities of such series
      are payable (except as otherwise specified pursuant to Section 301 for the
      Securities of such series and except, if applicable, as provided in
      Sections 312(b), 312(d) and 312(e)),

                  (A)   all overdue interest, if any, on all Outstanding
            Securities of that series (or of all series, as the case may be) and
            any related coupons,

                  (B)   all unpaid principal of (and premium, if any) any
            Outstanding Securities of that series (or of all series, as the case
            may be) which has become due otherwise than by such declaration of
            acceleration, and interest on such unpaid principal at the rate or
            rates prescribed therefor in such Securities,

                  (C)   interest on overdue interest, if any, at the rate or
            rates prescribed therefor in such Securities, and

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

                                       43
<PAGE>

            (2)   all Events of Default with respect to Securities of that
      series (or of all series, as the case may be), other than the non-payment
      of amounts of principal of (or premium, if any, on) or interest on
      Securities of that series (or of all series, as the case may be) which
      have become due solely by such declaration of acceleration, have been
      cured or waived as provided in Section 513. No such rescission shall
      affect any subsequent default or impair any right consequent thereon.

            SECTION 503. Collection of Indebtedness and Suits for Enforcement by
Trustee. The Company covenants that if

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

            (2)   default is made in the payment of the principal of (or
      premium, if any, on) any Security at the Maturity thereof and such default
      continues for a period of 5 Business Days,

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

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

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

            SECTION 504. Trustee May File Proofs of Claim. In case of the
pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to the Company or any other obligor upon the Securities or
the property of the Company or of such other obligor or their creditors, the
Trustee (irrespective of whether the principal of the Securities shall then be
due and payable as therein expressed or by declaration or otherwise and
irrespective of whether the Trustee shall have made

                                       44
<PAGE>

any demand on the Company for the payment of overdue principal, premium, if any,
or interest) shall be entitled and empowered, by intervention in such proceeding
or otherwise,

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

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

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such judicial proceeding is hereby authorized by
each Holder to make such payments to the Trustee and, in the event that the
Trustee shall consent to the making of such payments directly to the Holders, to
pay to the Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 606.

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

            SECTION 505. Trustee May Enforce Claims Without Possession of
Securities. All rights of action and claims under this Indenture or the
Securities or coupons may be prosecuted and enforced by the Trustee without the
possession of any of the Securities or coupons or the production thereof in any
proceeding relating thereto, and any such proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any
recovery of judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, be for the ratable benefit of the Holders of the Securities and
coupons in respect of which such judgment has been recovered.

            SECTION 506. Application of Money Collected. Any money collected by
the Trustee pursuant to this Article and any money or other property
distributable in respect of the Company's obligations under this Indenture after
an Event of Default shall be applied in the following order, at the date or
dates fixed by the Trustee and, in case of the distribution of such money on
account of principal (or premium, if any) or interest, if any, upon presentation
of the Securities or coupons, or both, as the case may be, and the notation
thereon of the payment if only partially paid and upon surrender thereof if
fully paid:

            First: To the payment of all amounts due the Trustee (including any
      predecessor Trustee) under Section 606;

                                       45
<PAGE>

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

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

            SECTION 507. Limitation on Suits. No Holder of any Security of any
series or any related coupons shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture, or for the appointment of
a receiver or trustee, or for any other remedy hereunder, unless

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

            (2)   the Holders of not less than 25% in principal amount of the
      Outstanding Securities of that series in the case of any Event of Default
      described in clause (1), (2), (3), (4), or (7) of Section 501, or, in the
      case of any Event of Default described in clause (5) or (6) of Section
      501, the Holders of not less than 25% in principal amount of all
      Outstanding Securities, shall have made written request to the Trustee to
      institute proceedings in respect of such Event of Default in its own name
      as Trustee hereunder;

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

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

            (5)   no direction inconsistent with such written request has been
      given to the Trustee during such 60-day period by the Holders of a
      majority or more in principal amount of the Outstanding Securities of that
      series in the case of any Event of Default described in clause (1), (2),
      (3), (4) or (7) of Section 501, or, in the case of any Event of Default
      described in clause (5) or (6) of Section 501, by the Holders of a
      majority or more in principal amount of all Outstanding Securities;

it being understood and intended that no one or more of such Holders shall have
any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture to affect, disturb or prejudice the rights of any other
Holders of Securities of the same series, in the case of any Event of Default
described in clause (1), (2), (3), (4) or (7) of Section 501, or of Holders of
all Securities in the case of any Event of Default described in clause (5) or
(6) of Section 501, or to obtain or to seek to obtain priority or preference
over any other of such Holders or to enforce any right under this Indenture,
except in the manner herein provided and for the equal and ratable benefit of
all Holders of Securities of the same series, in the case of any Event of
Default described in clause (1), (2), (3), (4) or (7) of Section 501, or of
Holders of all Securities in the case of any Event of Default described in
clause (5) or (6) of Section 501.

                                       46
<PAGE>

            SECTION 508. Unconditional Right of Holders to Receive Principal,
Premium and Interest. Notwithstanding any other provision in this Indenture, the
Holder of any Security shall have the right, which is absolute and
unconditional, to receive payment, as provided herein (including, if applicable,
Article Fourteen) and in such Security, of the principal of (and premium, if
any) and (subject to Section 307) interest, if any, on, such Security or payment
of such coupon on the respective Stated Maturities expressed in such Security or
coupon (or, in the case of redemption, on the Redemption Date) and to institute
suit for the enforcement of any such payment, and such rights shall not be
impaired without the consent of such Holder.

            SECTION 509. Restoration of Rights and Remedies. If the Trustee or
any Holder has instituted any proceeding to enforce any right or remedy under
this Indenture and such proceeding has been discontinued or abandoned for any
reason, or has been determined adversely to the Trustee or to such Holder, then
and in every such case, subject to any determination in such proceeding, the
Company, the Trustee and the Holders of Securities and coupons shall be restored
severally and respectively to their former positions hereunder and thereafter
all rights and remedies of the Trustee and the Holders shall continue as though
no such proceeding had been instituted.

            SECTION 510. Rights and Remedies Cumulative. Except as otherwise
provided with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities or coupons in the last paragraph of Section 306, no
right or remedy herein conferred upon or reserved to the Trustee or to the
Holders of Securities or coupons is intended to be exclusive of any other right
or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or
now or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy.

            SECTION 511. Delay or Omission Not Waiver. No delay or omission of
the Trustee or of any Holder of any Security or coupon to exercise any right or
remedy accruing upon any Event of Default shall impair any such right or remedy
or constitute a waiver of any such Event of Default or an acquiescence therein.
Every right and remedy given by this Article or by law to the Trustee or to the
Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by the Holders, as the case may be.

            SECTION 512. Control by Holders. With respect to the Securities of
any series, the Holders of not less than a majority in principal amount of the
Outstanding Securities of such series shall have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the
Trustee, or exercising any trust or power conferred on the Trustee, relating to
or arising under clause (1), (2), (3), (4) or (7) of Section 501, and, with
respect to all Securities, the Holders of not less than a majority in principal
amount of all Outstanding Securities 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, not relating
to or arising under clause (1), (2), (3), (4) or (7) of Section 501, provided
that in each case

                                       47
<PAGE>

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

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

            (3)   the Trustee need not take any action which might involve it in
      personal liability or be unjustly prejudicial to the Holders of Securities
      of such series not consenting.

            SECTION 513. Waiver of Past Defaults. Subject to Section 502, the
Holders of not less than a majority in principal amount of the Outstanding
Securities of any series may on behalf of the Holders of all the Securities of
such series waive any past default described in clause (1), (2), (3), (4) or (7)
of Section 501 (or, in the case of a default described in clause (5) or (6) of
Section 501, the Holders of not less than a majority in principal amount of all
Outstanding Securities may waive any such past default), and its consequences,
except a default

            (1)   in respect of the payment of the principal of (or premium, if
      any) or interest, if any, on any Security or any related coupon, or

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

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

            SECTION 514. Waiver of Stay or Extension Laws. The Company covenants
(to the extent that it may lawfully do so) that it will not at any time insist
upon, or plead, or in any manner whatsoever claim or take the benefit or
advantage of, any stay or extension law wherever enacted, now or at any time
hereafter in force, which may affect the covenants or the performance of this
Indenture; and the Company (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law and covenants that it
will not hinder, delay or impede the execution of any power herein granted to
the Trustee, but will suffer and permit the execution of every such power as
though no such law had been enacted.

                                  ARTICLE SIX

                                   THE TRUSTEE

            SECTION 601. Notice of Defaults. Within 90 days after the occurrence
of any Default hereunder with respect to the Securities of any series, the
Trustee shall transmit in the manner and to the extent provided in TIA Section
313(c), notice of such default hereunder known to a Responsible Officer of the
Trustee, unless such Default shall have been cured or waived; provided, however,
that, except in the case of a Default in the payment of the principal

                                       48
<PAGE>

of (or premium, if any) or interest, if any, on any Security of such series or
in the payment of any sinking fund installment with respect to Securities of
such series, the Trustee shall be protected in withholding such notice if and so
long as the board of directors, the executive committee or a trust committee of
directors and/or Responsible Officers of the Trustee in good faith determine
that the withholding of such notice is in the interest of the Holders of
Securities of such series and any related coupons; and provided further that in
the case of any Default of the character specified in Section 501(4) with
respect to Securities of such series, no such notice to Holders shall be given
until at least 30 days after the occurrence thereof.

            SECTION 602. Certain Duties, Responsibilities and Rights of Trustee.
Subject to the provisions of TIA Sections 315(a) through 315(d):

            (1)   except during the continuance of an Event of Default,

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

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

            (2)   if any Event of Default has occurred and is continuing with
      respect to the Securities of any series, the Trustee shall exercise such
      of the rights and powers vested in it by this Indenture, and use the same
      degree of care and skill in their exercise, as a prudent person would
      exercise or use under the circumstances in the conduct of such person's
      own affairs;

            (3)   the Trustee may not be relieved from liabilities for its own
      negligent action, its own negligent failure to act, or its own willful
      misconduct, except that:

                  (a)   this subparagraph (3) does not limit the effect of
                        subparagraph (1) of this paragraph or the penultimate
                        paragraph of this Section 602;

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

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

                                       49
<PAGE>

                        Outstanding Securities of the affected 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;

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

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

            (6)   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 Officer's Certificate;

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

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

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

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

                                       50
<PAGE>

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

            (12)  in the event that the Trustee is also acting as Paying Agent,
      Security Registrar or in any other capacity hereunder, the rights,
      privileges, protections, immunities and benefits afforded to the Trustee
      pursuant to this Article Six, including, without limitation, its right to
      be indemnified, shall also be afforded to the Trustee in its capacity as
      such Paying Agent, Security Registrar or in such other capacity; and

            (13)  the Trustee shall not be deemed to know or be charged with
      knowledge of any Default or Event of Default with respect to the
      Securities of any series for which it is acting as Trustee unless a
      Responsible Officer of the Trustee shall have received written notice
      thereof at the Corporate Trust Office of the Trustee from the Company or a
      Holder of such Securities and such notice references this Indenture and
      such Securities.

            The Trustee shall not be required to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties
hereunder, or in the exercise of any of its rights or powers if it shall have
reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it.

            Whether or not therein expressly so provided, every provision of
this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this
Section 602.

            SECTION 603. Trustee Not Responsible for Recitals or Issuance of
Securities. The recitals contained herein and in the Securities, except for the
Trustee's certificates of authentication, and in any coupons shall be taken as
the statements of the Company, and neither the Trustee nor any Authenticating
Agent assumes any responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the
Securities or coupons, except that the Trustee represents that it is duly
authorized to execute and deliver this Indenture, authenticate the Securities
and perform its obligations hereunder and that the statements made by it in a
Statement of Eligibility on Form T-1 supplied to the Company are true and
accurate, subject to the qualifications set forth therein. Neither the Trustee
nor any Authenticating Agent shall be accountable for the use or application by
the Company of Securities or the proceeds thereof.

            SECTION 604. May Hold Securities. The Trustee, any Authenticating
Agent, any Paying Agent, any Security Registrar or any other agent of the
Company or of the Trustee, in its individual or any other capacity, may become
the owner or pledgee of Securities and coupons and, subject to TIA Sections
310(b) and 311, may otherwise deal with the Company with the same rights it
would have if it were not Trustee, Authenticating Agent, Paying Agent, Security
Registrar or such other agent.

            SECTION 605. Money Held in Trust. Money held by the Trustee in trust
hereunder need not be segregated from other funds except to the extent required
by law. The

                                       51
<PAGE>

Trustee shall be under no liability for interest on any money received by it
hereunder except as otherwise agreed with the Company or for the investment
thereof.

            SECTION 606. Compensation and Reimbursement. The Company agrees:

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

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

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

            The obligations of the Company under this Section to compensate the
Trustee, to pay or reimburse the Trustee for expenses, disbursements and
advances and to indemnify and hold harmless the Trustee shall constitute
additional indebtedness hereunder and shall survive the satisfaction and
discharge of this Indenture, the resignation or removal of the Trustee and the
termination of this Indenture for any reason. As security for the performance of
such obligations of the Company, the Trustee shall have a claim and lien prior
to the Securities upon all property and funds held or collected by the Trustee
as such, except funds held in trust for the payment of principal of (or premium,
if any) or interest, if any, on particular Securities or any coupons.

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

            The provisions of this Section shall survive the satisfaction and
discharge of this Indenture, the termination of this Indenture for any reason
and the earlier resignation or removal of the Trustee.

            SECTION 607. Corporate Trustee Required; Eligibility; Conflicting
Interests; Disqualification. There shall be at all times a Trustee hereunder
which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall
have a combined capital and surplus of at least $50,000,000. If such corporation
publishes reports of condition at least annually, pursuant to law

                                       52
<PAGE>

or to the requirements of Federal, State, territorial or District of Columbia
supervising or examining authority, then for the purposes of this Section, the
combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published. If at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, it shall resign immediately in
the manner and with the effect hereinafter specified in this Article. If the
Trustee shall have or acquire any conflicting interest within the meaning of the
Trust Indenture Act, it shall either eliminate such conflicting interest or
resign to the extent, in the manner and with the effect, and subject to the
conditions, provided in the Trust Indenture Act and this Indenture. For purposes
of Section 310(b)(1) of the Trust Indenture Act and to the extent permitted
thereby, the Trustee, in its capacity as trustee in respect of the Securities of
any series, shall not be deemed to have a conflicting interest arising from its
capacity as trustee in respect of the Securities of any other series. Nothing
contained herein shall prevent the Trustee from filing the application provided
for in the second to last sentence of Section 310(b) of the Trust Indenture Act.

            SECTION 608. Resignation and Removal; Appointment of Successor. (a)
No resignation or removal of the Trustee and no appointment of a successor
Trustee pursuant to this Article shall become effective until the acceptance of
appointment by the successor Trustee in accordance with the applicable
requirements of Section 609 and any and all amounts then due and owing to the
Trustee hereunder have been paid in full.

            (b)   The Trustee may resign at any time with respect to the
Securities of one or more series by giving written notice thereof to the
Company. If the instrument of acceptance by a successor Trustee required by
Section 609 shall not have been delivered to the Trustee within 30 days after
the giving of such notice of resignation, the resigning Trustee may petition any
court of competent jurisdiction for the appointment of a successor Trustee with
respect to the Securities of such series.

            (c)   The Trustee may be removed at any time with respect to the
Securities of any series by Act of the Holders of not less than a majority in
principal amount of the Outstanding Securities of such series, delivered to the
Trustee and to the Company.

            (d)   If at any time:

            (1)   the Trustee shall fail to comply with the provisions of TIA
      Section 310(b) after written request therefor by the Company or by any
      Holder who has been a bona fide Holder of a Security for at least six
      months, or

            (2)   the Trustee shall cease to be eligible under Section 607 and
      shall fail to resign after written request therefor by the Company or by
      any Holder who has been a bona fide Holder of a Security for at least six
      months, or

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

                                       53
<PAGE>

then, in any such case, (i) the Company, by a Board Resolution, may remove the
Trustee with respect to all Securities, or (ii) subject to TIA Section 315(e),
any Holder who has been a bona fide Holder of a Security for at least six months
may, on behalf of himself and all others similarly situated, petition any court
of competent jurisdiction for the removal of the Trustee with respect to all
Securities and the appointment of a successor Trustee or Trustees.

            (e)   If the Trustee shall resign, be removed or become incapable of
acting, or if a vacancy shall occur in the office of Trustee for any cause, with
respect to the Securities of one or more series, the Company, by a Board
Resolution, shall promptly appoint a successor Trustee or Trustees with respect
to the Securities of that or those series (it being understood that any such
successor Trustee may be appointed with respect to the Securities of one or more
or all of such series and that at any time there shall be only one Trustee with
respect to the Securities of any particular series). If, within one year after
such resignation, removal or incapability, or the occurrence of such vacancy, a
successor Trustee with respect to the Securities of any series shall be
appointed by Act of the Holders of a majority in principal amount of the
Outstanding Securities of such series delivered to the Company and the retiring
Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance
of such appointment, become the successor Trustee with respect to the Securities
of such series and to that extent supersede the successor Trustee appointed by
the Company. If no successor Trustee with respect to the Securities of any
series shall have been so appointed by the Company or the Holders and accepted
appointment in the manner hereinafter provided, any Holder who has been a bona
fide Holder of a Security of such series for at least six months may, on behalf
of himself and all others similarly situated, petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series.

            (f)   The Company shall give notice of each resignation and each
removal of the Trustee with respect to the Securities of any series and each
appointment of a successor Trustee with respect to the Securities of any series
to the Holders of Securities of such series in the manner provided for in
Section 106. Each notice shall include the name of the successor Trustee with
respect to the Securities of such series and the address of its Corporate Trust
Office.

            SECTION 609. Acceptance of Appointment by Successor. In case of the
appointment hereunder of a successor Trustee with respect to all Securities,
every such successor Trustee so appointed shall execute, acknowledge and deliver
to the Company and to the retiring Trustee an instrument accepting such
appointment, and thereupon the resignation or removal of the retiring Trustee
shall become effective and such successor Trustee, without any further act, deed
or conveyance, shall become vested with all the rights, powers, trusts and
duties of the retiring Trustee; but, on the request of the Company or the
successor Trustee, such retiring Trustee shall, upon payment of its charges,
execute and deliver an instrument transferring to such successor Trustee all the
rights, powers and trusts of the retiring Trustee and shall duly assign,
transfer and deliver to such successor Trustee all property and money held by
such retiring Trustee hereunder, subject nevertheless to its claim and lien
provided for in Section 606.

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

                                       54
<PAGE>

which (1) shall contain such provisions as shall be necessary or desirable to
transfer and confirm to, and to vest in, each successor Trustee all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities
of that or those series to which the appointment of such successor Trustee
relates, (2) if the retiring Trustee is not retiring with respect to all
Securities, shall contain such provisions as shall be deemed necessary or
desirable to confirm that all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series as to
which the retiring Trustee is not retiring shall continue to be vested in the
retiring Trustee, and (3) shall add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, it being understood that
nothing herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same trust and that each such Trustee shall be trustee of a
trust or trusts hereunder separate and apart from any trust or trusts hereunder
administered by any other such Trustee; and upon the execution and delivery of
such supplemental indenture the resignation or removal of the retiring Trustee
shall become effective to the extent provided therein and each such successor
Trustee, without any further act, deed or conveyance, shall become vested with
all the rights, powers, trusts and duties of the retiring Trustee with respect
to the Securities of that or those series to which the appointment of such
successor Trustee relates; but, on request of the Company or any successor
Trustee, such retiring Trustee shall duly assign, transfer and deliver to such
successor Trustee all property and money held by such retiring Trustee hereunder
with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates, subject nevertheless to its claim and lien
provided for in Section 606. Whenever there is a successor Trustee with respect
to one or more (but less than all) series of securities issued pursuant to this
Indenture, the terms "Indenture" and "Securities" shall have the meanings
specified in the provisos to the respective definitions of those terms in
Section 101 which contemplate such situation.

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

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

            SECTION 610. Merger, Conversion, Consolidation or Succession to
Business. Any Person into which the Trustee may be merged or converted or with
which it may be consolidated, or any Person resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any Person
succeeding to all or substantially all the corporate trust business of the
Trustee, shall be the successor of the Trustee hereunder, provided such Person
shall be otherwise qualified and eligible under this Article, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto. In case any Securities shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or
consolidation to such authenticating Trustee may adopt such authentication and
deliver the Securities so authenticated with the same effect as if such
successor Trustee had itself authenticated such Securities. In case any of the
Securities shall not have been authenticated by such predecessor Trustee, any
successor Trustee may authenticate such Securities either in the name of any
predecessor hereunder or in the name of the successor Trustee. In all such cases

                                       55
<PAGE>

such certificates shall have the full force and effect which this Indenture
provides for the certificate of authentication of the Trustee; provided,
however, that the right to adopt the certificate of authentication of any
predecessor Trustee or to authenticate Securities in the name of any predecessor
Trustee shall apply only to its successor or successors by merger, conversion or
consolidation.

            SECTION 611. Appointment of Authenticating Agent. At any time when
any of the Securities remain Outstanding, the Trustee may appoint an
Authenticating Agent or Agents with respect to one or more series of Securities
which shall be authorized to act on behalf of the Trustee to authenticate
Securities of such series and the Trustee shall give written notice of such
appointment to all Holders of Securities of the series with respect to which
such Authenticating Agent will serve, in the manner provided for in Section 106.
Securities so authenticated shall be entitled to the benefits of this Indenture
and shall be valid and obligatory for all purposes as if authenticated by the
Trustee hereunder. Any such appointment shall be evidenced by an instrument in
writing signed by a Responsible Officer of the Trustee, and a copy of such
instrument shall be promptly furnished to the Company. Wherever reference is
made in this Indenture to the authentication and delivery of Securities by the
Trustee or the Trustee's certificate of authentication, such reference shall be
deemed to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent. Each Authenticating Agent shall be
acceptable to the Company and shall at all times be a corporation organized and
doing business under the laws of the United States of America, any state thereof
or the District of Columbia, authorized under such laws to act as Authenticating
Agent, having a combined capital and surplus of not less than $50,000,000 and
subject to supervision or examination by federal or state authority. If such
corporation publishes reports of condition at least annually, pursuant to law or
to the requirements of said supervising or examining authority, then for the
purposes of this Section, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time an Authenticating Agent
shall cease to be eligible in accordance with the provisions of this Section, it
shall resign immediately in the manner and with the effect specified in this
Section.

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

            An Authenticating Agent may resign at any time by giving written
notice thereof to the Trustee and to the Company. The Trustee may at any time
terminate the agency of an Authenticating Agent by giving written notice thereof
to such Authenticating Agent and to the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor Authenticating
Agent which shall be acceptable to the Company and shall give written notice of
such appointment to all Holders of

                                       56
<PAGE>

Securities of the series with respect to which such Authenticating Agent will
serve, in the manner provided for in Section 106. Any successor Authenticating
Agent upon acceptance of its appointment hereunder shall become vested with all
the rights, powers and duties of its predecessor hereunder, with like effect as
if originally named as an Authenticating Agent. No successor Authenticating
Agent shall be appointed unless eligible under the provisions of this Section.

            The Trustee agrees to pay to each Authenticating Agent from time to
time reasonable compensation for its services under this Section, and the
Trustee shall be entitled to be reimbursed for such payments, subject to the
provisions of Section 606.

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

            Dated: ____________________

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

                                                J.P. MORGAN TRUST COMPANY,
                                                NATIONAL ASSOCIATION,
                                                                     as Trustee

                                                By ____________________________
                                                       as Authenticating Agent

                                                By ____________________________
                                                       Authorized Officer

                                 ARTICLE SEVEN

                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

            SECTION 701. Disclosure of Names and Addresses of Holders. Every
Holder of Securities or coupons, by receiving and holding the same, agrees with
the Company and the Trustee that none of the Company or the Trustee or any agent
of either of them shall be held accountable by reason of the disclosure of any
such information as to the names and addresses of the Holders in accordance with
TIA Section 312, regardless of the source from which such information was
derived, and that the Trustee shall not be held accountable by reason of mailing
any material pursuant to a request made under Section 312(b).

            SECTION 702. Reports by Trustee. Within 60 days after May 15 of each
year commencing with the first May 15 after the first issuance of Securities
pursuant to this Indenture, the Trustee shall transmit to the Holders of
Securities, in the manner and to the extent provided

                                       57
<PAGE>

in TIA Section 313(c), a brief report dated as of such May 15 if required by TIA
Section 313(a). The Company will promptly notify the Trustee when Securities are
listed on any stock exchange and of any delisting thereof.

            SECTION 703. Reports by Company. The Company shall:

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

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

            (3)   transmit to all Holders, in the manner and to the extent
      provided in TIA Section 313(c), within 30 days after the filing thereof
      with the Trustee, such summaries of any information, documents and reports
      required to be filed by the Company pursuant to paragraphs (1) and (2) of
      this Section as may be required by rules and regulations prescribed from
      time to time by the Commission.

            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 rely exclusively on Officer's Certificates).

                                 ARTICLE EIGHT

              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

            SECTION 801. Company May Consolidate, etc., Only on Certain Terms.
The Company shall not consolidate with or merge into any other Person or
transfer all or substantially all of its property and assets as an entirety to
any Person, unless:

                                       58
<PAGE>

            (a)   either the Company shall be the continuing Person, or the
      Person (if other than the Company) formed by such consolidation or into
      which the Company is merged or to which all or substantially all of the
      properties and assets of the Company as an entirety are transferred is a
      Person organized and existing under the laws of the United States or any
      State thereof or the District of Columbia which expressly assumes all of
      the obligations of the Company under each series of Securities and this
      Indenture with respect to each such series by an indenture supplemental
      hereto, executed and delivered to the Trustee, in form satisfactory to the
      Trustee, the due and punctual payment of the principal of (and premium, if
      any) and interest on all the Securities and the performance of every
      covenant of this Indenture on the part of the Company to be performed or
      observed;

            (b)   immediately before and immediately after giving effect to such
      transaction, no Event of Default and no Default shall have occurred and be
      continuing. Notwithstanding the foregoing, any Subsidiary may consolidate
      with, merge with or into or transfer all or part of its properties and
      assets to the Company or any other Subsidiary or Subsidiaries; and

            (c)   the Company has delivered to the Trustee an Officer's
      Certificate and an Opinion of Counsel each stating that such
      consolidation, merger, conveyance or transfer and such supplemental
      indenture comply with this Article and that all conditions precedent
      herein provided for relating to such transaction have been complied with.

            SECTION 802. Successor Person Substituted. Upon any consolidation by
the Company with or merger by the Company with or into any other Person or any
conveyance, transfer or lease of the properties and assets of the Company
substantially as an entirety to any Person in accordance with Section 801, the
successor Person formed by such consolidation or into which the Company is
merged or to which such conveyance, transfer or lease is made shall succeed to,
and be substituted for, and may exercise every right and power of, and be
subject to every obligation of, the Company under this Indenture with the same
effect as if such successor Person had been named as the Company herein, and in
the event of any such conveyance or transfer, the Company (which term shall for
this purpose mean the Person named as the "Company" in the first paragraph of
this Indenture or any successor Person which shall theretofore become such in
the manner described in Section 801), except in the case of a lease, shall be
discharged of all obligations and covenants under this Indenture and the
Securities and the coupons and may be dissolved and liquidated.

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

            SECTION 901. Supplemental Indentures Without Consent of Holders.
Without the consent of any Holders, the Company, when authorized by or pursuant
to a Board Resolution, and the Trustee, at any time and from time to time, may
enter into one or more indentures supplemental hereto, in form satisfactory to
the Trustee, for any of the following purposes:

                                       59
<PAGE>

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

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

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

            (4)   to add to or change any of the provisions of this Indenture to
      provide that Bearer Securities may be registrable as to principal, to
      change or eliminate any restrictions on the payment of principal of or any
      premium or interest on Bearer Securities, to permit Bearer Securities to
      be issued in exchange for Registered Securities, to permit Bearer
      Securities to be issued in exchange for Bearer Securities of other
      authorized denominations or to permit or facilitate the issuance of
      Securities in uncertificated form; provided that any such action shall not
      adversely affect the interests of the Holders of Securities of any series
      or any related coupons in any material respect; or

            (5)   to change or eliminate any of the provisions of this
      Indenture; provided that any such change or elimination shall become
      effective only when there is no Security Outstanding of any series created
      prior to the execution of such supplemental indenture which is entitled to
      the benefit of such provision; or

            (6)   to secure the Securities pursuant to the requirements of
      Section 1009 or otherwise; or

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

            (8)   to evidence and provide for the acceptance of appointment
      hereunder by a successor Trustee with respect to the Securities of one or
      more series and to add to or change any of the provisions of this
      Indenture as shall be necessary to provide for or facilitate the
      administration of the trusts hereunder by more than one Trustee, pursuant
      to the requirements of Section 609(b); or

            (9)   to close this Indenture with respect to the authentication and
      delivery of additional series of Securities, to cure any ambiguity, to
      correct or supplement any provision herein which may be inconsistent with
      any other provision herein, or to make any other provisions with respect
      to matters or questions arising under this Indenture; provided such action
      shall not adversely affect the interests of the Holders of Securities of
      any series and any related coupons in any material respect; or

                                       60
<PAGE>

            (10)  to supplement any of the provisions of this Indenture to such
      extent as shall be necessary to permit or facilitate the defeasance and
      discharge of any series of Securities pursuant to Sections 401, 1402 and
      1403; provided that any such action shall not adversely affect the
      interests of the Holders of Securities of such series and any related
      coupons or any other series of Securities in any material respect.

            SECTION 902. Supplemental Indentures with Consent of Holders. With
the consent of the Holders of not less than a majority in principal amount of
all Outstanding Securities affected by such supplemental indenture, by Act of
said Holders delivered to the Company and the Trustee, the Company, when
authorized by or pursuant to a Board Resolution, and the Trustee may enter into
an indenture or indentures supplemental hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Indenture which affect such series of Securities or of modifying in any
manner the rights of the Holders of Securities of such series under this
Indenture; provided, however, that no such supplemental indenture shall, without
the consent of the Holder of each Outstanding Security affected thereby,

            (1)   change the Stated Maturity of the principal of (or premium, if
      any) or any installment of interest on any Security of such series, or
      reduce the principal amount thereof (or premium, if any) or the rate of
      interest, if any, thereon, or change any obligation of the Company to pay
      Additional Amounts contemplated by Section 1005 (except as contemplated by
      Section 801(1) and permitted by Section 901(1)), or reduce the amount of
      the principal of an Original Issue Discount Security of such series that
      would be due and payable upon a declaration of acceleration of the
      Maturity thereof pursuant to Section 502 or the amount thereof provable in
      bankruptcy pursuant to Section 504, or adversely affect any right of
      repayment at the option of any Holder of any Security of such series, or
      change any Place of Payment where, or the Currency in which, any Security
      of such series or any premium or interest thereon is payable, or impair
      the right to institute suit for the enforcement of any such payment on or
      after the Stated Maturity thereof (or, in the case of redemption or
      repayment at the option of the Holder, on or after the Redemption Date or
      Repayment Date, as the case may be), or adversely affect any right to
      convert or exchange any Security as may be provided pursuant to Section
      301 herein, or

            (2)   reduce the percentage in principal amount of the Outstanding
      Securities of any series, the consent of whose Holders is required for any
      such supplemental indenture, for any waiver of compliance with certain
      provisions of this Indenture which affect such series or certain defaults
      applicable to such series hereunder and their consequences provided for in
      this Indenture, or reduce the requirements of Section 1504 for quorum or
      voting with respect to Securities of such series, or

            (3)   modify any of the provisions of this Section, Section 513 or
      Section 1011, except to increase any such percentage or to provide that
      certain other provisions of this Indenture which affect such series cannot
      be modified or waived without the consent of the Holder of each
      Outstanding Security affected thereby.

                                       61
<PAGE>

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

            SECTION 903. Execution of Supplemental Indentures. In executing, or
accepting the additional trusts created by, any supplemental indenture permitted
by this Article or the modifications thereby of the trusts created by this
Indenture, the Trustee shall be entitled to receive, and shall be fully
protected in relying upon, an Opinion of Counsel stating that the execution of
such supplemental indenture is authorized or permitted by this Indenture. The
Trustee may, but shall not be obligated to, enter into any such supplemental
indenture which affects the Trustee's own rights, duties or immunities under
this Indenture or otherwise.

            SECTION 904. Effect of Supplemental Indentures. Upon the execution
of any supplemental indenture under this Article, this Indenture shall be
modified in accordance therewith, and such supplemental indenture shall form a
part of this Indenture for all purposes; and every Holder of Securities
theretofore or thereafter authenticated and delivered hereunder shall be bound
thereby.

            SECTION 905. Conformity with Trust Indenture Act. Every supplemental
indenture executed pursuant to this Article shall conform to the requirements of
the Trust Indenture Act as then in effect.

            SECTION 906. Reference in Securities to Supplemental Indentures.
Securities of any series authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article may, and shall if required by
the Trustee, bear a notation in form approved by the Trustee as to any matter
provided for in such supplemental indenture. If the Company shall so determine,
new Securities of any series so modified as to conform, in the opinion of the
Trustee and the Company, to any such supplemental indenture may be prepared and
executed by the Company and authenticated and delivered by the Trustee in
exchange for Outstanding Securities of such series.

            SECTION 907. Notice of Supplemental Indentures. Promptly after the
execution by the Company and the Trustee of any supplemental indenture pursuant
to the provisions of Section 902, the Company shall give notice thereof to the
Holders of each Outstanding Security affected, in the manner provided for in
Section 106, setting forth in general terms the substance of such supplemental
indenture.

            SECTION 908. Effect on Senior Indebtedness. No supplemental
indenture shall adversely affect the rights of any holder of Senior Indebtedness
under Article Sixteen without the consent of such holder.

                                  ARTICLE TEN

                                    COVENANTS

            SECTION 1001. Payment of Principal, Premium, if any, and Interest.
The Company covenants and agrees for the benefit of the Holders of each series
of Securities and any

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related coupons that it will duly and punctually pay the principal of (and
premium, if any) and interest, if any, on the Securities of that series in
accordance with the terms of the Securities, any coupons appertaining thereto
and this Indenture. Unless otherwise specified as contemplated by Section 301
with respect to any series of Securities, any interest installments due on
Bearer Securities on or before Maturity shall be payable only upon presentation
and surrender of the several coupons for such interest installments as are
evidenced thereby as they severally mature.

            SECTION 1002. Maintenance of Office or Agency. If the Securities of
a series are issuable only as Registered Securities, the Company will maintain
in each Place of Payment for any series of Securities an office or agency where
Securities of that series may be presented or surrendered for payment, where
Securities of that series may be surrendered for registration of transfer or
exchange, where Securities of that series that are convertible or exchangeable
may be surrendered for conversion or exchange, as applicable and where notices
and demands to or upon the Company in respect of the Securities of that series
and this Indenture may be served.

            If Securities of a series are issuable as Bearer Securities, the
Company will maintain (A) in The City of New York, an office or agency where any
Registered Securities of that series may be presented or surrendered for
payment, where any Registered Securities of that series may be surrendered for
registration of transfer, where Securities of that series may be surrendered for
exchange, where Securities of that series that are convertible or exchangeable
may be surrendered for conversion or exchange, as applicable, where notices and
demands to or upon the Company in respect of the Securities of that series and
this Indenture may be served and where Bearer Securities of that series and
related coupons may be presented or surrendered for payment in the circumstances
described in the following paragraph (and not otherwise) (B) subject to any laws
or regulations applicable thereto, in a Place of Payment for that series which
is located outside the United States, an office or agency where Securities of
that series and related coupons may be presented and surrendered for payment;
provided, however, that, if the Securities of that series are listed on any
stock exchange located outside the United States and such stock exchange shall
so require, the Company will maintain a Paying Agent for the Securities of that
series in any required city located outside the United States so long as the
Securities of that series are listed on such exchange, and (C) subject to any
laws or regulations applicable thereto, in a Place of Payment for that series
located outside the United States an office or agency where any Registered
Securities of that series may be surrendered for registration of transfer, where
Securities of that series may be surrendered for exchange, where Securities of
that series that are convertible and exchangeable may be surrendered for
conversion or exchange, as applicable and where notices and demands to or upon
the Company in respect of the Securities of that series and this Indenture may
be served.

            The Company will give prompt written notice to the Trustee of the
location, and any change in the location, of such office or agency. If at any
time the Company shall fail to maintain any such required office or agency or
shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust
Office of the Trustee, except that Bearer Securities of any series and the
related coupons may be presented and surrendered for payment at the offices
specified in the Security, in London, and the Company hereby appoints the same
as its agents to receive such respective presentations, surrenders, notices and
demands.

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            Unless otherwise specified with respect to any Securities pursuant
to Section 301, no payment of principal, premium or interest on Bearer
Securities shall be made at any office or agency of the Company in the United
States or by check mailed to any address in the United States or by transfer to
an account maintained with a bank located in the United States; provided,
however, that, if the Securities of a series are payable in Dollars, payment of
principal of (and premium, if any) and interest, if any, on any Bearer Security
shall be made at the office of the Company's Paying Agent in The City of New
York, if (but only if) payment in Dollars of the full amount of such principal,
premium or interest, as the case may be, at all offices or agencies outside the
United States maintained for such purpose by the Company in accordance with this
Indenture is illegal or effectively precluded by exchange controls or other
similar restrictions.

            The Company may also from time to time designate one or more other
offices or agencies where the Securities of one or more series may be presented
or surrendered for any or all such purposes and may from time to time rescind
any such designation; provided, however, that no such designation or rescission
shall in any manner relieve the Company of its obligation to maintain an office
or agency in accordance with the requirements set forth above for Securities of
any series for such purposes. The Company will give prompt written notice to the
Trustee of any such designation or rescission and of any change in the location
of any such other office or agency. Unless otherwise specified with respect to
any Securities as contemplated by Section 301 with respect to a series of
Securities, the Company hereby designates as a Place of Payment for each series
of Securities the office or agency of the Trustee in the Borough of Manhattan,
The City of New York, and initially appoints the Trustee at its Corporate Trust
Office as Paying Agent in such city and as its agent to receive all such
presentations, surrenders, notices and demands.

            Unless otherwise specified with respect to any Securities pursuant
to Section 301, if and so long as the Securities of any series (i) are
denominated in a Currency other than Dollars or (ii) may be payable in a
Currency other than Dollars, or so long as it is required under any other
provision of the Indenture, then the Company will maintain with respect to each
such series of Securities, or as so required, at least one Exchange Rate Agent.

            SECTION 1003. Money for Securities Payments to Be Held in Trust. If
the Company shall at any time act as its own Paying Agent with respect to any
series of Securities and any related coupons, it will, on or before each due
date of the principal of (or premium, if any) or interest, if any, on any of the
Securities of that series, segregate and hold in trust for the benefit of the
Persons entitled thereto a sum in the Currency in which the Securities of such
series are payable (except as otherwise specified pursuant to Section 301 for
the Securities of such series and except, if applicable, as provided in Sections
312(b), 312(d) and 312(e)) sufficient to pay the principal of (or premium, if
any) or interest, if any, on Securities of such series so becoming due until
such sums shall be paid to such Persons or otherwise disposed of as herein
provided and will promptly notify the Trustee of its action or failure so to
act.

            Whenever the Company shall have one or more Paying Agents for any
series of Securities and any related coupons, it will, prior to or on each due
date of the principal of (or premium, if any) or interest, if any, on any
Securities of that series, deposit with a Paying Agent a sum (in the Currency
described in the preceding paragraph) sufficient to pay the principal (or
premium, if any) or interest, if any, so becoming due, such sum to be held in
trust for the benefit

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<PAGE>

of the Persons entitled to such principal, premium or interest, and (unless such
Paying Agent is the Trustee) the Company will promptly notify the Trustee of its
action or failure so to act.

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

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

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

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

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

            Except as provided in the Securities of any series, and subject to
any applicable abandoned property laws, any money deposited with the Trustee or
any Paying Agent, or then held by the Company, in trust for the payment of the
principal of (or premium, if any) or interest, if any, on any Security of any
series, or any coupon appertaining thereto, and remaining unclaimed for two
years after such principal, premium or interest has become due and payable shall
be paid to the Company on Company Request, or (if then held by the Company)
shall be discharged from such trust; and the Holder of such Security or coupon
shall thereafter, as an unsecured general creditor, look only to the Company for
payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money, and all liability of the Company as trustee
thereof, shall thereupon cease; provided, however, that the Trustee or such
Paying Agent, before being required to make any such repayment, may at the
expense of the Company cause to be published once, in an Authorized Newspaper,
notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such publication,
any unclaimed balance of such money then remaining will be repaid to the
Company.

            SECTION 1004. Statement as to Compliance. The Company will deliver
to the Trustee, within 120 days after the end of each fiscal year, a brief
certificate from the principal executive officer, principal financial officer or
principal accounting officer as to his or her

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<PAGE>

knowledge of the Company's compliance with all conditions and covenants under
this Indenture. For purposes of this Section 1004, such compliance shall be
determined without regard to any period of grace or requirement of notice under
this Indenture.

            SECTION 1005. Additional Amounts. If any Securities of a series
provide for the payment of additional amounts to any Holder who is not a United
States person in respect of any tax, assessment or governmental charge
("Additional Amounts"), the Company will pay to the Holder of any Security of
such series or any coupon appertaining thereto such Additional Amounts as may be
specified as contemplated by Section 301. Whenever in this Indenture there is
mentioned, in any context, the payment of the principal (or premium, if any) or
interest, if any, on, or in respect of, any Security of a series or payment of
any related coupon or the net proceeds received on the sale or exchange of any
Security of a series, such mention shall be deemed to include mention of the
payment of Additional Amounts provided for by the terms of such series
established pursuant to Section 301 to the extent that, in such context,
Additional Amounts are, were or would be payable in respect thereof pursuant to
such terms and express mention of the payment of Additional Amounts (if
applicable) in any provisions hereof shall not be construed as excluding
Additional Amounts in those provisions hereof where such express mention is not
made.

            Except as otherwise specified as contemplated by Section 301, if the
Securities of a series provide for the payment of Additional Amounts, at least
10 days prior to the first Interest Payment Date with respect to that series of
Securities (or if the Securities of that series will not bear interest prior to
Maturity, the first day on which a payment of principal (and premium, if any) is
made), and at least 10 days prior to each date of payment of principal (or
premium, if any) or interest if there has been any change with respect to the
matters set forth in the below-mentioned Officer's Certificate, the Company will
furnish the Trustee and the Company's principal Paying Agent or Paying Agents,
if other than the Trustee, with an Officer's Certificate instructing the Trustee
and such Paying Agent or Paying Agents whether such payment of principal,
premium or interest on the Securities of that series shall be made to Holders of
Securities of that series or any related coupons who are not United States
persons without withholding for or on account of any tax, assessment or other
governmental charge described in the Securities of the series. If any such
withholding shall be required, then such Officer's Certificate shall specify by
country the amount, if any, required to be withheld on such payments to such
Holders of Securities of that series or related coupons and the Company will pay
to the Trustee or such Paying Agent the Additional Amounts required by the terms
of such Securities. In the event that the Trustee or any Paying Agent, as the
case may be, shall not so receive the above-mentioned certificate, then the
Trustee or such Paying Agent shall be entitled to (i) assume that no such
withholding or deduction is required with respect to any payment of principal of
(or premium, if any) or interest, if any, on any Securities of a series or
related coupons until it shall have received a certificate advising otherwise
and (ii) to make all payments of principal of (and premium, if any) and
interest, if any, on the Securities of a series or related coupons without
withholding or deductions until otherwise advised. The Company covenants to
indemnify the Trustee, any Paying Agent, and their respective officers,
directors, employees, and agents for, and to hold them harmless against, any
loss, liability or expense reasonably incurred without negligence or bad faith
on their part arising out of or in connection with actions taken or omitted by
any of them in reliance on any Officer's Certificate furnished pursuant to this
Section.

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<PAGE>

This sentence shall survive the termination of this Indenture and the earlier
resignation or removal of the Trustee.

            SECTION 1006. 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 material taxes, assessments and governmental charges levied
or imposed upon the Company or any Restricted Subsidiary or upon the income,
profits or property of the Company or any Restricted Subsidiary, and (2) all
material lawful claims for labor, materials and supplies which, if unpaid, might
by law become a Lien upon any Principal Property of the Company or any
Restricted 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.

            SECTION 1007. Maintenance of Principal Properties. The Company will
cause all Principal Properties to be maintained and kept in good condition,
repair and working order and supplied with all necessary equipment and will
cause to be made all necessary repairs, renewals, replacements, betterments and
improvements thereof, all as in the judgment of the Company may be necessary so
that the business carried on in connection therewith may be properly and
advantageously conducted at all times; provided, however, that nothing in this
Section shall prevent or restrict the sale, abandonment or other disposition of
any of such Principal Properties if such action is, in the judgment of the
Company, desirable in the conduct of the business (financial or otherwise) of
the Company and its Subsidiaries as a whole and not disadvantageous in any
material respect to the Holders.

            SECTION 1008. Corporate Existence. Subject to Article Eight, the
Company will do or cause to be done all things necessary to preserve and keep in
full force and effect its corporate existence and the rights (charter and
statutory) and franchises of the Company and any Restricted Subsidiary;
provided, however, that the Company shall not be required to preserve any such
right or franchise if the Company shall determine that the preservation thereof
is no longer desirable in the conduct of the business of the Company and its
Subsidiaries as a whole.

            SECTION 1009. Limitation on Liens. The Company shall not, and shall
not permit any of its Subsidiaries to, directly or indirectly, create, incur,
assume or suffer to exist any Lien upon any of its property, assets or revenues,
whether now owned or hereafter acquired, except for:

            (a)   Liens for taxes not yet due or which are being contested in
      good faith by appropriate proceedings, provided that adequate reserves
      with respect thereto are maintained on the books of the Company or its
      Subsidiaries, as the case may be, in conformity with GAAP;

            (b)   carriers', warehousemen's, mechanics', materialmen's,
      repairmen's or other like Liens arising in the ordinary course of business
      which are not overdue for a period of more than 60 days or which are being
      contested in good faith by appropriate proceedings;

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<PAGE>

            (c)   pledges or deposits in connection with workers' compensation,
      unemployment insurance and other social security legislation and deposits
      securing liability to insurance carriers under insurance or self-insurance
      arrangements;

            (d)   deposits to secure the performance of bids, trade contracts
      (other than for borrowed money), leases, statutory obligations, surety and
      appeal bonds, performance bonds and other obligations of a like nature
      incurred in the ordinary course of business;

            (e)   easements, rights-of-way, restrictions and other similar
      encumbrances incurred in the ordinary course of business which, in the
      aggregate, are not substantial in amount and which do not in any case
      materially detract from the value of the property subject thereto or
      materially interfere with the ordinary conduct of the business of the
      Company or such Subsidiary;

            (f)   Liens in existence on the date of the first issuance by the
      Company of Securities issued pursuant to this Indenture; provided that no
      such Lien is spread to cover any additional property after such date and
      that the amount of Debt secured thereby is not increased;

            (g)   Liens securing Debt of the Company and its Subsidiaries
      incurred to finance the acquisition of fixed or capital assets; provided
      that (i) such Liens shall be created substantially simultaneously with the
      acquisition of such fixed or capital assets, (ii) such Liens do not at any
      time encumber any property other than the property financed by such Debt
      and (iii) the amount of Debt secured thereby is not increased;

            (h)   Liens on the property or assets of a corporation which becomes
      a Subsidiary after the date hereof; provided that (i) such Liens existed
      at the time such corporation became a Subsidiary and were not created in
      anticipation thereof, (ii) any such Lien is not spread to cover any
      property or assets or such corporation after the time such corporation
      becomes a Subsidiary, and (iii) the amount of Debt secured thereby is not
      increased;

            (i)   Liens pursuant to any Receivables Transaction in an aggregate
      principal amount not exceeding 20% of Consolidated Tangible Assets; and

            (j)   Liens (not otherwise permitted hereunder) (i) which secure
      obligations not exceeding (as to the Company and all Subsidiaries) the
      greater of (x) $100,000,000 or (y) 20% of Consolidated Net Worth, in each
      case in aggregate amount at any time outstanding or (ii) with respect to
      which the Company effectively provides that the Securities Outstanding
      hereunder are secured equally and ratably with (or, at the option of the
      Company, prior to) the Debt secured by such Lien.

            SECTION 1010. Waiver of Certain Covenants. The Company may, with
respect to any series of Securities, omit in any particular instance to comply
with any term, provision or condition which affects such series set forth in
Sections 1006 to 1010, inclusive, or, as specified pursuant to Section 301(15)
for Securities of such series, in any covenants of the Company added to Article
Ten pursuant to Section 301(14) or Section 301(15) in connection with Securities
of such series, if the Holders of at least a majority in principal amount of all
Outstanding Securities

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<PAGE>

affected by such term, provision or condition, by Act of such Holders, waive
such compliance in such instance with such term, provision or condition, but no
such waiver shall extend to or affect such term, provision or condition except
to the extent so expressly waived, and, until such waiver shall become
effective, the obligations of the Company and the duties of the Trustee to
Holders of Securities of such series in respect of any such term, provision or
condition shall remain in full force and effect.

                                 ARTICLE ELEVEN

                            REDEMPTION OF SECURITIES

            SECTION 1101. Applicability of Article. Securities of any series
which are redeemable before their Stated Maturity shall be redeemable in
accordance with the terms of such Securities and (except as otherwise specified
as contemplated by Section 301 for Securities of any series) in accordance with
this Article.

            SECTION 1102. Election to Redeem; Notice to Trustee. The election of
the Company to redeem any Securities shall be evidenced by or pursuant to a
Board Resolution. In case of any redemption at the election of the Company, the
Company shall, at least 60 days prior to the Redemption Date fixed by the
Company (unless a shorter notice shall be satisfactory to the Trustee), notify
the Trustee of such Redemption Date and of the principal amount of Securities of
such series to be redeemed and shall deliver to the Trustee such documentation
and records as shall enable the Trustee to select the Securities to be redeemed
pursuant to Section 1103. In the case of any redemption of Securities prior to
the expiration of any restriction on such redemption provided in the terms of
such Securities or elsewhere in this Indenture, the Company shall furnish the
Trustee with an Officer's Certificate evidencing compliance with such
restriction.

            SECTION 1103. Selection by Trustee of Securities to Be Redeemed. If
less than all the Securities of any series are to be redeemed, the particular
Securities to be redeemed shall be selected not more than 60 days prior to the
Redemption Date by the Trustee, from the Outstanding Securities of such series
not previously called for redemption, by such method as the Trustee shall deem
fair and appropriate and which may provide for the selection for redemption of
portions of the principal of Securities of such series; provided, however, that
no such partial redemption shall reduce the portion of the principal amount of a
Security not redeemed to less than the minimum authorized denomination for
Securities of such series established pursuant to Section 301.

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

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

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            SECTION 1104. Notice of Redemption. Except as otherwise specified as
contemplated by Section 301 for Securities of any series, notice of redemption
shall be given in the manner provided for in Section 106 not less than 30 nor
more than 60 days prior to the Redemption Date, to each Holder of Securities to
be redeemed.

            Except as otherwise specified as contemplated by Section 301 for
Securities of any series, all notices of redemption shall state:

            (1)   the Redemption Date,

            (2)   the Redemption Price (if known) or the formula pursuant to
      which the Redemption Price is to be determined if the Redemption Price
      cannot be determined at the time the notice is given,

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

            (4)   in case any Security is to be redeemed in part only, the
      notice which relates to such Security shall state that on and after the
      Redemption Date, upon surrender of such Security, the holder will receive,
      without charge, a new Security or Securities of authorized denominations
      for the principal amount thereof remaining unredeemed,

            (5)   that on the Redemption Date, the Redemption Price and accrued
      interest, if any, to the Redemption Date payable as provided in Section
      1106 will become due and payable upon each such Security, or the portion
      thereof, to be redeemed and, if applicable, that interest thereon will
      cease to accrue on and after said date,

            (6)   the Place or Places of Payment where such Securities, together
      in the case of Bearer Securities with all coupons appertaining thereto, if
      any, maturing after the Redemption Date, are to be surrendered for payment
      of the Redemption Price and accrued interest, if any,

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

            (8)   that, unless otherwise specified in such notice, Bearer
      Securities of any series, if any, surrendered for redemption must be
      accompanied by all coupons maturing subsequent to the Redemption Date or
      the amount of any such missing coupon or coupons will be deducted from the
      Redemption Price unless security or indemnity satisfactory to the Company,
      the Trustee and any Paying Agent is furnished,

            (9)   if Bearer Securities of any series are to be redeemed and any
      Registered Securities of such series are not to be redeemed, and if such
      Bearer Securities may be exchanged for Registered Securities not subject
      to redemption on such Redemption Date pursuant to Section 305 or
      otherwise, the last date, as determined by the Company, on which such
      exchanges may be made,

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            (10)  the CUSIP, ISIN or other similar numbers, if any, assigned to
      such Securities; provided, however, that such notice may state that no
      representation is made as to the correctness of CUSIP, ISIN or other
      similar numbers, in which case none of the Company, the Trustee or any
      agent of the Company or the Trustee shall have any liability in respect of
      the use of any CUSIP, ISIN or other similar number or numbers on such
      notices, and the redemption of such Securities shall not be affected by
      any defect in or omission of such numbers, and

            (11)  such other matters as the Company shall deem desirable or
      appropriate.

            Notice of redemption of Securities to be redeemed at the election of
the Company shall be given by the Company or, at the Company's request, by the
Trustee in the name and at the expense of the Company.

            SECTION 1105. Deposit of Redemption Price. On or prior to any
Redemption Date, the Company shall deposit with the Trustee or with a Paying
Agent (or, if the Company is acting as its own Paying Agent, segregate and hold
in trust as provided in Section 1003) an amount of money in the Currency in
which the Securities of such series are payable (except as otherwise specified
pursuant to Section 301 for the Securities of such series and except, if
applicable, as provided in Sections 312(b), 312(d) and 312(e)) sufficient to pay
the Redemption Price of, and accrued interest, if any, on, all the Securities
which are to be redeemed on that date.

            SECTION 1106. Securities Payable on Redemption Date. Notice of
redemption having been given as aforesaid, the Securities so to be redeemed
shall, on the Redemption Date, become due and payable at the Redemption Price
therein specified in the Currency in which the Securities of such series are
payable (except as otherwise specified pursuant to Section 301 for the
Securities of such series and except, if applicable, as provided in Sections
312(b), 312(d) and 312(e)) (together with accrued interest, if any, to the
Redemption Date), and from and after such date (unless the Company shall default
in the payment of the Redemption Price and accrued interest, if any) such
Securities shall, if the same were interest-bearing, cease to bear interest and
the coupons for such interest appertaining to any Bearer Securities so to be
redeemed, except to the extent provided below, shall be void. Upon surrender of
any such Security for redemption in accordance with said notice, together with
all coupons, if any, appertaining thereto maturing after the Redemption Date,
such Security shall be paid by the Company at the Redemption Price, together
with accrued interest, if any, to the Redemption Date; provided, however, that
installments of interest on Bearer Securities whose Stated Maturity is on or
prior to the Redemption Date shall be payable only at an office or agency
located outside the United States (except as otherwise provided in Section 1002)
and, unless otherwise specified as contemplated by Section 301, only upon
presentation and surrender of coupons for such interest; and provided further
that installments of interest on Registered Securities whose Stated Maturity is
on or prior to the Redemption Date shall be payable to the Holders of such
Securities, or one or more Predecessor Securities, registered as such at the
close of business on the relevant Record Dates according to their terms and the
provisions of Section 307.

            If any Bearer Security surrendered for redemption shall not be
accompanied by all appurtenant coupons maturing after the Redemption Date, such
Security may be paid after deducting from the Redemption Price an amount equal
to the face amount of all such missing

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coupons, or the surrender of such missing coupon or coupons may be waived by the
Company and the Trustee if there be furnished to them such security or indemnity
as they may require to save each of them and any Paying Agent harmless. If
thereafter the Holder of such Security shall surrender to the Trustee or any
Paying Agent any such missing coupon in respect of which a deduction shall have
been made from the Redemption Price, such Holder shall be entitled to receive
the amount so deducted; provided, however, that interest represented by coupons
shall be payable only at an office or agency located outside the United States
(except as otherwise provided in Section 1002) and, unless otherwise specified
as contemplated by Section 301, only upon presentation and surrender of those
coupons.

            If any Security called for redemption shall not be so paid upon
surrender thereof for redemption, the principal (and premium, if any) shall,
until paid, bear interest from the Redemption Date at the rate of interest or
Yield to Maturity (in the case of Original Issue Discount Securities) set forth
in such Security.

            SECTION 1107. Securities Redeemed in Part. Any Security which is to
be redeemed only in part (pursuant to the provisions of this Article or of
Article Twelve) shall be surrendered at a Place of Payment therefor (with, if
the Company or the Trustee so requires, due endorsement by, or a written
instrument of transfer in form satisfactory to the Company and the Trustee duly
executed by, the Holder thereof or such Holder's attorney duly authorized in
writing), and the Company shall execute, and the Trustee shall authenticate and
deliver to the Holder of such Security without service charge, a new Security or
Securities of the same series, of any authorized denomination as requested by
such Holder, in aggregate principal amount equal to and in exchange for the
unredeemed portion of the principal of the Security so surrendered.

                                 ARTICLE TWELVE

                                  SINKING FUNDS

            SECTION 1201. Applicability of Article. Retirements of Securities of
any series pursuant to any sinking fund shall be made in accordance with the
terms of such Securities and (except as otherwise specified as contemplated by
Section 301 for Securities of any series) in accordance with this Article.

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

            SECTION 1202. Satisfaction of Sinking Fund Payments with Securities.
Subject to Section 1203, in lieu of making all or any part of any mandatory
sinking fund payment with respect to any Securities of a series in cash, the
Company may at its option (1) deliver to the

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Trustee Outstanding Securities of a series (other than any previously called for
redemption) theretofore purchased or otherwise acquired by the Company,
together, in the case of any Bearer Securities of such series, with all
unmatured coupons appertaining thereto, and/or (2) receive credit for the
principal amount of Securities of such series which have been previously
delivered to the Trustee by the Company or for Securities of such series which
have been redeemed either at the election of the Company pursuant to the terms
of such Securities or through the application of permitted optional sinking fund
payments pursuant to the terms of such Securities, in each case in satisfaction
of all or any part of any mandatory sinking fund payment with respect to the
Securities of the same series required to be made pursuant to the terms of such
Securities as provided for by the terms of such series; provided, however, that
such Securities have not been previously so credited. Such Securities shall be
received and credited for such purpose by the Trustee at the Redemption Price
specified in such Securities for redemption through operation of the sinking
fund and the amount of such mandatory sinking fund payment shall be reduced
accordingly.

            SECTION 1203. Redemption of Securities for Sinking Fund. Not less
than 60 days prior to each sinking fund payment date for any series of
Securities, the Company will deliver to the Trustee an Officer's Certificate
specifying the amount of the next ensuing sinking fund payment for that series
pursuant to the terms of that series, the portion thereof, if any, which is to
be satisfied by payment of cash in the Currency in which the Securities of such
series are payable (except as otherwise specified pursuant to Section 301 for
the Securities of such series and except, if applicable, as provided in Sections
312(b), 312(d) and 312(e)) and the portion thereof, if any, which is to be
satisfied by delivering or crediting Securities of that series pursuant to
Section 1202 (which Securities will, if not previously delivered, accompany such
certificate) and whether the Company intends to exercise its right to make a
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. In the case of the
failure of the Company to deliver such certificate, 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
Securities subject to a mandatory sinking fund payment without the option to
deliver or credit Securities as provided in Section 1202 and without the right
to make any optional sinking fund payment, if any, with respect to such series.

            Not more than 60 days before each such sinking fund payment date the
Trustee shall select the Securities to be redeemed upon such sinking fund
payment date in the manner specified in Section 1103 and cause notice of the
redemption thereof to be given in the name of and at the expense of the Company
in the manner provided in Section 1104. Such notice having been duly given, the
redemption of such Securities shall be made upon the terms and in the manner
stated in Sections 1106 and 1107.

            Prior to any sinking fund payment date, the Company shall pay to the
Trustee or a Paying Agent (or, if the Company is acting as its own Paying Agent,
segregate and hold in trust as provided in Section 1003) in cash a sum equal to
the principal (and premium, if any) and any interest that will accrue to the
date fixed for redemption of Securities or portions thereof to be redeemed on
such sinking fund payment date pursuant to this Section 1203.

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<PAGE>

            Notwithstanding the foregoing, with respect to a sinking fund for
any series of Securities, if at any time the amount of cash to be paid into such
sinking fund on the next succeeding sinking fund payment date, together with any
unused balance of any preceding sinking fund payment or payments for such
series, does not exceed in the aggregate $100,000, the Trustee, unless requested
by the Company, shall not give the next succeeding notice of the redemption of
Securities of such series through the operation of the sinking fund. Any such
unused balance of moneys deposited in such sinking fund shall be added to the
sinking fund payment for such series to be made in cash on the next succeeding
sinking fund payment date or, at the request of the Company, shall be applied at
any time or from time to time to the purchase of Securities of such series, by
public or private purchase, in the open market or otherwise, at a purchase price
for such Securities (excluding accrued interest and brokerage commissions, for
which the Trustee or any Paying Agent will be reimbursed by the Company) not in
excess of the principal amount thereof.

                                ARTICLE THIRTEEN

                         REPAYMENT AT OPTION OF HOLDERS

            SECTION 1301. Applicability of Article. Repayment of Securities of
any series before their Stated Maturity at the option of Holders thereof shall
be made in accordance with the terms of such Securities and (except as otherwise
specified as contemplated by Section 301 for Securities of any series) in
accordance with this Article.

            SECTION 1302. Repayment of Securities. Securities of any series
subject to repayment in whole or in part at the option of the Holders thereof
will, unless otherwise provided in the terms of such Securities, be repaid at a
price equal to the principal amount thereof, together with interest, if any,
thereon accrued to the Repayment Date specified in or pursuant to the terms of
such Securities. The Company covenants that on or before the Repayment Date it
will deposit with the Trustee or with a Paying Agent (or, if the Company is
acting as its own Paying Agent, segregate and hold in trust as provided in
Section 1003) an amount of money in the Currency in which the Securities of such
series are payable (except as otherwise specified pursuant to Section 301 for
the Securities of such series and except, if applicable, as provided in Sections
312(b), 312(d) and 312(e)) sufficient to pay the principal (or, if so provided
by the terms of the Securities of any series, a percentage of the principal) of
and (except if the Repayment Date shall be an Interest Payment Date) accrued
interest, if any, on, all the Securities or portions thereof, as the case may
be, to be repaid on such date.

            SECTION 1303. Exercise of Option. Securities of any series subject
to repayment at the option of the Holders thereof will contain an "Option to
Elect Repayment" form on the reverse of such Securities. To be repaid at the
option of the Holder, any Security so providing for such repayment, with the
"Option to Elect Repayment" form on the reverse of such Security duly completed
by the Holder (or by the Holder's attorney duly authorized in writing), must be
received by the Company at the Place of Payment therefor specified in the terms
of such Security (or at such other place or places or which the Company shall
from time to time notify the Holders of such Securities) not earlier than 45
days nor later than 30 days prior to the Repayment Date. If less than the entire
principal amount of such Security is to be repaid in

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<PAGE>

accordance with the terms of such Security, the principal amount of such
Security to be repaid, in increments of the minimum denomination for Securities
of such series, and the denomination or denominations of the Security or
Securities to be issued to the Holder for the portion of the principal amount of
such Security surrendered that is not to be repaid, must be specified. The
principal amount of any Security providing for repayment at the option of the
Holder thereof may not be repaid in part if, following such repayment, the
unpaid principal amount of such Security would be less than the minimum
authorized denomination of Securities of the series of which such Security to be
repaid is a part. Except as otherwise may be provided by the terms of any
Security providing for repayment at the option of the Holder thereof, exercise
of the repayment option by the Holder shall be irrevocable unless waived by the
Company.

            SECTION 1304. When Securities Presented for Repayment Become Due and
Payable. If Securities of any series providing for repayment at the option of
the Holders thereof shall have been surrendered as provided in this Article and
as provided by or pursuant to the terms of such Securities, such Securities or
the portions thereof, as the case may be, to be repaid shall become due and
payable and shall be paid by the Company on the Repayment Date therein
specified, and on and after such Repayment Date (unless the Company shall
default in the payment of such Securities on such Repayment Date) such
Securities shall, if the same were interest-bearing, cease to bear interest and
the coupons for such interest appertaining to any Bearer Securities so to be
repaid, except to the extent provided below, shall be void. Upon surrender of
any such Security for repayment in accordance with such provisions, together
with all coupons, if any, appertaining thereto maturing after the Repayment
Date, the principal amount of such Security so to be repaid shall be paid by the
Company, together with accrued interest, if any, to the Repayment Date;
provided, however, that coupons whose Stated Maturity is on or prior to the
Repayment Date shall be payable only at an office or agency located outside the
United States (except as otherwise provided in Section 1002) and, unless
otherwise specified pursuant to Section 301, only upon presentation and
surrender of such coupons; and provided further that, in the case of Registered
Securities, installments of interest, if any, whose Stated Maturity is on or
prior to the Repayment Date shall be payable to the Holders of such Securities,
or one or more Predecessor Securities, registered as such at the close of
business on the relevant Record Dates according to their terms and the
provisions of Section 307.

            If any Bearer Security surrendered for repayment shall not be
accompanied by all appurtenant coupons maturing after the Repayment Date, such
Security may be paid after deducting from the amount payable therefor as
provided in Section 1302 an amount equal to the face amount of all such missing
coupons, or the surrender of such missing coupon or coupons may be waived by the
Company and the Trustee if there be furnished to them such security or indemnity
as they may require to save each of them and any Paying Agent harmless. If
thereafter the Holder of such Security shall surrender to the Trustee or any
Paying Agent any such missing coupon in respect of which a deduction shall have
been made as provided in the preceding sentence, such Holder shall be entitled
to receive the amount so deducted; provided, however, that interest represented
by coupons shall be payable only at an office or agency located outside the
United States (except as otherwise provided in Section 1002) and, unless
otherwise specified as contemplated by Section 301, only upon presentation and
surrender of those coupons.

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<PAGE>

            If the principal amount of any Security surrendered for repayment
shall not be so repaid upon surrender thereof, such principal amount (together
with interest, if any, thereon accrued to such Repayment Date) shall, until
paid, bear interest from the Repayment Date at the rate of interest or Yield to
Maturity (in the case of Original Issue Discount Securities) set forth in such
Security.

            SECTION 1305. Securities Repaid in Part. Upon surrender of any
Registered Security which is to be repaid in part only, the Company shall
execute and the Trustee shall authenticate and deliver to the Holder of such
Security, without service charge and at the expense of the Company, a new
Registered Security or Securities of the same series, of any authorized
denomination specified by the Holder, in an aggregate principal amount equal to
and in exchange for the portion of the principal of such Security so surrendered
which is not to be repaid.

                                ARTICLE FOURTEEN

                       DEFEASANCE AND COVENANT DEFEASANCE

            SECTION 1401. Company's Option to Effect Defeasance or Covenant
Defeasance. Except as otherwise specified as contemplated by Section 301 for
Securities of any series, the provisions of this Article Fourteen shall apply to
each series of Securities, and the Company may, at its option, effect defeasance
of the Securities of or within a series under Section 1402, or covenant
defeasance of or within a series under Section 1403 in accordance with the terms
of such Securities and in accordance with this Article.

            SECTION 1402. Defeasance and Discharge. Upon the Company's exercise
of the above option applicable to this Section with respect to any Securities of
or within a series, the Company shall be deemed to have been discharged from its
obligations with respect to such Outstanding Securities and any related coupons
on the date the conditions set forth in Section 1404 are satisfied (hereinafter,
"defeasance"). For this purpose, such defeasance means that the Company shall be
deemed to have paid and discharged the entire indebtedness represented by such
Outstanding Securities and any related coupons, which shall thereafter be deemed
to be "Outstanding" only for the purposes of Section 1405 and the other Sections
of this Indenture referred to in (A) and (B) below, and to have satisfied all
its other obligations under such Securities and any related coupons and this
Indenture insofar as such Securities and any related coupons are concerned (and
the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following which shall survive until
otherwise terminated or discharged hereunder: (A) the rights of Holders of such
Outstanding Securities and any related coupons to receive, solely from the trust
fund described in Section 1404 and as more fully set forth in such Section,
payments in respect of the principal of (and premium, if any) and interest, if
any, on such Securities and any related coupons when such payments are due, (B)
the Company's obligations with respect to such Securities under Sections 304,
305, 306, 1002 and 1003 and with respect to the payment of Additional Amounts,
if any, on such Securities as contemplated by Section 1005, (C) the rights,
powers, trusts, duties and immunities of the Trustee hereunder including,
without limitation, Section 606, the last sentence of Section 1005, and the
penultimate paragraph of Section 1405 and (D) this Article Fourteen. Subject to
compliance with this Article Fourteen, the Company may exercise its option under

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this Section 1402 notwithstanding the prior exercise of its option under Section
1403 with respect to such Securities and any related coupons.

            SECTION 1403. Covenant Defeasance. Upon the Company's exercise of
the above option applicable to this Section with respect to any Securities of or
within a series, the Company shall be released from its obligations under
Sections 801 and 802 and Sections 1006 through 1010, and, if specified pursuant
to Section 301, its obligations under any other covenant, with respect to such
Outstanding Securities and any related coupons on and after the date the
conditions set forth in Section 1404 are satisfied (hereinafter, "covenant
defeasance"), and such Securities and any related coupons shall thereafter be
deemed not to be "Outstanding" for the purposes of any direction, waiver,
consent or declaration or Act of Holders (and the consequences of any thereof)
in connection with such covenants, but shall continue to be deemed "Outstanding"
for all other purposes hereunder. For this purpose, such covenant defeasance
means that, with respect to such Outstanding Securities and any related coupons,
the Company may omit to comply with and shall have no liability in respect of
any term, condition or limitation set forth in any such covenant, whether
directly or indirectly, by reason of any reference elsewhere herein to any such
covenant or by reason of reference in any such covenant to any other provision
herein or in any other document and such omission to comply shall not constitute
a Default or an Event of Default under Section 501(4) or Section 501(8) or
otherwise, as the case may be, but, except as specified above, the remainder of
this Indenture and such Securities and any related coupons shall be unaffected
thereby.

            SECTION 1404. Conditions to Defeasance or Covenant Defeasance. The
following shall be the conditions to application of either Section 1402 or
Section 1403 to any Outstanding Securities of or within a series and any related
coupons:

            (1)   The Company shall irrevocably have deposited or caused to be
      deposited with the Trustee (or another trustee satisfying the requirements
      of Section 607 who shall agree to comply with the provisions of this
      Article Fourteen applicable to it) as trust funds in trust for the purpose
      of making the following payments, specifically pledged as security for,
      and dedicated solely to, the benefit of the Holders of such Securities and
      any related coupons, (A) an amount (in such Currency in which such
      Securities and any related coupons are then specified as payable at Stated
      Maturity), or (B) Government Obligations applicable to such Securities
      (determined on the basis of the Currency in which such Securities are then
      specified as payable at Stated Maturity) which through the scheduled
      payment of principal and interest in respect thereof in accordance with
      their terms will provide, not later than one day before the due date of
      any payment of principal of and premium, if any, and interest, if any,
      under such Securities and any related coupons, money in an amount, or (C)
      a combination thereof, sufficient, in the opinion of a nationally
      recognized firm of independent public accountants expressed in a written
      certification thereof delivered to the Trustee, to pay and discharge, and
      which shall be applied by the Trustee (or other qualifying trustee) to pay
      and discharge, (i) the principal of (and premium, if any) and interest, if
      any, on such Outstanding Securities and any related coupons on the Stated
      Maturity (or Redemption Date, if applicable) of such principal (and
      premium, if any) or installment of interest, if any, and (ii) any
      mandatory sinking fund payments or analogous payments applicable to such
      Outstanding Securities and any related coupons on the day on which such
      payments are due and payable in

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<PAGE>

      accordance with the terms of this Indenture and of such Securities and any
      related coupons; provided that the Trustee shall have been irrevocably
      instructed to apply such money or the proceeds of such Government
      Obligations to said payments with respect to such Securities and any
      related coupons. Before such a deposit, the Company may give to the
      Trustee, in accordance with Section 1102 hereof, a notice of its election
      to redeem all or any portion of such Outstanding Securities at a future
      date in accordance with the terms of the Securities of such series and
      Article Eleven hereof, which notice shall be irrevocable. Such irrevocable
      redemption notice, if given, shall be given effect in applying the
      foregoing.

            (2)   No Default or Event of Default with respect to such Securities
      or any related coupons shall have occurred and be continuing on the date
      of such deposit or, insofar as paragraphs (5) and (6) of Section 501 are
      concerned, at any time during the period ending on the 91st day after the
      date of such deposit (it being understood that this condition shall not be
      deemed satisfied until the expiration of such period).

            (3)   Such defeasance or covenant defeasance shall not result in a
      breach or violation of, or constitute a default under, this Indenture or
      any other material agreement or instrument to which the Company is a party
      or by which it is bound.

            (4)   In the case of an election under Section 1402, the Company
      shall have delivered to the Trustee an Opinion of Counsel stating that (x)
      the Company has received from, or there has been published by, the
      Internal Revenue Service a ruling, or (y) since the date of execution of
      this Indenture, there has been a change in the applicable federal income
      tax law, in either case to the effect that, and based thereon such opinion
      shall confirm that, the Holders of such Outstanding Securities and any
      related coupons will not recognize income, gain or loss for federal income
      tax purposes as a result of the deposit and 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 the deposit and such
      defeasance had not occurred.

            (5)   In the case of an election under Section 1403, the Company
      shall have delivered to the Trustee an Opinion of Counsel to the effect
      that the Holders of such Outstanding Securities and any related coupons
      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 the deposit and such covenant defeasance had not
      occurred.

            (6)   Notwithstanding any other provisions of this Section, such
      defeasance or covenant defeasance shall be effected in compliance with any
      additional or substitute terms, conditions or limitations in connection
      therewith pursuant to Section 301.

            (7)   The Company shall have delivered to the Trustee an Officer's
      Certificate and an Opinion of Counsel, each stating that all conditions
      precedent provided for relating to either the defeasance under Section
      1402 or the covenant defeasance under Section 1403 (as the case may be)
      have been complied with.

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<PAGE>

            SECTION 1405. Deposited Money and Government Obligations to Be Held
in Trust; Other Miscellaneous Provisions. Subject to the provisions of the last
paragraph of Section 1003, all money and Government Obligations (or other
property as may be provided pursuant to Section 301) (including the proceeds
thereof) deposited with the Trustee (or other qualifying trustee, collectively
for purposes of this Section 1405, the "Trustee") pursuant to Section 1404 in
respect of such Outstanding Securities and any related coupons shall be held in
trust and applied by the Trustee, in accordance with the provisions of such
Securities and any related coupons and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as its own
Paying Agent) as the Trustee may determine, to the Holders of such Securities
and any related coupons of all sums due and to become due thereon in respect of
principal (and premium, if any) and interest, if any, but such money need not be
segregated from other funds except to the extent required by law.

            Unless otherwise specified with respect to any Security pursuant to
Section 301, if, after a deposit referred to in Section 1404(1) has been made,
(a) the Holder of a Security in respect of which such deposit was made is
entitled to, and does, elect pursuant to Section 312(b) or the terms of such
Security to receive payment in a Currency other than that in which the deposit
pursuant to Section 1404(1) has been made in respect of such Security, or (b) a
Conversion Event occurs as contemplated in Section 312(d) or 312(e) or by the
terms of any Security in respect of which the deposit pursuant to Section
1404(1) has been made, the indebtedness represented by such Security and any
related coupons shall be deemed to have been, and will be, fully discharged and
satisfied through the payment of the principal of (and premium, if any) and
interest, if any, on such Security as they become due out of the proceeds
yielded by converting (from time to time as specified below in the case of any
such election) the amount or other property deposited in respect of such
Security into the Currency in which such Security becomes payable as a result of
such election or Conversion Event based on the applicable Market Exchange Rate
for such Currency in effect on the third Business Day prior to each payment
date, except, with respect to a Conversion Event, for such Currency in effect
(as nearly as feasible) at the time of the Conversion Event.

            The Company shall pay and indemnify the Trustee against any tax, fee
or other charge imposed on or assessed against the Government Obligations
deposited pursuant to Section 1404 or the principal and interest received in
respect thereof other than any such tax, fee or other charge which by law is for
the account of the Holders of such Outstanding Securities and any related
coupons. This sentence shall survive the termination of this Indenture and the
earlier resignation or removal of the Trustee.

            Anything in this Article Fourteen to the contrary notwithstanding,
the Trustee shall deliver or pay to the Company from time to time upon Company
Request any money or Government Obligations (or other property and any proceeds
therefrom) held by it as provided in Section 1404 which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, are in excess of the
amount thereof which would then be required to be deposited to effect an
equivalent defeasance or covenant defeasance, as applicable, in accordance with
this Article.

            SECTION 1406. Reinstatement. If the Trustee or any Paying Agent is
unable to apply any money in accordance with Section 1405 with respect to any
Securities by reason of

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<PAGE>

any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, then the Company's
obligations under this Indenture and such Securities and any related coupons
shall be revived and reinstated as though no deposit had occurred pursuant to
Section 1402 or 1403, as the case may be, until such time as the Trustee or
Paying Agent is permitted to apply all such money in accordance with Section
1405; provided, however, that if the Company makes any payment of principal of
(or premium, if any) or interest, if any, on any such Security or any related
coupon following the reinstatement of its obligations, the Company shall be
subrogated to the rights of the Holders of such Securities and any related
coupons to receive such payment from the money held by the Trustee or Paying
Agent.

                                ARTICLE FIFTEEN

                        MEETINGS OF HOLDERS OF SECURITIES

            SECTION 1501. Purposes for Which Meetings May Be Called. If
Securities of a series are issuable as Bearer Securities, a meeting of Holders
of Securities of such series may be called at any time and from time to time
pursuant to this Article to make, give or take any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be made, given or taken by Holders of Securities of such
series.

            SECTION 1502. Call, Notice and Place of Meetings. (a) The Trustee
may at any time call a meeting of Holders of Securities of any series for any
purpose specified in Section 1501, to be held at such time and at such place in
The City of New York or in London as the Trustee shall determine. Notice of
every meeting of Holders of Securities of any series, setting forth the time and
the place of such meeting and in general terms the action proposed to be taken
at such meeting, shall be given, in the manner provided for in Section 106, not
less than 21 nor more than 180 days prior to the date fixed for the meeting.

            (b)   In case at any time the Company, pursuant to a Board
Resolution, or the Holders of at least 10% in principal amount of the
Outstanding Securities of any series shall have requested the Trustee to call a
meeting of the Holders of Securities of such series for any purpose specified in
Section 1501, by written request setting forth in reasonable detail the action
proposed to be taken at the meeting, and the Trustee shall not have made the
first publication of the notice of such meeting within 21 days after receipt of
such request or shall not thereafter proceed to cause the meeting to be held as
provided herein, then the Company or the Holders of Securities of such series in
the amount above specified, as the case may be, may determine the time and the
place in The City of New York or in London for such meeting and may call such
meeting for such purposes by giving notice thereof as provided in paragraph (a)
of this Section.

            SECTION 1503. Persons Entitled to Vote at Meetings. To be entitled
to vote at any meeting of Holders of Securities of any series, a Person shall be
(1) a Holder of one or more Outstanding Securities of such series, or (2) a
Person appointed by an instrument in writing as proxy for a Holder or Holders of
one or more Outstanding Securities of such series by such Holder of Holders. The
only Persons who shall be entitled to be present or to speak at any meeting of
Holders of Securities of any series shall be the Person entitled to vote at such
meeting

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<PAGE>

and their counsel, any representatives of the Trustee and its counsel and any
representatives of the Company and its counsel.

            SECTION 1504. Quorum; Action. The Persons entitled to vote a
majority in principal amount of the Outstanding Securities of a series shall
constitute a quorum for a meeting of Holders of Securities of such series;
provided, however, that, if any action is to be taken at such meeting with
respect to a consent or waiver which this Indenture expressly provides may be
given by the Holders of not less than a specified percentage in principal amount
of the Outstanding Securities of a series, the Persons entitled to vote such
specified percentage in principal amount of the Outstanding Securities of such
series shall constitute a quorum. In the absence of a quorum within 30 minutes
of the time appointed for any such meeting, the meeting shall, if convened at
the request of Holders of Securities of such series, be dissolved. In any other
case the meeting may be adjourned for a period of not less than 10 days as
determined by the chairman of the meeting prior to the adjournment of such
meeting. In the absence of a quorum at any such adjourned meeting, such
adjourned meeting may be further adjourned for a period of not less than 10 days
as determined by the chairman of the meeting prior to the adjournment of such
adjourned meeting. Notice of the reconvening of any adjourned meeting shall be
given as provided in Section 1502(a), except that such notice need be given only
once not less than five days prior to the date on which the meeting is scheduled
to be reconvened. Notice of the reconvening of any adjourned meeting shall state
expressly the percentage, as provided above, of the principal amount of the
Outstanding Securities of such series which shall constitute a quorum.

            Except as limited by the proviso to Section 902, any resolution
presented to a meeting or adjourned meeting duly reconvened at which a quorum is
present as aforesaid may be adopted by the affirmative vote of the Holders of
not less than a majority in principal amount of the Outstanding Securities of
such series; provided, however, that, except as limited by the proviso to
Section 902, any resolution with respect to any request, demand, authorization,
direction, notice, consent, waiver or other action which this Indenture
expressly provides may be made, given or taken by the Holders of a specified
percentage, which is less than a majority, in principal amount of the
Outstanding Securities of a series may be adopted at a meeting or an adjourned
meeting duly reconvened and at which a quorum is present as aforesaid by the
affirmative vote of the Holders of not less than such specified percentage in
principal amount of the Outstanding Securities of such series.

            Any resolution passed or decision taken at any meeting of Holders of
Securities of any series duly held in accordance with this Section shall be
binding on all the Holders of Securities of such series and the related coupons,
whether or not present or represented at the meeting.

            Notwithstanding the foregoing provisions of this Section 1504, if
any action is to be taken at a meeting of Holders of Securities of any series
with respect to any request, demand, authorization, direction, notice, consent,
waiver or other action that this Indenture expressly provides may be made, given
or taken by the Holders of a specified percentage in principal amount of all
Outstanding Securities affected thereby, or of the Holders of such series and
one or more additional series:

                                       81
<PAGE>

            (i)   there shall be no minimum quorum requirement for such meeting;
      and

            (ii)  the principal amount of the Outstanding Securities of such
      series that vote in favor of such request, demand, authorization,
      direction, notice, consent, waiver or other action shall be taken into
      account in determining whether such request, demand, authorization,
      direction, notice, consent, waiver or other action has been made, given or
      taken under this Indenture.

            SECTION 1505. Determination of Voting Rights; Conduct and
Adjournment of Meetings. (a) Notwithstanding any provisions of this Indenture,
the Trustee may make such reasonable regulations as it may deem advisable for
any meeting of Holders of Securities of a series in regard to proof of the
holding of Securities of such series and of the appointment of proxies and in
regard to the appointment and duties of inspectors of votes, the submission and
examination of proxies, certificates and other evidence of the right to vote,
and such other matters concerning the conduct of the meeting as its shall deem
appropriate. Except as otherwise permitted or required by any such regulations,
the holding of Securities shall be proved in the manner specified in Section 104
and the appointment of any proxy shall be proved in the manner specified in
Section 104 or by having the signature of the person executing the proxy
witnessed or guaranteed by any trust company, bank or banker authorized by
Section 104 to certify to the holding of Bearer Securities. Such regulations may
provide that written instruments appointing proxies, regular on their face, may
be presumed valid and genuine without the proof specified in Section 104 or
other proof.

            (b)   The Trustee shall, by an instrument in writing appoint a
temporary chairman of the meeting, unless the meeting shall have been called by
the Company or by Holders of Securities as provided in Section 1502(b), in which
case the Company or the Holders of Securities of the series calling the meeting,
as the case may be, shall in like manner appoint a temporary chairman. A
permanent chairman and a permanent secretary of the meeting shall be elected by
vote of the Persons entitled to vote a majority in principal amount of the
Outstanding Securities of such series represented at the meeting.

            (c)   At any meeting each Holder of a Security of such series or
proxy shall be entitled to one vote for each $1,000 principal amount of
Outstanding Securities of such series held or represented by him (determined as
specified in the definition of "Outstanding" in Section 101); provided, however,
that no vote shall be cast or counted at any meeting in respect of any Security
challenged as not Outstanding and ruled by the chairman of the meeting to be not
Outstanding. The chairman of the meeting shall have no right to vote, except as
a Holder of a Security of such series or proxy.

            (d)   Any meeting of Holders of Securities of any series duly called
pursuant to Section 1502 at which a quorum is present may be adjourned from time
to time by Persons entitled to vote a majority in principal amount of the
Outstanding Securities of such series represented at the meeting; and the
meeting may be held as so adjourned without further notice.

            SECTION 1506. Counting Votes and Recording Action of Meetings. The
vote upon any resolution submitted to any meeting of Holders of Securities of
any series shall be by written ballots on which shall be subscribed the
signatures of the Holders of Securities of such

                                       82
<PAGE>

series or of their representatives by proxy and the principal amounts and serial
numbers of the Outstanding Securities of such series held or represented by
them. The permanent chairman of the meeting shall appoint two inspectors of
votes who shall count all votes cast at the meeting for or against any
resolution and who shall make and file with the secretary of the meeting their
verified written reports in duplicate of all votes cast at the meeting. A
record, at least in duplicate, of the proceedings of each meeting of Holders of
Securities of any series shall be prepared by the Secretary of the meeting and
there shall be attached to said record the original reports of the inspectors of
votes on any vote by ballot taken thereat and affidavits by one or more persons
having knowledge of the facts setting forth a copy of the notice of the meeting
and showing that said notice was given as provided in Section 1502 and, if
applicable, Section 1504. Each copy shall be signed and verified by the
affidavits of the permanent chairman and secretary of the meeting and one such
copy shall be delivered to the Company, and another to the Trustee to be
preserved by the Trustee, the latter to have attached thereto the ballots voted
at the meeting. Any record so signed and verified shall be conclusive evidence
of the matters therein stated.

                                 ARTICLE SIXTEEN

                           SUBORDINATION OF SECURITIES

            SECTION 1601. Agreement to Subordinate. In the event a series of
Securities is designated as subordinated pursuant to Section 301 and except as
otherwise provided in a supplemental indenture or pursuant to Section 301, the
Company, for itself, its successors and assigns, covenants and agrees, and each
Holder of Securities of such series by his acceptance thereof, likewise
covenants and agrees, that the payment of the principal of (and premium, if any)
and interest, if any, on each and all of the Securities of such series is hereby
expressly subordinated, to the extent and in the manner hereinafter set forth,
in right of payment to the prior payment in full of all Senior Indebtedness.

            SECTION 1602. Distribution on Dissolution, Liquidation and
Reorganization; Subrogation of Securities. Upon any distribution of assets of
the Company upon any dissolution, winding up, liquidation or reorganization of
the Company, whether in bankruptcy, insolvency, reorganization or receivership
proceedings or upon an assignment for the benefit of creditors or any other
marshalling of the assets and liabilities of the Company or otherwise (subject
to the power of a court of competent jurisdiction to make other equitable
provision reflecting the rights conferred in this Indenture upon the Senior
Indebtedness and the holders thereof with respect to the Securities and the
holders thereof by a lawful plan of reorganization under applicable bankruptcy
law):

            (a)   the holders of all Senior Indebtedness shall be entitled to
      receive payment in full of the principal thereof (and premium, if any) and
      interest due thereon before the Holders of the Securities are entitled to
      receive any payment upon the principal (or premium, if any) or interest,
      if any, on indebtedness evidenced by the Securities; and

            (b)   any payment or distribution of assets of the Company of any
      kind or character, whether in cash, property or securities, to which the
      Holders of the Securities or the Trustee would be entitled except for the
      provisions of this Article Sixteen shall be

                                       83
<PAGE>

      paid by the liquidation trustee or agent or other person making such
      payment or distribution, whether a trustee in bankruptcy, a receiver or
      liquidating trustee or otherwise, directly to the holders of Senior
      Indebtedness or their representative or representatives or to the trustee
      or trustees under any indenture under which any instruments evidencing any
      of such Senior Indebtedness may have been issued, ratably according to the
      aggregate amounts remaining unpaid on account of the principal of (and
      premium, if any) and interest on the Senior Indebtedness held or
      represented by each, to the extent necessary to make payment in full of
      all Senior Indebtedness remaining unpaid, after giving effect to any
      concurrent payment or distribution to the holders of such Senior
      Indebtedness; and

            (c)   in the event that, notwithstanding the foregoing, any payment
      or distribution of assets of the Company of any kind or character, whether
      in cash, property or securities, shall be received by the Trustee or the
      Holders of the Securities before all Senior Indebtedness is paid in full,
      such payment or distribution shall be paid over, upon written notice to a
      Responsible Officer of the Trustee, to the holder of such Senior
      Indebtedness or their representative or representatives or to the trustee
      or trustees under any indenture under which any instrument evidencing any
      of such Senior Indebtedness may have been issued, ratably as aforesaid,
      for application to payment of all Senior Indebtedness remaining unpaid
      until all such Senior Indebtedness shall have been paid in full, after
      giving effect to any concurrent payment or distribution to the holders of
      such Senior Indebtedness.

            Subject to the payment in full of all Senior Indebtedness, the
Holders of the Securities shall be subrogated to the rights of the holders of
Senior Indebtedness (to the extent that distributions otherwise payable to such
Holder have been applied to the payment of Senior Indebtedness) to receive
payments or distributions of cash, property or securities of the Company
applicable to Senior Indebtedness until the principal of (and premium, if any)
and interest, if any, on the Securities shall be paid in full and no such
payments or distributions to the Holders of the Securities of cash, property or
securities otherwise distributable to the holders of Senior Indebtedness shall,
as between the Company, its creditors other than the holders of Senior
Indebtedness, and the Holders of the Securities be deemed to be a payment by the
Company to or on account of the Securities. It is understood that the provisions
of this Article Sixteen are and are intended solely for the purpose of defining
the relative rights of the Holders of the Securities, on the one hand, and the
holders of the Senior Indebtedness, on the other hand. Nothing contained in this
Article Sixteen or elsewhere in this Indenture or in the Securities is intended
to or shall impair, as between the Company, its creditors other than the holders
of Senior Indebtedness, and the Holders of the Securities, the obligation of the
Company, which is unconditional and absolute, to pay to the Holders of the
Securities the principal of (and premium, if any) and interest, if any, on the
Securities as and when the same shall become due and payable in accordance with
their terms, or to affect the relative rights of the Holders of the Securities
and creditors of the Company other than the holders of Senior Indebtedness, nor
shall anything herein or in the Securities prevent the Trustee or the Holder of
any Security from exercising all remedies otherwise permitted by applicable law
upon default under this Indenture, subject to the rights, if any, under this
Article Sixteen of the holders of Senior Indebtedness in respect of cash,
property or securities of the Company received upon the exercise of any such
remedy. Upon any payment or distribution of assets of the Company referred to in
this Article Sixteen, the Trustee,

                                       84
<PAGE>

subject to the provisions of Section 601, shall be entitled to rely upon a
certificate of the liquidating trustee or agent or other person making any
distribution to the Trustee for the purpose of ascertaining the Persons entitled
to participate in such distribution, the holders of Senior Indebtedness and
other indebtedness of the Company, the amount thereof or payable thereon, the
amount or amounts paid or distributed thereof and all other facts pertinent
thereto or to this Article Sixteen.

            With respect to the holders of Senior Indebtedness, the Trustee
undertakes to perform or observe only such of its covenants and objectives as
are specifically set forth in this Indenture, and no implied covenants or
obligations with respect to the holders of Senior Indebtedness shall be read
into this Indenture against the Trustee. The Trustee, however, shall not be
deemed to owe any fiduciary duty to the holders of Senior Indebtedness. The
Trustee shall not be liable to any such holder if it shall pay over or
distribute to or on behalf of Holders of Securities or the Company, or any other
Person, moneys or assets to which any holder of Senior Indebtedness shall be
entitled by virtue of this Article Sixteen.

            If the Trustee or any Holder of Securities does not file a proper
claim or proof of debt in the form required in any proceeding referred to above
prior to 30 days before the expiration of the time to file such claim in such
proceeding, then the holder of any Senior Indebtedness is hereby authorized, and
has the right, to file an appropriate claim or claims for or on behalf of such
Holder of Securities.

            SECTION 1603. No Payment on Securities in Event of Default on Senior
Indebtedness. No payment by the Company on account of principal (or premium, if
any), sinking funds or interest, if any, on the Securities shall be made at
anytime if: (i) a default on Senior Indebtedness exists that permits the holders
of such Senior Indebtedness to accelerate its maturity and (ii) the default is
the subject of judicial proceedings or the Company has received notice of such
default. The Company may resume payments on the Securities when full payment of
amounts then due for principal (premium, if any), sinking funds and interest on
Senior Indebtedness has been made or duly provided for in money or money's
worth.

            SECTION 1604. Payments on Securities Permitted. Nothing contained in
this Indenture or in any of the Securities shall (a) affect the obligation of
the Company to make, or prevent the Company from making, at any time except as
provided in Sections 1602 and 1603, payments of principal of (or premium, if
any) or interest, if any, on the Securities or (b) prevent the application by
the Trustee of any moneys or assets deposited with it hereunder to the payment
of or on account of the principal of (or premium, if any) or interest, if any,
on the Securities, unless a Responsible Officer of the Trustee shall have
received at its Corporate Trust Office written notice of any fact prohibiting
the making of such payment from the Company or from the holder of any Senior
Indebtedness or from the trustee for any such holder, together with proof
satisfactory to the Trustee of such holding of Senior Indebtedness or of the
authority of such trustee more than two Business Days prior to the date fixed
for such payment.

            SECTION 1605. Authorization of Holders to Trustee to Effect
Subordination. Each Holder of Securities by his acceptance thereof authorizes
and direct the Trustee on his behalf to take such action as may be necessary or
appropriate to effectuate the subordination as

                                       85
<PAGE>

provided in this Article Sixteen and appoints the Trustee his attorney-in-fact
for any and all such purposes.

            SECTION 1606. Notices to Trustee. Notwithstanding the provisions of
this Article or any other provisions of this Indenture, neither the Trustee nor
any Paying Agent (other than the Company) shall be charged with knowledge of the
existence of any Senior Indebtedness or of any fact which would prohibit the
making of any payment of moneys or assets to or by the Trustee or such Paying
Agent, unless and until a Responsible Officer of the Trustee or such Paying
Agent shall have received (in the case of a Responsible Officer of the Trustee,
at the Corporate Trust Office of the Trustee) written notice thereof from the
Company or from the holder of any Senior Indebtedness or from the trustee for
any such holder, together with proof satisfactory to the Trustee of such holding
of Senior Indebtedness or of the authority of such trustee and, prior to the
receipt of any such written notice, the Trustee shall be entitled in all
respects conclusively to presume that no such facts exist; provided, however,
that if at least two Business Days prior to the date upon which by the terms
hereof any such moneys or assets may become payable for any purpose (including,
without limitation, the payment of either the principal (or premium, if any) or
interest, if any, on any Security) a Responsible Officer of the Trustee shall
not have received with respect to such moneys or assets the notice provided for
in this Section 1606, then, anything herein contained to the contrary
notwithstanding, the Trustee shall have full power and authority to receive such
moneys or assets and to apply the same to the purpose for which they were
received, and shall not be affected by any notice to the contrary which may be
received by it within two Business Days prior to such date. The Trustee shall be
entitled to rely on the delivery to it of a written notice by a Person
representing himself to be a holder of Senior Indebtedness (or a trustee on
behalf of such holder) to establish that such a notice has been given by a
holder of Senior Indebtedness or a trustee on behalf of any such holder. In the
event that the Trustee determines in good faith that further evidence is
required with respect to the right of any Person as a holder of Senior
Indebtedness to participate in any payment or distribution pursuant to this
Article Sixteen, the Trustee may request such Person to furnish evidence to the
reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness
held by such Person, the extent to which such Person is entitled to participate
in such payment or distribution and any other facts pertinent to the rights of
such Person under this Article Sixteen and, if such evidence is not furnished,
the Trustee may defer any payment to such Person pending judicial determination
as to the right of such Person to receive such payment.

            SECTION 1607. Trustee as Holder of Senior Indebtedness.

            The Trustee in its individual capacity shall be entitled to all the
rights set forth in this Article Sixteen in respect of any Senior Indebtedness
at any time held by it to the same extent as any other holder of Senior
Indebtedness and nothing in Section 613 or elsewhere in this Indenture shall be
construed to deprive the Trustee of any of its rights as such holder. Nothing in
this Article Sixteen shall apply to claims of, or payments to, the Trustee under
or pursuant to Sections 506 or 606.

            SECTION 1608. Modifications of Terms of Senior Indebtedness. Any
renewal or extension of the time of payment of any Senior Indebtedness or the
exercise by the holders of Senior Indebtedness of any of their rights under any
instrument creating or evidencing Senior Indebtedness, including, without
limitation, the waiver of default thereunder, may be made or

                                       86
<PAGE>

done all without notice to or assent from the Holders of the Securities or the
Trustee. No compromise, alteration, amendment, modification, extension, renewal
or other change of, or waiver, consent or other action in respect of, any
liability or obligation under or in respect of, or of any of the terms,
covenants or conditions of any indenture or other instrument under which any
Senior Indebtedness is outstanding or of such Senior Indebtedness, whether or
not such release is in accordance with the provisions of any applicable
document, shall in any way alter or affect any of the provisions of this Article
Sixteen or of the Securities relating to the subordination thereof.

            SECTION 1609. Reliance on Judicial Order or Certificate of
Liquidating Agent. Upon any payment or distribution of assets of the Company
referred to in this Article Sixteen, the Trustee and the Holders of the
Securities shall be entitled to rely upon any order or decree entered by any
court of competent jurisdiction in which such insolvency, bankruptcy,
receivership, liquidation, reorganization, dissolution, winding up or similar
case or proceeding is pending, or a certificate of the trustee in bankruptcy,
liquidating trustee, custodian, receiver, assignee for the benefit of creditors,
agent or other person making such payment or distribution, delivered to the
Trustee or to the Holders of Securities, for the purpose of ascertaining the
persons entitled to participate in such payment or distribution to holders of
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 Sixteen.

            SECTION 1610. Satisfaction and Discharge; Defeasance and Covenant
Defeasance.

            Amounts and Government Obligations deposited in trust with the
Trustee pursuant to and in accordance with Articles Four and Fourteen and not,
at the time of such deposit, prohibited to be deposited under Sections 1602 or
1603 shall not be subject to this Article Sixteen.

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

                                       87
<PAGE>

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

                                                  BOSTON SCIENTIFIC CORPORATION

                                                  By:__________________________
                                                     Name:
                                                     Title:
Attest:

                                                  J.P. MORGAN TRUST COMPANY,
                                                  NATIONAL ASSOCIATION, as
                                                  Trustee

                                                  By:__________________________
                                                     Name:
                                                     Title:

                                       88
<PAGE>

                                    EXHIBIT A

                             FORMS OF CERTIFICATION

                                   EXHIBIT A-1

                       FORM OF CERTIFICATE TO BE GIVEN BY
                   PERSON ENTITLED TO RECEIVE BEARER SECURITY
                       OR TO OBTAIN INTEREST PAYABLE PRIOR
                              TO THE EXCHANGE DATE

                                   CERTIFICATE

                     [Insert title or sufficient description
                         of Securities to be delivered]

            This is to certify that as of the date hereof, and except as set
forth below, the above-captioned Securities held by you for our account (i) are
owned by person(s) that are not citizens or residents of the United States,
domestic partnerships, domestic corporations or any estate or trust the income
of which is subject to United States federal income taxation regardless of its
source ("United States person(s)"), (ii) are owned by United States person(s)
that are (a) foreign branches of United States financial institutions (financial
institutions, as defined in United States Treasury Regulations Section
2.165-12(c)(1)(v) are herein referred to as "financial institutions") purchasing
for their own account or for resale, or (b) United States person(s) who acquired
the Securities through foreign branches of United States financial institutions
and who hold the Securities through such United States financial institutions on
the date hereof (and in either case (a) or (b), each such United States
financial institution hereby agrees, on its own behalf or through its agent,
that you may advise [Name of Issuer] or its agent that such financial
institution will comply with the requirements of Section 165(j)(3)(A), (B) or
(C) of the United States Internal Revenue Code of 1986, as amended, and the
regulations thereunder), or (iii) are owned by United States or foreign
financial institution(s) for purposes of resale during the restricted period (as
defined in United States Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)),
and, in addition, if the owner is a United States or foreign financial
institution described in clause (iii) above (whether or not also described in
clause (i) or (ii)), this is to further certify that such financial institution
has not acquired the Securities for purposes of resale directly or indirectly to
a United States person or to a person within the United States or its
possessions.

            As used herein, "United States" means the United States of America
(including the states and the District of Columbia); and its "possessions"
include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island
and the Northern Mariana Islands.

            We undertake to advise you promptly by tested telex on or prior to
the date on which you intend to submit your certification relating to the
above-captioned Securities held by

                                      A-1-1
<PAGE>

you for our account in accordance with your Operating Procedures if any
applicable statement herein is not correct on such date, and in the absence of
any such notification it may be assumed that this certification applies as of
such date.

            This certificate excepts and does not relate to [U.S.$]__________ of
such interest in the above-captioned Securities in respect of which we are not
able to certify and as to which we understand an exchange for an interest in a
permanent global Security or an exchange for and delivery of definitive
Securities (or, if relevant, collection of any interest) cannot be made until we
do so certify.

            We understand that this certificate may be required in connection
with certain tax legislation in the United States. If administrative or legal
proceedings are commenced or threatened in connection with which this
certificate is or would be relevant, we irrevocably authorize you to produce
this certificate or a copy thereof to any interested party in such proceedings.

Dated:

[To be dated no earlier than the 15th day
prior to (i) the Exchange Date or (ii) the
relevant Interest Payment Date occurring
prior to the Exchange Date, as applicable]

                                           [Name of Person Making Certification]

                                            ___________________________________
                                           (Authorized Signatory)
                                            Name:
                                            Title:

                                      A-1-2
<PAGE>

                                   EXHIBIT A-2

                  FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR
                               AND CLEARSTREAM IN
                 CONNECTION WITH THE EXCHANGE OF A PORTION OF A
                 TEMPORARY GLOBAL SECURITY OR TO OBTAIN INTEREST
                       PAYABLE PRIOR TO THE EXCHANGE DATE

                                   CERTIFICATE

                     [Insert title or sufficient description
                         of Securities to be delivered]

            This is to certify that based solely on written certifications that
we have received in writing, by tested telex or by electronic transmission from
each of the persons appearing in our records as persons entitled to a portion of
the principal amount set forth below (our "Member Organizations") substantially
in the form attached hereto, as of the date hereof, [U.S.$]__________ principal
amount of the above-captioned Securities (i) is owned by person(s) that are not
citizens or residents of the United States, domestic partnerships, domestic
corporations or any estate or trust the income of which is subject to United
States Federal income taxation regardless of its source ("United States
person(s)"), (ii) is owned by United States person(s) that are (a) foreign
branches of United States financial institutions (financial institutions, as
defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(v) are herein
referred to as "financial institutions") purchasing for their own account or for
resale, or (b) United States person(s) who acquired the Securities through
foreign branches of United States financial institutions and who hold the
Securities through such United States financial institutions on the date hereof
(and in either case (a) or (b), each such financial institution has agreed, on
its own behalf or through its agent, that we may advise [Name of Issuer] or its
agent that such financial institution will comply with the requirements of
Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as
amended, and the regulations thereunder), or (iii) is owned by United States or
foreign financial institution(s) for purposes of resale during the restricted
period (as defined in United States Treasury Regulations Section
1.163-5(c)(2)(i)(D)(7)) and, to the further effect, that financial institutions
described in clause (iii) above (whether or not also described in clause (i) or
(ii)) have certified that they have not acquired the Securities for purposes of
resale directly or indirectly to a United States person or to a person within
the United States or its possessions.

            As used herein, "United States" means the United States of America
(including the states and the District of Columbia); and its "possessions"
include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island
and the Northern Mariana Islands.

            We further certify that (i) we are not making available herewith for
exchange (or, if relevant, collection of any interest) any portion of the
temporary global Security representing the above-captioned Securities excepted
in the above-referenced certificates of Member Organizations and (ii) as of the
date hereof we have not received any notification from any of our

                                      A-2-1
<PAGE>

Member Organizations to the effect that the statements made by such Member
Organizations with respect to any portion of the part submitted herewith for
exchange (or, if relevant, collection of any interest) are no longer true and
cannot be relied upon as of the date hereof.

            We understand that this certification is required in connection with
certain tax legislation in the United States. If administrative or legal
proceedings are commenced or threatened in connection with which this
certificate is or would be relevant, we irrevocably authorize you to produce
this certificate or a copy thereof to any interested party in such proceedings.

Dated:

{To be dated no earlier than the Exchange
Date or the relevant Interest Payment
Date occurring prior to the Exchange Date,
as applicable}

                                                   [EUROCLEAR BANK S.A./N.V.]
                                                   [CLEARSTREAM]

                                                   _____________________________
                                                   By

                                      A-2-2

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>4
<FILENAME>b51909bsexv12w1.txt
<DESCRIPTION>EX-12.1 STATEMENT OF COMPUTATION
<TEXT>
<PAGE>

                                                                    EXHIBIT 12.1

                       RATIO OF EARNINGS TO FIXED CHARGES

            Our ratio of earnings to fixed charges on a consolidated basis for
the periods indicated was as follows (unaudited):

<TABLE>
<CAPTION>
                                                    SIX MONTHS
                                                   ENDED JUNE 30,              YEAR ENDED DECEMBER 31,
                                                   --------------     ------------------------------------------
                                                   2004      2003     2003      2002     2001     2000     1999
                                                   -----     -----    -----     -----    -----    -----    -----
                                                                        (IN MILLIONS)
<S>                                                <C>       <C>      <C>       <C>      <C>      <C>      <C>
FIXED CHARGES:
Interest expense and debt issuance costs......     $   25    $   23   $   46    $   43   $   59   $   70   $  122
Interest portion of rental
   expense....................................          5         5       10        11       12       15       15
                                                   ------    ------   ------    ------   ------   ------   ------
Total fixed charges...........................     $   30    $   28   $   56    $   54   $   71   $   85   $  137

EARNINGS:
Income before income
   taxes......................................     $  687    $  301   $  643    $  549   $   44   $  527   $  562
Fixed charges per
   above .....................................         30        28       56        54       71       85      137

Net distributed/ (undistributed) equity
   in earnings of equity investees............                                              (13)      13       (1)
Less: capitalized interest....................                                                                  1
                                                   ------    ------   ------    ------   ------   ------   ------
Total earnings, as adjusted ..................     $  717    $  329   $  699    $  603   $  102   $  625   $  697
                                                   ======    ======   ======    ======   ======   ======   ======

RATIO OF EARNINGS TO FIXED CHARGES............      23.90     11.75    12.48     11.17     1.44     7.35     5.09
</TABLE>

            The ratio of earnings to fixed charges for the six months ended June
30, 2004 is not necessarily indicative of the results that may be expected for
the entire year. The data above includes special charges (credits) recorded in
conjunction with acquisitions, restructurings and litigation. The ratios above
should be read in conjunction with our consolidated financial statements
(including the notes thereto) included in our Annual Report on Form 10-K for the
year ended December 31, 2003 and Quarterly Report on Form 10-Q for the six month
period ended June 30, 2004.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>b51909bsexv23w1.txt
<DESCRIPTION>EX-23.1 CONSENT OF ERNST & YOUNG LLP
<TEXT>
<PAGE>
                                                                    Exhibit 23.1

            Consent of Independent Registered Public Accounting Firm

We consent to the reference to our firm under the caption "Experts" in the
Registration Statement (Form S-3) and in Amendment No. 1 to the Registration
Statement (Form S-3 No. 333-64887) and related Prospectuses of Boston Scientific
Corporation and to the incorporation by reference therein of our report dated
January 30, 2004, with respect to the consolidated financial statements of
Boston Scientific Corporation incorporated by reference in its Annual Report
(Form 10-K) for the year ended December 31, 2003 and of our report dated March
9, 2004 with respect to the related financial statement schedule included
therein, filed with the Securities and Exchange Commission.


/s/ Ernst & Young LLP

Boston, Massachusetts
September 23, 2004



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>6
<FILENAME>b51909bsexv23w2.txt
<DESCRIPTION>EX-23.2 CONSENT OF DELOITTE & TOUCHE LLP
<TEXT>
<PAGE>
                                                                    Exhibit 23.2

           CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in this Registration Statement of
Boston Scientific Corporation on Form S-3 of our report dated May 7, 2004,
relating to the consolidated balance sheets of Advanced Bionics Corporation as
of December 31, 2003 and 2002 and the related consolidated statements of
operations, stockholders' equity and cash flows for the years then ended
appearing in the Current Report on Form 8-K/A of Boston Scientific Corporation
filed on August 6, 2004, and to the reference to us under the heading "Experts"
in the Prospectus, which is part of this Registration Statement.

/s/ DELOITTE & TOUCHE LLP
Los Angeles, California
September 29, 2004


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>7
<FILENAME>b51909bsexv25w1.txt
<DESCRIPTION>EX-25.1 FORM T-1 STATEMENT OF ELIGIBILITY
<TEXT>
<PAGE>


                                                                    EXHIBIT 25.1


                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549


                                   ----------


                                    FORM T-1


                            STATEMENT OF ELIGIBILITY
                    UNDER THE TRUST INDENTURE ACT OF 1939 OF
                   A CORPORATION DESIGNATED TO ACT AS TRUSTEE


                                   ----------


               CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF
                     A TRUSTEE PURSUANT TO SECTION 305(b)(2)


                                   ----------


                J. P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION
               (Exact name of trustee as specified in its charter)



                                                                      95-4655078
(State of incorporation                                         (I.R.S. employer
if not a national bank)                                      identification No.)


1999 AVENUE OF THE STARS--26TH FLOOR
LOS ANGELES, CALIFORNIA                                                    90067
(Address of principal executive offices)                              (Zip Code)


                               William H. McDavid
                                 General Counsel
                                 270 Park Avenue
                            New York, New York 10017
                               Tel: (212) 270-2611
            (Name, address and telephone number of agent for service)


                                   ----------


                          BOSTON SCIENTIFIC CORPORATION
               (Exact name of obligor as specified in its charter)



DELAWARE                                                              04-2695240
(State or other jurisdiction of                                 (I.R.S. employer
incorporation or organization)                               identification No.)

ONE BOSTON SCIENTIFIC PLACE
NATICK, MASSACHUSETTS                                                 01760-1537
(Address of principal executive offices)                              (Zip Code)



                                 DEBT SECURITIES
                       (Title of the indenture securities)


                                   ----------

<PAGE>


ITEM 1.       GENERAL INFORMATION.

              Furnish the following information as to the trustee:

       (a)    Name and address of each examining or supervising authority to
              which it is subject.

              Comptroller of the Currency, Washington, D.C.
              Board of Governors of the Federal Reserve System, Washington, D.C.

       (b)    Whether it is authorized to exercise corporate trust powers.

              Yes.

ITEM 2.       AFFILIATIONS WITH OBLIGOR.

       If the Obligor is an affiliate of the trustee, describe each such
       affiliation.

       None.

ITEM 16.      LIST OF EXHIBITS.

       List below all exhibits filed as part of this statement of eligibility.

       Exhibit 1.    Articles of Association of the Trustee as Now in Effect
                     (see Exhibit 1 to Form T-1 filed in connection with Form 8K
                     of the Southern California Water Company filing, dated
                     December 7, 2001, which is incorporated by reference).

       Exhibit 2.    Certificate of Authority of the Trustee to Commence
                     Business (see Exhibit 2 to Form T-1 filed in connection
                     with Registration Statement No. 333-41329, which is
                     incorporated by reference).

       Exhibit 3.    Authorization of the Trustee to Exercise Corporate Trust
                     Powers (contained in Exhibit 2).

       Exhibit 4.    Existing By-Laws of the Trustee (see Exhibit 4 to Form T-1
                     filed in connection with Form 8K of the Southern California
                     Water Company filing, dated December 7, 2001, which is
                     incorporated by reference).

       Exhibit 5.    Not Applicable

       Exhibit 6.    The consent of the Trustee required by Section 321 (b) of
                     the Act (see Exhibit 6 to Form T-1 filed in connection with
                     Registration Statement No. 333-41329, which is incorporated
                     by reference).

       Exhibit 7.    A copy of the latest report of condition of the Trustee,
                     published pursuant to law or the requirements of its
                     supervising or examining authority.

       Exhibit 8.    Not Applicable

       Exhibit 9.    Not Applicable





                                        2



<PAGE>


                                    SIGNATURE

       Pursuant to the requirements of the Trust Indenture Act of 1939, the
Trustee, J. P. Morgan Trust Company, National Association, has duly caused this
statement of eligibility and qualification to be signed on its behalf by the
undersigned, thereunto duly authorized, all in the City of Boston, and
Commonwealth of Massachusetts, on the 24th day of September, 2004.


                                J. P. Morgan Trust Company, National Association


                                By: /s/ James P. Freeman
                                    --------------------------------------------
                                    James P. Freeman
                                    Vice President




































                                        3


<PAGE>


EXHIBIT 7.          Report of Condition of the Trustee.
--------------------------------------------------------------------------------


CONSOLIDATED REPORT OF CONDITION OF J.P. Morgan Trust Company, National
Association, (formerly Chase Manhattan Bank and Trust Company, National
Association) (Legal Title)

LOCATED AT    1999 Avenue of the Stars--Floor 26    Los Angeles,   CA      90067
              ------------------------------------------------------------------
                 (Street)                             (City)     (State) (Zip)

AS OF CLOSE OF BUSINESS ON             June 30, 2004
                           -----------------------------------


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

ASSETS DOLLAR AMOUNTS IN THOUSANDS

       Cash and Due From Banks                                  $  26,366
       Securities                                                 115,613
       Loans and Leases                                           110,964
       Premises and Fixed Assets                                   12,083
       Intangible Assets                                          391,238
       Goodwill                                                   250,990
       Other Assets                                                47,784
                                                                ---------
           Total Assets                                         $ 955,038
                                                                =========


LIABILITIES

       Deposits                                                 $  94,257
       Other Liabilities                                           92,800
                                                                ---------
           Total Liabilities                                      187,057


EQUITY CAPITAL

       Common Stock                                                   600
       Surplus                                                    701,587
       Retained Earnings                                           65,794
                                                                ---------
           Total Equity Capital                                   767,981
                                                                ---------

           Total Liabilities and Equity Capital                 $ 955,038

</TEXT>
</DOCUMENT>
</SUBMISSION>
