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<SEC-DOCUMENT>0000950123-01-506105.txt : 20010831
<SEC-HEADER>0000950123-01-506105.hdr.sgml : 20010831
ACCESSION NUMBER:		0000950123-01-506105
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20010829

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SPX CORP
		CENTRAL INDEX KEY:			0000088205
		STANDARD INDUSTRIAL CLASSIFICATION:	METALWORKING MACHINERY & EQUIPMENT [3540]
		IRS NUMBER:				381016240
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-68652
		FILM NUMBER:		1727654

	BUSINESS ADDRESS:	
		STREET 1:		700 TERRACE POINT DR
		CITY:			MUSKEGON
		STATE:			MI
		ZIP:			49443
		BUSINESS PHONE:		6167245000

	MAIL ADDRESS:	
		STREET 1:		700 TERRACE POINT DRIVE
		CITY:			MUSKEGON
		STATE:			MI
		ZIP:			49443

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SEALED POWER CORP
		DATE OF NAME CHANGE:	19880515
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>y64752s-3.txt
<DESCRIPTION>SPX CORPORATION
<TEXT>
<PAGE>   1

     AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON AUGUST 29, 2001

                                                           REGISTRATION NO. 333-

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

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

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

                                    FORM S-3
                        REGISTRATION STATEMENT UNDER THE
                             SECURITIES ACT OF 1933

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

                                 SPX CORPORATION
             (Exact Name of Registrant as Specified in Its Charter)

          DELAWARE                                          38-1016240
(State or Other Jurisdiction                              (IRS. Employer
             of                                       Identification Number)
      Incorporation or
        Organization)

                       -----------------------------------
                             700 TERRACE POINT DRIVE
                               MUSKEGON, MI 49440

                                 (231) 724-5000

                   (Address, Including Zip Code, and Telephone
                  Number, Including Area Code, of Registrant's

                          Principal Executive Offices)
                       -----------------------------------

                          CHRISTOPHER J. KEARNEY, ESQ.
                       VICE PRESIDENT AND GENERAL COUNSEL
                                 SPX CORPORATION
                             700 TERRACE POINT DRIVE
                               MUSKEGON, MI 49440
                                 (231) 724-5000

            (Name, Address, Including Zip Code, and Telephone Number,
                   Including Area Code, of Agent For Service)
                       -----------------------------------

                                   COPIES TO:
                              STUART GELFOND, ESQ.
                    FRIED, FRANK, HARRIS, SHRIVER & JACOBSON
                               ONE NEW YORK PLAZA
                            NEW YORK, NEW YORK 10004
                                 (212) 859-8000
                       -----------------------------------

         APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC: From
time to time after this Registration Statement becomes effective.

         If the only securities being registered on this form are being offered
pursuant to dividend or interest reinvestment plans, please check the following
box. [ ]

         If any of the securities being registered on this form are to be
offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, other than securities offered only in connection with
dividend or interest reinvestment plans, check the following box. [X]

         If this form is filed to register additional securities for an offering
pursuant to Rule 462(b) 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. [ ] _______________

         If this form is a post-effective amendment filed pursuant to Rule
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. [ ] _______________

         If delivery of the prospectus is expected to be made pursuant to Rule
434, check the following box. [ ]

                         CALCULATION OF REGISTRATION FEE


<TABLE>
<CAPTION>
                                                       PROPOSED MAXIMUM        PROPOSED MAXIMUM
  TITLE OF EACH CLASS OF          AMOUNT TO BE        OFFERING PRICE PER      AGGREGATE OFFERING        AMOUNT OF
SECURITIES TO BE REGISTERED      REGISTERED(1)(2)         UNIT(1)(2)             PRICE(1)(2)         REGISTRATION FEE
- ---------------------------      ----------------         ----------             -----------         ----------------
<S>                              <C>                  <C>                     <C>                    <C>
PRIMARY OFFERING:

Debt securities (3) (4)

Common stock, par value
  $10.00 per share (5) (4)

TOTAL                            $1,000,000,000              100%              $1,000,000,000            $250,000
                                 ==============              ===               ==============            ========
</TABLE>


(1)      We will determine the proposed maximum offering price per unit from
         time to time in connection with issuances of securities registered
         hereunder. The proposed maximum aggregate offering price has been
         estimated solely for the purpose of calculating the registration fee
         pursuant to Rule 457(o) under the Securities Act of 1933, as amended.

(2)      Not applicable pursuant to General Instruction II.D of Form S-3 under
         the Securities Act of 1933.

(3)      There is being registered hereunder an indeterminate principal amount
         of debt securities of our company as may be offered or sold from time
         to time by us. If any debt securities are issued at an original issue
         discount, then the offering price shall be in such greater principal
         amount as shall
<PAGE>   2
         result in net proceeds of $1,000,000,000 to the registrant.

(4)      Includes such indeterminate amount of debt securities and common stock
         of our company as may be issued upon conversion or exchange for any
         other securities registered hereunder that provide for conversion or
         exchange into debt securities or common stock of our company.

(5)      There is being registered hereunder an indeterminate number of shares
         of our common stock as may be sold from time to time by us. This
         includes the associated rights to purchase our Series A Preferred
         Stock. The rights to purchase our Series A Preferred Stock initially
         are attached to and trade with the shares of our common stock being
         registered hereby.

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

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 8(A) OF THE
SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME
EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a),
MAY DETERMINE.
<PAGE>   3
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.
<PAGE>   4
                  SUBJECT TO COMPLETION, DATED AUGUST 29, 2001

PROSPECTUS

                                 SPX CORPORATION

                                 $1,000,000,000

                                 DEBT SECURITIES

                                  COMMON STOCK

                                   [SPX LOGO]

         We may offer and sell, from time to time, in one or more offerings, any
combination of the debt and equity securities we describe in this prospectus
having a total initial offering price not exceeding $1,000,000,000.

         We will provide the specific terms of these securities in supplements
to this prospectus. This prospectus may not be used to sell securities unless
accompanied by a prospectus supplement. WE URGE YOU TO READ CAREFULLY THIS
PROSPECTUS AND THE ACCOMPANYING PROSPECTUS SUPPLEMENT, WHICH WILL DESCRIBE THE
SPECIFIC TERMS OF THE SECURITIES OFFERED, BEFORE YOU MAKE YOUR INVESTMENT
DECISION.

         Our common stock trades on the New York Stock Exchange and Pacific
Stock Exchange under the symbol "SPW." On August 27, 2001, the last reported
sale price of our common stock on the NYSE was $117.20. We have not yet
determined whether any of the debt securities offered hereby will be listed on
any exchange or over-the-counter market. If we decide to seek listing of any
such securities, a prospectus supplement relating thereto will identify such
exchange or market.

         INVESTING IN OUR SECURITIES INVOLVES RISKS, SEE "RISK FACTORS"
BEGINNING ON PAGE 4.

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

         Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or passed upon the
adequacy or accuracy of this prospectus. Any representation to the contrary is a
criminal offense.

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



                      The date of this prospectus is , 2001
<PAGE>   5
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                   Page
                                                                                   ----
<S>                                                                                <C>
About this Prospectus.........................................................       1
Where You Can Find More Information...........................................       1
Forward-looking Statements....................................................       2
SPX Corporation...............................................................       3
Risk Factors..................................................................       4
Ratio of Earnings to Fixed Charges............................................      11
Use of Proceeds...............................................................      11
Securities We May Issue.......................................................      12
Description of Debt Securities................................................      16
Description of Common Stock...................................................      29
Plan of Distribution..........................................................      33
Legal Matters.................................................................      34
Experts.......................................................................      34
</TABLE>

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


                                       i
<PAGE>   6
                              ABOUT THIS PROSPECTUS

         This prospectus is part of a registration statement that we filed with
the Securities and Exchange Commission, which we refer to as the SEC, using the
SEC's shelf registration rules. Under the shelf registration rules, using this
prospectus, together with a prospectus supplement, we may sell from time to
time, in one or more offerings, any of the securities described in this
prospectus having a total initial offering price not exceeding $1,000,000,000.

         In this prospectus:

                  -        "SPX," "the company," "we," "us," and "our" refer to
                           SPX Corporation, a Delaware corporation, and its
                           consolidated subsidiaries, unless the context
                           otherwise requires;

                  -        "UDI" refers to United Dominion Industries Limited
                           and its subsidiaries, all of which are subsidiaries
                           of SPX Corporation, unless the context otherwise
                           requires;

                  -        "February LYONs" refers to our Liquid Yield Option
                           Notes(TM)due 2021 issued in February 2001; and

                  -        "May LYONs" refers to our Liquid Yield Option
                           Notes(TM) due 2021 issued in May 2001.

         This prospectus provides you with a general description of the
securities we may sell. Each time we sell securities under this prospectus, 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. Market information is
generally based on company estimates and not third party sources. You should
read this prospectus, the applicable prospectus supplement and the additional
information described below under "Where You Can Find More Information" before
making an investment decision.

                      WHERE YOU CAN FIND MORE INFORMATION

         We file annual, quarterly and special reports, proxy statements and
other information with the SEC. You may read and copy any reports, statements or
other information we file with the SEC at its public reference rooms at 450
Fifth Street, N.W., Washington, D.C. 20549, 7 World Trade Center, Suite 1300,
New York, New York 10048 and 500 West Madison Street, Suite 1400, Chicago,
Illinois 60661. Please call the SEC at 1-800-SEC-0330 for further information on
the public reference rooms. Our filings are also available to the public on the
Internet, through a database maintained by the SEC at http://www.sec.gov. In
addition, you can inspect and copy our reports, statements and other information
at the offices of the New York Stock Exchange, Inc., 20 Broad Street, New York,
New York 10005 or at the offices of the Pacific Stock Exchange, 301 Pine Street,
San Francisco, California 94104.

         We filed a registration statement on Form S-3 to register with the SEC
the securities described in this prospectus. This prospectus is part of that
registration statement. As permitted by SEC rules, this prospectus does not
contain all the information contained in the registration statement or the
exhibits to the registration statement. You may refer to the registration
statement and accompanying exhibits for more information about us and our
securities.

         The SEC allows us to incorporate by reference into this document the
information we filed with it. This means that we can disclose important
business, financial and other information to you by referring you to other
documents separately filed with the SEC. All information incorporated by
reference is part of this document, unless and until that information is updated
and superseded by the information contained in this document or any information
subsequently incorporated by reference.

         We incorporate by reference the documents listed below:

         1.       Our annual report on Form 10-K/A for the fiscal year ended
                  December 31, 2000;


                                       1
<PAGE>   7
         2.       Our quarterly reports on Forms 10-Q for the fiscal quarters
                  ended March 31, 2001 and June 30, 2001;

         3.       Our current reports on Form 8-K filed on March 12, 2001, April
                  12, 2001, April 13, 2001, May 8, 2001 and June 7, 2001 and on
                  Form 8K/A filed on August 6, 2001; and

         4.       Our Definitive Proxy Statement on Schedule 14A filed on March
                  27, 2001.

         You may request a copy of these filings, at no cost, by writing or
telephoning us at the following address:

                             Investor Relations
                             SPX Corporations
                             700 Terrace Point Drive
                             Muskegon, Michigan  49440
                             Tel:  (231) 724-5000, Fax:  (231) 724-5302

         Exhibits to the filings will not be sent, however, unless those
exhibits have specifically been incorporated by reference.

         We also incorporate by reference all future filings we make with the
SEC under Section 13(a), 13(c), 14 or 15(d) of the Securities and Exchange Act
of 1934 on or (i) after the date of the filing of the registration statement
containing this prospectus and prior to the effectiveness of such registration
statement and (ii) after the date of this prospectus and prior to the closing of
the offering made hereby. Such documents will become a part of this prospectus
from the date that the documents are filed with the SEC.

         Our subsidiary, Inrange Technologies Corporation, completed its initial
public offering on September 27, 2000. Inrange's common stock is traded on the
Nasdaq National Market under the symbol "INRG." You may obtain information about
Inrange from the SEC at the address or website specified above.

         You should rely only on the information contained or incorporated by
reference in this prospectus and any prospectus supplement. 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 and sale is not permitted. You should assume that the
information appearing or incorporated by reference in this prospectus is
accurate only as of the date of the documents containing the information. Our
business, financial condition, results of operation and prospects may have
changed since that date.

                           FORWARD-LOOKING STATEMENTS

         Some of the statements in this prospectus and any documents
incorporated by reference constitute "forward looking statements" within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995. These
statements relate to future events or our future financial performance,
including, but not limited to, cost savings and other benefits of acquisitions,
including the acquisition of UDI, which involve known and unknown risks,
uncertainties and other factors that may cause our or our businesses' actual
results, levels of activity, performance or achievements to be materially
different from those expressed or implied by any forward looking statements. In
some cases, you can identify forward looking statements by terminology such as
"may," "will," "could," "would," "should," "expect," "plan," "anticipate,"
"intend," "believe," "estimate," "predict," "potential" or "continue" or the
negative of those terms or other comparable terminology. These statements are
only predictions. Actual events or results may differ materially because of
market conditions in our industries or other factors. Moreover, we do not, nor
does any other person, assume responsibility for the accuracy and completeness
of those statements. We have no duty to update any of the forward looking
statements after the date of this prospectus to conform them to actual results.
All of the forward looking statements are qualified in their entirety by
reference to the factors discussed under the captions "Risk Factors" in this
prospectus and the applicable prospectus supplement, "Other Matters" in
"Management's Discussion and Analysis of Results of Operations and Financial


                                       2
<PAGE>   8
Condition" in our Forms 10-Q for the fiscal quarters ended March 31, 2001 and
June 30, 2001 (incorporated by reference in this prospectus) and "Factors That
May Affect Future Results" in "Management's Discussion and Analysis of Financial
Condition and Results of Operations" of our most recent Form 10-K/A
(incorporated by reference in this prospectus) and similar sections in our
future filings which we incorporated by reference in this prospectus, which
describe risks and factors that could cause results to differ materially from
those projected in such forward looking statements.

         We caution the reader that these risk factors may not be exhaustive. We
operate in a continually changing business environment, and new risk factors
emerge from time to time. Management cannot predict such new risk factors, nor
can it assess the impact, if any, of such new risk factors on the company's
businesses or the extent to which any factor, or combination of factors, may
cause actual results to differ materially from those projected in any forward
looking statements. Accordingly, forward looking statements should not be relied
upon as a prediction of actual results. In addition, management's estimates of
future operating results are based on the current complement of businesses,
which is constantly subject to change as management implements its fix, sell or
grow strategy.

                                SPX CORPORATION

         We are a global provider of technical products and systems, industrial
products and services, flow technology and service solutions. We offer a
diversified collection of products that includes networking and switching
products, fire detection and building life-safety products, TV and radio
broadcast antennas and towers, life science products and services, transformers,
compaction equipment, high-integrity castings, dock products and systems,
cooling towers, air filtration products, valves, back-flow protection devices
and fluid handling, metering and mixing solutions. Our products and services
also include specialty service tools, diagnostic systems, service equipment and
technical information services. Our products are used by a broad group of
customers that serve a diverse group of industries including chemical
processing, pharmaceuticals, infrastructure, mineral processing, petrochemical,
telecommunications, financial services, transportation and power generation.

         On May 24, 2001, we completed the acquisition of United Dominion
Industries Limited ("UDI") in an all-stock transaction valued at $1,066.9
million. A total of 9.385 million shares were issued (3.890 million from
treasury) to complete the transaction. We also assumed or refinanced $884.1
million of UDI debt bringing the total transaction value to $1,951.0 million.
UDI manufactured proprietary engineered and flow technology products primarily
for industrial and commercial markets worldwide. UDI, which had sales of
$2,366.2 million in 2000, is included in our financial statements beginning May
25, 2001 and is represented in the description of the company above.

         Our company is a Delaware corporation. Our principal executive offices
are located at 700 Terrace Point Drive, Muskegon, Michigan 49440, and our
telephone number is (231) 724-5000.


                                       3
<PAGE>   9
                                  RISK FACTORS

         You should carefully consider the risks described below before making a
decision to invest in our securities. Some of the following factors relate
principally to our business and the industry in which we operate. Other factors
relate principally to your investment in our securities. The risks and
uncertainties described below are not the only ones facing our company.
Additional risks and uncertainties not presently known to us or that we
currently deem immaterial may also adversely affect our business and operations.

         If any of the matters included in the following risks were to occur,
our business, financial condition, results of operations, cash flows or
prospects could be materially adversely affected. In such case, the trading
price of our common stock could decline and you could lose all or part of your
investment.

OUR LEVERAGE MAY AFFECT OUR BUSINESS AND MAY RESTRICT OUR OPERATING FLEXIBILITY.

         At June 30, 2001, we had approximately $2,513.2 million in total
indebtedness. At such date, we had $534.0 million of available borrowing
capacity under our revolving senior credit facility after giving effect to $66.0
million reserved for letters of credit outstanding which reduce the availability
under our revolving senior credit facility. In addition, at June 30, 2001, our
cash balance was $360.3 million. For a description of our indebtedness, please
see "Management's Discussion and Analysis of Results of Operations and Financial
Condition" in our quarterly reports on Forms 10-Q for the fiscal quarters ended
March 31, 2001 and June 30, 2001 and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in our annual report on Form
10-K/A for the fiscal year ended December 31, 2000 and any future Forms 10-Q and
10-K which we file, which are incorporated by reference in this prospectus.
Subject to certain restrictions set forth in the senior credit facility, we may
incur additional indebtedness in the future, including indebtedness incurred to
finance, or which is assumed in connection with, acquisitions. We may in the
future renegotiate or refinance our senior credit facility with agreements that
have different or more stringent terms or split our senior credit facility into
two or more facilities with different terms. The level of our indebtedness
could:

                  -        limit cash flow available for general corporate
                           purposes, such as acquisitions and capital
                           expenditures, due to the ongoing cash flow
                           requirements for debt service;

                  -        limit our ability to obtain, or obtain on favorable
                           terms, additional debt financing in the future for
                           working capital, capital expenditures or
                           acquisitions;

                  -        limit our flexibility in reacting to competitive and
                           other changes in the industry and economic conditions
                           generally;

                  -        expose us to a risk that a substantial decrease in
                           net operating cash flows due to economic developments
                           or adverse developments in our business could make it
                           difficult to meet debt service requirements; and

                  -        expose us to risks inherent in interest rate
                           fluctuations because the existing borrowings are and
                           any new borrowings may be at variable rates of
                           interest, which could result in higher interest
                           expense in the event of increases in interest rates.

         Our ability to make scheduled payments of principal of, to pay interest
on, or to refinance our indebtedness and to satisfy our other debt obligations
will depend upon our future operating performance, which may be affected by
general economic, financial, competitive, legislative, regulatory, business and
other factors beyond our control. We will not be able to control many of these
factors, such as the economic conditions in the markets in which we operate and
initiatives taken by our competitors. In addition, there can be no assurance
that future borrowings or equity financing will be available for the payment or
refinancing of our indebtedness. If we are unable to service our indebtedness,
whether in the ordinary course of business or upon acceleration of such
indebtedness, we may be forced to pursue one or more alternative strategies,
such as restructuring or refinancing our indebtedness, selling assets, reducing
or


                                       4
<PAGE>   10
delaying capital expenditures or seeking additional equity capital. There can be
no assurance that any of these strategies could be effected on satisfactory
terms, if at all.

WE MAY NOT BE ABLE TO FINANCE FUTURE NEEDS OR ADAPT OUR BUSINESS PLAN TO CHANGES
IN ECONOMIC OR BUSINESS CONDITIONS BECAUSE OF RESTRICTIONS PLACED ON US BY OUR
SENIOR CREDIT FACILITY AND THE INSTRUMENTS GOVERNING OUR OTHER INDEBTEDNESS.

         Our senior credit facility and other agreements governing our other
indebtedness contain or may contain covenants that restrict our ability to make
distributions or other payments to our investors and creditors unless certain
financial tests or other criteria are satisfied. We must also comply with
certain specified financial ratios and tests. In some cases, our subsidiaries
are subject to similar restrictions which may restrict their ability to make
distributions to us. In addition, our senior credit facility and these other
agreements contain or may contain additional affirmative and negative covenants.
All of these restrictions could affect our ability to operate our business and
may limit our ability to take advantage of potential business opportunities such
as acquisitions as they arise.

         If we do not comply with these or other covenants and restrictions
contained in our senior credit facility and other agreements governing our
indebtedness, we could be in default under those agreements, and the debt,
together with accrued interest, could then be declared immediately due and
payable. If we default under our senior credit facility, the lenders could cause
all of our outstanding debt obligations under our senior credit facility to
become due and payable, require us to apply all of our cash to repay the
indebtedness or prevent us from making debt service payments on any other
indebtedness we owe. In addition, any default under our senior credit facility
or agreements governing our other indebtedness could lead to an acceleration of
debt under other debt instruments that contain cross-acceleration or
cross-default provisions. If the indebtedness under our senior credit facility
is accelerated, we may not have sufficient assets to repay amounts due under our
senior credit facility, the February LYONs, the May LYONs or under other debt
securities then outstanding. Our ability to comply with these provisions of our
senior credit facility and other agreements governing our other indebtedness may
be affected by changes in the economic or business conditions or other events
beyond our control.

OUR FAILURE TO SUCCESSFULLY INTEGRATE UDI AND OTHER RECENT ACQUISITIONS, AS WELL
AS ANY FUTURE ACQUISITIONS, COULD HAVE A NEGATIVE EFFECT ON OUR OPERATIONS; OUR
ACQUISITIONS COULD CAUSE UNEXPECTED FINANCIAL DIFFICULTIES.

         As part of our business strategy, we evaluate potential acquisitions in
the ordinary course. In 2000, we made 21 acquisitions of businesses for an
aggregate price of approximately $226.8 million. Excluding the UDI acquisition,
in the first half of 2001, we made nine acquisitions of businesses for an
aggregate purchase price of approximately $130.8 million. Our past acquisitions,
particularly the acquisition of UDI which had sales of approximately $2,366.2
million for the year ended December 31, 2000, and any potential future
acquisitions, involve a number of risks and present financial, managerial and
operational challenges, including:

                  -        adverse effects on our reported operating results due
                           to charges to earnings and the amortization of
                           goodwill associated with acquisitions;

                  -        diversion of management attention from running our
                           existing businesses;

                  -        difficulty with integration of personnel and
                           financial and other systems;

                  -        increased expenses, including compensation expenses
                           resulting from newly-hired employees;

                  -        increased foreign operations which may be difficult
                           to assimilate;

                  -        assumption of known and unknown liabilities and
                           increased litigation; and

                  -        potential disputes with the sellers of acquired
                           businesses, technologies, services or products.


                                       5
<PAGE>   11
         We may not be able to integrate successfully the technology, operations
and personnel of any acquired business. Customer dissatisfaction or performance
problems with an acquired business, technology, service or product could also
have a material adverse effect on our reputation and business. In addition, any
acquired business, technology, service or product could underperform relative to
our expectations. We could also experience financial or other setbacks if any of
the businesses that we have acquired or may acquire in the future have problems
or liabilities of which we are not aware or which are substantially greater than
we anticipate. In addition, as a result of future acquisitions, we may further
increase our leverage or, if we issue equity securities to pay for the
acquisitions, significantly dilute our existing stockholders.

WE MAY NOT ACHIEVE THE EXPECTED COST SAVINGS AND OTHER BENEFITS OF OUR
ACQUISITIONS, INCLUDING UDI.

         As a result of our acquisitions, including the acquisition of UDI, we
incur integration expenses for the incremental costs to exit and consolidate
activities, to involuntarily terminate employees, and for other costs to
integrate operating locations and other activities of these companies with SPX.
Generally accepted accounting principles require that these acquisition
integration expenses, which are not associated with the generation of future
revenues and have no future economic benefit, be reflected as assumed
liabilities in the allocation of the purchase price to the net assets acquired.
On the other hand, these same principles require that acquisition integration
expenses associated with integrating SPX operations into locations of the
acquired company's must be recorded as expense. Accordingly, these expenses are
not included in the allocation of purchase price of the company acquired. Over
the past five years, we have recorded several special charges to our results of
operations associated with cost reductions, integrating acquisitions and
achieving operating efficiencies. We believe that our actions have been required
to improve our operations and, as described above, we will, if necessary, record
future charges as appropriate to address costs and operational efficiencies at
the combined company.

         We believe our anticipated savings from the cost reduction and
integration actions associated with the UDI acquisition should exceed $100.0
million on an annualized basis. Our current integration plan focuses on three
key areas of cost savings: (1) manufacturing process and supply chain
rationalization, including plant closings, (2) elimination of redundant
administrative overhead and support activities, and (3) restructuring and
repositioning sales and marketing organizations to eliminate redundancies in
these activities. While we believe these cost savings to be reasonable, they are
inherently estimates which are difficult to predict and are necessarily
speculative in nature. In addition, we cannot assure you that unforeseen factors
will not offset the estimated cost savings or other benefits from the
acquisition. As a result, our actual cost savings, if any, and other anticipated
benefits could differ or be delayed, compared to our estimates and from the
other information contained in this prospectus.

WE MAY NOT BE ABLE TO CONSUMMATE ACQUISITIONS AT OUR PRIOR RATE WHICH COULD
NEGATIVELY IMPACT US.

         We may not be able to consummate acquisitions at similar rates to our
past acquisition rates, which could materially impact our growth rate, results
of operations and stock price. Our ability to continue to achieve our goals may
depend upon our ability to identify and successfully acquire companies,
businesses and product lines, to effectively integrate these businesses and
achieve cost effectiveness. We may also need to raise additional funds to
consummate these acquisitions.

OUR DEBT SECURITIES WILL BE STRUCTURALLY SUBORDINATED. THIS MAY AFFECT YOUR
ABILITY TO RECEIVE PAYMENTS ON OUR DEBT SECURITIES.

         We conduct all of our operations through our subsidiaries. As a result,
our cash flow and our ability to service our debt, including any debt securities
that we may issue, depend upon the earnings of our subsidiaries. In addition, we
depend on the distribution of earnings, loans or other payments by our
subsidiaries to us.

         Our subsidiaries are separate and distinct legal entities. Other than
any subsidiaries which may become guarantors of any debt securities offered
hereby, our subsidiaries will have no obligation to pay any amounts due on any
debt securities or to provide us with funds for our payment obligations, whether
by dividends, distributions, loans or other payments. In addition, any payment
of dividends, distributions, loans or advances by our subsidiaries to us could
be subject to statutory or contractual restrictions.


                                       6
<PAGE>   12
Payments to us by our subsidiaries will also be contingent upon our
subsidiaries' earnings and business considerations.

         Our right to receive any assets of any of our subsidiaries upon its
liquidation or reorganization, and, as a result, the right of the holders of our
debt securities to participate in those assets, is effectively subordinated to
the claims of that subsidiary's creditors, including trade creditors. Our debt
securities may not limit the ability of our subsidiaries to incur additional
indebtedness or incur other obligations. In particular, substantially all of our
subsidiaries guarantee all of our obligations under our senior credit facility
and are obligated under a substantial portion of our other indebtedness (other
than the February LYONs and May LYONs). In addition, even if we were a creditor
of any of our subsidiaries, our rights as a creditor would be subordinate to any
security interest in the assets of our subsidiaries and any indebtedness of our
subsidiaries senior to indebtedness held by us.

THE LOSS OF KEY PERSONNEL AND ANY INABILITY TO ATTRACT AND RETAIN QUALIFIED
EMPLOYEES COULD MATERIALLY ADVERSELY IMPACT OUR OPERATIONS.

         We are dependent on the continued services of our management team,
including our Chairman of the Board, President and Chief Executive Officer. The
loss of such personnel without adequate replacement could have a material
adverse effect on us. Additionally, we need qualified managers and skilled
employees with technical and manufacturing industry experience in order to
operate our business successfully. From time to time there may be a shortage of
skilled labor which may make it more difficult and expensive for us to attract
and retain qualified employees. If we are unable to attract and retain qualified
individuals or our costs to do so increase significantly, our operations would
be materially adversely affected.

MANY OF THE INDUSTRIES IN WHICH WE OPERATE ARE CYCLICAL AND, ACCORDINGLY, OUR
BUSINESS IS SUBJECT TO CHANGES IN THE ECONOMY; PRESSURE FROM ORIGINAL EQUIPMENT
MANUFACTURERS TO REDUCE COSTS COULD ADVERSELY AFFECT OUR BUSINESS.

         Many of the business areas in which we operate are subject to specific
industry and general economic cycles. Certain businesses are subject to industry
cycles, including, but not limited to, the automotive industries which influence
our Service Solutions and Industrial Products and Services segments, the
electric power and construction and infrastructure markets which influence our
Industrial Products and Services segment, the telecommunications networks and
building construction industries which influence our Technical Products and
Systems segment, and process equipment, chemical and petrochemical markets which
influence our Flow Technology segment. Accordingly, any downturn in these or
other markets in which we participate could materially adversely affect us. A
decline in automotive sales and production may also affect not only sales of
components, tools and services to vehicle manufacturers and their dealerships,
but also sales of components, tools and services to aftermarket customers, and
could result in a decline in our results of operations or a deterioration in our
financial condition. Similar cyclical changes could also affect aftermarket
sales of products in our other segments. If demand changes and we fail to
respond accordingly, our results of operations could be materially adversely
affected in any given quarter. The business cycles of our different operations
may occur contemporaneously. Consistent with most multi-industry, capital goods
companies, our businesses have been impacted in 2001 by the soft economic
conditions. There can be no assurance that the economic downturn will not worsen
or that we will be able to sustain existing or create additional cost reductions
to offset economic conditions.

         There is also substantial and continuing pressure from the major
original equipment manufacturers, particularly in the automotive industry, to
reduce costs, including the cost of products and services purchased from outside
suppliers such as us. If in the future we were unable to generate sufficient
cost savings to offset price reductions, our gross margins could be materially
adversely affected.

IF FUTURE CASH FLOWS ARE INSUFFICIENT TO RECOVER THE CARRYING VALUE OF OUR
GOODWILL, A MATERIAL NON-CASH CHARGE TO EARNINGS COULD RESULT.

         At June 30, 2001, we had goodwill and intangible assets of
approximately $2,546.0 million and shareholders' equity of approximately
$1,617.0 million. We expect to recover the carrying value of goodwill through
our future cash flows. On an ongoing basis, we evaluate, based on projected
undiscounted cash flows, whether we will be able to recover all or a portion of
the carrying value of goodwill. If future


                                       7
<PAGE>   13
cash flows are insufficient to recover the carrying value of our goodwill, we
must write off a portion of the unamortized balance of goodwill. There can be no
assurance that circumstances will not change in the future that will affect the
useful life or carrying value of our goodwill and accordingly require us to take
a charge to write off a portion of our goodwill.

         On July 20, 2001 the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards No. 141 "Business Combinations"
("SFAS 141") and Statement of Financial Accounting Standards No. 142 "Goodwill
and Other Intangible Assets" ("SFAS 142"). We will adopt SFAS 141 and SFAS 142
for our fiscal year beginning on January 1, 2002. We are currently evaluating
the provisions of SFAS 141 and SFAS 142 and the impact that adoption will have
on our financial position and results of operations.

WE ARE SUBJECT TO ENVIRONMENTAL AND SIMILAR LAWS AND POTENTIAL LIABILITY
RELATING TO CERTAIN CLAIMS, COMPLAINTS AND PROCEEDINGS, INCLUDING THOSE RELATING
TO ENVIRONMENTAL AND OTHER MATTERS, ARISING IN THE ORDINARY COURSE OF BUSINESS.

         We are subject to various environmental laws, ordinances, regulations,
and other requirements of government authorities in the United States and other
nations. Such requirements may include, for example, those governing discharges
from and materials handled as part of, our operations, the remediation of soil
and groundwater contaminated by petroleum products or hazardous substances or
wastes, and the health and safety of our employees. Under certain of these laws,
ordinances or regulations, a current or previous owner or operator of property
may be liable for the costs of investigation, removal or remediation of certain
hazardous substances or petroleum products on, under, or in its property,
without regard to whether the owner or operator knew of, or caused, the presence
of the contaminants, and regardless of whether the practices that resulted in
the contamination were legal at the time they occurred. The presence of, or
failure to remediate properly, such substances may have adverse effects,
including, for example, substantial investigative or remedial obligations, and
limits on the ability to sell or rent such property or to borrow funds using
such property as collateral. In connection with our acquisitions and
divestitures, we may assume or retain significant environmental liabilities some
of which we may not be aware. Future developments related to new or existing
environmental matters or changes in environmental laws or policies could lead to
material costs for environmental compliance or cleanup. There can be no
assurance that such liabilities and costs will not have a material adverse
effect on our results of operations or financial position in the future.

         Numerous claims, complaints and proceedings arising in the ordinary
course of business, including but not limited to those relating to environmental
matters, competitive issues, contract issues, intellectual property matters,
personal injury and product liability claims, and workers' compensation have
been filed or are pending against us and certain of our subsidiaries. We have
insurance and indemnification for a portion of such items. In our opinion, these
matters are individually or in the aggregate either without merit or are of a
kind as should not have a material adverse effect on our financial position,
results of operations, or cash flows if disposed of unfavorably. However, there
can be no assurance that recoveries for insurance and indemnification will be
available or that any such claims or other matters could not have a material
adverse effect on our financial position, results of operations or cash flows.
Additionally, in connection with our acquisitions, we may become subject to
significant claims of which we were unaware at the time of the acquisition or
the claims that we were aware of may result in our incurring a significantly
greater liability than we anticipated.

OUR INRANGE SUBSIDIARY IS SUBJECT TO VARIOUS RISKS AND ANY MATERIAL ADVERSE
EFFECT ON INRANGE COULD MATERIALLY ADVERSELY AFFECT OUR FINANCIAL RESULTS.

         We own approximately 89.5% of the total number of outstanding shares of
common stock of Inrange Technologies Corporation. Based on the closing price of
Inrange's Class B common stock on August 27, 2001, Inrange's market
capitalization was approximately $817,847.1 million on such date. Inrange is a
high technology company and is subject to additional and different risks, and
its public equity trades similar to other technology businesses. Any adverse
effect on Inrange could affect us. In addition to the risks described herein for
our business as a whole, Inrange is subject to the following risks:


                                       8
<PAGE>   14
                  -        Inrange's business will suffer if it fails to
                           develop, successfully introduce and sell new and
                           enhanced high quality, technologically advanced
                           cost-effective products that meet the changing needs
                           of its customers on a timely basis. Inrange's
                           competitors may develop new and more advanced
                           products on a regular basis;

                  -        Inrange relies on a sole manufacturer to produce one
                           of its key products and on sole sources of supply for
                           some key components in its products. Any disruption
                           in these relationships could increase product costs
                           and reduce Inrange's ability to provide its products
                           or develop new products on a timely basis; and

                  -        The price for Inrange's products may decrease in
                           response to competitive pricing pressures, maturing
                           life cycles, new product introductions and other
                           factors. Accordingly, Inrange's profitability may
                           decline unless it can reduce its production and sales
                           costs or develop new higher margin products.

         The foregoing is a summary of the risk factors applicable to Inrange.
For a more complete description of those risks, please see "Risk Factors" in
Inrange's annual report of Form 10-K for the fiscal year ended December 31,
2000, which section is incorporated by reference in this prospectus. See "Where
You Can Find More Information."

DIFFICULTIES PRESENTED BY INTERNATIONAL ECONOMIC, POLITICAL, LEGAL, ACCOUNTING
AND BUSINESS FACTORS COULD NEGATIVELY AFFECT OUR INTERESTS AND BUSINESS EFFORT.

         In 2000, on a pro forma basis for our acquisition of UDI, approximately
27% of our sales were international, including export sales. In addition, in
2000, approximately 40% of Inrange's sales were international, including export
sales. We are seeking to increase our sales outside the United States. Our
international operations require us to comply with the legal requirements of
foreign jurisdictions and expose us to the political consequences of operating
in foreign jurisdictions. Our foreign business operations are also subject to
the following risks:

                  -        difficulty in managing, operating and marketing our
                           international operations because of distance, as well
                           as language and cultural differences;

                  -        increased strength of the U.S. dollar will increase
                           the effective price of our products sold in U.S.
                           dollars which may have a material adverse effect on
                           sales or require us to lower our prices and also
                           decrease our reported revenues or margins in respect
                           of sales conducted in foreign currencies to the
                           extent we are unable or determine not to increase
                           local currency prices; likewise, decreased strength
                           of the U.S. dollar could have a material adverse
                           effect on the cost of materials and products
                           purchased overseas;

                  -        difficulty entering new international markets due to
                           greater regulatory barriers than the United States
                           and differing political systems;

                  -        increased costs due to domestic and foreign customs
                           and tariffs, potentially adverse tax consequences,
                           including imposition or increase of withholding and
                           other taxes on remittances and other payments by
                           subsidiaries, and transportation and shipping
                           expenses;

                  -        credit risk or financial condition of local customers
                           and distributors;

                  -        potential difficulties in staffing and labor
                           disputes;

                  -        risk of nationalization of private enterprises;

                  -        increased costs of transportation or shipping;

                  -        potential difficulties in protecting intellectual
                           property;


                                       9
<PAGE>   15
                  -        potential imposition of restrictions on investments;
                           and

                  -        local political and social conditions, including the
                           possibility of hyperinflationary conditions and
                           political instability in certain countries.

         As we continue to expand our international operations, including as a
result of the UDI acquisition, these and other risks associated with
international operations are likely to increase. In addition, as we enter new
geographic markets, we may encounter significant competition from the primary
participants in such markets, some of which may have substantially greater
resources than we do.

FUTURE INCREASES IN THE NUMBER OF SHARES OF OUR OUTSTANDING COMMON STOCK COULD
ADVERSELY AFFECT OUR COMMON STOCK PRICE OR DILUTE OUR EARNINGS PER SHARE.

         Sales of a substantial number of shares of common stock into the public
market, or the perception that these sales could occur, could have a material
adverse effect on our stock price. If certain conditions are met, the February
LYONs and May LYONs could be converted into shares of our common stock. The
shares covered by the February LYONs have been registered under the Securities
Act and the shares under the May LYONs will be covered by a registration
statement. Subject to adjustment, the February LYONs and May LYONs could be
converted into an aggregate of 6,624,540 shares of common stock. In addition, as
of June 30, 2001, approximately 8,778,229 shares of our common stock are
issuable upon exercise of outstanding stock options by employees and
non-employee directors. Under our employee stock option plan and non-employee
director stock option plan, approximately 5,845,821 shares of our common stock
are reserved for future issuance of additional options and shares under these
plans. Additionally, we may issue a significant number of additional shares in
connection with our acquisitions. We have also filed a shelf registration
statement for 4,300,000 shares of common stock which may be issued in
acquisitions. Any such additional shares could also have a dilutive effect on
our earnings per share.

PROVISIONS IN OUR CORPORATE DOCUMENTS AND DELAWARE LAW MAY DELAY OR PREVENT A
CHANGE IN CONTROL OF OUR COMPANY, AND ACCORDINGLY, WE MAY NOT CONSUMMATE A
TRANSACTION THAT OUR STOCKHOLDERS CONSIDER FAVORABLE.

         Provisions of our Certificate of Incorporation and By-laws may inhibit
changes in our control not approved by our Board. We also have a rights plan
designed to make it more costly and thus more difficult to gain control of us
without the consent of our Board. We are also afforded the protections of
Section 203 of the Delaware General Corporation Law, which could have similar
effects. See "Description of Common Stock."


                                       10





<PAGE>   16
                       RATIO OF EARNINGS TO FIXED CHARGES

         The following table sets forth the ratio of earnings to fixed charges
of SPX for the years ended December 31, 1996, 1997, 1998, 1999, and 2000 and for
the six months ended June 30, 2000 and 2001.

<TABLE>
<CAPTION>
                                                                                                       SIX MONTHS ENDED
                                                              FISCAL YEAR ENDED DECEMBER 31,               JUNE 30,
                                                          ----------------------------------------     ----------------
                                                          1996     1997     1998(2)    1999   2000     2000        2001
                                                          ----     ----     ------     ----   ----     ----        ----
<S>                                                       <C>      <C>      <C>        <C>    <C>      <C>         <C>
Ratio of earnings to fixed charges(1)...............       5.7      7.7      (0.3)      1.8    3.0      3.9        2.5
</TABLE>

(1)      For the purposes of determining the ratio of earnings to fixed charges,
         earnings consist of income from continuing operations and fixed
         charges. Fixed charges include gross interest expense, amortization of
         deferred financing expenses and an amount equivalent to interest
         included in rental charges. We have assumed that one-third of rental
         expense is representative of the interest factor.

(2)      For the fiscal year ended December 31, 1998, earnings were not
         sufficient to cover fixed charges by approximately $42.0 million.

                                 USE OF PROCEEDS

         Unless indicated otherwise in the applicable prospectus supplement, we
expect to use the net proceeds from the sale of our securities for general
corporate purposes, including, but not limited to, repayment or refinancing of
borrowings, working capital, capital expenditures, acquisitions and the
repurchase of our common stock. Additional information on the use of net
proceeds from the sale of securities offered by this prospectus may be set forth
in the applicable prospectus supplement relating to such offering.


                                       11
<PAGE>   17
                             SECURITIES WE MAY ISSUE

OVERVIEW

         This prospectus describes the securities we may issue from time to
time. The remainder of this section provides some background information about
the manner in which the securities may be held, then describes the terms of the
two basic categories of securities:

                  -        our debt securities, which may be senior or
                           subordinated; and

                  -        our common stock.

PROSPECTUS SUPPLEMENTS

         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 to or change information
contained in this prospectus. If so, the prospectus supplement should be read as
superseding this prospectus. You should read both this prospectus and any
prospectus supplement together with additional information described under the
heading "Where You Can Find More Information."

         The applicable prospectus supplement to be attached to the front of
this prospectus will describe the terms of any securities that we offer and any
initial offering price to the public in that offering, the purchase price and
net proceeds that we will receive and the other specific terms related to our
offering of the securities. For more details on the terms of the securities, you
should read the exhibits filed with our registration statement, of which this
prospectus is a part.

LEGAL OWNERSHIP OF SECURITIES

     HOLDERS OF SECURITIES

         BOOK-ENTRY HOLDERS. We will issue debt securities in book-entry form
only, unless we specify otherwise in the applicable prospectus supplement. We
may issue shares of common stock in book-entry form. If securities are issued in
book-entry form, this means the securities will be represented by one or more
global securities registered in the name of a financial institution that holds
them as depositary on behalf of other financial institutions that participate in
the depositary's book-entry system. These participating institutions, in turn,
hold beneficial interests in the securities on behalf of themselves or their
customers.

         We will only recognize the person in whose name a security is
registered as the holder of that security. Consequently, for securities issued
in global form, we will recognize only the depositary as the holder of the
securities and all payments on the securities will be made to the depositary.
The depositary passes along the payments it receives to its participants, which
in turn pass the payments along to their customers who are the beneficial
owners. The depositary and its participants do so under agreements they have
made with one another or with their customers; they are not obligated to do so
under the terms of the securities.

         As a result, investors will not own securities directly. Instead, they
will own beneficial interests in a global security, through a bank, broker or
other financial institution that participates in the depositary's book-entry
system or holds an interest through a participant. As long as the securities are
issued in global form, investors will be indirect holders, and not holders, of
the securities.

         STREET NAME HOLDERS. In the future, we may terminate a global security
or issue securities initially in non-global form. In these cases, investors may
choose to hold their securities in their own names or in "street name."
Securities held by an investor in street name would be registered in the name of
a bank, broker or other financial institution that the investor chooses, and the
investor would hold only a beneficial interest in those securities through an
account he or she maintains at that institution.


                                       12
<PAGE>   18
         For securities held in street name, we will recognize only the
intermediary banks, brokers and other financial institutions in whose names the
securities are registered as the holders of those securities and all payments on
those securities will be made to them. These institutions pass along the
payments they receive to their customers who are the beneficial owners, but only
because they agree to do so in their customer agreements or because they are
legally required to do so. Investors who hold securities in street name will be
indirect holders, not holders, of those securities.

         LEGAL HOLDERS. We, and any third parties employed by us or acting on
your behalf, such as trustees, depositories and transfer agents, are obligated
only to the legal holders of the securities. We do not have obligations to
investors who hold beneficial interests in global securities, in street name or
by any other indirect means. This will be the case whether an investor chooses
to be an indirect holder of a security or has no choice because we are issuing
the securities only in global form.

         For example, once we make a payment or give a notice to the legal
holder, we have no further responsibility for the payment or notice even if that
legal holder is required, under agreements with depositary participants or
customers or by law, to pass it along to the indirect holders but does not do
so. Similarly, if we want to obtain the approval of the holders for any purpose
(for example, to amend an indenture or to relieve ourselves of the consequences
of a default or of our obligation to comply with a particular provision of the
indenture), we would seek the approval only from the legal holders, and not the
indirect holders, of the securities. Whether and how the legal holders contact
the indirect holders is up to the legal holders.

         When we refer to you, we mean those who invest in the securities being
offered by this prospectus, whether they are the legal holders or only indirect
holders of those securities. When we refer to your securities, we mean the
securities in which you hold a direct or indirect interest.

         SPECIAL CONSIDERATIONS FOR INDIRECT HOLDERS. If you hold securities
through a bank, broker or other financial institution, either in book-entry form
or in street name, you should check with your own institution to find out:

                  -        how it handles securities payments and notices;

                  -        whether it imposes fees or charges;

                  -        how it would handle a request for the holders'
                           consent, if ever required;

                  -        whether and how you can instruct it to send you
                           securities registered in your own name so you can be
                           a legal holder, if that is permitted in the future;

                  -        how it would exercise rights under the securities if
                           there were a default or other event triggering the
                           need for holders to act to protect their interests;
                           and

                  -        if the securities are in book-entry form, how the
                           depositary's rules and procedures will affect these
                           matters.

GLOBAL SECURITIES

         WHAT IS A GLOBAL SECURITY? A global security represents one or any
other number of individual securities. Generally, all securities represented by
the same global securities will have the same terms. We may, however, issue a
global security that represents multiple securities that have different terms
and are issued at different times. We call this kind of global security a master
global security.

         Each security issued in book-entry form will be represented by a global
security that we deposit with and register in the name of a financial
institution that we select or its nominee. The financial institution that is
selected for this purpose is called the depositary. Unless we specify otherwise
in the applicable prospectus supplement, The Depository Trust Company, New York,
New York, known as DTC, will be the depositary for all securities issued in
book-entry form. Beneficial interests in global securities will be shown on, and
transfers of global securities will be reflected through, records maintained by
DTC and its participants.


                                       13
<PAGE>   19
         A global security may not be transferred to or registered in the name
of anyone other than the depositary or its nominee, unless special termination
situations arise or as otherwise described in the prospectus supplement. We
describe those situations below under "-- Special Situations When a Global
Security Will Be Terminated." As a result of these arrangements, the depositary,
or its nominee, will be the sole registered owner and holder of all securities
represented by a global security, and investors will be permitted to own only
beneficial interests in a global security. Beneficial interests must be held by
means of an account with a broker, bank or other financial institution that in
turn has an account with the depositary or with another institution that does.
Thus, an investor whose security is represented by a global security will not be
a holder of the security, but only an indirect holder of a beneficial interest
in the global security.

         SPECIAL CONSIDERATIONS FOR GLOBAL SECURITIES. As an indirect holder, an
investor's rights relating to a global security will be governed by the account
rules of the investor's financial institution and of the depositary, as well as
general laws relating to securities transfers. We do not recognize this type of
investor as a holder of securities and instead will deal only with the
depositary that holds the global security.

         If securities are issued only in the form of a global security, an
investor should be aware of the following:

                  -        An investor cannot cause the securities to be
                           registered in his or her name, and cannot obtain
                           physical certificates for his or her interest in the
                           securities, except in the special situations we
                           describe below.

                  -        An investor will be an indirect holder and must look
                           to his or her own bank or broker for payments on the
                           securities and protection of his or her legal rights
                           relating to the securities, as we describe under "--
                           Holders of Securities" above.

                  -        An investor may not be able to sell interests in the
                           securities to some insurance companies and to other
                           institutions that are required by law to own their
                           securities in non-book-entry form.

                  -        An investor may not be able to pledge his or her
                           interest in a global security in circumstances where
                           certificates representing the securities must be
                           delivered to the lender or other beneficiary of the
                           pledge in order for the pledge to be effective.

                  -        The depositary's policies, which may change from time
                           to time, will govern payments, transfers, exchanges
                           and other matters relating to an investor's interest
                           in a global security. Neither we nor any third
                           parties employed by us or acting on your behalf, such
                           as trustees and transfer agents, have any
                           responsibility for any aspect of the depositary's
                           actions or for its records of ownership interests in
                           a global security. We and the trustee do not
                           supervise the depositary in any way.

                  -        DTC requires that those who purchase and sell
                           interests in a global security within its book-entry
                           system use immediately available funds and your
                           broker or bank may require you to do so as well.

                  -        Financial institutions that participate in the
                           depositary's book-entry system, and through which an
                           investor holds its interest in a global security, may
                           also have their own policies affecting payments,
                           notices and other matters relating to the security.
                           There may be more than one financial intermediary in
                           the chain of ownership for an investor. We do not
                           monitor and are not responsible for the actions of
                           any of those intermediaries.

         SPECIAL SITUATIONS WHEN A GLOBAL SECURITY WILL BE TERMINATED. In a few
special situations described below, a global security will be terminated and
interests in it will be exchanged for certificates in non-global form
representing the securities it represented. After that exchange, the choice of
whether to hold the securities directly or in street name will be up to the
investor. Investors must consult their own banks or brokers to find out how to
have their interests in a global security transferred on termination to


                                       14
<PAGE>   20
their own names, so that they will be holders. We have described the rights of
holders and street name investors above under "-- Holders of Securities."

         The special situations for termination of a global security are as
follows:

                  -        if the depositary notifies us that it is unwilling,
                           unable or no longer qualified to continue as
                           depositary for that global security and we do not
                           appoint another institution to act as depositary
                           within a specified time period; or

                  -        if we elect to terminate that global security.

         The applicable prospectus supplement may also list additional
situations for terminating a global security that would apply to a particular
series of securities covered by the applicable prospectus supplement. If a
global security is terminated, only the depositary is responsible for deciding
the names of the institutions in whose names the securities represented by the
global security will be registered and, therefore, who will be the holders of
those securities.



                                       15
<PAGE>   21
                         DESCRIPTION OF DEBT SECURITIES

         We may issue debt securities from time to time in one or more distinct
series. This section summarizes the material terms of our senior or subordinated
debt securities that are common to all series. Most of the financial and other
terms of any series of debt securities that we offer will be described in the
prospectus supplement to be attached to the front of this prospectus.

         As required by U.S. federal law for all bonds and notes of companies
that are publicly offered, the debt securities will be governed by a document
called an "indenture." An indenture is a contract between us and a financial
institution, in this case, The Chase Manhattan Bank, acting as trustee on your
behalf. The indenture will be subject to and governed by the Trust Indenture Act
of 1939. The trustee has two main roles:

                  -        First, subject to some limitations, the trustee can
                           enforce your rights against us if we default.

                  -        Second, the trustee performs certain administrative
                           duties for us, which include sending you interest
                           payments and notices.

         Because we may issue both senior debt securities and subordinated debt
securities, our references to the indenture are to each of the senior indenture
and the subordinated indenture, unless the context requires otherwise. In this
section, we refer to these indentures collectively as the "indentures."

         Because this section is a summary of the material terms of the
indentures, it does not describe every aspect of the debt securities. We urge
you to read the indentures because they, and not this description, define your
rights as a holder of debt securities. Some of the definitions are repeated in
this prospectus, but for the rest you will need to read the indentures. We have
filed the forms of the indentures as exhibits to a registration statement that
we have filed with the SEC, of which this prospectus is a part. See "Where You
Can Find More Information," for information on how to obtain copies of the
indentures. The indentures are subject to any amendments or supplements as we
may enter into from time to time which are permitted under the indenture.

GENERAL

         The debt securities will be unsecured obligations of our company. The
senior debt securities will rank equally with all of our other unsecured and
unsubordinated indebtedness. The subordinated debt securities will be
subordinate and junior in right of payment to all our existing and future senior
indebtedness, as defined below.

         Our debt securities are effectively subordinated to all existing and
future indebtedness and other liabilities (including trade payables and capital
lease obligations) of any of our subsidiaries. This may affect your ability to
receive payments on our debt securities. See "Risk Factors--Our debt securities
will be structurally subordinated. This may affect your ability to receive
payments on our debt securities."

         You should read the prospectus supplement for the following terms of
the series of debt securities offered by the prospectus supplement:

                  -        The title of the debt securities and whether the debt
                           securities will be senior debt securities or
                           subordinated debt securities.

                  -        The aggregate principal amount of the debt
                           securities, the percentage of their principal amount
                           at which the debt securities will be issued and the
                           date or dates when the principal of the debt
                           securities will be payable or how those dates will be
                           determined.


                                       16
<PAGE>   22
                  -        The interest rate or rates, which may be fixed or
                           variable, that the debt securities will bear, if any,
                           and how the rate or rates will be determined.

                  -        The security, if any, which may secure any debt
                           securities.

                  -        The date or dates from which any interest will accrue
                           or how the date or dates will be determined, the date
                           or dates on which any interest will be payable, any
                           regular record dates for these payments or how these
                           dates will be determined and the basis on which any
                           interest will be calculated, if other than on the
                           basis of a 360-day year of twelve 30-day months.

                  -        The place or places, if any, other than or in
                           addition to New York City, of payment, transfer,
                           conversion and exchange of the debt securities and
                           where notices or demands to or upon us in respect of
                           the debt securities may be served.

                  -        Any optional redemption provisions.

                  -        Any sinking fund or other provisions that would
                           obligate us to repurchase or redeem the debt
                           securities.

                  -        Whether the amount of payments of principal of, or
                           premium, if any, or interest on the debt securities
                           will be determined with reference to an index,
                           formula or other method, which could be based on one
                           or more commodities, equity indices or other indices,
                           and how these amounts will be determined.

                  -        Any changes or additions to the events of default
                           under the applicable indenture or our covenants,
                           including additions of any restrictive covenants,
                           with respect to the debt securities.

                  -        If not the principal amount of the debt securities,
                           the portion of the principal amount that will be
                           payable upon acceleration of the maturity of the debt
                           securities or how that portion will be determined.

                  -        Any changes or additions to the provisions concerning
                           defeasance and covenant defeasance contained in the
                           applicable indenture that will apply to the debt
                           securities.

                  -        Any provisions granting special rights to the holders
                           of the debt securities upon the occurrence of
                           specified events.

                  -        If other than the trustee, the name of any paying
                           agent, security registrar and transfer agent for the
                           debt securities.

                  -        If the debt securities are not to be issued in
                           book-entry form only and held by The Depositary Trust
                           Company, as depositary, the form of such debt
                           securities, including whether such debt securities
                           are to be issuable in permanent or temporary global
                           form, as registered securities, bearer securities or
                           both, any restrictions on the offer, sale or delivery
                           of bearer securities and the terms, if any, upon
                           which bearer securities of the series may be
                           exchanged for registered securities of the series and
                           vice versa, if permitted by applicable law and
                           regulations.

                  -        If other than U.S. dollars, the currency or
                           currencies of such debt securities.

                  -        The person to whom any interest in a debt security
                           will be payable, if other than the registered holder
                           at the close of business on the regular record date.

                  -        The denomination or denominations that the debt
                           securities will be issued, if other than
                           denominations of $1,000 or any integral multiples in
                           the case of the registered securities and $5,000 or
                           any integral multiples in the case of the bearer
                           securities.


                                       17
<PAGE>   23
                  -        Whether such debt securities will be convertible into
                           or exchangeable for any other securities or property
                           and, if so, the terms and conditions upon which such
                           debt securities will be so convertible or
                           exchangeable.

                  -        A discussion of federal income tax, accounting and
                           other special considerations, procedures and
                           limitations with respect to the debt securities.

                  -        Whether and under what circumstances we will pay
                           additional amounts to non-U.S. holders in respect of
                           any tax assessment or government charge, and, if so,
                           whether we will have the option to redeem the debt
                           securities rather than pay such additional amounts.

                  -        Whether payment of any amounts due under the
                           applicable indenture will be guaranteed by one or
                           more of our subsidiaries.

                  -        Any other terms of the debt securities that are
                           consistent with the provisions of the indenture.

         For purposes of this prospectus, any reference to the payment of
principal of, premium or interest, if any, on debt securities will include
additional amounts if required by the terms of such debt securities.

         The indentures do not limit the amount of debt securities that we are
authorized to issue from time to time. The indentures also provide that there
may be more than one trustee thereunder, each for one or more series of debt
securities. At a time when two or more trustees are acting under the indenture,
each with respect to only certain series, the term "debt securities" means the
series of debt securities for which each respective trustee is acting. If there
is more than one trustee under the indenture, the powers and trust obligations
of each trustee will apply only to the debt securities for which it is trustee.
If two or more trustees are acting under the indenture, then the debt securities
for which each trustee is acting would be treated as if issued under separate
indentures.

         We may issue debt securities with terms different from those of debt
securities that may already have been issued. Without the consent of the holders
thereof, we may reopen a previous issue of a series of debt securities and issue
additional debt securities of that series without limit unless the reopening was
restricted when that series was created.

         There is no requirement that we issue debt securities in the future
under any indenture, and we may use other indentures or documentation,
containing materially different provisions in connection with future issues of
other debt securities.

         We may issue the debt securities as original issue discount securities,
which are debt securities, including any zero-coupon debt securities, that are
issued and sold at a discount from their stated principal amount. Original issue
discount securities provide that, upon acceleration of their maturity, an amount
less than their principal amount will become due and payable. We will describe
the U.S. federal income tax consequences and other considerations applicable to
original issue discount securities in any prospectus supplement relating to
them.

         In addition, special United States federal income tax considerations or
other restrictions or other terms applicable to any debt securities offered
exclusively to foreigners or denominated in a currency other than U.S. dollars
may also be set forth in the prospectus supplement, if applicable.

CONVERSION AND EXCHANGE

         If any debt securities are convertible into or exchangeable for other
securities, the prospectus supplement will explain the terms and conditions of
such conversion or exchange, including:

                  -        the conversion price or exchange ratio, or the
                           calculation method for such price or ratio;

                  -        the conversion or exchange period, or how such period
                           will be determined;


                                       18
<PAGE>   24
                  -        if conversion or exchange will be mandatory or at the
                           option of the holder or our company;

                  -        provisions for adjustment of the conversion price or
                           the exchange ratio; and

                  -        provisions affecting conversion or exchange in the
                           event of the redemption of the debt securities.

         Such terms may also include provisions under which the number or amount
of other securities to be received by the holders of such debt securities upon
conversion or exchange would be calculated according to the market price of such
other securities as of a time stated in the prospectus supplement.

ADDITIONAL MECHANICS

     FORM, EXCHANGE AND TRANSFER

         The debt securities will be issued:

                  -        as registered securities; or

                  -        as bearer securities with interest coupons attached,
                           unless otherwise stated in the prospectus supplement;
                           however, the debt securities will not be bearer
                           securities unless otherwise stated in the prospectus
                           supplement; or

                  -        in global form, see "Securities We May Issue --
                           Global Securities;" or

                  -        in denominations that are integral multiples of
                           $1,000, in the case of registered securities, and in
                           integral multiples of $5,000, in the case of bearer
                           securities.

         You may have your registered securities divided into registered
securities of smaller denominations or combined into registered securities of
larger denominations, as long as the total principal amount is not changed. This
is called an "exchange."

         You may exchange or transfer registered securities of a series at the
office of the trustee in New York City. That office is currently located at The
Chase Manhattan Bank, 450 West 33rd Street, New York, New York 10001, Attn:
Institutional Trust Services. The trustee maintains the list of registered
holders and acts as our agent for registering debt securities in the names of
holders and transferring debt securities. However, we may appoint another
trustee to act as our agent or act as our own agent. If provided in the
prospectus supplement, you may exchange your bearer securities for registered
securities of the same series so long as the total principal amount is not
changed. Unless otherwise specified in the prospectus supplement, bearer
securities will not be issued in exchange for registered securities.

         You will not be required to pay a service charge to transfer or
exchange debt securities, but you may be required to pay for any tax or other
governmental charge associated with the exchange or transfer. The transfer or
exchange will only be made if the transfer agent is satisfied with your proof of
ownership.

         If we designate additional transfer agents, they will be named in the
prospectus supplement. We may cancel the designation of any particular transfer
agent. We may also approve a change in the office through which any transfer
agent acts.

         If the debt securities are redeemable and we redeem less than all of
the debt securities of a particular series, we may refuse any transfer or
exchange of debt securities for 15 days before the day we mail the notice of
redemption or publish such notice (in the case of bearer securities) and ending
on the day of that mailing or publication in order to freeze the list of holders
to prepare the mailing. At our option, we may mail or publish such notice of
redemption through an electronic medium. We may also refuse to register
transfers or exchanges of debt securities selected for redemption, except that
we will continue to permit transfers and exchanges of the unredeemed portion of
any debt security being partially redeemed.

     PAYING AND PAYING AGENTS


                                       19
<PAGE>   25
         If you are a holder of registered securities, we will pay interest to
you if you are a direct holder in the list of registered holders at the close of
business on a particular day in advance of each due date for interest, even if
you no longer own the security on the interest due date. That particular time
and day, usually about two weeks in advance of the interest due date, is called
the "Regular Record Date" and is stated in the prospectus supplement. Holders
buying and selling debt securities must work out between them how to compensate
for the fact that we will pay all the interest for an interest period to the one
who is the registered holder on the Regular Record Date. The most common manner
is to adjust the sales price of the debt securities to prorate interest fairly
between buyer and seller. This prorated interest amount is called "accrued
interest."

         With respect to registered securities, we will pay interest, principal
and any other money due on the debt securities at the corporate trust office of
the trustee in New York City. That office is currently located at The Chase
Manhattan Bank, 450 West 33rd Street, New York, New York 10001, Attn:
Institutional Trust Services. You must make arrangements to have your payments
picked up at or wired from that office. We may also choose to pay interest by
mailing checks or making wire transfers.

         "STREET NAME" AND OTHER INDIRECT HOLDERS SHOULD CONSULT THEIR BANKS OR
BROKERS FOR INFORMATION ON HOW THEY WILL RECEIVE PAYMENTS.

         If bearer securities are issued, unless otherwise provided in the
prospectus supplement, we will maintain an office or agency outside the United
States for the payment of all amounts due on the bearer securities. If debt
securities are listed on the Luxembourg Stock Exchange or any other stock
exchange located outside the United States, we will maintain an office or agency
for such debt securities in any city located outside the United States required
by such stock exchange. The initial locations of such offices and agencies will
be specified in the prospectus supplement. Unless otherwise provided in the
prospectus supplement, payment of interest on any bearer securities on or before
maturity will be made only against surrender of coupons for such interest
installments as they mature. Unless otherwise provided in the prospectus
supplement, no payment with respect to any bearer security will be made at any
office or agency of our 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. Notwithstanding the foregoing, payments of
principal, premium and interest, if any, on bearer securities payable in U.S.
dollars will be made at the office of our paying agent in The City of New York
if (but only if) payment of the full amount in U.S. dollars at all offices or
agencies outside the United States is illegal or effectively precluded by
exchange controls or other similar restrictions.

         Regardless of who acts as the paying agent, all money paid by us to a
paying agent that remains unclaimed at the end of two years after the amount is
due to registered holders will be repaid to us. After that two-year period, you
may look only to us for payment and not to the trustee, any other paying agent
or anyone else.

         We may also arrange for additional payment offices, and may cancel or
change these offices, including our use of the trustee's corporate trust office.
We may also choose to act as our own paying agent. We must notify you of changes
in identities of the paying agents for any particular series of debt securities.

     NOTICES

         With respect to registered securities, we and the trustee will send
notices regarding the debt securities only to registered holders, using their
addresses as listed in the list of registered holders. With respect to bearer
securities, we and the trustee will give notice by publication in a newspaper of
general circulation in the City of New York or in such other cities that may be
specified in a prospectus supplement. At our option, we may send or publish
notices through an electronic medium as specified in the applicable prospectus
supplement.

EVENTS OF DEFAULT

         You will have special rights if an event of default occurs in respect
of the debt securities of your series and is not cured, as described later in
this subsection.


                                       20
<PAGE>   26
         WHAT IS AN EVENT OF DEFAULT? Unless otherwise specified in the
prospectus supplement, the term "event of default" in respect of the debt
securities of your series means any of the following:

                  -        We do not pay the principal of or any premium on a
                           debt security of such series on its due date whether
                           at maturity, upon redemption or upon acceleration.

                  -        We do not pay interest on a debt security of such
                           series within 30 days of its due date.

                  -        We do not deposit any sinking fund payment in respect
                           of debt securities of such series on its due date.

                  -        We remain in breach of a covenant in respect of debt
                           securities of such series for 60 days after we
                           receive a written notice of default stating we are in
                           breach and requiring that we remedy the breach. The
                           notice must be sent by either the trustee or holders
                           of 25% of the principal amount of debt securities of
                           such series.

                  -        We file for bankruptcy or certain other events in
                           bankruptcy, insolvency or reorganization occur.

                  -        Any other event of default in respect of debt
                           securities of such series described in the prospectus
                           supplement occurs.

         The events of default described above may be modified as described in
the applicable prospectus supplement. An event of default for a particular
series of debt securities does not necessarily constitute an event of default
for any other series of debt securities issued under an indenture. Each series
will have separate rights upon an event of default. The trustee may withhold
notice to the holders of debt securities of any default (except in the payment
of principal or interest) if it considers such withholding of notice to be in
the best interests of the holders.

         REMEDIES IF AN EVENT OF DEFAULT OCCURS. If an event of default has
occurred and has not been cured, the trustee or the holders of 25% in principal
amount of the debt securities of the affected series may declare the entire
principal amount of all the debt securities of that series to be due and
immediately payable. This is called a declaration of acceleration of maturity.
If an event of default occurs because of certain events in bankruptcy,
insolvency or reorganization related to the Company, the principal amount of all
the debt securities of that series will be automatically accelerated, without
any action by the trustee or any holder. There are special notice and timing
rules which apply to the acceleration of subordinated debt securities which are
designed to protect the interests of holders of senior debt. A declaration of
acceleration of maturity may be cancelled by the holders of at least a majority
in principal amount of the debt securities of the affected series if (1) all
existing events of default, other than the nonpayment of principal of or premium
or interest, if any, on the debt securities of such series which have become due
solely because of the acceleration, have been cured or waived and (2) the
rescission would not conflict with any judgment or decree of a court of
competent jurisdiction.

         Except in cases of default, where the trustee has some special duties,
the trustee is not required to take any action under the indenture at the
request of the holders unless the holders offer the trustee reasonable
protection from expenses and liability, called an "indemnity." If reasonable
indemnity is provided, the holders of a majority in principal amount of the
outstanding debt securities of the relevant series may direct the time, method
and place of conducting any lawsuit or other formal legal action seeking any
remedy available to the trustee. The trustee may refuse to follow those
directions in certain circumstances. No delay or omission in exercising any
right or remedy will be treated as a waiver of such right, remedy or event of
default.

         Before you are allowed to bypass the trustee and bring your own lawsuit
or other formal legal action or take other steps to enforce your rights or
protect your interests relating to the debt securities, the following must
occur:


                                       21
<PAGE>   27
                  -        You must give the trustee written notice that an
                           event of default has occurred and remains uncured.

                  -        The holders of not less than 25% in principal amount
                           of all outstanding debt securities of the relevant
                           series must make a written request that the trustee
                           take action because of the default and must offer
                           reasonable indemnity to the trustee against the cost
                           and other liabilities of taking that action.

                  -        The trustee must not have taken action for 60 days
                           after receipt of the above notice and offer of
                           indemnity.

                  -        The holders of a majority in principal amount of the
                           debt securities must not have given the trustee a
                           direction inconsistent with the above notice during
                           the 60-day period.

         However, you are entitled at any time to bring a lawsuit for the
payment of money due on your debt securities on or after the due date.

         Holders of a majority in principal amount of the debt securities of the
affected series may waive any past defaults other than (1) the payment of
principal, any premium or interest or (2) in respect of a covenant or other
provision that cannot be modified or amended without the consent of each holder.

         "STREET NAME" AND OTHER INDIRECT HOLDERS SHOULD CONSULT THEIR BANKS OR
BROKERS FOR INFORMATION ON HOW TO GIVE NOTICE OR DIRECTION OR TO MAKE A REQUEST
OF THE TRUSTEE AND TO MAKE OR CANCEL A DECLARATION OF ACCELERATION.

         Each year, we will furnish to the trustee a written statement of
certain of our officers certifying that to their knowledge we are in compliance
with the indentures and the debt securities, or else specifying any default.

NO PROTECTION IN THE EVENT OF CHANGE OF CONTROL

         The indenture does not have any covenants or other provisions providing
for a put or increased interest or otherwise that would afford holders of debt
securities additional protection in the event of a sudden and significant
decline in our credit quality or a recapitalization transaction, a change of
control of SPX or a highly leveraged transaction. Accordingly, we could in the
future enter into transactions that could increase the amount of indebtedness
outstanding at the time or otherwise affect our capital structure or credit
rating. If we offer any covenants of this type or provisions with respect to any
debt securities in the future, we will describe them in the applicable
prospectus supplement.

COVENANTS
                  Unless otherwise indicated in this prospectus or a prospectus
supplement, the debt securities will not have the benefit of any covenants that
limit or restrict our business or operations, the pledging of our assets or the
incurrence by us of indebtedness. We will describe in the applicable prospectus
supplement any material covenants of a series of debt securities.

CONSOLIDATION, MERGER AND SALE OF ASSETS

                  Under the terms of the indentures, we are generally permitted
to consolidate or merge with another entity. We are also permitted to sell,
lease, assign, transfer or otherwise convey all or substantially all of our
assets to another entity. However, we may not take any of these actions unless
all the following conditions are met:

                  -        either we will be the surviving corporation or, if we
                           merge out of existence or sell assets, the entity
                           into which we merge or to which we sell assets must
                           agree to be legally responsible for the debt
                           securities and be a corporation organized and
                           existing under the laws of the United States or any
                           state thereof;


                                       22
<PAGE>   28
                  -        immediately after the merger or transfer of assets,
                           no default on the debt securities can exist. A
                           default for this purpose includes any event that
                           would be an event of default if the requirements for
                           giving a default notice or of having the default
                           exist for a specific period of time were disregarded;

                  -        we must deliver certain certificates and documents to
                           the trustee; and

                  -        we must satisfy any other requirements specified in
                           the prospectus supplement.

MODIFICATION OR WAIVER

         There are three types of changes we can make to the indentures and the
debt securities.

         CHANGES REQUIRING YOUR APPROVAL. First, there are changes that cannot
be made to your debt securities without your specific approval. Except as
otherwise specified in the prospectus supplement, the following is a list of
those types of changes:

                  -        extending the stated maturity of the principal of or
                           reducing the rate or extending the time for payment
                           of interest on a debt security;

                  -        reducing any amounts due on a debt security or
                           payable upon acceleration of the maturity of a
                           security following a default;

                  -        changing the place (except as otherwise described in
                           this prospectus) or currency of payment on a debt
                           security;

                  -        impairing your right to sue for payment or to convert
                           or exchange a security;

                  -        changing the currency in which any debt securities
                           are payable;

                  -        in the case of subordinated debt securities,
                           modifying the subordination provisions in a manner
                           that is adverse as a whole to holders of the
                           subordinated debt securities;

                  -        in the case of senior debt securities, modifying the
                           securities to subordinate the securities to other
                           indebtedness;

                  -        reducing the percentage of holders of debt securities
                           whose consent is needed to modify or amend the
                           indenture;

                  -        reducing the percentage of holders of debt securities
                           whose consent is needed to waive compliance with
                           certain provisions of the indenture or to waive
                           certain defaults;

                  -        reducing the requirements for quorum or voting with
                           respect to the debt securities;

                  -        modifying any other aspect of the provisions of the
                           indenture dealing with modification and waiver except
                           to increase the voting requirements;

                  -        changing our obligations to pay additional amounts
                           which are required to be paid to holders with respect
                           to taxes imposed on such holders in certain
                           circumstances; and

                  -        other provisions specified in the prospectus
                           supplement.

         CHANGES REQUIRING A MAJORITY VOTE. The second type of change to the
indenture and the outstanding debt securities is the kind that requires a vote
in favor by holders of outstanding debt securities owning a majority of the
principal amount of the particular series affected. Separate votes will be
needed for each series even if they are affected in the same way. Most changes
fall into this category, except as described under "--Changes Requiring Your
Approval" above and for clarifying changes and certain other changes that would
not adversely affect holders of the outstanding debt securities in any material
respect as described under "--Changes Not Requiring Approval." The same vote
would be required for us to obtain a


                                       23
<PAGE>   29

waiver of all or part of certain covenants in the applicable indenture, or a
waiver of a past default. However, we cannot obtain a waiver of a payment
default or any other aspect of the indentures or the outstanding debt securities
listed in the first category described previously under "-- Changes Requiring
Your Approval" unless we obtain your individual consent to the waiver.

      CHANGES NOT REQUIRING APPROVAL. The third type of change does not require
any vote by holders of outstanding debt securities. From time to time, we and
the trustee may, without the consent of holders of the debt securities of one or
more series, amend the indenture or the debt securities of one or more series,
or supplement the indenture, for certain specified purposes, including:

      (1)   to provide that the surviving entity following a change of control
            of SPX permitted under the indenture shall assume all of our
            obligations under the indenture and debt securities;

      (2)   to provide for uncertificated debt securities in addition to or in
            place of certificated debt securities (provided that the
            uncertificated debt securities are issued in registered form for
            purposes of Section 163(f) of the Internal Revenue Code of 1986, as
            amended, or in a manner such that the uncertificated debt securities
            are as described in Section 163(f)(2)(B) of the Internal Revenue
            Code of 1986, as amended);

      (3)   to add guarantees with respect to the debt securities;

      (4)   to secure the debt securities;

      (5)   to add to the covenants of the Company for the benefit of the
            holders of the debt securities;

      (6)   to comply with any requirements of the SEC under the Trust
            Indenture Act of 1939;

      (7)   to cure any ambiguity, defect or inconsistency, or make any other
            change or changes that do not adversely affect the rights of the
            holders taken as a whole;

      (8)   to issue and establish the form and terms and conditions of debt
            securities of any series and any related coupons; and

      (9)   to appoint a successor trustee under the indenture with respect to
            one or more series.

      FURTHER DETAILS CONCERNING VOTING.  When taking a vote, we will use the
following rules to decide how much principal amount to attribute to a debt
security:

            -     for original issue discount securities, we will use the
                  principal amount that would be due and payable on the voting
                  date if the maturity of the debt securities were accelerated
                  to that date because of a default; and

            -     for debt securities whose principal amount is not known (for
                  example, because it is based on an index), we will use a
                  special rule for that debt security described in the
                  prospectus supplement.

      Debt securities will not be considered outstanding, and therefore not
eligible to vote, if we have deposited or set aside in trust for you money for
their payment or redemption. Debt securities will also not be eligible to vote
if they have been fully defeased as described later under "Defeasance -- Full
Defeasance."

      We will generally be entitled to set any day as a record date for the
purpose of determining the holders of outstanding indenture securities that are
entitled to vote or take other action under the indentures.

      We are not required to set a record date. If we set a record date for a
vote or other action to be taken by holders of a particular series, that vote or
action may be taken only by persons who are holders of outstanding securities of
that series on the record date and must be taken within 180 days following the


                                       24
<PAGE>   30
record date or another period that we may specify. We may shorten or lengthen
this period from time to time.

      "STREET NAME" AND OTHER INDIRECT HOLDERS SHOULD CONSULT THEIR BANKS OR
BROKERS FOR INFORMATION ON HOW APPROVAL MAY BE GRANTED OR DENIED IF WE SEEK TO
CHANGE THE INDENTURE OR THE DEBT SECURITIES OR REQUEST A WAIVER.

SATISFACTION AND DISCHARGE

      Unless otherwise specified in the prospectus supplement, the indentures
will cease to be of further effect, and we will be deemed to have satisfied and
discharged the indentures with respect to a particular series of debt
securities, when the following conditions have been satisfied:

            -     all debt securities of that series not previously delivered to
                  the trustee for cancellation have become due and payable or
                  will become due and payable at their stated maturity or on a
                  redemption date within one year,

            -     we deposit with the trustee, in trust, funds sufficient to pay
                  the entire indebtedness on the debt securities of that series
                  that had not been previously delivered for cancellation, for
                  the principal and interest to the date of the deposit (for
                  debt securities that have become due and payable) or to the
                  stated maturity or the redemption date, as the case may be
                  (for debt securities that have not become due and payable),

            -     we have paid or caused to be paid all other sums payable under
                  the indentures in respect of that series, and

            -     we have delivered to the trustee an officer's certificate and
                  opinion of counsel, each stating that all these conditions
                  have been complied with.

      We will remain obligated to provide for registration of transfer and
exchange and to provide notices of redemption.

DEFEASANCE

      The following discussion of full defeasance and covenant defeasance will
be applicable to your series of debt securities only if we choose to have them
apply to that series. If we choose to do so, we will state that in the
applicable prospectus supplement and describe any changes to these provisions.

      FULL DEFEASANCE. If there is a change in federal tax law, as described
below, we can legally release ourselves from any payment or other obligations on
the debt securities, called "full defeasance", if we put in place the following
other arrangements for you to be repaid:

            -     We must deposit in trust for your benefit and the benefit of
                  all other registered holders of the debt securities a
                  combination of money and U.S. government or U.S. government
                  agency notes or bonds that will generate enough cash to make
                  interest, principal and any other payments on the debt
                  securities on their various due dates including, possibly,
                  their earliest redemption date.

            -     Under current federal tax law, the deposit and our legal
                  release from the debt securities would likely be treated as
                  though you surrendered your debt securities in exchange for
                  your share of the cash and notes or bonds deposited in trust.
                  In that event, you could recognize gain or loss on the debt
                  securities you surrendered. In order for us to effect a full
                  defeasance, we must deliver to the trustee a legal opinion
                  confirming that you will not recognize income gain or loss for
                  federal income tax purposes as a result of the defeasance and
                  that you will not be taxed on the debt securities any
                  differently than if we did not make the deposit and just
                  repaid the debt securities ourselves.


                                       25
<PAGE>   31
            -     We must comply with any additional provisions set forth in the
                  prospectus supplement.

      If we accomplish a full defeasance, as described above, you would have to
rely solely on the trust deposit for repayment on the debt securities. You could
not look to us for repayment in the unlikely event of any shortfall. Conversely,
the trust deposit would most likely be protected from claims of our lenders and
other creditors if we ever become bankrupt or insolvent. You would also be
released from any applicable subordination provisions on the subordinated debt
securities described below under "-- Subordination."

      COVENANT DEFEASANCE. Under current federal tax law, we can make the same
type of deposit described above and be released from the restrictive covenants
in the debt securities, if any. This is called "covenant defeasance." In that
event, you would lose the protection of those restrictive covenants but would
gain the protection of having money and securities set aside in trust to repay
the debt securities, and you would be released from any applicable subordination
provisions on the subordinated debt securities described later under "--
Subordination." In order to achieve covenant defeasance, we must do the
following:

            -     We must deposit in trust for your benefit and the benefit of
                  all other registered holders of the debt securities a
                  combination of money and U.S. government agency notes or bonds
                  that will generate enough cash to make interest, principal and
                  any other payments on the debt securities on their various due
                  dates.

            -     We must deliver to the trustee a legal opinion confirming that
                  under then current federal income tax law we may make the
                  above deposit without causing you to be taxed on the debt
                  securities any differently than if we did not make the deposit
                  and just repaid the debt securities ourselves.

            -     We must comply with any additional provisions set forth in the
                  prospectus supplement.

      If we accomplish covenant defeasance, the following provisions of the
indenture and the debt securities would no longer apply unless otherwise
specified:

            -     our promises regarding conduct of our business and other
                  matters and any other covenants applicable to the series of
                  debt securities that will be described in the prospectus
                  supplement; and

            -     the definition of an event of default as a breach of such
                  covenants that may be specified in the prospectus supplement.

      If we accomplish covenant defeasance, you can still look to us for
repayment of the debt securities if there were a shortfall in the trust deposit.
In fact, if one of the remaining events of default occurred (such as our
bankruptcy) and the debt securities become immediately due and payable, there
may be such a shortfall. Depending on the event causing the default, of course,
you may not be able to obtain payment of the shortfall.

      In order to exercise either full defeasance or covenant defeasance, we
must comply with certain conditions, and no event or condition can exist that
would prevent us from making payments of principal, premium, and interest, if
any, on the senior debt securities or subordinated debt securities of such
series on the date the irrevocable deposit is made or at any time during the
period ending on the 91st day after the deposit date.

RANKING

      Unless provided otherwise in the applicable prospectus supplement, the
debt securities will not be secured by any of our property or assets.
Accordingly, your ownership of debt securities means you are one of our
unsecured creditors and therefore rank behind our secured creditors to the
extent of the collateral


                                       26
<PAGE>   32
securing their claims. The senior debt securities are not subordinated to any of
our other debt obligations and therefore they rank equally with all our other
unsecured and unsubordinated indebtedness. The subordinated debt securities are
subordinated to some of our existing and future debt and other liabilities. See
"-- Subordination" for additional information on how subordination limits your
ability to receive payment or pursue other rights if we default or have certain
other financial difficulties. In addition, the senior and subordinated debt
securities will be effectively subordinated to the indebtedness of our
subsidiaries. See "Risk Factors -- Our debt securities will be structurally
subordinated. This may affect your ability to receive payments on our debt
securities."

SUBORDINATION

      Unless the prospectus supplement provides otherwise, the following
provisions will apply to the subordinated debt securities:

      The payment of principal, any premium and interest on the subordinated
debt securities is subordinated in right of payment to the prior payment in full
of all of our senior indebtedness. This means that in certain circumstances
where we may not be making payments on all of our debt obligations as they
become due, the holders of all of our senior indebtedness will be entitled to
receive payment in full of all amounts that are due or will become due on the
senior indebtedness before you and the other holders of subordinated debt
securities will be entitled to receive any payment or distribution (other than
in the form of subordinated securities) on the subordinated debt securities.
These circumstances include the following circumstances:

            -     We make a payment or distribute assets to creditors upon any
                  liquidation, dissolution, winding up or reorganization of our
                  company, or as part of an assignment or marshalling of our
                  assets for the benefit of our creditors.

            -     We file for bankruptcy or certain other events in bankruptcy,
                  insolvency or similar proceedings occur.

            -     The maturity of the subordinated debt securities is
                  accelerated. For example, the entire principal amount of a
                  series of subordinated debt securities may be declared to be
                  due and immediately payable or may be automatically
                  accelerated due to an event of default as described under "--
                  Events of Default."

      In addition, we are generally not permitted to make payments of principal,
any premium or interest on the subordinated debt securities if we default in our
obligation to make payments on our senior indebtedness and do not cure such
default. We are also prohibited from making payments on subordinated debt
securities if an event of default (other than a payment default) that permits
the holders of senior indebtedness to accelerate the maturity of the senior
indebtedness occurs and we and the trustee have received a notice of such event
of default. However, unless the senior indebtedness has been accelerated because
of that event of default, this payment blockage notice cannot last more than 179
days.

      These subordination provisions mean that if we are insolvent a holder of
senior indebtedness is likely to ultimately receive out of our assets more than
a holder of the same amount of our subordinated debt securities, and a creditor
of our company that is owed a specific amount but who owns neither our senior
indebtedness nor our subordinated debt securities may ultimately receive less
than a holder of the same amount of senior indebtedness and more than a holder
of subordinated debt securities.

      The subordinated indenture does not limit the amount of senior
indebtedness we are permitted to have and we may in the future incur additional
senior indebtedness.

      "Senior indebtedness" is defined in the subordinated indenture as the
principal of, and premium, if any, and unpaid interest on

            -     indebtedness of SPX Corporation whether outstanding on the
                  date of the subordinated indenture or thereafter created,
                  incurred, assumed or guaranteed, for money borrowed, unless in
                  the instrument creating or evidencing the same or


                                       27
<PAGE>   33
                  pursuant to which the same is outstanding it is provided that
                  such indebtedness is not senior or prior in right of payment
                  to the subordinated debt securities. This includes the
                  indebtedness of others guaranteed by SPX Corporation, the
                  February LYONs and May LYONs, and

            -     renewals, extensions, modifications and refunding of any such
                  indebtedness.

      If this prospectus is being delivered in connection with a series of
subordinated securities, the accompanying prospectus supplement or the
information incorporated by reference will set forth the approximate amount of
senior indebtedness outstanding as of a recent date.

THE TRUSTEE

      The initial trustee under each indenture will be The Chase Manhattan Bank.
The Chase Manhattan Bank will also be the initial paying agent and registrar for
the debt securities. The Chase Manhattan Bank is also the trustee and note
registrar for our February LYONs and May LYONs and provides, and may continue to
provide loans and other banking services to us in the ordinary course of its
business.

      Each indenture provides that, except during the continuance of an event of
default under the indenture, the trustee under the indenture will perform only
such duties as are specifically set forth in the indenture. Under the indenture,
the holders of a majority in outstanding principal amount of the debt securities
will have the right to direct the time, method and place of conducting any
proceeding or exercising any remedy available to the trustee under the
indenture, subject to certain exceptions. If an event of default has occurred
and is continuing, the trustee under the indenture will exercise such 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's own affairs.

      Each indenture and provisions of the Trust Indenture Act incorporated by
reference in the indenture contain limitations on the rights of the trustee
under such indenture, should it become a creditor of our company, to obtain
payment of claims in certain cases or to realize on certain property received by
it in respect of any such claims, as security or otherwise. The trustee under
the indenture is permitted to engage in other transactions. However, if the
trustee under the indenture acquires any prohibited conflicting interest, it
must eliminate the conflict or resign.

      Each trustee may resign or be removed with respect to one or more series
of securities and a successor trustee may be appointed to act with respect to
such series. In the event that two or more persons are acting as Trustee with
respect to different series of securities under one of the indentures, each such
trustee shall be a trustee of a trust separate and apart from the trust
administered by any other such trustee and any action described herein to be
taken by the "trustee" may then be taken by each such trustee with respect to,
and only with respect to, the one or more series of securities for which it is
trustee.

GOVERNING LAW

      The indentures and the debt securities will be governed by, and construed
in accordance with, the laws of the State of New York.


                                       28
<PAGE>   34
                           DESCRIPTION OF COMMON STOCK

GENERAL

      Our authorized capital stock consists of 100 million shares of common
stock, par value $10.00 per share, and 3 million shares of preferred stock,
without par value. As of August 15, 2001, 40,057,107 shares of common stock were
issued and outstanding (not including treasury shares) and 500,000 shares have
been designated as Series A Preferred Stock, of which none are issued and
outstanding. The following description of our common stock and provisions of our
Certificate of Incorporation and By-laws are only summaries and we encourage you
to review complete copies of our Certificate of Incorporation and By-laws, which
we have previously filed with the SEC.

      The holders of our common stock are entitled to have dividends declared in
cash, property, or other securities out of any of our net profits or net assets
legally available therefor as and when declared by our Board of Directors. In
the event of the liquidation or dissolution of our business, the holders of
common stock will be entitled to receive ratably the balance of net assets
available for distribution after payment of any liquidation or distribution
preference payable with respect to any then outstanding shares of our preferred
stock. Each share of common stock is entitled to one vote with respect to
matters brought before the stockholders, except for the election of any
directors who may be elected by vote of any outstanding shares of preferred
stock voting as a class.

      The rights and privileges of our common stock may be subordinate to the
rights and preferences of any of our preferred stock. The Board is authorized to
fix by resolution the designation of each series of preferred stock, and, with
respect to each series, the stated value of the shares, the dividend rate and
the dates and other provisions respecting the payment of dividends, the
provisions, if any, for a sinking fund, the preferences of the shares in the
event of the liquidation or dissolution, the provisions, if any, respecting the
redemption of the shares, subject to applicable law, the voting rights (except
that such shares shall not have more than one vote per share), the terms, if
any, upon which the shares would be convertible into or exchangeable for any
other shares, and any other relative, participating, optional or other special
rights, qualifications, limitations or restrictions. All shares of any series of
preferred stock, as between themselves, rank equally and are identical; and all
series of preferred stock, as between themselves, rank equally and are identical
except as set forth in resolutions of the Board authorizing the issuance of a
particular series.

      Our common stock is traded on the New York Stock Exchange and the Pacific
Stock Exchange under the symbol "SPW."

DELAWARE ANTI-TAKEOVER LAW AND CERTAIN CERTIFICATE OF INCORPORATION AND BYLAW
PROVISIONS

      The provisions of Delaware law, our Certificate of Incorporation and
By-Laws may have the effect of delaying, deferring or discouraging another
person from acquiring control of our company, including takeover attempts that
might result in a premium over the market price for the shares of common stock.

      Delaware Law

      We are subject to the provisions of Section 203 of the Delaware General
Corporation Law regulating corporate takeovers. In general, Section 203
prohibits a publicly-held Delaware corporation from engaging in a "business
combination" with an "interested stockholder" for a period of three years after
the time that the person became an interested stockholder, unless:

            -     before the person became an "interested stockholder," the
                  board of directors of the corporation approved the transaction
                  in which the "interested stockholder" became an "interested
                  stockholder" or approved the business combination;

            -     upon consummation of the transaction that resulted in the
                  stockholder becoming an "interested stockholder," the
                  "interested stockholder" owned at least 85% of the


                                       29
<PAGE>   35
                  voting stock of the corporation that was outstanding at the
                  time the transaction commenced. For purposes of determining
                  the number of shares outstanding, shares owned by directors
                  who are also officers of the corporation and shares owned by
                  employee stock plans, in specified instances, are excluded; or

            -     at or after the time the person became an "interested
                  stockholder," the business combination is approved by the
                  board of directors of the corporation and authorized at an
                  annual or special meeting of the stockholders by the
                  affirmative vote of at least 66 2/3% of the outstanding voting
                  stock which is not owned by the "interested stockholder."

      A "business combination" is defined generally to include mergers or
consolidations between a Delaware corporation and an "interested stockholder,"
transactions with an "interested stockholder" involving the assets or stock of
the corporation or any majority-owned subsidiary, transactions which increase an
"interested stockholder's" percentage ownership of stock of the corporation or
any majority-owned subsidiary, and receipt of various financial benefits from
the corporation or any majority-owned subsidiary. In general, an "interested
stockholder" is defined as any person or entity that is the beneficial owner of
at least 15% of a corporation's outstanding voting stock or is an affiliate or
associate of the corporation and was the beneficial owner of 15% or more of the
outstanding voting stock of the corporation at any time within the past three
years.

      A Delaware corporation may opt out of this provision with an express
provision in its original certificate of incorporation or an express provision
in its certificate of incorporation or by-laws resulting from a stockholders'
amendment approved by at least a majority of the outstanding voting shares.
However, we have not opted out of this provision. The statute could prohibit or
delay mergers or other takeover or change-in-control attempts and, accordingly,
may discourage attempts to acquire us.

      Certificate of Incorporation and By-Law Provisions

      Our Certificate of Incorporation and By-Laws provide:

      -     a staggered Board of Directors so that it would take three
            successive annual meetings to replace all directors;

      -     a prohibition on stockholder action through written consents;

      -     a requirement that special meetings of stockholders be called only
            by our Chairman, President and Chief Executive Officer or our Board;

      -     advance notice requirements for stockholder proposals and
            nominations;

      -     limitations on the ability of stockholders to amend, alter or repeal
            the By-laws;

      -     enhanced voting requirements for certain business combinations
            involving substantial stockholders;

      -     the authority of our Board of Directors to issue, without
            stockholder approval, preferred stock with such terms as our Board
            may determine; and

      -     limitations on the ability of stockholders to remove directors.

      Limitations of Liability and Indemnification of Directors and Officers

      Our Certificate of Incorporation limits the liability of directors to us
and our stockholders to the fullest extent permitted by Delaware law.
Specifically, a director will not be personally liable for monetary damages for
breach of fiduciary duty as a director, except for liability:

      -     for any breach of the director's duty of loyalty to us or our
            stockholders;


                                       30
<PAGE>   36
      -     for acts or omissions not in good faith or which involve intentional
            misconduct or a knowing violation of the law;

      -     under Section 174 of the Delaware General Corporation Law, which
            concerns unlawful payments of dividends, stock purchases or
            redemptions; or

      -     for any transaction from which the director derived an improper
            personal benefit.

      The Certificate of Incorporation provides that we shall indemnify our
officers and directors to the fullest extent permitted by the Delaware General
Corporation Law. We believe that these provisions will assist us in attracting
and retaining qualified individuals to serve as directors.

RIGHTS PLAN

      On June 25, 1996, our Board of Directors adopted a rights plan. Our rights
plan, as amended, is designed to make it more costly and thus more difficult to
gain control of us without the consent of our Board of Directors. The
description presented below is intended as a summary only and is qualified in
its entirety by reference to the rights agreement, as amended, which is an
exhibit to the registration statement of which this prospectus is a part.

      Our rights plan provides that each of our shares of common stock will have
the right to purchase from us one one-thousandth of a share of a new Series A
Preferred Stock at a price of $200 per one-thousandth of a share, subject to
customary anti-dilution protection adjustment.

      The rights are attached to all certificates representing outstanding
shares of our common stock, and no separate right certificates have been
distributed. The rights will separate from the shares of our common stock
approximately 10 days after someone acquires beneficial ownership of 20% or more
of the outstanding common stock, or commences a tender offer or exchange offer
for 20% or more of the outstanding common stock.

      After rights separate from our common stock, certificates representing the
rights will be mailed to record holders of our common stock. Once distributed,
the separate right certificates alone will represent the rights.

      The rights are not exercisable until the date rights separate and will
expire on June 25, 2006, unless extended or unless earlier redeemed or exchanged
by us.

      The shares of Series A Preferred Stock purchasable upon exercise of the
rights are non-redeemable. Each share of Series A Preferred Stock has a minimum
preferential quarterly dividend payment of $5.00 per share and an amount equal
to 1,000 times the dividend declared per share of common stock. In the event of
liquidation, the holders of Series A Preferred Stock will be entitled to a
minimum preferential liquidation payment of $1,000 per share but will be
entitled to an aggregate amount per share equal to 1,000 times the aggregate
payment per share made to holders of common stock.

      Each share of Series A Preferred Stock will have 1,000 votes, voting
together with the shares of common stock. In the event of any merger,
consolidation or other transaction in which shares of common stock are
exchanged, each share of Series A Preferred Stock will be entitled to receive
1,000 times the amount received per share of common stock. The rights are
protected by customary anti-dilution provisions.

      If, after any person or group becomes an acquiring person, we are acquired
in a merger or other business combination transaction or 50% or more of our
consolidated assets or earning power are sold, each holder of a right will have
a right to receive upon exercise of a right the number of shares of common stock
of the acquiring company, having a value equal to two times the exercise price
of the right. If any person or group becomes an acquiring person, each holder of
a right will have the right to receive upon exercise that number of shares of
common stock having a market value of two times the exercise price of the right.
Following the occurrence of the events described above, rights beneficially
owned by any acquiring person at the time of such transaction will be void and
may not be exercised.


                                       31
<PAGE>   37
      At any time after any person or group becomes an acquiring person and
prior to the acquisition by such person or group of 50% or more of the
outstanding shares of common stock, the Board may exchange the rights (other
than rights owned by such person or group which will have become void), in whole
or in part, at an exchange ratio of one share of common stock or one
one-thousandth of a share of Series A Preferred Stock (or of a share of a class
or series of our preferred stock having equivalent rights, preferences and
privileges) per right, subject to adjustment.

      At any time prior to the acquisition by a person or group of affiliated or
associated persons of beneficial ownership of 20% or more of the outstanding
shares of common stock, the Board may redeem the rights in whole, but not in
part, at a price of $0.01 per right.

      The terms of the rights may generally be amended by the Board without the
consent of the holders of the rights.

      Until a right is exercised, the holder will have no rights as a
stockholder.

      The rights should not interfere with any merger or other business
combination approved by the Board since the rights may be redeemed by us at the
redemption price prior to the time that a person or group has acquired
beneficial ownership of 20% or more of the common stock.

TRANSFER AGENT AND REGISTRAR

      The transfer agent and registrar for our common stock is EquiServe.


                                       32
<PAGE>   38
                              PLAN OF DISTRIBUTION

      We may sell the securities offered by this prospectus to one or more
underwriters or dealers for public offering, through agents, directly to
purchasers or through a combination of any such methods of sale. The name of any
such underwriter, dealer or agent involved in the offer and sale of the
securities, the amounts underwritten and the nature of its obligation to take
the securities will be named in the applicable prospectus supplement. We have
reserved the right to sell the securities directly to investors on our own
behalf in those jurisdictions where we are authorized to do so. The sale of the
securities may be effected in transactions (a) on any national or international
securities exchange or quotation service on which the securities may be listed
or quoted at the time of sale, (b) in the over-the-counter market, (c) in
transactions otherwise than on such exchanges or in the over-the-counter market
or (d) through the writing of options.

      We, our agents and underwriters may offer and sell the securities at a
fixed price or prices that may be changed, at market prices prevailing at the
time of sale, at prices related to such prevailing market prices or at
negotiated prices. The securities may be offered on an exchange, which will be
disclosed in the applicable prospectus supplement. We may, from time to time,
authorize dealers, acting as our agents, to offer and sell the securities upon
such terms and conditions as set forth in the applicable prospectus supplement.

      If we use underwriters to sell securities, we will enter into an
underwriting agreement with them at the time of the sale to them. In connection
with the sale of the securities, underwriters may receive compensation from us
in the form of underwriting discounts or commissions and may also receive
commissions from purchasers of the securities for whom they may act as agent.
Any underwriting compensation paid by us to underwriters or agents in connection
with the offering of the securities, and any discounts, concessions or
commissions allowed by underwriters to participating dealers, will be set forth
in the applicable prospectus supplement to the extent required by applicable
law. Underwriters may sell the securities to or through dealers, and such
dealers may receive compensation in the form of discounts, concessions or
commissions from the underwriters or commissions (which may be changed from time
to time) from the purchasers for whom they may act as agents.

      Dealers and agents participating in the distribution of the securities may
be deemed to be underwriters, and any discounts and commissions received by them
and any profit realized by them on resale of the securities may be deemed to be
underwriting discounts and commissions under the Securities Act. Unless
otherwise indicated in the applicable prospectus supplement, an agent will be
acting on a best efforts basis and a dealer will purchase debt securities as a
principal, and may then resell the debt securities at varying prices to be
determined by the dealer.

      If so indicated in the prospectus supplement, the Company will authorize
underwriters, dealers or agents to solicit offers by certain specified
institutions to purchase offered securities from us at the public offering price
set forth in the prospectus supplement pursuant to delayed delivery contracts
providing for payment and delivery on a specified date in the future. Such
contracts will be subject to any conditions set forth in the applicable
prospectus supplement and the prospectus supplement will set forth the
commission payable for solicitation of such contracts. The underwriters and
other persons soliciting such contracts will have no responsibility for the
validity or performance of any such contracts.

      Underwriters, dealers and agents may be entitled, under agreements entered
into with our company to indemnification against and contribution towards
certain civil liabilities, including any liabilities under the Securities Act.

      To facilitate the offering of securities, certain persons participating in
the offering may engage in transactions that stabilize, maintain, or otherwise
affect the price of the securities. These may include over-allotment,
stabilization, syndicate, short covering transactions and penalty bids.
Over-allotment involves sales in excess of the offering size, which creates a
short position. Stabilizing transactions involve bids to purchase the underlying
security so long as the stabilizing bids do not exceed a specified maximum.
Syndicate short covering transactions involve purchases of securities in the
open market after the distribution has been completed in order to cover
syndicate short positions. Penalty bids permit the


                                       33
<PAGE>   39
underwriters to reclaim selling concessions from dealers when the securities
originally sold by the dealers are purchased in covering transactions to cover
syndicate short positions. These transactions may cause the price of the
securities sold in an offering to be higher than it would otherwise be. These
transactions, if commenced, may be discontinued by the underwriters at any time.

      Any securities other than our common stock issued hereunder may be new
issues of securities with no established trading market. Any underwriters or
agents to or through whom such securities are sold for public offering and sale
may make a market in such securities, but such underwriters or agents will not
be obligated to do so and may discontinue any market making at any time without
notice. No assurance can be given as to the liquidity of the trading market for
any such securities. The amount of expenses expected to be incurred by us in
connection with any issuance of securities will be set forth in the applicable
prospectus supplement. Certain of the underwriters, dealers or agents and their
associates may engage in transactions with, and perform services for, us and
certain of our affiliates and in the ordinary course of our business.

                                  LEGAL MATTERS

      The validity of any securities issued hereunder will be passed upon for
our company by Fried, Frank, Harris, Shriver & Jacobson (a partnership including
professional corporations), New York, New York.

                                     EXPERTS

      The consolidated financial statements of SPX as of December 31, 2000 and
1999 and for each of the three years in the period ended December 31, 2000, have
been audited by Arthur Andersen LLP, independent public accountants. These
financial statements and the report of the independent public accountants,
included in SPX's Annual Report on Form 10-K/A filed on April 12, 2001, are
incorporated by reference in this document.

      The consolidated financial statements of UDI as of December 31, 2000 and
1999 and for each of the three years in the period ended December 31, 2000 have
been audited by KPMG LLP, independent public accountants. These financial
statements and the report of the independent public accountants, included in
SPX's Current Report on Form 8-K filed on April 13, 2001, are incorporated by
reference in this document.


                                       34
<PAGE>   40
                                     PART II

                     INFORMATION NOT REQUIRED IN PROSPECTUS

ITEM 14.    OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.

      The following table sets forth all fees and expenses payable by the
registrant in connection with the issuance and distribution of the securities
being registered hereby (other than underwriting discounts and commissions). All
of such expenses, except the SEC registration fee, are estimated.

<TABLE>
<S>                                            <C>
Securities and Exchange Commission
registration fee.....................          $250,000
NYSE listing fee ....................          $ 25,650
Pacific Stock Exchange listing fee ..          $  7,500
Legal fees and expenses .............          $100,000
Transfer Agent's fees and expenses ..          $  5,000
Trustee's fees and expenses .........          $ 25,000
Rating agency fees ..................          $ 25,000
Accounting fees and expenses ........          $ 35,000
Blue Sky fees and expenses (including
counsel fees)........................          $  5,000
Printing expenses ...................          $100,000
Miscellaneous .......................          $  1,850
                                               --------
Total ...............................          $580,000
                                               ========
</TABLE>


ITEM 15.    INDEMNIFICATION OF DIRECTORS AND OFFICERS.

LIMITATION ON LIABILITY OF DIRECTORS

      Section 145(a) of the General Corporation Law of the State of Delaware
(the "DGCL") provides that a Delaware corporation may indemnify 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, whether civil, criminal, administrative
or investigative (other than an action by or in the right of the corporation) by
reason of the fact that such person is or was a director, officer, employee or
agent of the corporation or is or was serving at the request of the corporation
as a director, officer, employee or agent of another corporation or enterprise,
against expenses, judgments, fines and amounts paid in settlement actually and
reasonably incurred by such person in connection with such action, suit or
proceeding if he acted in good faith and in a manner he reasonably believed to
be in or not opposed to the best interests of the corporation, and, with respect
to any criminal action or proceeding, had no cause to believe his conduct was
unlawful.

      Section 145(b) of the DGCL provides that a Delaware corporation may
indemnify any person who was or is a party or is threatened to be made a party
to any threatened, pending or completed action or suit by or in the right of
corporation to procure a judgment in its favor by reason of the fact that such
person acted in any of the capacities set forth above, against expenses actually
and reasonably incurred by such person in connection with the defense or
settlement of such action or suit if he or she acted under similar standards to
those set forth above, except that no indemnification may be made in respect to
any claim, issue or matter as to which such person shall have been adjudged to
be liable to the corporation unless and only to the extent that the court in
which such action or suit was brought shall determine that despite the
adjudication of liability, but in view of all the circumstances of the case,
such person is fairly and reasonably entitled to be indemnified for such
expenses which the court shall deem proper.

      Section 145 of the DGCL further provides that to the extent a director or
officer of a corporation has been successful in the defense of any action, suit
or proceeding referred to in subsections (a) and (b) or in the defense of any
claim, issue or matter therein, he shall be indemnified against expenses
actually and reasonably incurred by him in connection therewith; that
indemnification provided for by Section 145 shall not be deemed exclusive of any
other rights to which the indemnified party may be entitled; and that the
corporation may purchase and maintain insurance on behalf of a director or
officer of the corporation against any liability asserted against such officer
or director and incurred by him or her in any such


                                      II-1
<PAGE>   41
capacity or arising out of his or her status as such, whether or not the
corporation would have the power to indemnify him or her against such
liabilities under Section 145.

      As permitted by Section 102(b)(7) of the DGCL, the Company's Certificate
of Incorporation provides that a director shall not be personally liable to the
Corporation or its stockholders for monetary damages for breach of fiduciary
duty as a director. However, such provision does not eliminate or limit the
liability of a director for: (i) any breach of the director's duty of loyalty to
the Corporation or its stockholders, (ii) acts or omissions not in good faith or
which involve intentional misconduct or a knowing violation of the law, (iii)
under Section 174 of the General Corporation Law of the State of Delaware, or
(iv) engaging in any transaction from which the director derived an improper
personal benefit. The Company's Certificate of Incorporation requires that
directors and officers be indemnified to the fullest extent authorized by the
DGCL, or any other applicable law or amendments thereunder; however, in the case
of any amendments, only to the extent such amendment permits the Company to
provide broader indemnification rights than permitted prior thereto.

      Any underwriting agreements that we may enter into will likely provide for
the indemnification of the registrant, its controlling persons, its directors
and certain of its officers by the underwriters against certain liabilities,
including liabilities under the Securities Act.

      The Company has a policy of directors' liability insurance which insures
the directors and officers against the cost of defense, settlement or payment of
a judgment under certain circumstances.

ITEM 16.    EXHIBITS AND FINANCIAL STATEMENTS SCHEDULES.

      The exhibits to this registration statement are listed in the Exhibit
Index to this registration statement, which Exhibit Index is hereby incorporated
by reference.

ITEM 17.    UNDERTAKINGS.

      The undersigned registrant hereby undertakes:

            (a)(1) To file, during any period in which offers or sales are being
                  made of the securities registered hereby, a post-effective
                  amendment to this registration statement:

                  (i)   To include any prospectus required by Section 10(a)(3)
                        of the Securities Act of 1933;

                  (ii)  To reflect in the prospectus any facts or events arising
                        after the effective date of this 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
                        424(b) if, in the aggregate, the changes in volume and
                        price represent no more than a 20 percent change in the
                        maximum aggregate offering price set forth in the
                        "Calculation of Registration Fee" table in the effective
                        registration statement;

                  (iii) 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;


                                      II-2
<PAGE>   42
                  provided, however, that the undertakings set forth in clauses
                  (i) and (ii) above do not apply if the information required to
                  be included in a post-effective amendment by those clauses is
                  contained in periodic reports filed by the registrant pursuant
                  to Section 13 or 15(d) of the Securities and Exchange Act of
                  1934 that are incorporated by reference in this registration
                  statement;

                  (2)   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;

                  (3)   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;

            (b)   That, for the purposes of determining any liability under the
                  Securities Act of 1933, each filing of our annual report
                  pursuant to Section 13(a) or 15(d) of the Securities and
                  Exchange Act of 1934 (and, where applicable, each filing of an
                  employee benefit plan's annual report pursuant to Section
                  15(d) of the Securities Exchange Act of 1934) that is
                  incorporated by reference in this 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; and

            (c)   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 14a-3 or Rule 14c-3 under the
                  Securities Exchange Act of 1934; and, where interim financial
                  information required to be presented by Article 3 of
                  Regulation S-X are 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 financial information.

      Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers or persons controlling the
registrant, the registrant has 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. 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 Act and will be governed by the final adjudication of such
issue.

      The undersigned registrant hereby undertakes to file an application for
the purpose of determining the eligibility of the trustee to act under
subsection (a) of Section 310 of the Trust Indenture Act in accordance with the
rules and regulations prescribed by the Commission under Section 305(b)(2) of
the Trust Indenture Act.


                                      II-3
<PAGE>   43
                                   SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Muskegon, State of Michigan, on the 28th day of
August , 2001.

                                    SPX CORPORATION

                                    /s/ Patrick J. O'Leary
                                    ---------------------------------
                                           Patrick J. O'Leary
                                    Vice President Finance, Treasurer
                                       and Chief Financial Officer


                                POWER OF ATTORNEY

      KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned constitutes
and appoints Patrick O'Leary, Charles Bowman and Christopher Kearney, and each
of them, his true and lawful attorneys-in-fact and agents, with full power of
substitution and resubstitution, for him and in his name, place and stead, in
any and all capacities, to sign this registration statement (including all
pre-effective and post-effective amendments thereto and all registration
statements filed pursuant to Rule 462(b) which incorporate this registration
statement by reference), and to file the same, with all exhibits thereto, and
other documents in connection therewith, with the Securities and Exchange
Commission, granting unto such attorneys-in-fact and agents, and each of them,
full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as he might or could do in person, hereby ratifying and
confirming all that such attorneys-in-fact and agents or any of them, or their
or his substitute or substitutes, may lawfully do or cause to be done by virtue
hereof.

      Pursuant to the requirements of the Securities Act of 1933, as amended,
this registration statement has been signed by the following persons on August
28, 2001 in the capacities indicated below.

<TABLE>
<CAPTION>
                Signature                                                 Title
                ---------                                                 -----
<S>                                         <C>
      /s/ John B. Blystone                         Chairman, President and Chief Executive Officer
      ------------------------------                           (Principal Executive Officer)
           John B. Blystone


      /s/ Patrick J. O'Leary                 Vice President Finance, Treasurer and Chief Financial Officer
      ------------------------------                             (Principal Financial Officer)
            Patrick J. O'Leary


      /s/ Ron Winowiecki                         Corporate Controller and Chief Accounting Officer
      ------------------------------                           (Principal Accounting Officer)
            Ron Winowiecki


      /s/ J. Kermit Campbell                                            Director
      ------------------------------
            J. Kermit Campbell


      /s/ Sarah R. Coffin                                               Director
      ------------------------------
            Sarah R. Coffin


      /s/ Frank A. Ehmann                                               Director
      ------------------------------
            Frank A. Ehmann


      /s/ Emerson U. Fullwood                                           Director
      ------------------------------
            Emerson U. Fullwood


      /s/ Charles E. Johnson II                                         Director
      ------------------------------
            Charles E. Johnson II


      /s/ David P. Williams                                             Director
      ------------------------------
            David P. Williams
</TABLE>


                                      II-4
<PAGE>   44
                                  EXHIBIT INDEX


<TABLE>
<CAPTION>
Exhibit
Number                        Description of Exhibit
- ------                        ----------------------
<S>        <C>
   *1.1    Form of Underwriting Agreement.

    3.1    Certificate of Incorporation of SPX Corporation, incorporated by
           reference to Exhibit 3(iv) to the Registrant's Quarterly Report on
           Form 10-Q for the quarter ended June 30, 1998.

    3.2    By-Laws as amended through October 25, 1995, incorporated by
           reference to Exhibit 3(iii) to the Registrant's Quarterly Report on
           Form 10-Q for the quarter ended September 30, 1995.

    4.1    Rights Agreement dated as of June 25, 1996 (the "Rights Agreement")
           between SPX Corporation and The Chase Manhattan Bank, as Rights
           Agent, relating to Rights to purchase preferred stock under certain
           circumstances, incorporated herein by reference to SPX Corporation's
           Registration Statement on Form 8-A filed on June 26, 1996.

    4.2    Form of Amendment No. 1 to Rights Agreement, effective as of October
           22, 1997, between SPX Corporation and The Chase Manhattan Bank,
           incorporated herein by reference from SPX Corporation's Registration
           Statement on Form 8-A, filed on January 9, 1998.

    4.3    Form of Senior Indenture.

    4.4    Form of Subordinated Indenture.

    4.5    Form of Debt Security (included in the Senior Indenture and
           the Subordinated Indenture).

    5.1    Opinion of Fried, Frank, Harris, Shriver & Jacobson.

   12.1    Computation of Ratio of Earnings to Fixed Charges.

   23.1    Consents of Fried, Frank, Harris, Shriver & Jacobson (included
           in Exhibit 5.1).

   23.2    Consent of Arthur Andersen LLP.

   23.3    Consent of KPMG LLP.

   24.1    Powers of Attorney (included on signature page).

   25.1    Form T-1 Statement of Eligibility of the Senior Indenture
           Trustee.

   25.2    Form T-1 Statement of Eligibility of the Subordinated
           Indenture Trustee.
</TABLE>

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

*  Executed versions of this agreement, if any, will, if applicable, be filed by
   Current Report on Form 8-K after the issuance of the securities to which they
   relate.



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>3
<FILENAME>y64752ex4-3.txt
<DESCRIPTION>FORM OF SENIOR INDENTURE
<TEXT>
<PAGE>   1
                                                                     EXHIBIT 4.3
                                                      FORM OF SENIOR INDENTURE


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

                                 SPX CORPORATION

                                       TO

                            THE CHASE MANHATTAN BANK,

                                     TRUSTEE



                                    Indenture

                            Dated as of _____________

                           Providing for the Issuance

                                       of

                             Senior Debt Securities

- --------------------------------------------------------------------------------
<PAGE>   2
                                 SPX CORPORATION
          Reconciliation and tie between Trust Indenture Act of 1939
                   and Indenture, dated as of _____________


TRUST INDENTURE ACT SECTION                    INDENTURE SECTION
- ---------------------------                    -----------------
Section 310(a)(1).......................              607
           (a)(2).......................              607
           (b)..........................              608
Section 311(a)..........................              604
           (b)..........................              604
Section 312(c)..........................              701
Section 314(a)..........................              703
           (a)(4).......................             1005
           (c)(1).......................              102
           (c)(2).......................              102
           (e)..........................              102
Section 315(a)..........................              602
           (b)..........................              601
           (d)..........................              602
           (e)..........................              513
Section 316(a) (last sentence)..........      101 ("Outstanding")
           (a)(1)(A)....................              512
           (a)(1)(B)....................              513
           (b)..........................              508
Section 317(a)(1).......................              503
           (a)(2).......................              504
Section 318(a)..........................              111
           (c)..........................              111

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

NOTE:  This reconciliation and tie shall not, for any purpose, be deemed to
be a part of the Indenture.
<PAGE>   3
            INDENTURE, dated as of ______________, between SPX CORPORATION, a
Delaware corporation (hereinafter called the "Company"), having its principal
office at 700 Terrace Point Drive, Muskegon, Michigan 49440, and THE CHASE
MANHATTAN BANK, a New York banking corporation, as Trustee (hereinafter called
the "Trustee").

                             RECITALS OF THE COMPANY

            WHEREAS, the Company deems it necessary to issue from time to time
for its lawful purposes senior debt securities (hereinafter called the
"Securities") evidencing its unsecured and unsubordinated indebtedness, which
may or may not be convertible into or exchangeable for any securities of any
Person (including the Company), and has duly authorized the execution and
delivery of this Indenture to provide for the issuance from time to time of the
Securities, unlimited as to principal amount, to bear such rates of interest, to
mature at such times and to have such other provisions as shall be fixed as
hereinafter provided;

            WHEREAS, 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;
and

            WHEREAS, 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 and coupons, 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 or unless such definition is
changed or amended in a supplement or amendment to this Indenture:

         (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

                                      -1-
<PAGE>   4
      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 accounting principles generally
      accepted in the United States; 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, Article Five,
Article Six and Article Eleven are defined in those Articles.

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

            "Additional Amounts" means any additional amounts which are required
by a Security or by or pursuant to a Board Resolution, under circumstances
specified therein, to be paid by the Company in respect of certain taxes imposed
on certain Holders and which are owing to such Holders.

            "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 authenticating agent appointed by
the Trustee pursuant to Section 611.

            "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 established pursuant to Section
201 which is payable to bearer.

            "Board of Directors" means the board of directors of the Company or
any committee of that board duly authorized to act hereunder.

                                      -2-
<PAGE>   5
            "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
particular location are authorized or obligated by law or executive order to
close.

            "Clearstream" means Clearstream Banking societe anonyme or its
successor.

            "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 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 on such date.

            "Company" means the Person named as the "Company" in the first
paragraph of this Indenture until a successor corporation shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter
"Company" shall mean such successor corporation.

            "Company Request" and "Company Order" mean, respectively, a written
request or order signed in the name of the Company by any two Officers and
delivered to the Trustee.

            "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
for the settlement of transactions by a central bank or other public
institutions of or within the international banking community, (ii) the euro for
the settlement of transactions by public institutions of or within the European
Communities or (iii) any currency unit (or composite currency) other than the
euro for the purposes for which the euro was established.

            "Corporate Trust Office" means the principal office of the Trustee
at which, at any particular time, its corporate trust business shall be
administered, which office at the date hereof is located at 450 West 33rd
Street, New York, NY 10001, Attention: Institutional Trust Services or such
other address as the Trustee may designate from time to time by notice to the
Company or the principal corporate office of any successor Trustee (or such
other address as a successor Trustee may designate from time to time by notice
to the Company).

                                      -3-
<PAGE>   6
            "Corporation" includes corporations, associations, limited liability
companies, companies and business 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 euro, issued
by the government of one or more countries or by any recognized confederation or
association of such governments.

            "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.

            "Depository Participant" means, with respect to the Depositary Trust
Company (the "Depository") or its nominee, an institution that has an account
therewith.

            "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.

            "Election Date" has the meaning specified in Section 312(h).

            "Euroclear" means Morgan Guaranty Trust Company of New York,
Brussels Office, or its successor as operator of the Euroclear System.

            "European Communities" means the European Union, the European Coal
and Steel Community and the European Atomic Energy Community.

            "Event of Default" has the meaning specified in Article Five.

            "Exchange Rate Agent", with respect to Securities of or within any
series, means, 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 certificate setting
forth (i) the applicable Market Exchange Rate or the applicable bid quotation
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 or the applicable bid quotation
signed by an Officer.

            "Foreign Currency" means any Currency, including, without
limitation, the euro, issued by the government of one or more countries other
than the United States of America or by any recognized confederation or
association of such governments.

                                      -4-
<PAGE>   7
            "Government Obligations" means securities which are (i) direct
obligations of the United States of America or the government which issued the
Foreign Currency in which the Securities of a particular series are payable, for
the payment of which its full faith and credit is pledged or (ii) obligations of
a Person controlled or supervised by and acting as an agency or instrumentality
of the United States of America or such government which issued the Foreign
Currency in which the Securities of such series are payable, the payment of
which is unconditionally guaranteed as a full faith and credit obligation by the
United States of America or such other government, which, in either case, 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 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 on 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 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,
including the provisions of the Trust Indenture Act that are deemed to be a part
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 the or those 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 as to which all or certain
interest payments and/or the principal amount payable at Maturity are determined
by reference to prices, changes in prices, or differences between prices, of
securities, Currencies, intangibles, goods, articles or commodities or by such
other objective price, economic or other measures as are specified in Section
301 hereof.

                                      -5-
<PAGE>   8
            "Interest", when used with respect to an Original Issue Discount
Security which by its terms bears interest only after Maturity, shall mean
interest payable after Maturity, and, when used with respect to a Security which
provides for the payment of Additional Amounts pursuant to Section 1004 or
otherwise, includes such Additional Amounts.

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

            "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 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 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 other principal market for such 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 nonresident 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, notice of exchange or conversion or otherwise.

            "Officer" means the Chairman of the Board, the Vice Chairman, the
Chief Executive Officer, the President, any Executive Vice President, any Senior
Vice President, any Vice President, the Treasurer or the Secretary or any
Assistant Treasurer or Assistant Secretary of the Company.

                                      -6-
<PAGE>   9
            "Officers' Certificate" means a certificate signed in the name of
the Company by any two Officers, one of whom shall be the principal financial
officer, and delivered to the Trustee.

            "Opinion of Counsel" means a written opinion of counsel, who may be
counsel for the Company or who may be an employee of or other counsel for the
Company satisfactory 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:

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

            (B) 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;

            (C) 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

            (D) 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

                                      -7-
<PAGE>   10
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 or
Indexed Security, the Dollar equivalent as of such date of original issuance of
the amount determined as provided in clause (i) above or (iii) below,
respectively) 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 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 of such other obligor.

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

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

            "Place of Payment", when used with respect to the Securities of or
within any series, means the place or places where the principal of (and
premium, if any) and interest, if any, on such Securities are payable as
specified and 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.

            "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

                                      -8-
<PAGE>   11
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" shall mean any Security which is 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, whether or not a
Business Day.

            "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 by or
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 by
or pursuant to this Indenture.

            "Responsible Officer" shall mean, when used with respect to the
Trustee, any officer within the corporate trust department of the Trustee with
direct responsibility for the administration of this Indenture or any other
officer to whom any corporate trust matter is referred because of such person's
knowledge of and familiarity with the particular subject and who shall have
direct responsibility for the administration of this Indenture.

            "Security" or "Securities" has the meaning stated in the first
recital of this Indenture and, more particularly, means any Security or
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.

            "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.

                                      -9-
<PAGE>   12
            "Subsidiary" of any Person means (1) a corporation, a majority of
the outstanding voting stock of which is, at the time, directly or indirectly,
owned by such Person by one or more Subsidiaries of such Person, or by such
Person and one or more Subsidiaries thereof or (2) any other Person (other than
a corporation), including, without limitation, a partnership or joint venture,
in which such Person, one or more Subsidiaries thereof or such Person and one or
more Subsidiaries thereof, directly or indirectly, at the date of determination
thereof, has at least majority ownership interest entitled to vote in the
election of directors, managers or Trustees thereof (or other Person performing
similar functions).

             "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).

            "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 Officers' Certificate stating that all conditions precedent,
if any, provided for in this Indenture relating to the proposed action have been
complied with and an Opinion of Counsel stating that in the opinion of such
counsel such action is authorized or permitted by this Indenture and 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

                                      -10-
<PAGE>   13
of such documents is specifically required by any provision of this Indenture
relating to such particular application or request, no additional certificate or
opinion need be furnished.

            Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture (other than pursuant to
Section 1005) shall include:

            (1) a statement that each individual signing such certificate or
      opinion has read such condition or covenant 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 condition or
      covenant has been complied with; and

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

            SECTION 103 Form of Documents Delivered to Trustee.

            In any case where several matters are required to be certified by,
or covered by an opinion of, any specified Person, it is not necessary that all
such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion as 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 an Opinion of Counsel, or a
certificate or representations by counsel, unless such Officer knows, or in the
exercise of reasonable care should know, that the opinion, certificate or
representations with respect to the matters upon which his certificate or
opinion is based are erroneous. Any such Opinion of Counsel or certificate or
representations 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 as 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
as 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.

                                      -11-
<PAGE>   14
            SECTION 104 Acts of Holders.

            (a) Any request, demand, authorization, direction, notice, consent,
      waiver or other action provided by this Indenture to be given or taken by
      Holders 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 (which may be
      electronically signed) by such Holders in person or by agents duly
      appointed in writing (which may be in electronic form). If Securities of a
      series are 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 Securities 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 and any agent of the Trustee or 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.

            (b) The fact and date of the execution of any such instrument or
      writing, or the authority of the Person executing the same, may be proved
      in any manner which the Trustee deems sufficient.

            (c)   The ownership of Registered Securities shall be proved by
      the Security Register.

            (d) The ownership of Bearer Securities 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

                                      -12-
<PAGE>   15
      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 ownership of Bearer Securities may
      also be proved in any other manner that the Trustee deems sufficient.

            (e) If the Company shall solicit from the Holders of Registered
      Securities any request, demand, authorization, direction, notice, consent,
      waiver or other Act, the Company may, at its option, in 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 180 days after
      the record date and that no such authorization, agreement or consent may
      be amended, withdrawn or revoked once given by a Holder, unless the
      Company shall provide for such amendment, withdrawal or revocation in
      conjunction with such solicitation of authorizations, agreements or
      consents or unless and to the extent required by applicable law.

            (f) Any request, demand, authorization, direction, notice, consent,
      waiver or other Act of the Holder of any Security shall bind every future
      Holder of the same Security and the Holder of every Security issued upon
      the registration of transfer thereof or in exchange therefor or in lieu
      thereof in respect of anything done, omitted or suffered to be done by the
      Trustee, any Security Registrar, any Paying Agent, any Authenticating
      Agent 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 document provided or permitted by this
Indenture to be made upon, given or furnished to, or filed with, (1) the Trustee
by any Holder or by the Company shall be sufficient for every purpose hereunder
if made, given, furnished or filed in writing and mailed to or with the Trustee
at its Corporate Trust Office, Attention: Corporate Trust Office, or at any
other address previously furnished in writing by the

                                      -13-
<PAGE>   16
Trustee to the Holders or the Company 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, given, furnished or filed
with or 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, or by email, to each such Holder
affected by such event, at his physical address or email address as such address
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 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 herein. 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.

            If by reason of the suspension of or irregularities in regular mail
service or by reason of any other cause it shall be impracticable to give such
notice by mail, then such notification to Holders of Registered Securities as
shall be made with the approval of the Trustee shall constitute a sufficient
notification to such Holders 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 if published in (1)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, or (2) an electronic medium easily accessible by
the Holders as may be specified to such Holders, such publication to be not
later than the latest date, and not earlier than the earliest date, prescribed
for the giving of such notice. Any such notice shall be deemed to have been
given on the date of such publication or, if published more than once, on the
date of the first such publication.

            If 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

                                      -14-
<PAGE>   17
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. All agreements of
the Trustee in this Indenture shall bind its successor.

            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
Security Registrar, any Paying Agent, any Authenticating Agent and their
successors hereunder and the Holders 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 without regard
to principles of conflicts of laws. 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,

                                      -15-
<PAGE>   18
Repayment Date, sinking fund payment date, 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 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, Redemption Date, Repayment Date or sinking fund payment date, or
at the Stated Maturity or Maturity; provided that no interest shall accrue on
the amount so payable for the period from and after such Interest Payment Date,
Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or
Maturity, as the case may be.

            SECTION 113 Conflict of Any Provision of Indenture with Trust
                        Indenture Act.

            If and to the extent that any provision of this Indenture limits,
qualifies or conflicts with the duties imposed by TIA Sections 310 to 318,
inclusive, or conflicts with any provision (an "incorporated provision")
required by or deemed to be included in this Indenture by operation of such TIA
Sections or any section of the TIA, such imposed duties or incorporated
provisions shall control. If any provision of this Indenture modifies or
excludes any provision of the Trust Indenture Act that may be so modified or
excluded, the latter provision shall be deemed to apply to this Indenture as so
modified or excluded, as the case may be.

            SECTION 114 No Recourse against Others.

            A director, officer, employee, agent, representative, stockholder or
equity holder, as such, of the Company shall not have any liability for any
obligations of the Company under the Securities or this Indenture or for any
claim based on, in respect of or by reason of such obligations or their
creation. Each Holder by accepting any of the Securities waives and releases all
such liability. The waiver and release shall be part of the consideration for
the issue of the Securities.

            SECTION 115 Waiver of Trial by Jury.

            The Company, Trustee, and Holders hereby irrevocably and
unconditionally waive the right to trial by jury in connection with any claim
arising out of or relating to the Securities and under this Indenture.

                                  ARTICLE TWO

                                SECURITIES FORMS

            SECTION 201 Forms of Securities.

            The Registered Securities, if any, of each series and the Bearer
Securities,

                                      -16-
<PAGE>   19
if any, of each series and related coupons shall be in substantially the forms
as shall be established in one or more indentures supplemental hereto or
approved from time to time by or pursuant to a Board Resolution in accordance
with Section 301, shall have such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this
Indenture or any indenture supplemental hereto, and may have such letters,
numbers or other marks of identification or designation and such legends or
endorsements placed thereon as the Company may deem appropriate and as are not
inconsistent with the provisions of this Indenture, or as may be required to
comply with any law or with any rule or regulation made pursuant thereto or with
any rule or regulation of any stock exchange on which the Securities may be
listed, or to conform to usage. If the forms of Securities 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 an
Assistant Secretary of the Company and delivered to the Trustee at or prior to
the delivery of the Company Order contemplated by Section 303 for the
authentication and delivery of such Securities.

            The Trustee's certificate of authentication on all Securities shall
be in substantially the form set forth in this Article.

            Unless otherwise specified as contemplated by Section 301, Bearer
Securities shall have interest coupons attached.

            The definitive Securities and coupons shall be printed, lithographed
or engraved or produced by any combination of these methods on a steel engraved
border or steel engraved borders or may be produced in any other manner, all as
determined by the Officers executing such Securities or coupons, 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:

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

            THE CHASE MANHATTAN BANK,
            as Trustee


            By:  _____________________
                 Authorized Officer


            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 and the

                                      -17-
<PAGE>   20
provisions of Section 302, 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 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 304 has been, or simultaneously is,
delivered, any instructions by the Company with respect to endorsement, 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 the provisions of Section 307, 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.

            SECTION 204 Form of Legend for Book-Entry Securities.

            Any Global Security authenticated and delivered hereunder shall bear
a legend (which would be in addition to any other legends required in the case
of a restricted Security) in substantially the following form:

            THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY
OR A NOMINEE THEREOF. THIS SECURITY

                                      -18-
<PAGE>   21
MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO
TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF
ANY PERSON OTHER THAN SUCH DEPOSITORY OR ITS NOMINEE EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

            UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITARY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT AND SUCH CERTIFICATE ISSUED IN EXCHANGE FOR THIS
CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY, ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL, SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

                                 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 shall rank equally and pari passu and may be issued
in one or more series. Each series of Securities may be reopened and more
Securities of such series issued unless otherwise specified in an indenture
supplement. 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, or determined in the manner provided, in an Officers'
Certificate, or established in one or more indentures supplemental hereto, prior
to the issuance of Securities of any series, any or all of the following, as
applicable (each of which (except for the matters set forth in clauses (1), (2)
and (15) below), if so provided, may be determined from time to time by the
Company with respect to unissued Securities of the series when issued from time
to time):

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

            (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) and if such
      series may not be reopened for additional Securities of that series; in
      the event that such series of Securities may be reopened from time to time
      for issuances of additional Securities of such series, the terms thereof
      may indicate whether the Company may establish additional or different
      terms with respect to such additional Securities;

                                      -19-
<PAGE>   22
            (3) the date or dates, or the method by which such date or dates
      will be determined or extended, on which the principal (and premium, if
      any,) of the Securities of the series shall be 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 will be payable 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 such interest shall be
      calculated if other than that 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 and exchange, where Securities of
      the 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, and 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, or the date or dates on
      which, the price or prices at which, the Currency or Currencies 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, if the
      Company is to have the option;

            (7) the obligation, 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 or the date or dates on which, the price or prices
      at which, the Currency or Currencies 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

                                      -20-
<PAGE>   23
      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 or Currencies in which
      payment of the principal of (or premium, if any) or interest, if any, on
      the Securities of the series shall be made 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 one or more Currencies 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 or
      Currencies in which such Securities are denominated or stated to be
      payable and the Currency or Currencies in which such Securities are to be
      paid, in each case in accordance with, in addition to or in lieu of any of
      the provisions of Section 312;

            (14) provisions, if any, granting special rights to the Holders of
      Securities of the series upon the occurrence of such events as may be
      specified;

            (15) any deletions from, modifications of or additions to the Events
      of Default or covenants or other provisions (including any deletions from,
      modifications of or additions to any of the provisions of Section 1007) of
      the Company with respect to Securities of the series, whether or not such
      Events of Default or covenants or other provisions are consistent with the
      Events of Default or covenants or other provisions set forth herein;

            (16) whether Securities of the series are to be issuable as
      Registered Securities, Bearer Securities or both, any restrictions
      applicable to the offer, sale or delivery of Bearer Securities and the
      terms upon which Bearer Securities of the series may be exchanged for
      Registered Securities of the series and vice versa (if permitted by
      applicable laws and regulations), whether any Securities of the 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 in certificated

                                      -21-
<PAGE>   24
      form 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, and, if Registered Securities of the
      series are to be issuable as a global Security, the identity of the
      depository for such series;

            (17) the date as of which any Bearer Securities of the series and
      any temporary global Security representing Outstanding Securities of the
      series shall be dated if other than the date of original issuance of the
      first Security of the series to be issued;

            (18) the Person to whom any interest on any Registered Security of
      the series shall be payable, if other than 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, 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;

            (19) the applicability, if any, of Sections 1402 and 1403 to the
      Securities of the series (and, in the case of Section 1403, if applicable,
      any additional covenants subject to covenant defeasance) and any
      provisions in modification of, in addition to or in lieu of any of the
      provisions of Article Fourteen;

            (20) if the Securities of such series are to be issuable in
      definitive form (whether upon original issue or upon exchange of a
      temporary Security of such series) only upon receipt of certain
      certificates or other documents or satisfaction of other conditions, then
      the form and/or terms of such certificates, documents or conditions;

            (21) 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);

            (22)  the designation of the initial Exchange Rate Agent, if any;

            (23) if the Securities of the series are to be convertible into or
      exchangeable for any securities or property of any Person (including the
      Company), the terms and conditions upon which such Securities of the
      series will be so convertible or exchangeable (including, without
      limitation, the initial conversion price or rate, the conversion period,
      the conversion agent, if any,

                                      -22-
<PAGE>   25
      adjustments of the applicable conversion price or rate and any
      requirements with respect to the reservation of shares or Securities for
      purposes of conversion);

            (24) whether payment of any amounts due hereunder will be guaranteed
      by one or more guarantors, including subsidiaries of the Company; and

            (25) any other terms of the series (which terms shall not be
      inconsistent with the requirements of the Trust Indenture Act).

            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 (subject to Section 303) and
set forth in such Officers' Certificate or in any such indenture supplemental
hereto. All Securities of any one series need not be issued at the same time
and, unless otherwise provided, a series may be reopened, without the consent of
the Holders, for issuances of additional Securities of such series or to
establish additional terms of such series of Securities (which additional terms
shall only be applicable to unissued or additional Securities of such series).

            If any of the terms of the Securities of any series are established
by action taken pursuant to one or more Board Resolutions, a copy of an
appropriate record of such action(s) shall be certified by the Secretary or an
Assistant Secretary of the Company and delivered to the Trustee at or prior to
the delivery of the Officers' Certificate setting forth the terms of the
Securities 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. In the
absence of any such provision with respect to Securities of any series, the
principal, premium and interest and Additional Amounts with respect to the
Securities shall be payable in Dollars. With respect to Securities of any series
denominated in Dollars, in the absence of any such provisions with respect to
the Securities of any series, 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 Bearer
Securities issued in global form (which may be of any denomination), shall be
issuable in denominations of $5,000 or any integral multiple thereof.

            SECTION 303 Execution, Authentication, Delivery and Dating.

            The Securities and any coupons appertaining thereto shall be
executed on behalf of the Company by any Officer. The signature of any Officers
on the Securities and coupons may be manual or facsimile signatures of the
present or any future Officer and may be imprinted or otherwise reproduced on
the Securities.

            Securities or coupons bearing the manual or facsimile signatures of

                                      -23-
<PAGE>   26
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
coupons 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 the Company
Order shall authenticate and deliver such Securities; either to the Company or
according to the directions contained in the Company Order; 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 or such other certificate as may be specified with
respect to any series of Securities pursuant to Section 301, 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 all the Securities of any series are not to be
issued at one time and if the 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 the terms of particular Securities of such series, such as interest
rate, maturity date, 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 (subject to TIA Sections 315(a) through 315(d)) shall
be fully protected in relying upon,

            (A)   an Opinion of Counsel stating,

                  (a) that the form or forms of such Securities and any coupons
            have been established in conformity with the provisions of this
            Indenture;

                  (b)   that the terms of such Securities and any coupons
            have been established in conformity with the provisions of this
            Indenture; and

                  (c) that such Securities, together with any coupons

                                      -24-
<PAGE>   27
            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 constitute legal, valid
            and binding obligations of the Company, enforceable in accordance
            with their terms, subject to applicable bankruptcy, insolvency,
            reorganization and other similar laws of general applicability
            relating to or affecting the enforcement of creditors' rights, to
            general equitable principles and to such other qualifications as
            such counsel shall conclude do not materially affect the rights of
            Holders of such Securities and any coupons;

            (B) an Officers' Certificate stating, to the best of the knowledge
      of the signers of such certificate, that no Event of Default with respect
      to any of the Securities shall have occurred and be continuing; and

            (C) an executed supplemental indenture (if any).

            Notwithstanding the provisions of Section 301 and of this Section
303, if all the Securities of any series are not to be issued at one time, it
shall not be necessary to deliver an Officers' Certificate otherwise required
pursuant to Section 301 or the Company Order, Opinion of Counsel or Officers'
Certificate otherwise required pursuant to the preceding paragraph at the time
of issuance of each Security of such series, but such order, opinion and
certificates, with appropriate modifications to cover such future issuances,
shall be delivered at or before the time of issuance of the first Security of
such series.

            If such form or terms have been so established, 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, obligations or immunities under the Securities and this Indenture or
otherwise in a manner which is not reasonably acceptable to the Trustee.
Notwithstanding the generality of the foregoing, the Trustee will not be
required to authenticate Securities denominated in a Foreign Currency if the
Trustee reasonably believes that it would be unable to perform its duties with
respect to such Securities.

            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 or Security to which such coupon appertains a certificate of
authentication substantially in the form provided for herein duly executed by
the Trustee or an Authenticating Agent by manual signature of an authorized
signatory, and such certificate upon any Security shall be conclusive evidence,
and the only evidence, that such Security has been duly

                                      -25-
<PAGE>   28
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.

            (a) 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 the Officers executing such
Securities may determine, as conclusively evidenced by their execution of such
Securities. In the case of Securities of any series, 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 Section 304(b) or as otherwise provided in
or pursuant to a Board Resolution), 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 non-matured 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.

            (b) Unless otherwise provided in or pursuant to a Board Resolution,
this Section 304(b) shall govern the exchange of temporary Securities issued in
global form. 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

                                      -26-
<PAGE>   29
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 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 and upon receipt of the Company
Order described in Section 303, 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 unless such Person
takes 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.

                                      -27-
<PAGE>   30
            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 forms as may be
established pursuant to Section 301), for credit without further interest on or
after such Interest Payment Date to the respective accounts of 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 as Exhibit A-1
to this Indenture (or in such other forms 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 304(b) 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 prior to the expiration of two years after such Interest
Payment Date in order to be repaid to the Company.

            SECTION 305 Registration, Registration of Transfer and Exchange.

            The Company shall cause to be kept at the Corporate Trust Office of
the Trustee or in any office or agency of the Company in a Place of Payment a
register for each series of Securities (the registers maintained in such office
or in any such office or agency of the Company in a Place of Payment being
herein sometimes referred to collectively 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. The Security Register shall be in written form or any
other form capable of being converted into written form within a reasonable
time. The Trustee, at its Institutional Trust Services Office, is hereby
initially appointed "Security Registrar" for the purpose of registering
Registered Securities and transfers of Registered Securities on such Security
Register as herein provided. In the event that the Trustee shall cease to be
Security Registrar, it shall have the right to examine the Security Register at
all reasonable times.

                                      -28-
<PAGE>   31
            Upon surrender for registration of transfer of any Registered
Security of any series at any office or agency of the Company in a Place of
Payment for that series, the Company shall execute, and the Trustee shall
authenticate and deliver, subject to the terms and conditions of this Article
Three, in the name of the designated transferee or transferees, one or more new
Registered Securities of the same series, of any authorized denominations and of
a like aggregate principal amount, bearing a number not contemporaneously
outstanding and containing identical terms and provisions.

            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 or denominations and of a like aggregate principal
amount, containing identical terms and provisions, upon surrender of the
Registered Securities to be exchanged at any 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 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) permitted by the applicable Board Resolution and
(subject to Section 303) set forth in the applicable Officers' 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 denominations 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

                                      -29-
<PAGE>   32
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 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

                                      -30-
<PAGE>   33
provisions of this Indenture.

            All Securities issued upon any registration of transfer or exchange
of Securities shall be 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.

            The Company shall not be required (i) to issue, register the
transfer of or exchange any Security if such Security may be among those
selected for redemption during a period beginning at the opening of business 15
days before selection of the Securities to be redeemed under Section 1103 or
1203 and ending at the close of business on (A) if such Securities are issuable
only as Registered Securities, the day of the mailing of the relevant notice of
redemption and (B) if such Securities are issuable as Bearer Securities, the day
of the first publication of the relevant notice of redemption or, if such
Securities 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, in the case of any Registered Security
to be redeemed in part, the portion thereof not to be redeemed, 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 imposed under this
Indenture or under applicable law with respect to any transfer of any interest
in any Security (including any transfers between or among depository
participants or beneficial owners of interests in any 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 this Indenture, and to examine the same to determine
substantial compliance as to form with the express requirements hereof.

            SECTION 306 Mutilated, Destroyed, Lost and Stolen Securities.

                                      -31-
<PAGE>   34
            If any mutilated Security or a Security with a mutilated coupon
appertaining to it is surrendered to the Trustee or the Company, together with,
in proper cases, such security or indemnity as may be required by the Company or
the Trustee to save each of them or any agent of either of them harmless, the
Company shall execute and the Trustee shall authenticate and deliver in exchange
therefor a new Security of the same series and principal amount, containing
identical terms and provisions and bearing a number not contemporaneously
outstanding, with coupons corresponding to the coupons, if any, appertaining to
the surrendered Security.

            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 protected purchaser (as defined in Article 8 of the Uniform
Commercial Code), the Company shall execute and upon receipt of a Company Order
indicating its request and according to its directions the Trustee shall
authenticate and deliver, in lieu of any such destroyed, lost or stolen Security
or in exchange for the Security to 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 principal amount, containing identical terms and
provisions 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, together with its coupons, if any,
issued pursuant to this Section in lieu of any destroyed, lost or stolen
Security, or in exchange for a Security to which a destroyed, lost or stolen
coupon appertains, shall constitute a valid, original additional contractual
obligation of the Company evidencing the same debt as the Security and coupon in
lieu of which it is issued, whether or not the destroyed, lost or stolen
Security and its coupons, if any, or the destroyed, lost or stolen coupon shall
be

                                      -32-
<PAGE>   35
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) Except as otherwise specified with respect to a series of
Securities in accordance with the provisions of Section 301, interest, if any,
on any Registered Security that is payable, and is punctually paid or duly
provided for, on any Interest Payment Date shall be paid to the Person in whose
name that 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 maintained by the payee located
inside the United States.

            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 maintained by
the payee with a bank located outside the United States.

            Unless otherwise provided as contemplated by Section 301, every
permanent global Security will provide that interest, if any, payable on any
Interest Payment Date will be paid to each of Euroclear and Clearstream with
respect to that portion of such permanent global Security held for its account
by the Common Depositary, for the purpose of permitting each of Euroclear and
Clearstream to credit the interest, if any, received by it in respect of such
permanent global Security to the accounts of the beneficial owners thereof.

            In case a Bearer Security of any series is surrendered in exchange
for a Registered Security of such series after the close of business (at an
office or agency in a Place of Payment for such series) on any Regular Record
Date and before the opening of business (at such office or agency) on the next
succeeding Interest Payment Date, such Bearer Security shall be surrendered
without the coupon relating to such Interest Payment Date and interest will not
be payable on such Interest Payment Date 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.

            Except as otherwise specified with respect to a series of Securities
in

                                      -33-
<PAGE>   36
accordance with the provisions of Section 301, any interest on any Registered
Security of any series that is payable, but is not punctually paid or duly
provided for, on any Interest Payment Date (herein called "Defaulted Interest")
shall forthwith cease to be payable to the registered Holder thereof on the
relevant Regular Record Date by virtue of having been such Holder, and such
Defaulted Interest may be paid by the Company, at its election in each case, as
provided in clause (1) or (2) below:

            (1) The Company may elect to make payment of any Defaulted Interest
      to the Persons in whose names the 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 (which shall not be less than 20 days after such notice
      is received by the Trustee), 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 shall be not more than 15 days and not less than 10 days prior to
      the date of the proposed payment and not less than 10 days after the
      receipt by the Trustee of the notice of the proposed payment. The Trustee
      shall promptly notify the Company of such Special Record Date and, in the
      name and at the expense of the Company, shall cause notice of the proposed
      payment of such Defaulted Interest and the Special Record Date therefor to
      be mailed, first-class postage prepaid, to each Holder of Registered
      Securities of such series at his address as it appears in the Security
      Register not less than 10 days prior to such Special Record Date. Notice
      of the proposed payment of such Defaulted Interest and the Special Record
      Date therefor having been mailed as aforesaid, such Defaulted Interest
      shall be paid 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 such Special Record Date and shall no longer be
      payable pursuant to the following clause (2). In case a Bearer Security of
      any series is surrendered at the office or agency in a Place of Payment
      for such series in exchange for a Registered Security of such series after
      the close of business at such office or agency on 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 proposed date of
      payment and Defaulted Interest will not be payable on such proposed date
      of payment 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

                                      -34-
<PAGE>   37
      Indenture.

            (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 45 but not more
than 60 days prior to an Optional Reset Date for such Security. 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 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 a higher interest
rate (or a spread or spread multiplier providing for a higher interest rate, if
applicable) 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 spread or spread multiplier providing for a higher
interest rate, 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 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 spread or spread multiplier providing for a
higher interest rate, if applicable).

            The Holder of any such Security may 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

                                       -35-
<PAGE>   38
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 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 45
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 (or spread, spread multiplier
or other formula used to calculate such interest rate, if applicable), 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 (or spread, spread multiplier or other formula used to
calculate such interest rate, if applicable) provided for in the Extension
Notice and establish a higher interest rate (or spread, spread multiplier or
other formula used to calculate such higher interest rate, if applicable) for
the Extension Period by causing the Trustee to transmit, in the manner provided
for in Section 106, notice of such higher interest rate (or spread, spread
multiplier or other formula used to calculate such interest rate, if applicable)
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 Stated Maturity of any Security, the
Holder

                                      -36-
<PAGE>   39
will have the option to elect repayment of such Security by the Company on the
Original Stated Maturity at a 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 Stated 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 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 Registered Security and for all other purposes
whatsoever, whether or not such Registered Security be overdue, and neither the
Company, the Trustee nor any agent of the Company or the Trustee shall be
affected by notice to the contrary.

            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 coupon be overdue, and neither the
Company, the Trustee nor any agent of the Company or the Trustee shall be
affected by notice to the contrary.

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

            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 effect to any written certification, proxy
or other authorization furnished by any 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,

                                      -37-
<PAGE>   40
repayment at the option of the Holder, registration of transfer or exchange or
for credit against any sinking fund payment shall, if surrendered to any Person
other than the Trustee, be delivered to the Trustee, and any such Securities and
coupons and Securities and coupons surrendered directly to the Trustee for any
such purpose 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. Cancelled Securities and coupons held by the Trustee shall be
destroyed by the Trustee and the Trustee shall deliver a certificate of such
destruction to the Company, unless by a Company Order the Company directs the
return of any cancelled Securities to it.

            SECTION 311 Computation of Interest.

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

            SECTION 312 Currency and Manner of Payments in Respect of
                        Securities.

            (a) Unless otherwise specified with respect to any Securities
pursuant to Section 301, 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 for such series of Registered Securities 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

                                      -38-
<PAGE>   41
or any transferee of such Holder until changed by such Holder or such transferee
by written notice to the Trustee for such series of Registered Securities (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 of such series of Registered
Securities 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 for each such series of
Registered Securities 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 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 denominated in any Currency 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 or Currencies payments to be made on such payment date. Unless
otherwise specified pursuant to Section 301, the Dollar or Foreign Currency or
Currencies 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 second 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

                                      -39-
<PAGE>   42
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 of each such series of Securities and by such 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 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) of
this Section 312.

            (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

                                      -40-
<PAGE>   43
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 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 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 Regular Record Date for the
applicable series of Registered Securities or at least 16 days prior to
Maturity, as the case may be, or such other prior date for any series of
Registered Securities as specified pursuant to clause (13) of Section 301 by
which the written election referred to in Section 312(b) 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 for the appropriate series of Securities
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 for the appropriate series of Securities 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 of the appropriate
series of Securities and to the Exchange Rate Agent (and such Trustee will
promptly thereafter give notice in the manner provided 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 of the appropriate
series of Securities and to the Exchange Rate Agent (and such Trustee will
promptly thereafter give notice in the manner provided 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

                                      -41-
<PAGE>   44
the Trustee of the appropriate series of Securities and to the Exchange Rate
Agent.

            The Trustee of the appropriate series of Securities shall be fully
justified and protected in conclusively 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 Foreign Currency
or (ii) may be payable in a Foreign Currency, 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
Foreign Currency into the applicable payment 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 of
the appropriate series of Securities accepting such appointment executed by the
successor Exchange Rate Agent.

            (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).

            SECTION 314 CUSIP Numbers.

            The Company in issuing the Securities may use "CUSIP" numbers (if
then generally in use), and, if so, the Trustee shall indicate the "CUSIP"
numbers of the Securities in notices of redemption as a convenience to Holders;
provided that, any such notice may state that no representation is made as to
the correctness of such numbers either as printed on the Securities or as
contained in any notice of redemption and that reliance may be placed only on
the other identification numbers printed on the Securities,

                                      -42-
<PAGE>   45
and any such redemption shall not be affected by any defect in or omission of
such numbers. The Company will promptly notify the Trustee of any change in the
"CUSIP" numbers.

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

            SECTION 401 Satisfaction and Discharge of Indenture.

            Unless otherwise specified pursuant to Section 301, 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 provided in Section 1005), and the Trustee, upon receipt
of a Company Order, and 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 or segregated and held in trust by the Trustee or Paying Agent
      (which may be the Company) and thereafter repaid to the Company or
      discharged from such trust, as provided in Section 1003) have been
      delivered to the Trustee for cancellation; or

                  (B) all 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 (A) have become due and payable, or (B) will
      become due and payable at their Stated Maturity within one year, or (C) 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 and such coupons not

                                      -43-
<PAGE>   46
      theretofore delivered to the Trustee for cancellation, including the
      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 Officers'
      Certificate and an Opinion of Counsel, each stating that all conditions
      precedent herein provided for relating to the satisfaction and discharge
      of this Indenture as to such series have been complied with.

Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee and any predecessor Trustee under
Section 606, the obligations of the Company to any Authenticating Agent under
Section 611 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 and the obligations of
the Company and the Trustee with respect to Securities of such series under
Sections 305, 306, 1002 and 1005, with respect to the payment of Additional
Amounts, if any, with respect to any rights of Holders to require the Company to
repay such Securities as contemplated by Section 1301 and with respect to any
rights of Holders to convert or exchange such Securities into other Securities,
shall survive. These obligations shall continue to be governed and construed in
accordance with Section 111.

            SECTION 402 Application of Trust Funds.

            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 or received by the Trustee, but such money need not be segregated
from other funds except to the extent required by law.

                                  ARTICLE FIVE

                                    REMEDIES

            SECTION 501 Events of Default.

            "Event of Default", wherever used herein with respect to any
particular series of Securities, means any one of the following events as such
events may be otherwise amended in accordance with Section 301 (whatever the
reason for such Event of Default and whether or not 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,

                                      -44-
<PAGE>   47
rule or regulation of any administrative or governmental body):

            (1) default in the payment of any interest upon, or any Additional
Amount payable in respect of, any Security of that series or of any coupon
appertaining thereto, 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 when it becomes due and payable at its
Maturity; or

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

            (4) default in the performance, or breach, of any covenant or
agreement of the Company in this Indenture with respect to any Security of that
series (other than a covenant or agreement a default in whose performance or
whose breach is elsewhere in this Section specifically dealt with), and
continuance of such default or breach for a period of 60 days after there has
been given, by registered or certified mail, to the Company by the Trustee or to
the Company and the Trustee by the Holders of at least 25% in principal amount
of the Outstanding Securities of that series a written notice specifying such
default or breach and requiring it to be remedied and stating that such notice
is a "Notice of Default" hereunder; or

            (5) the Company pursuant to or within the meaning of any Bankruptcy
Law: (A) commences a voluntary case or proceedings, (B) consents to the entry of
an order for relief against it in an involuntary case or proceedings, (C)
consents to the appointment of a Custodian of it or for all or substantially all
of its property, (D) makes a general assignment for the benefit of its
creditors, (E) files a petition in bankruptcy or answer or consent seeking
reorganization or relief, or (F) consents to the filing of such petition or the
appointment of or taking possession by a Custodian; or

            (6) a court of competent jurisdiction enters an order or decree
under any Bankruptcy Law that: (A) is for relief against the Company in an
involuntary case, or adjudicates the Company insolvent or bankrupt, (B) appoints
a Custodian of the Company or for all or substantially all of its property, or
(C) orders the winding-up or liquidation of the Company, and the order or decree
remains unstayed and in effect for 60 days; or

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

            The term "Bankruptcy Law" means title 11, U.S. Code or any similar
foreign, Federal or State law for the relief of debtors. The term "Custodian"
means any custodian, receiver, trustee, assignee, liquidator or other similar
official under any Bankruptcy Law.

            SECTION 502 Acceleration of Maturity; Rescission and Annulment.

                                      -45-
<PAGE>   48
            If an Event of Default (other than an Event of Default specified in
Section 501(5) or 501(6) with respect to the Company) with respect to Securities
of any series at the time Outstanding occurs and is continuing, then and 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 and premium if any (or, if any Securities are Original Issue Discount
Securities or Indexed Securities, such portion of the principal as may be
specified in the terms thereof) and accrued interest of all 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 the Holders), and upon any such
declaration such principal or specified portion thereof and interest shall
become immediately due and payable. If an Event of Default specified in Section
501(5) or 501(6) with respect to the Company occurs, the amounts described above
with respect to the Outstanding Securities of all 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. Upon payment of such principal and interest,
all of the Company's obligations under the Securities of such Series and this
Indenture, other than obligations under Section 606, shall terminate.

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

            (1) the Company has paid or deposited with the Trustee a sum
sufficient in cash to pay all principal (and premium, if any), interest and
Additional Amounts which have become due other than by such declaration of
acceleration, interest or any such overdue amounts, and amounts owing to the
Trustee;

            (2) all Events of Default with respect to Securities of that series,
other than the nonpayment of the principal of (or premium, if any) or interest
on Securities of that series which have become due solely by such declaration of
acceleration, have been cured or waived as provided in Section 514; and

            (3) such rescission would not conflict with any judgment or decree
of a court of competent jurisdiction.

            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 or
Additional Amounts on any Security of any series and any related coupon when
such interest or Additional Amounts becomes due and payable and such default
continues for a

                                      -46-
<PAGE>   49
period of 30 days, or

            (2) default is made in the payment of the principal of (or premium,
if any, on) any Security of any series at its Maturity, then the Company will,
upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders
of Securities of such series and coupons, the whole amount then due and payable
on such Securities and coupons for principal (and premium, if any) and interest,
if any, with interest upon any overdue principal (and premium, if any) and, to
the extent that payment of such interest shall be legally enforceable, upon any
overdue installments of interest, if any, at the rate or rates borne by or
provided for 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 and as trustee of an express trust, may institute a
judicial proceeding for the collection of the sums so due and unpaid, and may
prosecute such proceeding to judgment or final decree, and may enforce the same
against the Company or any other obligor upon Securities of such series 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
of such series, wherever situated.

            If an Event of Default with respect to Securities of any series
occurs and is continuing, the Trustee may in its discretion proceed to protect
and enforce its rights and the rights of the Holders of Securities of such
series and any related coupons 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
of any series shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Trustee shall have made
any demand on the Company for the payment of any overdue principal, premium or
interest) shall be entitled and empowered, by intervention in such proceeding or
otherwise:

            (A) to file and prove a claim for the whole amount of principal (or
      in the case of Original Issue Discount Securities or Indexed Securities,
      such portion of the principal as may be provided for in the terms thereof)
      (and premium, if any) 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

                                      -47-
<PAGE>   50
      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

            (B) to collect and receive any moneys or other property payable or
      deliverable on any such claims and to distribute the same; and any
      custodian, receiver, assignee, trustee, liquidator, sequestrator (or other
      similar official) in any such judicial proceeding is hereby authorized by
      each Holder of Securities of such series and coupons 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 to it for the reasonable compensation, expenses, disbursements
      and advances of the Trustee and any predecessor Trustee, their agents and
      counsel, and any other amounts due the Trustee or any predecessor 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 of a Security
or coupon any plan of reorganization, arrangement, adjustment or composition
affecting the Securities or coupons or the rights of any Holder thereof, or to
authorize the Trustee to vote in respect of the claim of any Holder of a
Security or coupon in any such proceeding.

            SECTION 505 Trustee May Enforce Claims Without Possession of
                        Securities or Coupons.

            All rights of action and claims under this Indenture or any of 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 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 and any
predecessor Trustee under Section 606;

                                      -48-
<PAGE>   51
            SECOND: To the payment of the amounts then due and unpaid upon the
Securities and coupons for principal (and premium, if any) and interest, if any,
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 aggregate
amounts due and payable on such Securities and coupons for principal (and
premium, if any) and interest, if any, respectively; and

            THIRD: To the payment of the remainder, if any, to the Company or
any other Person or Persons entitled thereto.

            SECTION 507 Limitation on Suits.

            No Holder of any Security of any series or any related coupon shall
have any right to institute any proceeding, judicial or otherwise, with respect
to this Indenture, or for the appointment of a receiver or trustee, or for any
other remedy hereunder, unless:

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

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

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

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

            (5) no direction inconsistent with such written request has been
given to the Trustee during such 60-day period by the Holders of a majority in
principal amount of the Outstanding Securities of that series; it being
understood and intended that no one or more of such Holders shall have any right
in any manner whatever by virtue of, or by availing of, any provision of this
Indenture to affect, disturb or prejudice the rights of any other of such
Holders, or to obtain or to seek to obtain priority or preference over any other
of such Holders or to enforce any right under this Indenture, except in the
manner herein provided and for the equal and ratable benefit of all such
Holders.

            SECTION 508 Unconditional Right of Holders to Receive Principal,
                        Premium and Interest and Additional Amounts, if Any.

            Notwithstanding any other provision in this Indenture, the Holder of
any Security or coupon shall have the right which is absolute and unconditional
to receive payment of the principal of (and premium, if any) and (subject to
Sections 305 and 307) interest, if any, and Additional Amounts, if any, on such
Security or payment of such coupon on the respective due dates expressed in such
Security or coupon (or, in the case

                                      -49-
<PAGE>   52
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 of a Security or coupon 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 the Company, the Trustee and the Holders of Securities and coupons shall,
subject to any determination in such proceeding, 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
of Securities or coupons, as the case may be.

            SECTION 512 Control By Holders of Securities.

            The Holders of a majority in principal amount of the Outstanding
Securities of any series shall have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee or
exercising any trust or power conferred on the Trustee with respect to the
Securities of such series, provided that

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

            (2) the Trustee may take any other action deemed proper by the

                                      -50-
<PAGE>   53
Trustee which is not inconsistent with such direction, and

            (3) the Trustee need not take any action, as determined in the good
faith of Trustee, which might involve it in personal liability or be unduly
prejudicial to the Holders of Securities of such series not consenting unless
the Trustee is offered indemnity satisfactory to it. This Section 512 shall be
in lieu of Section 316(a)1(A) of the TIA and such Section 316(a)1(A) is hereby
expressly excluded from this Indenture as permitted by the TIA.

            SECTION 513 Undertaking for Costs.

            All parties to this Indenture agree that in any suit for the
enforcement of any right or remedy under this Indenture or in any suit against
the Trustee for any action taken or omitted by it as a Trustee, a court in its
discretion may require the filing by any party litigant in the suit of an
undertaking to pay the costs of the suit, and the court in its discretion may
assess reasonable costs, including reasonable attorney's fees and expenses,
against any party litigant in the suit, having due regard to the merits and good
faith of the claims or defenses made by the party litigant, provided that this
Section 513 shall not apply to a suit by the Trustee, a suit by a Holder
pursuant to Section 508 hereof, or a suit by Holders of more than 10% in
principal amount of the then Outstanding Securities. This section 513 shall be
in lieu of Section 315(e) of the TIA and such Section 315(e) is hereby expressly
excluded from this Indenture, as permitted by TIA.

            SECTION 514 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 and any related coupons waive
any past default hereunder with respect to such series and its consequences,
except a default

            (1) in the payment of the principal of (or premium, if any) or
interest, if any, or Additional Amounts on any Security of such series or any
related coupons, or

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

            SECTION 515 Waiver of Usury, Stay or Extension Laws.

            The Company covenants (to the extent that it may lawfully do so)
that it will not at any time insist upon, or plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay or extension law or any
usury or other 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

                                      -51-
<PAGE>   54
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.

            If a Default or Event of Default occurs known to the Trustee, the
Trustee shall give to each Holder of Securities of such series in a manner and
to the extent provided in TIA Section 313(c), notice of the Default within 90
days after it occurs, unless such Default shall have been cured or waived before
giving such notice; provided, however, that, except in the case of a Default in
the payment of the principal 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 the 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 determines that the withholding of such notice is in the
interests of the Holders of the Securities and coupons of such series; and
provided further that in the case of any Default or breach of the character
specified in Section 501(4) with respect to the Securities and coupons of such
series, no such notice to Holders shall be given until at least 60 days after
the occurrence thereof unless otherwise specified in accordance with Section
301. The Trustee shall not be deemed to have knowledge of a Default unless a
Responsible Officer of the Trustee has received written notice of such Default.

            SECTION 602 Certain Rights of Trustee.

            (1) If an Event of Default has occurred and is continuing, the
Trustee shall exercise the rights and powers vested in it by this Indenture and
use the same degree of care and skill in its exercise as a prudent person would
exercise or use under the circumstances in the conduct of such person's own
affairs.

            (2) Except during the continuance of an Event of Default:

            (a) the Trustee need perform only those duties that are
            specifically set forth in this Indenture and no others; 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 case of any such certificates or opinions
            which by any provision hereof are specifically required to be
            furnished to the Trustee, the Trustee shall examine the certificates
            and opinions to determine whether or not they conform to the
            requirements of this Indenture, but need not confirm or

                                      -52-
<PAGE>   55
            investigate the accuracy of mathematical calculations or other facts
            stated therein.

This Section 602(2) shall be in lieu of Section 315(a) of the TIA and such
Section 315(a) is hereby expressly excluded from this Indenture, as permitted by
the TIA.

            (3) The Trustee may not be relieved from liability for its own
negligent action, its own negligent failure to act or its own willful
misconduct, except that:

            (a)   this paragraph (3) does not limit the effect of paragraph
            (2) 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 it
            takes or omits to take in good faith in accordance with a direction
            received by it pursuant to Section 512.

Subparagraphs (3)(a), (b) and (c) shall be in lieu of Sections 315(d)(1),
315(d)(2) and 315(d)(3) of the TIA and such Sections 315(d)(1), 315(d)(2) and
315(d)(3) are hereby expressly excluded from this Indenture, as permitted by the
TIA.

            (4) The Trustee may conclusively rely and shall be protected in
acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, note, coupon 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 (other than
delivery of any Security, together with any coupons appertaining thereto, to the
Trustee for authentication and delivery pursuant to Section 303 which shall be
sufficiently evidenced as provided therein) 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 Officers' Certificate.

            (7) The Trustee may consult with counsel of its choosing and the
advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted
by it hereunder in good faith and in accordance with such advice or Opinion of
Counsel.

                                      -53-
<PAGE>   56
            (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
security or indemnity satisfactory to the Trustee against the costs, expenses
and liabilities which might be incurred by it in compliance with such request or
direction.

            (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, coupon, other evidence of indebtedness or other paper or
document, but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit, and, if the Trustee
shall determine to make such further inquiry or investigation, it shall be
entitled to examine the books, records and premises of the Company, personally
or by agent or attorney and shall incur no liability or additional liability of
any kind by reason of such inquiry or investigation.

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

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

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

            (14) The Trustee shall not be deemed to have notice of any Default
or Event of Default unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless written notice of any event which is in fact such a
default is received by the Trustee at the Corporate Trust office of the
Trustee, and such notice references the Securities in this Indenture.

            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.

                                      -54-
<PAGE>   57
            SECTION 603 Not Responsible For Recitals or Issuance of Securities.

            The recitals contained herein and in the Securities, except the
Trustee's certificate 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 Paying Agent, Security Registrar, Authenticating
Agent or any other agent of the Company, 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(a) and (b), may otherwise deal with the Company
with the same rights it would have if it were not Trustee, Paying Agent,
Security Registrar, Authenticating Agent 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 Trustee shall be
under no liability for interest on any money received by it hereunder except as
otherwise agreed with the Company.

            SECTION 606 Compensation and Reimbursement.

            The Company agrees:

            (1) to pay to the Trustee from time to time such reasonable
      compensation for all services rendered by it hereunder as shall be agreed
      upon in writing from time to time (which compensation shall not be limited
      (to the extent permitted by law) 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 each
      of the Trustee and any predecessor Trustee upon its request for all
      reasonable expenses, disbursements and advances incurred or made by the
      Trustee in accordance with any provision of this Indenture (including the
      reasonable compensation and the expenses and disbursements of its agents
      and counsel), except any such expense, disbursement or advance as may be
      attributable to its negligence or bad faith; and

                                      -55-
<PAGE>   58
            (3) to indemnify each of the Trustee and any predecessor Trustee and
      their agents for, and to hold it harmless against, any loss, damage,
      claims, liability or expense (including reasonable attorney's fees and
      taxes (other than taxes based upon, measured by or determined by the
      income of the Trustee)) incurred without negligence or bad faith on its
      own part, arising out of or in connection with the acceptance or
      administration of the trust or trusts hereunder, including the reasonable
      costs and expenses of defending itself against any claim (whether asserted
      by the Company or any Holder or any other Person) or liability in
      connection with the exercise or performance of any of its 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.

            As security for the performance of the obligations of the Company
under this Section, the Trustee shall have a claim 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 after an Event
of Default specified in Section 501(5) or (6) occurs, the expenses and
compensation for the services are intended to constitute expenses of
administration under any Bankruptcy Law.

            The provisions of this Section 606 shall survive the resignation and
removal of the Trustee and the termination of this Indenture.

            SECTION 607 Corporate Trustee Required; Eligibility.

            There shall at all times be 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 or 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.

            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.

                                      -56-
<PAGE>   59
            (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.

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

            (d)   The Company shall remove the Trustee if:

                  (1)   the Trustee fails to comply with Section 607;

                  (2)   the Trustee is adjudged bankrupt or insolvent;

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

                  (4)   the Trustee otherwise becomes incapable of acting.

            (e) If a successor Trustee does not take office within 30 days after
the retiring Trustee resigns or is removed, the retiring Trustee, the Company
or, with respect to the Securities of any particular series, the Holders of a
majority in principal amount of the Outstanding Securities of that series may
petition any court of competent jurisdiction at the expense of the Company for
the appointment of a successor Trustee.

            (f) 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 or pursuant to
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 or removal, 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 of Securities
and accepted appointment in the manner hereinafter provided, any Holder of a
Security 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 Securities of such series.

            (g) If the Trustee fails to comply with Section 607, any
Securityholder may petition any court of competent jurisdiction for the removal
of the Trustee and the appointment of a successor Trustee.

                                      -57-
<PAGE>   60

            (h) 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
in the manner provided for notices to the Holders of Securities 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.

            (a) In case of the appointment hereunder of a successor Trustee with
respect to all Securities, every such successor Trustee 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 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, if any, provided for in Section 606.

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

                                      -58-
<PAGE>   61
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 the claim, if any, provided for in Section 606.

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

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

            SECTION 610 Merger, Conversion, Consolidation or Succession to
                        Business.

            Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder,
provided such corporation shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the
part of any of the parties hereto. In case any Securities or coupons 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 or coupons so
authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities or coupons. In case any Securities or coupons
shall not have been authenticated by such predecessor Trustee, any such
successor Trustee may authenticate and deliver such Securities or coupons, in
either its own name or that of its predecessor Trustee, with the full force and
effect which this Indenture provides for the certificate of authentication of
the Trustee.

            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 issued upon exchange,
registration of transfer or partial redemption thereof 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 or Agent will serve, in
the manner provided for in Section 106, and Securities so authenticated shall be
entitled to the benefits of this Indenture and shall be valid and obligatory for
all purposes as if authenticated by the Trustee hereunder. Any such appointment
shall be evidenced by an instrument in writing signed by a Responsible Officer
of the Trustee, a copy of which instrument shall be promptly furnished to the
Company. Wherever reference is made in this Indenture to the authentication and


                                      -59-
<PAGE>   62
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 reasonably acceptable to the Company and,
except as may otherwise be provided pursuant to Section 301, shall at all times
be a bank or trust company or corporation organized and doing business and in
good standing under the laws of the United States of America or of any State 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 authorities. If such
Authenticating Agent publishes reports of condition at least annually, pursuant
to law or the requirements of the aforesaid supervising or examining authority,
then for the purposes of this Section, the combined capital and surplus of such
Authenticating Agent shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published. In case at any
time an Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section.

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

            An Authenticating Agent for any series of Securities may at any time
resign by giving written notice of resignation to the Trustee for such series
and to the Company. The Trustee for any series of Securities may at any time
terminate the agency of an Authenticating Agent by giving written notice of
termination 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 for such series may appoint a successor
Authenticating Agent which shall be acceptable to the Company and shall give
notice of such appointment to all Holders of Securities of the series with
respect to which such Authenticating Agent will serve in the manner set forth 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 herein. No successor Authenticating Agent shall be
appointed unless eligible under the provisions of this Section.

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

            If an appointment with respect to one or more series is made
pursuant to

                                      -60-
<PAGE>   63
this Section, the Securities of such series may have endorsed thereon, in
addition to or in lieu of the Trustee's certificate of authentication, an
alternate certificate of authentication substantially in the following form:

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

            THE CHASE MANHATTAN BANK,
            as Trustee


            By:  __________________________
                 as Authenticating Agent

            By:  __________________________
                 as Authorized Signatory


            SECTION 612 Conflicting Interests.

            (a) The Trustee shall comply with the provisions of Section 310(b)
of the Trust Indenture Act.

            (b) The indenture dated as of February 6, 2001, for the Company's
Liquid Yield Option (TM) Notes due 2021 between the Company and The Chase
Manhattan Bank and the indenture dated as of May 9, 2001, for the Company's
Liquid Yield Option(TM) Notes due 2021 between the Company and The Chase
Manhattan Bank shall be deemed to be specifically described herein for the
purposes of clause (i) of the first proviso contained in Section 310(b) of the
Trust Indenture Act.

            SECTION 613 Appointment of Co-Trustee.

            (A) For the purpose of meeting any legal requirements of any
jurisdiction in which the Company may at the time be located in connection with
the enforcement of any right or the taking of any action on behalf of the
Holders of any Securities issued hereunder, the Trustee shall have the power and
may execute and deliver all instruments necessary to appoint one or more Persons
to act as a co-trustee or co-trustees, or separate trustee or separate trustees,
such powers, duties, obligations, rights and trusts as the Trustee may consider
necessary or desirable. Each co-trustee or separate trustee hereunder shall be
required to meet the terms of eligibility as a trustee under Section 607. The
Trustee shall promptly notify the Holders and the Company of the appointment of
a co-trustee or separate trustee under this Section.

            (B) Every separate trustee and co-trustee shall, to the extent
permitted by law, be appointed and act subject to the following provisions and
conditions:

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(TM)      Trademark of Merrill Lynch & Co., Inc.
(TM)      Trademark of Merrill Lynch & Co., Inc.


                                      -61-
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                  (a) all rights, powers, duties and obligations conferred or
            imposed upon the Trustee shall be conferred or imposed upon and
            exercised or performed by the Trustee and such separate trustee or
            co-trustee jointly (it being understood that such separate trustee
            or co-trustee is not authorized to act separately without the
            Trustee joining in such act), except to the extent that under any
            law of any jurisdiction in which any particular act or acts are to
            be performed the Trustee shall be incompetent or unqualified to
            perform such act or acts, in which event such rights, powers, duties
            and obligations shall be exercised and performed singly by such
            separate trustee or co-trustee, but solely at the direction of the
            Trustee;

                  (b) no trustee hereunder shall be personally liable by
            reason of any act or omission of any other trustee hereunder;

                  (c) the Trustee may at any time accept the resignation
            of or remove any separate trustee or co-trustee;

                  (d) any notice, request or other writing given to the Trustee
            shall be deemed to have been given to each of the then separate
            trustees and co-trustees, as effectively as if given to each of
            them. Every instrument appointing any separate trustee or co-trustee
            shall refer to this Indenture and the conditions of this Article
            Six. Each separate trustee and co-trustee, upon its acceptance of
            the trusts conferred, shall be vested with the estates or property
            specified in its instrument of appointment, either jointly with the
            Trustee or separately, as may be provided therein, subject to all
            the provisions of this Indenture, specifically including every
            provision of this Indenture relating to the conduct of, affecting
            the liability of, or affording protection or rights (including the
            rights to compensation, reimbursement and indemnification hereunder)
            to, the Trustee. Every such instrument shall be filed with the
            Trustee; and

                  (e) any separate trustee or co-trustee may at any time
            constitute the Trustee its agent or attorney-in-fact with full power
            and authority, to the extent not prohibited by law, to do any lawful
            act under or in respect of this Indenture on its behalf and in its
            name for the purposes of enforcing any rights or taking any other
            action on behalf of the Holders of any Securities issued hereunder.

            SECTION 614 Trustee's Application for Instructions from the Company.

            Any application by the Trustee for written instructions from the
Company may, at the option of the Trustee, set forth in writing any action
proposed to be taken or omitted by the Trustee under this Indenture and the date
on and/or after which such action shall be taken or such omission shall be
effective. The Trustee shall not be liable for any action taken by, or omission
of, the Trustee in accordance with a proposal

                                      -62-
<PAGE>   65
included in such application on or after the date specified in such application
(which date shall not be less than five Business Days after the date any Officer
of the Company actually receives such application, unless any such officer shall
have consented in writing to any earlier date) unless prior to taking any such
action (or the effective date in the case of an omission), the Trustee shall
have received written instructions in response to such application specifying
the action to be taken or omitted.

                                 ARTICLE SEVEN

              HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

            SECTION 701 Disclosure of Names and Addresses of Holders.

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

            (A) semiannually, not later than 15 days after each Regular Record
      Date for Securities of each series at the time Outstanding, a list in such
      form as the Trustee may reasonably require, of the names and addresses of
      the Holders of Registered Securities as of such Regular Record Date, or if
      there is no Regular Record Date for interest for such series of
      Securities, semiannually, upon such dates as are set forth in the Board
      Resolution, Officers' Certificates or indenture supplemental hereto
      authorizing such series, and

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

provided, however, that so long as the Trustee is the Security Registrar, no
such list shall be required to be furnished.

            The Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of Holders contained in the most recent
list furnished to the Trustee as provided in this Section 701 and the names and
addresses of Holders received by the Trustee in its capacity as Security
Registrar. The Trustee may destroy any list furnished to it as provided in this
Section 701 upon receipt of a new list so furnished.

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

            Every Holder of Securities or coupons, by receiving and holding the
same, agrees with the Company and the Trustee that neither the Company nor the
Trustee nor any Authenticating Agent nor any Paying Agent nor any Security
Registrar shall be held accountable by reason of the disclosure of any
information as to the names and addresses of the Holders of Securities in
accordance with TIA Section 312, regardless of the source

                                      -63-
<PAGE>   66
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
TIA 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 by mail to all Holders of Securities as provided in TIA
Section 313(c) a brief report dated as of such May 15 if required by TIA Section
313(a).

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

            SECTION 703 Reports by Company.

            The Company will:

            (1) if requested by the Trustee, the Company shall deliver to the
      Trustee, within 15 days after it files such annual and quarterly reports,
      information, documents and other reports with the Commission, copies of
      its annual report and of the information, documents and other reports (or
      copies of such portions of any of the foregoing as the Commission may by
      rules and regulations prescribe) which the Company is required to file
      with the Commission pursuant to Section 13 or 15(d) of the Exchange Act.
      The Company shall send to the Trustee all reports required pursuant to the
      provisions of TIA Section 314(a). Delivery of such reports, information
      and documents to the Trustee is for informational purposes only and the
      Trustee's receipt of the same 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 Officers' Certificates);

            (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 by mail to the Holders of Securities, within 30 days
      after the filing thereof with the Trustee, in the manner and to the extent
      provided in TIA Section 313(c), 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.


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<PAGE>   67
            SECTION 704 Calculation of Original Issue Discount.

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

                                 ARTICLE EIGHT

                CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

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


            The Company shall not consolidate with or merge with or into any
other Person or sell, transfer or lease all or substantially all of its assets
to any Person, unless:

            (1) either the Company shall be the continuing corporation, or the
      corporation (if other than the Company) formed by such consolidation or
      into which the Company is merged or the Person which acquires by sale,
      transfer or lease of all or substantially all of the Company's assets
      shall (i) be organized under the laws of the United States or any state
      thereof and (ii) expressly assume, by an indenture supplemental hereto,
      executed and delivered to the Trustee, in form satisfactory to the
      Trustee, all of the obligations of the Company under this Indenture and on
      all the Securities and this Indenture;

            (2) immediately after giving effect to such transaction, no Default
      or Event of Default shall have occurred and be continuing;

            (3) the Company and the successor Person have delivered to the
      Trustee an Officers' 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; and

            (4)   any other covenant provided with respect to Securities of
      that series.

            SECTION 802 Successor Person Substituted.

            Upon any consolidation or merger, or any conveyance or transfer of
the properties and assets of the Company substantially as an entirety in
accordance with Section 801, the successor corporation formed by such
consolidation or into which the Company is merged or the successor Person to
which such conveyance or transfer is

                                      -65-
<PAGE>   68
made shall succeed to, and be substituted for, and may exercise every right and
power of, the Company under this Indenture with the same effect as if such
successor had been named as the Company herein; and in the event of any such
conveyance or transfer (except by a lease), the Company shall be discharged from
all obligations and covenants under this Indenture and the Securities and
coupons and may be dissolved and liquidated.

            Such successor entity thereupon may cause to be signed, and may
issue either in its own name or in the name of the Company, any or all of the
Securities issuable hereunder which theretofore shall not have been signed by
the Company and delivered to the Trustee; and, upon the order of such successor
entity, instead of the Company, and subject to all the terms, conditions and
limitations prescribed in this Indenture, the Trustee shall authenticate and
shall deliver any Securities which previously shall have been signed and
delivered by the officers of the Company to the Trustee for authentication, and
any Securities which such successor entity thereafter shall cause to be signed
and delivered to the Trustee for that purpose. All the Securities of any series
so issued shall in all respects have the same legal rank and benefit under this
Indenture as the Securities of such series theretofore or thereafter issued in
accordance with the terms of this Indenture as though all of such Securities had
been issued at the date of the execution hereof.

            In case of any such merger in which the Company is not the surviving
corporation or any such consolidation, sale, lease, assignment, transfer or
conveyance, such changes in phraseology and form (but not in substance) may be
made in the Securities thereafter to be issued as may be appropriate.

            SECTION 803 Officers' Certificate and Opinion of Counsel.

            Any consolidation, merger, sale, conveyance, assignment, transfer or
lease permitted under Section 801 is also subject to the condition that the
Trustee shall have received an Officers' Certificate and an Opinion of Counsel
to the effect that any such consolidation, merger, sale, conveyance, transfer,
assignment or lease, and the assumption by any successor Person and any such
supplemental indenture, comply with the provisions of this Article and that all
conditions precedent herein provided for relating to such transaction have been
complied with.

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

            SECTION 901 Supplemental Indentures Without Consent of Holders.


            Without the consent of any Holders of Securities or coupons, 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:

                  (1) to evidence the succession of another Person to the
         Company and


                                      -66-
<PAGE>   69
        the assumption by any such successor of the covenants of the Company
        herein and in the Securities contained; or

                  (2) to provide for uncertificated Securities in addition to or
         in place of certificated Securities; provided, however, that the
         uncertificated Securities are issued in registered form for purposes of
         Section 163(f) of the Code or in a manner such that the uncertificated
         Securities are as described in Section 163(f)(2)(B) of the Code; or

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

                  (4) to add any additional Events of Default for the benefit of
         the Holders of all or any series of Securities (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 expressly being
         included solely for the benefit of such series); provided, however,
         that in respect of any such additional Events of Default such
         supplemental indenture may provide for a particular period of grace
         after default (which period may be shorter or longer than that allowed
         in the case of other defaults) or may provide for an immediate
         enforcement upon such default or may limit the remedies available to
         the Trustee upon such default or may limit the right of the Holders of
         a majority in aggregate principal amount of that or those series of
         Securities to which such additional Events of Default apply to waive
         such default; or

                  (5) 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

                  (6) 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

                  (7) to secure the Securities pursuant to the requirements of
         such indenture supplement, if applicable; or

                  (8) to establish the form or terms of Securities of any series
         and any

                                      -67-
<PAGE>   70
         related coupons as permitted by Sections 201 and 301, including the
         provisions and procedures relating to Securities convertible into or
         exchangeable for any securities of any Person (including the Company);
         or

                  (9) 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; or

                  (10) to cure any ambiguity or defect, 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 that such action shall
         not adversely affect the interests of the Holders of Securities of any
         series or any related coupons taken as a whole outstanding; or

                  (11) 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 outstanding Securities
         of such series and any related coupons or any other series of
         outstanding Securities; or

                  (12) to add a guarantor or guarantors for any series or all
         series of the Securities; or

                  (13) to comply with the requirements of the Commission in
         order to effect or maintain the qualification of this Indenture under
         the Trust Indenture Act.

         SECTION 902 Supplemental Indentures with Consent of Holders.

         With the consent of the Holders of not less than a majority in
principal amount of all Outstanding Securities affected by such supplemental
indenture, with each series voting separately, 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 or of
modifying in any manner the rights of the Holders of Securities and any related
coupons under this Indenture; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security
affected thereby:

                  (1) extend the Stated Maturity of the principal of (or
         premium, if any, on) or any installment of principal of or interest on,
         any Security, subject to the provisions of Section 308; or reduce the
         principal amount thereof or the rate of interest (or change the manner
         of calculation of interest), thereon,

                                      -68-
<PAGE>   71
         or any Additional Amounts with respect thereto, or any premium payable
         upon the redemption thereof, or change any obligation of the Company to
         pay Additional Amounts pursuant to Section 1005 (except as contemplated
         by Section 801(1) and permitted by Section 901(1)), or reduce the
         portion of the principal of an Original Issue Discount Security or
         Indexed Security 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 change
         any Place of Payment where, or the Currency in which, any Security or
         any premium or interest or Additional Amount 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 the 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, or the consent of whose
         Holders is required for any waiver with respect to such series (of
         compliance with certain provisions of this Indenture or certain
         defaults hereunder and their consequences) provided for in this
         Indenture, or reduce the requirements of Section 1504 for quorum or
         voting, or

                  (3) modify any of the provisions of this Section, Section 513
         or Section 1006, except to increase any such percentage or to provide
         that certain other provisions of this Indenture cannot be modified or
         waived without the consent of the Holder of each Outstanding Security
         affected thereby, or

                  (4) cause the Securities to be expressly subordinated to other
         indebtedness of the Company. 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.

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

         The Company may, but shall not be obligated to, fix a record date for
the purpose of determining the Persons entitled to consent to any indenture
supplemental hereto. If a record date is fixed, the Holders at the close of
business on such record date, or their duly designated proxies, and only such
Persons, shall be entitled to consent to such supplemental indenture, whether or
not such Holders remain Holders after such record date; provided that unless
such consent shall have become effective by virtue of the requisite percentage
having been obtained prior to the date which is 90 days after

                                      -69-
<PAGE>   72
such record date, any such consent previously given shall automatically and
without further action by any Holder be cancelled and of no further effect.

         SECTION 903 Execution of Supplemental Indentures.

         In executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article or the modification thereby of
the trusts created by this Indenture, the Trustee shall be entitled to receive,
in addition to the documents required by Section 102, and shall be fully
protected in relying upon (subject to the provisions of Article Six hereof), 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
and of any coupon appertaining thereto 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.



                                  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


                                      -70-
<PAGE>   73
series of Securities that it will duly and punctually pay the principal of (and
premium, if any) and interest and Additional Amounts, if any, on the Securities
of that series in accordance with the terms of such series of Securities, any
coupons appertaining thereto and this Indenture. Any interest due on Bearer
Securities on or before Maturity, other than Additional Amounts, if any, payable
as provided in Section 1005 in respect of principal of (or premium, if any, on)
such a Security, shall be payable only upon presentation and surrender of the
several coupons for such interest installments as are evidenced thereby as they
severally mature. Unless otherwise specified with respect to Securities of any
series pursuant to Section 301, at the option of the Company, all payments of
principal may be paid by check to the registered Holder of the Registered
Security or other person entitled thereto against surrender of such Security or
wire transfer to an account in the United States maintained by the Payee.

         SECTION 1002 Maintenance of Office or Agency.

         If Securities of a series are issuable only as Registered Securities,
the Company shall 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
Borough of Manhattan, 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, and 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 the
Luxembourg Stock Exchange or any other 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 Luxembourg or any other
required city located outside the United States, as the case may be, 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 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. The

                                      -71-
<PAGE>   74
Company will give prompt written notice to the Trustee of the location, and any
change in the location, of each 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 that series and the related coupons
may be presented and surrendered for payment at the offices specified in the
Security, in London, England, and the Company hereby appoints the same as its
agent to receive such respective presentations, surrenders, notices and demands,
and the Company hereby appoints the Trustee its agent to receive all such
presentations, surrenders, notices and demands.

         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 Borough of Manhattan, 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 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 of such purposes, and may from time to time rescind
such designations; provided, however, that no such designation or rescission
shall in any manner relieve the Company of its obligation to maintain an office
or agency in 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 pursuant to 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 Company 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.


                                      -72-
<PAGE>   75
         If the Company shall at any time act as its own Paying Agent with
respect to any series of any 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 (and premium, if any) and 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, on or before 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 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 may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose, pay, or
by Company Order direct any Paying Agent to pay, to the Trustee all sums held in
trust by the Company or such Paying Agent, such sums to be held by the Trustee
upon the same trusts as those upon which such sums were held by the Company or
such Paying Agent; and, upon such payment by any Paying Agent to the Trustee,
such Paying Agent shall be released from all further liability with respect to
such sums.

         Except as otherwise provided in the Securities of any series, 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 and remaining unclaimed for two years after
such principal, premium or interest has become due and payable shall be paid to
the Company upon Company Request or (if then held by the Company) shall be
discharged from such trust; and the Holder of such Security shall thereafter, as
an unsecured general creditor, look only to the Company for payment of such
principal, premium or interest on any Security, without interest thereon, 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 in each Place of Payment for such
series, or mailed to each Holder of Registered Securities of such series, notice
that such money remains unclaimed and that, after a date specified therein,
which shall not be less than 30 days from the date of such publication, any
unclaimed balance of such money then remaining will be repaid to the Company.

         SECTION 1004 Additional Amounts.


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<PAGE>   76
         If any Securities of a series provide for the payment of Additional
Amounts, the Company will pay to the Holder of a Security of such series or any
coupon appertaining thereto 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 of (or premium, if any) or interest,
if any, on any Security of any series or payment of any related coupon or the
net proceeds received on the sale or exchange of any Security of any series,
such mention shall be deemed to include mention of the payment of Additional
Amounts provided 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 any premium is
made), and at least 10 days prior to each date of payment of principal, premium
or interest if there has been any change with respect to the matters set forth
in the below-mentioned Officers' Certificate, the Company will furnish the
Trustee and the Company's principal Paying Agent or Paying Agents, if other than
the Trustee, with an Officers' 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 Officers' 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 (i) to assume that no such withholding or
deduction is required with respect to any payment of principal or interest with
respect to 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 and interest with respect to the Securities of a series or related
coupons without withholding or deductions until otherwise advised. The Company
covenants to indemnify the Trustee and any Paying Agent 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 Officers' Certificate
furnished pursuant to this Section or in reliance on the Company's not
furnishing such an Officers' Certificate.

         SECTION 1005 Statement as to Compliance.

         The Company shall deliver to the Trustee within 120 days after the end
of

                                      -74-
<PAGE>   77
each fiscal year of the Company (beginning with the fiscal year ending on
December 31, 2001) an Officers' Certificate, stating whether or not to the best
knowledge of the signers thereof the Company is in default in the performance
and observance of any of the terms, provisions and conditions of this Indenture
(without regard to any period of grace or requirement of notice provided
hereunder) and if the Company shall be in default, specifying all such defaults
and the nature and status thereof of which they may have knowledge.

         SECTION 1006 Waiver of Certain Covenants.

         As specified pursuant to Section 301(15) for Securities of any series,
the Company may omit in any particular instance to comply with any term,
provision or condition set forth in Sections 1004 and 1005 and, as specified
pursuant to Section 301(15) for Securities of any series, in any covenants of
the Company added to Article Ten pursuant to Section 301(14) or Section 301 (15)
in connection with the Securities of a series, if before or after the time for
such compliance the Holders of at least a majority in principal amount of all
outstanding Securities, by Act of such Holders, waive such compliance in such
instance or generally waive compliance with such term, provision or condition,
but no such waiver shall extend to or affect such term, provision or condition
except to the extent so expressly waived, and, until such waiver shall become
effective, the obligations of the Company and the duties of the Trustee in
respect of any such term, provision or condition shall remain in full force and
effect.

                                 ARTICLE ELEVEN

                            REDEMPTION OF SECURITIES

         SECTION 1101 Applicability of Article.

         Securities of any series which are redeemable before their Stated
Maturity shall be redeemable in accordance with their terms and (except as
otherwise specified as contemplated by Section 301 for 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 of less than all of the Securities of any series, 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 in writing of such Redemption Date and of the principal amount of
Securities of such series to be redeemed. In the case of any redemption of
Securities prior to the expiration of any restriction on such redemption
provided in the terms of such Securities or elsewhere in this Indenture, the
Company shall furnish the Trustee with an Officers' Certificate evidencing
compliance with such restriction.

         SECTION 1103 Selection by Trustee of Securities to be Redeemed.


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<PAGE>   78
         If less than all the Securities of any series issued on the same day
with the same terms 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 issued on such date with
the same terms 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 (equal to the minimum authorized denomination for
Securities of that series or any integral multiple thereof) of the principal
amount of Securities of such series of a denomination larger than the minimum
authorized denomination for Securities of that series.

         The Trustee shall promptly notify the Company and the Security
Registrar (if other than itself) 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.

         SECTION 1104 Notice of Redemption.

         Notice of redemption shall be given in the manner provided in Section
106, not less than 30 days nor more than 60 days prior to the Redemption Date,
unless a shorter period is specified by the terms of such series established
pursuant to Section 301, to each Holder of Securities to be redeemed, but
failure to give such notice in the manner herein provided to the Holder of any
Security designated for redemption as a whole or in part, or any defect in the
notice to any such Holder, shall not affect the validity of the proceedings for
the redemption of any other such Security or portion thereof.

         Any notice that is mailed to the Holders of Registered Securities in
the manner herein provided shall be conclusively presumed to have been duly
given, whether or not the Holder receives the notice.

         All notices of redemption shall state:

            (1) the Redemption Date,

            (2)   the Redemption Price and accrued interest, if any, to the
      Redemption Date payable as provided in Section 1106,

            (3) if less than all Outstanding Securities of any series are to be
      redeemed, the identification (and, in the case of partial redemption, the
      principal amount) of the particular Security or 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 a charge, a new

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<PAGE>   79
      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 shall
      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 date fixed for
      redemption 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 for such series 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 this Redemption Date pursuant to Section 305 or
      otherwise, the last date, as determined by the Company, on which such
      exchanges may be made,

            (10) the CUSIP number of such Security, if any, and

            (11) any other information the Company wants to present.

         Notice of redemption of Securities to be redeemed 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.

         Prior to 10:00 a.m. (New York City time), on the 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, which it may not do in the case of a
sinking fund payment under Article Twelve, 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 on the
Redemption Date the Redemption Price of, and (unless otherwise specified
pursuant to Section 301) accrued interest on, all the Securities or portions
thereof which

                                      -77-
<PAGE>   80
are to be redeemed on that date.

         SECTION 1106 Securities Payable on Redemption Date.

         Notice of redemption having been given as aforesaid, the Securities of
any series 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 prior to (or, if specified pursuant to
Section 301, on) 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 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 Redemption Price shall, until paid, bear
interest from the Redemption Date at the rate of interest set forth in such
Security or, in the case of an Original Issue Discount Security, at the Yield to
Maturity of such Security.


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<PAGE>   81
         SECTION 1107 Securities Redeemed in Part.

         Any Registered 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 his attorney
duly authorized in writing) and the Company shall execute and the Trustee shall
authenticate and deliver to the Holder of such Security without service charge a
new Security or Securities of the same series, 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.
However, if less than all the Securities of any series with differing issue
dates, interest rates and stated maturities are to be redeemed, the Company in
its sole discretion shall select the particular Securities to be redeemed and
shall notify the Trustee in writing thereof at least 45 days prior to the
relevant redemption date.

                                 ARTICLE TWELVE

                                  SINKING FUNDS

         SECTION 1201 Applicability of Article.

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

         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 such Securities of any series is herein referred to as an "optional
sinking fund payment". If provided for by the terms of any 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.

         Except as otherwise specifically contemplated by Section 301 for
Securities of such series, the Company may, in satisfaction of all or any part
of any mandatory sinking fund payment with respect to the Securities of a
series, (1) deliver Outstanding Securities to the Trustee of such series (other
than any previously called for redemption) together in the case of any Bearer
Securities of such series with all unmatured coupons appertaining thereto and
(2) apply as a credit 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, as provided for by the terms of such Securities;
provided that such Securities so delivered or applied as a credit have not been
previously

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<PAGE>   82
so credited. Such Securities shall be received and credited for such purpose by
the Trustee at the applicable 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
Securities of any series, the Company will deliver to the Trustee an Officers'
Certificate specifying the amount of the next ensuing mandatory 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 and crediting Securities
of that series pursuant to Section 1202, and the optional amount, if any, to be
added in cash to the next ensuing mandatory sinking fund payment, and will also
deliver to the Trustee any Securities to be so delivered and credited. If such
Officers' Certificate shall specify an optional amount to be added in cash to
the next ensuing mandatory sinking fund payment, the Company shall thereupon be
obligated to pay the amount therein specified. Not less than 30 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.

                                ARTICLE THIRTEEN

                       REPAYMENT AT THE 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 by the terms of such series
established pursuant to Section 301) 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 the Repayment Price 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

                                      -80-
<PAGE>   83
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 Repayment Price of, and (unless otherwise specified
pursuant to Section 301) accrued interest 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 of 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 Repayment Price of such
Security is to be repaid in accordance with the terms of such Security, the
portion of the Repayment Price 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 such Security surrendered that is not to be repaid, must be
specified. 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 Repayment Price 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

                                      -81-
<PAGE>   84
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
installments of interest on Registered Securities, whose Stated Maturity is
prior to (or, if specified pursuant to Section 301, on) the Repayment Date shall
be payable (but without interest thereon, unless the Company shall default in
the payment thereof) 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.

         If any Security surrendered for repayment shall not be so repaid upon
surrender thereof, the Repayment Price shall, until paid, bear interest from the
Repayment Date at the rate of interest set forth in such Security or, in the
case of an Original Issue Discount Security, at the Yield to Maturity of 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 Applicability of Article; Company's Option to Effect
                      Defeasance or Covenant Defeasance.

            If pursuant to Section 301 provision is made for either or both of
(a)

                                      -82-
<PAGE>   85
defeasance of the Securities of or within a series under Section 1402 or (b)
covenant defeasance of the Securities of or within a series under Section 1403,
then the provisions of such Section or Sections, as the case may be, together
with the other provisions of this Article (with such modifications thereto as
may be specified pursuant to Section 301 with respect to any Securities), shall
be applicable to such Securities and any coupons appertaining thereto, and the
Company may at its option by Board Resolution, at any time, with respect to such
Securities and any coupons appertaining thereto, elect to have Section 1402 (if
applicable) or Section 1403 (if applicable) be applied to such Outstanding
Securities and any coupons appertaining thereto upon compliance with the
conditions set forth below in 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 coupons appertaining thereto 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 coupons appertaining thereto, 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 clauses (A) and (B) of this Section,
and to have satisfied all its other obligations under such Securities and any
coupons appertaining thereto and this Indenture insofar as such Securities and
any coupons appertaining thereto 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
coupons appertaining thereto 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 coupons appertaining thereto when such payments are due, (B) the
Company's obligations with respect to such Securities under Sections 305, 306,
1002 and 1003 and with respect to the payment of Additional Amounts, if any, on
such Securities as contemplated by Section 1004 with respect to the rights, if
any, of the holders of such Securities to require the Company to repay such
Securities as contemplated by Article Thirteen and with respect to the rights,
if any, of holders to convert or exchange such Securities into other Securities,
(C) the rights, powers, trusts, duties and immunities of the Trustee hereunder
and (D) this Article Fourteen. Subject to compliance with this Article Fourteen,
the Company may exercise its option under this Section notwithstanding the prior
exercise of its option under Section 1403 with respect to such Securities and
any coupons appertaining thereto.

         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 1004 and 1005 if specified
pursuant to Section 301,

                                      -83-
<PAGE>   86
from its obligations under any other covenant, with respect to such Outstanding
Securities and any coupons appertaining thereto on and after the date the
conditions set forth in Section 1404 are satisfied (hereinafter, "covenant
defeasance"), and such Securities and any coupons appertaining thereto shall
thereafter be deemed to be not "Outstanding" for the purposes of any direction,
waiver, consent or declaration or Act of Holders (and the consequences of any
thereof) in connection with any restrictive covenants that may be added pursuant
to Section 301, or such other covenant, 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
coupons appertaining thereto, 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 Section or such other covenant, whether directly or indirectly, by reason
of any reference elsewhere herein to any such Section or such other covenant or
by reason of reference in any such Section or such other 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 501(7) or
otherwise except as specified in accordance with Section 301, as the case may
be, but, except as specified above, the remainder of this Indenture and such
Securities and any coupons appertaining thereto shall be unaffected thereby.

         SECTION 1404 Conditions to Defeasance or Covenant Defeasance.

         The following shall be the conditions to application of Section 1402 or
Section 1403 to any Outstanding Securities of or within a series and any coupons
appertaining thereto:

            (a) 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 coupons appertaining thereto, (1) an amount (in such Currency in which
      such Securities and any coupons appertaining thereto are then specified as
      payable at Stated Maturity), or (2) Government Obligations applicable to
      such Securities and coupons appertaining thereto (determined on the basis
      of the Currency in which such Securities and coupons appertaining thereto
      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, on such Securities and any coupons appertaining thereto,
      money in an amount, or (3) a combination thereof in an amount, sufficient,
      in the opinion of a nationally recognized firm of independent public
      accountants or nationally recognized independent investment banking firm
      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), including Redemption Price and Repayment Price, and
      interest, if any, on such Outstanding Securities and any

                                      -84-
<PAGE>   87
      coupons appertaining thereto on the Stated Maturity of such principal
      or installment of principal or interest and (ii) any mandatory sinking
      fund payments or analogous payments applicable to such Outstanding
      Securities and any coupons appertaining thereto on the day on which
      such payments are due and payable in accordance with the terms of this
      Indenture and of such Securities and any coupons appertaining thereto.

            (b) 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.

            (c) No Default or Event of Default with respect to such Securities
      and any coupons appertaining thereto shall have occurred and be continuing
      on the date of such deposit or, insofar as Sections 501(5) and 501(6) 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).

            (d) In the case of an election under Section 1402, the Company shall
      have delivered to the Trustee an Opinion of Counsel stating that (i) the
      Company has received from, or there has been published by, the Internal
      Revenue Service a ruling, or (ii) since the date of 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
      coupons appertaining thereto will not recognize income, gain or loss for
      Federal income tax purposes as a result of such defeasance and will be
      subject to Federal income tax on the same amounts, in the same manner and
      at the same times as would have been the case if such defeasance had not
      occurred.

            (e) 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 coupons appertaining
      thereto will not recognize income, gain or loss for Federal income tax
      purposes as a result of such covenant defeasance and will be subject to
      Federal income tax on the same amounts, in the same manner and at the same
      times as would have been the case if such covenant defeasance had not
      occurred.

            (f) The Company shall have delivered to the Trustee an Officers'
      Certificate and an Opinion of Counsel, each stating that all conditions
      precedent to the defeasance under Section 1402 or the covenant defeasance
      under Section 1403 (as the case may be) have been complied with and an
      Opinion of Counsel to the effect that either (i) as a result of a deposit
      pursuant to subsection (a) above and the related exercise of the Company's
      option under Section 1402 or Section 1403 (as the case may be),
      registration is not required under the Investment Company Act of 1940, as
      amended, by the Company, with respect to the trust funds representing such
      deposit or by the trustee for such trust funds or (ii) all necessary
      registrations under said Act have been effected.


                                      -85-
<PAGE>   88
            (g) 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 which may be
      imposed on the Company in connection therewith pursuant to Section 301.

         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 any Outstanding Securities of
any series and any coupons appertaining thereto shall be held in trust and
applied by the Trustee, in accordance with the provisions of such Securities and
any coupons appertaining thereto 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 coupons appertaining thereto 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(a) 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(a) 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(a) has been made, the indebtedness represented by such Security and any
coupons appertaining thereto 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 the same becomes 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 second 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 coupons
appertaining thereto.

         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

                                      -86-
<PAGE>   89
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 a
defeasance or covenant defeasance, as applicable, in accordance with this
Article.

         SECTION 1406 Reinstatement.

         If the Trustee or Paying Agent is unable to apply any money or
Government Obligations in accordance this Article 14 by reason of any legal
proceeding or by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, the
Company's obligations under this Indenture and the Securities shall be revived
and reinstated as though no deposit had occurred pursuant to Section 1402, 1403
or 1404, as the case may be, until such time as the Trustee or Paying Agent is
permitted to apply all such money or Government Obligations in accordance with
Section 1405; provided that, if the Company has made any payment of principal of
or interest on the Securities of any series because of the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders of
such Securities to receive such payment from the money or Government Obligations
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 Fifteen 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.

         The Company 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 Borough of Manhattan, The City of New York or in London
as the Company 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 in Section 106, not less than [21 nor more than 180 days]
prior to the date fixed for the meeting.

         SECTION 1503 Persons Entitled to Vote at Meetings.

         To be entitled to vote at any meeting of Holders of Securities of any


                                      -87-
<PAGE>   90
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 or 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 Persons
entitled to vote at such meeting 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, 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 a
majority in principal amount of the Outstanding Securities of that 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 such specified percentage in principal amount of the Outstanding Securities
of that 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.


                                      -88-
<PAGE>   91
         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:

            (A) there shall be no minimum quorum requirement for such meeting;
      and

            (B) 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 Company 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 it 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 Company shall, by an instrument in writing appoint a temporary
chairman of the meeting, unless the meeting shall have been called by Holders of
Securities as provided in Section 1502(b), in which case the Holders of
Securities of the series calling the meeting 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 the
Outstanding Securities of such series held or represented by him; 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

                                      -89-
<PAGE>   92
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 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 fact, 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 former 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.

            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.


                                      -90-
<PAGE>   93
            IN WITNESS WHEREOF, the parties hereto have caused this Indenture to
be duly executed as of the day and year first above written.



                                 SPX CORPORATION


                                 By: ______________________________
                                      Name:
                                     Title:



                                 THE CHASE MANHATTAN BANK,
                                   as Trustee

                                 By:  __________________________________
                                      Name:
                                     Title:

                                      -91-


<PAGE>   94
                                                                       Exhibit A

                              FORMS OF CERTIFICATES























                                      A-1
<PAGE>   95
                                                                     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
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 United States
financial institution hereby agrees, on its own behalf or through its agent,
that you may advise SPX Corporation 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 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


                                     A-1-1
<PAGE>   96
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>   97
                                                                     Exhibit A-2

          FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR AND CLEARSTREAM
          BANKING SOCIETE ANONYME 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 SPX Corporation 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
Member Organizations to the effect that the statements made by such Member
Organizations with respect to any portion of the part submitted


                                     A-2-1
<PAGE>   98
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]

[Morgan Guaranty Trust Company of New
York, Brussels Office,] as Operator
of the Euroclear System
[Clearstream Banking societe anonyme]


By ____________________________________


                                     A-2-2
<PAGE>   99
                                TABLE OF CONTENTS


<TABLE>
<S>                                                                                                     <C>
                                   ARTICLE ONE
             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

SECTION 101   Definitions.............................................................................   1
SECTION 102   Compliance Certificates and Opinions....................................................  10
SECTION 103   Form of Documents Delivered to Trustee..................................................  11
SECTION 104   Acts of Holders.........................................................................  12
SECTION 105   Notices, Etc., to Trustee and Company...................................................  13
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.....................................................................  15
SECTION 110   Benefits of Indenture...................................................................  15
SECTION 111   Governing Law...........................................................................  15
SECTION 112   Legal Holidays..........................................................................  15
SECTION 113   Conflict of Any Provision of Indenture with Trust Indenture Act.........................  16
SECTION 114   No Recourse against Others..............................................................  16
SECTION 115   Waiver of Trial by Jury.................................................................  16

                                   ARTICLE TWO
                                SECURITIES FORMS

SECTION 201   Forms of Securities.....................................................................  16
SECTION 202   Form of Trustee's Certificate of Authentication.........................................  17
SECTION 203   Securities Issuable in Global Form......................................................  17
SECTION 204   Form of Legend for Book-Entry Securities................................................  18

                                  ARTICLE THREE
                                 THE SECURITIES

SECTION 301   Amount Unlimited; Issuable in Series....................................................  19
SECTION 302   Denominations...........................................................................  23
SECTION 303   Execution, Authentication, Delivery and Dating..........................................  23
SECTION 304   Temporary Securities....................................................................  26
SECTION 305   Registration, Registration of Transfer and Exchange.....................................  28
SECTION 306   Mutilated, Destroyed, Lost and Stolen Securities........................................  31
SECTION 307   Payment of Interest; Interest Rights Preserved; Optional Interest Reset.................  33
SECTION 308   Optional Extension of Maturity..........................................................  36
SECTION 309   Persons Deemed Owners...................................................................  37
SECTION 310   Cancellation............................................................................  37
SECTION 311   Computation of Interest.................................................................  38
SECTION 312   Currency and Manner of Payments in Respect of Securities................................  38
SECTION 313   Appointment and Resignation of Successor Exchange Rate Agent............................  42
SECTION 314   CUSIP Numbers...........................................................................  42

                                  ARTICLE FOUR
                           SATISFACTION AND DISCHARGE
</TABLE>


                                      -i-
<PAGE>   100
<TABLE>
<S>                                                                                                     <C>
SECTION 401   Satisfaction and Discharge of Indenture.................................................  43
SECTION 402   Application of Trust Funds..............................................................  44

                                  ARTICLE FIVE
                                    REMEDIES

SECTION 501   Events of Default.......................................................................  44
SECTION 502   Acceleration of Maturity; Rescission and Annulment......................................  45
SECTION 503   Collection of Indebtedness and Suits for Enforcement by Trustee.........................  46
SECTION 504   Trustee May File Proofs of Claim........................................................  47
SECTION 505   Trustee May Enforce Claims Without Possession of Securities or Coupons..................  48
SECTION 506   Application of Money Collected..........................................................  48
SECTION 507   Limitation on Suits.....................................................................  49
SECTION 508   Unconditional Right of Holders to Receive Principal, Premium and Interest and
              Additional Amounts, if Any..............................................................  49
SECTION 509   Restoration of Rights and Remedies......................................................  50
SECTION 510   Rights and Remedies Cumulative..........................................................  50
SECTION 511   Delay or Omission Not Waiver............................................................  50
SECTION 512   Control By Holders of Securities........................................................  50
SECTION 513   Undertaking for Costs...................................................................  51
SECTION 514   Waiver of Past Defaults.................................................................  51
SECTION 515   Waiver of Usury, Stay or Extension Laws.................................................  51

                                   ARTICLE SIX
                                   THE TRUSTEE

SECTION 601   Notice of Defaults......................................................................  52
SECTION 602   Certain Rights of Trustee...............................................................  52
SECTION 603   Not Responsible For Recitals or Issuance of Securities..................................  55
SECTION 604   May Hold Securities.....................................................................  55
SECTION 605   Money Held in Trust.....................................................................  55
SECTION 606   Compensation and Reimbursement..........................................................  55
SECTION 607   Corporate Trustee Required; Eligibility.................................................  56
SECTION 608   Resignation and Removal; Appointment of Successor.......................................  56
SECTION 609   Acceptance of Appointment by Successor..................................................  58
SECTION 610   Merger, Conversion, Consolidation or Succession to Business.............................  59
SECTION 611   Appointment of Authenticating Agent.....................................................  59
SECTION 612   Conflicting Interests...................................................................  61
SECTION 613   Appointment of Co-Trustee...............................................................  61
SECTION 614   Trustee's Application for Instructions from the Company.................................  62

                                  ARTICLE SEVEN
                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

SECTION 701   Disclosure of Names and Addresses of Holders............................................  63
SECTION 702   Reports by Trustee......................................................................  64
SECTION 703   Reports by Company......................................................................  64
SECTION 704   Calculation of Original Issue Discount..................................................  65
</TABLE>


                                      -ii-
<PAGE>   101
<TABLE>
<S>                                                                                                     <C>
                                  ARTICLE EIGHT
                  CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

SECTION 801   Company May Consolidate, Etc., Only on Certain Terms....................................  65
SECTION 802   Successor Person Substituted............................................................  65
SECTION 803   Officers' Certificate and Opinion of Counsel............................................  66

                                  ARTICLE NINE
                             SUPPLEMENTAL INDENTURES

SECTION 901   Supplemental Indentures Without Consent of Holders......................................  66
SECTION 902   Supplemental Indentures with Consent of Holders.........................................  68
SECTION 903   Execution of Supplemental Indentures....................................................  70
SECTION 904   Effect of Supplemental Indentures.......................................................  70
SECTION 905   Conformity with Trust Indenture Act.....................................................  70
SECTION 906   Reference in Securities to Supplemental Indentures......................................  70

                                   ARTICLE TEN
                                    COVENANTS

SECTION 1001  Payment of Principal, Premium, if any, and Interest.....................................  70
SECTION 1002  Maintenance of Office or Agency.........................................................  71
SECTION 1003  Money For Securities Payments to be Held in Trust.......................................  72
SECTION 1004  Additional Amounts......................................................................  73
SECTION 1005  Statement as to Compliance..............................................................  74
SECTION 1006  Waiver of Certain Covenants.............................................................  75

                                 ARTICLE ELEVEN
                            REDEMPTION OF SECURITIES

SECTION 1101  Applicability of Article................................................................  75
SECTION 1102  Election to Redeem; Notice to Trustee...................................................  75
SECTION 1103  Selection by Trustee of Securities to be Redeemed.......................................  75
SECTION 1104  Notice of Redemption....................................................................  76
SECTION 1105  Deposit of Redemption Price.............................................................  77
SECTION 1106  Securities Payable on Redemption Date...................................................  78
SECTION 1107  Securities Redeemed in Part.............................................................  79



                                 ARTICLE TWELVE
                                  SINKING FUNDS

SECTION 1201  Applicability of Article................................................................  79
SECTION 1202  Satisfaction of Sinking Fund Payments with Securities...................................  79
SECTION 1203  Redemption of Securities for Sinking Fund...............................................  80

                                ARTICLE THIRTEEN
                       REPAYMENT AT THE OPTION OF HOLDERS

SECTION 1301  Applicability of Article................................................................  80
SECTION 1302  Repayment of Securities.................................................................  80
</TABLE>


                                     -iii-
<PAGE>   102
<TABLE>
<S>                                                                                                     <C>
SECTION 1303  Exercise of Option......................................................................  81
SECTION 1304  When Securities Presented for Repayment Become Due and Payable..........................  81
SECTION 1305  Securities Repaid in Part...............................................................  82

                                ARTICLE FOURTEEN
                       DEFEASANCE AND COVENANT DEFEASANCE

SECTION 1401  Applicability of Article; Company's Option to Effect Defeasance or Covenant Defeasance..  82
SECTION 1402  Defeasance and Discharge................................................................  83
SECTION 1403  Covenant Defeasance.....................................................................  83
SECTION 1404  Conditions to Defeasance or Covenant Defeasance.........................................  84
SECTION 1405  Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous
              Provisions..............................................................................  86
SECTION 1406  Reinstatement...........................................................................  87
                                 ARTICLE FIFTEEN
                        MEETINGS OF HOLDERS OF SECURITIES

SECTION 1501  Purposes for Which Meetings May Be Called...............................................  87
SECTION 1502  Call, Notice and Place of Meetings......................................................  87
SECTION 1503  Persons Entitled to Vote at Meetings....................................................  87
SECTION 1504  Quorum; Action..........................................................................  88
SECTION 1505  Determination of Voting Rights; Conduct and Adjournment of Meetings.....................  89
SECTION 1506  Counting Votes and Recording Action of Meetings.........................................  90
</TABLE>


                                      -iv-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>4
<FILENAME>y64752ex4-4.txt
<DESCRIPTION>FORM OF SUBORDINATED INDENTURE
<TEXT>
<PAGE>   1
                                                                     EXHIBIT 4.4
                                                  FORM OF SUBORDINATED INDENTURE





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


                                 SPX CORPORATION

                                       TO

                            THE CHASE MANHATTAN BANK,

                                     TRUSTEE

                                    Indenture

                           Dated as of

                           Providing for the Issuance

                                       of

                          Subordinated Debt Securities


- --------------------------------------------------------------------------------
<PAGE>   2
                                 SPX CORPORATION
                 Reconciliation and tie between Trust Indenture
                Act of 1939 and Indenture, dated as of _________

<TABLE>
<CAPTION>
TRUST INDENTURE ACT SECTION                                 INDENTURE SECTION
- --------------------------------------------------------------------------------
<S>                                                         <C>
Section 310(a)(1).........................................          607
         (a)(2)...........................................          607
         (b)..............................................          608
Section 311(a)............................................          604
         (b)..............................................          604
Section 312(c)............................................          701
Section 314(a) ...........................................          703
         (a)(4)...........................................         1005
         (c)(1)...........................................          102
         (c)(2)...........................................          102
         (e)..............................................          102
Section 315(a)............................................          602
         (b)..............................................          601
         (d)..............................................          602
         (e)..............................................          513
Section 316(a) (last sentence)............................  101 ("Outstanding")
         (a)(1)(A)........................................          512
         (a)(1)(B)........................................          513
         (b)..............................................          508
Section 317(a)(1).........................................          503
         (a)(2)...........................................          504
Section 318(a)............................................          111
         (c)..............................................          111
</TABLE>


- ----------
NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be a
part of the Indenture.
<PAGE>   3
                                TABLE OF CONTENTS


<TABLE>
<S>                                                                                                      <C>
       ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

SECTION 101    Definitions............................................................................    1
SECTION 102    Compliance Certificates and Opinions...................................................   10
SECTION 103    Form of Documents Delivered to Trustee.................................................   10
SECTION 104    Acts of Holders........................................................................   11
SECTION 105    Notices, Etc., to Trustee and Company..................................................   12
SECTION 106    Notice to Holders; Waiver..............................................................   13
SECTION 107    Effect of Headings and Table of Contents...............................................   14
SECTION 108    Successors and Assigns.................................................................   14
SECTION 109    Separability Clause....................................................................   14
SECTION 110    Benefits of Indenture..................................................................   14
SECTION 111    Governing Law..........................................................................   14
SECTION 112    Legal Holidays.........................................................................   14
SECTION 113    Conflict of Any Provision of Indenture with Trust Indenture Act........................   15
SECTION 114    No Recourse against Others.............................................................   15
SECTION 115    Waiver of Trial by Jury................................................................   15

                          ARTICLE TWO SECURITIES FORMS

SECTION 201    Forms of Securities....................................................................   15
SECTION 202    Form of Trustee's Certificate of Authentication........................................   16
SECTION 203    Securities Issuable in Global Form.....................................................   16
SECTION 204    Form of Legend for Book-Entry Securities...............................................   17

                          ARTICLE THREE THE SECURITIES

SECTION 301    Amount Unlimited; Issuable in Series...................................................   18
SECTION 302    Denominations..........................................................................   22
SECTION 303    Execution, Authentication, Delivery and Dating.........................................   22
SECTION 304    Temporary Securities...................................................................   24
SECTION 305    Registration, Registration of Transfer and Exchange,...................................   26
SECTION 306    Mutilated, Destroyed, Lost and Stolen Securities.......................................   29
SECTION 307    Payment of Interest; Interest Rights Preserved; Optional Interest Reset................   31
SECTION 308    Optional Extension of Maturity.........................................................   33
SECTION 309    Persons Deemed Owners..................................................................   34
SECTION 310    Cancellation...........................................................................   35
SECTION 311    Computation of Interest................................................................   35
SECTION 312    Currency and Manner of Payments in Respect of Securities...............................   36
SECTION 313    Appointment and Resignation of Successor Exchange Rate Agent...........................   39
SECTION 314    CUSIP Numbers..........................................................................   40
</TABLE>


                                       i
<PAGE>   4
<TABLE>
<S>                                                                                                      <C>
                     ARTICLE FOUR SATISFACTION AND DISCHARGE

SECTION 401    Satisfaction and Discharge of Indenture................................................   40
SECTION 402    Application of Trust Funds.............................................................   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 or Coupons.................   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 and
               Additional Amounts, if Any.............................................................   46
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 of Securities.......................................................   47
SECTION 513    Undertaking for Costs..................................................................   48
SECTION 514    Waiver of Past Defaults................................................................   48
SECTION 515    Waiver of Usury, Stay or Extension Laws................................................   48

                             ARTICLE SIX THE TRUSTEE

SECTION 601    Notice of Defaults.....................................................................   49
SECTION 602    Certain Rights of Trustee..............................................................   49
SECTION 603    Not Responsible For Recitals or Issuance of Securities.................................   51
SECTION 604    May Hold Securities....................................................................   52
SECTION 605    Money Held in Trust....................................................................   52
SECTION 606    Compensation and Reimbursement.........................................................   52
SECTION 607    Corporate Trustee Required; Eligibility................................................   53
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
SECTION 612    Conflicting Interests..................................................................   57
SECTION 613    Appointment of Co-Trustee..............................................................   58
SECTION 614    Trustee's Application for Instructions from the Company................................   59

         ARTICLE SEVEN HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

SECTION 701    Disclosure of Names and Addresses of Holders...........................................   59
SECTION 702    Reports by Trustee.....................................................................   60
SECTION 703    Reports by Company.....................................................................   60
</TABLE>


                                       ii
<PAGE>   5
<TABLE>
<S>                                                                                                      <C>
SECTION 704    Calculation of Original Issue Discount.................................................   61

           ARTICLE EIGHT CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

SECTION 801    Company May Consolidate, Etc., Only on Certain Terms...................................   61
SECTION 802    Successor Person Substituted...........................................................   62
SECTION 803    Officers' Certificate and Opinion of Counsel...........................................   62

                      ARTICLE NINE SUPPLEMENTAL INDENTURES

SECTION 901    Supplemental Indentures Without Consent of Holders.....................................   63
SECTION 902    Supplemental Indentures with Consent of Holders........................................   64
SECTION 903    Execution of Supplemental Indentures...................................................   66
SECTION 904    Effect of Supplemental Indentures......................................................   66
SECTION 905    Conformity with Trust Indenture Act....................................................   66
SECTION 906    Reference in Securities to Supplemental Indentures.....................................   66

                              ARTICLE TEN COVENANTS

SECTION 1001   Payment of Principal, Premium, if any, and Interest....................................   67
SECTION 1002   Maintenance of Office or Agency........................................................   67
SECTION 1003   Money For Securities Payments to be Held in Trust......................................   69
SECTION 1004   Additional Amounts.....................................................................   70
SECTION 1005   Statement as to Compliance.............................................................   70
SECTION 1006   Waiver of Certain Covenants............................................................   71

                     ARTICLE ELEVEN REDEMPTION OF SECURITIES

SECTION 1101   Applicability of Article...............................................................   71
SECTION 1102   Election to Redeem; Notice to Trustee..................................................   71
SECTION 1103   Selection by Trustee of Securities to be Redeemed......................................   71
SECTION 1104   Notice of Redemption...................................................................   72
SECTION 1105   Deposit of Redemption Price............................................................   73
SECTION 1106   Securities Payable on Redemption Date..................................................   73
SECTION 1107   Securities Redeemed in Part............................................................   74

                          ARTICLE TWELVE SINKING FUNDS

SECTION 1201   Applicability of Article...............................................................   75
SECTION 1202   Satisfaction of Sinking Fund Payments with Securities..................................   75
SECTION 1203   Redemption of Securities for Sinking Fund..............................................   75

               ARTICLE THIRTEEN REPAYMENT AT THE OPTION OF HOLDERS

SECTION 1301   Applicability of Article...............................................................   76
SECTION 1302   Repayment of Securities................................................................   76
SECTION 1303   Exercise of Option.....................................................................   76
SECTION 1304   When Securities Presented for Repayment Become Due and Payable.........................   77
</TABLE>


                                      iii
<PAGE>   6
<TABLE>
<S>                                                                                                      <C>
SECTION 1305   Securities Repaid in Part..............................................................   78

               ARTICLE FOURTEEN DEFEASANCE AND COVENANT DEFEASANCE

SECTION 1401   Applicability of Article; Company's Option to Effect Defeasance or Covenant Defeasance.   78
SECTION 1402   Defeasance and Discharge...............................................................   78
SECTION 1403   Covenant Defeasance....................................................................   79
SECTION 1404   Conditions to Defeasance or Covenant Defeasance........................................   80
SECTION 1405   Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous
               Provisions.............................................................................   81
SECTION 1406   Reinstatement..........................................................................   82

                ARTICLE FIFTEEN MEETINGS OF HOLDERS OF SECURITIES

SECTION 1501   Purposes for Which Meetings May Be Called..............................................   83
SECTION 1502   Call, Notice and Place of Meetings.....................................................   83
SECTION 1503   Persons Entitled to Vote at Meetings...................................................   83
SECTION 1504   Quorum; Action.........................................................................   83
SECTION 1505   Determination of Voting Rights; Conduct and Adjournment of Meetings....................   84
SECTION 1506   Counting Votes and Recording Action of Meetings........................................   85

                   ARTICLE SIXTEEN SUBORDINATION OF SECURITIES

SECTION 1601   Agreement to Subordinate...............................................................   86
SECTION 1602   Distribution on Dissolution, Liquidation and Reorganization; Subrogation of Securities.   86
SECTION 1603   No Payment on Securities in Certain Circumstances......................................   88
SECTION 1604   Payments on Securities Permitted.......................................................   89
SECTION 1605   Authorization of Holders to Trustee to Effect Subordination............................   89
SECTION 1606   Notices to Trustee.....................................................................   89
SECTION 1607   Trustee as Holder of Senior Indebtedness...............................................   90
SECTION 1608   Modifications of Terms of Senior Indebtedness..........................................   90
SECTION 1609   Reliance on Judicial Order or Certificate of Liquidating Agent.........................   91
</TABLE>


                                       iv
<PAGE>   7
                  INDENTURE, dated as of ________________, between SPX
CORPORATION, a Delaware corporation (hereinafter called the "Company"), having
its principal office at 700 Terrace Point Drive, Muskegon, Michigan 49440, and
THE CHASE MANHATTAN BANK, a New York banking corporation, as Trustee
(hereinafter called the "Trustee").

                             RECITALS OF THE COMPANY

                  WHEREAS, the Company deems it necessary to issue from time to
time for its lawful purposes subordinated debt securities (hereinafter called
the "Securities") evidencing its unsecured and unsubordinated indebtedness,
which may or may not be convertible into or exchangeable for any securities of
any Person (including the Company), and has duly authorized the execution and
delivery of this Indenture to provide for the issuance from time to time of the
Securities, unlimited as to principal amount, to bear such rates of interest, to
mature at such times and to have such other provisions as shall be fixed as
hereinafter provided;

                  WHEREAS, 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;
and

                  WHEREAS, 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 and
coupons, 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 or unless such
definition is changed or amended in a supplement or amendment to this Indenture:

                  (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;


                                       1
<PAGE>   8
                  (3)      all accounting terms not otherwise defined herein
         have the meanings assigned to them in accordance with accounting
         principles generally accepted in the United States; 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, Article
Five, Article Six and Article Eleven are defined in those Articles.

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

                  "Additional Amounts" means any additional amounts which are
required by a Security or by or pursuant to a Board Resolution, under
circumstances specified therein, to be paid by the Company in respect of certain
taxes imposed on certain Holders and which are owing to such Holders.

                  "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 authenticating agent
appointed by the Trustee pursuant to Section 611.

                  "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 established pursuant to
Section 201 which is payable to bearer.

                  "Board of Directors" means the board of directors of the
Company or any committee of that board duly authorized to act hereunder.

                  "Board Resolution" means a copy of a resolution certified by
the Secretary or an Assistant Secretary of the Company to have been duly adopted
by the Board of Directors and to be in full force and effect on the date of such
certification, and delivered to the Trustee.


                                       2
<PAGE>   9
                  "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
particular location are authorized or obligated by law or executive order to
close.

                  "Clearstream" means Clearstream Banking societe anonyme or its
successor.

                  "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 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 on such date.

                  "Company" means the Person named as the "Company" in the first
paragraph of this Indenture until a successor corporation shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter
"Company" shall mean such successor corporation.

                  "Company Request" and "Company Order" mean, respectively, a
written request or order signed in the name of the Company by any two Officers
and delivered to the Trustee.

                  "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
for the settlement of transactions by a central bank or other public
institutions of or within the international banking community, (ii) the euro for
the settlement of transactions by public institutions of or within the European
Communities or (iii) any currency unit (or composite currency) other than the
euro for the purposes for which the euro was established.

                  "Corporate Trust Office" means the principal office of the
Trustee at which, at any particular time, its corporate trust business shall be
administered, which office at the date hereof is located at 450 West 33rd
Street, New York, New York 10001, Attention: Institutional Trust Services or
such other address as the Trustee may designate from time to time by notice to
the Company or the principal corporate office of any successor Trustee (or such
other address as a successor Trustee may designate from time to time by notice
to the Company).

                  "Corporation" includes corporations, associations, limited
liability companies, companies and business 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
euro issued by the government of one or more countries or by any recognized
confederation or association of such governments.

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


                                       3
<PAGE>   10
                  "Defaulted Interest" has the meaning specified in Section 307.

                  "Depository Participant" means, with respect to the Depositary
Trust Company (the "Depository") or its nominee, an institution that has an
account therewith.

                  "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.

                  "Election Date" has the meaning specified in Section 312(h).

                  "Euroclear" means Morgan Guaranty Trust Company of New York,
Brussels Office, or its successor as operator of the Euroclear System.

                  "European Communities" means the European Union, the European
Coal and Steel Community and the European Atomic Energy Community.

                  "Event of Default" has the meaning specified in Article Five.

                  "Exchange Rate Agent", with respect to Securities of or within
any series, means, 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 certificate
setting forth (i) the applicable Market Exchange Rate or the applicable bid
quotation 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 or the
applicable bid quotation, signed by an Officer.

                  "Foreign Currency" means any Currency, including, without
limitation, the euro, issued by the government of one or more countries other
than the United States of America or by any recognized confederation or
association of such governments.

                  "Government Obligations" means securities which are (i) direct
obligations of the United States of America or the government which issued the
Foreign Currency in which the Securities of a particular series are payable, for
the payment of which its full faith and credit is pledged or (ii) obligations of
a Person controlled or supervised by and acting as an agency or instrumentality
of the United States of America or such government which issued the Foreign
Currency in which the Securities of such series are payable, the payment of
which is unconditionally guaranteed as a full faith and credit obligation by the
United States of America or such other government, which, in either case, 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 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


                                       4
<PAGE>   11
receipt from any amount received by the custodian in respect of the Government
Obligation or the specific payment of interest on 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 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,
including the provisions of the Trust Indenture Act that are deemed to be a part
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 the or those 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 as to which all or certain
interest payments and/or the principal amount payable at Maturity are determined
by reference to prices, changes in prices, or differences between prices, of
securities, Currencies, intangibles, goods, articles or commodities or by such
other objective price, economic or other measures as are specified in Section
301 hereof.

                  "Interest", when used with respect to an Original Issue
Discount Security which by its terms bears interest only after Maturity, shall
mean interest payable after Maturity, and, when used with respect to a Security
which provides for the payment of Additional Amounts pursuant to Section 1004 or
otherwise, includes such Additional Amounts.

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

                  "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 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 accordance with normal banking


                                       5
<PAGE>   12
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 other principal market for such 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 nonresident 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, notice of exchange or conversion or otherwise.

                  "Officer" means the Chairman of the Board, the Vice Chairman,
the Chief Executive Officer, the President, any Executive Vice President, any
Senior Vice President, any vice President, the Treasurer or the Secretary or any
Assistant Treasurer or Assistant Secretary of the Company.

                  "Officers' Certificate" means a certificate signed in the name
of the Company, by any two Officers, one of whom shall be the principal
financial officer, and delivered to the Trustee.

                  "Opinion of Counsel" means a written opinion of counsel, who
may be counsel for the Company or who may be an employee of or other counsel for
the Company satisfactory 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:

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

                  (B)      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


                                       6
<PAGE>   13
         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;

                  (C)      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

                  (D)      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 or Indexed Security, the Dollar equivalent as
of such date of original issuance of the amount determined as provided in clause
(i) above or (iii) below, respectively) 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 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 of such other obligor.

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


                                       7
<PAGE>   14
                  "Person" means any individual, corporation, partnership,
limited liability company, joint venture, association, joint stock company,
trust, unincorporated organization or government or any agency or political
subdivision thereof or other similar entity.

                  "Place of Payment", when used with respect to the Securities
of or within any series, means the place or places where the principal of (and
premium, if any) and interest, if any, on such Securities are payable as
specified and 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.

                  "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" shall mean any Security which is
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, whether or not a
Business Day.

                  "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 by
or 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 by or pursuant to this Indenture.

                  "Responsible Officer" shall mean, when used with respect to
the Trustee, any officer within the corporate trust department of the Trustee
with direct responsibility for the administration of this Indenture or any other
officer to whom any corporate trust matter is referred because of such person's
knowledge of and familiarity with the particular subject and who shall have
direct responsibility for the administration of this Indenture.

                  "Security" or "Securities" has the meaning stated in the first
recital of this Indenture and, more particularly, means any Security or
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.


                                       8
<PAGE>   15
                  "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 (i) indebtedness of the Company whether outstanding
on the date of this Indenture or thereafter created, incurred, assumed or
guaranteed, for money borrowed, including the Company's Liquid Yield Option(TM)
Notes due 2021, 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 subordinated debt securities,
including the indebtedness guaranteed by the Company, and (ii) renewals,
extensions, modifications and refunding of such indebtedness.

                  "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" of any Person means (1) a corporation, a majority
of the outstanding voting stock of which is, at the time, directly or
indirectly, owned by such Person by one or more Subsidiaries of such Person, or
by such Person and one or more Subsidiaries thereof or (2) any other Person
(other than a corporation), including, without limitation, a partnership or
joint venture, in which such Person, one or more Subsidiaries thereof or such
Person and one or more Subsidiaries thereof, directly or indirectly, at the date
of determination thereof, has at least majority ownership interest entitled to
vote in the election of directors, managers or Trustees thereof (or other Person
performing similar functions).

                  "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,

- -----------
(TM) Trademark of Merrill Lynch & Co., Inc.


                                       9
<PAGE>   16
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).

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

                  Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture (other than pursuant to
Section 1005) shall include:

                  (1)      a statement that each individual signing such
         certificate or opinion has read such condition or covenant 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 condition or covenant has been complied with; and

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

                  SECTION 103 Form of Documents Delivered to Trustee.

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


                                       10
<PAGE>   17
                  Any certificate or opinion of an Officer of the Company may be
based, insofar as it relates to legal matters, upon an Opinion of Counsel, or a
certificate or representations by counsel, unless such Officer knows, or in the
exercise of reasonable care should know, that the opinion, certificate or
representations with respect to the matters upon which his certificate or
opinion is based are erroneous. Any such Opinion of Counsel or certificate or
representations 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 as 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
as to such matters are erroneous.

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

                  SECTION 104 Acts of Holders.

                  (a)      Any request, demand, authorization, direction,
notice, consent, waiver or other action provided by this Indenture to be given
or taken by Holders 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 (which may be electronically
signed) by such Holders in person or by agents duly appointed in writing (which
may be in electronic form). If Securities of a series are 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 Securities 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 and any agent of the Trustee or 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.

                  (b)      The fact and date of the execution of any such
instrument or writing, or the authority of the Person executing the same, may be
proved in any manner which the Trustee deems sufficient.

                  (c)      The ownership of Registered Securities shall be
proved by the Security Register.


                                       11
<PAGE>   18
                  (d)      The ownership of Bearer Securities 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 ownership of Bearer
Securities may also be proved in any other manner that the Trustee deems
sufficient.

                  (e)      If the Company shall solicit from the Holders of
Registered Securities any request, demand, authorization, direction, notice,
consent, waiver or other Act, the Company may, at its option, in 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 180 days after the record
date and that no such authorization, agreement or consent may be amended,
withdrawn or revoked once given by a Holder, unless the Company shall provide
for such amendment, withdrawal or revocation in conjunction with such
solicitation of authorizations, agreements or consents or unless and to the
extent required by applicable law.

                  (f)      Any request, demand, authorization, direction,
notice, consent, waiver or other Act of the Holder of any Security shall bind
every future Holder of the same Security and the Holder of every Security issued
upon the registration of transfer thereof or in exchange therefor or in lieu
thereof in respect of anything done, omitted or suffered to be done by the
Trustee, any Security Registrar, any Paying Agent, any Authenticating Agent 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 document provided or permitted by
this Indenture to be made upon, given or


                                       12
<PAGE>   19
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 and mailed to or with the Trustee at its Corporate Trust
Office, Attention: Corporate Trust Office, or at any other address previously
furnished in writing by the Trustee to the Holders or the Company 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,
given, furnished or filed with or 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, or by email, to each such
Holder affected by such event, at his physical address or email address as such
address 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 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 herein. 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.

                  If by reason of the suspension of or irregularities in regular
mail service or by reason of any other cause it shall be impracticable to give
such notice by mail, then such notification to Holders of Registered Securities
as shall be made with the approval of the Trustee shall constitute a sufficient
notification to such Holders 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 if published in (1) 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, or (2) an electronic medium easily accessible
by the Holders as may be specified to such Holders, such publication to be not
later than the latest date, and not earlier than the earliest date, prescribed
for the giving of such notice. Any such notice shall be deemed to have been
given on the date of such publication or, if published more than once, on the
date of the first such publication.

                  If 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


                                       13
<PAGE>   20
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. All
agreements of the Trustee in this Indenture shall bind its successor.

                  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
Security Registrar, any Paying Agent, any Authenticating Agent and their
successors hereunder and the Holders 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
without regard to principles of conflicts of laws. 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,
Repayment Date, sinking fund payment date, 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 any Security or coupon
other than a provision in the Securities of any series which specifically states


                                       14
<PAGE>   21
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, Redemption Date, Repayment Date or sinking fund payment date, or
at the Stated Maturity or Maturity; provided that no interest shall accrue on
the amount so payable for the period from and after such Interest Payment Date,
Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or
Maturity, as the case may be.

                  SECTION 113 Conflict of Any Provision of Indenture with Trust
Indenture Act.

                  If and to the extent that any provision of this Indenture
limits, qualifies or conflicts with the duties imposed by TIA Sections 310 to
318, inclusive, or conflicts with any provision (an "incorporated provision")
required by or deemed to be included in this Indenture by operation of such TIA
Sections or any section of the TIA, such imposed duties or incorporated
provisions shall control. If any provision of this Indenture modifies or
excludes any provision of the Trust Indenture Act that may be so modified or
excluded, the latter provision shall be deemed to apply to this Indenture as so
modified or excluded, as the case may be.

                  SECTION 114 No Recourse against Others.

                  A director, officer, employee, agent, representative,
stockholder or equity holder, as such, of the Company shall not have any
liability for any obligations of the Company under the Securities or this
Indenture or for any claim based on, in respect of or by reason of such
obligations or their creation. Each Holder by accepting any of the Securities
waives and releases all such liability. The waiver and release shall be part of
the consideration for the issue of the Securities.

                  SECTION 115 Waiver of Trial by Jury.

                  The Company, Trustee, and Holders hereby irrevocably and
unconditionally waive the right to trial by jury in connection with any claim
arising out of or relating to the Securities and under this Indenture.

                                  ARTICLE TWO

                                SECURITIES FORMS


                  SECTION 201 Forms of Securities.

                  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 in one or more indentures
supplemental hereto or approved from time to time by or pursuant to a Board
Resolution in accordance with Section 301, shall have such appropriate
insertions, omissions, substitutions and other variations as are required or
permitted by this Indenture or any indenture supplemental hereto, and may have
such letters, numbers or other marks of


                                       15
<PAGE>   22
identification or designation and such legends or endorsements placed thereon as
the Company may deem appropriate and as are not inconsistent with the provisions
of this Indenture, or as may be required to comply with any law or with any rule
or regulation made pursuant thereto or with any rule or regulation of any stock
exchange on which the Securities may be listed, or to conform to usage. If the
forms of Securities 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 an Assistant Secretary of the Company and
delivered to the Trustee at or prior to the delivery of the Company Order
contemplated by Section 303 for the authentication and delivery of such
Securities.

                  The Trustee's certificate of authentication on all Securities
shall be insubstantially the form set forth in this Article.

                  Unless otherwise specified as contemplated by Section 301,
Bearer Securities shall have interest coupons attached.

                  The definitive Securities and coupons shall be printed,
lithographed or engraved or produced by any combination of these methods on a
steel engraved border or steel engraved borders or may be produced in any other
manner, all as determined by the Officers executing such Securities or coupons,
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:

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

                  THE CHASE MANHATTAN BANK,
                  as Trustee


                  By:___________________________
                     Authorized Officer


                  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 and the provisions of Section 302, 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


                                       16
<PAGE>   23
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 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 304 has
been, or simultaneously is, delivered, any instructions by the Company with
respect to endorsement, 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 the provisions of Section 307, 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.

                  SECTION 204 Form of Legend for Book-Entry Securities.

                  Any Global Security authenticated and delivered hereunder
shall bear a legend (which would be in addition to any other legends required in
the case of a restricted Security) in substantially the following form:

                  THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
         INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
         DEPOSITORY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN
         WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS
         SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY
         PERSON OTHER THAN SUCH DEPOSITORY OR ITS NOMINEE EXCEPT IN THE LIMITED
         CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

                  UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
         REPRESENTATIVE OF THE DEPOSITARY TRUST COMPANY TO THE ISSUER OR ITS
         AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR


                                       17
<PAGE>   24
         PAYMENT AND SUCH CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE IS
         REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY
         AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY, ANY TRANSFER, PLEDGE OR
         OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
         WRONGFUL, SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
         INTEREST HEREIN.


                                 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
shall be subordinated in right of payment to Senior Indebtedness as provided in
Article Sixteen.

                  The Securities shall rank equally and pari passu and may be
issued in one or more series. Each series of Securities may be reopened and more
Securities of such series issued unless otherwise specified in an indenture
supplement. 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, or determined in the manner provided, in an Officers'
Certificate, or established in one or more indentures supplemental hereto, prior
to the issuance of Securities of any series, any or all of the following, as
applicable (each of which (except for the matters set forth in clauses (1), (2)
and (15) below), if so provided, may be determined from time to time by the
Company with respect to unissued Securities of the series when issued from time
to time):

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

                  (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) and if such series
may not be reopened for additional Securities of that series; in the event that
such series of Securities may be reopened from time to time for issuances of
additional Securities of such series, the terms thereof may indicate whether
the Company may establish additional or different terms with respect to such
additional Securities;

                  (3)      the date or dates, or the method by which such date
or dates will be determined or extended, on which the principal (and premium, if
any,) of the Securities of the series shall be 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


                                       18
<PAGE>   25
Interest Payment Dates on which such interest will be payable 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 such interest shall be calculated if other
than that 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 and exchange, where Securities of the 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,
and 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 or the date or
dates on which, the price or prices at which, the Currency or Currencies 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, if the Company is
to have the option;

                  (7)      the obligation, 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 or the date or dates on which, the price or prices at
which, the Currency or Currencies 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 or Currencies in
which payment of the principal of (or premium, if any) or interest, if any, on
the Securities of the series shall be made 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


                                       19
<PAGE>   26
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 one or more Currencies 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 or Currencies in which such
Securities are denominated or stated to be payable and the Currency or
Currencies in which such Securities are to be paid, in each case in accordance
with, in addition to or in lieu of any of the provisions of Section 312;

                  (14)     provisions, if any, granting special rights to the
Holders of Securities of the series upon the occurrence of such events as may be
specified;

                  (15)     any deletions from, modifications of or additions to
the Events of Default or covenants or other provisions (including any deletions
from, modifications of or additions to any of the provisions of Section 1007) of
the Company with respect to Securities of the series, whether or not such Events
of Default or covenants or other provisions are consistent with the Events of
Default or covenants or other provisions set forth herein;

                  (16)     whether Securities of the series are to be issuable
as Registered Securities, Bearer Securities or both, any restrictions applicable
to the offer, sale or delivery of Bearer Securities and the terms upon which
Bearer Securities of the series may be exchanged for Registered Securities of
the series and vice versa (if permitted by applicable laws and regulations),
whether any Securities of the 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 in certificated form 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,
and, if Registered Securities of the series are to be issuable as a global
Security, the identity of the depository for such series;

                  (17)     the date as of which any Bearer Securities of the
series and any temporary global Security representing Outstanding Securities of
the series shall be dated if other than the date of original issuance of the
first Security of the series to be issued;

                  (18)     the Person to whom any interest on any Registered
Security of the series shall be payable, if other than 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, 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;


                                       20
<PAGE>   27
                  (19)     the applicability, if any, of Sections 1402 and 1403
to the Securities of the series (and, in the case of Section 1403, if
applicable, any additional covenants subject to covenant defeasance) and any
provisions in modification of, in addition to or in lieu of any of the
provisions of Article Fourteen;

                  (20)     if the Securities of such series are to be issuable
in definitive form (whether upon original issue or upon exchange of a temporary
Security of such series) only upon receipt of certain certificates or other
documents or satisfaction of other conditions, then the form and/or terms of
such certificates, documents or conditions;

                  (21)     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);

                  (22)     the designation of the initial Exchange Rate Agent,
if any;

                  (23)     if the Securities of the series are to be convertible
into or exchangeable for any securities or property of any Person (including the
Company), the terms and conditions upon which such Securities of the series will
be so convertible or exchangeable (including, without limitation, the initial
conversion price or rate, the conversion period, the conversion agent, if any,
adjustments of the applicable conversion price or rate and any requirements with
respect to the reservation of shares or Securities for purposes of conversion);

                  (24)     whether payment of any amounts due hereunder will be
guaranteed by one or more guarantors, including subsidiaries of the Company; and

                  (25)     any other terms of the series (which terms shall not
be inconsistent with the requirements of the Trust Indenture Act).

                  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 (subject to
Section 303) and set forth in such Officers' Certificate or in any such
indenture supplemental hereto. All Securities of any one series need not be
issued at the same time and, unless otherwise provided, a series may be
reopened, without the consent of the Holders, for issuances of additional
Securities of such series or to establish additional terms of such series of
Securities (which additional terms shall only be applicable to unissued or
additional Securities of such series).

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


                                       21
<PAGE>   28
                  SECTION 302 Denominations.

                  The Securities of each series shall be issuable in such
denominations as shall be specified as contemplated by Section 301. In the
absence of any such provision with respect to Securities of any series, the
principal, premium and interest and Additional Amounts with respect to the
Securities shall be payable in Dollars. With respect to Securities of any series
denominated in Dollars, in the absence of any such provisions with respect to
the Securities of any series, 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 Bearer
Securities issued in global form (which may be of any denomination), shall be
issuable in a denominations of $5,000 or any integral multiple thereof.

                  SECTION 303 Execution, Authentication, Delivery and Dating.

                  The Securities and any coupons appertaining thereto shall be
executed on behalf of the Company by any Officer. The signature of any Officers
on the Securities and coupons may be manual or facsimile signatures of the
present or any future 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 coupons 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 the Company
Order shall authenticate and deliver such Securities; either to the Company or
according to the directions contained in the Company Order; 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 or such other certificate as may be specified with
respect to any series of Securities pursuant to Section 301, 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


                                       22
<PAGE>   29
coupons for interest then matured have been detached and cancelled. If all the
Securities of any series are not to be issued at one time and if the 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 the terms of particular Securities
of such series, such as interest rate, maturity date, 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 (subject to TIA
Sections 315(a) through 315(d)) shall be fully protected in relying upon,

                  (A)      an Opinion of Counsel stating,

                           (a)      that the form or forms of such Securities
                  and any coupons have been established in conformity with the
                  provisions of this Indenture;

                           (b)      that the terms of such Securities and any
                  coupons have been established in conformity with the
                  provisions of this Indenture; and

                           (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 constitute legal, valid and binding obligations
                  of the Company, enforceable in accordance with their terms,
                  subject to applicable bankruptcy, insolvency, reorganization
                  and other similar laws of general applicability relating to or
                  affecting the enforcement of creditors' rights, to general
                  equitable principles and to such other qualifications as such
                  counsel shall conclude do not materially affect the rights of
                  Holders of such Securities and any coupons;

                  (B)      an Officers' Certificate stating, to the best of the
         knowledge of the signers of such certificate, that no Event of Default
         with respect to any of the Securities shall have occurred and be
         continuing; and

                  (C)      an executed supplemental indenture (if any).

                  Notwithstanding the provisions of Section 301 and of this
Section 303, if all the Securities of any series are not to be issued at one
time, it shall not be necessary to deliver an Officers' Certificate otherwise
required pursuant to Section 301 or the Company Order, Opinion of Counsel or
Officers' Certificate otherwise required pursuant to the preceding paragraph at
the time of issuance of each Security of such series, but such order, opinion
and certificates, with appropriate modifications to cover such future issuances,
shall be delivered at or before the time of issuance of the first Security of
such series. If such form or terms have been so established, 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, obligations or immunities under the Securities and this Indenture or
otherwise in a manner which is not


                                       23
<PAGE>   30
reasonably acceptable to the Trustee. Notwithstanding the generality of the
foregoing, the Trustee will not be required to authenticate Securities
denominated in a Foreign Currency if the Trustee reasonably believes that it
would be unable to perform its duties with respect to such Securities. 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 or Security to which such coupon appertains a certificate of
authentication substantially in the form provided for herein duly executed by
the Trustee or an Authenticating Agent by manual signature of an authorized
signatory, and such certificate upon any Security shall be 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.

                  (a)      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 the Officers executing such
Securities may determine, as conclusively evidenced by their execution of such
Securities. In the case of Securities of any series, 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 Section 304(b) or as otherwise
provided in or pursuant to a Board Resolution), 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 non-matured 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


                                       24
<PAGE>   31
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.

                  (b)      Unless otherwise provided in or pursuant to a Board
Resolution, this Section 304(b) shall govern the exchange of temporary
Securities issued in global form. 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 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 and upon receipt of the Company
Order described in Section 303, 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


                                       25
<PAGE>   32
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 unless such Person takes 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 forms as may be
established pursuant to Section 301), for credit without further interest on or
after such Interest Payment Date to the respective accounts of 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 as Exhibit A-1
to this Indenture (or in such other forms 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 304(b) 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 prior to the expiration of two years after such Interest
Payment Date in order to be repaid to the Company.

                  SECTION 305 Registration, Registration of Transfer and
Exchange,

                  The Company shall cause to be kept at the Corporate Trust
Office of the Trustee or in any office or agency of the Company in a Place of
Payment a register for each series of Securities (the registers maintained in
such office or in any such office or agency of the Company in a Place of Payment
being herein sometimes referred to collectively 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. The Security Register shall be in written form or any
other form capable of being converted into written form within a reasonable
time. The Trustee, at its Institutional Trust Services Office, is hereby
initially appointed "Security Registrar" for the purpose of registering
Registered Securities and transfers of Registered Securities on such Security
Register as herein


                                       26
<PAGE>   33
provided. In the event that the Trustee shall cease to be Security Registrar, it
shall have the right to examine the Security Register at all reasonable times.

                  Upon surrender for registration of transfer of any Registered
Security of any series at any office or agency of the Company in a Place of
Payment for that series, the Company shall execute, and the Trustee shall
authenticate and deliver, subject to the terms and conditions of this Article
Three, in the name of the designated transferee or transferees, one or more new
Registered Securities of the same series, of any authorized denominations and of
a like aggregate principal amount, bearing a number not contemporaneously
outstanding and containing identical terms and provisions.

                  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 or denominations and of a like aggregate principal
amount, containing identical terms and provisions, upon surrender of the
Registered Securities to be exchanged at any 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 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) permitted by the applicable Board Resolution and
(subject to Section 303) set forth in the applicable Officers' 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 denominations 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


                                       27
<PAGE>   34
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 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 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.


                                       28
<PAGE>   35
                  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.

                  The Company shall not be required (i) to issue, register the
transfer of or exchange any Security if such Security may be among those
selected for redemption during a period beginning at the opening of business 15
days before selection of the Securities to be redeemed under Section 1103 or
1203 and ending at the close of business on (A) if such Securities are issuable
only as Registered Securities, the day of the mailing of the relevant notice of
redemption and (B) if such Securities are issuable as Bearer Securities, the day
of the first publication of the relevant notice of redemption or, if such
Securities 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, in the case of any Registered Security
to be redeemed in part, the portion thereof not to be redeemed, 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 imposed
under this Indenture or under applicable law with respect to any transfer of any
interest in any Security (including any transfers between or among depository
participants or beneficial owners of interests in any 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 this Indenture, and to examine the same to determine
substantial compliance as to form with the express requirements hereof.

                  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 or the Company, together
with, in proper cases, such security or indemnity as may be required by the
Company or the Trustee to save each of them or any agent of either of them
harmless, the Company shall execute and the Trustee shall authenticate and
deliver in exchange therefor a new Security of the same series and principal
amount, containing identical terms and provisions and bearing a number not
contemporaneously outstanding, with coupons corresponding to the coupons, if
any, appertaining to the surrendered Security.


                                       29
<PAGE>   36
                  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 protected purchaser (as defined in Article 8 of the Uniform
Commercial Code), the Company shall execute and upon receipt of a Company Order
indicating its request and according to its directions the Trustee shall
authenticate and deliver, in lieu of any such destroyed, lost or stolen Security
or in exchange for the Security to 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 principal amount, containing identical terms and
provisions 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, together with its coupons,
if any, issued pursuant to this Section in lieu of any destroyed, lost or stolen
Security, or in exchange for a Security to which a destroyed, lost or stolen
coupon appertains, shall constitute a valid, original additional contractual
obligation of the Company evidencing the same debt as the Security and coupon in
lieu of which it is issued, whether or not the destroyed, lost or stolen
Security and its coupons, if any, or the destroyed, lost or stolen coupon shall
be at any time enforceable by anyone, and shall be entitled to all the benefits
of this Indenture equally and proportionately with any and all other Securities
of that series 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.


                                       30
<PAGE>   37
            SECTION 307   Payment of Interest; Interest Rights Preserved;
Optional Interest Reset.

            (a)   Except as otherwise specified with respect to a series of
Securities in accordance with the provisions of Section 301, interest, if any,
on any Registered Security that is payable, and is punctually paid or duly
provided for, on any Interest Payment Date shall be paid to the Person in whose
name that 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 maintained by the payee located
inside the United States.

            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 maintained by
the payee with a bank located outside the United States.

            Unless otherwise provided as contemplated by Section 301, every
permanent global Security will provide that interest, if any, payable on any
Interest Payment Date will be paid to each of Euroclear and Clearstream with
respect to that portion of such permanent global Security held for its account
by the Common Depositary, for the purpose of permitting each of Euroclear and
Clearstream to credit the interest, if any, received by it in respect of such
permanent global Security to the accounts of the beneficial owners thereof.

            In case a Bearer Security of any series is surrendered in exchange
for a Registered Security of such series after the close of business (at an
office or agency in a Place of Payment for such series) on any Regular Record
Date and before the opening of business (at such office or agency) on the next
succeeding Interest Payment Date, such Bearer Security shall be surrendered
without the coupon relating to such Interest Payment Date and interest will not
be payable on such Interest Payment Date 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.

            Except as otherwise specified with respect to a series of Securities
in accordance with the provisions of Section 301, any interest on any Registered
Security of any series that is payable, but is not punctually paid or duly
provided for, on any Interest Payment Date (herein called "Defaulted Interest")
shall forthwith cease to be payable to the registered Holder thereof on the
relevant Regular Record Date by virtue of having been such Holder, and such
Defaulted Interest may be paid by the Company, at its election in each case, as
provided in clause (1) or (2) below:

            (1)   The Company may elect to make payment of any Defaulted
      Interest to the Persons in whose names the Registered Securities of such
      series (or their respective Predecessor Securities) are registered at the
      close of business on a Special Record Date


                                       31
<PAGE>   38
      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 (which shall
      not be less than 20 days after such notice is received by the Trustee),
      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 shall be not
      more than 15 days and not less than 10 days prior to the date of the
      proposed payment and not less than 10 days after the receipt by the
      Trustee of the notice of the proposed payment. The Trustee shall promptly
      notify the Company of such Special Record Date and, in the name and at the
      expense of the Company, shall cause notice of the proposed payment of such
      Defaulted Interest and the Special Record Date therefor to be mailed,
      first-class postage prepaid, to each Holder of Registered Securities of
      such series at his address as it appears in the Security Register not less
      than 10 days prior to such Special Record Date.Notice of the proposed
      payment of such Defaulted Interest and the Special Record Date therefor
      having been mailed as aforesaid, such Defaulted Interest shall be paid 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 such Special Record Date and shall no longer be payable
      pursuant to the following clause (2). In case a Bearer Security of any
      series is surrendered at the office or agency in a Place of Payment for
      such series in exchange for a Registered Security of such series after the
      close of business at such office or agency on 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 proposed date of
      payment and Defaulted Interest will not be payable on such proposed date
      of payment 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.

            (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


                                       32
<PAGE>   39
"Optional Reset Date"). The Company may exercise such option with respect to
such Security by notifying the Trustee of such exercise at least 45 but not more
than 60 days prior to an Optional Reset Date for such Security. 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 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 a higher interest
rate (or a spread or spread multiplier providing for a higher interest rate, if
applicable), 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 spread or spread multiplier providing for a higher
interest rate, 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 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 spread or spread multiplier providing for a
higher interest rate, if applicable).

            The Holder of any such Security may 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 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


                                       33
<PAGE>   40
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 45 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 (or
spread, spread multiplier or other formula used to calculate such interest rate,
if applicable), 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 (or spread, spread multiplier or other formula used to
calculate such interest rate, if applicable) provided for in the Extension
Notice and establish a higher interest rate (or spread, spread multiplier or
other formula used to calculate such higher interest rate, if applicable) for
the Extension Period by causing the Trustee to transmit, in the manner provided
for in Section 106, notice of such higher interest rate (or spread, spread
multiplier or other formula used to calculate such interest rate, if applicable)
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 Stated 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 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 Stated 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 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 Registered Security and for all other purposes
whatsoever, whether or not such Registered Security be overdue, and neither the
Company, the Trustee nor any agent of the Company or the Trustee shall be
affected by notice to the contrary.


                                       34
<PAGE>   41
            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 coupon be overdue, and neither the
Company, the Trustee nor any agent of the Company or the Trustee shall be
affected by notice to the contrary.

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

            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 effect to any written certification, proxy
or other authorization furnished by any 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 sinking fund payment shall, if surrendered to any Person
other than the Trustee, be delivered to the Trustee, and any such Securities and
coupons and Securities and coupons surrendered directly to the Trustee for any
such purpose 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. Cancelled Securities and coupons held by the Trustee shall be
destroyed by the Trustee and the Trustee shall deliver a certificate of such
destruction to the Company, unless by a Company Order the Company directs the
return of any cancelled Securities to it.

            SECTION 311   Computation of Interest.

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


                                       35
<PAGE>   42
            SECTION 312   Currency and Manner of Payments in Respect of
Securities.

            (a)   Unless otherwise specified with respect to any Securities
pursuant to Section 301, 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 for such series of Registered Securities 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 transferee of such Holder until changed by such Holder or such
transferee by written notice to the Trustee for such series of Registered
Securities (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 of such series of Registered
Securities 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 for each such series of
Registered Securities 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 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 denominated in any Currency 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


                                       36
<PAGE>   43
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 or Currencies payments
to be made on such payment date. Unless otherwise specified pursuant to Section
301, the Dollar or Foreign Currency or Currencies 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 second 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 of each
such series of Securities and by such 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 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) of
this Section 312.

            (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:


                                       37
<PAGE>   44
            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 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 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 Regular Record Date for the
      applicable series of Registered Securities or at least 16 days prior to
      Maturity, as the case may be, or such other prior date for any series of
      Registered Securities as specified pursuant to clause (13) of Section 301
      by which the written election referred to in Section 312(b) 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 for the appropriate series of Securities
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 for the appropriate series of Securities 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 of the appropriate
series of Securities and to the Exchange Rate


                                       38
<PAGE>   45
Agent (and such Trustee will promptly thereafter give notice in the manner
provided 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 of the appropriate series of Securities and to the Exchange Rate
Agent (and such Trustee will promptly thereafter give notice in the manner
provided 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 of the
appropriate series of Securities and to the Exchange Rate Agent.

            The Trustee of the appropriate series of Securities shall be fully
justified and protected in conclusively 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 Foreign Currency
or (ii) may be payable in a Foreign Currency, 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
Foreign Currency into the applicable payment 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 of the appropriate series of Securities accepting such appointment
executed by the successor Exchange Rate Agent.

            (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).


                                       39
<PAGE>   46
            SECTION 314   CUSIP Numbers.

            The Company in issuing the Securities may use "CUSIP" numbers (if
then generally in use), and, if so, the Trustee shall indicate the "CUSIP"
numbers of the Securities in notices of redemption as a convenience to Holders;
provided that, any such notice may state that no representation is made as to
the correctness of such numbers either as printed on the Securities or as
contained in any notice of redemption and that reliance may be placed only on
the other identification numbers printed on the Securities, and any such
redemption shall not be affected by any defect in or omission of such numbers.
The Company will promptly notify the Trustee of any change in the "CUSIP"
numbers.


                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE


            SECTION 401   Satisfaction and Discharge of Indenture.

            Unless otherwise specified pursuant to Section 301, 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 provided in Section 1005), and the Trustee, upon receipt
of a Company Order, and 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 or segregated and held
            in trust by the Trustee or Paying Agent (which may be the Company)
            and thereafter repaid to the Company or discharged from such trust,
            as provided in Section 1003) have been delivered to the Trustee for
            cancellation; or

                  (B)   all 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 (A) have become due and
            payable, or (B) will become due and payable at their Stated Maturity
            within one year, or (C) if redeemable at the


                                       40
<PAGE>   47
            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 and such coupons not theretofore delivered to the Trustee
            for cancellation, including the 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 Officers'
      Certificate and an Opinion of Counsel, each stating that all conditions
      precedent herein provided for relating to the satisfaction and discharge
      of this Indenture as to such series have been complied with.

Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee and any predecessor Trustee under
Section 606, the obligations of the Company to any Authenticating Agent under
Section 611 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 and the obligations of
the Company and the Trustee with respect to Securities of such series under
Sections 305, 306, 1002 and 1005, with respect to the payment of Additional
Amounts, if any, with respect to any rights of Holders to require the Company to
repay such Securities as contemplated by Section 1301 and with respect to any
rights of Holders to convert or exchange such Securities into other Securities,
shall survive. These obligations shall continue to be governed and construed in
accordance with Section 111.

            SECTION 402   Application of Trust Funds.

            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 or received by the Trustee, but such money need not be segregated
from other funds except to the extent required by law.


                                       41
<PAGE>   48
                                  ARTICLE FIVE

                                    REMEDIES


            SECTION 501   Events of Default.

            "Event of Default", wherever used herein with respect to any
particular series of Securities, means any one of the following events as such
events may be otherwise amended in accordance with Section 301 (whatever the
reason for such Event of Default and whether or not 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 upon, or any Additional
      Amount payable in respect of, any Security of that series or of any coupon
      appertaining thereto, 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 when it becomes due and payable at
      its Maturity; or

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

            (4)   default in the performance, or breach, of any covenant or
      agreement of the Company in this Indenture with respect to any Security of
      that series (other than a covenant or agreement a default in whose
      performance or whose breach is elsewhere in this Section specifically
      dealt with), and continuance of such default or breach for a period of 60
      days after there has been given, by registered or certified mail, to the
      Company by the Trustee or to the Company and the Trustee by the Holders of
      at least 25% in principal amount of the Outstanding Securities of that
      series a written notice specifying such default or breach and requiring it
      to be remedied and stating that such notice is a "Notice of Default"
      hereunder; or

            (5)   the Company pursuant to or within the meaning of any
      Bankruptcy Law: (A) commences a voluntary case or proceedings, (B)
      consents to the entry of an order for relief against it in an involuntary
      case or proceedings, (C) consents to the appointment of a Custodian of it
      or for all or substantially all of its property, (D) makes a general
      assignment for the benefit of its creditors, (E) files a petition in
      bankruptcy or answer or consent seeking reorganization or relief, or (F)
      consents to the filing of such petition or the appointment of or taking
      possession by a Custodian; or

            (6)   a court of competent jurisdiction enters an order or decree
      under any Bankruptcy Law that: (A) is for relief against the Company in an
      involuntary case, or adjudicates the Company insolvent or bankrupt, (B)
      appoints a Custodian of the Company or for all or substantially all of its
      property, or (C) orders the winding-up or


                                       42
<PAGE>   49
      liquidation of the Company, and the order or decree remains unstayed and
      in effect for 60 days; or

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

            The term "Bankruptcy Law" means title 11, U.S. Code or any similar
foreign, Federal or State law for the relief of debtors. The term "Custodian"
means any custodian, receiver, trustee, assignee, liquidator or other similar
official under any Bankruptcy Law.

            SECTION 502   Acceleration of Maturity; Rescission and Annulment.

            If an Event of Default (other than an Event of Default specified in
Section 501(5) or 501(6) with respect to the Company) with respect to Securities
of any series at the time Outstanding occurs and is continuing, then and 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 and premium if any (or, if any Securities are Original Issue Discount
Securities or Indexed Securities, such portion of the principal as may be
specified in the terms thereof) and accrued interest of all 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 the Holders), and upon any such
declaration such principal or specified portion thereof and interest shall
become immediately due and payable. If an Event of Default specified in Section
501(5) or 501(6) with respect to the Company occurs, the amounts described above
with respect to the Outstanding Securities of all 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. Upon payment of such principal and interest,
all of the Company's obligations under the Securities of such Series and this
Indenture, other than obligations under Section 606, shall terminate.

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

            (1)   the Company has paid or deposited with the Trustee a sum
      sufficient in cash to pay all principal (and premium, if any), interest
      and Additional Amounts which have become due other than by such
      declaration of acceleration, interest or any such overdue amounts, and
      amounts owing to the Trustee;

            (2)   all Events of Default with respect to Securities of that
      series, other than the nonpayment of the principal of (or premium, if any)
      or interest on Securities of that series which have become due solely by
      such declaration of acceleration, have been cured or waived as provided in
      Section 514; and

            (3)   such rescission would not conflict with any judgment or decree
      of a court of competent jurisdiction.


                                       43
<PAGE>   50
            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
      or Additional Amounts on any Security of any series and any related coupon
      when such interest or Additional Amounts 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 of any series at its Maturity, then the
      Company will, upon demand of the Trustee, pay to the Trustee, for the
      benefit of the Holders of Securities of such series and coupons, the whole
      amount then due and payable on such Securities and coupons for principal
      (and premium, if any) and interest, if any, with interest upon any overdue
      principal (and premium, if any) and, to the extent that payment of such
      interest shall be legally enforceable, upon any overdue installments of
      interest, if any, at the rate or rates borne by or provided for 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 and as trustee of an express trust, may institute a
judicial proceeding for the collection of the sums so due and unpaid, and may
prosecute such proceeding to judgment or final decree, and may enforce the same
against the Company or any other obligor upon Securities of such series 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
of such series, wherever situated.

            If an Event of Default with respect to Securities of any series
occurs and is continuing, the Trustee may in its discretion proceed to protect
and enforce its rights and the rights of the Holders of Securities of such
series and any related coupons 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
of any series shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Trustee shall have made
any demand on the Company for the


                                       44
<PAGE>   51
payment of any overdue principal, premium or interest) shall be entitled and
empowered, by intervention in such proceeding or otherwise:

            (A)   to file and prove a claim for the whole amount of principal
      (or in the case of Original Issue Discount Securities or Indexed
      Securities, such portion of the principal as may be provided for in the
      terms thereof) (and premium, if any) 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

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

and any custodian, receiver, assignee, trustee, liquidator, sequestrator (or
other similar official) in any such judicial proceeding is hereby authorized by
each Holder of Securities of such series and coupons 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 to
it for the reasonable compensation, expenses, disbursements and advances of the
Trustee and any predecessor Trustee, their agents and counsel, and any other
amounts due the Trustee or any predecessor 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 of a Security
or coupon any plan of reorganization, arrangement, adjustment or composition
affecting the Securities or coupons or the rights of any Holder thereof, or to
authorize the Trustee to vote in respect of the claim of any Holder of a
Security or coupon in any such proceeding.

            SECTION 505   Trustee May Enforce Claims Without Possession of
Securities or Coupons.

            All rights of action and claims under this Indenture or any of 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 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:


                                       45
<PAGE>   52
            FIRST:      To the payment of all amounts due the Trustee and any
      predecessor Trustee under Section 606;

            SECOND:     To the payment of the amounts then due and unpaid upon
      the Securities and coupons for principal (and premium, if any) and
      interest, if any, 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 aggregate amounts due and payable on such
      Securities and coupons for principal (and premium, if any) and interest,
      if any, respectively; and

            THIRD:      To the payment of the remainder, if any, to the Company
      or any other Person or Persons entitled thereto.

            SECTION 507   Limitation on Suits.

            No Holder of any Security of any series or any related coupon shall
have any right to institute any proceeding, judicial or otherwise, with respect
to this Indenture, or for the appointment of a receiver or trustee, or for any
other remedy hereunder, unless:

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

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

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

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

            (5)   no direction inconsistent with such written request has been
      given to the Trustee during such 60-day period by the Holders of a
      majority in principal amount of the Outstanding Securities of that series;
      it being understood and intended that no one or more of such Holders shall
      have any right in any manner whatever by virtue of, or by availing of, any
      provision of this Indenture to affect, disturb or prejudice the rights of
      any other of such Holders, or to obtain or to seek to obtain priority or
      preference over any other of such Holders or to enforce any right under
      this Indenture, except in the manner herein provided and for the equal and
      ratable benefit of all such Holders.

            SECTION 508   Unconditional Right of Holders to Receive Principal,
Premium and Interest and Additional Amounts, if Any.

            Notwithstanding any other provision in this Indenture, the Holder of
any Security or coupon shall have the right which is absolute and unconditional
to receive payment of the principal of (and premium, if any) and (subject to
Sections 305 and 307) interest, if any, and Additional Amounts, if any, on such
Security or payment of such coupon on the respective due


                                       46
<PAGE>   53
dates 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 of a Security or coupon 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 the Company, the Trustee and the Holders of Securities and coupons shall,
subject to any determination in such proceeding, 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
of Securities or coupons, as the case may be.

            SECTION 512   Control By Holders of Securities.

            The Holders of a majority in principal amount of the Outstanding
Securities of any series shall have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee or
exercising any trust or power conferred on the Trustee with respect to the
Securities of such series, provided that

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

            (2)   the Trustee may take any other action deemed proper by the
      Trustee which is not inconsistent with such direction, and


                                       47
<PAGE>   54
            (3)   the Trustee need not take any action, as determined in the
      good faith of Trustee, which might involve it in personal liability or be
      unduly prejudicial to the Holders of Securities of such series not
      consenting unless the Trustee is offered indemnity satisfactory to it.
      This Section 512 shall be in lieu of Section 316(a)1(A) of the TIA and
      such Section 316(a)1(A) is hereby expressly excluded from this Indenture
      as permitted by the TIA.

            SECTION 513   Undertaking for Costs.

            All parties to this Indenture agree that in any suit for the
enforcement of any right or remedy under this Indenture or in any suit against
the Trustee for any action taken or omitted by it as a Trustee, a court in its
discretion may require the filing by any party litigant in the suit of an
undertaking to pay the costs of the suit, and the court in its discretion may
assess reasonable costs, including reasonable attorney's fees and expenses,
against any party litigant in the suit, having due regard to the merits and good
faith of the claims or defenses made by the party litigant, provided that this
Section 513 shall not apply to a suit by the Trustee, a suit by a Holder
pursuant to Section 508 hereof, or a suit by Holders of more than 10% in
principal amount of the then Outstanding Securities. This Section 513 shall be
in lieu of Section 315(e) of the TIA and such Section 315(e) is hereby expressly
excluded from this Indenture, as permitted by TIA.

            SECTION 514   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 and any related coupons waive
any past default hereunder with respect to such series and its consequences,
except a default

            (1)   in the payment of the principal of (or premium, if any) or
      interest, if any, or Additional Amounts on any Security of such series or
      any related coupons, or

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

            SECTION 515   Waiver of Usury, Stay or Extension Laws.

            The Company covenants (to the extent that it may lawfully do so)
that it will not at any time insist upon, or plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay or extension law or any
usury or other 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.


                                       48
<PAGE>   55
                                  ARTICLE SIX

                                   THE TRUSTEE


            SECTION 601   Notice of Defaults.

            If a Default or Event of Default occurs known to the Trustee, the
Trustee shall give to each Holder of Securities of such series in a manner and
to the extent provided in TIA Section 313(c), notice of the Default within 90
days after it occurs, unless such Default shall have been cured or waived before
giving such notice; provided, however, that, except in the case of a Default in
the payment of the principal 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 the 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 determines that the withholding of such notice is in the
interests of the Holders of the Securities and coupons of such series; and
provided further that in the case of any Default or breach of the character
specified in Section 501(4) with respect to the Securities and coupons of such
series, no such notice to Holders shall be given until at least 60 days after
the occurrence thereof unless otherwise specified in accordance with Section
301. The Trustee shall not be deemed to have knowledge of a Default unless a
Responsible Officer of the Trustee has received written notice of such Default.

            SECTION 602   Certain Rights of Trustee.

            (1)   If an Event of Default has occurred and is continuing, the
Trustee shall exercise the rights and powers vested in it by this Indenture and
use the same degree of care and skill in its exercise as a prudent person would
exercise or use under the circumstances in the conduct of such person's own
affairs.

            (2)   Except during the continuance of an Event of Default:

            (a)   the Trustee need perform only those duties that are
            specifically set forth in this Indenture and no others; 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 case of any such certificates or opinions
            which by any provision hereof are specifically required to be
            furnished to the Trustee, the Trustee shall examine the certificates
            and opinions to determine whether or not they conform to the
            requirements of this Indenture, but need not confirm or investigate
            the accuracy of mathematical calculations or other facts stated
            therein.

This Section 602(2) shall be in lieu of Section 315(a) of the TIA and such
Section 315(a) is hereby expressly excluded from this Indenture, as permitted by
the TIA.


                                       49
<PAGE>   56
            (3)   The Trustee may not be relieved from liability for its own
negligent action, its own negligent failure to act or its own willful
misconduct, except that:

            (a)   this paragraph (3) does not limit the effect of paragraph (2)
            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 it
            takes or omits to take in good faith in accordance with a direction
            received by it pursuant to Section 512.

Subparagraphs (3)(a), (b) and (c) shall be in lieu of Sections 315(d)(1),
315(d)(2) and 315(d)(3) of the TIA and such Sections 315(d)(1), 315(d)(2) and
315(d)(3) are hereby expressly excluded from this Indenture, as permitted by the
TIA.

            (4)   The Trustee may conclusively rely and shall be protected in
acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, note, coupon 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 (other than
delivery of any Security, together with any coupons appertaining thereto, to the
Trustee for authentication and delivery pursuant to Section 303 which shall be
sufficiently evidenced as provided therein) 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 Officers' Certificate.

            (7)   The Trustee may consult with counsel of its choosing and the
advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted
by it hereunder in good faith and in accordance with such advice or Opinion of
Counsel.

            (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 security or indemnity satisfactory to the Trustee against the costs,
expenses and liabilities which might be incurred by it in compliance with such
request or direction.

            (9)   The Trustee shall not be bound to make any investigation into
the facts or


                                       50
<PAGE>   57
matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note,
coupon, other evidence of indebtedness or other paper or document, but the
Trustee, in its discretion, may make such further inquiry or investigation into
such facts or matters as it may see fit, and, if the Trustee shall determine to
make such further inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Company, personally or by agent or attorney
and shall incur no liability or additional liability of any kind by reason of
such inquiry or investigation.

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

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

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

            (14)  The Trustee shall not be deemed to have notice of any Default
or Event of Default unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless written notice of any event which is in fact such a
default is received by the Trustee at the Corporate Trust office of the Trustee,
and such notice references the Securities in this Indenture.

            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.

            SECTION 603   Not Responsible For Recitals or Issuance of
Securities.

            The recitals contained herein and in the Securities, except the
Trustee's certificate 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.


                                       51
<PAGE>   58
            SECTION 604   May Hold Securities.

            The Trustee, any Paying Agent, Security Registrar, Authenticating
Agent or any other agent of the Company, 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(a) and (b), may otherwise deal with the Company
with the same rights it would have if it were not Trustee, Paying Agent,
Security Registrar, Authenticating Agent 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 Trustee shall be
under no liability for interest on any money received by it hereunder except as
otherwise agreed with the Company.

            SECTION 606   Compensation and Reimbursement.

            The Company agrees:

            (1)   to pay to the Trustee from time to time such reasonable
      compensation for all services rendered by it hereunder as shall be agreed
      upon in writing from time to time (which compensation shall not be limited
      (to the extent permitted by law) 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
      each of the Trustee and any predecessor Trustee upon its request for all
      reasonable expenses, disbursements and advances incurred or made by the
      Trustee in accordance with any provision of this Indenture (including the
      reasonable compensation and the expenses and disbursements of its agents
      and counsel), except any such expense, disbursement or advance as may be
      attributable to its negligence or bad faith; and

            (3)   to indemnify each of the Trustee and any predecessor Trustee
      and their agents for, and to hold it harmless against, any loss, damage,
      claims, liability or expense (including reasonable attorney's fees and
      taxes (other than taxes based upon, measured by or determined by the
      income of the Trustee)) incurred without negligence or bad faith on its
      own part, arising out of or in connection with the acceptance or
      administration of the trust or trusts hereunder, including the reasonable
      costs and expenses of defending itself against any claim (whether asserted
      by the Company or any Holder or any other Person) or liability in
      connection with the exercise or performance of any of its 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.

            As security for the performance of the obligations of the Company
under this Section, the Trustee shall have a claim prior to the Securities upon
all property and funds held or


                                       52
<PAGE>   59
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 after an Event
of Default specified in Section 501(5) or (6) occurs, the expenses and
compensation for the services are intended to constitute expenses of
administration under any Bankruptcy Law.

            The provisions of this Section 606 shall survive the resignation and
removal of the Trustee and the termination of this Indenture.

            SECTION 607   Corporate Trustee Required; Eligibility.

            There shall at all times be 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 or 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.

            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.

            (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.

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

            (d)   The Company shall remove the Trustee if:

                  (1)   the Trustee fails to comply with Section 607;

                  (2)   the Trustee is adjudged bankrupt or insolvent;

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

                  (4)   the Trustee otherwise becomes incapable of acting.


                                       53
<PAGE>   60
            (e)   If a successor Trustee does not take office within 30 days
after the retiring Trustee resigns or is removed, the retiring Trustee, the
Company or, with respect to the Securities of any particular series, the Holders
of a majority in principal amount of the Outstanding Securities of that series
may petition any court of competent jurisdiction at the expense of the Company
for the appointment of a successor Trustee.

            (f)   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 or pursuant to
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 or removal, 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 of Securities
and accepted appointment in the manner hereinafter provided, any Holder of a
Security 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 Securities of such series.

            (g)   If the Trustee fails to comply with Section 607, any
Securityholder may petition any court of competent jurisdiction for the removal
of the Trustee and the appointment of a successor Trustee.

            (h)   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
in the manner provided for notices to the Holders of Securities 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.

            (a)   In case of the appointment hereunder of a successor Trustee
with respect to all Securities, every such successor Trustee 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 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


                                       54
<PAGE>   61
money held by such retiring Trustee hereunder, subject nevertheless to its
claim, if any, provided for in Section 606.

            (b)   In case of the appointment hereunder of a successor Trustee
with respect to the Securities of one or more (but not all) series, the Company,
the retiring Trustee and each successor Trustee with respect to the Securities
of one or more series shall execute and deliver an indenture supplemental hereto
wherein each successor Trustee shall accept such appointment and which (1) shall
contain such provisions as shall be necessary or desirable to transfer and
confirm to, and to vest in, each successor Trustee all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of that
or those series to which the appointment of such successor Trustee relates, (2)
if the retiring Trustee is not retiring with respect to all Securities, shall
contain such provisions as shall be deemed necessary or desirable to confirm
that all the rights, powers, trusts and duties of the retiring Trustee with
respect to the Securities of that or those series as to which the retiring
Trustee is not retiring shall continue to be vested in the retiring Trustee, and
(3) shall add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Trustee, it being understood that nothing herein or
in such supplemental indenture shall constitute such Trustees co-trustees of the
same trust and that each such Trustee shall be trustee of a trust or trusts
hereunder separate and apart from any trust or trusts hereunder administered by
any other such Trustee; and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Trustee shall become
effective to the extent provided therein and each such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee with respect to the
Securities of that or those series to which the appointment of such successor
Trustee relates; but, on request of the Company or any successor Trustee, such
retiring Trustee shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder with
respect to the Securities of that or those series to which the appointment of
such successor Trustee relates, subject nevertheless to the claim, if any,
provided for in Section 606.

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

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

            SECTION 610   Merger, Conversion, Consolidation or Succession to
Business.

            Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder,
provided such corporation shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the
part of any of the parties hereto. In case any Securities or coupons shall have
been authenticated, but not


                                       55
<PAGE>   62
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 or coupons so authenticated with the same effect as if
such successor Trustee had itself authenticated such Securities or coupons. In
case any Securities or coupons shall not have been authenticated by such
predecessor Trustee, any such successor Trustee may authenticate and deliver
such Securities or coupons, in either its own name or that of its predecessor
Trustee, with the full force and effect which this Indenture provides for the
certificate of authentication of the Trustee.

            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 issued upon exchange,
registration of transfer or partial redemption thereof 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 or Agent will serve, in
the manner provided for in Section 106, and Securities so authenticated shall be
entitled to the benefits of this Indenture and shall be valid and obligatory for
all purposes as if authenticated by the Trustee hereunder. Any such appointment
shall be evidenced by an instrument in writing signed by a Responsible Officer
of the Trustee, a copy of which 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 reasonably acceptable to the Company and,
except as may otherwise be provided pursuant to Section 301, shall at all times
be a bank or trust company or corporation organized and doing business and in
good standing under the laws of the United States of America or of any State 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 authorities. If such
Authenticating Agent publishes reports of condition at least annually, pursuant
to law or the requirements of the aforesaid supervising or examining authority,
then for the purposes of this Section, the combined capital and surplus of such
Authenticating Agent shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published. In case at any
time an Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section.

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


                                       56
<PAGE>   63
            An Authenticating Agent for any series of Securities may at any time
resign by giving written notice of resignation to the Trustee for such series
and to the Company. The Trustee for any series of Securities may at any time
terminate the agency of an Authenticating Agent by giving written notice of
termination 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 for such series may appoint a successor
Authenticating Agent which shall be acceptable to the Company and shall give
notice of such appointment to all Holders of Securities of the series with
respect to which such Authenticating Agent will serve in the manner set forth 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 herein. No successor Authenticating Agent shall be
appointed unless eligible under the provisions of this Section.

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

            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 or in lieu of the Trustee's certificate of
authentication, an alternate certificate of authentication substantially in the
following form:

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

                                          THE CHASE MANHATTAN BANK,
                                          as Trustee


                                          By:
                                             --------------------------------
                                              as Authenticating Agent


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


            SECTION 612   Conflicting Interests.

            The Trustee shall comply with the provisions of Section 310(b) of
the Trust Indenture Act.

            The indenture dated as of February 6, 2001, for the Company's Liquid
Yield Option(TM) Notes due 2021 between the Company and The Chase Manhattan Bank
and the

- ----------
(TM)    Trademark of Merrill Lynch & Co., Inc.


                                       57
<PAGE>   64
indenture dated as of May 9, 2001, for the Company's Liquid Yield Option(TM)
Notes due 2021 between the Company and The Chase Manhattan Bank shall be deemed
to be specifically described herein for the purposes of clause (i) of the first
proviso contained in Section 310(b) of the Trust Indenture Act.

            SECTION 613   Appointment of Co-Trustee.

            (A)   For the purpose of meeting any legal requirements of any
jurisdiction in which the Company may at the time be located in connection with
the enforcement of any right or the taking of any action on behalf of the
Holders of any Securities issued hereunder, the Trustee shall have the power and
may execute and deliver all instruments necessary to appoint one or more Persons
to act as a co-trustee or co-trustees, or separate trustee or separate trustees,
such powers, duties, obligations, rights and trusts as the Trustee may consider
necessary or desirable. Each co-trustee or separate trustee hereunder shall be
required to meet the terms of eligibility as a trustee under Section 607. The
Trustee shall promptly notify the Holders and the Company of the appointment of
a co-trustee or separate trustee under this Section.

            (B)   Every separate trustee and co-trustee shall, to the extent
permitted by law, be appointed and act subject to the following provisions and
conditions:

            (a)   all rights, powers, duties and obligations conferred or
      imposed upon the Trustee shall be conferred or imposed upon and exercised
      or performed by the Trustee and such separate trustee or co-trustee
      jointly (it being understood that such separate trustee or co-trustee is
      not authorized to act separately without the Trustee joining in such act),
      except to the extent that under any law of any jurisdiction in which any
      particular act or acts are to be performed the Trustee shall be
      incompetent or unqualified to perform such act or acts, in which event
      such rights, powers, duties and obligations shall be exercised and
      performed singly by such separate trustee or co-trustee, but solely at the
      direction of the Trustee;

            (b)   no trustee hereunder shall be personally liable by reason of
      any act or omission of any other trustee hereunder;

            (c)   the Trustee may at any time accept the resignation of or
      remove any separate trustee or co-trustee;

            (d)   any notice, request or other writing given to the Trustee
      shall be deemed to have been given to each of the then separate trustees
      and co-trustees, as effectively as if given to each of them. Every
      instrument appointing any separate trustee or co-trustee shall refer to
      this Indenture and the conditions of this Article Six. Each separate
      trustee and co-trustee, upon its acceptance of the trusts conferred, shall
      be vested with the estates or property specified in its instrument of
      appointment, either jointly with the Trustee or separately, as may be
      provided therein, subject to all the provisions of this Indenture,
      specifically including every provision of this Indenture relating to the
      conduct of, affecting the liability of, or affording protection or rights
      (including the rights to

- ----------
(TM)    Trademark of Merrill Lynch & Co., Inc.


                                       58
<PAGE>   65
      compensation, reimbursement and indemnification hereunder) to, the
      Trustee. Every such instrument shall be filed with the Trustee; and

            (e)   any separate trustee or co-trustee may at any time constitute
      the Trustee its agent or attorney-in-fact with full power and authority,
      to the extent not prohibited by law, to do any lawful act under or in
      respect of this Indenture on its behalf and in its name for the purposes
      of enforcing any rights or taking any other action on behalf of the
      Holders of any Securities issued hereunder.

            SECTION 614   Trustee's Application for Instructions from the
Company.

            Any application by the Trustee for written instructions from the
Company may, at the option of the Trustee, set forth in writing any action
proposed to be taken or omitted by the Trustee under this Indenture and the date
on and/or after which such action shall be taken or such omission shall be
effective. The Trustee shall not be liable for any action taken by, or omission
of, the Trustee in accordance with a proposal included in such application on or
after the date specified in such application (which date shall not be less than
five Business Days after the date any Officer of the Company actually receives
such application, unless any such officer shall have consented in writing to any
earlier date) unless prior to taking any such action (or the effective date in
the case of an omission), the Trustee shall have received written instructions
in response to such application specifying the action to be taken or omitted.

                                 ARTICLE SEVEN

                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY


            SECTION 701   Disclosure of Names and Addresses of Holders.

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

            (A)   semiannually, not later than 15 days after each Regular Record
      Date for Securities of each series at the time Outstanding, a list in such
      form as the Trustee may reasonably require, of the names and addresses of
      the Holders of Registered Securities as of such Regular Record Date, or if
      there is no Regular Record Date for interest for such series of
      Securities, semiannually, upon such dates as are set forth in the Board
      Resolution, Officers' Certificates or indenture supplemental hereto
      authorizing such series, and

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

provided, however, that so long as the Trustee is the Security Registrar, no
such list shall be required to be furnished.


                                       59
<PAGE>   66
            The Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of Holders contained in the most recent
list furnished to the Trustee as provided in this Section 701 and the names and
addresses of Holders received by the Trustee in its capacity as Security
Registrar. The Trustee may destroy any list furnished to it as provided in this
Section 701 upon receipt of a new list so furnished.

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

            Every Holder of Securities or coupons, by receiving and holding the
same, agrees with the Company and the Trustee that neither the Company nor the
Trustee nor any Authenticating Agent nor any Paying Agent nor any Security
Registrar shall be held accountable by reason of the disclosure of any
information as to the names and addresses of the Holders of Securities 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 TIA 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 by mail to all Holders of Securities as provided in TIA
Section 313(c) a brief report dated as of such May 15 if required by TIA Section
313(a).

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

            SECTION 703   Reports by Company.

            The Company will:

            (1)   if requested by the Trustee, the Company shall deliver to the
      Trustee, within 15 days after it files such annual and quarterly reports,
      information, documents and other reports with the Commission, copies of
      its annual report and of the information, documents and other reports (or
      copies of such portions of any of the foregoing as the Commission may by
      rules and regulations prescribe) which the Company is required to file
      with the Commission pursuant to Section 13 or 15(d) of the Exchange Act.
      The Company shall send to the Trustee all reports required pursuant to the
      provisions of TIA Section 314(a). Delivery of such reports, information
      and documents to the Trustee is for informational purposes only and the
      Trustee's receipt of the same 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 Officers' Certificates);


                                       60
<PAGE>   67
            (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 by mail to the Holders of Securities, within 30 days
      after the filing thereof with the Trustee, in the manner and to the extent
      provided in TIA Section 313(c), 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.

            SECTION 704   Calculation of Original Issue Discount.

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

                                 ARTICLE EIGHT

                  CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER


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

            The Company shall not consolidate with or merge with or into any
other Person or sell, transfer or lease all or substantially all of its assets
to any Person, unless:

            (1)   either the Company shall be the continuing corporation, or the
      corporation (if other than the Company) formed by such consolidation or
      into which the Company is merged or the Person which acquires by sale,
      transfer or lease of all or substantially all of the Company's assets
      shall (i) be organized under the laws of the United States or any state
      thereof and (ii) expressly assume, by an indenture supplemental hereto,
      executed and delivered to the Trustee, in form satisfactory to the
      Trustee, all of the obligations of the Company under this Indenture and on
      all the Securities and this Indenture;

            (2)   immediately after giving effect to such transaction, no
      Default or Event of Default shall have occurred and be continuing;

            (3)   the Company and the successor Person have delivered to the
      Trustee an Officers' 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; and


                                       61
<PAGE>   68
            (4)   any other covenant provided with respect to Securities of that
      series.

            SECTION 802   Successor Person Substituted.

            Upon any consolidation or merger, or any conveyance or transfer of
the properties and assets of the Company substantially as an entirety in
accordance with Section 801, the successor corporation formed by such
consolidation or into which the Company is merged or the successor Person to
which such conveyance or transfer is made shall succeed to, and be substituted
for, and may exercise every right and power of, the Company under this Indenture
with the same effect as if such successor had been named as the Company herein;
and in the event of any such conveyance or transfer (except by a lease), the
Company shall be discharged from all obligations and covenants under this
Indenture and the Securities and coupons and may be dissolved and liquidated.

            Such successor entity thereupon may cause to be signed, and may
issue either in its own name or in the name of the Company, any or all of the
Securities issuable hereunder which theretofore shall not have been signed by
the Company and delivered to the Trustee; and, upon the order of such successor
entity, instead of the Company, and subject to all the terms, conditions and
limitations prescribed in this Indenture, the Trustee shall authenticate and
shall deliver any Securities which previously shall have been signed and
delivered by the officers of the Company to the Trustee for authentication, and
any Securities which such successor entity thereafter shall cause to be signed
and delivered to the Trustee for that purpose. All the Securities of any series
so issued shall in all respects have the same legal rank and benefit under this
Indenture as the Securities of such series theretofore or thereafter issued in
accordance with the terms of this Indenture as though all of such Securities had
been issued at the date of the execution hereof.

            In case of any such merger in which the Company is not the surviving
corporation or any such consolidation, sale, lease, assignment, transfer or
conveyance, such changes in phraseology and form (but not in substance) may be
made in the Securities thereafter to be issued as may be appropriate.

            SECTION 803   Officers' Certificate and Opinion of Counsel.

            Any consolidation, merger, sale, conveyance, assignment, transfer or
lease permitted under Section 801 is also subject to the condition that the
Trustee shall have received an Officers' Certificate and an Opinion of Counsel
to the effect that any such consolidation, merger, sale, conveyance, transfer,
assignment or lease, and the assumption by any successor Person and any such
supplemental indenture, comply with the provisions of this Article and that all
conditions precedent herein provided for relating to such transaction have been
complied with.


                                       62
<PAGE>   69
                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES


            SECTION 901   Supplemental Indentures Without Consent of Holders.

            Without the consent of any Holders of Securities or coupons, 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:

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

            (2)   to provide for uncertificated Securities in addition to or in
      place of certificated Securities; provided, however, that the
      uncertificated Securities are issued in registered form for purposes of
      Section 163(f) of the Code or in a manner such that the uncertificated
      Securities are as described in Section 163(f)(2)(B) of the Code; or

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

            (4)   to add any additional Events of Default for the benefit of the
      Holders of all or any series of Securities (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 expressly being included solely for the
      benefit of such series); provided, however, that in respect of any such
      additional Events of Default such supplemental indenture may provide for a
      particular period of grace after default (which period may be shorter or
      longer than that allowed in the case of other defaults) or may provide for
      an immediate enforcement upon such default or may limit the remedies
      available to the Trustee upon such default or may limit the right of the
      Holders of a majority in aggregate principal amount of that or those
      series of Securities to which such additional Events of Default apply to
      waive such default; or

            (5)   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


                                       63
<PAGE>   70
            (6)   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

            (7)   to secure the Securities pursuant to the requirements of such
      indenture supplement, if applicable; or

            (8)   to establish the form or terms of Securities of any series and
      any related coupons as permitted by Sections 201 and 301, including the
      provisions and procedures relating to Securities convertible into or
      exchangeable for any securities of any Person (including the Company); or

            (9)   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; or

            (10)  to cure any ambiguity or defect, 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 that such action shall
      not adversely affect the interests of the Holders of outstanding
      Securities of any series or any related coupons taken as a whole; or

            (11)  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 outstanding Securities of such series and any
      related coupons or any other series of outstanding Securities; or

            (12)  to add a guarantor or guarantors for any series or all series
      of the Securities; or

            (13)  to comply with the requirements of the Commission in order to
      effect or maintain the qualification of this Indenture under the Trust
      Indenture Act.

            SECTION 902   Supplemental Indentures with Consent of Holders.

            With the consent of the Holders of not less than a majority in
principal amount of all Outstanding Securities affected by such supplemental
indenture, with each series voting separately, 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 or of
modifying in any manner the rights of the Holders of Securities and any related
coupons under this Indenture; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security
affected thereby:


                                       64
<PAGE>   71
            (1)   extend the Stated Maturity of the principal of (or premium, if
      any, on) or any installment of principal of or interest on, any Security,
      subject to the provisions of Section 308; or reduce the principal amount
      thereof or the rate of interest (or change the manner of calculation of
      interest) thereon, or any Additional Amounts with respect thereto, or any
      premium payable upon the redemption thereof, or change any obligation of
      the Company to pay Additional Amounts pursuant to Section 1005 (except as
      contemplated by Section 801(1) and permitted by Section 901(1)), or reduce
      the portion of the principal of an Original Issue Discount Security or
      Indexed Security 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 change any Place
      of Payment where, or the Currency in which, any Security or any premium or
      interest or Additional Amount 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 the 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, or the consent of whose Holders is required
      for any waiver with respect to such series (of compliance with certain
      provisions of this Indenture or certain defaults hereunder and their
      consequences) provided for in this Indenture, or reduce the requirements
      of Section 1504 for quorum or voting, or

            (3)   modify any of the provisions of this Section, Section 513 or
      Section 1006, except to increase any such percentage or to provide that
      certain other provisions of this Indenture cannot be modified or waived
      without the consent of the Holder of each Outstanding Security affected
      thereby, or

            (4)   modify the provisions of Article 16 in a manner adverse to the
      Holders of Securities.

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

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

            The Company may, but shall not be obligated to, fix a record date
for the purpose of determining the Persons entitled to consent to any indenture
supplemental hereto. If a record date is fixed, the Holders at the close of
business on such record date, or their duly designated proxies, and only such
Persons, shall be entitled to consent to such supplemental indenture,


                                       65
<PAGE>   72
whether or not such Holders remain Holders after such record date; provided that
unless such consent shall have become effective by virtue of the requisite
percentage having been obtained prior to the date which is 90 days after such
record date, any such consent previously given shall automatically and without
further action by any Holder be cancelled and of no further effect.

            SECTION 903   Execution of Supplemental Indentures.

            In executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article or the modification thereby of
the trusts created by this Indenture, the Trustee shall be entitled to receive,
in addition to the documents required by Section 102, and shall be fully
protected in relying upon (subject to the provisions of Article Six hereof), 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
and of any coupon appertaining thereto 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.


                                       66
<PAGE>   73


                                  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 that it will duly and punctually pay the principal of (and
premium, if any) and interest and Additional Amounts, if any, on the Securities
of that series in accordance with the terms of such series of Securities, any
coupons appertaining thereto and this Indenture. Any interest due on Bearer
Securities on or before Maturity, other than Additional Amounts, if any, payable
as provided in Section 1005 in respect of principal of (or premium, if any, on)
such a Security, shall be payable only upon presentation and surrender of the
several coupons for such interest installments as are evidenced thereby as they
severally mature. Unless otherwise specified with respect to Securities of any
series pursuant to Section 301, at the option of the Company, all payments of
principal may be paid by check to the registered Holder of the Registered
Security or other person entitled thereto against surrender of such Security or
wire transfer to an account in the United States maintained by the Payee.

         SECTION 1002 Maintenance of Office or Agency.

         If Securities of a series are issuable only as Registered Securities,
the Company shall 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
Borough of Manhattan, 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, and 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 the
Luxembourg Stock Exchange or any other 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 Luxembourg or any other
required city located outside the United States, as the case may be, 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


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<PAGE>   74
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, 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 each 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 that series and the related coupons may be
presented and surrendered for payment at the offices specified in the Security,
in London, England, and the Company hereby appoints the same as its agent to
receive such respective presentations, surrenders, notices and demands, and the
Company hereby appoints the Trustee its agent to receive all such presentations,
surrenders, notices and demands.

         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 Borough of Manhattan, 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 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 of such purposes, and may from time to time rescind
such designations; provided, however, that no such designation or rescission
shall in any manner relieve the Company of its obligation to maintain an office
or agency in 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 pursuant to 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 Company 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.


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<PAGE>   75
         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 any 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 (and premium, if any) and 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, on or before 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 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 may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose, pay, or
by Company Order direct any Paying Agent to pay, to the Trustee all sums held in
trust by the Company or such Paying Agent, such sums to be held by the Trustee
upon the same trusts as those upon which such sums were held by the Company or
such Paying Agent; and, upon such payment by any Paying Agent to the Trustee,
such Paying Agent shall be released from all further liability with respect to
such sums.

         Except as otherwise provided in the Securities of any series, 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 and remaining unclaimed for two years after
such principal, premium or interest has become due and payable shall be paid to
the Company upon Company Request or (if then held by the Company) shall be
discharged from such trust; and the Holder of such Security shall thereafter, as
an unsecured general creditor, look only to the Company for payment of such
principal, premium or interest on any Security, without interest thereon, 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 in each Place of Payment for such
series, or mailed to each Holder of Registered Securities of such series, 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.


                                       69
<PAGE>   76
         SECTION 1004 Additional Amounts.


         If any Securities of a series provide for the payment of Additional
Amounts, the Company will pay to the Holder of a Security of such series or any
coupon appertaining thereto 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 of (or premium, if any) or interest,
if any, on any Security of any series or payment of any related coupon or the
net proceeds received on the sale or exchange of any Security of any series,
such mention shall be deemed to include mention of the payment of Additional
Amounts provided 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 any premium is
made), and at least 10 days prior to each date of payment of principal, premium
or interest if there has been any change with respect to the matters set forth
in the below-mentioned Officers' Certificate, the Company will furnish the
Trustee and the Company's principal Paying Agent or Paying Agents, if other than
the Trustee, with an Officers' 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 Officers' 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 (i) to assume that no such withholding or
deduction is required with respect to any payment of principal or interest with
respect to 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 and interest with respect to the Securities of a series or related
coupons without withholding or deductions until otherwise advised. The Company
covenants to indemnify the Trustee and any Paying Agent 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 Officers' Certificate
furnished pursuant to this Section or in reliance on the Company's not
furnishing such an Officers' Certificate.

         SECTION 1005 Statement as to Compliance.


         The Company shall deliver to the Trustee within 120 days after the end
of each fiscal year of the Company (beginning with the fiscal year ending on
December 31, 2001) an


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<PAGE>   77
Officers' Certificate, stating whether or not to the best knowledge of the
signers thereof the Company is in default in the performance and observance of
any of the terms, provisions and conditions of this Indenture (without regard to
any period of grace or requirement of notice provided hereunder) and if the
Company shall be in default, specifying all such defaults and the nature and
status thereof of which they may have knowledge.

         SECTION 1006 Waiver of Certain Covenants.


         As specified pursuant to Section 301(15) for Securities of any series,
the Company may omit in any particular instance to comply with any term,
provision or condition set forth in Sections 1004 and 1005 and, as specified
pursuant to Section 301(15) for Securities of any series, in any covenants of
the Company added to Article Ten pursuant to Section 301(14) or Section 301(15)
in connection with the Securities of a series, if before or after the time for
such compliance the Holders of at least a majority in principal amount of all
outstanding Securities, by Act of such Holders, waive such compliance in such
instance or generally waive compliance with such term, provision or condition,
but no such waiver shall extend to or affect such term, provision or condition
except to the extent so expressly waived, and, until such waiver shall become
effective, the obligations of the Company and the duties of the Trustee in
respect of any such term, provision or condition shall remain in full force and
effect.

                                 ARTICLE ELEVEN

                            REDEMPTION OF SECURITIES


         SECTION 1101 Applicability of Article.


         Securities of any series which are redeemable before their Stated
Maturity shall be redeemable in accordance with their terms and (except as
otherwise specified as contemplated by Section 301 for 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 of less than all of the Securities of any series, 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 in writing of such Redemption Date and of the principal amount of
Securities of such series to be redeemed. In the case of any redemption of
Securities prior to the expiration of any restriction on such redemption
provided in the terms of such Securities or elsewhere in this Indenture, the
Company shall furnish the Trustee with an Officers' Certificate evidencing
compliance with such restriction.

         SECTION 1103 Selection by Trustee of Securities to be Redeemed.


         If less than all the Securities of any series issued on the same day
with the same terms are to be redeemed, the particular Securities to be redeemed
shall be selected not more


                                       71
<PAGE>   78
than 60 days prior to the Redemption Date by the Trustee, from the Outstanding
Securities of such series issued on such date with the same terms 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
(equal to the minimum authorized denomination for Securities of that series or
any integral multiple thereof) of the principal amount of Securities of such
series of a denomination larger than the minimum authorized denomination for
Securities of that series.

         The Trustee shall promptly notify the Company and the Security
Registrar (if other than itself) 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.

         SECTION 1104 Notice of Redemption.


         Notice of redemption shall be given in the manner provided in Section
106, not less than 30 days nor more than 60 days prior to the Redemption Date,
unless a shorter period is specified by the terms of such series established
pursuant to Section 301, to each Holder of Securities to be redeemed, but
failure to give such notice in the manner herein provided to the Holder of any
Security designated for redemption as a whole or in part, or any defect in the
notice to any such Holder, shall not affect the validity of the proceedings for
the redemption of any other such Security or portion thereof.

         Any notice that is mailed to the Holders of Registered Securities in
the manner herein provided shall be conclusively presumed to have been duly
given, whether or not the Holder receives the notice.

         All notices of redemption shall state:

         (1) the Redemption Date,

         (2) the Redemption Price and accrued interest, if any, to the
    Redemption Date payable as provided in Section 1106,

         (3) if less than all Outstanding Securities of any series are to be
    redeemed, the identification (and, in the case of partial redemption, the
    principal amount) of the particular Security or 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 a
    charge, a new Security or Securities of authorized denominations for the
    principal amount thereof remaining unredeemed,


                                       72
<PAGE>   79
         (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 shall 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 date fixed for redemption 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
    for such series 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 this Redemption Date pursuant to Section 305 or otherwise, the
    last date, as determined by the Company, on which such exchanges may be
    made,

         (10) the CUSIP number of such Security, if any, and

         (11) any other information the Company wants to present.

                  Notice of redemption of Securities to be redeemed 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.

         Prior to 10:00 a.m. (New York City time), on the 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, which it may not do in the case of a
sinking fund payment under Article Twelve, 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 on the
Redemption Date the Redemption Price of, and (unless otherwise specified
pursuant to Section 301) accrued interest on, all the Securities or portions
thereof 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 of
any series so to be redeemed shall, on the Redemption Date, become due and
payable at the Redemption


                                       73
<PAGE>   80
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
prior to (or, if specified pursuant to Section 301, on) 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 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 Redemption Price shall, until paid, bear
interest from the Redemption Date at the rate of interest set forth in such
Security or, in the case of an Original Issue Discount Security, at the Yield to
Maturity of such Security.

         SECTION 1107 Securities Redeemed in Part.


         Any Registered 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 his attorney
duly authorized in writing) and the Company shall execute and the Trustee shall
authenticate and deliver to the Holder of such Security without service charge a
new Security or Securities of the same series, of any authorized denomination as
requested by


                                       74
<PAGE>   81
such Holder in aggregate principal amount equal to and in exchange for the
unredeemed portion of the principal of the Security so surrendered. However, if
less than all the Securities of any series with differing issue dates, interest
rates and stated maturities are to be redeemed, the Company in its sole
discretion shall select the particular Securities to be redeemed and shall
notify the Trustee in writing thereof at least 45 days prior to the relevant
redemption date.

                                 ARTICLE TWELVE

                                  SINKING FUNDS


         SECTION 1201 Applicability of Article.


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

         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 such Securities of any series is herein referred to as an "optional
sinking fund payment". If provided for by the terms of any 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.


         Except as otherwise specifically contemplated by Section 301 for
Securities of such series, the Company may, in satisfaction of all or any part
of any mandatory sinking fund payment with respect to the Securities of a
series, (1) deliver Outstanding Securities to the Trustee of such series (other
than any previously called for redemption) together in the case of any Bearer
Securities of such series with all unmatured coupons appertaining thereto and
(2) apply as a credit 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, as provided for by the terms of such Securities;
provided that such Securities so delivered or applied as a credit have not been
previously so credited. Such Securities shall be received and credited for such
purpose by the Trustee at the applicable 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
Securities of any series, the Company will deliver to the Trustee an Officers'
Certificate specifying the amount of the next ensuing mandatory sinking fund
payment for that series pursuant to the terms


                                       75
<PAGE>   82
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 and crediting Securities of that series pursuant to Section 1202, and
the optional amount, if any, to be added in cash to the next ensuing mandatory
sinking fund payment, and will also deliver to the Trustee any Securities to be
so delivered and credited. If such Officers' Certificate shall specify an
optional amount to be added in cash to the next ensuing mandatory sinking fund
payment, the Company shall thereupon be obligated to pay the amount therein
specified. Not less than 30 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.

                                ARTICLE THIRTEEN

                       REPAYMENT AT THE 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 by the terms of such series
established pursuant to Section 301) 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 the Repayment Price 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 Repayment
Price of, and (unless otherwise specified pursuant to Section 301) accrued
interest 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


                                       76
<PAGE>   83
"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 of 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
Repayment Price of such Security is to be repaid in accordance with the terms of
such Security, the portion of the Repayment Price 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 such Security surrendered that is not to be repaid,
must be specified. 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 Repayment Price 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 installments of interest on
Registered Securities whose Stated Maturity is prior to (or, if specified
pursuant to Section 301, on) the Repayment Date shall be payable (but without
interest thereon, unless the Company shall default in the payment thereof) 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


                                       77
<PAGE>   84
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.

         If any Security surrendered for repayment shall not be so repaid upon
surrender thereof, the Repayment Price shall, until paid, bear interest from the
Repayment Date at the rate of interest set forth in such Security or, in the
case of an Original Issue Discount Security, at the Yield to Maturity of 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 Applicability of Article; Company's Option to Effect
Defeasance or Covenant Defeasance.

         If pursuant to Section 301 provision is made for either or both of (a)
defeasance of the Securities of or within a series under Section 1402 or (b)
covenant defeasance of the Securities of or within a series under Section 1403,
then the provisions of such Section or Sections, as the case may be, together
with the other provisions of this Article (with such modifications thereto as
may be specified pursuant to Section 301 with respect to any Securities), shall
be applicable to such Securities and any coupons appertaining thereto, and the
Company may at its option by Board Resolution, at any time, with respect to such
Securities and any coupons appertaining thereto, elect to have Section 1402 (if
applicable) or Section 1403 (if applicable) be applied to such Outstanding
Securities and any coupons appertaining thereto upon compliance with the
conditions set forth below in 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 coupons appertaining thereto on the date the
conditions set forth in Section 1404 are satisfied (hereinafter,


                                       78
<PAGE>   85
"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 coupons appertaining thereto, 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 clauses (A) and (B) of
this Section, and to have satisfied all its other obligations under such
Securities and any coupons appertaining thereto and this Indenture insofar as
such Securities and any coupons appertaining thereto 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 coupons appertaining thereto 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 coupons appertaining thereto when
such payments are due, (B) the Company's obligations with respect to such
Securities under Sections 305, 306, 1002 and 1003 and with respect to the
payment of Additional Amounts, if any, on such Securities as contemplated by
Section 1004 with respect to the rights, if any, of the holders of such
Securities to require the Company to repay such Securities as contemplated by
Article Thirteen and with respect to the rights, if any, of holders to convert
or exchange such Securities into other Securities, (C) the rights, powers,
trusts, duties and immunities of the Trustee hereunder and (D) this Article
Fourteen. Subject to compliance with this Article Fourteen, the Company may
exercise its option under this Section notwithstanding the prior exercise of its
option under Section 1403 with respect to such Securities and any coupons
appertaining thereto. Money and securities held in trust pursuant to this
Section 1402 shall not be subject to Article Sixteen.

         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 1004 and 1005 if specified
pursuant to Section 301, from its obligations under any other covenant, with
respect to such Outstanding Securities and any coupons appertaining thereto on
and after the date the conditions set forth in Section 1404 are satisfied
(hereinafter, "covenant defeasance"), and such Securities and any coupons
appertaining thereto shall thereafter be deemed to be not "Outstanding" for the
purposes of any direction, waiver, consent or declaration or Act of Holders (and
the consequences of any thereof) in connection with any restrictive covenants
that may be added pursuant to Section 301, or such other covenant, 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 coupons appertaining thereto, 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 Section or such other covenant, whether directly or
indirectly, by reason of any reference elsewhere herein to any such Section or
such other covenant or by reason of reference in any such Section or such other
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 501(7) or otherwise except as specified in accordance with
Section 301, as the case may be, but, except as specified above, the remainder
of this Indenture and such Securities and any coupons appertaining thereto shall
be unaffected thereby.


                                       79
<PAGE>   86
         SECTION 1404 Conditions to Defeasance or Covenant Defeasance.


         The following shall be the conditions to application of Section 1402 or
Section 1403 to any Outstanding Securities of or within a series and any coupons
appertaining thereto:

                  (a) 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 coupons appertaining thereto, (1) an
         amount (in such Currency in which such Securities and any coupons
         appertaining thereto are then specified as payable at Stated Maturity),
         or (2) Government Obligations applicable to such Securities and coupons
         appertaining thereto (determined on the basis of the Currency in which
         such Securities and coupons appertaining thereto 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, on
         such Securities and any coupons appertaining thereto, money in an
         amount, or (3) a combination thereof in an amount, sufficient, in the
         opinion of a nationally recognized firm of independent public
         accountants or nationally recognized independent investment banking
         firm 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), including Redemption Price and
         Repayment Price, and interest, if any, on such Outstanding Securities
         and any coupons appertaining thereto on the Stated Maturity of such
         principal or installment of principal or interest and (ii) any
         mandatory sinking fund payments or analogous payments applicable to
         such Outstanding Securities and any coupons appertaining thereto on the
         day on which such payments are due and payable in accordance with the
         terms of this Indenture and of such Securities and any coupons
         appertaining thereto.

                  (b) 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.

                  (c) No Default or Event of Default with respect to such
         Securities and any coupons appertaining thereto shall have occurred and
         be continuing on the date of such deposit or, insofar as Sections
         501(5) and 501(6) 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).

                  (d) In the case of an election under Section 1402, the Company
         shall have delivered to the Trustee an Opinion of Counsel stating that
         (i) the Company has received from, or there has been published by, the
         Internal Revenue Service a ruling, or (ii) since the date of 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 coupons appertaining


                                       80
<PAGE>   87
         thereto will not recognize income, gain or loss for Federal income tax
         purposes as a result of such defeasance and will be subject to Federal
         income tax on the same amounts, in the same manner and at the same
         times as would have been the case if such defeasance had not occurred.

                  (e) 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 coupons
         appertaining thereto will not recognize income, gain or loss for
         Federal income tax purposes as a result of such covenant defeasance and
         will be subject to Federal income tax on the same amounts, in the same
         manner and at the same times as would have been the case if such
         covenant defeasance had not occurred.

                  (f) The Company shall have delivered to the Trustee an
         Officers' Certificate and an Opinion of Counsel, each stating that all
         conditions precedent to the defeasance under Section 1402 or the
         covenant defeasance under Section 1403 (as the case may be) have been
         complied with and an Opinion of Counsel to the effect that either (i)
         as a result of a deposit pursuant to subsection (a) above and the
         related exercise of the Company's option under Section 1402 or Section
         1403 (as the case may be), registration is not required under the
         Investment Company Act of 1940, as amended, by the Company, with
         respect to the trust funds representing such deposit or by the trustee
         for such trust funds or (ii) all necessary registrations under said Act
         have been effected.

                  (g) 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 which may
         be imposed on the Company in connection therewith pursuant to Section
         301.

         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 any Outstanding Securities of
any series and any coupons appertaining thereto shall be held in trust and
applied by the Trustee, in accordance with the provisions of such Securities and
any coupons appertaining thereto 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 coupons appertaining thereto 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(a) 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(a) has been made in respect of such Security, or (b) a


                                       81
<PAGE>   88
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(a) has been made, the indebtedness represented by such Security and any
coupons appertaining thereto 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 the same becomes 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 second 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 coupons
appertaining thereto.

         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 a
defeasance or covenant defeasance, as applicable, in accordance with this
Article.

         SECTION 1406 Reinstatement.


         If the Trustee or Paying Agent is unable to apply any money or
Government Obligations in accordance this Article 14 by reason of any legal
proceeding or by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, the
Company's obligations under this Indenture and the Securities shall be revived
and reinstated as though no deposit had occurred pursuant to Section 1402, 1403
or 1404, as the case may be, until such time as the Trustee or Paying Agent is
permitted to apply all such money or Government Obligations in accordance with
Section 1405; provided that, if the Company has made any payment of principal of
or interest on the Securities of any series because of the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders of
such Securities to receive such payment from the money or Government Obligations
held by the Trustee or Paying Agent.


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<PAGE>   89
                                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 Fifteen 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.


         The Company 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 Borough of Manhattan, The City of New York or in London
as the Company 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 in Section 106, not less than 21 nor more than 180 days
prior to the date fixed for the meeting.

         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 or 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 Persons
entitled to vote at such meeting 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


                                       83
<PAGE>   90
meeting. Notice of the reconvening of any adjourned meeting shall be given as
provided in Section 1502, 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 a
majority in principal amount of the Outstanding Securities of that 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 such specified percentage in principal amount of the Outstanding Securities
of that 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:

         (A) there shall be no minimum quorum requirement for such meeting; and

         (B) 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 Company 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 it shall deem appropriate.
Except as otherwise


                                       84
<PAGE>   91
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 Company shall, by an instrument in writing appoint a temporary
chairman of the meeting, unless the meeting shall have been called by Holders of
Securities as provided in Section 1502(b), in which case the Holders of
Securities of the series calling the meeting 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 the
Outstanding Securities of such series held or represented by him; 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 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 fact, 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 former 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.


                                       85
<PAGE>   92
                                ARTICLE SIXTEEN

                           SUBORDINATION OF SECURITIES


         SECTION 1601 Agreement to Subordinate.


         Except as otherwise specified pursuant to Section 301, the Company, for
itself, its successors and assigns, covenants and agrees, and each Holder of
Securities 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 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.

         Except as otherwise specified pursuant to Section 301, 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;

         (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 paid by the liquidating 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


                                       86
<PAGE>   93
    Senior Indebtedness is paid in full, such payment or distribution shall be
    paid over, upon written notice to 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 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, 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 thereon and all other facts pertinent thereto or to this Article
Sixteen.

         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 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.


                                       87
<PAGE>   94
         SECTION 1603 No Payment on Securities in Certain Circumstances.


         Except as otherwise specified pursuant to Section 301,

         (a) Upon the maturity of any Senior Indebtedness by lapse of time,
acceleration (unless waived, rescinded or annulled) or otherwise, or upon any
payment default (with or without the giving of notice or lapse of time or both,
in accordance with the terms of the instrument governing such Senior
Indebtedness, and without any waiver or forgiveness) with respect to any Senior
Indebtedness, all amounts payable thereon shall first be paid in full, or such
Senior Indebtedness, before any payment is made, directly or indirectly by set
off or otherwise, on account of principal of, or interest on, the Securities of
such series or to acquire any of the Securities of such series or on account of
the redemption provisions of the Securities of such series.

         (b) Upon a default with respect to any Senior Indebtedness (other than
under circumstances when the terms of paragraph (a) of this Section are
applicable), as such default is defined therein or in the instrument under which
it is outstanding, permitting the holders to accelerate the maturity thereof,
upon written notice thereof given to the Company and the Trustee by or on behalf
of holders of such Senior Indebtedness ("Default Notice"), then, unless and
until such default shall have been cured or waived by the holders of such Senior
Indebtedness or shall have ceased to exist (the "Payment Blockage Period"), no
direct or indirect payment shall be made by the Company with respect to the
principal of, or interest on, the Securities of such series and the coupons, if
any, appertaining thereto or to acquire any of such Securities or on account of
the redemption provisions of the Securities of such series and the coupons, if
any, appertaining thereto; provided, however, that this paragraph (b) shall not
prevent the making of any payment (which is not otherwise prohibited by
paragraph (a)) for more than 179 days after the Default Notice shall have been
given unless the Senior Indebtedness in respect of which such event of default
exists has been declared due and payable in its entirety, in which case no such
payment may be made until such acceleration has been rescinded or annulled or
such Senior Indebtedness has been paid in full.

         (c) If, notwithstanding the foregoing provisions of this Section, any
payment on account of principal of, or interest on, the Securities of such
series or of any coupon appertaining thereto shall be received by the Trustee,
by and Holder or by any Paying Agent (or, if the Company is acting as its own
Paying Agent, money for any such payment is segregated and held in trust), then,
unless and until such payment is no longer prohibited by this Section, such
payment (subject to the provisions of Section 1604) shall be held in trust for
the benefit of the holders of Senior Indebtedness and, upon notice to the
Trustee or such Paying Agent from the representative of the holders of the
Senior Indebtedness and pursuant to the directions of such representative, shall
be paid over or delivered to the holders of Senior Indebtedness or their
representative(s), ratably according to the aggregate amount remaining unpaid on
account of the principal of and interest on the Senior Indebtedness held or
represented by each, for application to the payment or prepayment of all Senior
Indebtedness remaining unpaid to the extent necessary to pay all Senior
Indebtedness in full in accordance with its terms, after giving


                                       88
<PAGE>   95
effect to any concurrent payment or distribution or provision therefor to or for
the holders of Senior Indebtedness. Promptly after becoming aware thereof, the
Company shall give written notice to the Trustee of any event prohibiting
payments on account of principal of, or interest on, the Securities of any
series and any coupons appertaining thereto and, in such event, shall provide to
the Trustee, in the form of an Officers' Certificate, the names and addresses of
the holders of such Senior Indebtedness and their representative(s), if any, the
amount of the Senior Indebtedness held by each such holder, any information
necessary to calculate the daily or other increase in Senior Indebtedness held
by such holders and any other information which the Trustee may reasonably
request to comply with this Article. Subject to the provisions of Section 1602
hereof, in the event that the Trustee or the Paying Agent reasonably determines
that additional evidence is required with respect to any person as a holder of
Senior Indebtedness to participate in any payment or distribution pursuant to
this Article, the Trustee or the Paying Agent, as the case may be, may request
that such person furnish evidence to its reasonable as to the extent such person
is entitled to participate in such payment or distribution and as to other facts
pertinent to the rights of such persons under this Article and if such evidence
is not furnished, the Trustee or the Paying Agent, as the case may be, may defer
any payment to such person pending judicial determination as to the right of
such person to receive such payment.

         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 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 the Trustee shall have received at
its Institutional Trust Services Office written notice of any event prohibiting
the making of such payment 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
directs the Trustee on his behalf to take such action as may be necessary or
appropriate to effectuate the subordination as 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 event which would prohibit the making of any payment of
moneys to or by the Trustee or such Paying Agent, unless and until the Trustee
or such Paying Agent shall have received (in the case of the Trustee, at its
Institutional Trust Services Office) 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


                                       89
<PAGE>   96
satisfactory to the Trustee of such holding of Senior Indebtedness or of the
authority of such trustee; provided, however, that if at least two Business Days
prior to the date upon which by the terms hereof any such moneys 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) the
Trustee shall not have received with respect to such moneys 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 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 Section 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
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.


                                       90
<PAGE>   97
         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, the 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.

                                    * * * * *



                                       91
<PAGE>   98
         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.

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


                                          SPX CORPORATION


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


                                          THE CHASE MANHATTAN BANK,
                                          as Trustee


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



                                       92
<PAGE>   99
                                                                       Exhibit A

                              FORMS OF CERTIFICATES
<PAGE>   100
                                                                     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
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 United States
financial institution hereby agrees, on its own behalf or through its agent,
that you may advise SPX Corporation 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 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 $       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.


                                     A-1-1
<PAGE>   101
                  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>   102
                                                                     Exhibit A-2

                FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR AND
                CLEARSTREAM BANKING SOCIETE ANONYME 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, $       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 SPX Corporation 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 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.


                                     A-2-1
<PAGE>   103
         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]


                                    [Morgan Guaranty Trust Company of New
                                    York, Brussels Office,] as Operator of the
                                    Euroclear System
                                    [Clearstream Banking societe anonyme]


                                    By
                                         _______________________________________


                                     A-2-2

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>5
<FILENAME>y64752ex5-1.txt
<DESCRIPTION>OPINION RE LEGALITY
<TEXT>
<PAGE>   1
                                                                     Exhibit 5.1


                                                                  212-859-8272
August 28, 2001                                              (FAX: 212-859-8589)

SPX Corporation
700 Terrace Point Drive
Muskegon, MI 49440

Ladies and Gentlemen:

                  We are acting as counsel to SPX Corporation, a Delaware
corporation (the "Company"), in connection with the Registration Statement on
Form S-3, as amended (the "Registration Statement"), under the Securities Act of
1933, as amended (the "Securities Act"), with respect to the contemplated
issuance by the Company from time to time of up to U.S. $1,000,000,000 aggregate
public offering price or the equivalent thereof in one or more foreign
currencies, currency units or composite currencies of (i) shares of the
Company's common stock, par value $10.00 per share (the "Common Stock") and (ii)
one or more series of senior or subordinated debt securities of the Company (the
"Debt Securities"), which may be issued pursuant to a senior debt indenture (the
"Senior Indenture") or a subordinated debt indenture (the "Subordinated
Indenture," and, together with the Senior Indenture, each an "Indenture" and
collectively, the "Indentures") to be entered into between the Company and The
Chase Manhattan Bank, as trustee (in such capacity, the "Trustee"). All
capitalized terms used herein that are defined in the Registration Statement
have the meanings assigned to such terms therein, unless otherwise defined
herein. With your permission, all assumptions and statements of reliance herein
have been made without any independent investigation or verification on our part
except to the extent otherwise expressly stated, and we express no opinion with
respect to the subject matter or accuracy of such assumptions or items relied
upon.

                  In connection with this opinion, we have (i) investigated such
questions of law, (ii) examined originals or certified, conformed or
reproduction copies of such agreements, instruments, documents and records of
the Company, such certificates of public officials and such other documents, and
(iii) received such information from officers and representatives of the Company
as we have deemed necessary or appropriate for the purposes of this opinion. We
have

<PAGE>   2

SPX Corporation                        -2-                       August 28, 2001

examined, among other documents, the Registration Statement and the Indentures.

                  In all such examinations, we have assumed the legal capacity
of all natural persons, the genuineness of all signatures, the authenticity of
original and certified documents and the conformity to original or certified
documents of all copies submitted to us as conformed or reproduction copies. As
to various questions of fact relevant to the opinions expressed herein, we have
relied upon, and assume the accuracy of, certificates and oral or written
statements and other information of or from representatives of the Company and
others and assume compliance on the part of all parties to the Indentures with
their covenants and agreements contained therein.

                  To the extent it may be relevant to the opinions expressed
below, we have assumed that (i) the Company will have sufficient authorized but
unissued shares of Common Stock on the date of any issuance of shares
registered pursuant to the registration statement and (ii) the Trustee will
have the power and authority to enter into and perform the Indentures and to
consummate the transactions contemplated thereby, that the Indentures will be
duly authorized, executed and delivered by, and will constitute the legal,
valid and binding obligations of, the Trustee, enforceable against the Trustee
in accordance with their terms, and that the Trustee will comply with all of
its obligations under the Indentures and all laws applicable thereto.

                  Based upon the foregoing and subject to the limitations,
qualifications and assumptions set forth herein, we are of the opinion that:

                  1. When (i) the Registration Statement has become effective
under the Securities Act, (ii) the terms of the issuance and sale of the shares
of Common Stock registered pursuant to the Registration Statement have been duly
approved by the Board of Directors of the Company in conformity with the
Company's Certificate of Incorporation (the "Certificate of Incorporation"), and
(iii) such shares are issued and delivered against payment therefor for an
amount in excess of the par value thereof and in accordance with the terms of
the agreement under which they are sold, such shares of Common Stock will be
validly issued, fully paid and non-assessable.

                  2. When (i) the Registration Statement has become effective
under the Securities Act, (ii) the applicable Indenture and any relevant
supplemental indenture is duly executed and delivered by the Company, (iii) the
terms of the Debt Securities and their issue and sale have been duly established
in

<PAGE>   3

SPX Corporation                        -3-                       August 28, 2001

conformity with the applicable Indenture, do not violate any applicable law
or agreement or instrument then binding on the Company and comply with any
requirement or restriction imposed by any court or governmental body having
jurisdiction over the Company and (iv) the Debt Securities have been duly
executed and authenticated in accordance with the terms of the applicable
Indenture and issued and sold as contemplated in the Registration Statement, the
Debt Securities will constitute valid and binding obligations of the Company,
enforceable against the Company in accordance with the terms of the Debt
Securities.

                   We express no opinion as to the enforceability of any
provision of the Indentures (i) providing for indemnification or contribution,
(ii) specifying that provisions thereof may be waived only in writing, to the
extent that an oral agreement or an implied agreement by trade practice or
course of conduct has been created that modifies any provision of the Indentures
or (iii) as to the legality, validity, binding effect or enforceability of any
provision of the Debt Securities or the Indentures providing for payments
thereunder in a currency other than currency of the United States of America to
the extent that a court of competent jurisdiction, under applicable law, will
convert any judgment rendered in such other currency into currency of the United
States of America or to the extent that payment in a currency other than
currency of the United States of America is contrary to applicable law.

                  The opinions set forth above are subject to (i) applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and
other similar laws affecting creditors' rights and remedies generally, and


<PAGE>   4


SPX Corporation                        -4-                       August 28, 2001


(ii) general principles of equity including, without limitation, standards of
materiality, good faith, fair dealing and reasonableness, equitable defenses and
limits as to the availability of equitable remedies, whether such principles are
considered in a proceeding at law or in equity.

                  The opinions expressed herein are limited to the federal laws
of the United States of America, the laws of the State of New York and, to the
extent relevant to the opinions expressed herein, the General Corporation Law of
the State of Delaware (the "DGCL") and applicable provisions of the Delaware
Constitution, in each case as currently in effect, and reported judicial
decisions interpreting the DGCL and such provisions of the Delaware
Constitution. The opinion expressed herein is given as of the date hereof, and
we undertake no obligation to supplement this letter if any applicable laws
change after the date hereof or if we become aware of any facts that might
change the opinion expressed herein after the date hereof or for any other
reason.

                  We hereby consent to the use of our name on the front cover of
the Registration Statement, the filing of this opinion as an exhibit to the
Registration Statement and to the references to this firm under the captions
"Legal Matters" in the prospectus contained in the Registration Statement and
"Legal Matters" in any prospectus supplement forming a part of the Registration
Statement. In giving these consents, we do not hereby admit that we are in the
category of persons whose consent is required under Section 7 of the Securities
Act.

                                    Very truly yours,

                                    FRIED, FRANK, HARRIS, SHRIVER & JACOBSON

                                    By: /s/ Stuart Gelfond



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>6
<FILENAME>y64752ex12-1.txt
<DESCRIPTION>COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<TEXT>
<PAGE>   1

                                                                    Exhibit 12.1

              SPX COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

   The following table sets forth the ratio of earnings to fixed charges for
   SPX for the years ended December 31, 1996, 1997, 1998, 1999, and 2000 and
  for the six months ended June 30, 2000 and June 20, 2001. All dollar amounts
        presented in this exhibit are stated in millions, except ratios.


<TABLE>
<CAPTION>
                                                                                                              Six months ended
                                                               Year ended December 31                             June 30,
                                             ----------------------------------------------------------    ----------------------
                                             1996 (5)    1997 (6)    1998 (7)     1999 (8)     2000 (9)    2000 (10)    2001 (11)
                                             --------    --------    --------     --------     --------    ---------    ---------

<S>                                          <C>         <C>         <C>          <C>          <C>         <C>          <C>
Ratio of earnings to fixed charges (1)(2)         5.7         7.7        (0.3)         1.8          3.0          3.9          2.5

Earnings:
Pretax income from continuing operations     $  133.4    $  131.0    $  (41.7)    $  107.5     $  198.3     $  146.3     $   88.7
Fixed Charges                                    28.3        19.6        51.0        126.0        101.8         49.8         58.0
JV Earnings, net of distributions                 -           -         (24.7)        (3.2)         0.3         (0.6)        (0.3)
                                             --------    --------    --------     --------     --------     --------     --------
Total Earnings                               $  161.7    $  150.6    $  (15.4)    $  230.3     $  300.4     $  195.5     $  146.4

Fixed Charges:
Interest (3)                                 $   21.5    $   13.2    $   45.1     $  117.6     $   95.0     $   46.4     $   55.0
Rent expense interest factor (4)                  6.8         6.4         5.9          8.4          6.8          3.4          3.0
                                             --------    --------    --------     --------     --------     --------     --------
Total fixed charges                          $   28.3    $   19.6    $   51.0     $  126.0     $  101.8     $   49.8     $   58.0
</TABLE>

(1)   For the purpose of determining the ratio of earnings to fixed charges,
      earnings consists of income from continuing operations and fixed charges.

(2)   On October 6, 1998 (the "Merger Date"), General Signal Corporation ("GSX")
      was merged into a subsidiary of SPX Corporation (the "Merger"). The Merger
      was accounted for as a reverse acquisition whereby GSX was treated as the
      acquirer and SPX as the acquire.

(3)   Interest expense consists of net interest expense on indebtedness and
      amortization of deferred financing expenses.

(4)   One-third of net rental expense is deemed representative of the interest
      factor.

      EARNINGS FOR YEARS ENDED DECEMBER 31, 1996, 1997, 1998, 1999 AND 2000 AND
      THE SIX MONTHS ENDED JUNE 30, 2000 AND 2001 INCLUDE THE FOLLOWING SPECIAL
      CHARGES AND OTHER UNUSUAL ITEMS:

(5)   In 1996, we negotiated a royalty settlement related to a previously
      divested semiconductor business and received and recorded $4.0 of royalty
      income. We also recorded charges of $20.0 for asset write-downs, lease
      termination costs, severance, warranty repairs and environmental matters.

(6)   We recorded other charges of $17.9 in 1997. We also recorded a $63.7
      pre-tax gain on the sale of General Signal Power Group and a $9.0 pre-tax
      gain on the sale of an equity interest.
<PAGE>   2
                                                                    Exhibit 12.1

(7)   In 1998, earnings were not sufficient to cover fixed charges by
      approximately $42.0. We recorded special charges of $101.7 and other
      charges of $108.2 in 1998.

(8)   We recorded special charges of $38.4 in 1999 for merger and restructuring
      initiatives. We also recorded a $23.8 pre-tax gain on the divestiture of
      Best Power, a $29.0 pre-tax gain on the divestiture of Dual-Lite and an
      investment in a Japanese joint venture, and a $13.9 pre-tax gain on the
      sale of marketable securities.

(9)   We recorded special charges of $90.9 in 2000. These charges are primarily
      associated with restructuring initiatives and asset impairments to
      consolidate manufacturing and sales facilities and rationalize certain
      product lines. We also recorded a charge of $12.3 included in cost of
      products sold for discontinued product lines associated with restructuring
      and other product changes. Additionally, our business unit Inrange
      Technologies, issued 8,855,000 shares of its class B common stock for cash
      in an initial public offering. Accordingly, we recorded a $98.0 pre-tax
      gain. We also recorded a $23.2 pre-tax gain on the settlement of a patent
      infringement suit against American Power Conversion Corporation in 2000.

(10)  For the six months ended June 30, 2000, we recorded special charges of
      $21.7. These charges are primarily associated with work force reductions,
      asset write-downs, and other costs associated with plant consolidation,
      and other restructuring actions. Additionally, we recorded a $23.2 pre-tax
      gain on the settlement of a patent infringement suit against American
      Power Conversion Corporation.

(11)  For the six months ended June 30, 2001 we recorded special charges of
      $57.4 ($13.5 included as part of cost of products sold). These charges
      related primarily to work force reductions, asset write-downs, and other
      cash costs associated with plant consolidation, exiting certain product
      lines and facilities, and other restructuring actions. This charge also
      consisted of amounts of $4.1 and $14.9 primarily related to the
      abandonment of an internet-based software system and the costs associated
      with the announced move of our corporate headquarters, respectively. We
      recorded a $11.8 pre-tax loss associated with the divestiture of
      substantially all of the assets and liabilities of our GS Electric
      business.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>7
<FILENAME>y64752ex23-2.txt
<DESCRIPTION>CONSENT OF ARTHUR ANDERSEN LLP
<TEXT>
<PAGE>   1
                                                                    Exhibit 23.2

                   CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS

As independent public accountants, we hereby consent to the incorporation by
reference in this registration statement on Form S-3 of our report dated
February 9, 2001, on the Company's consolidated financial statements as of
December 31, 2000 and 1999 and for each of the three years in the period ending
on December 31, 2000 included in the Company's Form 10-K/A for the year ended
December 31, 2000 and to all references to our Firm included in this
registration statement.


Arthur Andersen LLP

Chicago, Illinois
August 24, 2001

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>8
<FILENAME>y64752ex23-3.txt
<DESCRIPTION>CONSENT OF KPMG LLP
<TEXT>
<PAGE>   1
                                                                    Exhibit 23.3

                    CONSENT OF INDEPENDENT AUDITORS

The Board of Directors
SPX Corporation

We consent to the incorporation by reference in this Registration Statement on
Form S-3 of SPX Corporation of our report dated January 25, 2001, except as to
note 14 which is as of March 11, 2001, with respect to the consolidated
statements of financial position of United Dominion Industries Limited as at
December 31, 2000 and 1999 and the related consolidated statements of income,
cash flows and changes in shareholders' equity for each of the years in the
three-year period ended December 31, 2000, which report appears in the December
31, 2000 annual report on Form 40-F of United Dominion Industries Limited, which
report is included in the Form 8-K of SPX Corporation filed April 13, 2001.

KPMG LLP
- ----------------------
Chartered Accountants

Toronto, Canada
August 28, 2001


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>9
<FILENAME>y64752ex25-1.txt
<DESCRIPTION>FORM T-1
<TEXT>
<PAGE>   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) ________
                    ----------------------------------------

                            THE CHASE MANHATTAN BANK
               (Exact name of trustee as specified in its charter)


NEW YORK                                                             13-4994650
(State of incorporation                                        (I.R.S. employer
if not a national bank)                                     identification No.)

270 PARK AVENUE
NEW YORK, NEW YORK                                                        10017
(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)
                  ---------------------------------------------
                                 SPX CORPORATION
               (Exact name of obligor as specified in its charter)

DELAWARE                                                             38-1016240
(State or other jurisdiction of                                (I.R.S. employer
incorporation or organization)                              identification No.)


700 TERRACE POINT DRIVE
MUSKEGON, MI
(231) 724-5000                                                            49440
(Address of principal executive offices)                             (Zip Code)

        -----------------------------------------------------------------
                                 DEBT SECURITIES
                       (Title of the indenture securities)
        -----------------------------------------------------------------

<PAGE>   2








                                     GENERAL

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.

         New York State Banking Department, State House, Albany, New York 12110.

         Board of Governors of the Federal Reserve System, Washington, D.C.,
         20551

         Federal Reserve Bank of New York, District No. 2, 33 Liberty Street,
         New York, N.Y.

         Federal Deposit Insurance Corporation, Washington, D.C., 20429.


         (b) Whether it is authorized to exercise corporate trust powers.

             Yes.


Item 2.  Affiliations with the Obligor.

         If the obligor is an affiliate of the trustee, describe each such
affiliation.

         None.









                                       -2-



<PAGE>   3




Item 16. List of Exhibits

         List below all exhibits filed as a part of this Statement of
Eligibility.

         1. A copy of the Articles of Association of the Trustee as now in
effect, including the Organization Certificate and the Certificates of Amendment
dated February 17, 1969, August 31, 1977, December 31, 1980, September 9, 1982,
February 28, 1985, December 2, 1991 and July 10, 1996 (see Exhibit 1 to Form T-1
filed in connection with Registration Statement No. 333-06249, which is
incorporated by reference).

         2. A copy of the Certificate of Authority of the Trustee to Commence
Business (see Exhibit 2 to Form T-1 filed in connection with Registration
Statement No. 33-50010, which is incorporated by reference. On July 14, 1996, in
connection with the merger of Chemical Bank and The Chase Manhattan Bank
(National Association), Chemical Bank, the surviving corporation, was renamed
The Chase Manhattan Bank).

         3. None, authorization to exercise corporate trust powers being
contained in the documents identified above as Exhibits 1 and 2.

         4. A copy of the existing By-Laws of the Trustee (see Exhibit 4 to Form
T-1 filed in connection with Registration Statement No. 333-76439, which is
incorporated by reference).

         5. Not applicable.

         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.
33-50010, which is incorporated by reference. On July 14, 1996, in connection
with the merger of Chemical Bank and The Chase Manhattan Bank (National
Association), Chemical Bank, the surviving corporation, was renamed The Chase
Manhattan Bank).

         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.

         8. Not applicable.

         9. Not applicable.

                                    SIGNATURE

         Pursuant to the requirements of the Trust Indenture Act of 1939 the
Trustee, The Chase Manhattan Bank, a corporation organized and existing under
the laws of the State of New York, has duly caused this statement of eligibility
to be signed on its behalf by the undersigned, thereunto duly authorized, all in
the City of New York and State of New York, on the August 28, 2001.

                                         THE CHASE MANHATTAN BANK

                                         By  /S/ NATALIE B. PESCE
                                             -------------------------------
                                             Natalie B. Pesce, Trust Officer

                                       -3-
<PAGE>   4

                              Exhibit 7 to Form T-1


                                Bank Call Notice

                             RESERVE DISTRICT NO. 2
                       CONSOLIDATED REPORT OF CONDITION OF

                            The Chase Manhattan Bank
                  of 270 Park Avenue, New York, New York 10017
                     and Foreign and Domestic Subsidiaries,
                     a member of the Federal Reserve System,

                   at the close of business June 30, 2001, in
               accordance with a call made by the Federal Reserve
               Bank of this District pursuant to the provisions of
                            the Federal Reserve Act.


<TABLE>
<CAPTION>
                                                                             DOLLAR AMOUNTS
                     ASSETS                                                    IN MILLIONS
<S>                                                                             <C>
Cash and balances due from depository institutions:
     Noninterest-bearing balances and
     currency and coin .........................................................$ 21,536
     Interest-bearing balances .................................................  31,428
Securities:
Held to maturity securities ....................................................     481
Available for sale securities ..................................................  60,903
Federal funds sold and securities purchased under
     agreements to resell ......................................................  42,824
Loans and lease financing receivables:
     Loans and leases held for sale ............................................   3,856
     Loans and leases, net of unearned income ..................................$155,575
     Less: Allowance for loan and lease losses .................................   2,276
     Loans and leases, net of unearned income and
     allowance ................................................................. 153,299
Trading Assets..................................................................  66,636
Premises and fixed assets (including capitalized leases)........................   4,468
Other real estate owned.........................................................      45
Investments in unconsolidated subsidiaries and
     associated companies ......................................................     353
Customers' liability to this bank on acceptances
     outstanding ...............................................................     346
Intangible assets
        Goodwill ...............................................................   1,785
        Other Intangible assets ................................................   4,365
Other assets ...................................................................  19,923
                                                                                --------
TOTAL ASSETS ...................................................................$412,248
                                                                                ========
</TABLE>
                                      - 4 -



<PAGE>   5


<TABLE>
<CAPTION>

                                   LIABILITIES
<S>                                                                             <C>
Deposits
     In domestic offices .......................................................$137,865
     Noninterest-bearing .......................................................$ 56,799
     Interest-bearing ..........................................................  81,066
     In foreign offices, Edge and Agreement
     subsidiaries and IBF's .................................................... 113,924
        Noninterest-bearing ....................................................$  6,537
     Interest-bearing .......................................................... 107,387

Federal funds purchased and securities sold under agree-
ments to repurchase ............................................................  65,474
Trading liabilities ............................................................  39,611
Other borrowed money (includes mortgage indebtedness
     and obligations under capitalized leases) .................................  10,573
Bank's liability on acceptances executed and outstanding .......................     346
Subordinated notes and debentures ..............................................   6,355
Other liabilities ..............................................................  14,772
TOTAL LIABILITIES .............................................................. 388,920
Minority Interest in consolidated subsidiaries .................................      89
</TABLE>

                                 EQUITY CAPITAL
<TABLE>
<S>                                                                             <C>

Perpetual preferred stock and related surplus ..................................        0
Common stock ...................................................................    1,211
Surplus  (exclude all surplus related to preferred stock).......................   12,715
    Retained earnings ..........................................................    9,985
    Accumulated other comprehensive income .....................................     (672)
Other equity capital components ................................................        0
TOTAL EQUITY CAPITAL ...........................................................   23,239
                                                                                ---------
TOTAL LIABILITIES, MINORITY INTEREST, AND EQUITY CAPITAL                        $ 412,248
                                                                                =========
</TABLE>

I, Joseph L. Sclafani, E.V.P. & Controller of the above-named bank, do hereby
declare that this Report of Condition has been prepared in conformance with the
instructions issued by the appropriate Federal regulatory authority and is true
to the best of my knowledge and belief.

                                    JOSEPH L. SCLAFANI

We, the undersigned directors, attest to the correctness of this Report of
Condition and declare that it has been examined by us, and to the best of our
knowledge and belief has been prepared in conformance with the in- structions
issued by the appropriate Federal regulatory authority and is true and correct.


                            WILLIAM B. HARRISON JR. )
                            DOUGLAS A. WARNER III   ) DIRECTORS
                            WILLIAM H. GRAY III     )

                                      -5-









</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.2
<SEQUENCE>10
<FILENAME>y64752ex25-2.txt
<DESCRIPTION>FORM T-1
<TEXT>
<PAGE>   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) ________
                    ----------------------------------------

                            THE CHASE MANHATTAN BANK
               (Exact name of trustee as specified in its charter)


NEW YORK                                                             13-4994650
(State of incorporation                                        (I.R.S. employer
if not a national bank)                                     identification No.)

270 PARK AVENUE
NEW YORK, NEW YORK                                                        10017
(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)
                  ---------------------------------------------
                                 SPX CORPORATION
               (Exact name of obligor as specified in its charter)

DELAWARE                                                             38-1016240
(State or other jurisdiction of                                (I.R.S. employer
incorporation or organization)                              identification No.)


700 TERRACE POINT DRIVE
MUSKEGON, MI
(231) 724-5000                                                            49440
(Address of principal executive offices)                             (Zip Code)

        -----------------------------------------------------------------
                                 DEBT SECURITIES
                       (Title of the indenture securities)
        -----------------------------------------------------------------

<PAGE>   2








                                     GENERAL

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.

         New York State Banking Department, State House, Albany, New York 12110.

         Board of Governors of the Federal Reserve System, Washington, D.C.,
         20551

         Federal Reserve Bank of New York, District No. 2, 33 Liberty Street,
         New York, N.Y.

         Federal Deposit Insurance Corporation, Washington, D.C., 20429.


         (b) Whether it is authorized to exercise corporate trust powers.

             Yes.


Item 2.  Affiliations with the Obligor.

         If the obligor is an affiliate of the trustee, describe each such
affiliation.

         None.









                                       -2-



<PAGE>   3




Item 16. List of Exhibits

         List below all exhibits filed as a part of this Statement of
Eligibility.

         1. A copy of the Articles of Association of the Trustee as now in
effect, including the Organization Certificate and the Certificates of Amendment
dated February 17, 1969, August 31, 1977, December 31, 1980, September 9, 1982,
February 28, 1985, December 2, 1991 and July 10, 1996 (see Exhibit 1 to Form T-1
filed in connection with Registration Statement No. 333-06249, which is
incorporated by reference).

         2. A copy of the Certificate of Authority of the Trustee to Commence
Business (see Exhibit 2 to Form T-1 filed in connection with Registration
Statement No. 33-50010, which is incorporated by reference. On July 14, 1996, in
connection with the merger of Chemical Bank and The Chase Manhattan Bank
(National Association), Chemical Bank, the surviving corporation, was renamed
The Chase Manhattan Bank).

         3. None, authorization to exercise corporate trust powers being
contained in the documents identified above as Exhibits 1 and 2.

         4. A copy of the existing By-Laws of the Trustee (see Exhibit 4 to Form
T-1 filed in connection with Registration Statement No. 333-76439, which is
incorporated by reference).

         5. Not applicable.

         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.
33-50010, which is incorporated by reference. On July 14, 1996, in connection
with the merger of Chemical Bank and The Chase Manhattan Bank (National
Association), Chemical Bank, the surviving corporation, was renamed The Chase
Manhattan Bank).

         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.

         8. Not applicable.

         9. Not applicable.

                                    SIGNATURE

         Pursuant to the requirements of the Trust Indenture Act of 1939 the
Trustee, The Chase Manhattan Bank, a corporation organized and existing under
the laws of the State of New York, has duly caused this statement of eligibility
to be signed on its behalf by the undersigned, thereunto duly authorized, all in
the City of New York and State of New York, on the August 28, 2001.

                                         THE CHASE MANHATTAN BANK

                                         By  /S/ NATALIE B. PESCE
                                             -------------------------------
                                             Natalie B. Pesce, Trust Officer

                                       -3-
<PAGE>   4

                              Exhibit 7 to Form T-1


                                Bank Call Notice

                             RESERVE DISTRICT NO. 2
                       CONSOLIDATED REPORT OF CONDITION OF

                            The Chase Manhattan Bank
                  of 270 Park Avenue, New York, New York 10017
                     and Foreign and Domestic Subsidiaries,
                     a member of the Federal Reserve System,

                   at the close of business June 30, 2001, in
               accordance with a call made by the Federal Reserve
               Bank of this District pursuant to the provisions of
                            the Federal Reserve Act.


<TABLE>
<CAPTION>
                                                                             DOLLAR AMOUNTS
                     ASSETS                                                    IN MILLIONS
<S>                                                                             <C>
Cash and balances due from depository institutions:
     Noninterest-bearing balances and
     currency and coin .........................................................$ 21,536
     Interest-bearing balances .................................................  31,428
Securities:
Held to maturity securities ....................................................     481
Available for sale securities ..................................................  60,903
Federal funds sold and securities purchased under
     agreements to resell ......................................................  42,824
Loans and lease financing receivables:
     Loans and leases held for sale ............................................   3,856
     Loans and leases, net of unearned income ..................................$155,575
     Less: Allowance for loan and lease losses .................................   2,276
     Loans and leases, net of unearned income and
     allowance ................................................................. 153,299
Trading Assets..................................................................  66,636
Premises and fixed assets (including capitalized leases)........................   4,468
Other real estate owned.........................................................      45
Investments in unconsolidated subsidiaries and
     associated companies ......................................................     353
Customers' liability to this bank on acceptances
     outstanding ...............................................................     346
Intangible assets
        Goodwill ...............................................................   1,785
        Other Intangible assets ................................................   4,365
Other assets ...................................................................  19,923
                                                                                --------
TOTAL ASSETS ...................................................................$412,248
                                                                                ========
</TABLE>
                                      - 4 -



<PAGE>   5


<TABLE>
<CAPTION>

                                   LIABILITIES
<S>                                                                             <C>
Deposits
     In domestic offices .......................................................$137,865
     Noninterest-bearing .......................................................$ 56,799
     Interest-bearing ..........................................................  81,066
     In foreign offices, Edge and Agreement
     subsidiaries and IBF's .................................................... 113,924
        Noninterest-bearing ....................................................$  6,537
     Interest-bearing .......................................................... 107,387

Federal funds purchased and securities sold under agree-
ments to repurchase ............................................................  65,474
Trading liabilities ............................................................  39,611
Other borrowed money (includes mortgage indebtedness
     and obligations under capitalized leases) .................................  10,573
Bank's liability on acceptances executed and outstanding .......................     346
Subordinated notes and debentures ..............................................   6,355
Other liabilities ..............................................................  14,772
TOTAL LIABILITIES .............................................................. 388,920
Minority Interest in consolidated subsidiaries .................................      89
</TABLE>

                                 EQUITY CAPITAL
<TABLE>
<S>                                                                             <C>

Perpetual preferred stock and related surplus ..................................        0
Common stock ...................................................................    1,211
Surplus  (exclude all surplus related to preferred stock).......................   12,715
    Retained earnings ..........................................................    9,985
    Accumulated other comprehensive income .....................................     (672)
Other equity capital components ................................................        0
TOTAL EQUITY CAPITAL ...........................................................   23,239
                                                                                ---------
TOTAL LIABILITIES, MINORITY INTEREST, AND EQUITY CAPITAL                        $ 412,248
                                                                                =========
</TABLE>

I, Joseph L. Sclafani, E.V.P. & Controller of the above-named bank, do hereby
declare that this Report of Condition has been prepared in conformance with the
instructions issued by the appropriate Federal regulatory authority and is true
to the best of my knowledge and belief.

                                    JOSEPH L. SCLAFANI

We, the undersigned directors, attest to the correctness of this Report of
Condition and declare that it has been examined by us, and to the best of our
knowledge and belief has been prepared in conformance with the in- structions
issued by the appropriate Federal regulatory authority and is true and correct.


                            WILLIAM B. HARRISON JR. )
                            DOUGLAS A. WARNER III   ) DIRECTORS
                            WILLIAM H. GRAY III     )

                                      -5-









</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
