Document:

EXHIBIT 4.4

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              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
                                   (Depositor)

                                       and

                                    NCB, FSB
                                    (Seller)

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                        MORTGAGE LOAN PURCHASE AGREEMENT

                          Dated as of November 1, 2004

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                              TABLE OF CONTENTS

Section 1.  Transactions on or Prior to the Closing Date...................
Section 2.  Closing Date Actions...........................................
Section 3.  Conveyance of Mortgage Loans...................................
Section 4.  Depositor's Conditions to Closing..............................
Section 5.  Seller's Conditions to Closing.................................
Section 6.  Representations and Warranties of Seller.......................
Section 7.  Obligations of Seller..........................................
Section 8.  Crossed Mortgage Loans.........................................
Section 9.  Rating Agency Fees; Costs and Expenses Associated with a
            Defeasance.....................................................
Section 10. Representations and Warranties of Depositor....................
Section 11. Survival of Certain Representations, Warranties and Covenants..
Section 12. Transaction Expenses...........................................
Section 13. Recording Costs and Expenses...................................
Section 14. Notices........................................................
Section 15. Examination of Mortgage Files..................................
Section 16. Successors.....................................................
Section 17. Governing Law..................................................
Section 18. Severability...................................................
Section 19. Further Assurances.............................................
Section 20. Counterparts...................................................
Section 21. Treatment as Security Agreement................................
Section 22. Recordation of Agreement.......................................

Schedule I      Schedule of Transaction Terms
Schedule II     Mortgage Loan Schedule
Schedule III    Mortgage Loans Constituting Mortgage Groups
Schedule IV     Mortgage Loans with Lost Notes
Schedule V      Exceptions to Seller's Representations and Warranties
Exhibit A       Representations and Warranties Regarding the Mortgage Loans
Exhibit B       Form of Lost Note Affidavit

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                        MORTGAGE LOAN PURCHASE AGREEMENT

            This Mortgage Loan Purchase Agreement (this "Agreement"), dated as
of November 1, 2004, is made by and between NCB, FSB, a federal savings bank
chartered by the Office of Thrift Supervision of the U.S. Department of Treasury
("Seller"), and CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., a Delaware
corporation ("Depositor").

                                    RECITALS

            I. Capitalized terms used herein without definition have the
meanings ascribed to them in the Schedule of Transaction Terms attached hereto
as Schedule I, which is incorporated herein by this reference, or, if not
defined therein, in the Pooling and Servicing Agreement specified on such
Schedule of Transaction Terms.

            II. On the Closing Date, and on the terms set forth herein, Seller
has agreed to sell to Depositor and Depositor has agreed to purchase from Seller
the mortgage loans identified on the schedule (the "Mortgage Loan Schedule")
annexed hereto as Schedule II (each such mortgage loan, a "Mortgage Loan" and,
collectively, the "Mortgage Loans"). Depositor intends to deposit the Mortgage
Loans and other assets into a trust fund (the "Trust Fund") created pursuant to
the Pooling and Servicing Agreement and to cause the issuance of the
Certificates.

                                    AGREEMENT

            NOW, THEREFORE, on the terms and conditions set forth below and for
good and valuable consideration, the receipt and adequacy of which is hereby
acknowledged, Depositor and Seller agree as follows:

            Section 1. Transactions on or Prior to the Closing Date. On or prior
to the Closing Date, Seller shall have delivered the Mortgage Files with respect
to each of the Mortgage Loans listed in the Mortgage Loan Schedule to Wells
Fargo Bank, N.A. as trustee (the "Trustee") or its designee, against receipt by
Seller of a written receipt, pursuant to an arrangement between Seller and the
Trustee; provided, however, that item (xvi) in the definition of Mortgage File
(below) shall be delivered to the applicable Master Servicer for inclusion in
the Servicer File (defined below) with a copy delivered to the Trustee for
inclusion in the Mortgage File; and provided, further, that Seller shall pay (or
cause the related Borrower to pay) any costs of the assignment or amendment of
each letter of credit described under said item (xvi) required in order for the
Trustee to draw on such letter of credit pursuant to the terms of the Pooling
and Servicing Agreement and shall deliver the related assignment or amendment
documents within thirty (30) days after the Closing Date. In addition, prior to
such assignment or amendment of a letter of credit, Seller will take all
necessary steps to enable the applicable Master Servicer to draw on the related
letter of credit on behalf of the Trustee pursuant to the terms of the Pooling
and Servicing Agreement, including, if necessary, drawing on the letter of
credit in its own name pursuant to written instructions to draw from the
applicable Master Servicer and upon receipt, immediately remitting the proceeds
of such draw (or causing such proceeds to be remitted) to the applicable Master
Servicer.

            Section 2. Closing Date Actions. The sale of the Mortgage Loans
shall take place on the Closing Date, subject to and simultaneously with the
deposit of the Mortgage Loans into the Trust Fund, the issuance of the
Certificates and the sale of (a) the Publicly Offered Certificates by Depositor
to the Underwriters pursuant to the Underwriting Agreement and (b) the Private
Certificates by Depositor to the Initial Purchaser pursuant to the Certificate
Purchase Agreement. The closing (the "Closing") shall take place at the offices
of Cadwalader, Wickersham & Taft LLP, 100 Maiden Lane, New York, New York 10038,
or such other location as agreed upon between the parties hereto. On the Closing
Date, the following actions shall take place in sequential order on the terms
set forth herein:

            (i) Seller shall sell to Depositor, and Depositor shall purchase
      from Seller, the Mortgage Loans pursuant to this Agreement for the
      Mortgage Loan Purchase Price payable in accordance with instructions
      previously provided to Depositor by Seller. The Mortgage Loan Purchase
      Price shall be paid by Depositor to Seller or at its direction by wire
      transfer in immediately available funds to an account designated by Seller
      on or prior to the Closing Date. The "Mortgage Loan Purchase Price" paid
      by Depositor shall be equal to $182,933,436.04 (which amount includes,
      without limitation, accrued interest and is net of certain transaction
      expenses agreed to between the Seller and the Depositor as set forth on
      the Closing Statement).

            (ii) Pursuant to the terms of the Pooling and Servicing Agreement,
      Depositor shall sell all of its right, title and interest in and to the
      Mortgage Loans to the Trustee for the benefit of the Holders of the
      Certificates.

            (iii) Depositor shall sell to the Underwriters, and the Underwriters
      shall purchase from Depositor, the Publicly Offered Certificates pursuant
      to the Underwriting Agreement, and Depositor shall sell to the Initial
      Purchaser, and the Initial Purchaser shall purchase from Depositor, the
      Private Certificates pursuant to the Certificate Purchase Agreement.

            (iv) The Underwriters will offer the Publicly Offered Certificates
      for sale to the public pursuant to the Prospectus and the Prospectus
      Supplement and the Initial Purchaser will privately place certain classes
      of the Private Certificates pursuant to the Offering Circular.

            Section 3. Conveyance of Mortgage Loans. On the Closing Date, Seller
shall sell, convey, assign and transfer, subject to any related servicing rights
of any applicable Master Servicer under, and/or any applicable Primary Servicer
contemplated by, the Pooling and Servicing Agreement, without recourse except as
provided herein, to Depositor, free and clear of any liens, claims or other
encumbrances, all of Seller's right, title and interest in, to and under: (i)
each of the Mortgage Loans identified on the Mortgage Loan Schedule and (ii) all
property of Seller described in Section 21(b) of this Agreement, including,
without limitation, (A) all scheduled payments of interest and principal due on
or with respect to the Mortgage Loans after the Cut-off Date and (B) all other
payments of interest, principal or prepayment premiums received on or with
respect to the Mortgage Loans after the Cut-off Date, other than any such
payments of interest or principal or prepayment premiums that were due on or
prior to the Cut-off Date. The Mortgage File for each Mortgage Loan shall
contain the following documents on a collective basis:

            (i) the original Note (or with respect to those Mortgage Loans
      listed in Schedule IV hereto, a "lost note affidavit" substantially in the
      form of Exhibit B hereto and a true and complete copy of the Note),
      bearing, or accompanied by, all prior and intervening endorsements or
      assignments showing a complete chain of endorsement or assignment from the
      Mortgage Loan Originator either in blank or to Seller, and further
      endorsed (at the direction of Depositor given pursuant to this Agreement)
      by Seller, on its face or by allonge attached thereto, without recourse,
      either in blank or to the order of the Trustee in the following form: "Pay
      to the order of Wells Fargo Bank, N.A., as trustee for the registered
      Holders of Credit Suisse First Boston Mortgage Securities Corp.,
      Commercial Mortgage Pass-Through Certificates, Series 2004-C4, without
      recourse, representation or warranty, express or implied";

            (ii) a duplicate original Mortgage or a counterpart thereof or, if
      such Mortgage has been returned by the related recording office, (A) an
      original, (B) a certified copy or (C) a copy thereof from the applicable
      recording office, and originals or counterparts (or originals, certified
      copies or copies from the applicable recording office) of any intervening
      assignments thereof from the Mortgage Loan Originator to Seller, in each
      case in the form submitted for recording or, if recorded, with evidence of
      recording indicated thereon;

            (iii) an original assignment of the Mortgage, in recordable form
      (except for any missing recording information and, if applicable,
      completion of the name of the assignee), from Seller (or the Mortgage Loan
      Originator) either in blank or to "Wells Fargo Bank, N.A., as trustee for
      the registered Holders of Credit Suisse First Boston Mortgage Securities
      Corp., Commercial Mortgage Pass-Through Certificates, Series 2004-C4";

            (iv) an original, counterpart or copy of any related Assignment of
      Leases (if such item is a document separate from the Mortgage), and the
      originals, counterparts or copies of any intervening assignments thereof
      from the Mortgage Loan Originator of the Loan to Seller, in each case in
      the form submitted for recording or, if recorded, with evidence of
      recording thereon;

            (v) an original assignment of any related Assignment of Leases (if
      such item is a document separate from the Mortgage), in recordable form
      (except for any missing recording information and, if applicable,
      completion of the name of the assignee), from Seller (or the Mortgage Loan
      Originator), either in blank or to "Wells Fargo Bank, N.A., as trustee for
      the registered Holders of Credit Suisse First Boston Mortgage Securities
      Corp., Commercial Mortgage Pass-Through Certificates, Series 2004-C4";

            (vi) an original or true and complete copy of any related Security
      Agreement (if such item is a document separate from the Mortgage), and the
      originals or copies of any intervening assignments thereof from the
      Mortgage Loan Originator to Seller;

            (vii) an original assignment of any related Security Agreement (if
      such item is a document separate from the Mortgage), from Seller (or the
      Mortgage Loan Originator) either in blank or to "Wells Fargo Bank, N.A.,
      as trustee for the registered Holders of Credit Suisse First Boston
      Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates,
      Series 2004-C4," which assignment may be included as part of an omnibus
      assignment covering other documents relating to the Mortgage Loan
      (provided that such omnibus assignment is effective under applicable law);

            (viii) originals or copies of all (A) assumption agreements, (B)
      modifications, (C) written assurance agreements and (D) substitution
      agreements, together with any evidence of recording thereon or in the form
      submitted for recording, in those instances where the terms or provisions
      of the Mortgage, Note or any related security document have been modified
      or the Mortgage Loan has been assumed;

            (ix) the original lender's title insurance policy or a copy thereof
      (together with all endorsements or riders that were issued with or
      subsequent to the issuance of such policy), or if the policy has not yet
      been issued, the original or a copy of a binding written commitment (which
      may be a pro forma or specimen title insurance policy which has been
      accepted or approved in writing by the related title insurance company) or
      interim binder that is marked as binding and countersigned by the title
      company, insuring the priority of the Mortgage as a first lien on the
      related Mortgaged Property, relating to such Mortgage Loan;

            (x) the original or a counterpart of any guaranty of the obligations
      of the Borrower under the Mortgage Loan;

            (xi) UCC acknowledgement, certified or other copies of all UCC
      Financing Statements and continuation statements which show the filing or
      recording thereof (including the filing number or other similar filing
      information) or, alternatively, other evidence of filing or recording
      (including the filing number or other similar filing information)
      acceptable to the Trustee (including, without limitation, evidence of such
      filed or recorded UCC Financing Statement as shown on a written UCC search
      report from a reputable search firm, such as Corporation Service Company,
      CT Corporation System and the like or printouts of on-line confirmations
      from such UCC filing or recording offices or authorized agents thereof),
      sufficient to perfect (and maintain the perfection of) the security
      interest held by the Mortgage Loan Originator (and each assignee of record
      prior to the Trustee) in and to the personalty of the Borrower at the
      Mortgaged Property, and original UCC Financing Statement assignments, in a
      form suitable for filing or recording, sufficient to assign each such UCC
      Financing Statement to the Trustee;

            (xii) the original or copy of the power of attorney (with evidence
      of recording thereon) granted by the Borrower if the Mortgage, Note or
      other document or instrument referred to above was not signed by the
      Borrower;

            (xiii) an original or copy of any subordination agreement,
      standstill agreement or other intercreditor, co-lender or similar
      agreement relating to subordinate indebtedness, including any mezzanine
      loan documents or preferred equity documents;

            (xiv) with respect to any Cash Collateral Accounts and Lock-Box
      Accounts, an original or copy of any related account control agreement and
      a copy of the UCC Financing Statements, if any, submitted for filing with
      respect to Seller's security interest in the Cash Collateral Accounts and
      Lock-Box Accounts and all funds contained therein (together with UCC
      Financing Statement assignments in a form suitable for filing or
      recording, sufficient to transfer such security interest to the Trustee on
      behalf of the Certificateholders);

            (xv) an original or copy of any related Loan Agreement (if separate
      from the related Mortgage), and an original or copy of any related
      Lock-Box Agreement or Cash Collateral Account Agreement (if separate from
      the related Mortgage and Loan Agreement);

            (xvi) the originals and copies of letters of credit, if any,
      relating to the Mortgage Loans and amendments thereto which entitles the
      Trust to draw thereon; provided that in connection with the delivery of
      the Mortgage File to the Trust, such originals shall be delivered to the
      applicable Master Servicer and copies thereof shall be delivered to the
      Trustee;

            (xvii) any related environmental insurance policy and any
      environmental guarantee or indemnity agreement or copies thereof;

            (xviii) the original or a copy of the ground lease, ground lease
      memorandum and ground lease estoppels, if any, and any amendments,
      modifications or extensions thereto, if any, or certified copies thereof;
      and

            (xix) copies of franchise agreements and franchisor comfort letters,
      if any, for hospitality properties and any applicable transfer/assignment
      documents.

            Notwithstanding the foregoing, in the event that, in connection with
any Mortgage Loan, Seller cannot deliver, or cause to be delivered, an original,
counterpart or certified copy, as applicable, of any of the documents and/or
instruments required to be delivered pursuant to clauses (ii), (iv), (viii),
(xi) (other than assignments of UCC Financing Statements to be recorded or filed
in accordance with the transfer contemplated by this Agreement) and (xii) of the
last sentence of the first paragraph of this Section 3, with evidence of
recording or filing thereon on the Closing Date, solely because of a delay
caused by the public recording or filing office where such document or
instrument has been delivered for recordation or filing, Seller: (i) shall
deliver, or cause to be delivered, to the Trustee or its designee a duplicate
original or true copy of such document or instrument certified by the applicable
public recording or filing office, the applicable title insurance company or
Seller to be a true and complete duplicate original or copy of the original
thereof submitted for recording or filing; and (ii) shall deliver, or cause to
be delivered, to the Trustee or its designee either the original of such
non-delivered document or instrument, or a photocopy thereof (certified by the
appropriate public recording or filing office to be a true and complete copy of
the original thereof submitted for recording or filing), with evidence of
recording or filing thereon, within 120 days after the Closing Date, which
period may be extended up to two times, in each case for an additional period of
45 days (provided that Seller, as certified in writing to the Trustee prior to
each such 45-day extension, is in good faith attempting to obtain from the
appropriate recording or filing office such original or photocopy). Compliance
with this paragraph will satisfy Seller's delivery requirements under this
Section 3 with respect to the subject document(s) and instrument(s).

            Notwithstanding the foregoing, in the event that, in connection with
any Mortgage Loan, Seller cannot deliver, or cause to be delivered, an original,
counterpart or certified copy, as applicable, of any of the documents and/or
instruments required to be delivered pursuant to clauses (ii), (iv), (viii),
(xi) (other than assignments of UCC Financing Statements to be recorded or filed
in accordance with the transfer contemplated by this Agreement) and (xii) of the
last sentence of the first paragraph of this Section 3, with evidence of
recording or filing thereon for any other reason, including without limitation,
that such non-delivered document or instrument has been lost, the delivery
requirements of this Agreement shall be deemed to have been satisfied and such
non-delivered document or instrument shall be deemed to have been included in
the related Mortgage File if a photocopy of such non-delivered document or
instrument (with evidence of recording or filing thereon and certified by the
appropriate recording or filing office to be a true and complete copy of the
original thereof as filed or recorded) is delivered to the Trustee or its
designee on or before the Closing Date.

            Notwithstanding the foregoing, in the event that Seller cannot
deliver any UCC Financing Statement assignment with the filing or recording
information of the related UCC Financing Statement with respect to any Mortgage
Loan, solely because such UCC Financing Statement has not been returned by the
public filing or recording office where such UCC Financing Statement has been
delivered for filing or recording, Seller shall so notify the Trustee or its
designee and shall not be in breach of its obligations with respect to such
delivery, provided that Seller promptly forwards such UCC Financing Statement to
the Trustee or its designee upon its return, together with the related original
UCC Financing Statement assignment in a form appropriate for filing or
recording.

            Notwithstanding the foregoing, Seller may, at its sole cost and
expense, but is not obligated to, engage a third-party contractor to prepare or
complete in proper form for filing or recording any and all assignments of
Mortgage, assignments of Assignments of Leases and assignments of UCC Financing
Statements to the Trustee to be delivered pursuant to clauses (iii), (v) and
(xi) of the last sentence of the first paragraph of this Section 3
(collectively, the "Assignments"), to submit those Assignments for filing and
recording, as the case may be, in the applicable public filing and recording
offices and to deliver those Assignments to the Trustee or its designee as those
Assignments (or certified copies thereof) are received from the applicable
filing and recording offices with evidence of such filing or recording indicated
thereon. However, in the event Seller engages a third-party contractor as
contemplated in the immediately preceding sentence, the rights, duties and
obligations of Seller pursuant to this Agreement remain binding on Seller; and,
if Seller does not engage a third party as contemplated by the immediately
preceding sentence, then Seller will still be liable for recording and filing
fees and expenses of the Assignments as and to the extent contemplated by
Section 13 hereof.

            Within ten (10) Business Days after the Closing Date, Seller shall
deliver the Servicer Files with respect to each of the Mortgage Loans to the
applicable Master Servicer (or, if applicable, to a Sub-Servicer (with a copy to
the applicable Master Servicer) at the direction of the applicable Master
Servicer), under the Pooling and Servicing Agreement on behalf of the Trustee in
trust for the benefit of the Certificateholders. Each such Servicer File shall
contain all documents and records in Seller's possession relating to such
applicable Mortgage Loans (including reserve and escrow agreements, cash
management agreements, lockbox agreements, financial statements, operating
statements and any other information provided by the respective Borrower from
time to time, but excluding any documents and other writings not enumerated in
this parenthetical that have been prepared by Seller or any of its Affiliates
solely for internal credit analysis or other internal uses or any
attorney-client privileged communication) that are not required to be a part of
a Mortgage File in accordance with the definition thereof, together with copies
of all instruments and documents which are required to be a part of the related
Mortgage File in accordance with the definition thereof.

            For purposes of this Section 3, and notwithstanding any contrary
provision hereof or of the definition of "Mortgage File," if there exists with
respect to any group of Crossed Mortgage Loans only one original or certified
copy of any document or instrument described in the definition of "Mortgage
File" which pertains to all of the Crossed Mortgage Loans in such group of
Crossed Mortgage Loans, the inclusion of the original or certified copy of such
document or instrument in the Mortgage File for any of such Crossed Mortgage
Loans and the inclusion of a copy of such original or certified copy in each of
the Mortgage Files for the other Crossed Mortgage Loans in such group of Crossed
Mortgage Loans, shall be deemed the inclusion of such original or certified
copy, as the case may be, in the Mortgage File for each such Crossed Mortgage
Loan.

            Seller shall, promptly after the Closing Date, but in all events
within three (3) Business Days after the Closing Date, cause all funds on
deposit in escrow accounts maintained with respect to the Mortgage Loans in the
name of Seller or any other name, to be transferred to or at the direction of
the applicable Master Servicer (or, if applicable, to a Sub-Servicer at the
direction of the applicable Master Servicer).

            The Trustee, as assignee or transferee of Depositor, shall be
entitled to all scheduled principal payments due after the Cut-off Date, all
other payments of principal due and collected after the Cut-off Date, and all
payments of interest on the Mortgage Loans, minus that portion of any such
payment which is allocable to the period on or prior to the Cut-off Date. All
scheduled payments of principal due on or before the Cut-off Date and collected
after the Cut-off Date, together with the accompanying interest payments, shall
belong to Seller.

            Upon the sale of the Mortgage Loans from Seller to Depositor
pursuant hereto, the ownership of each Note, the related Mortgage and the
contents of the related Mortgage File shall be vested in Depositor and the
ownership of all records and documents with respect to the related Mortgage Loan
prepared by or which come into the possession of Seller as seller of the
Mortgage Loans hereunder, exclusive in each case of documents prepared by Seller
or any of its Affiliates solely for internal credit analysis or other internal
uses or any attorney-client privileged communication, shall immediately vest in
Depositor. All Monthly Payments, Principal Prepayments and other amounts
received by Seller and not otherwise belonging to Seller pursuant to this
Agreement shall be sent by Seller within three (3) Business Days after Seller's
receipt thereof to the applicable Master Servicer via wire transfer for deposit
by the applicable Master Servicer into the Collection Account.

            Seller shall, under generally accepted accounting principles
("GAAP"), report its transfer of the Mortgage Loans to Depositor, as provided
herein, as a sale of the Mortgage Loans to Depositor in exchange for the
consideration specified in Section 2 hereof. In connection with the foregoing,
Seller shall cause all of its financial and accounting records to reflect such
transfer as a sale (as opposed to a secured loan). Seller shall at all times
following the Closing Date cause all of its records and financial statements and
any relevant consolidated financial statements of any direct or indirect parent
to clearly reflect that the Mortgage Loans have been transferred to Depositor
and are no longer available to satisfy claims of Seller's creditors.

            After Seller's transfer of the Mortgage Loans to Depositor, as
provided herein, Seller shall not take any action inconsistent with Depositor's
ownership (or the ownership by any of Depositor's assignees) of the Mortgage
Loans. Except for actions that are the express responsibility of another party
hereunder or under the Pooling and Servicing Agreement, and further except for
actions that Seller is expressly permitted to complete subsequent to the Closing
Date, Seller shall, on or before the Closing Date, take all actions required
under applicable law to effectuate the transfer of the Mortgage Loans by Seller
to Depositor.

            Section 4. Depositor's Conditions to Closing. The obligations of
Depositor to purchase the Mortgage Loans and pay the Mortgage Loan Purchase
Price at the Closing Date under the terms of this Agreement are subject to the
satisfaction of each of the following conditions at or before the Closing:

            (a) Each of the obligations of Seller required to be performed by it
on or prior to the Closing Date pursuant to the terms of this Agreement shall
have been duly performed and complied with in all material respects; all of the
representations and warranties of Seller under this Agreement (subject to the
exceptions set forth in the Exception Report) shall be true and correct in all
material respects as of the Closing Date; no event shall have occurred with
respect to Seller or any of the Mortgage Loans and related Mortgage Files which,
with notice or the passage of time, would constitute a material default under
this Agreement; and Depositor shall have received certificates to the foregoing
effect signed by authorized officers of Seller.

            (b) Depositor, or if directed by Depositor, the Trustee or
Depositor's attorneys or other designee, shall have received in escrow, all of
the following closing documents, in such forms as are agreed upon and reasonably
acceptable to Depositor and Seller, duly executed by all signatories other than
Depositor, as required pursuant to the respective terms thereof:

            (i) the Mortgage Files, subject to the provisos of Section 1 of this
      Agreement, which shall have been delivered to and held by the Trustee or
      its designee on behalf of Seller;

            (ii) the Mortgage Loan Schedule;

            (iii) the certificate of Seller confirming its representations and
      warranties set forth in Section 6(a) (subject to the exceptions set forth
      in the Exception Report) as of the Closing Date;

            (iv) an opinion or opinions of Seller's counsel, dated the Closing
      Date, covering various corporate matters and such other matters as shall
      be reasonably required by Depositor; provided that (A) such opinion may
      express its reliance as to factual matters on, among other things
      specified in such opinion, the representations and warranties made herein,
      and on certificates or other documents furnished by officers of Seller and
      (B) in rendering the opinions expressed above, such counsel may limit such
      opinions to matters governed by the laws of the State of New York and the
      laws of the United States and shall not be required to express any opinion
      with respect to the registration or qualification of the Certificates
      under any applicable state or federal securities laws;

            (v) such other certificates of Seller's officers or others and such
      other documents to evidence fulfillment of the conditions set forth in
      this Agreement as Depositor or its counsel may reasonably request; and

            (vi) all other information, documents, certificates, or letters with
      respect to the Mortgage Loans or Seller and its Affiliates as are
      reasonably requested by Depositor in order for Depositor to perform any of
      it obligations or satisfy any of the conditions on its part to be
      performed or satisfied pursuant to any sale of Mortgage Loans by Depositor
      as contemplated herein.

            (c) Seller shall have performed or complied with all other terms and
conditions of this Agreement which it is required to perform or comply with at
or before the Closing and shall have the ability to perform or comply with all
duties, obligations, provisions and terms which it is required to perform or
comply with after the Closing.

            (d) Seller shall have delivered to the Trustee, on or before the
Closing Date, five limited powers of attorney in favor of the Trustee and
Special Servicer empowering the Trustee and, in the event of the failure or
incapacity of the Trustee, the Special Servicer, to record, at the expense of
Seller, any Mortgage Loan Documents required to be recorded and any intervening
assignments with evidence of recording thereon that are required to be included
in the Mortgage Files. Seller shall reasonably cooperate with the Trustee and
the Special Servicer in connection with any additional powers or revisions
thereto that are requested by such parties.

            Section 5. Seller's Conditions to Closing. The obligations of Seller
under this Agreement shall be subject to the satisfaction, on the Closing Date,
of the following conditions:

            (a) Each of the obligations of Depositor required to be performed by
it on or prior to the Closing Date pursuant to the terms of this Agreement shall
have been duly performed and complied with in all material respects; and all of
the representations and warranties of Depositor under this Agreement shall be
true and correct in all material respects as of the Closing Date; and no event
shall have occurred with respect to Depositor which, with notice or the passage
of time, would constitute a material default under this Agreement, and Seller
shall have received certificates to that effect signed by authorized officers of
Depositor.

            (b) Seller shall have received all of the following closing
documents, in such forms as are agreed upon and reasonably acceptable to Seller
and Depositor, duly executed by all signatories other than Seller, as required
pursuant to the respective terms thereof:

            (i) an officer's certificate of Depositor, dated as of the Closing
      Date, with the resolutions of Depositor authorizing the transactions set
      forth therein, together with copies of the charter, by-laws and
      certificate of good standing dated as of a recent date of Depositor; and

            (ii) such other certificates of its officers or others, such
      opinions of Depositor's counsel and such other documents required to
      evidence fulfillment of the conditions set forth in this Agreement as
      Seller or its counsel may reasonably request.

            (c) Depositor shall have performed or complied with all other terms
and conditions of this Agreement which it is required to perform or comply with
at or before the Closing and shall have the ability to perform or comply with
all duties, obligations, provisions and terms which it is required to perform or
comply with after Closing.

            Section 6. Representations and Warranties of Seller.

            (a) Seller represents and warrants to Depositor as of the date
hereof, as follows:

            (i) Seller is duly organized and is validly existing as a federal
      savings bank in good standing under the laws of the United States of
      America. Seller has conducted and is conducting its business so as to
      comply in all material respects with all applicable statutes and
      regulations of regulatory bodies or agencies having jurisdiction over it,
      except where the failure so to comply would not have a materially adverse
      effect on the performance by Seller of this Agreement, and there is no
      charge, action, investigation, suit or proceeding before or by any court,
      regulatory authority or governmental agency or body pending or, to the
      knowledge of Seller, threatened, which is reasonably likely to materially
      and adversely affect the performance by Seller of this Agreement or the
      consummation of transactions contemplated by this Agreement.

            (ii) Seller has the full power, authority and legal right to hold,
      transfer and convey the Mortgage Loans and to execute and deliver this
      Agreement (and all agreements and documents executed and delivered by
      Seller in connection herewith) and to perform all transactions of Seller
      contemplated by this Agreement (and all agreements and documents executed
      and delivered by Seller in connection herewith). Seller has duly
      authorized the execution, delivery and performance of this Agreement (and
      all agreements and documents executed and delivered by Seller in
      connection herewith), and has duly executed and delivered this Agreement
      (and all agreements and documents executed and delivered by Seller in
      connection herewith). This Agreement (and each agreement and document
      executed and delivered by Seller in connection herewith), assuming due
      authorization, execution and delivery thereof by each other party thereto,
      constitutes the legal, valid and binding obligation of Seller enforceable
      in accordance with its terms, except as such enforcement may be limited by
      bankruptcy, fraudulent transfer, insolvency, reorganization, receivership,
      moratorium or other laws relating to or affecting the rights of creditors
      generally, by general principles of equity (regardless of whether such
      enforcement is considered in a proceeding in equity or at law) and by
      considerations of public policy.

            (iii) Neither the execution, delivery and performance of this
      Agreement, nor the fulfillment of or compliance with the terms and
      conditions of this Agreement by Seller, will (A) conflict with or result
      in a breach of any of the terms, conditions or provisions of Seller's
      articles or certificate of incorporation and bylaws or similar type
      organizational documents, as applicable; (B) conflict with, result in a
      breach of, or constitute a default or result in an acceleration under, any
      agreement or instrument to which Seller is now a party or by which it (or
      any of its properties) is bound if compliance therewith is necessary (1)
      to ensure the enforceability of this Agreement or (2) for Seller to
      perform its duties and obligations under this Agreement (or any agreement
      or document executed and delivered by Seller in connection herewith); (C)
      conflict with or result in a breach of any legal restriction if compliance
      therewith is necessary (1) to ensure the enforceability of this Agreement
      or (2) for Seller to perform its duties and obligations under this
      Agreement (or any agreement or document executed and delivered by Seller
      in connection herewith); (D) result in the violation of any law, rule,
      regulation, order, judgment or decree to which Seller or its property is
      subject if compliance therewith is necessary (1) to ensure the
      enforceability of this Agreement or (2) for Seller to perform its duties
      and obligations under this Agreement (or any agreement or document
      executed and delivered by Seller in connection herewith); or (E) result in
      the creation or imposition of any lien, charge or encumbrance that would
      have a material adverse effect upon Seller's ability to perform its duties
      and obligations under this Agreement (or any agreement or document
      executed and delivered by Seller in connection herewith), or materially
      impair the ability of Depositor to realize on the Mortgage Loans.

            (iv) Seller is solvent and the sale of the Mortgage Loans (1) will
      not cause Seller to become insolvent and (2) is not intended by Seller to
      hinder, delay or defraud any of its present or future creditors. After
      giving effect to its transfer of the Mortgage Loans, as provided herein,
      the value of Seller's assets, either taken at their present fair saleable
      value or at fair valuation, will exceed the amount of Seller's debts and
      obligations, including contingent and unliquidated debts and obligations
      of Seller, and Seller will not be left with unreasonably small assets or
      capital with which to engage in and conduct its business. Seller does not
      intend to, and does not believe that it will, incur debts or obligations
      beyond its ability to pay such debts and obligations as they mature. No
      proceedings looking toward liquidation, dissolution or bankruptcy of
      Seller are pending or contemplated.

            (v) No consent, approval, authorization or order of, or registration
      or filing with, or notice to, any court or governmental agency or body
      having jurisdiction or regulatory authority over Seller is required for
      (A) Seller's execution, delivery and performance of this Agreement (or any
      agreement or document executed and delivered by Seller in connection
      herewith), (B) Seller's transfer and assignment of the Mortgage Loans, or
      (C) the consummation by Seller of the transactions contemplated by this
      Agreement (or any agreement or document executed and delivered by Seller
      in connection herewith) or, to the extent so required, such consent,
      approval, authorization, order, registration, filing or notice has been
      obtained, made or given (as applicable), except for the filing or
      recording of assignments and other Mortgage Loan Documents contemplated by
      the terms of this Agreement and except that Seller may not be duly
      qualified to transact business as a foreign corporation or licensed in one
      or more states if such qualification or licensing is not necessary to
      ensure the enforceability of this Agreement (or any agreement or document
      executed and delivered by Seller in connection herewith).

            (vi) In connection with its sale of the Mortgage Loans, Seller is
      receiving new value. The consideration received by Seller upon the sale of
      the Mortgage Loans constitutes at least fair consideration and reasonably
      equivalent value for the Mortgage Loans.

            (vii) Seller does not believe, nor does it have any reason or cause
      to believe, that it cannot perform each and every covenant of Seller
      contained in this Agreement (or any agreement or document executed and
      delivered by Seller in connection herewith).

            (viii) There are no actions, suits or proceedings pending or, to
      Seller's knowledge, threatened in writing against Seller which are
      reasonably likely to draw into question the validity of this Agreement (or
      any agreement or document executed and delivered by Seller in connection
      herewith) or which, either in any one instance or in the aggregate, are
      reasonably likely to materially impair the ability of Seller to perform
      its duties and obligations under this Agreement (or any agreement or
      document executed and delivered by Seller in connection herewith).

            (ix) Seller's performance of its duties and obligations under this
      Agreement (and each agreement or document executed and delivered by Seller
      in connection herewith) is in the ordinary course of business of Seller
      and Seller's transfer, assignment and conveyance of the Mortgage Loans
      pursuant to this Agreement are not subject to the bulk transfer or similar
      statutory provisions in effect in any applicable jurisdiction. The
      Mortgage Loans do not constitute all or substantially all of Seller's
      assets.

            (x) Seller has not dealt with any Person that may be entitled, by
      reason of any act or omission of Seller, to any commission or compensation
      in connection with the sale of the Mortgage Loans to Depositor hereunder
      except for (A) the reimbursement of expenses as described herein or
      otherwise in connection with the transactions described in Section 2
      hereof and (B) the commissions or compensation owed to the Underwriters or
      the Initial Purchaser.

            (xi) Seller is not in default or breach of any agreement or
      instrument to which Seller is now a party or by which it (or any of its
      properties) is bound which breach or default would materially and
      adversely affect the ability of Seller to perform its obligations under
      this Agreement.

            (xii) The representations and warranties contained in Exhibit A
      hereto, subject to the exceptions to such representations and warranties
      set forth on Schedule V hereto, are true and correct in all material
      respects as of the date hereof with respect to the Mortgage Loans
      identified on Schedule II.

            (b) Seller hereby agrees that it shall be deemed to make, as of the
date of substitution, to and for the benefit of the Trustee as the holder of the
Mortgage Loan to be replaced, with respect to any replacement mortgage loan (a
"Replacement Mortgage Loan") that is substituted for a Mortgage Loan affected by
a Material Defect or a Material Breach, pursuant to Section 7 of this Agreement,
each of the representations and warranties set forth in Exhibit A hereto
(references therein to "Closing Date" being deemed to be references to the "date
of substitution" and references therein to "Cut-off Date" being deemed to be
references to the "most recent due date for the subject Replacement Mortgage
Loan on or before the date of substitution"). From and after the date of
substitution, each Replacement Mortgage Loan, if any, shall be deemed to
constitute a "Mortgage Loan" hereunder for all purposes.

            Section 7. Obligations of Seller. Each of the representations and
warranties contained in or required to be made by Seller pursuant to Section 6
of this Agreement shall survive the sale of the Mortgage Loans and shall
continue in full force and effect, notwithstanding any restrictive or qualified
endorsement on the Notes and notwithstanding subsequent termination of this
Agreement or the Pooling and Servicing Agreement. The representations and
warranties contained in or required to be made by Seller pursuant to Section 6
of this Agreement shall not be impaired by any review or examination of the
Mortgage Files or other documents evidencing or relating to the Mortgage Loans
or any failure on the part of Depositor to review or examine such documents and
shall inure to the benefit of the initial transferee of the Mortgage Loans from
Depositor including, without limitation, the Trustee for the benefit of the
Holders of the Certificates, notwithstanding (1) any restrictive or qualified
endorsement on any Note, assignment of Mortgage or reassignment of Assignment of
Leases or (2) any termination of this Agreement prior to the Closing, but shall
not inure to the benefit of any subsequent transferee thereafter.

            If Seller receives notice of a breach of any of the representations
or warranties made by Seller with respect to the Mortgage Loans (subject to the
exceptions to such representations and warranties set forth in the Exception
Report), as of the date hereof in Section 6(a)(xii) or as of the Closing Date
pursuant to Section 4(b)(iii) or, in the case of any Replacement Mortgage Loan,
as of the date of substitution pursuant to Section 6(b) (in any such case, a
"Breach"), or receives notice that (a) any document required to be included in
the Mortgage File related to any Mortgage Loan is not in the Trustee's (or its
designee's) possession within the time period required herein or (b) such
document has not been properly executed or is otherwise defective on its face
(clause (a) and clause (b) each, a "Defect" (which term shall include the
"Defects" detailed in the immediately following paragraph) in the related
Mortgage File), and if such Breach or Defect, as the case may be, materially and
adversely affects, or is deemed hereby to materially and adversely affect, the
value of any Mortgage Loan or any successor REO Loan with respect thereto or the
interests of the Holders of any Class of Certificates (in which case such Breach
or Defect shall be a "Material Breach" or a "Material Defect," as applicable),
then Seller shall, upon written request of Depositor, the Trustee, the
applicable Master Servicer or the applicable Special Servicer, not later than 90
days after the receipt by Seller of such written request (subject to the second
succeeding paragraph, the "Initial Resolution Period"): (i) cure such Breach or
Defect in all material respects; (ii) repurchase the affected Mortgage Loan at
the applicable Purchase Price (as defined in the Pooling and Servicing
Agreement); or (iii) substitute, in accordance with the Pooling and Servicing
Agreement, one or more Qualified Substitute Mortgage Loans (as defined in the
Pooling and Servicing Agreement) for such affected Mortgage Loan (provided that
in no event shall any substitution occur later than the second anniversary of
the Closing Date) and pay the applicable Master Servicer for deposit into the
applicable Collection Account any Substitution Shortfall Amount (as defined in
the Pooling and Servicing Agreement) in connection therewith; provided, however,
that if (i) such Material Breach or Material Defect is capable of being cured
but not within the Initial Resolution Period, (ii) such Material Breach or
Material Defect does not cause the related Mortgage Loan not to be a "qualified
mortgage" (within the meaning of Section 860G(a)(3) of the Code), (iii) Seller
has commenced and is diligently proceeding with the cure of such Material Breach
or Material Defect within the Initial Resolution Period and (iv) Seller has
delivered to the Rating Agencies, the applicable Master Servicer, the applicable
Special Servicer and the Trustee an Officer's Certificate that describes the
reasons that the cure was not effected within the Initial Resolution Period and
the actions that it proposes to take to effect the cure and that states that it
anticipates the cure will be effected within the additional 90-day period, then
Seller shall have an additional 90 days to cure such Material Defect or Material
Breach. If any Breach pertains to a representation or warranty that the related
Mortgage Loan Documents or any particular Mortgage Loan Document requires the
related Borrower to bear the costs and expenses associated with any particular
action or matter under such Mortgage Loan Document(s), then Seller shall cure
such Breach within the Initial Resolution Period by reimbursing the Trust Fund
(by wire transfer of immediately available funds) the reasonable amount of any
such costs and expenses incurred by the applicable Master Servicer, the
applicable Special Servicer, the Trustee or the Trust Fund that are the basis of
such Breach and have not been reimbursed by the related Borrower; provided,
however, that in the event any such costs and expenses exceed $10,000, Seller
shall have the option to either repurchase the related Mortgage Loan at the
applicable Purchase Price or pay such costs and expenses. Except as provided in
the proviso to the immediately preceding sentence, Seller shall remit the amount
of such costs and expenses and upon its making such remittance, Seller shall be
deemed to have cured such Breach in all respects. With respect to any repurchase
of a Mortgage Loan hereunder or any substitution of one or more Qualified
Substitute Mortgage Loans for a Mortgage Loan hereunder, (A) no such
substitution may be made in any calendar month after the Determination Date for
such month; (B) scheduled payments of principal and interest due with respect to
the Qualified Substitute Mortgage Loan(s) after the month of substitution, and
scheduled payments of principal and interest due with respect to each Mortgage
Loan being repurchased or replaced after the related Cut-off Date and received
by the applicable Master Servicer or the applicable Special Servicer on behalf
of the Trust on or prior to the related date of repurchase or substitution,
shall be part of the Trust Fund; and (C) scheduled payments of principal and
interest due with respect to such Qualified Substitute Mortgage Loan(s) during
or prior to the month of substitution, and scheduled payments of principal and
interest due with respect to each Mortgage Loan being repurchased or replaced
and received by the applicable Master Servicer or the applicable Special
Servicer on behalf of the Trust after the related date of repurchase or
substitution, shall not be part of the Trust Fund, and Seller (or, if
applicable, any person effecting the related repurchase or substitution in the
place of Seller) shall be entitled to receive such payments promptly following
receipt by the applicable Master Servicer or the applicable Special Servicer, as
applicable, under the Pooling and Servicing Agreement.

            Any of the following will cause a document in the Mortgage File to
be deemed to have a "Material Defect": (a) the absence from the Mortgage File of
the original signed Note, unless the Mortgage File contains a signed lost note
affidavit and indemnity; (b) the absence from the Mortgage File of the original
signed Mortgage, unless there is included in the Mortgage File a certified copy
of the Mortgage as recorded or as sent for recordation, together with a
certificate stating that the original signed Mortgage was sent for recordation,
or a copy of the Mortgage and the related recording information; (c) the absence
from the Mortgage File of the item called for by clause (ix) of the last
sentence of the first paragraph of Section 3 hereof; (d) the absence from the
Mortgage File of any intervening assignments required to create an effective
assignment to the Trustee on behalf of the Trust, unless there is included in
the Mortgage File a certified copy of the intervening assignment as recorded or
as sent for recordation, together with a certificate stating that the original
intervening assignment was sent for recordation, or a copy of the intervening
assignment and the related recording information; or (e) the absence from the
Servicer File of any required original letter of credit, provided that such
Defect may be cured by any substitute letter of credit or cash reserve on behalf
of the related Borrower; or (f) the absence from the Mortgage File of the
original or a copy of any required ground lease. In addition, Seller shall cure
any Defect described in clause (b), (c), (e) or (f) of the immediately preceding
sentence as required in Section 2.02(b) of the Pooling and Servicing Agreement.
Notwithstanding anything herein to the contrary, the failure to include a
document checklist in a Mortgage File shall in no event constitute a Material
Defect.

            Any Defect or Breach which causes any Mortgage Loan not to be a
"qualified mortgage" (within the meaning of Section 860G(a)(3) of the Code)
shall be deemed a "Material Defect" or "Material Breach," as applicable, and the
Initial Resolution Period for the affected Mortgage Loan shall be 90 days
following the earlier of Seller's receipt of notice pursuant to this Section 7
or its discovery of such Defect or Breach (which period shall not be subject to
extension).

            If Seller does not, as required by this Section 7, correct or cure a
Material Breach or a Material Defect in all material respects within the
applicable Initial Resolution Period (as extended pursuant to this Section 7),
or if such Material Breach or Material Defect is not capable of being so
corrected or cured within such period, then Seller shall repurchase or
substitute for the affected Mortgage Loan as provided in this Section 7. If (i)
any Mortgage Loan is required to be repurchased or substituted for as provided
above, (ii) such Mortgage Loan is a Crossed Mortgage Loan that is a part of a
Mortgage Group (as defined below) and (iii) the applicable Breach or Defect does
not constitute a Breach or Defect, as the case may be, as to any other Crossed
Mortgage Loan in such Mortgage Group (without regard to this paragraph), then
the applicable Breach or Defect, as the case may be, will be deemed to
constitute a Breach or Defect, as the case may be, as to any other Crossed
Mortgage Loan in the Mortgage Group for purposes of the above provisions, and
Seller will be required to repurchase or substitute for such other Crossed
Mortgage Loan(s) in the related Mortgage Group in accordance with the provisions
of this Section 7 unless such other Crossed Mortgage Loans satisfy the Crossed
Mortgage Loan Repurchase Criteria (as defined in the Pooling and Servicing
Agreement) and Seller can satisfy all other criteria for substitution or
repurchase of the affected Mortgage Loan(s) set forth in the Pooling and
Servicing Agreement. In the event that one or more of such other Crossed
Mortgage Loans satisfy the Crossed Mortgage Loan Repurchase Criteria, Seller may
elect either to repurchase or substitute for only the affected Crossed Mortgage
Loan as to which the related Breach or Defect exists or to repurchase or
substitute for all of the Crossed Mortgage Loans in the related Mortgage Group.
Seller shall be responsible for the cost of any Appraisal required to be
obtained by the applicable Master Servicer to determine if the Crossed Mortgage
Loan Repurchase Criteria have been satisfied, so long as the scope and cost of
such Appraisal has been approved by Seller (such approval not to be unreasonably
withheld). For purposes of this paragraph, a "Mortgage Group" is any group of
Mortgage Loans identified as a Mortgage Group on Schedule III to this Agreement.

            Notwithstanding the foregoing, if there is a Material Breach or
Material Defect with respect to one or more Mortgaged Properties (but not all of
the Mortgaged Properties) with respect to a Mortgage Loan, Seller will not be
obligated to repurchase or substitute for the Mortgage Loan if the affected
Mortgaged Property may be released pursuant to the terms of any partial release
provisions in the related Mortgage Loan Documents and the remaining Mortgaged
Property(ies) satisfy the requirements, if any, set forth in the Mortgage Loan
Documents and (i) Seller provides an opinion of counsel to the effect that such
partial release would not cause an Adverse REMIC Event (as defined in the
Pooling and Servicing Agreement) to occur, (ii) Seller pays (or causes to be
paid) the applicable release price required under the Mortgage Loan Documents
and, to the extent not reimbursable out of the release price pursuant to the
related Mortgage Loan Documents, any additional amounts necessary to cover all
reasonable out-of-pocket expenses reasonably incurred by the applicable Master
Servicer, the applicable Special Servicer, the Trustee or the Trust Fund in
connection therewith, including any unreimbursed advances and interest thereon
made with respect to the Mortgaged Property that is being released and (iii)
such cure by release of such Mortgaged Property is effected within the time
periods specified for cure of a Material Breach or Material Defect in this
Section 7.

            The Purchase Price or Substitution Shortfall Amount for any
repurchased or substituted Mortgage Loan shall be payable to Depositor or,
subsequent to the assignment of the Mortgage Loans to the Trustee, the Trustee
as its assignee, by wire transfer of immediately available funds to the account
designated by Depositor or the Trustee, as the case may be, and Depositor or the
Trustee, as the case may be, upon receipt of such funds (and, in the case of a
substitution, receipt of the Mortgage File(s) for the related Qualified
Substitute Mortgage Loans(s)), shall promptly release the related Mortgage File
and Servicer File or cause them to be released, to Seller and shall execute and
deliver such instruments of transfer or assignment as shall be necessary to vest
in Seller the legal and beneficial ownership of such Mortgage Loan (including
any property acquired in respect thereof or proceeds of any insurance policy
with respect thereto) and the related Mortgage Loan Documents.

            It is understood and agreed that the obligations of Seller set forth
in this Section 7 constitute the sole remedies available to Depositor and its
successors and assigns against Seller respecting any Breach or Defect affecting
a Mortgage Loan.

            Section 8. Crossed Mortgage Loans. With respect to any Crossed
Mortgage Loan conveyed hereunder, to the extent that Seller repurchases or
substitutes for an affected Crossed Mortgage Loan in the manner prescribed above
while the Trustee continues to hold any related Crossed Mortgage Loans, Seller
and Depositor (on behalf of its successors and assigns) agree to modify upon
such repurchase or substitution, the related Mortgage Loan Documents in a manner
such that such affected Crossed Mortgage Loan repurchased or substituted by
Seller, on the one hand, and any related Crossed Mortgage Loans still held by
the Trustee, on the other, would no longer be cross-defaulted or
cross-collateralized with one another; provided that Seller shall have furnished
the Trustee, at Seller's expense, with an Opinion of Counsel that such
modification shall not cause an Adverse REMIC Event; and provided, further, that
if such Opinion of Counsel cannot be furnished, Seller and Depositor hereby
agree that such repurchase or substitution of only the affected Crossed Mortgage
Loans, notwithstanding anything to the contrary herein, shall not be permitted.
Any reserve or other cash collateral or letters of credit securing the subject
Crossed Mortgage Loans shall be allocated between such Mortgage Loans in
accordance with the Mortgage Loan Documents. All other terms of the Mortgage
Loans shall remain in full force and effect, without any modification thereof.

            Section 9. Rating Agency Fees; Costs and Expenses Associated with a
Defeasance. Seller shall pay all Rating Agency fees associated with an
assumption of a Mortgage Loan to the extent such fees have not been paid by the
related Borrower and such Borrower is not required to pay them under the terms
of the related Mortgage Loan Documents in effect on or before the Closing Date,
the payment of which fees shall constitute the sole remedy of any breach by
Seller of the parenthetical in representation (xxviii)(1) set forth on Exhibit A
hereto. Seller shall pay all reasonable costs and expenses associated with a
defeasance of a Mortgage Loan to the extent such costs and expenses have not
been paid by the related Borrower and such Borrower is not required to pay them
under the terms of the related Mortgage Loan Documents in effect on or before
the Closing Date, the payment of which fees shall constitute the sole remedy of
any breach by Seller of representation (liii)(F) set forth on Exhibit A hereto.

            Section 10. Representations and Warranties of Depositor. Depositor
hereby represents and warrants to Seller as of the date hereof, as follows:

            (a) Depositor is duly organized and is validly existing as a
corporation in good standing under the laws of the State of Delaware, with full
corporate power and authority to own its assets and conduct its business as it
is conducted, and is duly qualified as a foreign corporation in good standing in
all jurisdictions in which the ownership or lease of its property or the conduct
of its business requires such qualification (except where the failure to qualify
would not have a materially adverse effect on the consummation of any
transactions contemplated by this Agreement).

            (b) The execution and delivery by Depositor of this Agreement and
the performance of Depositor's obligations hereunder are within the corporate
power of Depositor and have been duly authorized by Depositor and neither the
execution and delivery by Depositor of this Agreement nor the compliance by
Depositor with the provisions hereof, nor the consummation by Depositor of the
transactions contemplated by this Agreement, will (i) conflict with or result in
a breach of, or constitute a default under, the certificate of incorporation or
by-laws of Depositor or, after giving effect to the consents or taking of the
actions contemplated by clause (ii) of this paragraph (b), any of the provisions
of any law, governmental rule, regulation, judgment, decree or order binding on
Depositor or its properties, or any of the provisions of any material indenture
or mortgage or any other material contract or other instrument to which
Depositor is a party or by which it is bound or result in the creation or
imposition of any lien, charge or encumbrance upon any of its properties
pursuant to the terms of any such indenture, mortgage, contract or other
instrument or (ii) require any consent of, notice to, or filing with any person,
entity or governmental body, which has not been obtained or made by Depositor,
except where, in any of the instances contemplated by clause (i) above or this
clause (ii), the failure to do so will not have a material and adverse effect on
the consummation of any transactions contemplated by this Agreement.

            (c) This Agreement has been duly executed and delivered by Depositor
and this Agreement constitutes a legal, valid and binding instrument,
enforceable against Depositor in accordance with its terms, subject, as to the
enforcement of remedies, to applicable bankruptcy, reorganization, insolvency,
moratorium and other laws affecting the rights of creditors generally and to
general principles of equity and the discretion of the court (regardless of
whether enforcement of such remedies is considered in a proceeding in equity or
at law) and, as to rights of indemnification hereunder, subject to limitations
of public policy under applicable securities laws.

            (d) There is no litigation, charge, investigation, action, suit or
proceeding by or before any court, regulatory authority or governmental agency
or body pending or, to the knowledge of Depositor, threatened against Depositor
the outcome of which could be reasonably expected to materially and adversely
affect the consummation of any transactions contemplated by this Agreement.

            Section 11. Survival of Certain Representations, Warranties and
Covenants. The respective representations and warranties set forth in or made
pursuant to this Agreement, and the respective obligations of the parties hereto
under Sections 7 and 13 of this Agreement, will remain in full force and effect,
regardless of any investigation or statement as to the result thereof made by or
on behalf of any party and will survive payment for the various transfers
referred to herein and delivery of the Certificates or termination of this
Agreement.

            Section 12. Transaction Expenses. In connection with the Closing
(and unless otherwise expressly provided herein, including, without limitation,
in Section 13 of this Agreement), Seller shall be responsible for the fees and
expenses of its own counsel, and Depositor and Seller agree to pay the other
transaction expenses incurred in connection with the transactions herein
contemplated as set forth in the Closing Statement (or, if not covered thereby,
shall be paid by the party incurring the subject expense).

            Section 13. Recording Costs and Expenses. Seller agrees to reimburse
the Trustee or its designee all recording and filing fees and expenses incurred
by the Trustee or its designee in connection with the recording or filing of the
Mortgage Loan Documents listed in Section 3 of this Agreement, including
Assignments. In the event Seller elects to engage a third-party contractor to
prepare, complete, file and record Assignments with respect to Mortgage Loans as
provided in Section 3 of this Agreement, Seller shall contract directly with
such contractor and shall be responsible for such contractor's compensation and
reimbursement of recording and filing fees and other reimbursable expenses
pursuant to their agreement.

            Section 14. Notices. All demands, notices and communications
hereunder shall be in writing and effective only upon receipt, and, (a) if sent
to Depositor, will be mailed, delivered or telecopied and confirmed to it at
Credit Suisse First Boston Mortgage Securities Corp., 11 Madison Avenue, 5th
Floor, New York, New York 10010, Attention: Edmund Taylor, Telecopy No.: (212)
743-4756 (with a copy to Casey McCutcheon, Esq., Legal & Compliance Department,
Telecopy No.: (917) 326-8433), or such other address or telecopy number as may
be designated by Depositor to Seller in writing, or (b) if sent to Seller, will
be mailed, delivered or telecopied and confirmed to it at 1725 I Street, N.W.,
Washington, D.C. 20006, Attention: Kathleen Luzik, Telecopy No.: 202-336-7800,
or such other address or telecopy number as may be designated by Seller to
Depositor in writing.

            Section 15. Examination of Mortgage Files. Upon reasonable notice,
Seller, prior to the Closing Date, will make the Mortgage Files available to
Depositor or its agent for examination during normal business hours at Seller's
offices or such other location as shall otherwise be agreed upon by Depositor
and Seller. The fact that Depositor or its agent has conducted or has failed to
conduct any partial or complete examination of the Mortgage Files shall not
affect the rights of Depositor or the Trustee (for the benefit of the
Certificateholders) to demand cure, repurchase, or other relief as provided
herein.

            Section 16. Successors. This Agreement shall inure to the benefit of
and shall be binding upon Seller and Depositor and their respective successors,
permitted assigns and legal representatives, and nothing expressed in this
Agreement is intended or shall be construed to give any other Person any legal
or equitable right, remedy or claim under or in respect of this Agreement, or
any provisions herein contained, this Agreement and all conditions and
provisions hereof being intended to be and being for the sole and exclusive
benefit of such Persons and for the benefit of no other Person; it being
understood that (a) the indemnities of Seller contained in that certain
Indemnification Agreement dated October 27, 2004, among Seller, Depositor, the
Initial Purchaser and the Underwriters, relating to, among other things,
information regarding the Mortgage Loans in the Prospectus Supplement and the
Offering Circular, subject to all limitations therein contained, shall also be
for the benefit of the officers and directors of Depositor, the Underwriters and
the Initial Purchaser and any person or persons who control Depositor, the
Underwriters and the Initial Purchaser within the meaning of Section 15 of the
Securities Act or Section 20 of the Securities Exchange Act of 1934, as amended,
and (b) the rights of Depositor pursuant to this Agreement, subject to all
limitations herein contained, including those set forth in Section 7 of this
Agreement, may be assigned to the Trustee, for benefit of the
Certificateholders, as may be required to effect the purposes of the Pooling and
Servicing Agreement and, upon such assignment, the Trustee shall succeed to such
rights of Depositor hereunder; provided that the Trustee shall have no right to
further assign such rights to any other Person. No owner of a Certificate issued
pursuant to the Pooling and Servicing Agreement shall be deemed a successor or
permitted assign because of such ownership.

            Section 17. Governing Law. THIS AGREEMENT SHALL BE GOVERNED AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
AGREEMENTS TO BE MADE AND PERFORMED ENTIRELY WITHIN SUCH STATE WITHOUT GIVING
EFFECT TO CHOICE OF LAW PRINCIPLES.

            Section 18. Severability. If any provision of this Agreement shall
be prohibited or invalid under applicable law, this Agreement shall be
ineffective only to such extent, without invalidating the remainder of this
Agreement.

            Section 19. Further Assurances. Depositor and Seller agree to
execute and deliver such instruments and take such actions as the other party
may, from time to time, reasonably request in order to effectuate the purpose
and to carry out the terms of this Agreement.

            Section 20. Counterparts. This Agreement may be executed in
counterparts (and by each of the parties hereto on different counterparts), each
of which when so executed and delivered will be an original, and all of which
together will be deemed to constitute but one and the same instrument.

            Section 21. Treatment as Security Agreement. It is the express
intent of the parties hereto that the conveyance of the Mortgage Loans by Seller
to Depositor as provided in this Agreement be, and be construed as, a sale of
the Mortgage Loans by Seller to Depositor. It is, further, not the intention of
the parties that such conveyance be deemed a pledge of the Mortgage Loans by
Seller to Depositor to secure a debt or other obligation of Seller. However, in
the event that, notwithstanding the intent of the parties, the Mortgage Loans
are held to be property of Seller or if for any reason this Agreement is held or
deemed to create a security interest in the Mortgage Loans:

            (a) this Agreement shall hereby create a security agreement within
the meaning of Articles 8 and 9 of the Uniform Commercial Code in effect in the
applicable state;

            (b) the conveyance provided for in this Agreement shall hereby grant
from Seller to Depositor a security interest in and to all of Seller's right,
title, and interest, whether now owned or hereafter acquired, in and to:

            (i) all accounts, contract rights (including any guarantees),
      general intangibles, chattel paper, instruments, documents, money, deposit
      accounts, certificates of deposit, goods, letters of credit, advices of
      credit and investment property consisting of, arising from or relating to
      any of the property described in the Mortgage Loans, including the related
      Notes, Mortgages and title, hazard and other insurance policies,
      identified on the Mortgage Loan Schedule or that constitute Replacement
      Mortgage Loans, and all distributions with respect thereto payable after
      the Cut-off Date;

            (ii) all accounts, contract rights, general intangibles, chattel
      paper, instruments, documents, money, deposit accounts, certificates of
      deposit, goods, letters of credit, advices of credit and investment
      property arising from or by virtue of the disposition of, or collections
      with respect to, or insurance proceeds payable with respect to, or claims
      against other persons with respect to, all or any part of the collateral
      described in clause (i) above (including any accrued discount realized on
      liquidation of any investment purchased at a discount), in each case,
      payable after the Cut-off Date; and

            (iii) all cash and non-cash proceeds of the collateral described in
      clauses (i) and (ii) above payable after the Cut-off Date;

            (c) the possession by Depositor or its assignee of the Notes and
such other goods, letters of credit, advices of credit, instruments, money,
documents, chattel paper or certificated securities shall be deemed to be
possession by the secured party or possession by a purchaser or a person
designated by him or her, for purposes of perfecting the security interest
pursuant to the Uniform Commercial Code (including, without limitation, Sections
9-306, 9-313 and 9-314 thereof) as in force in the relevant jurisdiction;

            (d) notifications to persons holding such property, and
acknowledgments, receipts, confirmations from persons holding such property,
shall be deemed to be notifications to, or acknowledgments, receipts or
confirmations from, financial intermediaries, bailees or agents of, or persons
holding for (as applicable), Depositor or its assignee for the purpose of
perfecting such security interest under applicable law; and

            (e) Seller at the direction of Depositor or its assignee, shall, to
the extent consistent with this Agreement, take such actions as may be necessary
to ensure that, if this Agreement were deemed to create a security interest in
the Mortgage Loans and the proceeds thereof, such security interest would be a
perfected security interest of first priority under applicable law and will be
maintained as such throughout the term of this Agreement. In connection
herewith, Depositor and its assignee shall have all of the rights and remedies
of a secured party and creditor under the Uniform Commercial Code as in force in
the relevant jurisdiction and may prepare and file such UCC Financing Statements
as may be necessary or appropriate to accomplish the foregoing.

            Section 22. Recordation of Agreement. To the extent permitted by
applicable law, this Agreement is subject to recordation following the Closing
Date in all appropriate public offices for real property records in all the
counties or other comparable jurisdictions in which any or all of the properties
subject to the Mortgages are situated, and in any other appropriate public
recording office or elsewhere, such recordation to be effected by Seller at
Seller's expense at the direction of Depositor accompanied by an Opinion of
Counsel to the effect that such recordation materially and beneficially affects
the interests of Depositor.

                                      * * *

<PAGE>

            IN WITNESS WHEREOF, the parties hereto have caused this Mortgage
Loan Purchase Agreement to be duly executed and delivered as of the date first
above written.

                                       NCB, FSB,
                                       as Seller

                                          By: /s/ Casey P. Fannon
                                             -----------------------------------
                                          Name: Casey P. Fannon
                                          Title: SVP

                                       CREDIT SUISSE FIRST BOSTON MORTGAGE
                                       SECURITIES CORP.,
                                       as Depositor

                                          By: /s/ Jeffrey Altabef
                                             -----------------------------------
                                          Name: Jeffrey Altabef
                                          Title: Vice President

<PAGE>

                                                                      SCHEDULE I

                          SCHEDULE OF TRANSACTION TERMS

            This Schedule of Transaction Terms is appended to and incorporated
by reference in the Mortgage Loan Purchase Agreement (the "Agreement"), dated as
of November 1, 2004, between NCB, FSB and Credit Suisse First Boston Mortgage
Securities Corp. Capitalized terms used herein without definition have the
meanings given them in or by reference in the Agreement or, if not defined in
the Agreement, in the Pooling and Servicing Agreement.

            "Affiliate" means with respect to any specified Person, any other
Person controlling or controlled by or under common control with such specified
Person.

            "Assignments" shall have the meaning given such term in Section 3 of
this Agreement.

            "Borrower" means the borrower under a Mortgage Loan.

            "Breach" shall have the meaning given such term in Section 7 of this
Agreement.

            "Certificate Purchase Agreement" means the Certificate Purchase
Agreement, dated October 27, 2004, between Depositor and the Initial Purchaser.

            "Certificates" means the Credit Suisse First Boston Mortgage
Securities Corp., Commercial Mortgage Pass-Through Certificates, Series
2004-C4.

            "Closing" shall have the meaning given that term in Section 2 of
this Agreement.

            "Closing Date" means November 10, 2004.

            "Closing Statement" means the closing statement dated as of the
Closing Date and signed by, among others, the parties to this Agreement.

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

            "Crossed Mortgage Loan" means any Mortgage Loan which is
cross-defaulted and cross-collateralized with any other Mortgage Loan.

            "Cut-off Date" means, individually and collectively, the applicable
Due Dates for the respective Mortgage Loans occurring in November 2004.

            "Defect" shall have the meaning given such term in Section 7 of this
Agreement.

            "Depositor" shall have the meaning given such term in the first
sentence of this Agreement.

            "Environmental Report" means the environmental audit report with
respect to each Mortgaged Property delivered to Seller in connection with the
related Mortgage, if any.

            "Exception Report" means the exceptions with respect to the
representations and warranties made by Seller as to the Mortgage Loans in
Section 6(a)(xii) and under the written certificate described in Section
4(b)(iii) of this Agreement, which exceptions are set forth in Schedule V
attached hereto and made a part hereof.

            "Initial Purchaser" means Credit Suisse First Boston LLC.

            "Initial Resolution Period" shall have the meaning given such term
in Section 7 of this Agreement.

            "Loan Agreement" means, with respect to any Mortgage Loan, the loan
agreement, if any, between the related Mortgage Loan Originator and the related
Borrower, pursuant to which such Mortgage Loan was made.

            "Material Breach" shall have the meaning given such term in Section
7 of this Agreement.

            "Material Defect" shall have the meaning given such term in Section
7 of this Agreement.

            "Mortgage File" means, collectively, the documents and instruments
pertaining to a Mortgage Loan required to be included in the related Mortgage
File pursuant to Section 3 of this Agreement (subject to the first proviso in
Section 1 of this Agreement).

            "Mortgage Group" shall have the meaning given such term in Section 7
of this Agreement.

            "Mortgage Loan" and "Mortgage Loans" shall have the respective
meanings given such terms in Recital II of this Agreement.

            "Mortgage Loan Documents" means, collectively, the documents and
instruments pertaining to a Mortgage Loan to be included in either the related
Mortgage File or the related Servicer File.

            "Mortgage Loan Originator" means any institution which originated a
Mortgage Loan for a related Borrower.

            "Mortgage Loan Purchase Price" means the amount described in Section
2 of this Agreement.

            "Mortgage Loan Schedule" shall have the meaning given such term in
Recital II of this Agreement.

            "Offering Circular" means the confidential offering circular dated
October 27, 2004, describing certain classes of the Private Certificates.

            "Pooling and Servicing Agreement" means the Pooling and Servicing
Agreement creating the Trust Fund and the interests therein, dated as of
November 1, 2004, among Depositor, the Master Servicers, the Special Servicers
and the Trustee, including, without limitation, the exhibits and schedules
annexed thereto.

            "Primary Collateral" means with respect to any Crossed Mortgage
Loan, that portion of the Mortgaged Property designated as directly securing
such Crossed Mortgage Loan and excluding any Mortgaged Property as to which the
related lien may only be foreclosed upon by exercise of the
cross-collateralization provisions of such Crossed Mortgage Loan.

            "Private Certificates" means the Certificates that are not Publicly
Offered Certificates.

            "Prospectus" means the Prospectus dated October 18, 2004, that is a
part of Depositor's registration statement on Form S-3 (File No. 333-116258).

            "Prospectus Supplement" means the Prospectus Supplement, dated
October 27, 2004, relating to the Publicly Offered Certificates.

            "Publicly Offered Certificates" means the Class A-1, Class A-2,
Class A-3, Class A-4, Class A-5, Class A-6, Class A-1-A, Class A-J, Class B and
Class C Certificates.

            "Seller" shall have the meaning given such term in the first
sentence of this Agreement.

            "Servicer File" means, collectively, all documents, records and
copies pertaining to a Mortgage Loan which are required to be included in the
related Servicer File pursuant to Section 3 (subject to the first proviso in
Section 1).

            "Trust Fund" shall have the meaning given such term in Recital II of
this Agreement.

            "Trustee" shall have the meaning given such term in Section 1 of
this Agreement.

            "Underwriters" means Credit Suisse First Boston LLC, KeyBanc
Capital Markets, a division of McDonald Investments Inc. and Goldman, Sachs &
Co.

            "Underwriting Agreement" means the Underwriting Agreement, dated
October 27, 2004, between Depositor and the Underwriters.

<PAGE>

                                                                     SCHEDULE II

                             MORTGAGE LOAN SCHEDULE

<TABLE>
<CAPTION>
  #  Crossed   Sub Pool  Property Name
<S>  <C>       <C>       <C>
 19                   2  Doric Apartment Corporation
 21                   1  Grassmere Office Building
 33                   2  Voorhies Avenue & Shore Parkway Owners Corp.
 37                   2  University Townhouses Cooperative
 43                   2  Cabrini Terrace Owners Corp.
 45                   1  1255 North Avenue Owners Corp.
 54                   2  Trousdell Village Owners Corp.
 55                   1  Fleetwood Court Apartments, Inc.
 60                   1  135 East 83rd Owners Corp.
 63                   1  Michelangelo Apts., Inc.
 64                   1  Azalea Plaza
 68                   2  Garfield North Tenants Corp.
 73                   2  Sunnyside Towers Owners Corp.
 74                   1  Diamond Bar Plaza
 77                   2  Saunders Apartments
 82                   1  632 Palmer Road Owners, Inc.
 85                   1  The Beverly House, Inc.
 86                   1  230 W. 105 Realty Corp.
 90                   1  Broadpark Lodge Corp.
 92                   2  400 East 17th Street Corp.
 93                   2  Van Buren Owners, Inc.
 98                   1  100 Hudson Tenants Corp.
 99                   1  875 W. 181 Owners Corp.
100                   1  60 West Broad Street, Inc.
102                   1  325 West 86 Corp.
104                   1  Pinette Housing Corp.
105                   1  Crompond Apartment Owners, Inc.
107                   2  Parkside Development Company, Inc.
108                   2  Bridgeview Apartment Corporation
113                   1  Tanglewood Gardens Owners Corp.
114                   1  1 Bronxville Owners Corp.
115                   1  345 East 77th Street Owners, Inc.
117                   1  Hanover River House, Inc.
120                   1  718 Apts., Inc.
122                   1  828 Fifth Avenue Owners Corp.
123                   2  Elmhurst House, Inc.
124                   1  35 Park West Corporation
126                   1  2035 Central Park Ave. Owners Corp.
128                   1  Vernon Manor Co-operative Apartments, Section II, Incorporated
129                   1  95 Sedgwick Owners Corp.
130                   2  Mutual Housing Housing Association, Inc.
131                   1  23 Park Ave. Realty Corp.
132                   1  325 House Inc.
134                   1  Gramgar, Inc.
135                   1  130 E. 94th Apartments Corp.
136                   1  60-68 Apartments Corp.
137                   2  432-434 West 47th Street Tenants Corp. aka 432-434 W. 47 Street Tenants Corp.
140                   1  175 East 79 Tenants Corp.
141                   1  250 Equities Corp.
142                   1  530 Riverdale Owners Corp.
143                   1  51 West 81st Street Corp.
144                   2  Bainbridge House, Inc.
147                   1  Drake Lane Owners, Inc.
148                   2  4295 Webster Avenue Owners, Inc.
149                   2  406 West 46th Street Corp.
150                   1  81-87 Owners Corp.
154                   1  Lafayette Court Apts. Corp.
155                   1  155 East 49th Street Corporation
156                   1  491 Broadway Realty
158                   1  Lafayette Lofts, Inc.
159                   1  23830 Owners Corp.
160                   1  228 West 16th Street Housing Corporation
161                   1  336 East 50th Street Tenants Corp.
162                   1  62 East 87th St. Owners Corp.
163                   1  14 Jay Street Owners Corp.
164                   1  238 W. 11th Street Cooperative Corp.
165                   2  Eighty-Five Owners Corp.
166                   1  108 Pierrepont Street Housing Corp
167                   1  345 East 61st Street Housing Corporation
168                   1  22 Pierrepont St. Apartment Corp.
169                   2  353 West 29th Street Housing Corporation
170                   1  237 East 12 Street Owners Corp.
171                   1  304 West 78th Owners Corp.
172                   1  West 99th Street Apartment Corp.
173                   1  159 West 78th Street Corp.
174                   2  53 St. Marks Tenants Corporation
175                   1  199 Eighth Avenue Housing Corp.
176                   2  181-183 Dekalb Owners Corp.
177                   1  76 State St. Owners, Inc. aka 76 State Street Owners, Inc.
178                   1  Perelandra Realty Corp.
179                   1  483 14th Street Apartment Corporation
<CAPTION>
                                                                                                                  Zip
  #     Address                                                City          County               State          Code
<S>     <C>                                                    <C>           <C>                  <C>           <C>
 19     100 Manhattan Avenue                                   Union City    Hudson                  NJ         07087
 21     648 Grassmere Park Drive                               Nashville     Davidson                TN         37211
 33     3080/3090 Voorhies Avenue and 3845/3855 Shore Parkway  Brooklyn      Kings                   NY         11235
 37     3200 Braeburn Circle                                   Ann Arbor     Washtenaw               MI         48108
 43     900 West 190th Street                                  New York      New York                NY         10040
 45     1255 North Avenue                                      New Rochelle  Westchester             NY         10804
 54     1-109 Glen Keith Road/66-90 Sea Cliff Avenue           Glen Cove     Nassau                  NY         11542
 55     808-840 Bronx River Road                               Yonkers       Westchester             NY         10708
 60     135 East 83rd Street                                   New York      New York                NY         10028
 63     687 Bronx River Road                                   Yonkers       Westchester             NY         10704
 64     2111 Bemiss Road                                       Valdosta      Lowndes                 GA         31602
 68     195 Garfield Place                                     Brooklyn      Kings                   NY         11215
 73     46-01 39th Avenue                                      Sunnyside     Queens                  NY         11104
 74     303-315 South Diamond Bar Boulevard                    Diamond Bar   Los Angeles             CA         91765
 77     63-89/109 Saunders Street                              Rego Park     Queens                  NY         11374
 82     632 Palmer Road                                        Yonkers       Westchester             NY         10701
 85     84-51 Beverly Road                                     Kew Gardens   Queens                  NY         11415
 86     230 West 105th Street                                  New York      New York                NY         10025
 90     2 Westchester Avenue                                   White Plains  Westchester             NY         10601
 92     400 East 17th Street                                   Brooklyn      Kings                   NY         11226
 93     102-21 63rd Road                                       Rego Park     Queens                  NY         11374
 98     100 Hudson Street                                      New York      New York                NY         10013
 99     875 West 181st Street                                  New York      New York                NY         10033
100     60 West Broad Street                                   Mt. Vernon    Westchester             NY         10552
102     325 West 86th Street                                   New York      New York                NY         10024
104     105 Montague Street                                    Brooklyn      Kings                   NY         11021
105     1840 Crompond Road                                     Peekskill     Westchester             NY         10566
107     3856 Bronx Boulevard                                   Bronx         Bronx                   NY         10467
108     326-328 Bridge Plaza North                             Fort Lee      Bergen                  NJ         07024
113     101 North Broadway and 260 Church Street               White Plains  Westchester             NY         10603
114     One Bronxville Road                                    Bronxville    Westchester             NY         10708
115     345 East 77th Street                                   New York      New York                NY         10021
117     335 Greenwich Street                                   New York      New York                NY         10013
120     718 Broadway                                           New York      New York                NY         10003
122     828 Fifth Avenue                                       New York      New York                NY         10021
123     88-11 Elmhurst Avenue                                  Elmhurst      Queens                  NY         11373
124     35 Prospect Park West                                  Brooklyn      Kings                   NY         11215
126     2035 Central Park Avenue                               Yonkers       Westchester             NY         10710
128     505 East Lincoln Avenue                                Mount Vernon  Westchester             NY         10552
129     95 Sedgwick Avenue                                     Yonkers       Westchester             NY         10705
130     3850 Sedgwick Avenue                                   Bronx         Bronx                   NY         10463
131     23 Park Avenue                                         New York      New York                NY         10016
132     325 East 77th Street                                   New York      New York                NY         10021
134     48 Sagamore Road                                       Bronxville    Westchester             NY         10708
135     130 East 94th Street                                   New York      New York                NY         10128
136     60 West 68th Street                                    New York      New York                NY         10023
137     432-434 West 47th Street                               New York      New York                NY         10019
140     175 East 79th Street                                   New York      New York                NY         10021
141     250 West 22nd Street                                   New York      New York                NY         10011
142     530 Riverdale Avenue                                   Yonkers       Westchester             NY         10705
143     51 West 81st Street                                    New York      New York                NY         10024
144     325 East 201st Street                                  Bronx         Bronx                   NY         10458
147     179-189 Drake Avenue                                   New Rochelle  Westchester             NY         10805
148     4295 Webster Avenue                                    Bronx         Bronx                   NY         10470
149     406 West 46th Street                                   New York      New York                NY         10036
150     81-87 Columbia Heights                                 Brooklyn      Kings                   NY         11201
154     141-147 Lafayette Avenue                               Brooklyn      Kings                   NY         11238
155     155 East 49th Street                                   New York      New York                NY         10017
156     491 Broadway                                           New York      New York                NY         10012
158     439 LaFayette Street                                   New York      New York                NY         10003
159     238-240 East 30th Street                               New York      New York                NY         10016
160     228 West 16th Street                                   New York      New York                NY         10011
161     336 East 50th Street                                   New York      New York                NY         10022
162     62 East 87th Street                                    New York      New York                NY         10128
163     14 Jay Street                                          New York      New York                NY         10013
164     238 West 11th Street                                   New York      New York                NY         10014
165     85 Stanton Street                                      New York      New York                NY         10002
166     108 Pierrepont Street                                  Brooklyn      Kings                   NY         11201
167     345 East 61st Street                                   New York      New York                NY         10021
168     22 Pierrepont Street                                   Brooklyn      Kings                   NY         11201
169     353-355 West 29th Street                               New York      New York                NY         10001
170     237 East 12th Street                                   New York      New York                NY         10003
171     304 West 78th Street                                   New York      New York                NY         10024
172     258 West 99th Street                                   New York      New York                NY         10025
173     159 West 78th Street                                   New York      New York                NY         10024
174     53 St. Mark's Place                                    New York      New York                NY         10003
175     199 8th Avenue                                         Brooklyn      Kings                   NY         11215
176     181-183 Dekalb Avenue                                  Brooklyn      Kings                   NY         11205
177     76 State Street                                        Brooklyn      Kings                   NY         11201
178     121 West 77th Street                                   New York      New York                NY         10024
179     483 14th Street                                        Brooklyn      Kings                   NY         11215

<CAPTION>
                                                        Units/
                                                      Sq. Ft./
            Property      Property      Mortgage        Rooms/
  #             Type      Sub-type   Loan Seller          Pads
<S>      <C>           <C>           <C>               <C>
 19      Multifamily   Cooperative       NCB,FSB           434
 21           Office      Suburban       NCB,FSB       224,930
 33      Multifamily   Cooperative       NCB,FSB           304
 37      Multifamily   Cooperative       NCB,FSB           609
 43      Multifamily   Cooperative       NCB,FSB           217
 45      Multifamily   Cooperative       NCB,FSB           159
 54      Multifamily   Cooperative       NCB,FSB           205
 55      Multifamily   Cooperative       NCB,FSB           107
 60      Multifamily   Cooperative       NCB,FSB            61
 63      Multifamily   Cooperative       NCB,FSB            89
 64           Retail      Anchored       NCB,FSB       106,484
 68      Multifamily   Cooperative       NCB,FSB            64
 73      Multifamily   Cooperative       NCB,FSB           158
 74           Retail      Anchored       NCB,FSB        36,454
 77      Multifamily   Cooperative       NCB,FSB           176
 82      Multifamily   Cooperative       NCB,FSB           106
 85      Multifamily   Cooperative       NCB,FSB           128
 86      Multifamily   Cooperative       NCB,FSB            65
 90      Multifamily   Cooperative       NCB,FSB            94
 92      Multifamily   Cooperative       NCB,FSB            81
 93      Multifamily   Cooperative       NCB,FSB            85
 98      Multifamily   Cooperative       NCB,FSB            35
 99      Multifamily   Cooperative       NCB,FSB            84
100      Multifamily   Cooperative       NCB,FSB            81
102      Multifamily   Cooperative       NCB,FSB            47
104      Multifamily   Cooperative       NCB,FSB            25
105      Multifamily   Cooperative       NCB,FSB           216
107      Multifamily   Cooperative       NCB,FSB           165
108      Multifamily   Cooperative       NCB,FSB           108
113      Multifamily   Cooperative       NCB,FSB            80
114      Multifamily   Cooperative       NCB,FSB           108
115      Multifamily   Cooperative       NCB,FSB            60
117      Multifamily   Cooperative       NCB,FSB            25
120      Multifamily   Cooperative       NCB,FSB            39
122      Multifamily   Cooperative       NCB,FSB             7
123      Multifamily   Cooperative       NCB,FSB            81
124      Multifamily   Cooperative       NCB,FSB            72
126      Multifamily   Cooperative       NCB,FSB            69
128      Multifamily   Cooperative       NCB,FSB           234
129      Multifamily   Cooperative       NCB,FSB            59
130      Multifamily   Cooperative       NCB,FSB           122
131      Multifamily   Cooperative       NCB,FSB            16
132      Multifamily   Cooperative       NCB,FSB            59
134      Multifamily   Cooperative       NCB,FSB            18
135      Multifamily   Cooperative       NCB,FSB            45
136      Multifamily   Cooperative       NCB,FSB            70
137      Multifamily   Cooperative       NCB,FSB            20
140      Multifamily   Cooperative       NCB,FSB            61
141      Multifamily   Cooperative       NCB,FSB            23
142      Multifamily   Cooperative       NCB,FSB            61
143      Multifamily   Cooperative       NCB,FSB           102
144      Multifamily   Cooperative       NCB,FSB            72
147      Multifamily   Cooperative       NCB,FSB            68
148      Multifamily   Cooperative       NCB,FSB            78
149      Multifamily   Cooperative       NCB,FSB            15
150      Multifamily   Cooperative       NCB,FSB            56
154      Multifamily   Cooperative       NCB,FSB            21
155      Multifamily   Cooperative       NCB,FSB            67
156      Multifamily   Cooperative       NCB,FSB            10
158      Multifamily   Cooperative       NCB,FSB             6
159      Multifamily   Cooperative       NCB,FSB            37
160      Multifamily   Cooperative       NCB,FSB            17
161      Multifamily   Cooperative       NCB,FSB            24
162      Multifamily   Cooperative       NCB,FSB            13
163      Multifamily   Cooperative       NCB,FSB             7
164      Multifamily   Cooperative       NCB,FSB             3
165      Multifamily   Cooperative       NCB,FSB            10
166      Multifamily   Cooperative       NCB,FSB            10
167      Multifamily   Cooperative       NCB,FSB            15
168      Multifamily   Cooperative       NCB,FSB             6
169      Multifamily   Cooperative       NCB,FSB            13
170      Multifamily   Cooperative       NCB,FSB            10
171      Multifamily   Cooperative       NCB,FSB             4
172      Multifamily   Cooperative       NCB,FSB             5
173      Multifamily   Cooperative       NCB,FSB             5
174      Multifamily   Cooperative       NCB,FSB             5
175      Multifamily   Cooperative       NCB,FSB            13
176      Multifamily   Cooperative       NCB,FSB            16
177      Multifamily   Cooperative       NCB,FSB             5
178      Multifamily   Cooperative       NCB,FSB             4
179      Multifamily   Cooperative       NCB,FSB             4

<CAPTION>

                                   Percentage of                                                              Occupancy
         Original       Cut-off          Initial       Maturity          Fee/          Year          Year       Rate at
  #       Balance   Balance (1)     Pool Balance        Balance     Leasehold         Built     Renovated           U/W

<S>   <C>           <C>                     <C>     <C>             <C>                <C>           <C>            <C>
 19   $15,500,000   $15,471,712             1.36%   $13,234,464           Fee          1969          1997           100%
 21   $15,200,000   $15,200,000             1.34%   $14,370,157           Fee          1985          2004           100%
 33    $8,000,000    $7,948,812             0.70%    $6,447,751           Fee          1966          2001           100%
 37    $7,510,000    $7,471,739             0.66%    $6,273,008           Fee          1969          2003           100%
 43    $6,500,000    $6,480,297             0.57%    $5,882,687           Fee          1955          1989           100%
 45    $6,150,000    $6,150,000             0.54%    $6,150,000           Fee          1955          2003           100%
 54    $5,000,000    $5,000,000             0.44%    $5,000,000           Fee          1949          1996           100%
 55    $5,000,000    $4,979,710             0.44%    $4,177,562           Fee          1925          1999           100%
 60    $4,500,000    $4,489,819             0.39%    $4,069,327           Fee          1961          2001           100%
 63    $4,150,000    $4,137,062             0.36%    $3,454,226           Fee          1976          1994           100%
 64    $4,100,000    $4,087,613             0.36%    $3,537,167           Fee          1966          1996            98%
 68    $3,750,000    $3,738,483             0.33%    $3,390,090           Fee          1884          2001           100%
 73    $3,265,000    $3,219,040             0.28%            $0           Fee          1961          2003           100%
 74    $3,200,000    $3,147,733             0.28%       $48,848           Fee          1980           N/A            96%
 77    $3,000,000    $2,991,171             0.26%    $2,504,427           Fee          1941          2002           100%
 82    $2,800,000    $2,795,140             0.25%    $2,542,929           Fee          1965          1999           100%
 85    $2,700,000    $2,691,719             0.24%    $2,241,445           Fee          1939          1998           100%
 86    $2,700,000    $2,681,072             0.24%    $2,200,595           Fee          1916          2000           100%
 90    $2,600,000    $2,585,023             0.23%    $2,179,114           Fee          1927          1993           100%
 92    $2,500,000    $2,490,930             0.22%    $2,253,478           Fee          1962          1994           100%
 93    $2,500,000    $2,482,126             0.22%    $2,031,344           Fee          1953          1999           100%
 98    $2,300,000    $2,293,301             0.20%    $1,922,700           Fee          1909          2003           100%
 99    $2,300,000    $2,291,234             0.20%    $2,073,631           Fee          1914          1994           100%
100    $2,200,000    $2,192,294             0.19%    $1,988,573           Fee          1928          1999           100%
102    $2,150,000    $2,148,355             0.19%    $2,056,433           Fee          1925          2001           100%
104    $2,100,000    $2,097,773             0.18%    $1,917,056           Fee          1888          1981           100%
105    $2,000,000    $2,000,000             0.18%    $2,000,000           Fee          1971          1997           100%
107    $2,000,000    $1,991,597             0.17%    $1,651,971           Fee          1957          1999           100%
108    $2,000,000    $1,987,567             0.17%            $1           Fee          1958          1997           100%
113    $1,900,000    $1,884,227             0.17%    $1,551,980           Fee          1951          1999           100%
114    $1,800,000    $1,795,776             0.16%    $1,623,236           Fee          1939          1999           100%
115    $1,750,000    $1,745,493             0.15%    $1,598,378           Fee          1930          1998           100%
117    $1,690,000    $1,690,000             0.15%    $1,690,000           Fee          1929          2004           100%
120    $1,680,000    $1,662,642             0.15%      $734,474           Fee          1895          2003           100%
122    $1,600,000    $1,598,318             0.14%    $1,461,529           Fee          1900          1976           100%
123    $1,500,000    $1,498,588             0.13%    $1,249,065           Fee          1935          1999           100%
124    $1,500,000    $1,495,675             0.13%    $1,075,338           Fee          1929          1989           100%
126    $1,500,000    $1,494,082             0.13%    $1,249,572           Fee          1972          1999           100%
128    $1,500,000    $1,484,338             0.13%            $0     Leasehold          1951          1992           100%
129    $1,400,000    $1,395,802             0.12%    $1,165,822           Fee          1954          1998           100%
130    $1,400,000    $1,394,177             0.12%    $1,165,600           Fee          1955          1999           100%
131    $1,300,000    $1,300,000             0.11%    $1,300,000           Fee          1891          1977           100%
132    $1,300,000    $1,300,000             0.11%    $1,300,000           Fee          1939          1999           100%
134    $1,250,000    $1,248,059             0.11%    $1,139,276           Fee          1928          1999           100%
135    $1,250,000    $1,246,337             0.11%    $1,044,087           Fee          1923          1992           100%
136    $1,200,000    $1,198,134             0.11%    $1,099,089           Fee          1919          2001           100%
137    $1,200,000    $1,197,157             0.11%    $1,102,280           Fee          1900          1987           100%
140    $1,100,000    $1,097,858             0.10%      $785,910           Fee          1929          2001           100%
141    $1,100,000    $1,097,800             0.10%      $920,296           Fee          1889          2001           100%
142    $1,100,000    $1,097,783             0.10%      $917,940           Fee          1955          1989           100%
143    $1,100,000    $1,093,936             0.10%      $908,209           Fee          1903          1991           100%
144    $1,050,000    $1,048,613             0.09%      $967,107           Fee          1944          1996           100%
147      $970,000      $955,985             0.08%            $0           Fee          1962          1983           100%
148      $925,000      $922,132             0.08%      $847,886           Fee          1957          1993           100%
149      $850,000      $848,740             0.07%      $777,147           Fee          1884          1997           100%
150      $850,000      $846,531             0.07%      $499,175           Fee          1916          1989           100%
154      $750,000      $748,600             0.07%      $687,181           Fee          1905          1982           100%
155      $750,000      $746,549             0.07%      $614,972           Fee          1924          2003           100%
156      $700,000      $699,332             0.06%      $643,806           Fee          1896          1999           100%
158      $600,000      $598,926             0.05%      $551,178           Fee          1889          2004           100%
159      $550,000      $549,291             0.05%      $534,119           Fee          1870          1999           100%
160      $550,000      $547,793             0.05%      $457,152           Fee          1885          1994           100%
161      $525,000      $525,000             0.05%      $525,000           Fee          1960          1992           100%
162      $500,000      $498,485             0.04%      $417,868           Fee          1900          1984           100%
163      $500,000      $487,911             0.04%            $1           Fee          1900          1984           100%
164      $460,000      $457,171             0.04%      $390,894           Fee          1852          1999           100%
165      $450,000      $450,000             0.04%      $450,000           Fee          1902          1999           100%
166      $425,000      $424,579             0.04%      $390,480           Fee          1840          2001           100%
167      $425,000      $422,516             0.04%      $355,524           Fee          1885          2001           100%
168      $400,000      $398,988             0.04%      $369,584           Fee          1890          1995           100%
169      $300,000      $297,262             0.03%            $1           Fee          1885          1994           100%
170      $300,000      $296,212             0.03%      $135,643           Fee          1902          1994           100%
171      $270,000      $269,668             0.02%      $251,208           Fee          1900          1989           100%
172      $260,000      $258,793             0.02%      $219,114           Fee          1897          1990           100%
173      $255,000      $254,801             0.02%      $237,486           Fee          1880          1986           100%
174      $225,000      $224,246             0.02%      $196,648           Fee          1832          1994           100%
175      $200,000      $199,202             0.02%      $171,636           Fee          1908          1998           100%
176      $200,000      $197,551             0.02%            $0           Fee          1900          1999           100%
177      $170,000      $168,139             0.01%          $248           Fee          1848          1986           100%
178      $150,000      $150,000             0.01%      $150,000           Fee          1901          1999           100%
179      $120,000      $118,609             0.01%            $0           Fee          1890          2000           100%

<CAPTION>
          Date of                     Cut-off
        Occupancy     Appraised      Date LTV
  #          Rate     Value (2)  Ratio (1) (3)
<S>     <C>         <C>                  <C>
 19      7/1/2004   $86,600,000          17.9%
 21      7/1/2004   $21,600,000          70.4%
 33     5/20/2004   $36,100,000          22.0%
 37     2/24/2004   $45,760,000          16.3%
 43     5/13/2004   $74,900,000           8.7%
 45      6/2/2004   $53,710,000          11.5%
 54     5/19/2004   $37,600,000          13.3%
 55     6/30/2004   $22,700,000          21.9%
 60     6/11/2004   $59,200,000           7.6%
 63     7/30/2004   $13,850,000          29.9%
 64     6/26/2004    $5,700,000          71.7%
 68     5/14/2004   $16,940,000          22.1%
 73     4/13/2004   $20,900,000          15.4%
 74     7/29/2004    $7,050,000          44.6%
 77     7/28/2004   $21,900,000          13.7%
 82     6/10/2004   $16,000,000          17.5%
 85      7/7/2004   $19,630,000          13.7%
 86     4/30/2004   $45,300,000           5.9%
 90     4/30/2004   $14,100,000          18.3%
 92     4/21/2004    $9,100,000          27.4%
 93     4/22/2004   $12,500,000          19.9%
 98     7/22/2004   $36,800,000           6.2%
 99     4/27/2004   $22,200,000          10.3%
100     4/19/2004   $10,000,000          21.9%
102     5/27/2004   $44,600,000           4.8%
104     6/18/2004   $19,800,000          10.6%
105     6/25/2004   $22,600,000           8.8%
107     6/17/2004   $16,300,000          12.2%
108     7/28/2004   $12,500,000          15.9%
113    12/22/2003   $10,900,000          17.3%
114      6/2/2004   $20,360,000           8.8%
115     5/27/2004   $16,420,000          10.6%
117     7/19/2004   $36,990,000           4.6%
120     7/27/2004   $34,780,000           4.8%
122     8/16/2004   $26,200,000           6.1%
123     9/13/2004    $8,590,000          17.4%
124     4/12/2004   $72,150,000           2.1%
126     6/29/2004    $7,300,000          20.5%
128      3/1/2004   $20,850,000           7.1%
129     7/14/2004    $5,250,000          26.6%
130     6/28/2004   $18,150,000           7.7%
131     5/12/2004   $16,260,000           8.0%
132     6/23/2004   $25,300,000           5.1%
134     7/30/2004    $8,950,000          13.9%
135     7/21/2004   $25,100,000           5.0%
136     7/26/2004   $37,620,000           3.2%
137     5/26/2004    $7,480,000          16.0%
140     8/27/2004   $55,140,000           2.0%
141      8/9/2004    $7,900,000          13.9%
142      8/5/2004    $5,600,000          19.6%
143     5/24/2004   $47,990,000           2.3%
144     7/22/2004    $6,450,000          16.3%
147     2/25/2004   $10,300,000           9.3%
148     4/28/2004    $5,725,000          16.1%
149     7/27/2004    $5,050,000          16.8%
150     7/29/2004   $23,800,000           3.6%
154     6/24/2004    $8,350,000           9.0%
155     6/29/2004   $15,160,000           4.9%
156      8/3/2004   $24,100,000           2.9%
158     6/25/2004   $13,700,000           4.4%
159     3/30/2004   $10,260,000           5.4%
160     6/29/2004    $4,750,000          11.5%
161     7/22/2004    $6,525,000           8.0%
162     7/29/2004    $6,400,000           7.8%
163     6/21/2004    $8,000,000           6.1%
164     3/17/2004    $4,675,000           9.8%
165     5/24/2004    $4,630,000           9.7%
166     8/26/2004    $3,850,000          11.0%
167     4/28/2004    $2,625,000          16.1%
168     4/29/2004    $4,700,000           8.5%
169     7/23/2004    $6,650,000           4.5%
170      6/2/2004    $3,000,000           9.9%
171      7/8/2004    $3,640,000           7.4%
172     5/25/2004    $3,260,000           7.9%
173     8/20/2004    $3,775,000           6.7%
174     5/25/2004    $3,300,000           6.8%
175     5/17/2004    $4,160,000           4.8%
176     6/23/2004    $2,070,000           9.5%
177      6/8/2004    $3,130,000           5.4%
178     4/30/2004    $4,150,000           3.6%
179     6/30/2004    $1,870,000           6.3%
<CAPTION>
              Maturity/                                                                                  Contractual
                    ARD                                                                    Engineering     Recurring       LC & TI
               Date LTV    Most Recent   Most Recent         U/W         U/W         U/W    Reserve at   Replacement    Reserve at
  #   Ratio (2) (3) (4)            NOI           NCF         NOI     NCF (5)    DSCR (6)   Origination  Reserve/FF&E   Origination
<S>   <C>                  <C>           <C>          <C>         <C>           <C>        <C>          <C>            <C>
 19                15.3%           N/A           N/A  $4,625,771  $4,625,771       4.54x            $0            $0            $0
 21                66.5%    $2,319,884    $2,319,884  $1,801,473  $1,666,515       1.60x      $525,000       $22,493    $1,500,000
 33                17.9%           N/A           N/A  $1,985,698  $1,985,698       3.99x            $0            $0            $0
 37                13.7%           N/A           N/A  $2,208,445  $2,208,445       4.12x            $0            $0            $0
 43                 7.9%           N/A           N/A  $2,943,734  $2,943,734       7.48x            $0            $0            $0
 45                11.5%           N/A           N/A  $1,236,949  $1,236,949       3.81x            $0            $0            $0
 54                13.3%           N/A           N/A  $1,887,380  $1,887,380       6.21x            $0            $0            $0
 55                18.4%           N/A           N/A    $886,951    $886,951       2.48x            $0            $0            $0
 60                 6.9%           N/A           N/A  $1,802,372  $1,802,372       6.67x            $0            $0            $0
 63                24.9%           N/A           N/A    $632,765    $632,765       2.17x            $0            $0            $0
 64                62.1%      $546,715      $546,715    $574,925    $438,625       1.40x       $45,000       $24,529            $0
 68                20.0%           N/A           N/A    $834,615    $834,615       3.70x            $0            $0            $0
 73                 0.0%           N/A           N/A  $1,207,300  $1,207,300       4.51x            $0            $0            $0
 74                 0.7%      $549,995      $549,995    $512,676    $463,099       1.40x       $84,516        $7,655            $0
 77                11.4%           N/A           N/A  $1,309,213  $1,309,213       6.14x            $0            $0            $0
 82                15.9%           N/A           N/A  $1,006,433  $1,006,433       5.82x            $0            $0            $0
 85                11.4%           N/A           N/A    $893,255    $893,255       4.76x            $0            $0            $0
 86                 4.9%           N/A           N/A  $1,289,106  $1,289,106       7.37x            $0            $0            $0
 90                15.5%           N/A           N/A    $984,008    $984,008       5.24x            $0            $0            $0
 92                24.8%           N/A           N/A    $500,983    $500,983       3.40x            $0            $0            $0
 93                16.3%           N/A           N/A    $518,602    $518,602       3.24x            $0            $0            $0
 98                 5.2%           N/A           N/A  $1,314,166  $1,314,166       7.99x            $0            $0            $0
 99                 9.3%           N/A           N/A    $958,941    $958,941       7.05x            $0            $0            $0
100                19.9%           N/A           N/A    $594,073    $594,073       4.51x            $0            $0            $0
102                 4.6%           N/A           N/A  $1,586,506  $1,586,506      12.23x            $0            $0            $0
104                 9.7%           N/A           N/A    $545,772    $545,772       4.08x            $0            $0            $0
105                 8.8%           N/A           N/A  $1,255,590  $1,255,590      11.18x            $0            $0            $0
107                10.1%           N/A           N/A  $1,273,081  $1,273,081       9.34x            $0            $0            $0
108                 0.0%           N/A           N/A    $714,911    $714,911       4.02x            $0            $0            $0
113                14.2%           N/A           N/A    $575,349    $575,349       4.63x            $0            $0            $0
114                 8.0%           N/A           N/A    $991,568    $991,568       9.33x            $0            $0            $0
115                 9.7%           N/A           N/A    $790,264    $790,264       7.07x            $0            $0            $0
117                 4.6%           N/A           N/A  $1,695,541  $1,695,541      16.95x            $0            $0            $0
120                 2.1%           N/A           N/A  $1,696,899  $1,696,899       9.95x            $0            $0            $0
122                 5.6%           N/A           N/A    $586,825    $586,825       5.74x            $0            $0            $0
123                14.5%           N/A           N/A    $580,680    $580,680       5.50x            $0            $0            $0
124                 1.5%           N/A           N/A  $3,233,563  $3,233,563      29.30x            $0            $0            $0
126                17.1%           N/A           N/A    $469,803    $469,803       4.44x            $0            $0            $0
128                 0.0%           N/A           N/A  $1,355,709  $1,355,709      10.19x            $0            $0            $0
129                22.2%           N/A           N/A    $374,555    $374,555       3.80x            $0            $0            $0
130                 6.4%           N/A           N/A  $1,134,190  $1,134,190      11.49x            $0            $0            $0
131                 8.0%           N/A           N/A    $736,866    $736,866      10.80x            $0            $0            $0
132                 5.1%           N/A           N/A    $925,842    $925,842      11.81x            $0            $0            $0
134                12.7%           N/A           N/A    $356,158    $356,158       4.52x            $0            $0            $0
135                 4.2%           N/A           N/A    $725,748    $725,748       8.15x            $0            $0            $0
136                 2.9%           N/A           N/A  $1,671,593  $1,671,593      21.37x            $0            $0            $0
137                14.7%           N/A           N/A    $297,071    $297,071       3.74x            $0            $0            $0
140                 1.4%           N/A           N/A  $2,053,453  $2,053,453      25.59x            $0            $0            $0
141                11.6%           N/A           N/A    $409,502    $409,502       5.18x            $0            $0            $0
142                16.4%           N/A           N/A    $419,774    $419,774       5.37x            $0            $0            $0
143                 1.9%           N/A           N/A  $2,677,680  $2,677,680      35.69x            $0            $0            $0
144                15.0%           N/A           N/A    $305,719    $305,719       4.32x            $0            $0            $0
147                 0.0%           N/A           N/A    $693,582    $693,582       7.29x            $0            $0            $0
148                14.8%           N/A           N/A    $403,297    $403,297       6.65x            $0            $0            $0
149                15.4%           N/A           N/A    $206,342    $206,342       3.78x            $0            $0            $0
150                 2.1%           N/A           N/A    $935,628    $935,628      13.95x            $0            $0            $0
154                 8.2%           N/A           N/A    $260,657    $260,657       5.34x            $0            $0            $0
155                 4.1%           N/A           N/A    $703,995    $703,995      14.13x            $0            $0            $0
156                 2.7%           N/A           N/A  $1,112,200  $1,112,200      23.78x            $0            $0            $0
158                 4.0%           N/A           N/A    $530,385    $530,385      13.35x            $0            $0            $0
159                 5.2%           N/A           N/A    $525,890    $525,890      16.90x            $0            $0            $0
160                 9.6%           N/A           N/A    $191,858    $191,858       4.99x            $0            $0            $0
161                 8.0%           N/A           N/A    $256,200    $256,200       8.22x            $0            $0            $0
162                 6.5%           N/A           N/A    $318,520    $318,520       8.90x            $0            $0            $0
163                 0.0%           N/A           N/A    $365,723    $365,723       5.41x            $0            $0            $0
164                 8.4%           N/A           N/A    $136,870    $136,870       3.89x            $0            $0            $0
165                 9.7%           N/A           N/A    $133,685    $133,685       5.61x            $0            $0            $0
166                10.1%           N/A           N/A    $213,506    $213,506       7.55x            $0            $0            $0
167                13.5%           N/A           N/A    $116,510    $116,510       3.83x            $0            $0            $0
168                 7.9%           N/A           N/A    $153,573    $153,573       5.58x            $0            $0            $0
169                 0.0%           N/A           N/A    $268,312    $268,312       8.04x            $0            $0            $0
170                 4.5%           N/A           N/A    $101,858    $101,858       3.17x            $0            $0            $0
171                 6.9%           N/A           N/A    $167,671    $167,671       8.57x            $0            $0            $0
172                 6.7%           N/A           N/A    $111,000    $111,000       5.78x            $0            $0            $0
173                 6.3%           N/A           N/A    $165,063    $165,063       8.89x            $0            $0            $0
174                 6.0%           N/A           N/A    $134,797    $134,797       6.94x            $0            $0            $0
175                 4.1%           N/A           N/A    $219,558    $219,558      13.78x            $0            $0            $0
176                 0.0%           N/A           N/A    $123,633    $123,633       5.57x            $0            $0            $0
177                 0.0%           N/A           N/A     $99,750     $99,750       4.99x            $0            $0            $0
178                 3.6%           N/A           N/A    $100,485    $100,485       9.42x            $0            $0            $0
179                 0.0%           N/A           N/A     $72,735     $72,735       5.26x            $0            $0            $0

<CAPTION>

                            U/W
      Contractual     Recurring                       Tax &          Initial          Orig          Rem.
        Recurring   Replacement           U/W     Insurance    Interest Only        Amort.        Amort.
  #         LC&TI  Reserve/FF&E       TI & LC       Escrows             Term          Term      Term (1)
<S>      <C>           <C>           <C>          <C>              <C>        <C>           <C>
 19            $0      $140,000            $0          Both                0           480           476
 21      $575,004       $22,493      $112,466          Both               24           360           360
 33            $0       $78,000            $0           Tax                0           360           355
 37            $0      $312,218            $0           Tax                0           360           355
 43            $0       $65,561            $0           Tax                0           480           475
 45            $0       $52,200            $0           Tax              120  Interest Only Interest Only
 54            $0       $50,304            $0           Tax              180  Interest Only Interest Only
 55            $0       $33,100            $0          None                0           360           356
 60            $0       $60,000            $0          None                0           480           476
 63            $0       $21,400            $0          None                0           360           357
 64      $111,808       $24,491      $111,808          Both                0           360           356
 68            $0        $6,500            $0          None                0           480           475
 73            $0       $15,900            $0          None                0           240           234
 74            $0        $7,655       $41,922          Both                0           180           175
 77            $0       $41,980            $0           Tax                0           360           357
 82            $0       $30,000            $0          None                0           480           477
 85            $0       $28,500            $0           Tax                0           360           357
 86            $0       $28,000            $0          None                0           360           354
 90            $0       $26,000            $0          None                0           360           354
 92            $0       $21,760            $0          None                0           480           474
 93            $0       $16,700            $0           Tax                0           360           354
 98            $0       $22,186            $0          None                0           360           357
 99            $0       $27,000            $0           Tax                0           480           474
100            $0       $27,000            $0          None                0           480           474
102            $0       $21,000            $0          None                0           720           715
104            $0       $10,000            $0          None                0           480           478
105            $0       $59,400            $0          None              120  Interest Only Interest Only
107            $0       $50,000            $0           Tax                0           360           356
108            $0       $33,600            $0           Tax                0           240           237
113            $0       $22,205            $0          None                0           360           353
114            $0       $23,600            $0           Tax                0           480           476
115            $0       $21,500            $0           Tax                0           480           475
117            $0       $14,000            $0          None              120  Interest Only Interest Only
120            $0       $18,791            $0          None                0           180           177
122            $0       $19,800            $0          None                0           480           478
123            $0       $45,000            $0          None                0           360           359
124            $0       $11,000            $0          None                0           360           357
126            $0       $18,000            $0          None                0           360           356
128            $0       $23,800            $0          None                0           240           235
129            $0       $13,410            $0          None                0           360           357
130            $0       $12,200            $0          None                0           360           356
131            $0        $3,200            $0          None              120  Interest Only Interest Only
132            $0       $13,693            $0           Tax              120  Interest Only Interest Only
134            $0        $6,000            $0          None                0           480           477
135            $0       $14,400            $0          None                0           360           357
136            $0        $7,100            $0          None                0           480           477
137            $0       $10,730            $0          None                0           480           475
140            $0        $6,200            $0          None                0           360           358
141            $0        $5,800            $0          None                0           360           358
142            $0       $20,000            $0          None                0           360           358
143            $0       $15,450            $0          None                0           360           355
144            $0       $21,200            $0          None                0           480           477
147            $0       $12,000            $0          None                0           180           176
148            $0       $20,244            $0          None                0           480           474
149            $0        $3,000            $0           Tax                0           480           477
150            $0       $11,784            $0          None                0           300           297
154            $0        $5,000            $0           Tax                0           480           476
155            $0        $6,800            $0          None                0           360           356
156            $0       $13,000            $0           Tax                0           480           478
158            $0        $6,998            $0           Tax                0           480           476
159            $0        $6,400            $0          None                0           720           713
160            $0        $5,000            $0           Tax                0           360           356
161            $0        $4,000            $0          None              120  Interest Only Interest Only
162            $0        $4,570            $0           Tax                0           360           357
163            $0        $1,050            $0          None                0           120           116
164            $0        $2,360            $0           Tax                0           360           353
165            $0        $4,025            $0           Tax              120  Interest Only Interest Only
166            $0        $1,500            $0           Tax                0           480           478
167            $0        $2,000            $0           Tax                0           360           354
168            $0        $2,250            $0           Tax                0           480           474
169            $0        $1,300            $0          None                0           180           177
170            $0        $2,000            $0           Tax                0           180           176
171            $0          $800            $0           Tax                0           480           477
172            $0        $2,000            $0           Tax                0           360           355
173            $0        $2,810            $0           Tax                0           480           478
174            $0        $2,000            $0           Tax                0           360           355
175            $0        $6,220            $0          None                0           360           355
176            $0        $1,600            $0          None                0           180           176
177            $0        $2,600            $0           Tax                0           180           176
178            $0        $2,660            $0           Tax              120  Interest Only Interest Only
179            $0        $1,850            $0           Tax                0           180           176

<CAPTION>
             Orig              Rem.
          Term to           Term to      Interest
  #  Maturity (4)  Maturity (1) (4)          Rate
<S>           <C>               <C>         <C>
 19           180               176         5.880%
 21            72                71         5.550%
 33           120               115         4.700%
 37           120               115         5.930%
 43           120               115         5.330%
 45           120               116         5.280%
 54           180               175         6.000%
 55           120               116         5.940%
 60           120               116         5.200%
 63           120               117         5.800%
 64           120               116         6.600%
 68           120               115         5.280%
 73           240               234         5.410%
 74           180               175         6.350%
 77           120               117         5.810%
 82           120               117         5.490%
 85           120               117         5.610%
 86           120               114         4.980%
 90           120               114         5.950%
 92           120               114         5.060%
 93           120               114         4.880%
 98           120               117         5.860%
 99           120               114         5.160%
100           120               114         5.180%
102           180               175         5.850%
104           120               118         5.640%
105           120               116         5.540%
107           120               116         5.430%
108           240               237         6.410%
113           120               113         5.140%
114           120               116         5.080%
115           120               115         5.660%
117           120               117         5.920%
120           120               117         6.040%
122           120               118         5.670%
123           120               119         5.720%
124           180               177         6.210%
126           120               116         5.730%
128           240               235         6.390%
129           120               117         5.720%
130           120               116         5.810%
131           120               115         5.250%
132           120               116         5.950%
134           120               117         5.560%
135           120               117         5.830%
136           120               117         5.900%
137           120               115         5.940%
140           180               178         6.130%
141           120               118         5.990%
142           120               118         5.800%
143           120               115         5.510%
144           120               117         6.080%
147           180               176         5.500%
148           120               114         5.940%
149           120               117         5.710%
150           180               177         6.130%
154           120               116         5.810%
155           120               116         5.270%
156           120               118         6.010%
158           120               116         5.940%
159           120               113         5.440%
160           120               116         5.650%
161           120               117         5.940%
162           120               117         5.950%
163           120               116         6.320%
164           120               113         6.480%
165           120               115         5.220%
166           120               118         6.060%
167           120               114         5.880%
168           120               114         6.240%
169           180               177         7.490%
170           120               116         6.770%
171           120               117         6.760%
172           120               115         6.160%
173           120               118         6.700%
174           120               115         7.680%
175           120               115         6.880%
176           180               176         7.450%
177           180               176         8.300%
178           120               114         7.110%
179           180               176         8.080%
<CAPTION>
                                                     First
     Interest Calculation          Monthly         Payment        Maturity
  #  (30/360 / Actual/360)         Payment            Date            Date         ARD (7)       Seasoning
<S>  <C>                           <C>           <C>             <C>                   <C>              <C>
 19  Actual/360                    $84,869        8/1/2004        7/1/2019             N/A               4
 21  Actual/360                    $86,781       11/1/2004       10/1/2010             N/A               1
 33  30/360                        $41,491        7/1/2004        6/1/2014             N/A               5
 37  30/360                        $44,689        7/1/2004        6/1/2014             N/A               5
 43  30/360                        $32,777        7/1/2004        6/1/2014             N/A               5
 45  30/360                        $27,060        8/1/2004        7/1/2014             N/A               4
 54  Actual/360                    $25,347        7/1/2004        6/1/2019             N/A               5
 55  30/360                        $29,785        8/1/2004        7/1/2014             N/A               4
 60  Actual/360                    $22,516        8/1/2004        7/1/2014             N/A               4
 63  30/360                        $24,350        9/1/2004        8/1/2014             N/A               3
 64  Actual/360                    $26,185        8/1/2004        7/1/2014             N/A               4
 68  30/360                        $18,783        7/1/2004        6/1/2014             N/A               5
 73  30/360                        $22,294        6/1/2004        5/1/2024             N/A               6
 74  Actual/360                    $27,612        7/1/2004        6/1/2019             N/A               5
 77  Actual/360                    $17,776        9/1/2004        8/1/2014             N/A               3
 82  30/360                        $14,423        9/1/2004        8/1/2014             N/A               3
 85  Actual/360                    $15,650        9/1/2004        8/1/2014             N/A               3
 86  Actual/360                    $14,575        6/1/2004        5/1/2014             N/A               6
 90  Actual/360                    $15,643        6/1/2004        5/1/2014             N/A               6
 92  Actual/360                    $12,271        6/1/2004        5/1/2014             N/A               6
 93  Actual/360                    $13,341        6/1/2004        5/1/2014             N/A               6
 98  Actual/360                    $13,703        9/1/2004        8/1/2014             N/A               3
 99  30/360                        $11,335        6/1/2004        5/1/2014             N/A               6
100  Actual/360                    $10,978        6/1/2004        5/1/2014             N/A               6
102  30/360                        $10,807        7/1/2004        6/1/2019             N/A               5
104  Actual/360                    $11,145       10/1/2004        9/1/2014             N/A               2
105  Actual/360                     $9,362        8/1/2004        7/1/2014             N/A               4
107  Actual/360                    $11,363        8/1/2004        7/1/2014             N/A               4
108  30/360                        $14,806        9/1/2004        8/1/2024             N/A               3
113  30/360                        $10,363        5/1/2004        4/1/2014             N/A               7
114  Actual/360                     $8,860        8/1/2004        7/1/2014             N/A               4
115  Actual/360                     $9,312        7/1/2004        6/1/2014             N/A               5
117  30/360                         $8,337        9/1/2004        8/1/2014             N/A               3
120  30/360                        $14,213        9/1/2004        8/1/2014             N/A               3
122  Actual/360                     $8,525       10/1/2004        9/1/2014             N/A               2
123  Actual/360                     $8,801       11/1/2004       10/1/2014             N/A               1
124  30/360                         $9,197        9/1/2004        8/1/2019             N/A               3
126  Actual/360                     $8,810        8/1/2004        7/1/2014             N/A               4
128  30/360                        $11,087        7/1/2004        6/1/2024             N/A               5
129  Actual/360                     $8,214        9/1/2004        8/1/2014             N/A               3
130  30/360                         $8,223        8/1/2004        7/1/2014             N/A               4
131  30/360                         $5,688        7/1/2004        6/1/2014             N/A               5
132  Actual/360                     $6,535        8/1/2004        7/1/2014             N/A               4
134  Actual/360                     $6,564        9/1/2004        8/1/2014             N/A               3
135  Actual/360                     $7,423        9/1/2004        8/1/2014             N/A               3
136  30/360                         $6,519        9/1/2004        8/1/2014             N/A               3
137  Actual/360                     $6,621        7/1/2004        6/1/2014             N/A               5
140  30/360                         $6,687       10/1/2004        9/1/2019             N/A               2
141  30/360                         $6,588       10/1/2004        9/1/2014             N/A               2
142  Actual/360                     $6,511       10/1/2004        9/1/2014             N/A               2
143  30/360                         $6,253        7/1/2004        6/1/2014             N/A               5
144  Actual/360                     $5,898        9/1/2004        8/1/2014             N/A               3
147  30/360                         $7,926        8/1/2004        7/1/2019             N/A               4
148  30/360                         $5,051        6/1/2004        5/1/2014             N/A               6
149  Actual/360                     $4,553        9/1/2004        8/1/2014             N/A               3
150  Actual/360                     $5,589        9/1/2004        8/1/2019             N/A               3
154  Actual/360                     $4,070        8/1/2004        7/1/2014             N/A               4
155  30/360                         $4,151        8/1/2004        7/1/2014             N/A               4
156  Actual/360                     $3,897       10/1/2004        9/1/2014             N/A               2
158  Actual/360                     $3,311        8/1/2004        7/1/2014             N/A               4
159  30/360                         $2,593        5/1/2004        4/1/2014             N/A               7
160  Actual/360                     $3,202        8/1/2004        7/1/2014             N/A               4
161  30/360                         $2,599        9/1/2004        8/1/2014             N/A               3
162  30/360                         $2,982        9/1/2004        8/1/2014             N/A               3
163  30/360                         $5,632        8/1/2004        7/1/2014             N/A               4
164  Actual/360                     $2,929        5/1/2004        4/1/2014             N/A               7
165  Actual/360                     $1,985        7/1/2004        6/1/2014             N/A               5
166  30/360                         $2,356       10/1/2004        9/1/2014             N/A               2
167  Actual/360                     $2,538        6/1/2004        5/1/2014             N/A               6
168  Actual/360                     $2,293        6/1/2004        5/1/2014             N/A               6
169  30/360                         $2,779        9/1/2004        8/1/2019             N/A               3
170  Actual/360                     $2,674        8/1/2004        7/1/2014             N/A               4
171  30/360                         $1,631        9/1/2004        8/1/2014             N/A               3
172  Actual/360                     $1,600        7/1/2004        6/1/2014             N/A               5
173  Actual/360                     $1,546       10/1/2004        9/1/2014             N/A               2
174  Actual/360                     $1,618        7/1/2004        6/1/2014             N/A               5
175  Actual/360                     $1,327        7/1/2004        6/1/2014             N/A               5
176  30/360                         $1,848        8/1/2004        7/1/2019             N/A               4
177  Actual/360                     $1,666        8/1/2004        7/1/2019             N/A               4
178  30/360                           $889        6/1/2004        5/1/2014             N/A               6
179  30/360                         $1,152        8/1/2004        7/1/2019             N/A               4
<CAPTION>
                                                                     Original         Original
                                                    Original            Yield       Prepayment         Original
                                                     Lockout      Maintenance          Premium             Open
     Prepayment Provision                             Period           Period           Period           Period
  #  as of Origination (8)                          (Months)         (Months)         (Months)         (Months)
                                                                                                ---------------
<S>  <C>                                            <C>           <C>               <C>                <C>
 19  Lock/176_0.0%/4                                     176                0                0                4
 21  Lock/68_0.0%/4                                       68                0                0                4
 33  Lock/102_1.0%/14_0.0%/4                             102                0               14                4
 37  Lock/116_0.0%/4                                     116                0                0                4
 43  Lock/84_YM/32_0.0%/4                                 84               32                0                4
 45  Lock/102_1.0%/14_0.0%/4                             102                0               14                4
 54  Lock/144_3.0%/12_2.0%/12_1.0%/8_0.0%/4              144                0               32                4
 55  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
 60  Lock/84_YM/32_0.0%/4                                 84               32                0                4
 63  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
 64  Lock/116_0.0%/4                                     116                0                0                4
 68  Lock/116_0.0%/4                                     116                0                0                4
 73  Lock/236_0.0%/4                                     236                0                0                4
 74  Lock/176_0.0%/4                                     176                0                0                4
 77  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
 82  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
 85  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
 86  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
 90  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
 92  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
 93  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
 98  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
 99  Lock/84_YM/32_0.0%/4                                 84               32                0                4
100  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
102  Lock/120_YM/56_0.0%/4                               120               56                0                4
104  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
105  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
107  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
108  Lock/236_0.0%/4                                     236                0                0                4
113  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
114  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
115  Lock/102_1.0%/14_0.0%/4                             102                0               14                4
117  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
120  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
122  Lock/84_YM/32_0.0%/4                                 84               32                0                4
123  Lock/116_0.0%/4                                     116                0                0                4
124  Lock/120_YM/56_0.0%/4                               120               56                0                4
126  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
128  Lock/236_0.0%/4                                     236                0                0                4
129  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
130  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
131  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
132  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
134  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
135  Lock/84_YM/32_0.0%/4                                 84               32                0                4
136  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
137  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
140  Lock/120_YM/56_0.0%/4                               120               56                0                4
141  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
142  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
143  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
144  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
147  Lock/176_0.0%/4                                     176                0                0                4
148  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
149  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
150  Lock/84_YM/92_0.0%/4                                 84               92                0                4
154  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
155  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
156  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
158  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
159  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
160  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
161  Lock/84_YM/32_0.0%/4                                 84               32                0                4
162  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
163  Lock/116_0.0%/4                                     116                0                0                4
164  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
165  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
166  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
167  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
168  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
169  Lock/144_3.0%/32_0.0%/4                             144                0               32                4
170  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
171  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
172  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
173  Lock/116_0.0%/4                                     116                0                0                4
174  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
175  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
176  Lock/176_0.0%/4                                     176                0                0                4
177  Lock/144_3.0%/12_2.0%/12_1.0%/8_0.0%/4              144                0               32                4
178  Lock/102_2.0%/14_0.0%/4                             102                0               14                4
179  Lock/144_3.0%/12_2.0%/12_1.0%/8_0.0%/4              144                0               32                4
<CAPTION>

                                            Yield    Prepayment                       Servicing
                            Lockout   Maintenance       Premium           Yield             and   Utilities
                         Expiration    Expiration    Expiration     Maintenance         Trustee   Multifamily Tenant   Multifamily
  #    Defeasance (9)          Date          Date          Date          Spread            Fees   Pays                   Elevators
<S>            <C>        <C>            <C>           <C>               <C>            <C>       <C>                     <C>
 19               Yes      4/1/2019           N/A           N/A             N/A         0.08218%  Electric                       5
 21               Yes      7/1/2010           N/A           N/A             N/A         0.08218%  N/A                          N/A
 33                No      1/1/2013           N/A      3/1/2014             N/A         0.08218%  Electric                       4
 37               Yes      3/1/2014           N/A           N/A             N/A         0.08218%  Electric                       0
 43                No      7/1/2011      3/1/2014           N/A          T-Flat         0.08218%  Electric                       2
 45                No      2/1/2013           N/A      4/1/2014             N/A         0.08218%  Electric, Gas                  3
 54                No      7/1/2016           N/A      3/1/2019             N/A         0.08218%  Electric, Gas                  0
 55                No      2/1/2013           N/A      4/1/2014             N/A         0.08218%  Electric                       5
 60                No      8/1/2011      4/1/2014           N/A          T-Flat         0.08218%  Electric, Gas                  2
 63                No      3/1/2013           N/A      5/1/2014             N/A         0.08218%  Electric                       2
 64               Yes      4/1/2014           N/A           N/A             N/A         0.08218%  N/A                          N/A
 68               Yes      3/1/2014           N/A           N/A             N/A         0.08218%  Electric                       1
 73               Yes      2/1/2024           N/A           N/A             N/A         0.08218%  Electric, Gas                  2
 74               Yes      3/1/2019           N/A           N/A             N/A         0.08218%  N/A                          N/A
 77                No      3/1/2013           N/A      5/1/2014             N/A         0.08218%  Electric, Gas                  3
 82                No      3/1/2013           N/A      5/1/2014             N/A         0.08218%  Electric, Gas                  2
 85                No      3/1/2013           N/A      5/1/2014             N/A         0.08218%  Electric, Gas                  3
 86                No     12/1/2012           N/A      2/1/2014             N/A         0.08218%  Electric, Gas                  3
 90                No     12/1/2012           N/A      2/1/2014             N/A         0.08218%  Electric, Gas                  2
 92                No     12/1/2012           N/A      2/1/2014             N/A         0.08218%  Electric                       1
 93                No     12/1/2012           N/A      2/1/2014             N/A         0.08218%  Electric                       2
 98                No      3/1/2013           N/A      5/1/2014             N/A         0.08218%  Electric, Gas                  2
 99                No      6/1/2011      2/1/2014           N/A          T-Flat         0.08218%  Electric                       2
100                No     12/1/2012           N/A      2/1/2014             N/A         0.08218%  Electric, Gas                  2
102                No      7/1/2014      3/1/2019           N/A          T-Flat         0.08218%  Electric, Gas                  2
104                No      4/1/2013           N/A      6/1/2014             N/A         0.08218%  Electric                       1
105                No      2/1/2013           N/A      4/1/2014             N/A         0.08218%  Electric, Gas                  0
107                No      2/1/2013           N/A      4/1/2014             N/A         0.08218%  Electric                       2
108               Yes      5/1/2024           N/A           N/A             N/A         0.08218%  Electric, Gas                  2
113                No     11/1/2012           N/A      1/1/2014             N/A         0.08218%  Electric, Gas                  0
114                No      2/1/2013           N/A      4/1/2014             N/A         0.08218%  Electric, Gas                  4
115                No      1/1/2013           N/A      3/1/2014             N/A         0.08218%  Electric, Gas                  1
117                No      3/1/2013           N/A      5/1/2014             N/A         0.08218%  Electric, Gas                  1
120                No      3/1/2013           N/A      5/1/2014             N/A         0.08218%  Electric, Gas                  2
122                No     10/1/2011      6/1/2014           N/A          T-Flat         0.08218%  Electric, Gas                  1
123               Yes      7/1/2014           N/A           N/A             N/A         0.08218%  Electric, Gas                  2
124                No      9/1/2014      5/1/2019           N/A          T-Flat         0.08218%  Electric, Gas                  4
126                No      2/1/2013           N/A      4/1/2014             N/A         0.08218%  Electric, Gas                  1
128               Yes      3/1/2024           N/A           N/A             N/A         0.08218%  Electric, Gas                  4
129                No      3/1/2013           N/A      5/1/2014             N/A         0.08218%  Electric, Gas                  1
130                No      2/1/2013           N/A      4/1/2014             N/A         0.08218%  Electric                       2
131                No      1/1/2013           N/A      3/1/2014             N/A         0.08218%  Electric                       1
132                No      2/1/2013           N/A      4/1/2014             N/A         0.08218%  Electric                       1
134                No      3/1/2013           N/A      5/1/2014             N/A         0.08218%  Electric, Gas                  1
135                No      9/1/2011      5/1/2014           N/A          T-Flat         0.08218%  Electric, Gas                  2
136                No      3/1/2013           N/A      5/1/2014             N/A         0.08218%  Electric, Gas                  2
137                No      1/1/2013           N/A      3/1/2014             N/A         0.08218%  Electric, Gas                  0
140                No     10/1/2014      6/1/2019           N/A          T-Flat         0.08218%  Electric, Gas                  2
141                No      4/1/2013           N/A      6/1/2014             N/A         0.08218%  Electric                       1
142                No      4/1/2013           N/A      6/1/2014             N/A         0.08218%  Electric, Gas                  1
143                No      1/1/2013           N/A      3/1/2014             N/A         0.08218%  Electric                       2
144                No      3/1/2013           N/A      5/1/2014             N/A         0.08218%  Electric                       2
147               Yes      4/1/2019           N/A           N/A             N/A         0.08218%  Electric                       0
148                No     12/1/2012           N/A      2/1/2014             N/A         0.08218%  Electric, Gas                  2
149                No      3/1/2013           N/A      5/1/2014             N/A         0.08218%  Electric, Gas                  0
150                No      9/1/2011      5/1/2019           N/A          T-Flat         0.08218%  Electric, Gas                  0
154                No      2/1/2013           N/A      4/1/2014             N/A         0.08218%  Electric, Gas                  0
155                No      2/1/2013           N/A      4/1/2014             N/A         0.08218%  Electric                       2
156                No      4/1/2013           N/A      6/1/2014             N/A         0.08218%  Electric, Gas                  2
158                No      2/1/2013           N/A      4/1/2014             N/A         0.08218%  Electric, Gas                  2
159                No     11/1/2012           N/A      1/1/2014             N/A         0.08218%  Electric, Gas                  1
160                No      2/1/2013           N/A      4/1/2014             N/A         0.08218%  Electric, Gas                  0
161                No      9/1/2011      5/1/2014           N/A          T-Flat         0.08218%  Electric                       1
162                No      3/1/2013           N/A      5/1/2014             N/A         0.08218%  Electric, Gas                  1
163               Yes      4/1/2014           N/A           N/A             N/A         0.08218%  Electric, Gas                  1
164                No     11/1/2012           N/A      1/1/2014             N/A         0.08218%  Electric, Gas                  0
165                No      1/1/2013           N/A      3/1/2014             N/A         0.08218%  Electric, Gas                  0
166                No      4/1/2013           N/A      6/1/2014             N/A         0.08218%  Electric, Gas                  0
167                No     12/1/2012           N/A      2/1/2014             N/A         0.08218%  Electric                       1
168                No     12/1/2012           N/A      2/1/2014             N/A         0.08218%  Electric, Gas                  1
169                No      9/1/2016           N/A      5/1/2019             N/A         0.08218%  Electric                       0
170                No      2/1/2013           N/A      4/1/2014             N/A         0.08218%  Electric                       0
171                No      3/1/2013           N/A      5/1/2014             N/A         0.08218%  Electric, Gas                  0
172                No      1/1/2013           N/A      3/1/2014             N/A         0.08218%  Electric                       0
173               Yes      6/1/2014           N/A           N/A             N/A         0.08218%  Electric, Gas                  0
174                No      1/1/2013           N/A      3/1/2014             N/A         0.08218%  Electric, Gas                  0
175                No      1/1/2013           N/A      3/1/2014             N/A         0.08218%  Electric, Gas                  0
176               Yes      4/1/2019           N/A           N/A             N/A         0.08218%  Electric, Gas                  0
177                No      8/1/2016           N/A      4/1/2019             N/A         0.08218%  Electric, Gas                  0
178                No     12/1/2012           N/A      2/1/2014             N/A         0.08218%  Electric, Gas                  0
179                No      8/1/2016           N/A      4/1/2019             N/A         0.08218%  Electric, Gas                  0
<CAPTION>
         Subject      Subject      Subject      Subject      Subject      Subject      Subject      Subject      Subject     Subject
          Studio       Studio       Studio         1 BR         1 BR         1 BR         2 BR         2 BR         2 BR        3 BR
  #        Units    Avg. Rent    Max. Rent        Units    Avg. Rent    Max. Rent        Units    Avg. Rent    Max. Rent       Units
<S>      <C>        <C>          <C>           <C>       <C>          <C>             <C>       <C>          <C>             <C>
 19           13         $825         $825          234       $1,304       $1,440          155       $1,649       $1,740          32
 21          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A         N/A
 33           28         $770         $800           74         $942       $1,080          178       $1,150       $1,400          24
 37          N/A          N/A          N/A           59         $575         $575          377         $700         $700         173
 43           13         $961       $1,250           83       $1,397       $1,800           80       $1,884       $2,250          41
 45            5         $800         $800           69       $1,218       $1,300           73       $1,487       $1,600          12
 54          N/A          N/A          N/A          122       $1,101       $1,295           83       $1,650       $1,800         N/A
 55          N/A          N/A          N/A           51         $810       $1,000           48       $1,284       $1,450           6
 60          N/A          N/A          N/A           21       $2,678       $3,200           16       $3,085       $5,500          24
 63           18         $752         $820           36         $705         $950           35       $1,198       $1,250         N/A
 64          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A         N/A
 68           30         $928       $1,050           22       $1,655       $1,680            7       $2,875       $2,875           4
 73           33         $685         $850           59       $1,105       $1,275           42       $1,255       $1,400          24
 74          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A         N/A
 77           26         $730         $800          135       $1,056       $1,260           15       $1,323       $1,740         N/A
 82            1         $750         $750           37         $947         $980           62       $1,049       $1,705           6
 85           10         $930         $950           70       $1,056       $1,100           47       $1,380       $1,800           1
 86            3       $1,400       $1,400           23       $1,919       $2,100           22       $3,127       $3,250          16
 90           14         $878         $900           38       $1,156       $1,260           42       $1,658       $1,925         N/A
 92            1         $825         $825           75         $821         $960            5       $1,223       $1,350         N/A
 93          N/A          N/A          N/A           37         $989       $1,465           48       $1,182       $1,695         N/A
 98          N/A          N/A          N/A           26       $3,417       $3,417          N/A          N/A          N/A           8
 99            6         $900         $900           18       $1,088       $1,400           55       $1,537       $2,000           5
100          N/A          N/A          N/A           52         $991       $1,103           16       $1,235       $1,350          11
102          N/A          N/A          N/A            4       $1,627       $2,400           43       $4,772       $5,700         N/A
104          N/A          N/A          N/A            1       $2,025       $2,025           24       $2,805       $3,375         N/A
105            3         $825         $825          165         $996         $996           48       $1,350       $1,350         N/A
107           26         $750         $750           55         $932       $1,000           56       $1,065       $1,125          28
108           18         $826         $850           47         $922         $950           43       $1,207       $1,250         N/A
113          N/A          N/A          N/A           40         $975         $975           40       $1,200       $1,200         N/A
114            2         $750         $750           72       $1,120       $1,350           22       $1,517       $1,800          12
115            8       $1,139       $1,300           41       $1,820       $2,250           10       $2,011       $3,000           1
117          N/A          N/A          N/A          N/A          N/A          N/A           16       $5,831       $6,365           7
120          N/A          N/A          N/A          N/A          N/A          N/A           36       $4,129       $4,449           2
122          N/A          N/A          N/A          N/A          N/A          N/A            7      $13,429      $14,000         N/A
123           12         $885         $900           56       $1,093       $1,120           13       $1,600       $1,600         N/A
124          N/A          N/A          N/A            3       $3,915       $3,915           13       $4,350       $4,350          28
126           18         $788         $841           21         $861         $980           30       $1,177       $1,305         N/A
128          N/A          N/A          N/A          158         $942         $980           76       $1,324       $2,250         N/A
129            3         $650         $650           44         $885         $953           12       $1,191       $1,413         N/A
130          N/A          N/A          N/A           41       $1,002       $1,050           54       $1,350       $1,350          27
131          N/A          N/A          N/A            2       $3,500       $3,500            7       $4,875       $5,625           6
132           11       $1,668       $1,750           24       $2,059       $2,200           24       $2,297       $2,800         N/A
134            2       $1,200       $1,200            2       $1,995       $1,995           11       $2,616       $3,000           3
135          N/A          N/A          N/A           27       $2,448       $2,900           18       $3,388       $4,000         N/A
136            1       $1,700       $1,700           56       $2,606       $3,400            8       $4,050       $4,050           5
137          N/A          N/A          N/A          N/A          N/A          N/A           20       $1,872       $2,200         N/A
140          N/A          N/A          N/A           29       $2,850       $2,850            2       $6,000       $6,000          30
141            4       $1,456       $1,700           19       $2,294       $3,300          N/A          N/A          N/A         N/A
142          N/A          N/A          N/A           42         $934         $963           19       $1,186       $1,350         N/A
143           44       $2,075       $2,075           34       $2,912       $3,150           16       $4,373       $5,550           7
144          N/A          N/A          N/A           48         $597         $875           24         $912       $1,013         N/A
147          N/A          N/A          N/A           20       $1,120       $1,225           24       $1,367       $1,400          24
148           20         $709         $750           38         $834         $875           20       $1,017       $1,125         N/A
149          N/A          N/A          N/A           15       $1,843       $2,440          N/A          N/A          N/A         N/A
150            2       $1,252       $1,410           45       $1,960       $2,058            9       $2,563       $2,752         N/A
154          N/A          N/A          N/A           12       $1,225       $1,520            9       $1,836       $2,375         N/A
155           35       $1,596       $1,875           28       $2,143       $2,250            4       $3,625       $4,500         N/A
156          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          10
158          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A          N/A           5
159           12       $1,500       $1,950           17       $1,900       $2,200            8       $2,300       $2,400         N/A
160            2         $650         $700            9       $1,199       $1,650            6       $2,031       $2,400         N/A
161            7       $1,386       $1,600           17       $1,672       $2,025          N/A          N/A          N/A         N/A
162            1       $1,300       $1,300            9       $2,578       $3,200            3       $4,867       $5,500         N/A
163          N/A          N/A          N/A          N/A          N/A          N/A            6       $5,700       $5,700           1
164          N/A          N/A          N/A            1       $3,150       $3,150            2       $6,875       $7,700         N/A
165          N/A          N/A          N/A           10       $1,840       $2,000          N/A          N/A          N/A         N/A
166          N/A          N/A          N/A           10       $2,625       $3,000          N/A          N/A          N/A         N/A
167           10       $1,256       $1,530            5       $1,508       $1,525          N/A          N/A          N/A         N/A
168          N/A          N/A          N/A            2       $1,950       $2,100            4       $4,000       $4,500         N/A
169          N/A          N/A          N/A            6       $2,162       $2,250            7       $3,114       $4,000         N/A
170            1       $1,200       $1,200            8       $1,275       $1,750            1       $3,000       $3,000         N/A
171          N/A          N/A          N/A          N/A          N/A          N/A            4       $5,075       $9,500         N/A
172          N/A          N/A          N/A          N/A          N/A          N/A            3       $2,067       $2,200           2
173          N/A          N/A          N/A          N/A          N/A          N/A            5       $3,853       $4,500         N/A
174          N/A          N/A          N/A          N/A          N/A          N/A            5       $3,000       $3,000         N/A
175          N/A          N/A          N/A            9       $1,550       $1,650            1       $2,320       $2,320           3
176            2         $750         $750           14       $1,157       $1,313          N/A          N/A          N/A         N/A
177          N/A          N/A          N/A          N/A          N/A          N/A            5       $2,680       $2,800         N/A
178          N/A          N/A          N/A          N/A          N/A          N/A            2       $3,038       $3,150           2
179          N/A          N/A          N/A          N/A          N/A          N/A            4       $2,132       $2,700         N/A
<CAPTION>
            Subject         Subject         Subject         Subject         Subject         Subject         Subject         Subject
               3 BR            3 BR            4 BR            4 BR            4 BR            5 BR             5BR            5 BR
  #       Avg. Rent       Max. Rent           Units       Avg. Rent       Max. Rent           Units       Avg. Rent       Max. Rent
<S>       <C>             <C>               <C>           <C>             <C>               <C>           <C>             <C>
 19          $2,202          $2,250             N/A             N/A             N/A             N/A             N/A             N/A
 21             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
 33          $1,085          $1,470             N/A             N/A             N/A             N/A             N/A             N/A
 37            $800            $800             N/A             N/A             N/A             N/A             N/A             N/A
 43          $2,375          $3,250             N/A             N/A             N/A             N/A             N/A             N/A
 45          $1,806          $2,000             N/A             N/A             N/A             N/A             N/A             N/A
 54             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
 55          $1,650          $1,650               2          $1,850          $1,850             N/A             N/A             N/A
 60          $5,888          $7,800             N/A             N/A             N/A             N/A             N/A             N/A
 63             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
 64             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
 68          $3,522          $3,738               1          $5,400          $5,400             N/A             N/A             N/A
 73          $1,605          $1,750             N/A             N/A             N/A             N/A             N/A             N/A
 74             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
 77             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
 82          $2,080          $2,080             N/A             N/A             N/A             N/A             N/A             N/A
 85          $2,400          $2,400             N/A             N/A             N/A             N/A             N/A             N/A
 86          $3,859          $4,800               1          $5,400          $5,400             N/A             N/A             N/A
 90             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
 92             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
 93             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
 98          $6,500          $6,500               1         $11,250         $11,250             N/A             N/A             N/A
 99          $1,577          $2,250             N/A             N/A             N/A             N/A             N/A             N/A
100          $1,709          $1,733               1          $2,667          $2,667             N/A             N/A             N/A
102             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
104             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
105             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
107          $2,101          $2,113             N/A             N/A             N/A             N/A             N/A             N/A
108             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
113             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
114          $2,100          $2,100             N/A             N/A             N/A             N/A             N/A             N/A
115          $3,600          $3,600             N/A             N/A             N/A             N/A             N/A             N/A
117          $9,820         $13,512               2         $14,002         $14,002             N/A             N/A             N/A
120          $7,606          $7,671             N/A             N/A             N/A               1         $35,000         $35,000
122             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
123             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
124          $5,220          $5,220              13          $6,090          $6,090              10          $6,960          $6,960
126             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
128             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
129             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
130          $1,650          $1,650             N/A             N/A             N/A             N/A             N/A             N/A
131          $6,438          $7,500               1         $10,000         $10,000             N/A             N/A             N/A
132             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
134          $3,617          $3,675             N/A             N/A             N/A             N/A             N/A             N/A
135             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
136          $6,030          $6,300             N/A             N/A             N/A             N/A             N/A             N/A
137             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
140          $6,000          $6,000             N/A             N/A             N/A             N/A             N/A             N/A
141             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
142             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
143          $6,774          $8,265             N/A             N/A             N/A               1         $11,310         $11,310
144             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
147          $1,661          $1,750             N/A             N/A             N/A             N/A             N/A             N/A
148             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
149             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
150             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
154             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
155             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
156          $9,900          $9,900             N/A             N/A             N/A             N/A             N/A             N/A
158          $9,653          $9,867               1         $11,667         $11,667             N/A             N/A             N/A
159             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
160             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
161             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
162             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
163          $7,002          $7,002             N/A             N/A             N/A             N/A             N/A             N/A
164             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
165             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
166             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
167             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
168             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
169             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
170             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
171             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
172          $3,150          $3,300             N/A             N/A             N/A             N/A             N/A             N/A
173             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
174             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
175          $2,900          $3,000             N/A             N/A             N/A             N/A             N/A             N/A
176             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
177             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
178          $4,350          $4,500             N/A             N/A             N/A             N/A             N/A             N/A
179             N/A             N/A             N/A             N/A             N/A             N/A             N/A             N/A
<CAPTION>
               Major            Major               Major                     Major            Major            Major
           Tenant #1        Tenant #1     Tenant #1 Lease                 Tenant #2        Tenant #2  Tenant #2 Lease
  #             Name          Sq. Ft.     Expiration Date                      Name          Sq. Ft.  Expiration Date
<S>    <C>                  <C>           <C>               <C>                            <C>        <C>
 19              N/A              N/A                 N/A                       N/A              N/A              N/A
 21    Deutsche Bank          142,371          11/30/2006                   Asurion           82,559        6/30/2014
 33              N/A              N/A                 N/A                       N/A              N/A              N/A
 37              N/A              N/A                 N/A                       N/A              N/A              N/A
 43              N/A              N/A                 N/A                       N/A              N/A              N/A
 45              N/A              N/A                 N/A                       N/A              N/A              N/A
 54              N/A              N/A                 N/A                       N/A              N/A              N/A
 55              N/A              N/A                 N/A                       N/A              N/A              N/A
 60              N/A              N/A                 N/A                       N/A              N/A              N/A
 63              N/A              N/A                 N/A                       N/A              N/A              N/A
 64         Harvey's           44,871           12/9/2010  Georgia Military College           10,040         7/1/2005
 68              N/A              N/A                 N/A                       N/A              N/A              N/A
 73              N/A              N/A                 N/A                       N/A              N/A              N/A
 74     Ace Hardware            7,200          11/30/2007                 Auto Zone            5,000         7/3/2005
 77              N/A              N/A                 N/A                       N/A              N/A              N/A
 82              N/A              N/A                 N/A                       N/A              N/A              N/A
 85              N/A              N/A                 N/A                       N/A              N/A              N/A
 86              N/A              N/A                 N/A                       N/A              N/A              N/A
 90              N/A              N/A                 N/A                       N/A              N/A              N/A
 92              N/A              N/A                 N/A                       N/A              N/A              N/A
 93              N/A              N/A                 N/A                       N/A              N/A              N/A
 98              N/A              N/A                 N/A                       N/A              N/A              N/A
 99              N/A              N/A                 N/A                       N/A              N/A              N/A
100              N/A              N/A                 N/A                       N/A              N/A              N/A
102              N/A              N/A                 N/A                       N/A              N/A              N/A
104              N/A              N/A                 N/A                       N/A              N/A              N/A
105              N/A              N/A                 N/A                       N/A              N/A              N/A
107              N/A              N/A                 N/A                       N/A              N/A              N/A
108              N/A              N/A                 N/A                       N/A              N/A              N/A
113              N/A              N/A                 N/A                       N/A              N/A              N/A
114              N/A              N/A                 N/A                       N/A              N/A              N/A
115              N/A              N/A                 N/A                       N/A              N/A              N/A
117              N/A              N/A                 N/A                       N/A              N/A              N/A
120              N/A              N/A                 N/A                       N/A              N/A              N/A
122              N/A              N/A                 N/A                       N/A              N/A              N/A
123              N/A              N/A                 N/A                       N/A              N/A              N/A
124              N/A              N/A                 N/A                       N/A              N/A              N/A
126              N/A              N/A                 N/A                       N/A              N/A              N/A
128              N/A              N/A                 N/A                       N/A              N/A              N/A
129              N/A              N/A                 N/A                       N/A              N/A              N/A
130              N/A              N/A                 N/A                       N/A              N/A              N/A
131              N/A              N/A                 N/A                       N/A              N/A              N/A
132              N/A              N/A                 N/A                       N/A              N/A              N/A
134              N/A              N/A                 N/A                       N/A              N/A              N/A
135              N/A              N/A                 N/A                       N/A              N/A              N/A
136              N/A              N/A                 N/A                       N/A              N/A              N/A
137              N/A              N/A                 N/A                       N/A              N/A              N/A
140              N/A              N/A                 N/A                       N/A              N/A              N/A
141              N/A              N/A                 N/A                       N/A              N/A              N/A
142              N/A              N/A                 N/A                       N/A              N/A              N/A
143              N/A              N/A                 N/A                       N/A              N/A              N/A
144              N/A              N/A                 N/A                       N/A              N/A              N/A
147              N/A              N/A                 N/A                       N/A              N/A              N/A
148              N/A              N/A                 N/A                       N/A              N/A              N/A
149              N/A              N/A                 N/A                       N/A              N/A              N/A
150              N/A              N/A                 N/A                       N/A              N/A              N/A
154              N/A              N/A                 N/A                       N/A              N/A              N/A
155              N/A              N/A                 N/A                       N/A              N/A              N/A
156              N/A              N/A                 N/A                       N/A              N/A              N/A
158              N/A              N/A                 N/A                       N/A              N/A              N/A
159              N/A              N/A                 N/A                       N/A              N/A              N/A
160              N/A              N/A                 N/A                       N/A              N/A              N/A
161              N/A              N/A                 N/A                       N/A              N/A              N/A
162              N/A              N/A                 N/A                       N/A              N/A              N/A
163              N/A              N/A                 N/A                       N/A              N/A              N/A
164              N/A              N/A                 N/A                       N/A              N/A              N/A
165              N/A              N/A                 N/A                       N/A              N/A              N/A
166              N/A              N/A                 N/A                       N/A              N/A              N/A
167              N/A              N/A                 N/A                       N/A              N/A              N/A
168              N/A              N/A                 N/A                       N/A              N/A              N/A
169              N/A              N/A                 N/A                       N/A              N/A              N/A
170              N/A              N/A                 N/A                       N/A              N/A              N/A
171              N/A              N/A                 N/A                       N/A              N/A              N/A
172              N/A              N/A                 N/A                       N/A              N/A              N/A
173              N/A              N/A                 N/A                       N/A              N/A              N/A
174              N/A              N/A                 N/A                       N/A              N/A              N/A
175              N/A              N/A                 N/A                       N/A              N/A              N/A
176              N/A              N/A                 N/A                       N/A              N/A              N/A
177              N/A              N/A                 N/A                       N/A              N/A              N/A
178              N/A              N/A                 N/A                       N/A              N/A              N/A
179              N/A              N/A                 N/A                       N/A              N/A              N/A

<CAPTION>
                  Major            Major            Major          Initial
              Tenant #3        Tenant #3  Tenant #3 Lease            Other
  #                Name          Sq. Ft.  Expiration Date          Reserve
<S>  <C>                       <C>        <C>                   <C>
 19                 N/A              N/A              N/A       $1,800,000
 21                 N/A              N/A              N/A               $0
 33                 N/A              N/A              N/A               $0
 37                 N/A              N/A              N/A               $0
 43                 N/A              N/A              N/A               $0
 45                 N/A              N/A              N/A               $0
 54                 N/A              N/A              N/A               $0
 55                 N/A              N/A              N/A               $0
 60                 N/A              N/A              N/A               $0
 63                 N/A              N/A              N/A               $0
 64      Dollar General            9,480         5/1/2006               $0
 68                 N/A              N/A              N/A               $0
 73                 N/A              N/A              N/A               $0
 74  Superior Education            3,200       11/30/2004               $0
 77                 N/A              N/A              N/A               $0
 82                 N/A              N/A              N/A               $0
 85                 N/A              N/A              N/A               $0
 86                 N/A              N/A              N/A               $0
 90                 N/A              N/A              N/A               $0
 92                 N/A              N/A              N/A          $89,900
 93                 N/A              N/A              N/A               $0
 98                 N/A              N/A              N/A               $0
 99                 N/A              N/A              N/A               $0
100                 N/A              N/A              N/A               $0
102                 N/A              N/A              N/A               $0
104                 N/A              N/A              N/A               $0
105                 N/A              N/A              N/A               $0
107                 N/A              N/A              N/A         $750,000
108                 N/A              N/A              N/A               $0
113                 N/A              N/A              N/A               $0
114                 N/A              N/A              N/A               $0
115                 N/A              N/A              N/A               $0
117                 N/A              N/A              N/A               $0
120                 N/A              N/A              N/A               $0
122                 N/A              N/A              N/A               $0
123                 N/A              N/A              N/A               $0
124                 N/A              N/A              N/A               $0
126                 N/A              N/A              N/A               $0
128                 N/A              N/A              N/A               $0
129                 N/A              N/A              N/A               $0
130                 N/A              N/A              N/A               $0
131                 N/A              N/A              N/A               $0
132                 N/A              N/A              N/A               $0
134                 N/A              N/A              N/A               $0
135                 N/A              N/A              N/A               $0
136                 N/A              N/A              N/A               $0
137                 N/A              N/A              N/A               $0
140                 N/A              N/A              N/A               $0
141                 N/A              N/A              N/A               $0
142                 N/A              N/A              N/A               $0
143                 N/A              N/A              N/A               $0
144                 N/A              N/A              N/A               $0
147                 N/A              N/A              N/A               $0
148                 N/A              N/A              N/A               $0
149                 N/A              N/A              N/A               $0
150                 N/A              N/A              N/A               $0
154                 N/A              N/A              N/A               $0
155                 N/A              N/A              N/A               $0
156                 N/A              N/A              N/A               $0
158                 N/A              N/A              N/A               $0
159                 N/A              N/A              N/A               $0
160                 N/A              N/A              N/A               $0
161                 N/A              N/A              N/A               $0
162                 N/A              N/A              N/A               $0
163                 N/A              N/A              N/A               $0
164                 N/A              N/A              N/A               $0
165                 N/A              N/A              N/A               $0
166                 N/A              N/A              N/A               $0
167                 N/A              N/A              N/A               $0
168                 N/A              N/A              N/A               $0
169                 N/A              N/A              N/A               $0
170                 N/A              N/A              N/A               $0
171                 N/A              N/A              N/A               $0
172                 N/A              N/A              N/A               $0
173                 N/A              N/A              N/A               $0
174                 N/A              N/A              N/A               $0
175                 N/A              N/A              N/A               $0
176                 N/A              N/A              N/A               $0
177                 N/A              N/A              N/A               $0
178                 N/A              N/A              N/A               $0
179                 N/A              N/A              N/A               $0
<CAPTION>
     Initial Other                  Contractual      Contractual                            Letter                           Earnout
     Reserve                              Other    Other Reserve        Letter of        of Credit          Earnout          Reserve
  #  Description                        Reserve      Description           Credit      Description          Reserve      Description
<S>  <C>                            <C>            <C>                  <C>            <C>                  <C>          <C>
 19  Capital Improvements                    $0              N/A               $0              N/A               $0              N/A
 21  N/A                                     $0              N/A               $0              N/A               $0              N/A
 33  N/A                                     $0              N/A               $0              N/A               $0              N/A
 37  N/A                                     $0              N/A               $0              N/A               $0              N/A
 43  N/A                                     $0              N/A               $0              N/A               $0              N/A
 45  N/A                                     $0              N/A               $0              N/A               $0              N/A
 54  N/A                                     $0              N/A               $0              N/A               $0              N/A
 55  N/A                                     $0              N/A               $0              N/A               $0              N/A
 60  N/A                                     $0              N/A               $0              N/A               $0              N/A
 63  N/A                                     $0              N/A               $0              N/A               $0              N/A
 64  N/A                                     $0              N/A               $0              N/A               $0              N/A
 68  N/A                                     $0              N/A               $0              N/A               $0              N/A
 73  N/A                                     $0              N/A               $0              N/A               $0              N/A
 74  N/A                                     $0              N/A               $0              N/A               $0              N/A
 77  N/A                                     $0              N/A               $0              N/A               $0              N/A
 82  N/A                                     $0              N/A               $0              N/A               $0              N/A
 85  N/A                                     $0              N/A               $0              N/A               $0              N/A
 86  N/A                                     $0              N/A               $0              N/A               $0              N/A
 90  N/A                                     $0              N/A               $0              N/A               $0              N/A
 92  Collateral Security Escrow              $0              N/A               $0              N/A               $0              N/A
 93  N/A                                     $0              N/A               $0              N/A               $0              N/A
 98  N/A                                     $0              N/A               $0              N/A               $0              N/A
 99  N/A                                     $0              N/A               $0              N/A               $0              N/A
100  N/A                                     $0              N/A               $0              N/A               $0              N/A
102  N/A                                     $0              N/A               $0              N/A               $0              N/A
104  N/A                                     $0              N/A               $0              N/A               $0              N/A
105  N/A                                     $0              N/A               $0              N/A               $0              N/A
107  Capital Improvements                    $0              N/A               $0              N/A               $0              N/A
108  N/A                                     $0              N/A               $0              N/A               $0              N/A
113  N/A                                     $0              N/A               $0              N/A               $0              N/A
114  N/A                                     $0              N/A               $0              N/A               $0              N/A
115  N/A                                     $0              N/A               $0              N/A               $0              N/A
117  N/A                                     $0              N/A               $0              N/A               $0              N/A
120  N/A                                     $0              N/A               $0              N/A               $0              N/A
122  N/A                                     $0              N/A               $0              N/A               $0              N/A
123  N/A                                     $0              N/A               $0              N/A               $0              N/A
124  N/A                                     $0              N/A               $0              N/A               $0              N/A
126  N/A                                     $0              N/A               $0              N/A               $0              N/A
128  N/A                                     $0              N/A               $0              N/A               $0              N/A
129  N/A                                     $0              N/A               $0              N/A               $0              N/A
130  N/A                                     $0              N/A               $0              N/A               $0              N/A
131  N/A                                     $0              N/A               $0              N/A               $0              N/A
132  N/A                                     $0              N/A               $0              N/A               $0              N/A
134  N/A                                     $0              N/A               $0              N/A               $0              N/A
135  N/A                                     $0              N/A               $0              N/A               $0              N/A
136  N/A                                     $0              N/A               $0              N/A               $0              N/A
137  N/A                                     $0              N/A               $0              N/A               $0              N/A
140  N/A                                     $0              N/A               $0              N/A               $0              N/A
141  N/A                                     $0              N/A               $0              N/A               $0              N/A
142  N/A                                     $0              N/A               $0              N/A               $0              N/A
143  N/A                                     $0              N/A               $0              N/A               $0              N/A
144  N/A                                     $0              N/A               $0              N/A               $0              N/A
147  N/A                                     $0              N/A               $0              N/A               $0              N/A
148  N/A                                     $0              N/A               $0              N/A               $0              N/A
149  N/A                                     $0              N/A               $0              N/A               $0              N/A
150  N/A                                     $0              N/A               $0              N/A               $0              N/A
154  N/A                                     $0              N/A               $0              N/A               $0              N/A
155  N/A                                     $0              N/A               $0              N/A               $0              N/A
156  N/A                                     $0              N/A               $0              N/A               $0              N/A
158  N/A                                     $0              N/A               $0              N/A               $0              N/A
159  N/A                                     $0              N/A               $0              N/A               $0              N/A
160  N/A                                     $0              N/A               $0              N/A               $0              N/A
161  N/A                                     $0              N/A               $0              N/A               $0              N/A
162  N/A                                     $0              N/A               $0              N/A               $0              N/A
163  N/A                                     $0              N/A               $0              N/A               $0              N/A
164  N/A                                     $0              N/A               $0              N/A               $0              N/A
165  N/A                                     $0              N/A               $0              N/A               $0              N/A
166  N/A                                     $0              N/A               $0              N/A               $0              N/A
167  N/A                                     $0              N/A               $0              N/A               $0              N/A
168  N/A                                     $0              N/A               $0              N/A               $0              N/A
169  N/A                                     $0              N/A               $0              N/A               $0              N/A
170  N/A                                     $0              N/A               $0              N/A               $0              N/A
171  N/A                                     $0              N/A               $0              N/A               $0              N/A
172  N/A                                     $0              N/A               $0              N/A               $0              N/A
173  N/A                                     $0              N/A               $0              N/A               $0              N/A
174  N/A                                     $0              N/A               $0              N/A               $0              N/A
175  N/A                                     $0              N/A               $0              N/A               $0              N/A
176  N/A                                     $0              N/A               $0              N/A               $0              N/A
177  N/A                                     $0              N/A               $0              N/A               $0              N/A
178  N/A                                     $0              N/A               $0              N/A               $0              N/A
179  N/A                                     $0              N/A               $0              N/A               $0              N/A
<CAPTION>
          Additional       Additional       Additional         Existing
          Collateral       Collateral       Collateral  Secured Secondary
  #           Amount       Event Date      Description        Financing
<S>       <C>              <C>             <C>          <C>
 19              N/A              N/A              N/A       $3,000,000
 21              N/A              N/A              N/A              N/A
 33              N/A              N/A              N/A              N/A
 37              N/A              N/A              N/A              N/A
 43              N/A              N/A              N/A       $1,500,000
 45              N/A              N/A              N/A         $750,000
 54              N/A              N/A              N/A       $1,000,000
 55              N/A              N/A              N/A         $750,000
 60              N/A              N/A              N/A       $1,500,000
 63              N/A              N/A              N/A         $250,000
 64              N/A              N/A              N/A              N/A
 68              N/A              N/A              N/A         $500,000
 73              N/A              N/A              N/A         $500,000
 74              N/A              N/A              N/A              N/A
 77              N/A              N/A              N/A              N/A
 82              N/A              N/A              N/A         $500,000
 85              N/A              N/A              N/A         $500,000
 86              N/A              N/A              N/A         $500,000
 90              N/A              N/A              N/A         $300,000
 92              N/A              N/A              N/A         $250,000
 93              N/A              N/A              N/A              N/A
 98              N/A              N/A              N/A       $1,500,000
 99              N/A              N/A              N/A         $500,000
100              N/A              N/A              N/A         $700,000
102              N/A              N/A              N/A       $1,000,000
104              N/A              N/A              N/A       $1,000,000
105              N/A              N/A              N/A         $500,000
107              N/A              N/A              N/A              N/A
108              N/A              N/A              N/A         $200,000
113              N/A              N/A              N/A         $200,000
114              N/A              N/A              N/A              N/A
115              N/A              N/A              N/A              N/A
117              N/A              N/A              N/A         $400,000
120              N/A              N/A              N/A         $500,000
122              N/A              N/A              N/A         $500,000
123              N/A              N/A              N/A         $250,000
124              N/A              N/A              N/A         $500,000
126              N/A              N/A              N/A         $400,000
128              N/A              N/A              N/A              N/A
129              N/A              N/A              N/A         $100,000
130              N/A              N/A              N/A         $500,000
131              N/A              N/A              N/A         $500,000
132              N/A              N/A              N/A              N/A
134              N/A              N/A              N/A         $200,000
135              N/A              N/A              N/A         $500,000
136              N/A              N/A              N/A         $300,000
137              N/A              N/A              N/A         $250,000
140              N/A              N/A              N/A         $500,000
141              N/A              N/A              N/A         $250,000
142              N/A              N/A              N/A         $100,000
143              N/A              N/A              N/A         $500,000
144              N/A              N/A              N/A         $250,000
147              N/A              N/A              N/A         $400,000
148              N/A              N/A              N/A              N/A
149              N/A              N/A              N/A         $100,000
150              N/A              N/A              N/A         $500,000
154              N/A              N/A              N/A         $100,000
155              N/A              N/A              N/A         $300,000
156              N/A              N/A              N/A              N/A
158              N/A              N/A              N/A         $300,000
159              N/A              N/A              N/A         $500,000
160              N/A              N/A              N/A              N/A
161              N/A              N/A              N/A         $100,000
162              N/A              N/A              N/A         $100,000
163              N/A              N/A              N/A              N/A
164              N/A              N/A              N/A              N/A
165              N/A              N/A              N/A         $100,000
166              N/A              N/A              N/A              N/A
167              N/A              N/A              N/A              N/A
168              N/A              N/A              N/A              N/A
169              N/A              N/A              N/A         $150,000
170              N/A              N/A              N/A              N/A
171              N/A              N/A              N/A              N/A
172              N/A              N/A              N/A              N/A
173              N/A              N/A              N/A          $50,000
174              N/A              N/A              N/A              N/A
175              N/A              N/A              N/A          $50,000
176              N/A              N/A              N/A              N/A
177              N/A              N/A              N/A              N/A
178              N/A              N/A              N/A          $50,000
179              N/A              N/A              N/A              N/A

<CAPTION>
     Description                                           Initial        Recurring          Initial
     of Existing                      Description      Replacement  Renovation/Leasin   Debt Service
  #  Secured Secondary Financing       of Lockbox          Reserve          Reserve          Reserve
<S>  <C>                              <C>                       <C>              <C>              <C>
 19  Revolving Line of Credit                Hard               $0               $0               $0
 21  N/A                                     Hard               $0               $0               $0
 33  N/A                                      N/A               $0               $0               $0
 37  N/A                                      N/A               $0               $0               $0
 43  Revolving Line of Credit                 N/A               $0               $0               $0
 45  Revolving Line of Credit                 N/A               $0               $0               $0
 54  Credit Line Mortgage                     N/A               $0               $0               $0
 55  Revolving Line of Credit                 N/A               $0               $0               $0
 60  Revolving Line of Credit                 N/A               $0               $0               $0
 63  Revolving Line of Credit                 N/A               $0               $0               $0
 64  N/A                                      N/A               $0               $0               $0
 68  Credit Line Mortgage                     N/A               $0               $0               $0
 73  Credit Line Mortgage                     N/A               $0               $0               $0
 74  N/A                                      N/A               $0               $0               $0
 77  N/A                                      N/A               $0               $0               $0
 82  Credit Line Mortgage                     N/A               $0               $0               $0
 85  Credit Line Mortgage                     N/A               $0               $0               $0
 86  Revolving Line of Credit                 N/A               $0               $0               $0
 90  Revolving Line of Credit                 N/A               $0               $0               $0
 92  Credit Line Mortgage                     N/A               $0               $0               $0
 93  N/A                                      N/A               $0               $0               $0
 98  Revolving Line of Credit                 N/A               $0               $0               $0
 99  Credit Line Mortgage                     N/A               $0               $0               $0
100  Revolving Line of Credit                 N/A               $0               $0               $0
102  Revolving Line of Credit                 N/A               $0               $0               $0
104  Revolving Line of Credit                 N/A               $0               $0               $0
105  Credit Line Mortgage                     N/A               $0               $0               $0
107  N/A                                      N/A               $0               $0               $0
108  Revolving Line of Credit                 N/A               $0               $0               $0
113  Revolving Line of Credit                 N/A               $0               $0               $0
114  N/A                                      N/A               $0               $0               $0
115  N/A                                      N/A               $0               $0               $0
117  Revolving Line of Credit                 N/A               $0               $0               $0
120  Revolving Line of Credit                 N/A               $0               $0               $0
122  Revolving Line of Credit                 N/A               $0               $0               $0
123  Revolving Line of Credit                 N/A               $0               $0               $0
124  Credit Line Mortgage                     N/A               $0               $0               $0
126  Credit Line Mortgage                     N/A               $0               $0               $0
128  N/A                                      N/A               $0               $0               $0
129  Revolving Line of Credit                 N/A               $0               $0               $0
130  Credit Line Mortgage                     N/A               $0               $0               $0
131  Revolving Line of Credit                 N/A               $0               $0               $0
132  N/A                                      N/A               $0               $0               $0
134  Credit Line Mortgage                     N/A               $0               $0               $0
135  Revolving Line of Credit                 N/A               $0               $0               $0
136  Credit Line Mortgage                     N/A               $0               $0               $0
137  Revolving Line of Credit                 N/A               $0               $0               $0
140  Credit Line Mortgage                     N/A               $0               $0               $0
141  Revolving Line of Credit                 N/A               $0               $0               $0
142  Revolving Line of Credit                 N/A               $0               $0               $0
143  Revolving Line of Credit                 N/A               $0               $0               $0
144  Revolving Line of Credit                 N/A               $0               $0               $0
147  Credit Line Mortgage                     N/A               $0               $0               $0
148  N/A                                      N/A               $0               $0               $0
149  Revolving Line of Credit                 N/A               $0               $0               $0
150  Credit Line Mortgage                     N/A               $0               $0               $0
154  Revolving Line of Credit                 N/A               $0               $0               $0
155  Credit Line Mortgage                     N/A               $0               $0               $0
156  N/A                                      N/A               $0               $0               $0
158  Revolving Line of Credit                 N/A               $0               $0               $0
159  Revolving Line of Credit                 N/A               $0               $0               $0
160  N/A                                      N/A               $0               $0               $0
161  Revolving Line of Credit                 N/A               $0               $0               $0
162  Revolving Line of Credit                 N/A               $0               $0               $0
163  N/A                                      N/A               $0               $0               $0
164  N/A                                      N/A               $0               $0               $0
165  Credit Line Mortgage                     N/A               $0               $0               $0
166  N/A                                      N/A               $0               $0               $0
167  N/A                                      N/A               $0               $0               $0
168  N/A                                      N/A               $0               $0               $0
169  Credit Line Mortgage                     N/A               $0               $0               $0
170  N/A                                      N/A               $0               $0               $0
171  N/A                                      N/A               $0               $0               $0
172  N/A                                      N/A               $0               $0               $0
173  Revolving Line of Credit                 N/A               $0               $0               $0
174  N/A                                      N/A               $0               $0               $0
175  Revolving Line of Credit                 N/A               $0               $0               $0
176  N/A                                      N/A               $0               $0               $0
177  N/A                                      N/A               $0               $0               $0
178  Revolving Line of Credit                 N/A               $0               $0               $0
179  N/A                                      N/A               $0               $0               $0
</TABLE>

1     Assumes a Cut-off Date in November 2004.

2     At maturity with respect to Balloon Loans or at the ARD in the case of ARD
      Loans. There can be no assurance that the value of any particular
      Mortgaged Property will not have declined from the original appraisal
      value.

3     In the case of cross-collateralized and cross-defaulted Underlying
      Mortgage Loans, the combined LTV is presented for each and every related
      Underlying Mortgage Loan.

4     In the case of the ARD Loans, the anticipated repayment date is assumed to
      be the maturity date for the purposes of the indicated column.

5     U/W NCF reflects the Net Cash Flow after U/W Replacement Reserves, U/W
      LC's and TI's and U/W FF&E. With respect to the Residential Cooperative
      Loans, U/W Replacement Reserves/FF&E are captured in U/W Expenses;
      however, we show them for presentational purposes only.

6     U/W DSCR is based on the amount of the monthly payments presented. In the
      case of cross-collateralized and cross-defaulted Underlying Mortgage Loans
      the combined U/W DSCR is presented for each and every related Underlying
      Mortgage Loan.

7     Anticipated Repayment Date.

8     Prepayment Provision as of Origination:
      Lock/(x) = Lockout or Defeasance for (x) payments
      YMA/(y) = Greater of Yield Maintenance Premium and A% Prepayment for (y)
      payments A%/(y) = A% Prepayment for (y) payments 0.0%/(x) =
      Prepayable at par for (x) payments

9     "Yes" means that defeasance is permitted notwithstanding the Lockout
      Period.

<PAGE>

                                                                    SCHEDULE III

                 MORTGAGE LOANS CONSTITUTING MORTGAGE GROUPS

                                     None

<PAGE>

                                                                     SCHEDULE IV

                        MORTGAGE LOANS WITH LOST NOTES

                                      None

<PAGE>

                                                                      SCHEDULE V

                            EXCEPTIONS TO SELLER'S
                        REPRESENTATIONS AND WARRANTIES

            Reference is made to the Representations and Warranties set forth in
Exhibit A attached hereto corresponding to the paragraph numbers set forth
below:

--------------------------------------------------------------------------------
Rep No.   Mortgage Loan (Borrower)   Explanation
--------------------------------------------------------------------------------
   xvi    The Beverly House, Inc.    The inspection of the Mortgaged Property
                                     was conducted on March 20, 2003, and the
                                     Mortgage Loan was originated on July 9,
                                     2004.
--------------------------------------------------------------------------------
  xxvii   22 Pierpont St. Apartment  (A) A transaction screen meeting ASTM
          Corp.                      standards was obtained in connection with
                                     the origination of the Mortgage Loan in
                                     lieu of a Phase I environmental report. The
                                     original principal balance of the loan is
                                     $400,000.00.
--------------------------------------------------------------------------------
  xxxi    Vernon Manor Co-Operative  xxxi(L) The Ground Lease requires the
          Apartments, Section II,    lessor to enter into a new ground lease
          Incorporated               with the holder of the Mortgage on terms
                                     that do not materially vary from the
                                     economic terms of the Ground Lease in the
                                     event such Ground Lease is terminated by
                                     reason of a default thereunder, but does
                                     not specifically require the lessor to
                                     enter into a new lease upon termination of
                                     such Ground Lease if the Ground Lease is
                                     rejected in a bankruptcy proceeding.
--------------------------------------------------------------------------------
  xxxvi   Mortgage Loans with        Schedule V-1 lists Mortgage Loans with
          existing subordinate       subordinate indebtedness.
          indebtedness.
--------------------------------------------------------------------------------
<PAGE>

                                 Schedule V-1

                 Mortgage Loans With Subordinate Indebtedness

<TABLE>
<CAPTION>
                                                                      Secondary
                                                                      Financing
                                                                      Amount at
Property Name                     Borrowing Entity                   Origination
---------------------------------------------------------------------------------
<S>                               <C>                               <C>
100 Hudson Tenants Corp.          100 Hudson Tenants Corp.          $1,500,000.00
1255 North Avenue Owners Corp.    1255 North Avenue Owners Corp.      $750,000.00
130 E. 94th Apartments Corp.      130 E. 94th Apartments Corp.        $500,000.00
135 East 83rd Owners Corp.        135 East 83rd Owners Corp.        $1,500,000.00
155 East 49th Street Corporation  155 East 49th Street                $300,000.00
`                                 Corporation                                   `
159 West 78th Street Corp.        159 West 78th Street Corp.           $50,000.00
175 East 79 Tenants Corp.         175 East 79 Tenants Corp.           $500,000.00
199 Eighth Avenue Housing Corp.   199 Eighth Avenue Housing Corp.      $50,000.00
2035 Central Park Ave. Owners     2035 Central Park Ave. Owners       $400,000.00
Corp.                             Corp.                                         `
23 Park Ave. Realty Corp.         23 Park Ave. Realty Corp.           $500,000.00
230 W. 105 Realty Corp.           230 W. 105 Realty Corp.             $500,000.00
23830 Owners Corp.                23830 Owners Corp.                  $500,000.00
250 Equities Corp.                250 Equities Corp.                  $250,000.00
325 West 86 Corp.                 325 West 86 Corp.                 $1,000,000.00
336 East 50th Street Tenants      336 East 50th Street Tenants        $100,000.00
Corp.                             Corp.                                         `
35 Park West Corporation          35 Park West Corporation            $500,000.00
353 West 29th Street Housing      353 West 29th Street Housing        $150,000.00
Corporation                       Corporation
400 East 17th Street Corp.        400 East 17th Street Corp.          $250,000.00
406 West 46th Street Corp.        406 West 46th Street Corp.          $100,000.00
432-434 West 47th Street Tenants  432-434 West 47th Street            $250,000.00
Corp. aka 432-434 W. 47 Street    Tenants Corp. a/k/a 432-434 W.
Tenants Corp.                     47th Street Tenants Corp.
51 West 81st Street Corp.         51 West 81st Street Corp.           $500,000.00
530 Riverdale Owners Corp.        530 Riverdale Owners Corp.          $100,000.00
60 West Broad Street, Inc.        60 West Broad Street, Inc.          $700,000.00
60-68 Apartments Corp.            60-68 Apartments Corp.              $300,000.00
62 East 87th St. Owners Corp.     62 East 87th St. Owners Corp.       $100,000.00
632 Palmer Road Owners, Inc.      632 Palmer Road Owners, Inc.        $500,000.00
718 Apts., Inc.                   718 Apts., Inc.                     $500,000.00
81-87 Owners Corp.                81-87 Owners Corp.                  $500,000.00
828 Fifth Avenue Owners Corp.     828 Fifth Avenue Owners Corp.       $500,000.00
875 W. 181 Owners Corp.           875 W. 181 Owners Corp.             $500,000.00
95 Sedgwick Owners Corp.          95 Sedgwick Owners Corp.            $100,000.00
Bainbridge House, Inc.            Bainbridge House, Inc.              $250,000.00
Bridgeview Apartment Corporation  Bridgeview Apartment Corporation    $200,000.00
Broadpark Lodge Corp.             Broadpark Lodge Corp.               $300,000.00
Cabrini Terrace Owners Corp.      Cabrini Terrace Owners Corp.      $1,500,000.00
Crompond Apartment Owners, Inc.   Crompond Apartment Owners, Inc.     $500,000.00
Doric Apartment Corporation       Doric Apartment Corporation       $3,000,000.00
Drake Lane Owners, Inc.           Drake Lane Owners, Inc.             $400,000.00
Eighty-Five Owners Corp.          Eighty-Five Owners Corp. A/K/A      $100,000.00
`                                 Eighty Five Owners Corp.                      `
Elmhurst House, Inc.              Elmhurst House, Inc.                $250,000.00
Fleetwood Court Apartments, Inc.  Fleetwood Court Apartments,         $750,000.00
Inc.
Garfield North Tenants Corp.      Garfield North Tenants Corp.        $500,000.00
Gramgar, Inc.                     Gramgar, Inc.                       $200,000.00
Hanover River House, Inc.         Hanover River House, Inc.           $400,000.00
Lafayette Court Apts. Corp.       Lafayette Court Apts. Corp.         $100,000.00
Lafayette Lofts, Inc.             Lafayette Lofts, Inc.               $300,000.00
Michelangelo Apts., Inc.          Michelangelo Apts., Inc.            $250,000.00
Mutual Housing Association, Inc.  Mutual Housing Association, Inc.    $500,000.00
Perelandra Realty Corp.           Perelandra Realty Corp.              $50,000.00
Pinette Housing Corp.             Pinette Housing Corp.             $1,000,000.00
Sunnyside Towers Owners Corp.     Sunnyside Towers Owners Corp.       $500,000.00
Tanglewood Gardens Owners Corp.   Tanglewood Gardens Owners Corp.     $200,000.00
The Beverly House, Inc.           The Beverly House, Inc.             $500,000.00
Trousdell Village Owners Corp.    Trousdell Village Owners Corp.    $1,000,000.00
</TABLE>

<PAGE>

                                                                       EXHIBIT A

                         REPRESENTATIONS AND WARRANTIES
                          REGARDING THE MORTGAGE LOANS

            For purposes of these representations and warranties, the phrase "to
the knowledge of Seller" or "to Seller's knowledge" shall mean, except where
otherwise expressly set forth below, the actual state of knowledge of Seller or
any servicer acting on its behalf regarding the matters referred to, in each
case without having conducted any independent inquiry or due diligence with
respect to such matters and without any actual or implied obligation to make
such inquiry or perform such due diligence, other than making such inquiry or
performing such due diligence as would be customarily performed by prudent
commercial or multifamily mortgage lenders or servicers (as the case may be)
with respect to similar mortgage loans or mortgaged properties. All information
contained in documents which are part of or required to be part of a Mortgage
File shall be deemed to be within the knowledge of Seller. Wherever there is a
reference to receipt by, or possession of, Seller of any information or
documents, or to any action taken by Seller or not taken by Seller, such
reference shall include the receipt or possession of such information or
documents by, or the taking of such action or the not taking of such action by,
either Seller or any servicer acting on its behalf.

            Seller hereby represents and warrants, subject to the exceptions set
forth in the Exception Report annexed to this Agreement as Schedule V, with
respect to the Mortgage Loans that as of the date hereinbelow specified or, if
no such date is specified, as of the date of this Agreement:

            (i) Immediately prior to the sale, transfer and assignment to
Depositor, no Note or Mortgage was subject to any assignment (other than
assignments which show a complete chain of assignment to Seller), participation
or pledge, and Seller had good and marketable title to, and was the sole owner
of, the related Mortgage Loan;

            (ii) Each Mortgage Loan was either:

            (A)   originated by a savings and loan association, savings bank,
                  commercial bank, credit union, or insurance company, which is
                  supervised and examined by a Federal or State authority, or by
                  a mortgagee approved by the Secretary of Housing and Urban
                  Development pursuant to Sections 203 and 211 of the National
                  Housing Act (any of the foregoing, including Seller, a
                  "Qualified Originator"); or

            (B)   if originated by a person which is not a Qualified Originator
                  (any such person, a "Non-Qualified Originator"), then:

                  1.    such Mortgage Loan was underwritten in accordance with
                        standards established by a Qualified Originator, using
                        application forms and related credit documents approved
                        by the Qualified Originator;

                  2.    the Qualified Originator approved each application and
                        related credit documents before a commitment by the
                        Non-Qualified Originator was issued, and no such
                        commitment was issued until the Qualified Originator
                        agreed to fund such Mortgage Loan;

                  3.    the Mortgage Loan was originated by the Non-Qualified
                        Originator pursuant to an ongoing, standing relationship
                        with the Qualified Originator; and

                  4.    the closing documents for the Mortgage Loan were
                        prepared on forms approved by the Qualified Originator,
                        and, pursuant to the Non-Qualified Originator's ongoing,
                        standing relationship with the Qualified Originator,
                        either:

                        (x)   such closing documents reflect the Qualified
                              Originator as the original mortgagee, and such
                              Mortgage Loan was actually funded by the Qualified
                              Originator at the closing thereof;

                        (y)   such closing documents reflect the Non-Qualified
                              Originator as the original mortgagee, but include
                              assignment documents executed by the Non-Qualified
                              Originator in favor of the Qualified Originator at
                              the time of the closing of the Mortgage Loan,
                              reflecting the Qualified Originator as the
                              successor and assign to the Non-Qualified
                              Originator, and the Mortgage Loan was funded
                              initially by the Non-Qualified Originator at the
                              closing thereof and then acquired by the Qualified
                              Originator from such Non-Qualified Originator; or

                        (z)   such closing documents reflect the Non-Qualified
                              Originator as the original mortgagee, but include
                              assignment documents executed by the Non-Qualified
                              Originator in favor of the Qualified Originator at
                              the time of the closing of the Mortgage Loan,
                              reflecting the Qualified Originator as the
                              successor and assign to the Non-Qualified
                              Originator, and the Mortgage Loan was funded
                              initially by the Qualified Originator at the
                              closing thereof and then acquired by the Qualified
                              Originator from such Non-Qualified Originator.

            (iii) Seller has full right and authority to sell, assign and
transfer such Mortgage Loan and the assignment to Depositor constitutes a legal,
valid and binding assignment of such Mortgage Loan;

            (iv) Seller is transferring such Mortgage Loan free and clear of any
and all liens, pledges, charges or any other interests or security interests of
any nature encumbering such Mortgage Loan, except for interests in servicing
rights created or granted under the Pooling and Servicing Agreement,
subservicing agreements and/or servicing rights purchase agreements being
executed and delivered in connection herewith;

            (v) To Seller's knowledge, based on the related borrower's
representations and covenants in the related mortgage loan documents and such
other due diligence as a reasonably prudent commercial mortgage lender would
deem appropriate, the borrower, lessee and/or operator was in possession of all
licenses, permits, and authorizations then required for use of the Mortgaged
Property which were valid and in full force and effect as of the origination
date and, to Seller's actual knowledge, such licenses, permits and
authorizations are still valid and in full force and effect;

            (vi) Each related Note, Mortgage, Assignment of Leases (if any) and
other agreement executed by or for the benefit of the related borrower, any
guarantor or their successors or assigns in connection with such Mortgage Loan
is the legal, valid and binding obligation of the related borrower, enforceable
in accordance with its terms, except as such enforcement may be limited by
bankruptcy, insolvency, reorganization, moratorium or other laws affecting the
enforcement of creditors' rights or by general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or at
law); and there is no right of offset, rescission, abatement or diminution or
valid defense or counterclaim available to the related borrower with respect to
such Note, Mortgage, Assignment of Leases and other agreements, except as the
enforcement thereof may be limited by bankruptcy, insolvency, reorganization,
moratorium or other laws affecting the enforcement of creditors' rights or by
general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law);

            (vii) The Mortgage File contains an Assignment of Leases, either as
a separate instrument or incorporated into the related Mortgage. Each related
Assignment of Leases creates a valid first priority collateral assignment of, or
a valid first priority lien or security interest in, certain rights under the
related lease or leases, subject only to a license granted to the related
borrower to exercise certain rights and to perform certain obligations of the
lessor under such lease or leases, including the right to operate the related
leased property, except as the enforcement thereof may be limited by bankruptcy,
insolvency, reorganization, moratorium or other laws affecting the enforcement
of creditors' rights or by general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law); no
person other than the related borrower owns any interest in any payments due
under such lease or leases that is superior to or of equal priority with the
lender's interest therein;

            (viii) Each related assignment of Mortgage from Seller to the
Trustee and related assignment of the Assignment of Leases, if the Assignment of
Leases is a separate document from the Mortgage, is in recordable form (but for
the insertion of the name and address of the assignee and any related recording
information, which is not yet available to Seller), and such assignments and any
assignment of any other agreement executed by or for the benefit of the related
borrower, any guarantor or their successors or assigns in connection with such
Mortgage Loan from Seller to the Trustee constitutes the legal, valid and
binding assignment from Seller to the Trustee, except as the enforcement thereof
may be limited by bankruptcy, insolvency, reorganization, liquidation,
receivership, moratorium or other laws relating to or affecting the enforcement
of creditors' rights or by general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law);

            (ix) Since origination (A) except as set forth in the related
Mortgage File, such Mortgage Loan has not been modified, altered, satisfied,
canceled, subordinated or rescinded in whole or in part and (B) each related
Mortgaged Property has not been released, in whole or in part, from the lien of
the related Mortgage in any manner which materially interferes with the security
intended to be provided by such Mortgage;

            (x) Each related Mortgage is a valid and enforceable first lien on
the related Mortgaged Property (subject to Permitted Encumbrances (as defined
below)), except as the enforcement thereof may be limited by bankruptcy,
insolvency, reorganization, moratorium or other laws affecting the enforcement
of creditors' rights or by general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law); and such
Mortgaged Property is free and clear of any mechanics' and materialmen's liens
which are prior to or equal with the lien of the related Mortgage, except those
which are insured against by a lender's title insurance policy (as described
below). A UCC Financing Statement has been filed and/or recorded (or sent for
filing or recording) in all places necessary to perfect a valid security
interest in the personal property necessary to operate the Mortgaged Property as
currently operated; and such security interest is a first priority security
interest, subject to any prior purchase money security interest in such personal
property, any personal property leases applicable to such personal property and
any other security interest in such personal property which do not, individually
or in the aggregate, materially interfere with the security intended to be
provided for such Mortgage Loan. Any security agreement, chattel mortgage or
equivalent document related to and delivered in connection with the Mortgage
Loan establishes and creates a valid and enforceable lien on the property
described therein, except as such enforcement may be limited by bankruptcy,
insolvency, reorganization, moratorium or other laws affecting the enforcement
of creditors' rights or by general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law). In the
case of any Mortgage Loan secured by a hotel, the related loan documents contain
such provisions as are necessary and UCC Financing Statements have been filed as
necessary, in each case, to perfect a valid first priority security interest in
the related operating revenues with respect to such Mortgaged Property.
Notwithstanding the foregoing, no representation is made as to the perfection of
any security interest in rent, operating revenues or other personal property to
the extent that possession or control of such items or actions other than the
filing of UCC Financing Statements are required in order to effect such
perfection;

            (xi) Seller has not taken any action that would cause the
representations and warranties made by the related borrower in the related
Mortgage Loan Documents not to be true;

            (xii) Seller has no knowledge that the material representations and
warranties made by the related borrower in the related Mortgage Loan Documents
are not true in any material respect;

            (xiii) The lien of each related Mortgage is a first priority lien on
the fee or leasehold interest of the related borrower in the principal amount of
such Mortgage Loan or allocated loan amount of the portions of the Mortgaged
Property covered thereby (as set forth in the related Mortgage) after all
advances of principal and is insured by an ALTA lender's title insurance policy
(except that if such policy is yet to be issued, such insurance may be evidenced
by a "marked up" pro forma policy or title commitment in either case marked as
binding and countersigned by the title company or its authorized agent, either
on its face or by an acknowledged closing instruction or escrow letter), or its
equivalent as adopted in the applicable jurisdiction, insuring the named
mortgagee and its successors and assigns (as sole insured) as to such lien,
subject only to (A) the lien of current real property taxes, water charges,
sewer rents and assessments not yet delinquent or accruing interest or
penalties, (B) covenants, conditions and restrictions, rights of way, easements
and other matters of public record, none of which, individually or in the
aggregate, materially interferes with the current use of the Mortgaged Property
or the security intended to be provided by such Mortgage or with the borrower's
ability to pay its obligations when they become due or the value of the
Mortgaged Property, (C) the exceptions (general and specific) and exclusions set
forth in such policy, none of which, individually or in the aggregate,
materially interferes with the current general use of the Mortgaged Property or
materially interferes with the security intended to be provided by such Mortgage
or with the related borrower's ability to pay its obligations when they become
due or the value of the Mortgaged Property, (D) the rights of tenants, as
tenants only, under leases, including subleases, pertaining to the related
Mortgaged Property, (E) if the related Mortgage Loan is cross-collateralized
with any other Mortgage Loan, the lien of the mortgage instrument for that other
Mortgage Loan and (F) if the related Mortgaged Property is a unit in a
condominium, the related condominium declaration (items (A), (B), (C), (D), (E)
and (F) collectively, "Permitted Encumbrances"); and with respect to each
Mortgage Loan, such Permitted Encumbrances do not, individually or in the
aggregate, materially interfere with the security intended to be provided by the
related Mortgage, the current principal use of the related Mortgaged Property or
the current ability of the related Mortgaged Property to generate income
sufficient to service such Mortgage Loan; the premium for such policy was paid
in full; such policy (or if it is yet to be issued, the coverage to be afforded
thereby) is issued by a title insurance company licensed to issue policies in
the state in which the related Mortgaged Property is located (unless such state
is Iowa) and is assignable (with the related Mortgage Loan) to Depositor and the
Trustee without the consent of or any notification to the insurer, and is in
full force and effect upon the consummation of the transactions contemplated by
this Agreement; no claims have been made under such policy and Seller has not
undertaken any action or omitted to take any action, and has no knowledge of any
such act or omission, which would impair or diminish the coverage of such
policy;

            (xiv) The proceeds of such Mortgage Loan have been fully disbursed
and there is no requirement for future advances thereunder, and no future
advances have been made which are not reflected in the related Mortgage File;

            (xv) Except as set forth in a property inspection report or
engineering report prepared in connection with the origination of the Mortgage
Loan, as of the later of the date of origination of such Mortgage Loan or the
most recent inspection of the related Mortgaged Property by Seller, as
applicable, and to the knowledge of Seller as of the date hereof, each related
Mortgaged Property is free of any material damage that would affect materially
and adversely the use or value of such Mortgaged Property as security for the
Mortgage Loan (normal wear and tear excepted). If any of the inspection or
engineering reports referred to above in this paragraph (xv) revealed any
immediate repair items, then one of the following is true: (A) the repairs
and/or maintenance necessary to correct such condition have been completed in
all material respects; (B) an escrow of funds is required or a letter of credit
was obtained in an amount reasonably estimated to be sufficient to complete the
repairs and/or maintenance necessary to correct such condition; or (C) the
reasonable estimation at the time of origination of the Mortgage Loan of the
cost to complete the repairs and/or maintenance necessary to correct such
condition represented no more than the greater of (1) $50,000 and (2) 2% of the
value of the related Mortgaged Property as reflected in an appraisal conducted
in connection with the origination of the subject Mortgage Loan; as of the
closing date for each Mortgage Loan and, to Seller's knowledge, as of the date
hereof, there is no proceeding pending for the total or partial condemnation of
such Mortgaged Property that would have a material adverse effect on the use or
value of the Mortgaged Property;

            (xvi) Seller has inspected or caused to be inspected each related
Mortgaged Property within the past twelve months, or the originator of the
Mortgage Loan inspected or caused to be inspected each related Mortgaged
Property within three months of origination of the Mortgage Loan;

            (xvii) No Mortgage Loan has a shared appreciation feature, any other
contingent interest feature or a negative amortization feature other than the
ARD Loans which may have negative amortization from and after the related
Anticipated Repayment Date;

            (xviii) Each Mortgage Loan is a whole loan, and neither the Mortgage
Loan nor the related Mortgage Loan Documents create or grant an equity
participation to the lender or any other party;

            (xix) The Mortgage Rate (exclusive of any default interest, late
charges, or prepayment premiums) of such Mortgage Loan complied as of the date
of origination with, or was exempt from, applicable state or federal laws,
regulations and other requirements pertaining to usury. Except to the extent any
noncompliance did not materially and adversely affect the value of the related
Mortgaged Property, the security provided by the Mortgage or the related
borrower's operations at the related Mortgaged Property, any and all other
requirements of any federal, state or local laws, including, without limitation,
truth-in-lending, real estate settlement procedures, equal credit opportunity or
disclosure laws, applicable to such Mortgage Loan have been complied with as of
the date of origination of such Mortgage Loan;

            (xx) Neither Seller nor, to Seller's knowledge, any originator,
committed any fraudulent acts during the origination process of any Mortgage
Loan and the origination, servicing and collection of each Mortgage Loan is in
all respects legal, proper and prudent in accordance with customary commercial
mortgage lending standards, and no other person has been granted or conveyed the
right to service the Mortgage Loans or receive any consideration in connection
therewith, except as provided in the Pooling and Servicing Agreement or any
permitted subservicing agreements and/or servicing rights purchase agreements
being executed and delivered in connection therewith;

            (xxi) All taxes and governmental assessments that became due and
owing prior to the date hereof with respect to each related Mortgaged Property
and that are or may become a lien of priority equal to or higher than the lien
of the related Mortgage have been paid or an escrow of funds has been
established and such escrow (including all escrow payments required to be made
prior to the delinquency of such taxes and assessments) is sufficient to cover
the payment of such taxes and assessments;

            (xxii) All escrow deposits and payments required pursuant to each
Mortgage Loan are in the possession, or under the control, of Seller or its
agent and there are no deficiencies (subject to any applicable grace or cure
periods) in connection therewith, all such escrows and deposits are being
conveyed by Seller to Depositor and identified as such with appropriate detail,
and any and all requirements for the disbursement of any such escrows have been
complied with in all material respects;

            (xxiii) Each related Mortgaged Property is insured by a fire and
extended perils insurance policy, issued by an insurer meeting the requirements
of the Pooling and Servicing Agreement, in an amount not less than the lesser of
the principal amount of the related Mortgage Loan and the replacement cost (with
no deduction for physical depreciation) and not less than the amount necessary
to avoid the operation of any co-insurance provisions with respect to the
related Mortgaged Property; each related Mortgaged Property is also covered by
business interruption or rental loss insurance which covers a period of not less
than 12 months and comprehensive general liability insurance in amounts
generally required by prudent commercial mortgage lenders for similar
properties; all Mortgaged Properties in California or in a seismic zone 4 or 5
have had a seismic assessment done and earthquake insurance was obtained to the
extent any such Mortgaged Property has a probable maximum loss in the event of
an earthquake of greater than twenty percent (20%) of the replacement value of
the related improvements; if the Mortgaged Property for any Mortgage Loan is
located within Florida or within 25 miles of the coast of North Carolina, South
Carolina, Georgia, Alabama, Mississippi, Louisiana or Texas, then, such
Mortgaged Property is insured by windstorm insurance in an amount at least equal
to the lesser of (i) the outstanding principal balance of such Mortgage Loan and
(ii) 100% of the insurable replacement cost of the improvements located on the
related Mortgaged Property; the Mortgaged Properties securing all of the
Mortgage Loans having a Cut-off Date Principal Balance in excess of $3,000,000
have, as of the date hereof, insurance policies in place with respect to acts of
terrorism or damage related thereto (excluding acts involving nuclear,
biological or chemical terrorism), except any such Mortgage Loans that are
listed on the applicable Exception Report. All premiums on such insurance
policies required to be paid as of the date hereof have been paid; such
insurance policies or the related insurance certificates require prior notice to
the insured of reduction in coverage, termination or cancellation, and no such
notice has been received by Seller; such insurance names the lender under the
Mortgage Loan and its successors and assigns as a named or additional insured;
each related Mortgage Loan obligates the related borrower to maintain all such
insurance and, at such borrower's failure to do so, authorizes the lender to
maintain such insurance at the borrower's cost and expense and to seek
reimbursement therefor from such borrower;

            (xxiv) There is no monetary default, breach, violation or event of
acceleration existing under the related Mortgage Loan. To Seller's knowledge,
there is no (A) non-monetary default, breach, violation or event of acceleration
existing under the related Mortgage Loan or (B) event (other than payments due
but not yet delinquent) which, with the passage of time or with notice and the
expiration of any grace or cure period, would constitute a default, breach,
violation or event of acceleration, which default, breach, violation or event of
acceleration, in the case of either (A) or (B), would materially and adversely
affect the use or value of the Mortgage Loan or the related Mortgaged Property.
Notwithstanding the foregoing, this representation and warranty does not address
or otherwise cover any default, breach, violation or event of acceleration that
specifically pertains to any matter otherwise covered by any other
representation or warranty made by Seller elsewhere in this Exhibit A or the
Exception Report;

            (xxv) No Mortgage Loan has been more than 30 days delinquent in
making required payments since origination and as of the Cut-off Date no
Mortgage Loan is 30 or more days delinquent in making required payments;

            (xxvi) (A) Each related Mortgage contains provisions so as to render
the rights and remedies of the holder thereof adequate for the practical
realization against the Mortgaged Property of the principal benefits of the
security, including realization by judicial or, if applicable, non-judicial
foreclosure or, subject to applicable state law requirements, appointment of a
receiver, and (B) there is no exemption available to the borrower which would
interfere with such right to foreclose, except, in the case of either (A) or
(B), as the enforcement of the Mortgage may be limited by bankruptcy,
insolvency, reorganization, moratorium, redemption or other laws affecting the
enforcement of creditors' rights or by general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or at
law). No borrower is a debtor in a state or federal bankruptcy or insolvency
proceeding;

            (xxvii) At origination, each borrower represented and warranted in
all material respects that to its knowledge, except as set forth in certain
environmental reports and, except as commonly used in the operation and
maintenance of properties of similar kind and nature to the Mortgaged Property,
in accordance with prudent management practices and applicable law, and in a
manner that does not result in any contamination of the Mortgaged Property, it
has not used, caused or permitted to exist and will not use, cause or permit to
exist on the related Mortgaged Property any hazardous materials in any manner
which violates federal, state or local laws, ordinances, regulations, orders,
directives or policies governing the use, storage, treatment, transportation,
manufacture, refinement, handling, production or disposal of hazardous materials
or other environmental laws; and the related borrower agreed to indemnify,
defend and hold the mortgagee and its successors and assigns harmless from and
against losses, liabilities, damages, injuries, penalties, fines, expenses, and
claims of any kind whatsoever (including attorneys' fees and costs) paid,
incurred or suffered by, or asserted against, any such party resulting from a
breach of the foregoing representations, warranties or covenants given by the
borrower in connection with such Mortgage Loan. A Phase I environmental report
(or, with respect to residential cooperative loans with an original principal
balance of $350,000 or less, a transaction screen meeting ASTM standards) and,
with respect to certain Mortgage Loans, a Phase II environmental report was
conducted by a reputable independent environmental consulting firm in connection
with such Mortgage Loan, which report (or transaction screen) did not indicate
any material non-compliance with applicable environmental laws or material
existence of hazardous materials or, if any material non-compliance or material
existence of hazardous materials was indicated in any such report (or
transaction screen), then at least one of the following statements is true: (A)
funds reasonably estimated to be sufficient to cover the cost to cure any
material non-compliance with applicable environmental laws or material existence
of hazardous materials have been escrowed by the related borrower and held by
the related mortgagee; (B) if the environmental report recommended an operations
and maintenance plan, but not any material expenditure of funds, an operations
and maintenance plan has been required to be obtained by the related borrower;
(C) the environmental condition identified in the related environmental report
was remediated or abated in all material respects prior to the date hereof; (D)
a no further action or closure letter was obtained from the applicable
governmental regulatory authority (or the environmental issue affecting the
related Mortgaged Property was otherwise listed by such governmental authority
as "closed"); (E) such conditions or circumstances identified in the Phase I
environmental report were investigated further and based upon such additional
investigation, an environmental consultant recommended no further investigation
or remediation; (F) a party unrelated to the borrower with financial resources
reasonably estimated to be adequate to cure the condition or circumstance
provided a guaranty or indemnity to the related borrower to cover the costs of
any required investigation, testing, monitoring or remediation; (G) the
expenditure of funds reasonably estimated to be necessary to effect such
remediation is not greater than two percent (2%) of the outstanding principal
balance of the related Mortgage Loan; or (H) a lender's environmental insurance
policy was obtained and is a part of the related Mortgage File. Notwithstanding
the preceding sentence, with respect to certain Mortgage Loans with an original
principal balance of less than $3,000,000, no environmental report may have been
obtained, but (in such cases where a Phase I environmental report was not
obtained) a lender's secured creditor impaired property environmental insurance
policy was obtained with respect to each such Mortgage Loan. Each of such
secured creditor impaired property environmental insurance policies is a part of
the related Mortgage File. Each of such environmental insurance policies is in
full force and effect, is in an amount not less than the 100% of the balance of
the related Mortgage Loan, and has a term extending not less than five years
after the maturity date of the related Mortgage Loan; the premiums for such
policies have been paid in full; the Trustee is named as an insured under each
of such policies; and Seller has delivered to the insurer all related
environmental reports in its possession. To Seller's knowledge, in reliance on
the environmental reports referred to in the second sentence of this paragraph
(xxvii) and except as set forth in such environmental reports, each Mortgaged
Property is in material compliance with all applicable federal, state and local
environmental laws, and to Seller's knowledge, no notice of violation of such
laws has been issued by any governmental agency or authority, except, in all
cases, as indicated in such environmental reports or other documents previously
provided to the Rating Agencies; and Seller has not taken any action which would
cause the Mortgaged Property to not be in compliance with all federal, state and
local environmental laws pertaining to environmental hazards;

            (xxviii) (1) Each Mortgage Loan contains provisions for the
acceleration of the payment of the unpaid principal balance of such Mortgage
Loan if, without the consent of the holder of the Mortgage (and the Mortgage
requires the mortgagor to pay all fees and expenses associated with obtaining
such consent), the related Mortgaged Property is directly or indirectly
transferred or sold, and (2) except with respect to transfers of certain
interests in the related borrower to persons already holding interests in the
borrower, their family members, affiliated companies and other estate planning
related transfers that satisfy certain criteria specified in the related
Mortgage (which criteria is consistent with the practices of prudent commercial
mortgage lenders) or any transfers in connection with the death or disability of
owners of the borrower or, if the related Mortgaged Property is a residential
cooperative property, transfers of stock of the related borrower in connection
with the assignment of a proprietary lease for a unit in the related Mortgaged
Property by a tenant-shareholder of the related borrower to other persons who by
virtue of such transfers become tenant-shareholders in the related borrower,
each Mortgage Loan also contains the provisions for the acceleration of the
payment of the unpaid principal balance of such Mortgage Loan if, without the
consent of the holder of the Mortgage (and the Mortgage requires the mortgagor
to pay all fees and expenses associated with obtaining such consent), a majority
interest in the related borrower is directly or indirectly transferred or sold;

            (xxix) All improvements included in the related appraisal are within
the boundaries of the related Mortgaged Property, except for encroachments onto
adjoining parcels for which Seller has obtained title insurance against losses
arising therefrom or that do not materially and adversely affect the use or
value of such Mortgaged Property. No improvements on adjoining parcels encroach
onto the related Mortgaged Property except for encroachments that do not
materially and adversely affect the value of such Mortgaged Property, the
security provided by the Mortgage, the current use of the Mortgaged Property, or
the related borrower's operations at the Mortgaged Property;

            (xxx) The information pertaining to the Mortgage Loans which is set
forth in the Mortgage Loan Schedule attached as an exhibit to this Agreement is
complete and accurate in all material respects as of the dates of the
information set forth therein (or, if not set forth therein, as of the Cut-off
Date);

            (xxxi) With respect to any Mortgage Loan where all or any portion of
the estate of the related borrower therein is a leasehold estate under a ground
lease, and the related Mortgage does not also encumber the related lessor's fee
interest in such Mortgaged Property, based upon the terms of the ground lease
and any estoppel received from the ground lessor, Seller represents and warrants
that:

            (A)   The ground lease or a memorandum regarding such ground lease
                  has been duly recorded. The ground lease permits the interest
                  of the lessee to be encumbered by the related Mortgage and
                  does not restrict the use of the related Mortgaged Property by
                  such lessee, its successors or assigns in a manner that would
                  adversely affect the security provided by the related
                  Mortgage. To Seller's knowledge, there has been no material
                  change in the terms of the ground lease since its recordation,
                  except by any written instruments which are included in the
                  related mortgage file;

            (B)   The lessor under such ground lease has agreed in a writing
                  included in the related mortgage file that the ground lease
                  may not be amended, modified, canceled or terminated without
                  the prior written consent of the lender and that any such
                  action without such consent is not binding on the lender, its
                  successors or assigns;

            (C)   The ground lease has an original term (or an original term
                  plus one or more optional renewal terms, which, under all
                  circumstances, may be exercised, and would be enforceable, by
                  the lender) that extends not less than 10 years beyond the
                  amortization term of the related Mortgage Loan;

            (D)   Based on the title insurance policy (or binding commitment
                  therefor) obtained by Seller, the ground lease is not subject
                  to any liens or encumbrances superior to, or of equal priority
                  with, the Mortgage, subject to Permitted Encumbrances and
                  liens that encumber the ground lessor's fee interest;

            (E)   Under the terms of the ground lease, the ground lease is
                  assignable to the lender and its assigns without the consent
                  of the lessor thereunder;

            (F)   The ground lease is in full force and effect, Seller has no
                  actual knowledge that any default beyond applicable notice and
                  grace periods has occurred, and to Seller's knowledge, there
                  is no existing condition which, but for the passage of time or
                  giving of notice, would result in a default under the terms of
                  the ground lease;

            (G)   The ground lease or ancillary agreement, which is part of the
                  Mortgage File, between the lessor and the lessee requires the
                  lessor to give notice of any default by the lessee to the
                  lender;

            (H)   The lender is permitted a reasonable opportunity (including,
                  where necessary, sufficient time to gain possession of the
                  interest of the lessee under the ground lease through legal
                  proceedings, or to take other action so long as the lender is
                  proceeding diligently) to cure any default under the ground
                  lease which is curable after the receipt of notice of any
                  default before the lessor may terminate the ground lease. All
                  rights of the lender under the ground lease and the related
                  Mortgage (insofar as it relates to the ground lease) may be
                  exercised by or on behalf of the lender;

            (I)   The ground lease does not impose any restrictions on
                  subletting that would be viewed as commercially unreasonable
                  by a prudent commercial mortgage lender. The lessor is not
                  permitted to disturb the possession, interest or quiet
                  enjoyment of any subtenant of the lessee in the relevant
                  portion of the Mortgaged Property subject to the ground lease
                  for any reason, or in any manner, which would adversely affect
                  the security provided by the related Mortgage;

            (J)   Under the terms of the ground lease and the related Mortgage,
                  any related insurance proceeds or condemnation award (other
                  than in respect of a total or substantially total loss or
                  taking) will be applied either to the repair or restoration of
                  all or part of the related Mortgaged Property, with the lender
                  or a trustee appointed by it having the right to hold and
                  disburse such proceeds as repair or restoration progresses
                  (except in such cases where a provision entitling another
                  party to hold and disburse such proceeds would not be viewed
                  as commercially unreasonable by a prudent commercial mortgage
                  lender), or to the payment of the outstanding principal
                  balance of the Mortgage Loan, together with any accrued
                  interest, except that in the case of condemnation awards, the
                  ground lessor may be entitled to a portion of such award;

            (K)   Under the terms of the ground lease and the related Mortgage,
                  any related insurance proceeds, or condemnation award in
                  respect of a total or substantially total loss or taking of
                  the related Mortgaged Property will be applied first to the
                  payment of the outstanding principal balance of the Mortgage
                  Loan, together with any accrued interest (except as provided
                  by applicable law or in cases where a different allocation
                  would not be viewed as commercially unreasonable by a prudent
                  commercial mortgage lender, taking into account the relative
                  duration of the ground lease and the related Mortgage and the
                  ratio of the market value of the related Mortgaged Property to
                  the outstanding principal balance of such Mortgage Loan).
                  Until the principal balance and accrued interest are paid in
                  full, neither the lessee nor the lessor under the ground lease
                  will have an option to terminate or modify the ground lease
                  without the prior written consent of the lender as a result of
                  any casualty or partial condemnation; and

            (L)   Provided that the lender cures any defaults which are
                  susceptible to being cured, the lessor has agreed to enter
                  into a new lease upon termination of the ground lease for any
                  reason, including rejection of the ground lease in a
                  bankruptcy proceeding;

            (xxxii) With respect to any Mortgage Loan where all or a material
portion of the estate of the related borrower therein is a leasehold estate, but
the related Mortgage also encumbers the related lessor's fee interest in such
Mortgaged Property: (A) such lien on the related fee interest is evidenced by
the related Mortgage, (B) such Mortgage does not by its terms provide that it
will be subordinated to the lien of any other mortgage or encumbrance upon such
fee interest, (C) upon the occurrence of a default under the terms of such
Mortgage by the related borrower, any right of the related lessor to receive
notice of, and to cure, such default granted to such lessor under any agreement
binding upon the lender would not be considered commercially unreasonable in any
material respect by prudent commercial mortgage lenders, (D) the related lessor
has agreed in a writing included in the related Mortgage File that the related
ground lease may not be amended or modified without the prior written consent of
the lender and that any such action without such consent is not binding on the
lender, its successors or assigns, and (E) the related ground lease is in full
force and effect, and Seller has no actual knowledge that any default beyond
applicable notice and grace periods has occurred or that there is any existing
condition which, but for the passage of time or giving of notice, would result
in a default under the terms of such ground lease;

            (xxxiii) With respect to those Mortgage Loans that are
cross-collateralized or cross-defaulted, all other loans that are
cross-collateralized or cross-defaulted with such Mortgage Loans are being
transferred to Depositor hereunder;

            (xxxiv) Neither Seller nor any affiliate thereof has any obligation
to make any capital contribution to any borrower under a Mortgage Loan, other
than contributions made on or prior to the date hereof;

            (xxxv) (A) The Mortgage Loan is directly secured by a Mortgage on a
commercial property or multifamily residential property, and (B) the fair market
value of such real property, as evidenced by an appraisal satisfying the
requirements of FIRREA conducted within 12 months of the origination of the
Mortgage Loan, was at least equal to 80% of the principal amount of the Mortgage
Loan (1) at origination (or if the Mortgage Loan has been modified in a manner
that constituted a deemed exchange under Section 1001 of the Code at a time when
the Mortgage Loan was not in default or default with respect thereto was not
reasonably foreseeable, the date of the last such modification) or (2) at the
date hereof; provided that the fair market value of the real property must first
be reduced by (x) the amount of any lien on the real property interest that is
senior to the Mortgage Loan and (y) a proportionate amount of any lien that is
in parity with the Mortgage Loan (unless such other lien secures a Mortgage Loan
that is cross-collateralized with such Mortgage Loan, in which event the
computation described in (B) shall be made on an aggregated basis);

            (xxxvi) There are no subordinate mortgages encumbering the related
Mortgaged Property, nor are there any preferred equity interests held by the
lender or any mezzanine debt related to such Mortgaged Property, except as set
forth in the Prospectus Supplement, in this Exhibit A or in the Exception
Report;

            (xxxvii) Except in cases where the related Mortgaged Property is a
residential cooperative property, the Mortgage Loan Documents executed in
connection with each Mortgage Loan having an original principal balance in
excess of $5,000,000 require that the related borrower be a Single-Purpose
Entity (for this purpose, "Single-Purpose Entity" shall mean an entity, other
than an individual, having organizational documents which provide substantially
to the effect that it is formed or organized solely for the purpose of owning
and operating one or more Mortgaged Properties, is prohibited from engaging in
any business unrelated to such property and the related Mortgage Loan, does not
have any assets other than those related to its interest in the related
Mortgaged Property or its financing, or any indebtedness other than as permitted
under the related Mortgage Loan). To Seller's actual knowledge, each borrower
has fully complied with the requirements of the related Note and Mortgage and
borrower's organizational documents regarding Single-Purpose Entity status;

            (xxxviii) Except in cases where the related Mortgaged Property is a
residential cooperative property, each Mortgage Loan prohibits the related
borrower from mortgaging or otherwise encumbering the Mortgaged Property, or any
controlling equity interest in the borrower, without the prior written consent
of the mortgagee or the satisfaction of debt service coverage or similar
criteria specified in the Note or Mortgage which would be acceptable to a
reasonably prudent commercial mortgage lender, and, except in connection with
trade debt and equipment financings in the ordinary course of borrower's
business, from carrying any additional indebtedness, except, in each case, liens
contested in accordance with the terms of the Mortgage Loans or, with respect to
each Mortgage Loan having an original principal balance of less than $4,000,000,
any unsecured debt;

            (xxxix) Each borrower covenants in the Mortgage Loan Documents that
it shall remain in material compliance with all material licenses, permits and
other legal requirements necessary and required to conduct its business;

            (xl) Each Mortgaged Property (A) is located on or adjacent to a
dedicated road, or has access to an irrevocable easement permitting ingress and
egress, (B) is served by public utilities and services generally available in
the surrounding community or otherwise appropriate for the use in which the
Mortgaged Property is currently being utilized, and (C) constitutes one or more
separate tax parcels or is covered by an endorsement with respect to the matters
described in (A), (B) or (C) under the related title insurance policy (or the
binding commitment therefor);

            (xli) Based solely on a flood zone certification or a survey of the
related Mortgaged Property, if any portion of the improvements on the Mortgaged
Property is located in an area identified by the Federal Emergency Management
Agency or the Secretary of Housing and Urban Development as having special flood
hazards categorized as Zone "A" or Zone "V" and flood insurance is available,
the terms of the Mortgage Loan require the borrower to maintain flood insurance,
or at such borrower's failure to do so, authorizes the lender to maintain such
insurance at the cost and expense of the borrower and such insurance is in full
force and effect in an amount not less than the lesser of (A) the replacement
cost of the material improvements on such Mortgaged Property, (B) the balance of
the Mortgage Loan and (C) the maximum amount of insurance available under the
applicable National Flood Insurance Administration Program;

            (xlii) With respect to each Mortgage which is a deed of trust, a
trustee, duly qualified under applicable law to serve as such, currently so
serves and is named in the deed of trust or has been substituted in accordance
with applicable law or may be substituted in accordance with applicable law by
the related mortgagee, and except in connection with a trustee's sale after a
default by the related borrower, no fees are payable to such trustee, and such
fees payable are payable by the borrower;

            (xliii) Except as disclosed in the Exception Report to this
Agreement, to the knowledge of Seller as of the date hereof, there was no
pending action, suit or proceeding, arbitration or governmental investigation
against any borrower or Mortgaged Property, an adverse outcome of which would
materially and adversely affect such borrower's ability to perform under the
related Mortgage Loan;

            (xliv) No advance of funds has been made by Seller to the related
borrower (other than mezzanine debt and the acquisition of preferred equity
interests by the preferred equity interest holder, as disclosed in the
Prospectus Supplement), and no funds have, to Seller's knowledge, been received
from any person other than, or on behalf of, the related borrower, for, or on
account of, payments due on the Mortgage Loan;

            (xlv) To the extent required under applicable law, as of the Cut-off
Date or as of the date that such entity held the Note, each holder of the Note
was authorized to transact and do business in the jurisdiction in which each
related Mortgaged Property is located, or the failure to be so authorized did
not materially and adversely affect the enforceability of such Mortgage Loan;

            (xlvi) All collateral for the Mortgage Loans is being transferred as
part of the Mortgage Loans;

            (xlvii) Except as disclosed in the Exception Report or the
Prospectus Supplement with respect to the Crossed Mortgage Loans and Mortgage
Loans secured by multiple, non-contiguous real properties, no Mortgage Loan
requires the lender to release any portion of the Mortgaged Property from the
lien of the related Mortgage except upon (A) payment in full or defeasance of
the related Mortgage Loan, (B) the satisfaction of certain legal and
underwriting requirements that would be customary for prudent commercial
mortgage lenders, which in all events include payment of a release price at
least 125% of the appraised value of the property to be released or of the
allocated loan amount of such property, (C) releases of unimproved out-parcels
or (D) releases of other portions of the Mortgaged Property which will not have
a material adverse effect on the use or value of the collateral for the related
Mortgage Loan and which were given no value in the appraisal of the Mortgaged
Property or of that portion of the Mortgaged Property used to calculate the
loan-to-value ratio of the Mortgaged Property for underwriting purposes. No
release or partial release of any Mortgaged Property, or any portion thereof,
expressly permitted or required pursuant to the terms of any Mortgage Loan would
constitute a significant modification of the related Mortgage Loan under Treas.
Reg. Section 1.860G-2(b)(2);

            (xlviii) Any insurance proceeds in respect of a casualty loss or
taking will be applied either to (A) the repair or restoration of all or part of
the related Mortgaged Property, with, in the case of all casualty losses or
takings in excess of a specified amount or percentage of the related loan amount
that a prudent commercial lender would deem satisfactory and acceptable, the
lender (or a trustee appointed by it) having the right to hold and disburse such
proceeds as the repair or restoration progresses (except in any case where a
provision entitling another party to hold and disburse such proceeds would not
be viewed as commercially unreasonable by a prudent commercial mortgage lender)
or (B) to the payment of the outstanding principal balance of such Mortgage Loan
together with any accrued interest thereon;

            (xlix) Each UCC Financing Statement, if any, filed with respect to
personal property constituting a part of the related Mortgaged Property and each
assignment, if any, of such UCC Financing Statement to Seller was, and each
assignment, if any, of such UCC Financing Statement in blank which the Trustee
or its designee is authorized to complete (but for the insertion of the name of
the assignee and any related filing information which is not yet available to
Seller) is, in suitable form for filing in the filing office in which such UCC
Financing Statement was filed;

            (l) To Seller's knowledge, (A) each commercial lease covering more
than 10% (20% in the case of any Mortgage Loan having an original principal
balance less than $2,500,000) of the net leaseable area of the related Mortgaged
Property is in full force and effect and (B) there exists no default under any
such commercial lease either by the lessee thereunder or by the related borrower
that could give rise to the termination of such lease;

            (li) Based upon an opinion of counsel and/or other due diligence
considered reasonable by prudent commercial mortgage lenders in the lending area
where the subject property is located, the improvements located on or forming
part of each Mortgaged Property comply with applicable zoning laws and
ordinances, or constitute a legal non-conforming use or structure or, if any
such improvement does not so comply, such non-compliance does not materially and
adversely affect the value of the related Mortgaged Property. With respect to
Mortgage Loans with a Cut-off Date Principal Balance of over $10,000,000, if the
related Mortgaged Property does not so comply, to the extent Seller is aware of
such non-compliance, it has required the related borrower to obtain law and
ordinance insurance coverage in amounts customarily required by prudent
commercial mortgage lenders;

            (lii) Each Mortgage Loan constitutes a "qualified mortgage" within
the meaning of Section 860G(a)(3) of the Code (but without regard to the rule in
Treasury Regulation (as defined herein) Section 1.860G-2(f)(2) that treats a
defective obligation as a qualified mortgage or any substantially similar
successor provision), the related Mortgaged Property, if acquired by a REMIC in
connection with the default or imminent default of such Mortgage Loan would
constitute "foreclosure property" within the meaning of Code Section 860G(a)(8)
and all Prepayment Premiums and Yield Maintenance Charges with respect to such
Mortgage Loan constitute "customary prepayment penalties" within the meaning of
Treasury Regulation Section 1.860G-1(b)(2);

            (liii) With respect to any Mortgage Loan that pursuant to the
Mortgage Loan Documents can be defeased, (A) the Mortgage Loan cannot be
defeased within two years after the Closing Date, (B) the borrower can pledge
only United States government securities in an amount sufficient to make all
scheduled payments under the Mortgage Loan when due, (C) the borrower is
required to provide independent certified public accountant's certification that
the collateral is sufficient to make such payments, (D) the loan may be required
to be assumed by a single-purpose entity designated by the holder of the
Mortgage Loan, (E) the borrower is required to provide an opinion of counsel
that the trustee has a perfected security interest in such collateral prior to
any other claim or interest, (F) the borrower is required to pay all Rating
Agency fees associated with defeasance (if rating confirmation is a specific
condition precedent thereto) and all other reasonable expenses associated with
defeasance, including, but not limited to, accountant's fees and opinions of
counsel, (G) with respect to any Significant Loan (as defined in the Pooling and
Servicing Agreement), the borrower is required to provide an opinion of counsel
that such defeasance will not cause any REMIC created under the Pooling and
Servicing Agreement to fail to qualify as a REMIC for federal or applicable
state tax purposes and (H) with respect to any Significant Loan (as defined in
the Pooling and Servicing Agreement), the borrower must obtain confirmation from
each Rating Agency that the defeasance would not result in such Rating Agency's
withdrawal, downgrade or qualification of the then current rating of any class
of Certificates rated by such Rating Agency;

            (liv) The Mortgage Loan Documents for each Mortgage Loan provide
that the related borrower thereunder shall be liable to the lender for any
losses incurred by the lender due to (A) the misapplication or misappropriation
of rents, insurance proceeds or condemnation awards, (B) any willful act of
material waste, (C) any breach of the environmental covenants contained in the
related Mortgage Loan Documents, and (D) fraud by the related borrower; provided
that, with respect to clause (C) of this sentence, an indemnification against
losses related to such violations or environmental insurance shall satisfy such
requirement; and provided, further, that, if the related Mortgaged Property is a
residential cooperative property, then the subject Mortgage Loan is fully
recourse to the borrower;

            (lv) If such Mortgage Loan is an ARD Loan, it commenced amortizing
on its initial scheduled Due Date and provides that: (A) its Mortgage Rate will
increase by no less than two percentage points in connection with the passage of
its Anticipated Repayment Date and so long as the Mortgage Loan is an asset of
the Trust Fund; (B) its Anticipated Repayment Date is not less than seven years
following the origination of such Mortgage Loan; (C) no later than the related
Anticipated Repayment Date, if it has not previously done so, the related
borrower is required to enter into a "lockbox agreement" whereby all revenue
from the related Mortgaged Property shall be deposited directly into a
designated account controlled by the applicable Master Servicer; and (D) any
cash flow from the related Mortgaged Property that is applied to amortize such
Mortgage Loan following its Anticipated Repayment Date shall, to the extent such
net cash flow is in excess of the Monthly Payment payable therefrom, be net of
budgeted and discretionary (servicer approved) capital expenditures;

            (lvi) Except as disclosed in the Prospectus Supplement, no Mortgage
Loan, and no group of Mortgage Loans made to the same borrower and to borrowers
that are Affiliates, accounted for more than 5.0% of the aggregate of the
Cut-off Date Principal Balances of all of the mortgage loans (including the
Mortgage Loans) sold to Depositor by Column Financial, Inc., NCB, FSB and
KeyBank National Association pursuant to those certain Mortgage Loan Purchase
Agreements, each dated as of November 1, 2004, between Depositor and Column
Financial, Inc., NCB, FSB and KeyBank National Association, respectively, as of
the Cut-off Date;

            (lvii) Except for the Mortgage Loans with an initial principal
balance less than $3,000,000, in connection with its origination or acquisition
of each Mortgage Loan, Seller obtained an appraisal of the related Mortgaged
Property, which appraisal is signed by an appraiser, who, to Seller's actual
knowledge, had no interest, direct or indirect, in the borrower, the Mortgaged
Property or in any loan made on the security of the Mortgaged Property, and
whose compensation was not affected by the approval or disapproval of the
Mortgage Loan; and

            (lviii) Each Mortgage Loan bears interest at a rate that remains
fixed throughout the remaining term of such Mortgage Loan, except in the case of
an ARD Loan after its Anticipated Repayment Date and except for the imposition
of a default rate.

<PAGE>

                                                                       EXHIBIT B

                             AFFIDAVIT OF LOST NOTE

STATE OF NEW YORK       )
                        ) ss.:
COUNTY OF NEW YORK      )

            ____________________________, being duly sworn, deposes and says:

            1. that he is an authorized signatory of NCB, FSB ("NCB, FSB");

            2. that _______________ is the owner and holder of a mortgage loan
in the original principal amount of $______________ secured by a mortgage (the
"Mortgage") on the premises known as ______________ ______________ located in
______________;

            3. that _______________, after having conducted a diligent
investigation of its records and files, has been unable to locate the following
original note and believes that said original note has been lost, misfiled,
misplaced or destroyed due to a clerical error:

            a note in the original sum of $______________ made by
            ______________, to _______________, under date of ______________
            (the "Note");

            4. that the Note is now owned and held by _______________;

            5. that the copy of the Note attached hereto is a true and correct
copy thereof;

            6. that the Note has not been paid off, satisfied, assigned,
transferred, encumbered, endorsed, pledged, hypothecated, or otherwise disposed
of and that the original Note has been either lost, misfiled, misplaced or
destroyed;

            7. that no other person, firm, corporation or other entity has any
right, title, interest or claim in the Note except _______________; and

            8. upon assignment of the Note by _______________ to Credit Suisse
First Boston Mortgage Securities Corp. (the "Depositor") and subsequent
assignment by Depositor to the trustee for the benefit of the holders of the
Credit Suisse First Boston Mortgage Securities Corp. Commercial Mortgage
Pass-Through Certificates, Series 2004-C4 (the "Trustee") (which assignment may,
at the discretion of Depositor, be made directly by _______________ to the
Trustee), _______________ covenants and agrees (a) promptly to deliver to the
Trustee the original Note if it is subsequently found, and (b) to indemnify and
hold harmless the Trustee and its successors and assigns from and against any
and all costs, expenses and monetary losses arising as a result of
_______________'s failure to deliver said original Note to the Trustee.

                                       NCB, FSB

                                       By:____________________________________
                                          Name:
                                          Title:

Sworn to before me this _____
day of __________, 2004Exhibit 4.1

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

                               CONMED CORPORATION

                                       and

                              THE BANK OF NEW YORK

                                   as Trustee

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

                                    INDENTURE

                          Dated as of November 10, 2004

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

                          $150,000,000 Principal Amount

              2.50% CONVERTIBLE SENIOR SUBORDINATED NOTES DUE 2024

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

<PAGE>

                              CROSS-REFERENCE TABLE

  TIA                                                          Indenture
Section                                                         Section
-------                                                        ---------

310(a)(1)..............................................        7.10
      (a)(2)...........................................        7.10
      (a)(3)...........................................        N.A.
      (a)(4)...........................................        N.A.
      (a)(5)...........................................        N.A.
      (b)..............................................        7.08; 7.10; 13.02
      (c)..............................................        N.A.
311(a).................................................        7.11
      (b)..............................................        7.11
      (c)..............................................        N.A.
312(a).................................................        2.05
      (b)..............................................       13.03
      (c)..............................................       13.03
313(a).................................................        7.06
      (b)(1)...........................................        N.A.
      (b)(2)...........................................        7.06
      (c)..............................................        7.06; 13.02
      (d)..............................................        7.06
314(a).................................................        4.03
      (b)..............................................        N.A.
      (c)(1)...........................................       13.04
      (c)(2)...........................................       13.04
      (c)(3)...........................................        N.A.
      (d)..............................................        N.A.
      (e)..............................................       13.05
      (f)..............................................        N.A.
315(a).................................................        7.01(B)
      (b)..............................................        7.05; 13.02
      (c)..............................................        7.01(A)
      (d)..............................................        7.01(C)
      (e)..............................................        6.11
316(a) (last sentence).................................        2.09
      (a)(1)(A)........................................        6.05
      (a)(1)(B)........................................        6.04
      (a)(2)...........................................        N.A.
      (b)..............................................        6.07
      (c)..............................................        N.A.
317(a)(1)..............................................        6.08
      (a)(2)...........................................        6.09
      (b)..............................................        2.04
318(a).................................................       13.01

<PAGE>

                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----

I.     DEFINITIONS AND INCORPORATION BY REFERENCE                              1

       1.01 Definitions........................................................1
       1.02 Other Definitions..................................................5
       1.03 Incorporation by Reference of Trust Indenture Act..................7
       1.04 Rules of Construction..............................................7

II.    THE SECURITIES                                                          7

       2.01 Form and Dating....................................................7
       2.02 Execution and Authentication.......................................8
       2.03 Registrar, Paying Agent and Conversion Agent.......................9
       2.04 Paying Agent to Hold Money in Trust................................9
       2.05 Securityholder Lists...............................................9
       2.06 Transfer and Exchange..............................................9
       2.07 Replacement Securities............................................10
       2.08 Outstanding Securities............................................10
       2.09 Securities Held by the Company or an Affiliate....................11
       2.10 Temporary Securities..............................................11
       2.11 Cancellation......................................................11
       2.12 Defaulted Interest................................................12
       2.13 CUSIP Numbers.....................................................12
       2.14 Deposit of Moneys and Property....................................12
       2.15 Book-Entry Provisions for Global Securities.......................12
       2.16 Special Transfer Provisions.......................................14
       2.17 Legends...........................................................15

III.   REDEMPTION AND REPURCHASE                                              15

       3.01 Right of Redemption...............................................15
       3.02 Notices to Trustee................................................16
       3.03 Selection of Securities to Be Redeemed............................16
       3.04 Notice of Redemption..............................................17
       3.05 Effect of Notice of Redemption....................................18
       3.06 Deposit of Redemption Price.......................................18
       3.07 Securities Redeemed in Part.......................................18
       3.08 Purchase of Securities at Option of the Holder....................19
       3.09 Repurchase at Option of Holder Upon a Fundamental Change..........22

IV.    COVENANTS                                                              31

       4.01 Payment of Securities.............................................31
       4.02 Maintenance of Office or Agency...................................32

                                      -i-
<PAGE>

       4.03 Rule 144A Information and Annual Reports..........................32
       4.04 Compliance Certificate............................................33
       4.05 Stay, Extension and Usury Laws....................................33
       4.06 Corporate Existence...............................................33
       4.07 Notice of Default.................................................34
       4.08 Limitation on Layering Indebtedness...............................34
       4.09 Payment of Additional Interest....................................34
       4.10 Payment of Contingent Interest....................................34

V.     SUCCESSORS                                                             34

       5.01 When Company May Merge, etc.......................................34
       5.02 Successor Substituted.............................................35

VI.    DEFAULTS AND REMEDIES                                                  35

       6.01 Events of Default.................................................35
       6.02 Acceleration......................................................37
       6.03 Other Remedies....................................................37
       6.04 Waiver of Past Defaults...........................................38
       6.05 Control by Majority...............................................38
       6.06 Limitation on Suits...............................................38
       6.07 Rights of Holders to Receive Payment and to Convert Securities....39
       6.08 Collection Suit by Trustee........................................39
       6.09 Trustee May File Proofs of Claim..................................39
       6.10 Priorities........................................................40
       6.11 Undertaking for Costs.............................................40

VII.   TRUSTEE                                                                40

       7.01 Duties of Trustee.................................................40
       7.02 Rights of Trustee.................................................41
       7.03 Individual Rights of Trustee......................................43
       7.04 Trustee's Disclaimer..............................................43
       7.05 Notice of Defaults................................................43
       7.06 Reports by Trustee to Holders.....................................43
       7.07 Compensation and Indemnity........................................44
       7.08 Replacement of Trustee............................................44
       7.09 Successor Trustee by Merger, etc..................................45
       7.10 Eligibility; Disqualification.....................................45
       7.11 Preferential Collection of Claims Against Company.................46

VIII.  DISCHARGE OF INDENTURE                                                 46

       8.01 Termination of the Obligations of the Company.....................46
       8.02 Application of Trust Money........................................46
       8.03 Repayment to Company..............................................46
       8.04 Reinstatement.....................................................47

                                      -ii-
<PAGE>

IX.    AMENDMENTS                                                             47

       9.01 Without Consent of Holders........................................47
       9.02 With Consent of Holders...........................................48
       9.03 Compliance with Trust Indenture Act...............................49
       9.04 Revocation and Effect of Consents.................................49
       9.05 Notation on or Exchange of Securities.............................49
       9.06 Trustee Protected.................................................49

X.     CONVERSION                                                             50

       10.01 Conversion Privilege; Restrictive Legends........................50
       10.02 Conversion Procedure and Payment Upon Conversion.................52
       10.03 Taxes on Conversion..............................................55
       10.04 Company to Provide Stock.........................................55
       10.05 Adjustment of Conversion Rate....................................55
       10.06 No Adjustment....................................................60
       10.07 Other Adjustments................................................61
       10.08 Adjustments for Tax Purposes.....................................61
       10.09 Notice of Adjustment.............................................61
       10.10 Notice of Certain Transactions...................................62
       10.11 Effect of Reclassifications, Consolidations, Mergers,
                  Binding Share Exchanges or Sales on Conversion
                  Privilege...................................................62
       10.12 Trustee's Disclaimer.............................................63
       10.13 Rights Distributions Pursuant to Stockholders' Rights Plans......64

XI.    SUBORDINATION                                                          64

       11.01 Agreement to Subordinate.........................................64
       11.02 Certain Definitions..............................................65
       11.03 Liquidation; Dissolution; Bankruptcy.............................65
       11.04 Default on Designated Senior Indebtedness........................66
       11.05 Payments While Senior Credit Agreement is in Effect..............67
       11.06 Acceleration of Securities.......................................67
       11.07 When Distribution Must Be Paid Over..............................67
       11.08 Notice by the Company............................................67
       11.09 Subrogation......................................................68
       11.10 Relative Rights..................................................68
       11.11 Subordination May Not Be Impaired by the Company.................68
       11.12 Distribution or Notice to Representative.........................68
       11.13 Rights of Trustee and Paying Agent...............................69

XII.   TAX TREATMENT                                                          69

       12.01 Tax Treatment....................................................69
       12.02 Comparable Yield And Projected Payment Schedule..................70

                                     -iii-
<PAGE>

XIII.  MISCELLANEOUS                                                          70

       13.01 Trust Indenture Act Controls.....................................70
       13.02 Notices..........................................................71
       13.03 Communication by Holders with Other Holders......................71
       13.04 Certificate and Opinion as to Conditions Precedent...............71
       13.05 Statements Required in Certificate or Opinion....................72
       13.06 Rules by Trustee and Agents......................................72
       13.07 Legal Holidays...................................................72
       13.08 Duplicate Originals..............................................73
       13.09 Governing Law....................................................73
       13.10 No Adverse Interpretation of Other Agreements....................73
       13.11 Successors.......................................................73
       13.12 Separability.....................................................73
       13.13 Table of Contents, Headings, etc.................................73
       13.14 Calculations in Respect of the Securities........................73

Exhibit A     -   Form of Global Security
Exhibit B-1   -   Form of Private Placement Legend
Exhibit B-2   -   Form of Tax Legend
Exhibit B-3   -   Form of Legend for Global Security
Exhibit C     -   Form of Notice of Transfer Pursuant to Registration Statement

                                      -iv-
<PAGE>

      INDENTURE,  dated as of November 10, 2004, between CONMED  Corporation,  a
New York  corporation  (the  "Company"),  and The Bank of New  York,  a New York
banking corporation, as trustee (the "Trustee").

      Each party agrees as follows for the benefit of the other  parties and for
the equal and ratable benefit of the Holders of the Company's 2.50%  Convertible
Senior Subordinated Notes due 2024 (the "Securities").

                 I. DEFINITIONS AND INCORPORATION BY REFERENCE

1.01  DEFINITIONS.

      The term  "additional  interest"  has the  meaning  ascribed  to it in the
Registration Rights Agreement.

      "Affiliate"  means  any  person  directly  or  indirectly  controlling  or
controlled by or under direct or indirect  common control with the Company.  For
this  purpose,  "control"  shall  mean the power to direct  the  management  and
policies  of a person  through  the  ownership  of  securities,  by  contract or
otherwise.

      "Bid Solicitation Agent" means a  Company-appointed  agent that determines
the Trading Price as set forth in Article X and paragraph 10 of the Securities.

      "Board of  Directors"  means the Board of  Directors of the Company or any
committee thereof authorized to act for it 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.

      "Capital  Stock"  of any  Person  means  any  and all  shares,  interests,
participations or other equivalents (however designated) of capital stock of, or
other  equity  interests  in, such Person and all warrants or options to acquire
such capital stock or equity interests.

      "Closing Sale Price" of the Common Stock on the relevant Trading Day means
the  closing  per share  sale  price (or if no  closing  per share sale price is
reported,  the  average of the bid and ask prices or, if more than one in either
case, the average of the average bid and the average ask prices) on such Trading
Day (a) on the U.S. principal national  securities  exchange on which the Common
Stock is  listed;  or (b) if the Common  Stock is not listed on a U.S.  national
securities  exchange,  as reported by an automated quotation system administered
by the National  Association  of  Securities  Dealers,  Inc. on which the Common
Stock is then quoted;  or (c) if not so listed or quoted,  as reported or quoted
on the  principal  other  exchange  or market on which the Common  Stock is then
listed or traded. In the absence of a listing,  quotation or report, the Closing
Sale Price  shall be such price as the  Company  shall in good faith  reasonably
determine as most  accurately  reflecting the price that a fully informed buyer,
acting on his own accord,  would pay to a fully informed  seller,  acting on his
own accord in an  arms-length  transaction,  for a share of the Common  Stock on
such Trading Day.

                                      -1-
<PAGE>

      "Common Stock" means the common stock,  $0.01 par value per share,  of the
Company,  or such other  Capital  Stock of the Company into which the  Company's
common stock is reclassified or changed.

      "Company"  means the party named as such above until a successor  replaces
it  pursuant  to the  applicable  provision  hereof  and  thereafter  means  the
successor.

      "Company  Order" or  "Company  Request"  means a written  request or order
signed on behalf of the Company by an Officer and delivered to the Trustee.

      "Contingent  Interest  Period" has the meaning set forth in paragraph 1 of
the Securities.

      "Contingent  Interest"  has the  meaning  set forth in  paragraph 1 of the
Securities.

      "Conversion  Notice"  has the  meaning  set forth in  paragraph  10 of the
Securities.

      "Conversion  Rate" shall  initially be 26.1849  shares of Common Stock per
$1,000  principal  amount of  Securities,  subject to  adjustment as provided in
Article X.

      "Conversion  Price"  means,  as of any date of  determination,  the dollar
amount derived by dividing one thousand  dollars ($1,000) by the Conversion Rate
in effect on such date.

      "Corporate  Trust  Office of the  Trustee"  shall be at the address of the
Trustee specified in Section 13.02 or such other address as the Trustee may give
notice of to the Company.

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

      "Depositary"  means  The  Depository  Trust  Company,   its  nominees  and
successors.

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

      "Holder"  or  "Securityholder"  means a person in whose name a Security is
registered on the Registrar's books.

      "Indebtedness"  of a person means the principal of,  premium,  if any, and
interest on, and all other  obligations  in respect of (a) all  indebtedness  of
such person for borrowed money (including all  indebtedness  evidenced by notes,
bonds,  debentures or other  securities),  (b) all obligations (other than trade
payables)  incurred  by  such  person  in  the  acquisition  (whether  by way of
purchase,  merger,  consolidation  or  otherwise  and  whether by such person or
another  person)  of any  business,  real  property  or  other  assets,  (c) all
reimbursement  obligations  of such  person  with  respect to letters of credit,
bankers'  acceptances  or  similar  facilities  issued  for the  account of such
person,  (d)  all  capital  lease  obligations  of  such  person,  (e)  all  net
obligations  of such  person  under  interest  rate swap,  currency  exchange or
similar  agreements of such person,  (f) all obligations and other  liabilities,
contingent  or  otherwise,  under any lease or  related  document,  including  a
purchase  agreement,  conditional  sale or other title retention  agreement,  in
connection  with the lease of real  property  or  improvements  thereon  (or any
personal  property  included as part of any such lease) which provides that such
person is contractually obligated to purchase or cause a third party to purchase
the leased

                                      -2-
<PAGE>

property or pay an agreed-upon residual value of the leased property,  including
such person's  obligations  under such lease or related  document to purchase or
cause a third party to  purchase  such  leased  property  or pay an  agreed-upon
residual  value of the leased  property to the lessor,  (g)  guarantees  by such
person of  indebtedness  described in clauses (a) through (f) of another person,
and  (h)  all  renewals,  extensions,  refundings,  deferrals,   restructurings,
amendments  and  modifications  of any  indebtedness,  obligation,  guarantee or
liability of the kind described in clauses (a) through (g).

      "Indenture"  means this Indenture as amended or supplemented  from time to
time.

      "Initial  Purchasers" mean UBS Securities LLC, Banc of America  Securities
LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities Inc.

      "Issue Date" means November 10, 2004.

      "Make-Whole  Fundamental  Change" means a  Fundamental  Change that occurs
before  November 15, 2011 and is a transaction  or series of  transactions  as a
result of which  fifty  percent  (50%) or more of the Common  Stock  outstanding
immediately  before such  Fundamental  Change is exchanged for,  converted into,
acquired  for, or  constitutes  solely the right to receive,  shares of stock or
other securities or property (including cash), or any combination thereof.

      "Maturity Date" means November 15, 2024.

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

      "Officer's Certificate" means a certificate signed by an Officer.

      "Opinion of Counsel" means a written opinion from legal counsel who may be
(i) the General Counsel of the Company, (ii) another employee of the Company who
is then  licensed to practice  law in any State of the United  States and who is
reasonably  acceptable  to the  Trustee,  or  (iii)  any  other  counsel  who is
reasonably acceptable to the Trustee.

      "Person" and,  unless the context  otherwise  requires,  "person" mean any
individual, corporation,  partnership, limited liability company, joint venture,
association,   joint-stock  company,  trust,   unincorporated   organization  or
government or other agency or political subdivision thereof.

      "Purchase  Agreement" means the Purchase  Agreement dated November 5, 2004
between the Company and the Initial Purchasers.

      "Purchase  Notice"  means a  Purchase  Notice in the form set forth in the
Securities.

      "QIB" means a "qualified  institutional  buyer" within the meaning of Rule
144A.

      "Redemption   Date"  means  the  date  specified  for  Redemption  of  the
Securities in accordance with the terms of the Securities and this Indenture.

                                      -3-
<PAGE>

      "Redemption Price" means, with respect to a Security to be redeemed by the
Company in  accordance  with  Article  III,  one hundred  percent  (100%) of the
outstanding principal amount of such Security to be redeemed.

      "Registration  Rights  Agreement" means the Registration  Rights Agreement
dated as of the date hereof between the Company and the Initial Purchasers.

      "Responsible  Officer" shall mean,  when used with respect to the Trustee,
any  officer of the  Trustee  within the  Corporate  Trust  Division - Corporate
Finance Unit (or any  successor  unit) of the Trustee  located at the  Corporate
Trust Office of the Trustee who has direct responsibility for the administration
of this Indenture and, for the purposes of Sections 7.01(C)(ii), shall also mean
any other officer of the Trustee to whom any corporate  trust matter is referred
because  of such  person's  knowledge  of and  familiarity  with the  particular
subject.

      "Restricted  Security"  means a Security  that  constitutes  a "restricted
security"  within  the  meaning  of Rule  144(a)(3)  under the  Securities  Act;
provided,   however,   that  the  Trustee  shall  be  entitled  to  request  and
conclusively  rely on an Opinion of Counsel with respect to whether any Security
constitutes a Restricted Security.

      "Rule 144A" means Rule 144A under the Securities Act.

      "SEC" means the Securities and Exchange Commission.

      "Securities"  means the 2.50% Convertible  Senior  Subordinated  Notes due
2024 issued by the Company pursuant to this Indenture.

      "Securities Act" means the Securities Act of 1933, as amended.

      "Security Agent" means any Registrar,  Paying Agent, Conversion Agent, Bid
Solicitation Agent or co-Registrar or co-agent.

      "Significant  Subsidiary"  with respect to any person means any subsidiary
of such person that constitutes a "significant subsidiary" within the meaning of
Rule 1-02(w) of Regulation S-X under the Securities  Act, as such  regulation is
in effect on the date of this Indenture.

      "Subsidiary"  means (i) a  corporation  a majority of whose  Capital Stock
with voting power,  under ordinary  circumstances,  to elect directors is at the
time, directly or indirectly,  owned by the Company, by one or more subsidiaries
of the Company or by the Company and one or more of its subsidiaries or (ii) any
other person (other than a  corporation)  in which the Company,  one or more its
subsidiaries  or the  Company  and one or more  its  subsidiaries,  directly  or
indirectly,  at the  date  of  determination  thereof,  have at  least  majority
ownership interest.

      "TIA"  means  the  Trust  Indenture  Act of  1939  (15  U.S.  Code  ss.ss.
77aaa-77bbbb) as amended and in effect from time to time.

      "Trading  Day" means a day during which  trading in  securities  generally
occurs on the principal U.S.  national  securities  exchange on which the Common
Stock is then  listed  or,  if the  Common  Stock is not then  listed  on a U.S.
national securities  exchange,  on an automated quotation

                                      -4-
<PAGE>

system administered by the National  Association of Securities Dealers,  Inc. on
which the Common Stock is then quoted or, if the Common Stock is not then listed
on a U.S.  national  securities  exchange  or quoted on an  automated  quotation
system administered by the National Association of Securities Dealers,  Inc., on
the principal  other exchange or market on which the Common Stock is then listed
or traded.

      "Trading  Price" means,  on any date, the average of the secondary  market
bid  quotations  for the Securities  obtained by the Bid  Solicitation  Agent on
behalf of the Company for five million dollars ($5,000,000)  principal amount of
Securities at  approximately  4:00 p.m., New York City time, on such date,  from
three (3) independent,  nationally recognized securities dealers selected by the
Company;  provided,  that if the Bid Solicitation Agent on behalf of the Company
can reasonably  obtain only two (2) such bids,  then the average of such two (2)
bids shall instead be used; provided further, that if the Bid Solicitation Agent
on behalf of the Company can reasonably  obtain only one (1) such bid, then such
bid shall instead be used;  provided further,  that if, on a given date, the Bid
Solicitation  Agent on behalf of the Company cannot  reasonably  obtain at least
one (1) such bid,  or if, in  reasonable,  good faith  judgment  of the Board of
Directors the bid  quotation or  quotations so obtained by the Bid  Solicitation
Agent on behalf of the Company are not indicative of the secondary  market value
of the  Securities,  then, in each case, the Trading Price per $1,000  principal
amount of  Securities  on the such date of  determination  shall be deemed to be
equal to ninety seven percent (97%) of the product of (I) the Conversion Rate in
effect on such date and (II) the Closing Sale Price on such date.

      "Trustee"  means  the  party  named  as  such in  this  Indenture  until a
successor  replaces it in accordance  with the provisions  hereof and thereafter
means the successor.

      "Voting  Stock" of any Person  means the total voting power of all classes
of the Capital Stock of such Person  entitled to vote  generally in the election
of directors of such Person.

1.02  OTHER DEFINITIONS.

               Term                                           Defined in Section
               ----                                           ------------------
      "Additional Securities"............................                 1.01
      "Aggregate Amount".................................                 10.05
      "Applicable Percentage"............................                 3.09
      "Applicable Price".................................                 3.09
      "Bankruptcy Law"...................................                 6.01
      "Business Day".....................................                 13.07
      "Change in Control"................................                 3.09
      "Conversion Agent".................................                 2.03
      "Conversion Date"..................................                 10.02
      "Conversion Value Determination Date"..............                 10.02
      "Conversion Value".................................                 10.01
      "Custodian"........................................                 6.01
      "Designated Senior Indebtedness"...................                 11.02
      "Determination Date"...............................                 10.05
      "Distribution Date"................................                 10.05
      "Effective Date"...................................                 3.09

                                      -5-
<PAGE>

      "Event of Default".................................                 6.01
      "Ex Date"..........................................                 10.05
      "Expiration Date"..................................                 10.05
      "Expiration Time"..................................                 10.05
      "Fundamental Change"...............................                 3.09
      "Fundamental Change Notice"........................                 3.09
      "Fundamental Change Repurchase Date"...............                 3.09
      "Fundamental Change Repurchase Price"..............                 3.09
      "Fundamental Change Repurchase Right"..............                 3.09
      "Global Security"..................................                 2.01
      "Legal Holiday"....................................                 13.07
      "Make-Whole Premium"...............................                 3.09
      "Maximum Conversion Rate"..........................                 10.05
      "Nasdaq Share Limitation"..........................                 10.05
      "Net Share Amount".................................                 10.02
      "Net Shares".......................................                 10.02
      "Net Share Settlement Conversion Value"............                 10.02
      "Non-Payment Default"..............................                 11.04
      "Notice of Default"................................                 6.01
      "Note Measurement Period"..........................                 10.01
      "Option Purchase Date".............................                 3.08
      "Option Purchase Notice"...........................                 3.08
      "Option Purchase Price"............................                 3.08
      "Participants".....................................                 2.15
      "Paying Agent".....................................                 2.03
      "Payment Blockage Notice"..........................                 11.04
      "Payment Blockage Period"..........................                 11.04
      "Payment Default"..................................                 11.04
      "Physical Securities"..............................                 2.01
      "Principal Return".................................                 10.02
      "Private Placement Legend".........................                 2.17
      "Purchase at Holder's Option"......................                 3.01
      "Purchased Shares".................................                 10.05
      "Redemption".......................................                 3.01
      "Reference Property"...............................                 10.11
      "Registrar"........................................                 2.03
      "Representative"...................................                 11.02
      "Repurchase Upon Fundamental Change"...............                 3.01
      "Resale Restriction Termination Date"..............                 2.17
      "Rights"...........................................                 10.05
      "Senior Credit Agreement"..........................                 11.02
      "Senior Indebtedness"..............................                 11.02
      "Ten-Day Weighted Average Price Per Share".........                 10.02
      "Termination of Trading"...........................                 3.09
      "Trading Price Condition"..........................                 10.01
      "Underlying Shares"................................                 10.05

                                      -6-
<PAGE>

      "Volume-Weighted Average Price"....................                 10.02

1.03  INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT.

      Whenever this Indenture refers to a provision of the TIA, the provision is
incorporated by reference in and made a part of this Indenture.

      All terms used in this Indenture  that are defined by the TIA,  defined by
the TIA by reference to another statute or defined by SEC rule under the TIA and
not otherwise defined herein have the meanings so assigned to them.

1.04  RULES OF CONSTRUCTION.

      Unless the context otherwise requires:

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

            (ii) "or" is not exclusive;

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

            (iv) the term "premium" includes, without limitation, any Make-Whole
      Premium;

            (v) the term "interest"  includes Contingent Interest and additional
      interest unless the context otherwise requires;

            (vi) all  references  in this  Indenture to  designated  "Articles,"
      "Sections" and other subdivisions are to the designated Articles, Sections
      and other subdivisions,  as applicable,  of this Indenture;  and the words
      "herein," "hereof," "hereunder" and other words of similar import refer to
      this  Indenture as a whole and not to any particular  Article,  Section or
      other subdivision of this Indenture; and

            (vii)  references to currency shall mean the lawful  currency of the
      United States of America, unless the context requires otherwise.

                               II. THE SECURITIES

2.01  FORM AND DATING.

      The Securities and the Trustee's  certificate of  authentication  shall be
substantially  in the form set forth in Exhibit A, which is  incorporated in and
forms a part of this Indenture.  The Securities may have  notations,  legends or
endorsements  required by law, stock exchange rule or usage. Each Security shall
be dated the date of its authentication.

      Securities  offered  and sold in  reliance  on Rule  144A  shall be issued
initially  in the form of one or more Global  Securities,  substantially  in the
form set forth in Exhibit A (the "Global Security"), deposited with the Trustee,
as custodian for the Depositary,  duly executed by the Company and

                                      -7-
<PAGE>

authenticated by the Trustee as hereinafter provided and bearing the legends set
forth in Exhibits B-1, B-2 and B-3. The aggregate principal amount of the Global
Security may from time to time be increased or decreased by adjustments  made on
the records of the Trustee,  as custodian  for the  Depositary,  as  hereinafter
provided; provided, that in no event shall the aggregate principal amount of the
Global Security or Securities exceed $150,000,000.

      Securities  issued in exchange for interests in a Global Security pursuant
to Section 2.15 may be issued in the form of permanent  certificated  Securities
in  registered  form in  substantially  the form set  forth  in  Exhibit  A (the
"Physical  Securities")  and, if  applicable,  bearing  any legends  required by
Section 2.17.

2.02  EXECUTION AND AUTHENTICATION.

      One  Officer  shall  sign the  Securities  for the  Company  by  manual or
facsimile signature.

      A Security's  validity  shall not be affected by the failure of an Officer
whose  signature  is on such  Security  to hold,  at the time  the  Security  is
authenticated, the same office at the Company.

      A Security shall not be valid until  authenticated by the manual signature
of the Trustee. The signature shall be conclusive evidence that the Security has
been authenticated under this Indenture.

      Upon a written  order of the Company  signed by one  Officer,  the Trustee
shall  authenticate  Securities  for original  issue in the aggregate  principal
amount of $150,000,000. The aggregate principal amount of Securities outstanding
at any time may not exceed $150,000,000.

      Upon a written  order of the  Company  signed by an  Officer,  the Trustee
shall  authenticate  Securities not bearing the Private  Placement  Legend to be
issued  to the  transferee  when  sold  pursuant  to an  effective  registration
statement under the Securities Act as set forth in Section 2.16(B).

      The Trustee shall act as the initial authenticating agent. Thereafter, the
Trustee  may  appoint  an  authenticating  agent  acceptable  to the  Company to
authenticate  Securities.  An authenticating  agent may authenticate  Securities
whenever  the  Trustee  may  do  so.  Each   reference  in  this   Indenture  to
authentication  by the Trustee includes  authentication  by such  authenticating
agent. An  authenticating  agent has the same rights as a Security Agent to deal
with the Company and its Affiliates.

      If a written order of the Company  pursuant to this Section 2.02 has been,
or simultaneously is, delivered,  any instructions by the Company to the Trustee
with respect to  endorsement,  delivery or  redelivery  of a Security  issued in
global form shall be in writing but need not comply with  Section  13.04  hereof
and need not be accompanied by an Opinion of Counsel.

      The Securities  shall be issuable only in registered form without interest
coupons  and only in  minimum  denominations  of  $2,000  principal  amount  and
integral multiples of $1,000 principal amount in excess thereof. Notwithstanding
anything contrary contained herein or in the Securities, the principal amount of
each  Security  (including  any  Security to be issued,  re-issued  or exchanged
pursuant to a partial  conversion,  redemption,  purchase or  repurchase  of the
Securities)  shall be $2,000 or more at all times,  and the Company shall not be
required to issue any Securities in the principal amount of less than $2,000.

                                      -8-
<PAGE>

2.03  REGISTRAR, PAYING AGENT AND CONVERSION AGENT.

      The  Company  shall  maintain  an  office  or  agency  in the  Borough  of
Manhattan,  The  City  of  New  York,  where  Securities  may be  presented  for
registration of transfer or for exchange  ("Registrar"),  an office or agency in
the  Borough  of  Manhattan,  The  City of New  York,  where  Securities  may be
presented for payment ("Paying Agent") and an office or agency in the Borough of
Manhattan,  The  City  of  New  York,  where  Securities  may be  presented  for
conversion  ("Conversion  Agent").  The  Registrar  shall keep a register of the
Securities and of their transfer and exchange. The Company may appoint or change
one or more co-Registrars,  one or more additional paying agents and one or more
additional  conversion agents without notice and may act in any such capacity on
its own behalf. The term "Registrar" includes any co-Registrar; the term "Paying
Agent" includes any additional  paying agent;  and the term  "Conversion  Agent"
includes any additional conversion agent.

      The Company  shall enter into an  appropriate  agency  agreement  with any
Security Agent not a party to this Indenture.  The agreement shall implement the
provisions of this  Indenture  that relate to such Security  Agent.  The Company
shall  notify the  Trustee of the name and address of any  Security  Agent not a
party to this  Indenture.  If the Company fails to maintain a Registrar,  Paying
Agent or Conversion Agent, the Trustee shall act as such.

      The  Company   initially   appoints  the  Trustee  as  Paying  Agent,  Bid
Solicitation Agent, Registrar and Conversion Agent.

2.04  PAYING AGENT TO HOLD MONEY IN TRUST.

      Each   Paying   Agent   shall  hold  in  trust  for  the  benefit  of  the
Securityholders  or the Trustee all moneys and other property held by the Paying
Agent for the  payment of the  Securities,  and shall  notify the Trustee of any
Default  by the  Company  in making  any such  payment.  While any such  Default
continues,  the Trustee  may  require a Paying  Agent to pay all money and other
property held by it to the Trustee. The Company at any time may require a Paying
Agent to pay all  money  and  other  property  held by it to the  Trustee.  Upon
payment  over to the Trustee,  the Paying Agent shall have no further  liability
for such money and other property. If the Company acts as Paying Agent, it shall
segregate and hold as a separate trust fund all money and other property held by
it as Paying Agent.

2.05  SECURITYHOLDER LISTS.

      The  Trustee  shall  preserve  in as  current  a  form  as  is  reasonably
practicable  the most recent list  available to it of the names and addresses of
Securityholders.  If the Trustee is not the Registrar, the Company shall furnish
to the Trustee on or before each  interest  payment date and at such other times
as the Trustee  may request in writing a list,  in such form and as of such date
as  the  Trustee  may  reasonably   require,  of  the  names  and  addresses  of
Securityholders.

2.06  TRANSFER AND EXCHANGE.

      Subject to Sections 2.15 and 2.16 hereof,  where  Securities are presented
to the Registrar  with a request to register  their transfer or to exchange them
for an equal principal amount of Securities of other  authorized  denominations,
the  Registrar  shall  register  the  transfer  or  make  the  exchange  if  its
requirements for such  transaction are met. To permit  registrations of transfer
and  exchanges,  the Trustee shall  authenticate  Securities at the  Registrar's
request.  The Company or the Trustee,  as the

                                      -9-
<PAGE>

case may be,  shall not be required to register  the transfer of or exchange any
Security  (i) for a period of fifteen  (15) days before  selecting,  pursuant to
Section 3.03, Securities to be redeemed or (ii) during a period beginning at the
opening  of  business  fifteen  (15)  days  before  the  mailing  of a notice of
redemption  of the  Securities  selected for  Redemption  under Section 3.04 and
ending at the close of  business  on the day of such  mailing  or (iii) that has
been selected for Redemption or for which a Purchase  Notice has been delivered,
and not withdrawn,  in accordance with this Indenture,  except the unredeemed or
unrepurchased portion of Securities being redeemed or repurchased in part.

      No service  charge shall be made for any transfer,  exchange or conversion
of Securities,  but the Company may require payment of a sum sufficient to cover
any  transfer  tax  or  similar  governmental  charge  that  may be  imposed  in
connection with any transfer,  exchange or conversion of Securities,  other than
exchanges  pursuant  to  Sections  2.10,  9.05 or 10.02,  or  Article  III,  not
involving any transfer.

2.07  REPLACEMENT SECURITIES.

      If the Holder of a Security  claims that the Security has been  mutilated,
lost,  destroyed or  wrongfully  taken,  the Company shall issue and the Trustee
shall  authenticate a replacement  Security upon surrender to the Trustee of the
mutilated  Security,  or upon  delivery  to the Trustee of evidence of the loss,
destruction  or  theft  of the  Security  satisfactory  to the  Trustee  and the
Company.  In the case of lost,  destroyed or  wrongfully  taken  Securities,  if
required by the Trustee or the  Company,  an  indemnity  must be provided by the
Holder that is reasonably satisfactory to the Trustee and the Company to protect
the Company,  the Trustee or any Security  Agent from any loss which any of them
may suffer if a Security is replaced. The Trustee may charge for its expenses in
replacing a Security.

      In case any such mutilated,  lost,  destroyed or wrongfully taken Security
has become or is about to become due and payable,  the Company in its discretion
may, instead of issuing a new Security, pay such Security when due.

      Every replacement Security is an additional obligation of the Company only
as provided in Section 2.08.

2.08  OUTSTANDING SECURITIES.

      Securities outstanding at any time are all the Securities authenticated by
the Trustee except for those  converted,  those cancelled by it, those delivered
to it  for  cancellation  and  those  described  in  this  Section  2.08  as not
outstanding.  Except to the extent provided in Section 2.09, a Security does not
cease to be  outstanding  because  the  Company  or one of its  Subsidiaries  or
Affiliates holds the Security.

      If a  Security  is  replaced  pursuant  to Section  2.07,  it ceases to be
outstanding  unless the Trustee  receives proof  satisfactory  to it, or a court
holds, that the replaced Security is held by a protected purchaser.

      If the Paying Agent (other than the Company)  holds on an Option  Purchase
Date,  Redemption  Date,  Fundamental  Change  Repurchase Date or Maturity Date,
money (and, if applicable as provided  herein and in accordance  herewith,  such
other  consideration  in which any  applicable  Make-Whole  Premium is  payable)
sufficient  to pay  the  aggregate  Option  Purchase  Price,  Redemption  Price,
Fundamental  Change  Repurchase  Price  (including  any  applicable   Make-Whole
Premium) or principal

                                      -10-
<PAGE>

amount,  as the case may be,  with  respect to all  Securities  to be  redeemed,
purchased or paid upon Purchase at Holder's Option, Redemption,  Repurchase Upon
Fundamental  Change  or  maturity,  as the case may be, in each  case  plus,  if
applicable, accrued and unpaid interest, if any, payable as herein provided upon
Purchase at Holder's Option,  Redemption,  Repurchase Upon Fundamental Change or
maturity, then (unless there shall be a Default in the payment of such aggregate
Option Purchase Price,  Redemption  Price,  Fundamental  Change Repurchase Price
(including any applicable  Make-Whole  Premium) or principal  amount, or of such
accrued and unpaid  interest)  on and after such date such  Securities  shall be
deemed to be no longer  outstanding,  interest on such Securities shall cease to
accrue,  and such Securities shall be deemed paid whether or not such Securities
are delivered to the Paying Agent. Thereafter, all rights of the Holders of such
Securities shall terminate with respect to such Securities, other than the right
to receive the Option  Purchase  Price,  Redemption  Price,  Fundamental  Change
Repurchase  Price  (including  any applicable  Make-Whole  Premium) or principal
amount,  as the case may be,  plus,  if  applicable,  such  accrued  and  unpaid
interest, in accordance with this Indenture.

      If a Security is converted in  accordance  with Article X, then,  from and
after the time of such  conversion on the Conversion  Date,  such Security shall
cease to be  outstanding,  and interest,  if any,  shall cease to accrue on such
Security.

2.09  SECURITIES HELD BY THE COMPANY OR AN AFFILIATE.

      In  determining  whether the Holders of the required  aggregate  principal
amount of  Securities  have  concurred  in any  direction,  waiver  or  consent,
Securities  owned by the Company or any of its  Subsidiaries or Affiliates shall
be  considered  as though not  outstanding,  except  that,  for the  purposes of
determining  whether  the  Trustee  shall be  protected  in  relying on any such
direction, waiver or consent, only Securities which a Responsible Officer of the
Trustee  knows are so owned shall be so  disregarded.  Securities so owned which
have been pledged in good faith may be considered to be outstanding for purposes
of this  Section 2.09 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,  and is not acting at the  direction  or on behalf of, the
Company, any other obligor on the Securities,  an Affiliate of the Company or an
affiliate of any such other obligor. In the event of a dispute as to whether the
pledgee has  established  the  foregoing,  the Trustee may rely on the advice of
counsel or on an Officer's Certificate.

2.10  TEMPORARY SECURITIES.

      Until  definitive  Securities  are ready for  delivery,  the  Company  may
prepare and the  Trustee  shall  authenticate  temporary  Securities.  Temporary
Securities shall be  substantially in the form of definitive  Securities but may
have variations that the Company considers appropriate for temporary Securities.
Without  unreasonable  delay,  the Company  shall  prepare and the Trustee shall
authenticate definitive Securities in exchange for temporary Securities.

2.11  CANCELLATION.

      The  Company  at any  time  may  deliver  Securities  to the  Trustee  for
cancellation.  The Registrar, Paying Agent and Conversion Agent shall forward to
the Trustee any Securities surrendered to them for transfer,  exchange,  payment
or conversion.  The Trustee shall promptly cancel all Securities

                                      -11-
<PAGE>

surrendered  for transfer,  exchange,  payment,  conversion or  cancellation  in
accordance  with  its  customary  procedures.  The  Company  may not  issue  new
Securities  to replace  Securities  that it has paid or delivered to the Trustee
for  cancellation  (other than in connection with  registrations  of transfer or
exchange  pursuant to Section  2.06) or that any  Securityholder  has  converted
pursuant to Article X.

2.12  DEFAULTED INTEREST.

      If and to the extent the Company  defaults in a payment of interest on the
Securities,  the Company shall pay in cash the defaulted  interest in any lawful
manner  plus,  to the  extent  not  prohibited  by  applicable  law,  statute or
regulation,  interest on such  defaulted  interest  at the rate  provided in the
Securities.  The Company may pay the defaulted  interest  (plus interest on such
defaulted  interest)  to the persons  who are  Securityholders  on a  subsequent
special record date. The Company shall fix such record date and payment date. At
least seven (7) calendar days before the record date,  the Company shall mail to
Securityholders a notice that states the record date, payment date and amount of
interest to be paid.

2.13  CUSIP NUMBERS.

      The Company in issuing the Securities may use one or more "CUSIP,"  "ISIN"
or other similar numbers,  and, if so, the Trustee shall use such CUSIP, ISIN or
other similar  numbers in notices of redemption or exchange as a convenience  to
Holders;  provided,  however, that no representation is hereby deemed to be made
by the Trustee as to the  correctness  or  accuracy of the CUSIP,  ISIN or other
similar numbers printed on the notice or on the  Securities;  provided  further,
that reliance may be placed only on the other identification  numbers printed on
the Securities,  and the  effectiveness of any such notice shall not be affected
by any defect in, or omission of, such CUSIP, ISIN or other similar numbers. The
Company shall promptly  notify the Trustee of any change in such CUSIP,  ISIN or
other similar numbers.

2.14  DEPOSIT OF MONEYS AND PROPERTY.

      Prior to 10:00 a.m.,  New York City time, on each  interest  payment date,
Maturity Date or Redemption Date, the Company shall have deposited with a Paying
Agent (or, if the Company is acting as its own Paying Agent,  segregate and hold
in trust in accordance with Section 2.04) money, in funds immediately  available
on such date,  sufficient  to make cash  payments due on such  interest  payment
date,  Maturity Date or Redemption  Date, as the case may be, in a timely manner
which  permits the Paying Agent to remit payment to the Holders on such interest
payment date,  Maturity Date or Redemption Date, as the case may be. The Company
shall make such  deposits of funds,  or, if  applicable,  segregate  and hold in
trust funds, with respect to each Purchase at Holder's Option or Repurchase Upon
Fundamental  Change  in the  manner  set forth in  Section  3.08(C)  or  Section
3.09(C), respectively.

2.15  BOOK-ENTRY PROVISIONS FOR GLOBAL SECURITIES.

      (A) The Global Securities initially shall (i) be registered in the name of
the  Depositary  or the  nominee of the  Depositary,  (ii) be  delivered  to the
Trustee as custodian for the  Depositary  and (iii) bear legends as set forth in
Section 2.17.

                                      -12-
<PAGE>

      Members  of, or  participants  in,  the  Depositary  ("Participants")  and
holders or owners of beneficial  interests in any Global  Security shall have no
rights under this  Indenture  with respect to any Global  Security held on their
behalf by the Depositary,  or the Trustee as its custodian,  or under the Global
Security,  and the Depositary may be treated by the Company, the Trustee and any
agent of the Company or the Trustee as the absolute owner of the Global Security
for all purposes  whatsoever.  None of the Company,  the Trustee or any agent of
the Company or the Trustee  shall have any  responsibility  or liability for any
aspect of the records relating to, or payments made on account of, any interests
in a Global  Security  other than interests as a record holder  thereof,  or for
maintaining,  supervising  or  reviewing  any  records  relating  to  beneficial
ownership  interests in a Global  Security.  The  Company,  the Trustee and each
agent  of the  Company  or the  Trustee  shall  be  entitled  to deal  with  the
Depositary, and any nominee thereof, for all purposes of this Indenture relating
to such Global Security  (including the payment of principal,  premium,  if any,
interest, if any, amounts payable upon conversion, the Option Purchase Price, if
any,  and  Fundamental  Change  Repurchase  Price,  if any,  and the  giving  of
instructions  or  directions  by or to  the  owner  or  holder  of a  beneficial
ownership  interest in such Global  Security)  as the sole Holder of such Global
Security and shall have no obligations to the beneficial owners thereof. None of
the Company,  the Trustee or any Security Agent shall have any responsibility or
liability  for any acts or  omissions  of the  Depositary  with  respect to such
Global Security, for the records of the Depositary, including records in respect
of beneficial  ownership  interests in respect of such Global Security,  for any
transactions  between the Depositary and any Participant or between or among the
Depositary,  any Participant and/or any holder or owner of a beneficial interest
in such Global  Security or for any  transfers of  beneficial  interests in such
Global Security. Notwithstanding the foregoing, 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
the  Depositary or impair,  as between the  Depositary  and  Participants  or as
between Participants and any such owners or holders of beneficial interests, the
operation  of  customary  practices  governing  the  exercise of the rights of a
Holder of any Security.

      (B) Transfers of Global Securities shall be limited to transfers in whole,
but not in part, to the Depositary, its successors or their respective nominees.
In addition,  Physical Securities shall be transferred to all beneficial owners,
as identified by the Depositary,  in exchange for their beneficial  interests in
Global  Securities  only if (i) the  Depositary  notifies  the Company  that the
Depositary  is  unwilling  or unable to  continue as  depositary  for any Global
Security (or the Depositary  ceases to be a "clearing  agency"  registered under
Section 17A of the Exchange Act) and a successor  Depositary is not appointed by
the Company within ninety (90) days of such notice or cessation or (ii) an Event
of Default has  occurred  and is  continuing  and the  Registrar  has received a
written request from the Depositary to issue Physical Securities.

      (C) In connection  with the transfer of a Global  Security in its entirety
to beneficial owners pursuant to Section 2.15(B),  such Global Security shall be
deemed to be surrendered to the Trustee for cancellation,  and the Company shall
execute,  and the  Trustee  shall upon  written  instructions  from the  Company
authenticate and deliver,  to each beneficial owner identified by the Depositary
in  exchange  for its  beneficial  interest in such  Global  Security,  an equal
aggregate principal amount of Physical Securities of authorized denominations.

      (D) Any Physical Security  constituting a Restricted Security delivered in
exchange for an interest in a Global Security pursuant to Section 2.15(B) shall,
except as otherwise provided by Section 2.16, bear the Private Placement Legend.

                                      -13-
<PAGE>

      (E) The Holder of any Global  Security  may grant  proxies  and  otherwise
authorize any Person, including Participants and Persons that may hold interests
through  Participants,  to take any action  which a Holder is  entitled  to take
under this Indenture or the Securities.

2.16  SPECIAL TRANSFER PROVISIONS.

      (A)   Restrictions   on  Transfer  and  Exchange  of  Global   Securities.
Notwithstanding  any other provisions of this Indenture,  but except as provided
in Section 2.15(B),  a Global Security may not be transferred  except as a whole
by  the  Depositary  to a  nominee  of the  Depositary  or by a  nominee  of the
Depositary  to the  Depositary  or another  nominee of the  Depositary or by the
Depositary  or any such nominee to a successor  Depositary  or a nominee of such
successor Depositary.

      (B) Private Placement Legend.  Upon the transfer,  exchange or replacement
of  Securities  not bearing the  Private  Placement  Legend,  the  Registrar  or
co-Registrar  shall deliver  Securities  that do not bear the Private  Placement
Legend.  Upon the transfer,  exchange or replacement  of Securities  bearing the
Private  Placement  Legend,  the  Registrar or  co-Registrar  shall deliver only
Securities  that bear the  Private  Placement  Legend  unless (i) the  requested
transfer  is after  the  Resale  Restriction  Termination  Date,  (ii)  there is
delivered  to the  Trustee  and the  Company an  opinion  of counsel  reasonably
satisfactory  to the  Company  and  addressed  to the Company to the effect that
neither  such legend nor the related  restrictions  on transfer  are required in
order to maintain  compliance with the provisions of the Securities Act or (iii)
such  Security  has been sold  pursuant to an effective  registration  statement
under the Securities Act and the Holder selling such Securities has delivered to
the Registrar or co-Registrar a notice in the form of Exhibit C hereto. Upon the
effectiveness,  under the Securities Act, of the "Shelf Registration  Statement"
(as defined in the Registration Rights Agreement),  the Company shall deliver to
the Trustee a notice of effectiveness,  a Global Security or Global  Securities,
which do not bear the  Private  Placement  Legend,  an  authentication  order in
accordance with Section 2.02,  and, if required by the  Depositary,  the Company
shall deliver to the Depositary a letter of representations in a form reasonably
acceptable  to the  Depositary.  Upon the  effectiveness  of any  post-effective
amendment to the "Shelf Registration  Statement" (as defined in the Registration
Rights Agreement) and upon the  effectiveness,  under the Securities Act, of any
"Subsequent Shelf Registration Statement" (as defined in the Registration Rights
Agreement),  the Company shall deliver to the Trustee a notice of effectiveness.
Upon any sale,  pursuant  to a Shelf  Registration  Statement,  of a  beneficial
interest in a Global Security that theretofore constituted a Restricted Security
and delivery of appropriate  evidence thereof to the Trustee,  and upon any sale
or  transfer  of a  beneficial  interest  in  connection  with which the Private
Placement Legend shall be removed in accordance with this Indenture, the Trustee
shall  increase  the  principal  amount  of the  Global  Security  that does not
constitute  a  Restricted  Security  by the  principal  amount  of such  sale or
transfer and likewise  reduce the principal  amount of the Global  Security that
does constitute a Restricted Security.

      (C)  General.  By its  acceptance  of any  Security  bearing  the  Private
Placement Legend,  each Holder of such a Security  acknowledges the restrictions
on  transfer of such  Security  set forth in this  Indenture  and in the Private
Placement Legend and agrees that it will transfer such Security only as provided
in this Indenture.

      The  Registrar  shall  retain  copies of all  letters,  notices  and other
written  communications  received pursuant to Section 2.15 or this Section 2.16.
The Company shall have the right to inspect

                                      -14-
<PAGE>

and make copies of all such letters,  notices or other written communications at
any  reasonable  time  upon the  giving  of  reasonable  written  notice  to the
Registrar.

      (D)  Transfers of  Securities  Held by  Affiliates.  Any  certificate  (i)
evidencing a Security that has been  transferred to an Affiliate  within two (2)
years after the Issue Date,  as evidenced by a notation on the  assignment  form
for such transfer or in the  representation  letter delivered in respect thereof
or (ii)  evidencing a Security that has been  acquired from an Affiliate  (other
than by an Affiliate) in a transaction or a chain of transactions  not involving
any public offering, shall, until two (2) years after the last date on which the
Company or any Affiliate was an owner of such Security (or such longer period of
time as may be required under the Securities Act or applicable  state securities
laws), in each case, bear the Private Placement Legend,  unless otherwise agreed
by the Company (with written notice thereof to the Trustee).

      (E)  Compliance  with  Transfer  Restrictions.  None of the Trustee or any
agent  of the  Company  or the  Trustee  shall  have any  obligation  or duty to
monitor, determine or inquire as to compliance with any restrictions on transfer
that may be imposed under this Indenture with respect to the Securities or under
applicable law with respect to any transfer of any interest in any such Security
(including any transfers  between or among the  Depositary,  or its nominee,  in
respect  of a Global  Security,  any  Participant  or any  owners or  holders of
beneficial  interests  in any  such  global  Security),  other  than to  require
delivery  of such  certificates  and  other  documentation  or  evidence  as are
expressly required by, and to do so if and when expressly required by, the terms
of such  Securities  or of this  Indenture  and to examine the same to determine
substantial compliance as to form with the express requirements thereof.

2.17  LEGENDS.

      Each Global Security and Physical  Security that  constitutes a Restricted
Security shall bear the legend (the "Private  Placement Legend") as set forth in
Exhibit B-1 on the face thereof until after the second  anniversary of the later
of (i) the  Issue  Date  and (ii) the last  date on  which  the  Company  or any
Affiliate was the owner of such Security (or any predecessor  security) (or such
shorter  period of time as permitted by Rule 144(k) under the  Securities Act or
any  successor  provision  thereunder)  (or such longer period of time as may be
required under the Securities Act or applicable  state  securities  laws, as set
forth in an Opinion of Counsel,  unless otherwise agreed between the Company and
the Holder thereof) (such date, the "Resale Restriction Termination Date").

      Each Security shall bear the legend set forth in Exhibit B-2.

      Each  Global  Security  shall also bear the legend as set forth in Exhibit
B-3.

                         III. REDEMPTION AND REPURCHASE

3.01  RIGHT OF REDEMPTION.

      (A)  Redemption of the  Securities,  as permitted by any provision of this
Indenture, shall be made:

                                      -15-
<PAGE>

            (i)  with  respect  to a  repurchase  at the  Company's  option,  in
      accordance with paragraphs 6 and 7 of the Securities (a "Redemption"),

            (ii)  with  respect  to a  repurchase  at the  Holder's  option,  in
      accordance  with  paragraph 8 of the  Securities  (a "Purchase at Holder's
      Option") and

            (iii) with respect to any repurchase upon a Fundamental  Change,  in
      accordance  with  paragraph  9  of  the  Securities  (a  "Repurchase  Upon
      Fundamental Change"),

      in each case in accordance with the applicable  provisions of this Article
III.

      (B) The Company shall not have the right to redeem any Securities prior to
November 15, 2011. The Company shall have the right, at the Company's option, at
any  time,  and from time to time,  on a  Redemption  Date  which is on or after
November  15,  2011,  to  redeem  all or any part of the  Securities  at a price
payable in cash equal to the Redemption  Price plus accrued and unpaid interest,
if any, to, but excluding, the Redemption Date.

      (C) Securities in denominations larger than $2,000 principal amount may be
redeemed  in part but only in integral  multiples  of $1,000  principal  amount,
subject to the restrictions set forth in Section 2.02.

3.02  NOTICES TO TRUSTEE.

      If the Company elects to redeem Securities  pursuant to paragraph 6 of the
Securities,  it shall notify the Trustee of the Redemption  Date, the applicable
provision of this  Indenture  pursuant to which the Redemption is to be made and
the aggregate principal amount of Securities to be redeemed,  which notice shall
be  provided  to the  Trustee by the Company at least five (5) days prior to the
mailing,  in accordance with Section 3.04, of the notice of Redemption (unless a
shorter notice period shall be satisfactory to the Trustee).

3.03  SELECTION OF SECURITIES TO BE REDEEMED.

      If the Company has elected to redeem less than all the Securities pursuant
to paragraph 6 of the Securities, the Trustee shall, within three (3) days after
receiving  the notice  specified in Section  3.02,  select the  Securities to be
redeemed by lot, on a pro rata basis or in accordance  with any other method the
Trustee  considers fair and  appropriate.  The Trustee shall make such selection
from  Securities  then  outstanding  and not already to be redeemed by virtue of
having been previously  called for Redemption.  Subject to the  restrictions set
forth in Section  2.02,  the Trustee may select for  Redemption  portions of the
principal  amount of  Securities  that have  denominations  larger  than  $1,000
principal  amount.  Securities  and  portions  of them the  Trustee  selects for
Redemption shall be in amounts of $1,000 principal amount or integral  multiples
of $1,000  principal  amount.  The Trustee shall promptly  notify the Company in
writing of the  Securities  selected for  Redemption  and the  principal  amount
thereof to be redeemed.

      The Registrar need not register the transfer of or exchange any Securities
that have been selected for  Redemption,  except the  unredeemed  portion of the
Securities  being  redeemed in part  (subject to the  restrictions  set forth in
Section 2.02). The Registrar need not issue, authenticate,

                                      -16-
<PAGE>

register  the  transfer of or exchange any Security for a period of fifteen (15)
days before selecting, pursuant to this Section 3.03, Securities to be redeemed.

3.04  NOTICE OF REDEMPTION.

      At least  thirty  (30) days but not more  than  sixty  (60) days  before a
Redemption  Date, the Company shall mail, or cause to be mailed,  by first-class
mail a notice of Redemption to each Holder whose  Securities are to be redeemed,
at the address of such Holder appearing in the security register.

      The notice  shall  identify the  Securities  and the  aggregate  principal
amount thereof to be redeemed pursuant to the Redemption and shall state:

            (i) the Redemption Date;

            (ii) the Redemption Price plus accrued and unpaid interest,  if any,
      to, but excluding, the Redemption Date;

            (iii) the Conversion Rate and the Conversion Price;

            (iv) the names and addresses of the Paying Agent and the  Conversion
      Agent;

            (v) that  Holders who want to convert  Securities  must  satisfy the
      requirements of Article X;

            (vi)  the  paragraph  of  the  Securities   pursuant  to  which  the
      Securities are to be redeemed;

            (vii) that  Securities  called for Redemption must be surrendered to
      the Paying Agent to collect the  Redemption  Price plus accrued and unpaid
      interest, if any, payable as herein provided upon Redemption;

            (viii)  that,  unless there shall be a Default in the payment of the
      Redemption Price or accrued and unpaid interest, if any, payable as herein
      provided upon  Redemption,  interest on Securities  called for  Redemption
      ceases to accrue on and after the Redemption  Date,  such  Securities will
      cease to be  convertible  after the close of business on the  Business Day
      immediately  preceding the Redemption  Date, and all rights of the Holders
      of such Securities shall terminate on and after the Redemption Date, other
      than the  right to  receive,  upon  surrender  of such  Securities  and in
      accordance with this Indenture,  the Redemption Price and such accrued and
      unpaid interest; and

            (ix) the CUSIP, ISIN or other similar number or numbers, as the case
      may be, of the Securities.

      The  right,  pursuant  to  Article  X, to  convert  Securities  called for
Redemption  shall  terminate  at the  close  of  business  on the  Business  Day
immediately  preceding the Redemption  Date,  unless there shall be a Default in
the  payment of the  Redemption  Price or accrued and unpaid  interest,  if any,
payable as herein provided upon Redemption.

                                      -17-
<PAGE>

      At the Company's request,  upon reasonable prior notice, the Trustee shall
mail the  notice  of  Redemption  in the  Company's  name  and at the  Company's
expense;  provided,  however,  that the form and content of such notice shall be
prepared by the Company.

3.05  EFFECT OF NOTICE OF REDEMPTION.

      Once notice of  Redemption  is mailed,  Securities  called for  Redemption
shall become due and payable on the Redemption Date at the Redemption Price plus
accrued and unpaid interest to, but excluding,  the Redemption Date, and, on and
after such  Redemption  Date (unless  there shall be a Default in the payment of
the Redemption Price or such accrued and unpaid interest), such Securities shall
cease to bear interest,  and all rights of the Holders of such Securities  shall
terminate,  other than the right to receive,  upon surrender of such  Securities
and in accordance with the next sentence,  the Redemption Price and such accrued
and unpaid interest. Upon surrender to the Paying Agent of a Security subject to
Redemption,  such  Security  shall  be paid,  to the  Holder  surrendering  such
Security,  at the  Redemption  Price plus  accrued and unpaid  interest  to, but
excluding,  the Redemption Date; provided,  however, that if the Redemption Date
is an interest  payment  date,  the interest  becoming due on such date shall be
paid to the Holder of record of such  Security  at the close of  business on the
record date for such  interest  payment and shall not be included in the accrued
and unpaid interest otherwise payable upon Redemption.

      If any Security  shall not be fully and duly paid upon  surrender  thereof
for  Redemption,  the  principal  of, and accrued and unpaid  interest  on, such
Security shall,  until paid,  bear interest from, and including,  the Redemption
Date at the  rate  borne  by  such  Security  on the  principal  amount  of such
Security, and such Security shall continue to be convertible pursuant to Article
X.

      Notwithstanding  anything  herein  to  the  contrary,  there  shall  be no
purchase of any Securities pursuant to a Redemption if there has occurred (prior
to, on or after,  as the case may be, the  mailing  of the notice of  Redemption
specified in Section 3.04) and is  continuing an Event of Default  (other than a
Default in the payment of the Redemption  Price or accrued and unpaid  interest,
if any,  payable as herein  provided  upon  Redemption).  The Paying Agent shall
promptly  return to the respective  Holders  thereof any  Securities  held by it
during the continuance of such an Event of Default.

3.06  DEPOSIT OF REDEMPTION PRICE.

      Prior to 10:00  a.m.,  New York City time,  on the  Redemption  Date,  the
Company  shall  deposit with a Paying Agent (or, if the Company is acting as its
own Paying Agent,  segregate and hold in trust in accordance  with Section 2.04)
money, in funds immediately  available on the Redemption Date, sufficient to pay
the Redemption  Price,  plus accrued and unpaid interest to, but excluding,  the
Redemption Date, of all Securities to be redeemed on that date. The Paying Agent
shall return to the Company, as soon as practicable,  any money not required for
that purpose.

3.07  SECURITIES REDEEMED IN PART.

      Any  Security  to be  submitted  for  Redemption  only  in part  shall  be
delivered  pursuant  to Section  3.05  (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 its attorney duly authorized in writing),  and the Company shall execute, and
the Trustee shall  authenticate and make available for delivery to the Holder of
such Security  without

                                      -18-
<PAGE>

service charge, a new Security or Securities,  of any authorized denomination as
requested by such Holder,  of the same tenor and in aggregate  principal  amount
equal to the portion of such Security not submitted for  Redemption,  subject to
the restrictions set forth in Section 2.02.

      If any Security selected for partial  Redemption is converted in part, the
principal  of such  Security  subject  to  Redemption  shall be  reduced  by the
principal amount of such Security that is converted, subject to the restrictions
set forth in Section 2.02.

3.08  PURCHASE OF SECURITIES AT OPTION OF THE HOLDER.

      (A) At the option of the Holder thereof,  Securities (or portions  thereof
that are integral multiples of $1,000 in principal amount) shall be purchased by
the Company  pursuant to  paragraph 8 of the  Securities  on November  15, 2011,
November 15, 2014 and November 15, 2019 (each, an "Option Purchase Date"),  at a
purchase  price,  payable in cash,  equal to one hundred  percent  (100%) of the
principal amount of the Securities (or such portions thereof) to be so purchased
(the "Option Purchase Price"), plus accrued and unpaid interest, if any, to, but
excluding, the applicable Option Purchase Date, upon:

            (i)  delivery  to the  Company  (if it is acting  as its own  Paying
      Agent), or to a Paying Agent designated by the Company for such purpose in
      the Option Purchase Notice,  by such Holder,  at any time from the opening
      of  business on the date that is twenty  (20)  Business  Days prior to the
      applicable  Option  Purchase  Date  until  the  close of  business  on the
      Business Day immediately preceding the applicable Option Purchase Date, of
      a Purchase  Notice,  in the form set forth in the  Securities or any other
      form of written notice  substantially  similar thereto, in each case, duly
      completed and signed, with appropriate signature guarantee, stating:

                  (a) if the  Securities  are  held in  certificated  form,  the
            certificate  number(s)  of the  Securities  which  the  Holder  will
            deliver to be purchased;

                  (b) the principal amount of Securities to be purchased,  which
            must be an integral multiple of $1,000; and

                  (c)  that  such  principal  amount  of  Securities  are  to be
            purchased as of the applicable  Option Purchase Date pursuant to the
            terms and conditions  specified in paragraph 8 of the Securities and
            in this Indenture; and

            (ii)  delivery  to the  Company  (if it is acting as its own  Paying
      Agent), or to a Paying Agent designated by the Company for such purpose in
      the Option  Purchase  Notice,  at any time after delivery of such Purchase
      Notice,  of such  Securities  (together with all necessary  endorsements),
      such  delivery  being a  condition  to receipt by the Holder of the Option
      Purchase Price therefor plus accrued and unpaid interest,  if any, payable
      as herein provided upon Purchase at Holder's Option.

      If such Securities are held in book-entry form through the Depositary, the
Purchase Notice shall comply with applicable procedures of the Depositary.

                                      -19-
<PAGE>

      Upon such  delivery of  Securities  to the Company (if it is acting as its
own Paying Agent) or such Paying Agent, such Holder shall be entitled to receive
from the Company or such  Paying  Agent,  as the case may be, a  nontransferable
receipt of deposit evidencing such delivery.

      Notwithstanding  anything  herein to the  contrary,  any  Holder  that has
delivered  the  Purchase  Notice  contemplated  by this  Section  3.08(A) to the
Company  (if  it is  acting  as its  own  Paying  Agent)  or to a  Paying  Agent
designated by the Company for such purpose in the Option  Purchase  Notice shall
have the right to withdraw such Purchase  Notice by delivery,  at any time prior
to the  close  of  business  on  the  Business  Day  immediately  preceding  the
applicable  Option  Purchase  Date,  of a written  notice of  withdrawal  to the
Company (if acting as its own Paying  Agent) or the Paying  Agent,  which notice
shall contain the information specified in Section 3.08(B)(vii).

      The Paying Agent shall promptly notify the Company of the receipt by it of
any Purchase Notice or written notice of withdrawal thereof.

      (B) The Company shall give notice (the "Option Purchase Notice") on a date
not less than twenty (20)  Business  Days prior to each Option  Purchase Date to
all Holders at their  addresses  shown in the register of the  Registrar  and to
beneficial owners as required by applicable law. Such notice shall state:

            (i) the Option Purchase Price plus accrued and unpaid  interest,  if
      any, to, but excluding, such Option Purchase Date and the Conversion Rate;

            (ii) the names and addresses of the Paying Agent and the  Conversion
      Agent;

            (iii) that  Securities  with  respect to which a Purchase  Notice is
      given by a Holder may be  converted  pursuant  to Article X, if  otherwise
      convertible in accordance with Article X, only if such Purchase Notice has
      been withdrawn in accordance with this Section 3.08 or if there shall be a
      Default in the  payment of such  Option  Purchase  Price or in accrued and
      unpaid  interest,  if any,  payable as herein  provided  upon  Purchase at
      Holder's Option;

            (iv) that  Securities  must be  surrendered  to the Paying  Agent to
      collect  payment of the Option  Purchase  Price  plus  accrued  and unpaid
      interest,  if any,  payable as herein  provided  upon Purchase at Holder's
      Option;

            (v)  that  the  Option  Purchase  Price,  plus  accrued  and  unpaid
      interest,  if any, to, but excluding,  such Option  Purchase Date, for any
      Security  as to which a Purchase  Notice has been given and not  withdrawn
      will be paid as  promptly as  practicable,  but in no event more than five
      (5) Business Days, following the later of such Option Purchase Date or the
      time of delivery of the Security as described in clause (iv) above;

            (vi) the procedures the Holder must follow to exercise  rights under
      this Section 3.08 (including the name and address of the Paying Agent) and
      a brief description of those rights;

            (vii) that a Holder will be entitled to withdraw its election in the
      Purchase  Notice if the Company (if acting as its own Paying Agent) or the
      Paying Agent  receives,  at any time prior to the close of business on the
      Business Day immediately preceding the applicable

                                      -20-
<PAGE>

      Option  Purchase  Date, or such longer period as may be required by law, a
      letter  or  facsimile  transmission  (receipt  of which is  confirmed  and
      promptly  followed by a letter) setting forth (I) the name of such Holder,
      (II) a statement  that such  Holder is  withdrawing  its  election to have
      Securities  purchased by the Company on such Option Purchase Date pursuant
      to a Purchase  at Holder's  Option,  (III) if the  Securities  are held in
      certificated  form,  the  certificate  number of such  Securities to be so
      withdrawn,  (IV) the principal  amount of the Securities of such Holder to
      be so  withdrawn,  which  amount  must be $1,000 or an  integral  multiple
      thereof and (V) the principal  amount,  if any, of the  Securities of such
      Holder that remain subject to the Purchase Notice delivered by such Holder
      in accordance  with this Section  3.08,  which amount must be $1,000 or an
      integral multiple thereof;

            (viii)  that,  on and  after the  applicable  Option  Purchase  Date
      (unless  there shall be a Default in the  payment of such Option  Purchase
      Price or such accrued and unpaid interest), interest on Securities subject
      to Purchase at Holder's Option will cease to accrue, such Securities shall
      cease to be  convertible  pursuant  to  Article  X, and all  rights of the
      Holders  of such  Securities  shall  terminate,  other  than the  right to
      receive,  upon surrender of such  Securities  and in accordance  with this
      Section  3.08,  the  Option  Purchase  Price and such  accrued  and unpaid
      interest; and

            (ix) the CUSIP,  ISIN or similar number or numbers,  as the case may
      be, of the Securities.

      At the Company's request,  upon reasonable prior notice, the Trustee shall
mail such Option  Purchase  Notice in the  Company's  name and at the  Company's
expense;  provided,  however,  that the form and content of such Option Purchase
Notice shall be prepared by the Company.

      No failure of the Company to give an Option  Purchase  Notice  shall limit
any  Holder's  right to  exercise  its rights to require the Company to purchase
such Holder's Securities pursuant to a Purchase at Holder's Option.

      (C) Subject to the  provisions  of this Section  3.08,  the Company  shall
deposit  with a Paying  Agent  (or,  if the  Company is acting as its own Paying
Agent,  segregate and hold in trust in accordance  with Section 2.04) money,  in
immediately  available funds,  sufficient to pay the Option Purchase Price, plus
accrued and unpaid interest,  if any, to, but excluding,  the applicable  Option
Purchase  Date,  with respect to each  Security  subject to Purchase at Holder's
Option as promptly  as  practicable  but in no event later than 10:00 a.m.,  New
York City time,  on the date that is the fifth  Business Day following the later
of such  Option  Purchase  Date and the time such  Security  (together  with all
necessary  endorsements)  is surrendered  to the Paying Agent.  The Paying Agent
shall return to the Company, as soon as practicable,  any money not required for
that purpose.

      (D) Subject to Section  3.08(C),  once the  Purchase  Notice has been duly
delivered in accordance  with this Section 3.08,  the Securities to be purchased
pursuant to the Purchase at Holder's  Option  shall,  on the  applicable  Option
Purchase Date, become due and payable at the Option Purchase Price (plus accrued
and unpaid  interest,  if any, to, but  excluding,  such Option  Purchase  Date)
applicable thereto, and, on and after such date (unless there shall be a Default
in the  payment  of the  Option  Purchase  Price  or  such  accrued  and  unpaid
interest),  such  Securities  shall cease to bear interest and shall cease to be
convertible  pursuant  to  Article  X, and all  rights  of the  Holders  of such
Securities

                                      -21-
<PAGE>

shall  terminate,  other  than the right to  receive,  in  accordance  with this
Section 3.08, the Option Purchase Price and such accrued and unpaid interest.

      (E)  Securities  with  respect  to which a  Purchase  Notice has been duly
delivered in  accordance  with this  Section  3.08 may be converted  pursuant to
Article X, if otherwise  convertible in accordance  with Article X, only if such
Purchase  Notice has been  withdrawn in accordance  with this Section 3.08 or if
there shall be a Default in the payment of the Option  Purchase  Price or in the
accrued and unpaid interest, if any, payable as herein provided upon Purchase at
Holder's Option.

      (F) Subject to Section  3.08(C),  if any  Security  shall not be paid upon
surrender thereof for Purchase at Holder's Option, the principal of, and accrued
and unpaid interest on, such Security shall, until paid, bear interest from, and
including,  the  applicable  Option  Purchase  Date at the  rate  borne  by such
Security on the  principal  amount of such  Security,  and such  Security  shall
continue to be convertible pursuant to Article X.

      (G) Any Security which is to be submitted for Purchase at Holder's  Option
only in part shall be  delivered  pursuant to this  Section  3.08 (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 its attorney  duly  authorized  in writing),  and the
Company shall execute, and the Trustee shall authenticate and make available for
delivery to the Holder of such Security  without service charge,  a new Security
or Securities,  of any authorized  denomination as requested by such Holder,  of
the same tenor and in  aggregate  principal  amount equal to the portion of such
Security not submitted for Purchase at Holder's Option.

      (H) Notwithstanding anything herein to the contrary, the Company shall not
be required to purchase  any  Securities  pursuant to this Section 3.08 if there
has  occurred  (prior to, on or after,  as the case may be, the  giving,  by the
Holders of such Securities,  of the required  Purchase Notice) and is continuing
an Event of Default (other than a Default in the payment of the Option  Purchase
Price or accrued and unpaid  interest,  if any,  payable as herein provided upon
Purchase at Holder's  Option).  The Paying  Agent shall  promptly  return to the
respective  Holders  thereof any Securities held by it during the continuance of
an Event of Default (other than a Default in the payment of the Option  Purchase
Price or such accrued and unpaid interest).

      (I) Notwithstanding anything herein to the contrary, if the option granted
to Holders to require the purchase of the  Securities on the  applicable  Option
Purchase Date is  determined  to  constitute a tender  offer,  the Company shall
comply with all  applicable  tender  offer rules under the  Exchange Act and the
rules  thereunder,  including  Rule 13e-4 and  Regulation 14E under the Exchange
Act,  and with all other  applicable  laws,  and shall file a Schedule TO or any
other  schedules  required  under the Exchange Act, the rules  thereunder or any
other applicable laws.

3.09  REPURCHASE AT OPTION OF HOLDER UPON A FUNDAMENTAL CHANGE.

      (A) In the event any  Fundamental  Change (as defined  below) shall occur,
each  Holder  of  Securities  shall  have the  right  (the  "Fundamental  Change
Repurchase  Right"),  at  such  Holder's  option,  to  require  the  Company  to
repurchase  all of such  Holder's  Securities  (or  portions  thereof  that  are
integral  multiples of $1,000 in principal  amount),  on a date  selected by the
Company (the "Fundamental  Change Repurchase  Date"),  which Fundamental  Change
Repurchase  Date shall be no

                                      -22-
<PAGE>

later than thirty (30)  Trading  Days,  and no earlier  than twenty (20) Trading
Days, after the date the Fundamental  Change Notice (as defined below) is mailed
in  accordance  with  Section  3.09(B),  and  no  earlier  than  the  date  such
Fundamental Change occurs, at a price, payable in cash (except,  with respect to
any applicable  Make-Whole  Premium, to the extent provided in Section 3.09(J)),
equal to one hundred  percent  (100%) of the principal  amount of the Securities
(or portions thereof) to be so repurchased (the  "Fundamental  Change Repurchase
Price"),  plus  accrued and unpaid  interest,  if any,  to, but  excluding,  the
Fundamental  Change Repurchase Date, plus, as determined in accordance with, and
in the  manner  and  form as set  forth  in,  Section  3.09(J),  any  applicable
Make-Whole Premium, upon:

            (i)  delivery  to the  Company  (if it is acting  as its own  Paying
      Agent), or to a Paying Agent designated by the Company for such purpose in
      the Fundamental  Change Notice, no later than the close of business on the
      Business Day immediately preceding the Fundamental Change Repurchase Date,
      of a Purchase Notice, in the form set forth in the Securities or any other
      form of written notice  substantially  similar thereto, in each case, duly
      completed and signed, with appropriate signature guarantee, stating:

                  (a) if the  Securities  are  held in  certificated  form,  the
            certificate  number(s)  of the  Securities  which  the  Holder  will
            deliver to be repurchased;

                  (b) the  principal  amount of  Securities  to be  repurchased,
            which must be $1,000 or an integral multiple thereof; and

                  (c)  that  such  principal  amount  of  Securities  are  to be
            repurchased  pursuant  to the  terms  and  conditions  specified  in
            paragraph 9 of the Securities and in this Indenture; and

            (ii)  delivery  to the  Company  (if it is acting as its own  Paying
      Agent), or to a Paying Agent designated by the Company for such purpose in
      the  Fundamental  Change  Notice,  at any time after the  delivery of such
      Purchase  Notice,   of  such  Securities   (together  with  all  necessary
      endorsements)  with  respect to which the  Fundamental  Change  Repurchase
      Right is being  exercised,  such delivery  being a condition to receipt by
      the  Holder of the  Fundamental  Change  Repurchase  Price  therefor  plus
      accrued  and unpaid  interest,  if any,  payable as herein  provided  upon
      Repurchase Upon Fundamental Change.

      If such Securities are held in book-entry form through the Depositary, the
Purchase Notice shall comply with applicable procedures of the Depositary.

      Upon such  delivery of  Securities  to the Company (if it is acting as its
own Paying Agent) or such Paying Agent, such Holder shall be entitled to receive
from the Company or such  Paying  Agent,  as the case may be, a  nontransferable
receipt of deposit evidencing such delivery.

      Notwithstanding  anything  herein to the  contrary,  any  Holder  that has
delivered  the  Purchase  Notice  contemplated  by this  Section  3.09(A) to the
Company  (if  it is  acting  as its  own  Paying  Agent)  or to a  Paying  Agent
designated  by the Company for such  purpose in the  Fundamental  Change  Notice
shall have the right to withdraw such Purchase  Notice by delivery,  at any time
prior to the close of business on the Business  Day  immediately  preceding  the
Fundamental  Change  Repurchase  Date, of a

                                      -23-
<PAGE>

written  notice of withdrawal to the Company (if acting as its own Paying Agent)
or the Paying  Agent,  which notice shall contain the  information  specified in
Section 3.09(B)(xi).

      The Paying Agent shall promptly notify the Company of the receipt by it of
any Purchase Notice or written notice of withdrawal thereof.

      (B) Within fifteen (15) days after the occurrence of a Fundamental Change,
the Company shall mail,  or cause to be mailed,  to all Holders of record of the
Securities at their  addresses  shown in the register of the  Registrar,  and to
beneficial  owners as required  by  applicable  law, a notice (the  "Fundamental
Change Notice") of the occurrence of such Fundamental Change and the Fundamental
Change Repurchase Right arising as a result thereof. The Company shall deliver a
copy of the  Fundamental  Change Notice to the Trustee and shall cause a copy to
be  published  at the  expense of the  Company in THE NEW YORK TIMES or THE WALL
STREET JOURNAL or another newspaper of national circulation.

      Each Fundamental Change Notice shall state:

            (i) the events causing the Fundamental Change;

            (ii) the date of such Fundamental Change;

            (iii) the Fundamental Change Repurchase Date;

            (iv) the date by which the Fundamental  Change Repurchase Right must
      be exercised;

            (v) the Fundamental  Change Repurchase Price plus accrued and unpaid
      interest,  if any, to, but excluding,  the Fundamental  Change  Repurchase
      Date and, if applicable, the Make-Whole Premium;

            (vi) if a  Make-Whole  Premium  shall be payable as provided  herein
      with  respect  to  such  Fundamental   Change,  the  form  and  amount  of
      consideration in which such Make-Whole Premium shall be paid;

            (vii) the names and addresses of the Paying Agent and the Conversion
      Agent;

            (viii) a description of the procedures which a Holder must follow to
      exercise the Fundamental Change Repurchase Right;

            (ix) that, in order to exercise the  Fundamental  Change  Repurchase
      Right,  the Securities  must be surrendered for payment of the Fundamental
      Change Repurchase Price plus accrued and unpaid interest,  if any, payable
      as herein  provided upon  Repurchase  Upon  Fundamental  Change,  plus any
      applicable Make-Whole Premium;

            (x) that,  on and after  such  Fundamental  Change  Repurchase  Date
      (unless there shall be a Default in the payment of such Fundamental Change
      Repurchase  Price  or such  accrued  and  unpaid  interest),  interest  on
      Securities  subject to Repurchase  Upon  Fundamental  Change will cease to
      accrue, such Securities shall cease to be convertible  pursuant to Article

                                      -24-
<PAGE>

      X, and all rights of the Holders of such Securities shall terminate, other
      than  the  right  to  receive,  upon  surrender  of such  Securities,  the
      Fundamental  Change  Repurchase Price and such accrued and unpaid interest
      and any applicable Make-Whole Premium;

            (xi) that a Holder will be entitled to withdraw  its election in the
      Purchase Notice if the Company (if acting as its own Paying Agent), or the
      Paying Agent receives,  prior to the close of business on the Business Day
      immediately  preceding the  Fundamental  Change  Repurchase  Date, or such
      longer   period  as  may  be  required  by  law,  a  letter  or  facsimile
      transmission  (receipt of which is confirmed  and  promptly  followed by a
      letter)  setting forth (I) the name of such Holder,  (II) a statement that
      such Holder is withdrawing  its election to have  Securities  purchased by
      the  Company on such  Fundamental  Change  Repurchase  Date  pursuant to a
      Repurchase Upon  Fundamental  Change,  (III) if the Securities are held in
      certificated  form,  the  certificate  number of such  Securities to be so
      withdrawn,  (IV) the principal  amount of the Securities of such Holder to
      be so  withdrawn,  which  amount  must be $1,000 or an  integral  multiple
      thereof and (V) the principal  amount,  if any, of the  Securities of such
      Holder that remain subject to the Purchase Notice delivered by such Holder
      in accordance  with this Section  3.09,  which amount must be $1,000 or an
      integral multiple thereof;

            (xii) the Conversion Rate and any adjustments to the Conversion Rate
      that will result from such Fundamental Change;

            (xiii) that  Securities  with respect to which a Purchase  Notice is
      given by a Holder may be  converted  pursuant  to Article X, if  otherwise
      convertible in accordance with Article X, only if such Purchase Notice has
      been withdrawn in accordance with this Section 3.09 or if there shall be a
      Default in the payment of the Fundamental  Change  Repurchase  Price or in
      the accrued and unpaid  interest,  if any, payable as herein provided upon
      Repurchase  Upon  Fundamental  Change  or  in  any  applicable  Make-Whole
      Premium; and

            (xiv) the CUSIP, ISIN or similar number or numbers,  as the case may
      be, of the Securities.

      At the Company's request,  upon reasonable prior notice, the Trustee shall
mail such  Fundamental  Change Notice in the Company's name and at the Company's
expense; provided, however, that the form and content of such Fundamental Change
Notice shall be prepared by the Company.

      No failure of the Company to give a Fundamental  Change Notice shall limit
any Holder's right to exercise a Fundamental Change Repurchase Right.

      (C) Subject to the  provisions  of this Section  3.09,  the Company  shall
deposit  with a Paying  Agent  (or,  if the  Company is acting as its own Paying
Agent,  segregate and hold in trust in accordance  with Section 2.04) money,  in
immediately  available  funds,  and,  if  applicable  as  provided  in,  and  in
accordance  with,  Section  3.09(J),  such  other  consideration  in  which  any
applicable  Make-Whole  Premium is payable,  sufficient  to pay the  Fundamental
Change  Repurchase  Price,  plus  accrued and unpaid  interest,  if any, to, but
excluding,   the  applicable   Fundamental  Change  Repurchase  Date,  plus,  in
accordance with Section 3.09(J), any applicable Make-Whole Premium, with respect
to  each  Security

                                      -25-
<PAGE>

that  is  to be  repurchased  by  the  Company  pursuant  to a  Repurchase  Upon
Fundamental  Change,  which  deposit or  segregation,  as the case may be, shall
occur as promptly as practicable but in no event later than 10:00 a.m., New York
City time,  on the date that is the fifth  Business Day  following  the later of
such  Fundamental   Change  Repurchase  Date  and  the  time  such  Security  is
surrendered (together with all necessary endorsements) to the Paying Agent.

      (D) Subject to Section 3.09(C), once the Fundamental Change Notice and the
Purchase  Notice have been duly given in accordance  with this Section 3.09, the
Securities to be repurchased  pursuant to a Repurchase Upon  Fundamental  Change
shall, on the Fundamental  Change Repurchase Date, become due and payable at the
Fundamental  Change Repurchase Price (plus accrued and unpaid interest,  if any,
to, but excluding,  the  Fundamental  Change  Repurchase Date and any applicable
Make-Whole  Premium)  applicable  thereto,  and, on and after such date  (unless
there shall be a Default in the  payment of the  Fundamental  Change  Repurchase
Price or such accrued and unpaid interest or any such Make-Whole Premium),  such
Securities  shall  cease to bear  interest  and  shall  cease to be  convertible
pursuant  to Article X, and all rights of the Holders of such  Securities  shall
terminate,  other than the right to receive,  in  accordance  with this  Section
3.09,  the  Fundamental  Change  Repurchase  Price and such  accrued  and unpaid
interest and any such Make-Whole Premium.

      (E)  Securities  with  respect  to which a  Purchase  Notice has been duly
delivered in  accordance  with this  Section  3.09 may be converted  pursuant to
Article X, if otherwise  convertible in accordance  with Article X, only if such
Purchase  Notice has been  withdrawn in accordance  with this Section 3.09 or if
there shall be a Default in the  payment of the  Fundamental  Change  Repurchase
Price or in the accrued and unpaid interest,  if any, payable as herein provided
upon Repurchase Upon Fundamental Change or in any applicable Make-Whole Premium.

      (F) Subject to Section  3.09(C),  if any  Security  shall not be paid upon
surrender thereof for Repurchase Upon Fundamental  Change, the principal of, and
accrued and unpaid interest on, and any Make-Whole  Premium payable with respect
to, such Security shall,  until paid, bear interest,  payable in cash, from, and
including,  the  Fundamental  Change  Repurchase  Date at the rate borne by such
Security on the  principal  amount of such  Security,  and such  Security  shall
continue to be  convertible  pursuant to Article X. For avoidance of doubt,  any
interest accrued, pursuant to this Section 3.09(F), on any applicable Make-Whole
Premium shall be payable by the Company exclusively in cash.

      (G) Any Security which is to be submitted for Repurchase Upon  Fundamental
Change only in part shall be delivered  pursuant to this Section 3.09 (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 its attorney duly authorized in writing), and
the Company shall execute, and the Trustee shall authenticate and make available
for  delivery  to the Holder of such  Security  without  service  charge,  a new
Security or  Securities,  of any  authorized  denomination  as requested by such
Holder, of the same tenor and in aggregate principal amount equal to the portion
of such Security not duly submitted for Repurchase Upon Fundamental Change.

      (H)  Notwithstanding  anything  herein to the contrary,  there shall be no
purchase of any  Securities  pursuant to this Section 3.09 if there has occurred
(prior to, on or after,  as the case may be, the giving,  by the Holders of such
Securities,  of the  required  Purchase  Notice) and is  continuing  an Event of
Default  (other  than  a  Default  in the  payment  of  the  Fundamental  Change
Repurchase  Price or accrued  and  unpaid  interest,  if any,  payable as herein
provided upon Repurchase Upon Fundamental

                                      -26-
<PAGE>

Change or in any applicable Make-Whole Premium). The Paying Agent shall promptly
return to the respective  Holders  thereof any Securities  held by it during the
continuance  of an Event of Default  (other than a Default in the payment of the
Fundamental  Change  Repurchase  Price or such accrued and unpaid interest or in
any applicable Make-Whole Premium).

      (I) Notwithstanding anything herein to the contrary, if the option granted
to Holders to require the repurchase of the Securities  upon the occurrence of a
Fundamental Change is determined to constitute a tender offer, the Company shall
comply with all  applicable  tender  offer rules under the  Exchange Act and the
rules  thereunder,  including  Rule 13e-4 and  Regulation 14E under the Exchange
Act,  and with all other  applicable  laws,  and will file a Schedule  TO or any
other  schedules  required  under the Exchange Act, the rules  thereunder or any
other applicable laws.

      (J) Make-Whole Fundamental Changes.

            (i) If a Holder of a Security either:

                  (a) elects to require the  Company,  in  accordance  with this
            Section  3.09, to  repurchase  such  Security in  connection  with a
            Make-Whole Fundamental Change; or

                  (b)  surrenders  such Security for  conversion,  in accordance
            with  Article X, at any time  during the period  that begins on, and
            includes,  the date that is fifteen (15)  Business Days prior to the
            date  originally   announced  by  the  Company  as  the  anticipated
            effective  date  of  such  Make-Whole   Fundamental   Change  (which
            anticipated  effective  date the  Company  shall  disclose,  in good
            faith, in the written notice and public announcement  referred to in
            Section  10.01(C))  and  ends on,  and  includes,  the date  that is
            fifteen (15) Business Days after the actual  effective  date of such
            Make-Whole Fundamental Change,

      then such Holder  shall be entitled  to receive a  Make-Whole  Premium (as
      determined in accordance with, and in the manner and form as set forth, in
      this  Section   3.09(J))  from  the  Company  in  addition  to  any  other
      consideration  that is  otherwise  payable,  as herein  provided,  to such
      Holder in connection with such  repurchase or conversion,  as the case may
      be.

            (ii) As used herein,  "Make-Whole  Premium" shall mean, with respect
      to a  Security  to be  converted  or  repurchased  in  connection  with  a
      Make-Whole  Fundamental Change, an amount,  payable in the form and amount
      of consideration set forth in Section 3.09(J)(iv), equal to the product of
      the Applicable  Percentage for such Make-Whole  Fundamental Change and the
      principal amount of such Security to be converted or repurchased.  As used
      herein,  "Applicable  Percentage" shall mean, with respect to a Make-Whole
      Fundamental  Change,  the  percentage,  set forth in the following  table,
      which  corresponds  to the effective date of such  Make-Whole  Fundamental
      Change (the "Effective  Date") and the Applicable Price of such Make-Whole
      Fundamental Change:

                                      -27-
<PAGE>

               Make-whole premium upon certain fundamental changes
                             (% of principal amount)

<TABLE>
<CAPTION>
                                                             Effective date
                     November    November     November   November     November    November      November     November
Applicable price     10, 2004    15, 2005     15, 2006   15, 2007     15, 2008    15, 2009      15, 2010     15, 2011
<S>                    <C>          <C>         <C>         <C>          <C>         <C>           <C>          <C>
$ 26.80.......          0.0%         0.0%        0.0%        0.0%         0.0%        0.0%         0.0%         0.0%
  30.00.......          5.0          3.8         2.8         1.8          0.9         0.0          0.0          0.0
  35.00.......         15.0         13.5        12.2        10.7          9.2         7.3          4.7          0.0
  40.00.......         20.9         19.3        17.7        16.0         14.0        11.6          8.0          0.0
  45.00.......         18.9         17.2        15.5        13.6         11.4         8.7          4.9          0.0
  50.00.......         17.3         15.5        13.7        11.8          9.5         6.7          3.1          0.0
  55.00.......         15.9         14.1        12.3        10.4          8.1         5.4          2.1          0.0
  60.00.......         14.8         13.0        11.2         9.3          7.1         4.5          1.5          0.0
  65.00.......         13.8         12.1        10.3         8.4          6.3         3.9          1.2          0.0
  70.00.......         13.0         11.3         9.6         7.7          5.7         3.4          1.1          0.0
  75.00.......         12.2         10.6         8.9         7.2          5.2         3.1          1.0          0.0
  80.00.......         11.6         10.0         8.4         6.7          4.9         2.9          0.9          0.0
  85.00.......         11.0          9.5         7.9         6.3          4.6         2.7          0.9          0.0
  90.00.......         10.5          9.0         7.5         6.0          4.3         2.6          0.9          0.0
  95.00.......         10.0          8.6         7.1         5.7          4.1         2.5          0.8          0.0
 100.00.......          9.6          8.2         6.8         5.4          3.9         2.4          0.8          0.0
 105.00.......          9.2          7.8         6.5         5.2          3.8         2.3          0.8          0.0
 110.00.......          8.8          7.5         6.2         4.9          3.6         2.2          0.8          0.0
</TABLE>

            provided, however, that:

                  (a)  if  the  actual   Applicable  Price  of  such  Make-Whole
            Fundamental  Change is between  two (2)  prices  listed in the table
            above under the column titled  "Applicable  Price," or if the actual
            Effective Date of such Make-Whole  Fundamental Change is between two
            dates  listed in the table  above in the row  immediately  below the
            title  "Effective  Date," then the  Applicable  Percentage  for such
            Make-Whole   Fundamental   Change  shall  be  determined  by  linear
            interpolation between the Applicable  Percentages set forth for such
            two prices, or for such two dates based on a three hundred and sixty
            five (365) day year or three  hundred  and sixty six (366) day year,
            as applicable;

                  (b)  if  the  actual   Applicable  Price  of  such  Make-Whole
            Fundamental  Change is greater  than  $110.00 per share  (subject to
            adjustment as provided in Section 3.09(J)(ii)(c)),  or if the actual
            Applicable Price of such Make-Whole  Fundamental  Change is equal to
            or less than $26.80 per share  (subject to adjustment as provided in
            Section  3.09(J)(ii)(c)),  then the Applicable  Percentage  shall be
            equal to zero (0); and

                  (c) if an event occurs that  requires,  pursuant to Article X,
            an adjustment to the Conversion  Rate,  then, on the date and at the
            time such adjustment is required, pursuant to Article X, to be made,
            each  price set forth in the table  above  under the  column  titled
            "Applicable  Price"  shall be  deemed  to be  adjusted  so that such
            price, at and after such time,  shall be equal to the product of (1)
            such price as in effect  immediately  before such adjustment to such
            price and (2) a fraction whose  numerator is the Conversion  Rate in
            effect immediately before such adjustment to the Conversion Rate and
            whose  denominator  is  the  Conversion  Rate  to be in  effect,  in
            accordance with Article X, immediately  after such adjustment to the
            Conversion Rate.

            (iii) As used herein,  "Applicable  Price" shall have the  following
      meaning  with  respect to a  Make-Whole  Fundamental  Change:  (a) if such
      Make-Whole  Fundamental  Change is a transaction or series of transactions
      as a result of which fifty  percent  (50%) or more of the shares of Common
      Stock outstanding  immediately  before such Make-Whole  Fundamental Change
      are exchanged for, converted into,  acquired for, or constitute solely the
      right to receive, solely cash, then the "Applicable Price" with respect to
      such  Make-Whole  Fundamental  Change  shall mean the cash amount paid per
      share of Common Stock

                                      -28-
<PAGE>

      exchanged,  converted,  acquired  or  constituting  such a  right  in such
      transaction or series of transactions; and (b) in all other circumstances,
      the "Applicable Price" with respect to such Make-Whole  Fundamental Change
      shall mean the  average  of the  Closing  Sale  Prices per share of Common
      Stock for the five (5) consecutive Trading Days immediately  preceding the
      Effective Date of such Make-Whole  Fundamental Change, which average shall
      be  appropriately  adjusted by the Board of  Directors,  in its good faith
      determination,  to account for any  adjustment,  pursuant  hereto,  to the
      Conversion  Rate that  shall  become  effective,  or any event  requiring,
      pursuant hereto, an adjustment to the Conversion Rate where the Ex Date of
      such event occurs,  at any time during such five (5)  consecutive  Trading
      Days.

            (iv) The Make-Whole Premium with respect to a Make-Whole Fundamental
      Change  shall  be  paid  by  the  Company  solely  in  the  same  form  of
      consideration  which shares of Common Stock are exchanged  for,  converted
      into,  acquired for, or constitute solely the right to receive as a result
      of  the   transaction  or   transactions   constituting   such  Make-Whole
      Fundamental Change, assuming that the holder of such shares would not have
      exercised  any rights of  election  that such  holder  would have had as a
      holder of Common Stock to select a particular type of  consideration.  For
      purposes hereof, such consideration shall be valued as follows:

                  (a) securities traded on a U.S. national  securities  exchange
            or  approved  for  quotation  on the Nasdaq  National  Market or any
            similar   system  of  automated   dissemination   of  quotations  of
            securities  prices shall be valued at the average closing sale price
            or last sale price,  as applicable,  of such securities over the ten
            (10) consecutive  Trading Days ending on, and including,  the second
            Trading Day immediately preceding the applicable  Fundamental Change
            Repurchase Date;

                  (b) securities other than those specified in clause (a) above,
            and assets or property (other than cash),  shall be valued at ninety
            eight percent  (98%) of the average of the fair market value,  as of
            the close of business on the Trading Day  immediately  preceding the
            applicable  Fundamental  Change Repurchase Date, of such securities,
            assets  or  property,  as the  case  may  be,  as  determined  by an
            independent,  nationally  recognized investment bank selected by the
            Trustee; and

                  (c) cash shall be valued at one hundred  percent (100%) of its
            face value;

      provided, however, that, if any such consideration consists of securities,
      then the  Board of  Directors  shall,  in its  good  faith  determination,
      appropriately adjust the value, as specified in Section  3.09(J)(iv)(a) or
      Section 3.09(J)(iv)(b),  as applicable,  of such securities to account for
      any event that, assuming such securities were Common Stock, would require,
      pursuant hereto, an adjustment to the Conversion Rate to become effective.

      The type and amount of consideration in which a Make-Whole Premium that is
      payable pursuant to this Section 3.09(J) shall be paid, in addition to the
      manner in which the amount of such  consideration is calculated,  shall be
      publicly  announced  by the  Company no later than the open of business on
      the applicable Fundamental Change Repurchase Date.

                                      -29-
<PAGE>

            (v)  Notwithstanding  anything contained herein to the contrary,  if
      any payments to be made hereunder in respect of the Make-Whole Premium are
      required to be paid in shares of the Common Stock and such payments  would
      cause the Nasdaq Share Limitation to be exceeded, the Company shall reduce
      the  Make-Whole  Premium by that amount which is determined by the Company
      in good faith to be necessary so that the Nasdaq  Share  Limitation  shall
      not be exceeded;  provided, however, that that Make-Whole Premium shall be
      reduced by no more than that amount  necessary  to cause the Nasdaq  Share
      Limitation not to be exceeded..  Notwithstanding anything contained herein
      to the  contrary,  in the event that the number of shares that Holders are
      entitled to receive hereunder in such circumstance is reduced by reason of
      the  immediately  preceding  sentence,   Holders  shall  not  receive  any
      substitute or additional consideration as a result.

            (vi) The Company shall cause any Make-Whole Premium payable pursuant
      to this Section  3.09(J) with respect to a Security in connection with the
      conversion of such Security pursuant to Article X to be paid,  through the
      Conversion Agent, as soon as practicable,  but in no event after the later
      of (a) the applicable  Fundamental Change Repurchase Date and (b) the date
      such Security is tendered for such conversion. The Company shall cause any
      Make-Whole Premium payable, pursuant to this Section 3.09(J), with respect
      to a Security in connection with the Company's repurchase of such Security
      pursuant to this Section 3.09 to be paid within the time period  specified
      in Section 3.09(C).

      (K) As used herein and in the Securities:

      A  "Fundamental  Change"  shall  be  deemed  to  have  occurred  upon  the
occurrence of either a "Change in Control" or a "Termination of Trading."

      A "Change in Control" shall be deemed to have occurred at such time as:

            (i) any  "person" or "group" (as such terms are used for purposes of
      Sections  13(d)  and  14(d)  of  the  Exchange  Act)  is  or  becomes  the
      "beneficial  owner" (as such term is used in Rule 13d-3 under the Exchange
      Act),  directly  or  indirectly,  of  fifty  percent  (50%) or more of the
      Company's Voting Stock; or

            (ii) at any time the  following  persons  cease  for any  reason  to
      constitute a majority of the Company's Board of Directors:

                  (1)  individuals  who  on  the  Issue  Date   constituted  the
            Company's Board of Directors; and

                  (2) any new directors whose election to the Company's Board of
            Directors  or  whose   nomination  for  election  by  the  Company's
            stockholders was approved by at least a majority of the directors of
            the Company  then still in office  either who were  directors of the
            Company  on the  Issue  Date or whose  election  or  nomination  for
            election was previously so approved; or

            (iii) the Company consolidates with, or merges with or into, another
      person  or any  person  consolidates  with,  or merges  with or into,  the
      Company, in any such event other than pursuant to a transaction in which:

                                      -30-
<PAGE>

                  (1) the  persons  that  "beneficially  owned" (as such term is
            used in Rule 13d-3 under the Exchange Act),  directly or indirectly,
            the shares of the Company's Voting Stock  immediately  prior to such
            transaction,  "beneficially own" (as such term is used in Rule 13d-3
            under the Exchange Act),  directly or indirectly,  immediately after
            such   transaction,   shares   of  the   surviving   or   continuing
            corporation's  Voting Stock  representing at least a majority of the
            total voting power of all outstanding classes of the Voting Stock of
            the surviving or continuing corporation; and

                  (2) the  persons  that  "beneficially  owned" (as such term is
            used in Rule 13d-3 under the Exchange Act),  directly or indirectly,
            the shares of the Company's Common Stock  immediately  prior to such
            transaction,  "beneficially own" (as such term is used in Rule 13d-3
            under the Exchange Act),  directly or indirectly,  immediately after
            such  transaction  shares  of  common  stock  of  the  surviving  or
            continuing  corporation in substantially the same proportion to each
            other as such ownership immediately prior to the transaction; or

            (iv) the sale, transfer,  lease,  conveyance or other disposition of
      all or  substantially  all of the property or assets of the Company to any
      "person" or "group" (as such terms are used in Sections 13(d) and 14(d) of
      the  Exchange  Act),  including  any  group  acting  for  the  purpose  of
      acquiring,  holding,  voting or disposing of securities within the meaning
      of Rule 13d-5(b)(1) under the Exchange Act;

      provided,  however,  that a merger or consolidation shall be deemed not to
      constitute  Change in  Control  if at least  ninety  percent  (90%) of the
      consideration  (other than cash payments for fractional shares or pursuant
      to statutory appraisal rights) in such merger or consolidation consists of
      common  stock  and  any  associated  rights  traded  on  a  U.S.  national
      securities  exchange  or quoted on the  Nasdaq  National  Market (or which
      shall be so traded or quoted when issued or exchanged in  connection  with
      such  merger  or  consolidation),  and,  as a  result  of such  merger  or
      consolidation,  the Securities become  convertible solely into such common
      stock and associated rights.

      A "Termination  of Trading" shall be deemed to have occurred if the Common
Stock of the Company (or other common stock into which the  Securities  are then
convertible)  is  neither  listed  for  trading  on a U.S.  national  securities
exchange nor approved for trading on an established  automated  over-the-counter
trading market in the United States.

                                 IV. COVENANTS

4.01  PAYMENT OF SECURITIES.

      The Company  shall pay all amounts due with respect to the  Securities  on
the dates and in the manner provided in the  Securities.  All such amounts shall
be considered paid on the date due if the Paying Agent holds (or, if the Company
is acting as Paying  Agent,  the  Company has  segregated  and holds in trust in
accordance with Section 2.04) on that date money (and, if applicable as provided
herein  and in  accordance  herewith,  such  other  consideration  in which  any
applicable  Make-Whole

                                      -31-
<PAGE>

Premium is payable)  sufficient  to pay the amount then due with  respect to the
Securities  (unless  there shall be a Default in the payment of such  amounts to
the respective Holder(s)).

      The Company shall pay interest on any overdue  amount  (including,  to the
extent permitted by applicable law, statute or regulation,  overdue interest) at
the rate borne by the Securities.

4.02  MAINTENANCE OF OFFICE OR AGENCY.

      The Company shall  maintain in the Borough of  Manhattan,  the City of New
York, an office or agency (which may be an office of the Trustee or an affiliate
of the Trustee,  Registrar or co-Registrar)  where Securities may be surrendered
for  registration  of transfer or exchange or  conversion  and where notices and
demands to or upon the Company in respect of the  Securities  and this Indenture
may be served.  The Company shall give prompt  written  notice to the Trustee of
the location,  and any change in the location,  of such office or agency.  If at
any time the Company shall fail to maintain any such  required  office or agency
or  shall  fail  to  furnish  the  Trustee  with  the  address   thereof,   such
presentations,  surrenders,  notices  and  demands  may be made or served at the
Corporate Trust Office of the Trustee.

      The Company may also from time to time designate one or more other offices
or agencies where the Securities may be presented or surrendered  for any or all
such  purposes and may from time to time rescind  such  designations;  provided,
however,  that no such designation or rescission shall in any manner relieve the
Company of its  obligation  to  maintain  an office or agency in the  Borough of
Manhattan, the City of New York for such purposes. The Company shall 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.

      The Company hereby designates the Corporate Trust Office of the Trustee as
an agency of the Company in accordance with Section 2.03.

4.03  RULE 144A INFORMATION AND ANNUAL REPORTS.

      (A) At any time when the Company is not subject to Sections 13 or 15(d) of
the Exchange Act, the Company shall  promptly  provide to the Trustee and shall,
upon request,  provide to any Holder,  beneficial owner or prospective purchaser
of  Securities  or  shares  of  Common  Stock  issued  upon  conversion  of  any
Securities, the information required to be delivered pursuant to Rule 144A(d)(4)
under the Securities  Act to facilitate the resale of such  Securities or shares
of Common Stock pursuant to Rule 144A.

      (B) The  Company  shall,  to the extent  required  to comply  with TIA ss.
314(a),  deliver to the  Trustee,  within  thirty (30)  calendar  days after the
Company files such annual or other financial reports with the SEC, copies of the
Company's  annual reports (which shall contain audited  financial  statements of
the Company) and other  financial  reports which the Company is required to file
with the SEC  pursuant  to  Section  13 or Section  15(d) of the  Exchange  Act;
provided,  however,  that the  Company  shall not be  required to deliver to the
Trustee any material for which the Company has sought and received  confidential
treatment by the SEC. In the event the Company is at any time no longer  subject
to the  reporting  requirements  of Section 13 or Section  15(d) of the Exchange
Act,  the Company  shall  continue to provide the  Trustee,  within  thirty (30)
calendar  days after the date the Company  would have been required to file such
reports with the SEC,  annual and quarterly

                                      -32-
<PAGE>

consolidated   financial  statements   substantially   equivalent  to  financial
statements  that would have been  included in reports  filed with the SEC if the
Company  were  subject to the  reporting  requirements  of Section 13 or Section
15(d) of the Exchange Act, including, with respect to annual information only, a
report thereon by the Company's certified independent public accountants as such
would be required in such  reports  filed with the SEC.  The Company  also shall
comply with the other provisions of TIA ss. 314(a).

      (C)  Delivery of any  reports,  information  and  documents to the Trustee
pursuant  to this  Section  4.03 is for  informational  purposes  only,  and the
Trustee's  receipt  of  such  reports,   information  and  documents  shall  not
constitute notice or constructive notice of any information contained therein or
determinable  from  information  contained  therein,   including  the  Company's
compliance  with any of its  covenants  hereunder  (as to which the  Trustee  is
entitled to rely exclusively on Officer's Certificates).

4.04  COMPLIANCE CERTIFICATE.

      The Company shall deliver to the Trustee, within ninety (90) calendar days
after the end of each fiscal year of the Company, or, if earlier,  within thirty
(30) calendar days after the date the Company is, or would be,  required to file
with the SEC the  Company's  annual  report  (whether  on Form  10-K  under  the
Exchange Act or another  appropriate  form) for such fiscal  year,  an Officer's
Certificate  stating whether or not the signatory to such Officer's  Certificate
knows of any Default or Event of Default by the Company in performing any of its
obligations  under this Indenture or the Securities.  If such signatory knows of
any such  Default or Event of Default,  then such  Officer's  Certificate  shall
describe the Default or Event of Default and its status.  The Company shall also
deliver to the Trustee,  not less often than annually,  a brief certificate from
the  principal  executive  officer,  principal  financial  officer or  principal
accounting  officer of the Company as to his or her  knowledge of the  Company's
compliance  with all conditions and covenants under this Indenture in accordance
with TIA ss. 314(a)(4);  provided,  however, that such certificate may be issued
together with or included in the Officer's  Certificate  described  above to the
extent that it satisfies the requirements set forth in TIA ss. 314(a)(4).

4.05  STAY, EXTENSION AND USURY LAWS.

      The Company  covenants  (to the extent that it may lawfully do so) that it
will not at any time insist upon,  plead, or in any manner  whatsoever  claim or
take the benefit or  advantage  of, any stay,  extension  or usury 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 (in each case,  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, by resort to any such
law,  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 has been enacted.

4.06  CORPORATE EXISTENCE.

      Subject to Article V, the Company  shall do or cause to be done all things
necessary to preserve and keep in full force and effect its corporate  existence
in accordance with its organizational documents.

                                      -33-
<PAGE>

4.07  NOTICE OF DEFAULT.

      In the event that any Default or Event of Default shall occur, the Company
shall give prompt  written  notice of such Default or Event of Default,  and any
remedial action proposed to be taken, to the Trustee.

4.08  LIMITATION ON LAYERING INDEBTEDNESS.

      The Company shall not incur, create, issue, assume, guarantee or otherwise
become liable for any  Indebtedness  that is  subordinate  or junior in right of
payment to any Senior Indebtedness and senior in any respect in right of payment
to the Securities.

4.09  PAYMENT OF ADDITIONAL INTEREST.

      If  additional  interest  is  payable  by  the  Company  pursuant  to  the
Registration  Rights  Agreement,  the  Company  shall  deliver to the  Trustee a
certificate  to that effect stating (i) the amount of such  additional  interest
that is  payable,  (ii) the reason why such  additional  interest is payable and
(iii) the date on which such additional interest is payable.  Unless and until a
Responsible Officer of the Trustee receives such a certificate,  the Trustee may
assume  without  inquiry  that no such  additional  interest is payable.  If the
Company has paid additional interest directly to the Persons entitled to it, the
Company shall deliver to the Trustee a certificate setting forth the particulars
of such payment.

4.10  PAYMENT OF CONTINGENT INTEREST.

      If Contingent Interest is payable pursuant to paragraph 1 of the Security,
the  Company  shall  furnish to the  Trustee an  Officer's  Certificate  to that
effect,  stating (i) the amount of such Contingent Interest per $1,000 principal
amount of the  Securities  that is  payable,  (ii) the  facts  and  calculations
supporting  the  determination  of such  amount and (iii) the date on which such
interest  is  payable.  Unless and until a  Responsible  Officer of the  Trustee
receives  such  Officer's  Certificate,  the  Trustee may  conclusively  presume
without inquiry that no Contingent Interest is payable.

                                  V. SUCCESSORS

5.01  WHEN COMPANY MAY MERGE, ETC.

      The Company  shall not  consolidate  with, or merge with or into, or sell,
transfer,  lease, convey or otherwise dispose of all or substantially all of the
property or assets of the Company to,  another  person (a  "successor  person"),
whether in a single  transaction or series of related  transactions,  unless (i)
the successor person is a corporation, limited liability company, partnership or
trust  organized  under the laws of the United States,  any State thereof or the
District  of  Columbia;  (ii)  the  successor  person  assumes  by  supplemental
indenture  all the  obligations  of the Company  under the  Securities  and this
Indenture;  and (iii)  immediately  after giving effect to such  transaction  or
series of transactions, no Default or Event of Default shall exist.

      The Company shall deliver to the Trustee prior to the  consummation of any
proposed  transaction  subject to this Section 5.01 an Officer's  Certificate to
the  foregoing  effect and, if requested  by the Trustee,  an Opinion of Counsel
(which may rely upon such  Officer's  Certificate  as to the

                                      -34-
<PAGE>

absence of  Defaults  and Events of Default and as to factual  matters)  stating
that the  proposed  transaction  and such  supplemental  indenture  shall,  upon
consummation of the proposed transaction, comply with this Section 5.01.

5.02  SUCCESSOR SUBSTITUTED.

      Upon any transaction  subject to Section 5.01, the successor  person shall
succeed to, and,  except in the case of a lease,  be  substituted  for,  and may
exercise  every right and power of, and shall assume  every duty and  obligation
of, the Company under this  Indenture  with the same effect as if such successor
had been named as the Company  herein.  When the  successor  person  assumes all
obligations  of the  Company  hereunder,  except  in the  case of a  lease,  all
obligations of the predecessor shall terminate.

                           VI. DEFAULTS AND REMEDIES

6.01  EVENTS OF DEFAULT.

      An "Event of Default" occurs if:

            (i) the Company fails to pay the  principal of, or premium,  if any,
      on,  any  Security  when the same  becomes  due and  payable,  whether  at
      maturity,  upon  Redemption,  on an Option Purchase Date with respect to a
      Purchase at Holder's Option, on a Fundamental  Change Repurchase Date with
      respect to a Repurchase Upon Fundamental  Change or otherwise,  whether or
      not such payment is prohibited by Article XI;

            (ii) the Company fails to pay an installment of interest, contingent
      interest or additional  interest on any Security when due, if such failure
      continues  for thirty  (30) days  after the date when due,  whether or not
      such payment is prohibited by Article XI;

            (iii) the Company fails to satisfy its conversion  obligations  upon
      exercise of a Holder's conversion rights pursuant hereto;

            (iv) the  Company  fails to  timely  provide  a  Fundamental  Change
      Notice,  or an Option  Purchase  Notice,  as required by the provisions of
      this Indenture;

            (v) the Company  fails to comply  with any other  term,  covenant or
      agreement set forth in the  Securities or this  Indenture and such failure
      is not cured  within  thirty (30) days after  notice to the Company by the
      Trustee or to the Company  and the  Trustee by Holders of at least  twenty
      five percent (25%) in the  aggregate  principal  amount of the  Securities
      then outstanding, each in accordance with this Indenture;

            (vi) the Company or any of its Subsidiaries  defaults in the payment
      when  due,  after  the  expiration  of any  applicable  grace  period,  of
      principal of, or premium,  if any, or interest on,  Indebtedness for money
      borrowed,   in  the  aggregate   principal   amount  then  outstanding  of
      twenty-five million dollars  ($25,000,000) or more, or the acceleration of
      Indebtedness of the Company or any of its  Subsidiaries for money borrowed
      in such  aggregate  principal  amount or more so that it  becomes  due and
      payable  prior to the date on

                                      -35-
<PAGE>

      which it would  otherwise  become due and payable and such  default is not
      cured or waived, or such acceleration is not rescinded, within thirty (30)
      days after  notice to the Company by the Trustee or to the Company and the
      Trustee by Holders of at least twenty five percent  (25%) in the aggregate
      principal  amount of the Securities then  outstanding,  each in accordance
      with this Indenture;

            (vii) the Company or any of its Subsidiaries  fails to pay final and
      non-appealable  judgments,  the aggregate uninsured portion of which is at
      least twenty-five  million dollars  ($25,000,000),  and such judgments are
      not paid or discharged within sixty (60) days;

            (viii) the  Company or any of its  Significant  Subsidiaries  or any
      group of Subsidiaries that in the aggregate would constitute a Significant
      Subsidiary  of the  Company,  pursuant  to, or within the  meaning of, any
      Bankruptcy  Law,  insolvency law, or other similar law now or hereafter in
      effect or otherwise, either:

                  (A) commences a voluntary case,

                  (B) consents to the entry of an order for relief against it in
            an involuntary case,

                  (C)  consents to the  appointment  of a Custodian of it or for
            all or substantially all of its property, or

                  (D)  makes  a  general  assignment  for  the  benefit  of  its
            creditors; or

            (ix) a court of  competent  jurisdiction  enters  an order or decree
      under any Bankruptcy Law that:

                  (A)  is  for  relief   against  the  Company  or  any  of  its
            Significant  Subsidiaries or any group of  Subsidiaries  that in the
            aggregate would  constitute a Significant  Subsidiary of the Company
            in an involuntary case or proceeding,  or adjudicates the Company or
            any of its  Significant  Subsidiaries  or any group of  Subsidiaries
            that in the aggregate would  constitute a Significant  Subsidiary of
            the Company insolvent or bankrupt,

                  (B)  appoints  a  Custodian  of  the  Company  or  any  of its
            Significant  Subsidiaries or any group of  Subsidiaries  that in the
            aggregate would  constitute a Significant  Subsidiary of the Company
            for all or  substantially  all of the property of the Company or any
            such Significant Subsidiary or any group of Subsidiaries that in the
            aggregate would constitute a Significant  Subsidiary of the Company,
            as the case may be, or

                  (C) orders the winding up or liquidation of the Company or any
            of its Significant Subsidiaries or any group of Subsidiaries that in
            the  aggregate  would  constitute a  Significant  Subsidiary  of the
            Company,

      and, in the case of each of the foregoing clauses (A), (B) and (C) of this
      Section  6.01(ix),  the order or decree remains unstayed and in effect for
      at least ninety (90) consecutive days.

                                      -36-
<PAGE>

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

      The  notice  specified  in clause (v) above must  specify  the  applicable
Default,  must demand  that it be remedied  and must state that such notice is a
"Notice of Default."  If the Holders of at least  twenty five  percent  (25%) in
aggregate principal amount of the outstanding  Securities request the Trustee to
give such notice on their  behalf,  the  Trustee  shall do so. When a Default is
cured, it ceases.

6.02  ACCELERATION.

      If an Event of Default (excluding an Event of Default specified in Section
6.01(viii)  or (ix) with  respect  to the  Company  (but  including  an Event of
Default  specified  in  Section  6.01(viii)  or (ix)  solely  with  respect to a
Significant  Subsidiary of the Company or any group of Subsidiaries  that in the
aggregate would constitute a Significant  Subsidiary of the Company)) occurs and
is continuing,  the Trustee by notice to the Company, or the Holders of at least
twenty five percent (25%) in aggregate  principal  amount of the Securities then
outstanding by notice to the Company and the Trustee, may declare the Securities
to be immediately due and payable in full. Upon such declaration,  the principal
of, and any premium and accrued and unpaid  interest  (including  any contingent
interest and additional  interest) on, all  Securities  shall be due and payable
immediately. If an Event of Default specified in Section 6.01(viii) or (ix) with
respect to the Company  (excluding,  for purposes of this sentence,  an Event of
Default  specified  in  Section  6.01(viii)  or (ix)  solely  with  respect to a
Significant  Subsidiary of the Company or any group of Subsidiaries  that in the
aggregate would constitute a Significant  Subsidiary of the Company) occurs, the
principal  of, and  premium  and  accrued  and unpaid  interest  (including  any
contingent  interest and additional  interest) on, all the Securities shall ipso
facto become and be immediately due and payable without any declaration or other
act on the part of the  Trustee or any  Holder.  The  Holders  of a majority  in
aggregate  principal amount of the Securities then outstanding by written notice
to the Trustee may rescind or annul an acceleration  and its consequences if (A)
the  rescission  would not conflict  with any order or decree,  (B) all existing
Events of Default, except the nonpayment of principal,  premium or interest that
has become due solely because of the acceleration, have been cured or waived and
(C) all amounts due to the Trustee under Section 7.07 have been paid.

6.03  OTHER REMEDIES.

      Notwithstanding  any other  provision  of this  Indenture,  if an Event of
Default occurs and is continuing, the Trustee may pursue any available remedy by
proceeding  at law or in equity to  collect  the  payment  of  amounts  due with
respect to the Securities or to enforce the  performance of any provision of the
Securities or this Indenture.

      The Trustee may maintain a  proceeding  even if it does not possess any of
the  Securities  or does not produce any of them in the  proceeding.  A delay or
omission by the Trustee or any Holder in exercising any right or remedy accruing
upon an Event of Default  shall not impair the right or remedy or  constitute  a
waiver of or acquiescence in the Event of Default. All remedies are cumulative.

                                      -37-
<PAGE>

6.04  WAIVER OF PAST DEFAULTS.

      Subject to Sections 6.07 and 9.02,  the Holders of a majority in aggregate
principal  amount  of the  Securities  then  outstanding  may,  by notice to the
Trustee, waive any past Default or Event of Default and its consequences,  other
than (A) a Default or Event of Default in the  payment of the  principal  of, or
premium, if any, or interest, contingent interest or additional interest on, any
Security,  or in the payment of the Redemption  Price, the Option Purchase Price
or the Fundamental  Change Repurchase Price (or accrued and unpaid interest,  if
any, payable as herein provided, upon Redemption, Purchase at Holder's Option or
Repurchase Upon Fundamental  Change),  (B) a Default or Event of Default arising
from a failure by the Company to convert any Securities in accordance  with this
Indenture or (C) any Default or Event of Default in respect of any  provision of
this Indenture or the Securities  which,  under Section 9.02, cannot be modified
or  amended  without  the  consent of the  Holder of each  outstanding  Security
affected.  When a Default  or an Event of  Default  is  waived,  it is cured and
ceases.  This  Section  6.04 shall be in lieu of TIA ss.  316(a)(1)(B),  and, as
permitted by the TIA, TIA ss.  316(a)(1)(B)  is hereby  expressly  excluded from
this Indenture.

6.05  CONTROL BY MAJORITY.

      The Holders of a majority in aggregate  principal amount of the Securities
then  outstanding  may  direct  the time,  method  and place of  conducting  any
proceeding  for any remedy  available to the Trustee or exercising  any trust or
power conferred on it.  However,  the Trustee may refuse to follow any direction
that conflicts with law or this Indenture,  is unduly  prejudicial to the rights
of other Holders or would  involve the Trustee in personal  liability or expense
unless the Trustee is offered indemnity reasonably satisfactory to it; provided,
that the Trustee may take any other action deemed proper by the Trustee which is
not inconsistent with such direction.  This Section 6.05 shall be in lieu of TIA
ss.  316(a)(1)(A),  and, as permitted by the TIA, TIA ss. 316(a)(1)(A) is hereby
expressly excluded from this Indenture.

6.06  LIMITATION ON SUITS.

      Except as provided in Section 6.07, a Securityholder may not institute any
proceeding  under this  Indenture,  or for the  appointment  of a receiver  or a
trustee, or for any other remedy under this Indenture unless:

            (i) the Holder gives to the Trustee  written  notice of a continuing
      Event of Default;

            (ii) the Holders of at least twenty five percent  (25%) in aggregate
      principal amount of the Securities then outstanding make a written request
      to the Trustee to pursue the remedy;

            (iii) such Holder or Holders offer and, if requested, provide to the
      Trustee indemnity reasonably satisfactory to the Trustee against any loss,
      liability or expense;

            (iv) the Trustee does not comply with the request  within sixty (60)
      days after receipt of notice, the request and the offer of indemnity; and

                                      -38-
<PAGE>

            (v) during such sixty (60) day period,  the Holders of a majority in
      aggregate  principal amount of the Securities then outstanding do not give
      the Trustee a direction inconsistent with the request.

      A  Securityholder  may not use this  Indenture to prejudice  the rights of
another  Securityholder  or to obtain a  preference  or  priority  over  another
Securityholder.

6.07  RIGHTS OF HOLDERS TO RECEIVE PAYMENT AND TO CONVERT SECURITIES.

      Notwithstanding  any other provision of this  Indenture,  the right of any
Holder to receive payment of all amounts due with respect to the Securities,  on
or after the respective due dates as provided  herein,  or to bring suit for the
enforcement of any such payment on or after such respective dates,  shall not be
impaired or affected without the consent of the Holder.

      Notwithstanding  any other provision of this  Indenture,  the right of any
Holder to bring suit for the enforcement of the right to convert the Security in
accordance  with this  Indenture  shall not be impaired or affected  without the
consent of the Holder.

6.08  COLLECTION SUIT BY TRUSTEE.

      If an Event of Default  specified in Section 6.01(i) or (ii) occurs and is
continuing,  the Trustee may recover  judgment in its own name and as trustee of
an express  trust  against the Company for the whole  amount due with respect to
the  Securities,  including any unpaid and accrued  interest,  and for a further
amount as shall be sufficient to cover the costs and expenses of obtaining  such
judgment,  including the reasonable  compensation,  expenses,  disbursements and
advances of the Trustee, its agents and counsel.

6.09  TRUSTEE MAY FILE PROOFS OF CLAIM.

      The Trustee may file such proofs of claim and other papers or documents as
may be necessary  or  advisable in order to have the claims of the Trustee,  any
predecessor Trustee and the Securityholders  allowed in any judicial proceedings
relative to the Company or its creditors or properties.

      The Trustee may 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 similar official in any
judicial proceeding is hereby authorized by each Holder to make such payments to
the Trustee  and, in the event that the Trustee  shall  consent to the making of
such payments directly to the Holders,  to pay the Trustee any amount due it for
the  reasonable  compensation,  expenses,  disbursements  and  advances  of  the
Trustee,  its agents and counsel,  and any other  amounts due the Trustee  under
Section 7.07.

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

                                      -39-
<PAGE>

6.10  PRIORITIES.

      Any money collected by the Trustee pursuant to this Article VI, and, after
an Event of Default, any money or other property distributable in respect of the
Company's  obligations  under  this  Indenture,  shall be paid in the  following
order:

      First:      to the Trustee (including any predecessor Trustee) for amounts
                  due under Section 7.07;

      Second:     to the holders of Senior  Indebtedness  to the extent required
                  by Article XI;

      Third:      to  Securityholders  for all  amounts  due and  unpaid  on the
                  Securities,  without  preference  or  priority  of  any  kind,
                  according  to the amounts  due and payable on the  Securities;
                  and

      Fourth:     to the Company.

      The Trustee,  upon prior written  notice to the Company,  may fix a record
date and payment date for any payment by it to Securityholders  pursuant to this
Section 6.10.

6.11  UNDERTAKING FOR COSTS.

      In any  suit  for the  enforcement  of any  right  or  remedy  under  this
Indenture  or in any suit against the Trustee for any action taken or omitted by
it as  Trustee,  a court in its  discretion  may require the filing by any party
litigant in the suit other than the Trustee of an  undertaking  to pay the costs
of the suit,  and the  court in its  discretion  may  assess  reasonable  costs,
including  reasonable  attorneys' fees,  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. This Section 6.11 does not apply to a suit by the Trustee, a
suit by a Holder  pursuant to Section 6.07 or a suit by Holders of more than ten
percent (10%) in aggregate principal amount of the outstanding Securities.

                                  VII. TRUSTEE

7.01  DUTIES OF TRUSTEE.

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

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

            (i) the Trustee need perform only those duties that are specifically
      set forth in this Indenture and no other duties,  and no implied covenants
      or obligations, shall be read into this Indenture against the Trustee; and

                                      -40-
<PAGE>

            (ii) in the  absence  of bad  faith on its  part,  the  Trustee  may
      conclusively  rely, as to the truth of the statements and the  correctness
      of the opinions expressed therein, upon certificates or opinions furnished
      to the Trustee and conforming to the  requirements of this Indenture;  but
      in the case of any such  certificates  or opinions  which by any provision
      hereof are  specifically  required to be  furnished  to the  Trustee,  the
      Trustee shall be under a duty to examine the same to determine  whether or
      not they  conform  to the  requirements  of this  Indenture  (but need not
      confirm or investigate the accuracy of mathematical  calculations or other
      facts stated therein).

      (C) 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:

            (i) this Section  7.01(C) shall not be construed to limit the effect
      of Sections 7.01(B) and 7.01(D);

            (ii) 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

            (iii) 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 6.05.

      (D) No provision of this Indenture  shall require the Trustee to expend or
risk its own funds or otherwise incur any financial liability in the performance
of any of its  duties  hereunder,  or in the  exercise  of any of its  rights or
powers,  if the  Trustee  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.

      (E) Every  provision  of this  Indenture  that in any way  relates  to the
Trustee is subject to the provisions of this Section 7.01.

      (F) The Trustee shall not be liable for interest on any money  received by
it except as the Trustee may agree in writing  with the  Company.  Money held in
trust by the  Trustee  need not be  segregated  from other  funds  except to the
extent required by law.

7.02  RIGHTS OF TRUSTEE.

      (A) Subject to Section 7.01, the Trustee may conclusively  rely, and shall
be fully  protected  in acting or  refraining  from  acting,  upon any  document
believed by it to be genuine and to have been signed or  presented by the proper
Person.  The  Trustee  need not  investigate  any fact or  matter  stated in the
document;  if, however, the Trustee shall determine to make such further inquiry
or  investigation,  it shall be entitled during normal business hours to examine
the relevant books, records and premises of the Company,  personally or by agent
or attorney upon reasonable prior notice.

      (B) Before the Trustee  acts or refrains  from  acting,  it may require an
Officer's  Certificate  and/or an Opinion of Counsel.  The Trustee  shall not be
liable  for any action it takes or omits to take in good  faith in  reliance  on
such Officer's Certificate or Opinion of Counsel.

                                      -41-
<PAGE>

      (C) Any request or  direction  of the Company  mentioned  herein  shall be
sufficiently evidenced by a Company Request or Company Order.

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

      (E) The  Trustee  may act  through  agents or  attorneys  and shall not be
responsible for the misconduct or negligence of any agent or attorney  appointed
with due care.

      (F) The  Trustee  shall not be liable  for any action it takes or omits to
take in good faith which it believes to be authorized or within its  discretion,
rights or powers conferred upon it by this Indenture.

      (G) Except as otherwise  provided in Section  7.01(A),  the Trustee  shall
have no duty to inquire as to the performance of the Company with respect to the
covenants contained in Article IV. In addition, the Trustee shall not be charged
with knowledge or be deemed to have notice of an Event of Default except (i) any
Default or Event of Default  occurring  pursuant to Sections 6.01(i) or (ii), if
and so long as the  Trustee is acting as Paying  Agent,  or (ii) any  Default or
Event of  Default  of which a  Responsible  Officer  of the  Trustee  shall have
received written  notification at the Corporate Trust Office of the Trustee from
the  Company,  any other  obligor on the  Securities  or from any Holder of such
Securities,  and such  notice  references  the  Securities  and this  Indenture.
Delivery of reports,  information  and documents to the Trustee under Article IV
(other than Sections 4.04 and 4.07) is for  informational  purposes only and the
Trustee's receipt of the foregoing 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 on Officer's Certificates).

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

      (I) 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 each agent, custodian and other Person employed to act hereunder.

      (J) The  Trustee  may  request  that  the  Company  deliver  an  Officer's
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 Officer's  Certificate  may be signed by any person  authorized to sign an
Officer's  Certificate,  including any person  specified as so authorized in any
such certificate previously delivered and not superseded.

      (K) The permissive right of the Trustee to take or refrain from taking any
actions enumerated in this Indenture shall not be construed as a duty.

                                      -42-
<PAGE>

      (L) The  Trustee  shall  not be bound to make any  investigation  into the
facts or matters stated in any resolution,  certificate,  statement, instrument,
opinion,  report, notice, request,  direction,  consent, order, bond, debenture,
note,  other  evidence  of  indebtedness  or other  paper or  document,  but the
Trustee, in its sole 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
upon  reasonable  request to examine  the books,  records  and  premises  of the
Company, personally or by agent or attorney.

7.03  INDIVIDUAL RIGHTS OF TRUSTEE.

      The Trustee in its  individual or any other  capacity may become the owner
or pledgee of Securities  and may otherwise  deal with the Company or any of its
Affiliates  with the same rights the Trustee  would have if it were not Trustee.
Any Security Agent may do the same with like rights. The Trustee,  however, must
comply with Sections 7.10 and 7.11.

7.04  TRUSTEE'S DISCLAIMER.

      The Trustee makes no representation as to and shall have no responsibility
for the validity or adequacy of this Indenture or the  Securities;  it shall not
be  accountable  for the  Company's  use or  application  by the  Company of the
proceeds to the Company from the Securities; and it shall not be responsible for
the  correctness  of any recital  contained  herein or for any  statement in the
Securities other than its certificate of authentication.

7.05  NOTICE OF DEFAULTS.

      If a Default or Event of Default  occurs and is continuing and the Trustee
has  received  notice  of such  Default  or Event  of  Default  pursuant  to the
provisions of this Indenture,  then the Trustee, unless such Default or Event of
Default  has been  cured or waived,  shall  mail to each  Holder a notice of the
Default  or Event of  Default  within  thirty  (30) days  after it occurs or, if
later,  within  fifteen (15) Business  Days after the date the Trustee  receives
such notice;  provided,  however, that, except in the case of a Default or Event
of Default  in payment of any  amounts  due with  respect to any  Security,  the
Trustee may withhold such notice if, and so long as it in good faith  determines
that, withholding such notice is in the best interests of Holders.

7.06  REPORTS BY TRUSTEE TO HOLDERS.

      Within sixty (60) days after each May 15, beginning with May 15, 2005, the
Trustee  shall mail to each  Securityholder,  if required by TIA ss.  313(a),  a
brief  report  dated as of such May 15 that is mailed to Holders  in  compliance
with TIA ss.  313(c).  The Trustee  also shall comply with TIA ss.  313(b).  Any
reports  required  by  this  Section  7.06  shall  be  transmitted  by  mail  to
Securityholders pursuant to TIA ss. 313(c)

      A copy of each report at the time of its mailing to Securityholders  shall
be mailed by first class mail to the  Company and filed by the Trustee  with the
SEC and each stock  exchange,  if any, on which the Securities  are listed.  The
Company shall promptly  notify the Trustee when the Securities are listed on any
stock exchange and of any delisting thereof.

                                      -43-
<PAGE>

7.07  COMPENSATION AND INDEMNITY.

      The Company  shall pay to the Trustee from time to time such  compensation
for its services as shall be agreed upon in writing. The Trustee's  compensation
shall not be  limited  by any law on  compensation  of a trustee  of an  express
trust.  The Company shall  reimburse the Trustee upon request for all reasonable
out-of-pocket   expenses  incurred  by  it.  Such  expenses  shall  include  the
reasonable  compensation and out-of-pocket  expenses of the Trustee's agents and
counsel.

      The  Company  shall  indemnify  the  Trustee  against  any and  all  loss,
liability,  damage, claim or expense (including the reasonable fees and expenses
of counsel  and taxes  other than  those  based upon the income of the  Trustee)
incurred by it in connection with the acceptance or administration of this trust
and the performance of its duties hereunder,  including the reasonable costs and
expenses  (including the  reasonable  fees and expenses of counsel) of defending
itself  against any claim  (whether  asserted by the Company,  any Holder or any
other Person) or liability in connection with the exercise or performance of any
of its powers and duties hereunder.  The Company need not pay for any settlement
made without its consent,  which consent shall not be unreasonably withheld. The
Trustee  shall  notify the  Company  promptly of any claim for which it may seek
indemnification;  provided,  however,  that any failure so to notify the Company
shall not affect such indemnity obligations of the Company. The Company need not
reimburse any expense or indemnify against any loss or liability incurred by the
Trustee through the Trustee's gross negligence or willful misconduct.

      To secure the Company's  payment  obligations  in this Section  7.07,  the
Trustee shall have a lien prior to the  Securities on all money or property held
or  collected  by the  Trustee,  except that held in trust to pay amounts due on
particular Securities.

      The payment,  reimbursement and indemnity  obligations of the Company with
respect to the  Trustee and the lien  provided  for in this  Section  7.07 shall
survive  any  resignation  or  removal  of the  Trustee,  the  satisfaction  and
discharge  of  this  Indenture  and  the  termination  for  any  reason  of this
Indenture.

      Without  prejudice to its rights hereunder and in addition  thereto,  when
the  Trustee  incurs  expenses  or  renders  services  after an Event of Default
specified in Section  6.01(viii)  or (ix) occurs,  the expenses  (including  the
reasonable  charges and expenses of its counsel)  and the  compensation  for the
services  are  intended  to  constitute  expenses  of  administration  under any
Bankruptcy Law.

      For  purposes  of this  Section  7.07,  the  "Trustee"  shall  include any
predecessor Trustee; provided,  however, that the gross negligence,  negligence,
willful  misconduct or bad faith of any Trustee  hereunder  shall not affect the
rights of any other Trustee hereunder.

7.08  REPLACEMENT OF TRUSTEE.

      A  resignation  or removal of the Trustee and  appointment  of a successor
Trustee shall become effective only upon the successor  Trustee's  acceptance of
appointment as provided in this Section 7.08.

      The Trustee may resign at any time by so notifying the Company in writing.
The Holders of a majority in aggregate  principal  amount of the Securities then
outstanding  may remove the Trustee by

                                      -44-
<PAGE>

so notifying  the Trustee and the Company in writing and may appoint a successor
Trustee. The Company may remove the Trustee if:

            (i) the Trustee fails to comply with Section 7.10;

            (ii) the Trustee is adjudged a bankrupt or an insolvent;

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

            (iv) the Trustee becomes incapable of acting.

      If the Trustee  resigns or is removed or if a vacancy exists in the office
of Trustee  for any  reason,  the  Company  shall  promptly  appoint a successor
Trustee.

      If a successor  Trustee does not take office within thirty (30) days after
the  retiring  Trustee  resigns or is  removed,  the  retiring  Trustee  (at the
Company's expense),  the Company or the Holders of at least ten percent (10%) in
aggregate principal amount of the outstanding  Securities may petition any court
of competent  jurisdiction  for the appointment of a successor  Trustee,  or the
retiring  Trustee may appoint a successor  Trustee at any time prior to the date
on which a successor Trustee takes office.

      If the  Trustee  fails to comply  with  Section  7.10,  the Company or any
Holder may petition any court of competent  jurisdiction  for the removal of the
Trustee and the appointment of a successor Trustee.

      A successor Trustee shall deliver a written  acceptance of its appointment
to the retiring Trustee and to the Company. Thereupon the resignation or removal
of the retiring Trustee shall become effective,  and the successor Trustee shall
have all the rights, powers and duties of the Trustee under this Indenture.  The
successor Trustee shall mail a notice of its succession to Securityholders.  The
retiring  Trustee shall promptly  transfer all property held by it as Trustee to
the successor Trustee, subject to the lien provided for in Section 7.07.

7.09  SUCCESSOR TRUSTEE BY MERGER, ETC.

      If the Trustee  consolidates  with,  merges or converts into, or transfers
all or substantially all of its corporate trust business to, another Person, the
successor Person without any further act shall be the successor Trustee, if such
successor Person is otherwise eligible hereunder.

7.10  ELIGIBILITY; DISQUALIFICATION.

      There  shall at all times be a  Trustee  hereunder  that is a  corporation
organized and doing  business  under the laws of the United States of America or
of any State or Territory  thereof or under the laws of the District of Columbia
or a corporation or other Person  permitted by the SEC to act as trustee,  which
Trustee (A) is authorized under such laws to exercise  corporate  trustee power,
(B) is subject to supervision or examination by federal or state authorities and
(C) has a combined  capital  and surplus of at least $50 million as set forth in
its most recent published  annual report of condition.  The Trustee shall comply
with TIA ss. 310(b).  Nothing in this  Indenture  shall prevent the Trustee from
filing with the SEC the application referred to in the penultimate  paragraph of
TIA ss. 310(b).

                                      -45-
<PAGE>

7.11  PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.

      The Trustee  shall  comply with TIA ss.  311(a),  excluding  any  creditor
relationship  listed in TIA ss.  311(b).  A  Trustee  who has  resigned  or been
removed shall be subject to TIA ss. 311(a) to the extent indicated.

                          VIII. DISCHARGE OF INDENTURE

8.01  TERMINATION OF THE OBLIGATIONS OF THE COMPANY.

      This  Indenture  shall cease to be of further effect if (a) either (i) all
outstanding  Securities (other than Securities replaced pursuant to Section 2.07
hereof)  have  been  delivered  to the  Trustee  for  cancellation  or (ii)  all
outstanding  Securities  have been called for  Redemption or have become due and
payable at their  scheduled  maturity or upon  Purchase  at  Holder's  Option or
Repurchase Upon Fundamental Change, and in any such case the Company irrevocably
deposits, prior to the applicable due date, with the Trustee or the Paying Agent
(if the Paying Agent is not the Company or any of its Affiliates)  cash, and, if
applicable  as  herein   provided  and  in  accordance   herewith,   such  other
consideration,  sufficient  to pay all amounts due and owing on all  outstanding
Securities  (other than Securities  replaced pursuant to Section 2.07 hereof) on
the Maturity Date or an Option  Purchase  Date,  Redemption  Date or Fundamental
Change  Repurchase Date, as the case may be; (b) the Company pays to the Trustee
all other sums  payable  hereunder  by the  Company;  (c) no Default or Event of
Default with respect to the Securities  shall exist on the date of such deposit;
(d) such deposit  shall not result in a breach or violation  of, or constitute a
Default or Event of Default  under,  this  Indenture  or any other  agreement or
instrument to which the Company is a party or by which it is bound;  and (e) the
Company has delivered to the Trustee an Officer's  Certificate and an Opinion of
Counsel  (which may rely upon such  Officer's  Certificate  as to the absence of
Defaults and Events of Default and as to any factual matters), each stating that
all conditions  precedent  provided for herein relating to the  satisfaction and
discharge of this  Indenture have been complied with;  provided,  however,  that
Sections 2.02, 2.03, 2.04, 2.05, 2.06, 2.07, 2.08, 2.15, 2.16, 2.17, 3.05, 3.08,
3.09,  4.02,  4.05, 7.07 and 7.08 and Articles VIII, X, XI and XII shall survive
any discharge of this Indenture until such time as the Securities have been paid
in full and there are no Securities outstanding.

8.02  APPLICATION OF TRUST MONEY.

      The  Trustee  shall  hold in  trust  all  money  and  other  consideration
deposited  with it pursuant to Section  8.01 and shall apply the such  deposited
money and other  consideration  through the Paying Agent and in accordance  with
this Indenture to the payment of amounts due on the Securities.  Money and other
consideration  so held in trust is subject to the Trustee's rights under Section
7.07.

8.03  REPAYMENT TO COMPANY.

      The Trustee and the Paying  Agent shall  promptly  pay to the Company upon
the request of the Company,  any excess money held by them at any time.  Subject
to applicable  abandoned  property  laws, the Trustee and the Paying Agent shall
pay to the  Company  upon the  written  request of the Company any money held by
them for the payment of the  principal of,  premium,  if any, or any accrued and
unpaid  interest  on,  the  notes  that  remains  unclaimed  for two (2)  years;
provided,  however, that the Trustee or such Paying Agent, before being required
to make any such  repayment,  may,  at the expense

                                      -46-
<PAGE>

of the Company, cause to be published once in a newspaper of general circulation
in the City of New York or cause to be mailed  to each  Holder,  notice  stating
that such money remains  unclaimed  and that,  after a date  specified  therein,
which shall not be less than thirty (30) days from the date of such  publication
or mailing,  any unclaimed  balance of such money then remaining shall be repaid
to the Company.  After payment to the Company,  Securityholders  entitled to the
money must look to the  Company  for  payment as general  creditors,  subject to
applicable  law,  and all  liability  of the Trustee  and the Paying  Agent with
respect to such money and payment shall, subject to applicable law, cease.

8.04  REINSTATEMENT.

      If the  Trustee  or  Paying  Agent is  unable  to apply any money or other
consideration  in accordance  with Sections 8.01 and 8.02 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
obligations  of the Company  under this  Indenture and the  Securities  shall be
revived and  reinstated  as though no deposit had occurred  pursuant to Sections
8.01 and 8.02 until such time as the  Trustee or Paying  Agent is  permitted  to
apply all such money or other consideration in accordance with Sections 8.01 and
8.02; provided, however, that if the Company has made any payment of amounts due
with respect to any Securities  because of the reinstatement of its obligations,
then the  Company  shall be  subrogated  to the  rights of the  Holders  of such
Securities  to receive such payment from the money held by the Trustee or Paying
Agent.

                                 IX. AMENDMENTS

9.01  WITHOUT CONSENT OF HOLDERS.

      The Company and the Trustee  may enter into a  supplemental  indenture  to
amend or supplement  this Indenture or the  Securities  without notice to or the
consent of any Securityholder:

            (i) to comply with Sections 5.01 and 10.11;

            (ii)  to  make  any  changes  or  modifications  to  this  Indenture
      necessary in connection with the registration of the public offer and sale
      of the Securities  under the  Securities Act pursuant to the  Registration
      Rights Agreement or the qualification of this Indenture under the TIA;

            (iii) to secure  the  obligations  of the  Company in respect of the
      Securities;

            (iv)  to add to the  covenants  of the  Company  described  in  this
      Indenture for the benefit of  Securityholders or to surrender any right or
      power conferred upon the Company;

            (v) to make provisions with respect to adjustments to the Conversion
      Rate as required by this Indenture or to increase the  Conversion  Rate in
      accordance with this Indenture; and

            (vi) to cure any ambiguity,  defect,  omission or  inconsistency  in
      this Indenture in a manner that does not materially  adversely  affect the
      rights of any Holder;

                                      -47-
<PAGE>

9.02  WITH CONSENT OF HOLDERS.

      The Company and the Trustee may amend or supplement  this Indenture or the
Securities  without notice to any Securityholder but with the written consent of
the  Holders  of at  least a  majority  in  aggregate  principal  amount  of the
outstanding  Securities.  Subject to  Sections  6.04 and 6.07,  the Holders of a
majority in aggregate  principal  amount of the  outstanding  Securities may, by
notice to the Trustee,  waive  compliance  by the Company with any  provision of
this  Indenture or the Securities  without  notice to any other  Securityholder.
Notwithstanding  anything  herein to the  contrary,  without the consent of each
Holder of each  outstanding  Security  affected,  an  amendment,  supplement  or
waiver, including a waiver pursuant to Section 6.04, may not:

            (a) change  the stated  maturity  date of the  principal  of, or the
      payment  date of any  installment  of  interest,  Contingent  Interest  or
      additional interest or any premium on, any Security;

            (b)  reduce  the  principal  amount  of, or any  premium,  interest,
      contingent interest or additional interest on, any Security;

            (c) change the place or currency of payment of principal  of, or any
      premium,  interest,  contingent  interest or  additional  interest on, any
      Security;

            (d) impair the right to institute  suit for the  enforcement  of any
      payment on, or with respect to, any Security;

            (e) modify,  in a manner  adverse to  Holders,  the right of Holders
      pursuant to Article III to require the Company to purchase  Securities  on
      an Option Purchase Date or to repurchase Securities upon the occurrence of
      a Fundamental Change;

            (f) modify  the  provisions  of  Article  XI in a manner  adverse to
      Holders;

            (g) adversely  affect the right of Holders to convert  Securities in
      accordance with Article X;

            (h) reduce the percentage of the aggregate  principal  amount of the
      outstanding  Securities whose Holders must consent to a modification to or
      amendment of any provision of this Indenture or the Securities;

            (i) reduce the percentage of the aggregate  principal  amount of the
      outstanding   Securities  whose  Holders  must  consent  to  a  waiver  of
      compliance  with any  provision of this  Indenture or the  Securities or a
      waiver of any Default or Event of Default; or

            (j)  modify  the  provisions  of  this  Indenture  with  respect  to
      modification  and  waiver  (including  waiver of a Default  or an Event of
      Default),  except to increase the percentage  required for modification or
      waiver or to provide for consent of each affected Holder.

                                      -48-
<PAGE>

      Promptly  after an  amendment,  supplement or waiver under Section 9.01 or
this Section  9.02 becomes  effective,  the Company  shall mail,  or cause to be
mailed,  to   Securityholders  a  notice  briefly   describing  such  amendment,
supplement  or waiver.  Any failure of the Company to mail such notice shall not
in any way  impair or affect  the  validity  of such  amendment,  supplement  or
waiver.

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

9.03  COMPLIANCE WITH TRUST INDENTURE ACT.

      Every amendment,  waiver or supplement to this Indenture or the Securities
shall comply with the TIA as then in effect.

9.04  REVOCATION AND EFFECT OF CONSENTS.

      Until an amendment,  supplement or waiver becomes effective,  a consent to
it by a Holder is a continuing consent by the Holder and every subsequent Holder
of a  Security  or portion of a  Security  that  evidences  the same debt as the
consenting Holder's Security, even if notation of the consent is not made on any
Security.  However,  any such Holder or subsequent Holder may revoke the consent
as to its  Security or portion of a Security if the Trustee  receives the notice
of  revocation  before  the date the  amendment,  supplement  or waiver  becomes
effective.  An amendment,  supplement or waiver becomes  effective in accordance
with its terms and thereafter binds every Holder.

      After an amendment, supplement or waiver becomes effective with respect to
the Securities, it shall bind every Holder unless such amendment,  supplement or
waiver makes a change that  requires,  pursuant to Section 9.02,  the consent of
each Holder  affected.  In that case, the amendment,  supplement or waiver shall
bind each Holder of a Security who has consented to it and, provided that notice
of such  amendment,  supplement  or  waiver  is  reflected  on a  Security  that
evidences the same debt as the consenting  Holder's  Security,  every subsequent
Holder of a Security or portion of a Security  that  evidences  the same debt as
the consenting Holder's Security.

9.05  NOTATION ON OR EXCHANGE OF SECURITIES.

      If an amendment, supplement or waiver changes the terms of a Security, the
Trustee may require the Holder of the Security to deliver it to the Trustee. The
Trustee  may place an  appropriate  notation on the  Security  as  directed  and
prepared  by the Company  about the  changed  terms and return it to the Holder.
Alternatively,  if the Company so  determines,  the Company in exchange  for the
Security  shall issue and the Trustee  shall  authenticate  a new Security  that
reflects the changed terms.

9.06  TRUSTEE PROTECTED.

      The Trustee  shall sign any  amendment,  supplemental  indenture or waiver
authorized pursuant to this Article IX; provided, however, that the Trustee need
not sign any amendment,  supplemental indenture or waiver that adversely affects
the Trustee's rights,  duties,  liabilities or immunities.  The Trustee shall be
entitled to receive and conclusively  rely upon an Opinion of Counsel (which may
rely upon such Officer's Certificate as to the absence of Defaults and Events of
Default  and as to  factual  matters)  and an  Officer's  Certificate  that  any
supplemental indenture,  amendment or waiver, and the

                                      -49-
<PAGE>

Trustee's execution of any supplemental indenture or amendment, are permitted or
authorized pursuant to this Indenture.

                                 X. CONVERSION

10.01 CONVERSION PRIVILEGE; RESTRICTIVE LEGENDS.

      (A) Subject to the provisions of Sections 3.04,  3.07,  3.08 and 3.09, the
Securities shall be convertible  into cash and, if applicable,  shares of Common
Stock in  accordance  with this  Article X and as set forth  below if any of the
following conditions are satisfied:

            (i)  Conversion  Based on Closing  Sale Price of Common  Stock.  The
      Securities may be surrendered for conversion into cash and, if applicable,
      shares of Common Stock on any Business Day of a calendar quarter after the
      calendar  quarter ending  December 31, 2004, if the Closing Sale Price for
      each of twenty (20) or more consecutive Trading Days in a period of thirty
      (30)  consecutive  Trading  Days  ending  on the last  Trading  Day of the
      immediately  preceding  calendar  quarter  exceeds  one hundred and thirty
      percent (130%) of the  Conversion  Price in effect on the last Trading Day
      of the  immediately  preceding  calendar  quarter.  Solely for purposes of
      determining whether the Securities shall have become convertible  pursuant
      to this Section  10.01(A)(i),  the Board of Directors  shall,  in its good
      faith  determination  make  appropriate  adjustments  to the Closing  Sale
      Prices  and/or  such  Conversion  Price  used  to  determine  whether  the
      Securities  shall  have  become  convertible   pursuant  to  this  Section
      10.01(A)(i) to account for any  adjustments  to the Conversion  Rate which
      shall have become  effective,  or any event requiring an adjustment to the
      Conversion Rate where the Ex Date (as defined in Section 10.05(g)) of such
      event occurs,  during the period of thirty (30)  consecutive  Trading Days
      ending  on the last  Trading  Day of the  immediately  preceding  calendar
      quarter.

            (ii) Conversion Upon  Satisfaction of Trading Price  Condition.  The
      Securities may be surrendered for conversion into cash and, if applicable,
      shares of Common  Stock  during the five (5) Business Day period after any
      ten (10) consecutive Trading Day period (the "Note Measurement Period") in
      which  the  average  Trading  Price  per  $1,000  principal  amount of the
      Securities  over the Note  Measurement  Period  was  equal to or less than
      ninety seven  percent  (97%) of the average  Conversion  Value (as defined
      below) during the Note Measurement  Period (such  condition,  the "Trading
      Price  Condition").   The  Bid  Solicitation  Agent  shall  not  have  any
      obligation to determine the Trading Price unless the Company has requested
      such determination,  and the Company shall have no obligation to make such
      request unless a Holder provides the Company with reasonable evidence that
      the Trading Price per $1,000  principal  amount of the Securities would be
      equal to or less than  ninety  seven  percent  (97%) of the product of the
      Closing Sale Price and the Conversion Rate. Upon receipt of such evidence,
      the Company  shall  instruct the Bid  Solicitation  Agent to determine the
      Trading Price per $1,000  principal  amount of the  Securities for each of
      the ten  (10)  successive  Trading  Days  immediately  after  the  Company
      receives such evidence and on each Trading Day thereafter  until the first
      Trading Day on which the Trading Price  Condition is no longer  satisfied.
      For  purposes  of  this  paragraph,  the  "Conversion  Value"  per  $1,000
      principal amount of Securities,  on a given Trading Day, means the product
      of the

                                      -50-
<PAGE>

      Closing Sale Price on such Trading Day and the  Conversion  Rate in effect
      on such Trading Day.

            (iii)  Conversion Based on Redemption.  A Security,  or portion of a
      Security,  which has been called for Redemption pursuant to paragraph 6 of
      the  Securities  may be  surrendered  for  conversion  into cash  and,  if
      applicable,  shares of Common Stock; provided, however, that such Security
      or portion  thereof may be  surrendered  for  conversion  pursuant to this
      paragraph only until the close of business on the Business Day immediately
      preceding the Redemption Date.

            (iv) Conversion Upon Certain Distributions. If the Company takes any
      action, or becomes aware of any event, that would require an adjustment to
      the Conversion Rate pursuant to Sections 10.05(b),  10.05(c),  10.05(d) or
      10.05(e),  the Securities may be surrendered for conversion into cash and,
      if  applicable,  shares of Common Stock  beginning on the date the Company
      mails the notice to the  Holders as  provided  in  Section  10.10 (or,  if
      earlier,  the date the Company is required to mail such notice) and at any
      time thereafter until the earlier of the close of business on the Business
      Day  immediately  preceding the Ex Date of the applicable  transaction and
      the date the Company announces that such transaction will not take place.

            (v) Conversion Upon Occurrence of Certain Corporate Transactions. If
      either (i) the  Company is a party to a  consolidation,  merger or binding
      share  exchange  pursuant to which over 50% of the Company's  Common Stock
      would be  converted  into cash,  securities  or other  property  or (ii) a
      Fundamental Change shall have occurred, then, in each case, the Securities
      may be surrendered for conversion into cash and, if applicable,  shares of
      Common  Stock at any time during the period that begins on, and  includes,
      the date that is fifteen (15) Business  Days prior to the date  originally
      announced  by the  Company  as the  anticipated  effective  date  of  such
      Fundamental Change, transaction or event (which anticipated effective date
      the  Company  shall  disclose,  in good faith,  in the written  notice and
      public  announcement  referred  to in Section  10.01(C))  and ends on, and
      includes,  the date that is fifteen  (15)  Business  Days after the actual
      effective date of such Fundamental Change, transaction or event.

      (B) The initial  Conversion  Rate shall be 26.1849  shares of Common Stock
per $1,000 principal amount of Securities.  The Conversion Rate shall be subject
to adjustment in accordance with Sections 10.05 through 10.11.

      (C) Whenever any event  described in Section 10.01 shall occur which shall
cause the  Securities to become  convertible  as provided in this Article X, the
Company shall promptly deliver, in accordance with Section 13.02, written notice
of the  convertibility  of the  Securities  to the  Trustee  and each Holder and
shall,  as soon  practicable  publicly  announce that the Securities have become
convertible. Such written notice and public announcement shall include:

            (i) a description of such event;

            (ii) a description of the periods during which the Securities  shall
      be convertible as provided in this Article X as a result of such event;

                                      -51-
<PAGE>

            (iii) whether a Make-Whole  Premium shall be payable upon conversion
      of the  Securities in connection  with such event and, if so, the form and
      amount of  consideration  in which such Make-Whole  Premium shall be paid;
      and

            (iv) the  procedures  Holders must follow to convert  their notes in
      accordance  with this  Article X,  including  the name and  address of the
      Conversion Agent.

      (D) Subject to the  restrictions  set forth in Section  2.02, a Holder may
convert a portion of the  principal  amount of such  Security  if the portion is
$1,000  principal  amount or an integral  multiple of $1,000  principal  amount.
Provisions of this  Indenture that apply to conversion of all of a Security also
apply to conversion of a portion of it.

      (E) Any  shares of Common  Stock  that are  issued  upon  conversion  of a
Security shall bear the Private Placement Legend until the earlier of the second
anniversary  of the  later of the  Issue  Date and the  last  date on which  the
Company or any  Affiliate  was the owner of such shares or the  Security (or any
predecessor  security)  from which such shares were  converted  (or such shorter
period of time as  permitted  by Rule  144(k)  under the  Securities  Act or any
successor  provision  thereunder)  (or  such  longer  period  of  time as may be
required under the Securities Act or applicable  state  securities  laws, as set
forth in an Opinion of Counsel,  unless  otherwise agreed by the Company and the
Holder thereof).

10.02 CONVERSION PROCEDURE AND PAYMENT UPON CONVERSION.

      (A) To convert a Security,  a Holder  must  satisfy  the  requirements  of
paragraph 10 of the  Securities.  Upon  conversion of a Holder's  Security,  the
Company  shall  deliver,  through the  Conversion  Agent,  the following to such
Holder:

            (i) an amount (the  "Principal  Return") in cash equal to the lesser
      of (1)  the  aggregate  Net  Share  Settlement  Conversion  Value  of such
      Security and (2) the aggregate principal amount of such Security;

            (ii) if the aggregate Net Share Settlement  Conversion Value of such
      Security  is  greater  than the  Principal  Return of such  Security  (the
      excess,  if any, of such Net Share  Settlement  Conversion Value over such
      Principal  Return being herein referred to as the "Net Share  Amount"),  a
      certificate  for a number of shares of  Common  Stock  (the "Net  Shares")
      equal to a  fraction  whose  numerator  is the Net Share  Amount  for such
      Security  and whose  denominator  is Ten-Day  Weighted  Average  Price Per
      Share;  provided,  however,  that the Company  shall not issue  fractional
      shares of Common Stock and shall instead  deliver cash (in addition to any
      consideration  otherwise  payable upon such conversion) in an amount equal
      to the  value of such  fraction  computed  on the  basis  of such  Ten-Day
      Weighted Average Price Per Share; and

            (iii) if a Make-Whole Fundamental Change occurs and such Security is
      surrendered  for  conversion at any time during the period that begins on,
      and  includes,  the date that is fifteen (15)  Business  Days prior to the
      date originally announced by the Company as the anticipated effective date
      of such Make-Whole  Fundamental Change (which  anticipated  effective date
      the  Company  shall  disclose,  in good faith,  in the written  notice and
      public  announcement  referred  to in Section  10.01(C))  and ends on, and
      includes,  the date that is fifteen  (15)  Business  Days after the actual
      effective date of such Make-Whole

                                      -52-
<PAGE>

      Fundamental  Change, in addition to the Principal Return and any Net Share
      Amount receivable upon conversion,  a Make-Whole Premium, as determined in
      accordance  with,  and in the  manner  and form as set forth  in,  Section
      3.09(J).

            The Company shall deliver such Principal  Return and, if applicable,
such Net  Shares as soon as  practicable  following  the date  (the  "Conversion
Date") on which such Holder  satisfies all the  requirements for such conversion
specified in paragraph 10 of the Securities,  but in no event more than five (5)
Business Days after the  applicable  Conversion  Value  Determination  Date. The
Company  shall  deliver  any such  Make-Whole  Premium  within  the time  period
specified in Section 3.09(J)(v).

      (B) The "Net Share  Settlement  Conversion  Value"  per  $1,000  aggregate
principal amount of a Security to be converted pursuant to this Article X, shall
mean the product of:

            (i) the  Conversion  Rate in  effect at the time  such  Security  is
      tendered for conversion; and

            (ii) the  average  of the daily  Volume-Weighted  Average  Price (as
      defined  below)  per  share  of  Common  Stock  for  each of the ten  (10)
      consecutive  Trading Days beginning on the second Trading Day  immediately
      following  the day  such  Security  is so  tendered  for  conversion  (the
      "Ten-Day  Weighted  Average Price Per Share," and, the last Trading Day of
      such  ten  (10)   consecutive   Trading  Days,   the   "Conversion   Value
      Determination Date");

provided,  however,  that  the  Board of  Directors  shall,  in its  good  faith
determination,   make  appropriate  adjustments  to  the  Net  Share  Settlement
Conversion  Value  to  account  for  any  adjustment,  pursuant  hereto,  to the
Conversion Rate that shall become  effective,  or any event requiring,  pursuant
hereto,  an  adjustment to the  Conversion  Rate where the Ex Date of such event
occurs,  at any time from, and including,  the date such Security is so tendered
for conversion to, and including,  the date that the consideration  payable upon
conversion  pursuant  hereto is delivered in  accordance  herewith.  The Company
shall,  no later  than  the  applicable  Conversion  Value  Determination  Date,
calculate  the  Net  Share  Settlement  Conversion  Value  of a  Security  to be
converted.

            The "Volume-Weighted Average Price" per share of Common Stock on any
Trading  Day shall mean the  volume-weighted  average  price per share of Common
Stock on the Nasdaq  National Market or, if the Common Stock shall not be listed
on the Nasdaq National  Market,  on the principal  exchange or  over-the-counter
market on which the  Common  Stock  shall then be listed or traded in all cases,
from  9:30 a.m.  to 4:30  p.m.,  New York  City  time,  on such  Trading  Day as
displayed  by  Bloomberg  or such other  comparable  service  that has  replaced
Bloomberg;  provided,  however, that if such volume-weighted average price shall
not be available,  then the Board of Directors shall in good faith determine the
amount to be used as the Volume-Weighted Average Price for purposes hereof.

      (C) The amount of cash paid upon  conversion of the  Securities  shall not
exceed the aggregate  principal  amount of the Securities  issued. A Holder that
converts  Securities in connection  with a Make-Whole  Fundamental  Change shall
receive,  in addition to the cash and any shares  received  upon  conversion  in
accordance herewith,  the Make-Whole Premium in accordance with Section 3.09(J).
In addition,  the Company shall not issue fractional shares of Common Stock upon
conversion

                                      -53-
<PAGE>

of Securities and instead shall pay the cash  adjustment  for fractional  shares
described in this Section 10.02.

      (D) On and after the  Conversion  Date of a Security,  the person in whose
name any certificate  representing Net Shares, if any, is to be registered shall
be  treated as a  stockholder  of record of the  Company,  and all rights of the
Holder of such  Security  shall  terminate,  other than the right to receive the
consideration deliverable upon conversion of such Security as provided herein. A
Holder of  Securities  is not  entitled,  as such,  to any rights of a holder of
Common  Stock  until such Holder has  converted  its  Securities  into shares of
Common  Stock (to the extent  such  Securities  are  convertible  into Shares of
Common  Stock) or is deemed to be a  stockholder  of record of the  Company,  as
provided in this Section 10.02(D).

      (E) Except as provided in the  Securities or in this Article X, no payment
or adjustment shall be made for accrued  interest on, or contingent  interest or
additional  interest  with respect to, a converted  Security or for dividends on
any Common Stock issued on or prior to  conversion.  If any Holder  surrenders a
Security for  conversion  after the close of business on the record date for the
payment of an installment of interest and prior to the related  interest payment
date, then,  notwithstanding such conversion,  the interest payable with respect
to such  Security on such  interest  payment date shall be paid on such interest
payment  date to the Holder of record of such  Security at the close of business
on such record date; provided, however, that such Security, when surrendered for
conversion,  must be accompanied by payment to the Conversion Agent on behalf of
the Company of an amount equal to the interest  payable on such interest payment
date on the portion so converted;  provided further,  however, that such payment
to the  Conversion  Agent  described  in the  immediately  preceding  proviso in
respect of a Security  surrendered for conversion  shall not be required if such
Security is called for Redemption  pursuant to Section 3.04 and paragraphs 6 and
7 of the Securities; provided further, that, if the Company shall have, prior to
the  Conversion  Date with  respect  to a  Security,  defaulted  in a payment of
interest on such  Security,  then in no event shall the Holder of such  Security
who  surrenders  such Security for  conversion be required to pay such defaulted
interest or the  interest  that shall have  accrued on such  defaulted  interest
pursuant  to Section  2.12 (it being  understood  that  nothing in this  Section
10.02(E) shall affect the Company's obligations under Section 2.12).

      (F) If a Holder  converts  more than one  Security  at the same time,  the
number of full shares of Common Stock  issuable  upon such  conversion,  if any,
shall be based on the total principal amount of all Securities converted.

      (G) Upon  surrender of a Security  that is converted in part,  the Trustee
shall  authenticate  for the Holder a new Security equal in principal  amount to
the unconverted portion of the Security surrendered.

      (H) If the  last  day on  which a  Security  may be  converted  is a Legal
Holiday in a place where a  Conversion  Agent is located,  the  Security  may be
surrendered to that  Conversion  Agent on the next  succeeding day that is not a
Legal Holiday.

      (I) Once given, a Conversion Notice may not be rescinded.

                                      -54-
<PAGE>

10.03 TAXES ON CONVERSION.

      If a Holder converts its Security,  the Company shall pay any documentary,
stamp or similar  issue or  transfer  tax or duty due on the issue,  if any,  of
shares of Common Stock upon the conversion.  However,  such Holder shall pay any
such tax or duty  which is due  because  such  shares are issued in a name other
than  such  Holder's  name.  The  Conversion  Agent  may  refuse  to  deliver  a
certificate representing the shares of Common Stock to be issued in a name other
than such Holder's name until the Conversion  Agent receives a sum sufficient to
pay any tax or duty which shall be due because such shares are to be issued in a
name other than such  Holder's  name.  Nothing  herein  shall  preclude  any tax
withholding required by law or regulation.

10.04 COMPANY TO PROVIDE STOCK.

      The Company shall at all times reserve out of its  authorized but unissued
Common Stock or Common Stock held in its treasury  enough shares of Common Stock
to permit the conversion, in accordance herewith, of all of the Securities.

      All shares of Common  Stock  which may be issued  upon  conversion  of the
Securities shall be validly issued,  fully paid and  non-assessable and shall be
free of preemptive or similar rights and free of any lien or adverse claim.

10.05 ADJUSTMENT OF CONVERSION RATE.

      The  Conversion  Rate shall be subject to adjustment  from time to time as
follows:

                  (a) In case the Company  shall (1) pay a dividend in shares of
            Common Stock to all holders of Common Stock, (2) make a distribution
            in shares of  Common  Stock to all  holders  of  Common  Stock,  (3)
            subdivide  the  outstanding  shares of Common  Stock  into a greater
            number  of shares of Common  Stock or (4)  combine  the  outstanding
            shares of  Common  Stock  into a smaller  number of shares of Common
            Stock,  the  Conversion  Rate shall be adjusted by  multiplying  the
            Conversion Rate in effect  immediately prior to close of business on
            the record date or effective date, as applicable,  of such dividend,
            distribution,  subdivision or combination by the number of shares of
            Common  Stock which a person who owns only one share of Common Stock
            immediately before the record date or effective date, as applicable,
            of such dividend,  distribution,  subdivision or combination and who
            is  entitled  to  participate   in  such   dividend,   distribution,
            subdivision or combination would own immediately after giving effect
            to such dividend, distribution,  subdivision or combination (without
            giving  effect  to  any  arrangement   pursuant  to  such  dividend,
            distribution,  subdivision  or combination  not to issue  fractional
            shares of Common Stock).  Subject to Section  10.06,  Any adjustment
            made  pursuant  to this  Section  10.05(a)  shall  become  effective
            immediately  after  the  record  date in the case of a  dividend  or
            distribution  and  shall  become  effective  immediately  after  the
            effective date in the case of a subdivision or combination.

                  (b) In case the Company  shall issue rights or warrants to all
            or substantially all holders of Common Stock,  entitling them, for a
            period expiring not more than sixty (60) days immediately  following
            the record  date for the  determination  of holders of Common  Stock
            entitled to receive  such rights or warrants,  to  subscribe  for or
            purchase

                                      -55-
<PAGE>

            shares  of  Common  Stock  (or   securities   convertible   into  or
            exchangeable or exercisable for Common Stock),  at a price per share
            (or having a conversion,  exchange or exercise price per share) that
            is less than the current  market  price (as  determined  pursuant to
            Section  10.05(g))  of  Common  Stock  on the  record  date  for the
            determination  of holders of Common  Stock  entitled to receive such
            rights or  warrants,  the  Conversion  Rate  shall be  increased  by
            multiplying the Conversion Rate in effect  immediately prior to such
            record  date by a fraction of which (A) the  numerator  shall be the
            sum of (I) the number of shares of Common Stock  outstanding  at the
            close of business on such record date and (II) the aggregate  number
            of shares (the  "Underlying  Shares") of Common Stock underlying all
            such issued  rights or warrants  (whether by  exercise,  conversion,
            exchange or otherwise),  and (B) the denominator shall be the sum of
            (I)  number of shares of Common  Stock  outstanding  at the close of
            business on such record date and (II) the number of shares of Common
            Stock which the aggregate  exercise,  conversion,  exchange or other
            price  at which  the  Underlying  Shares  may be  subscribed  for or
            purchased pursuant to such rights or warrants would purchase at such
            current  market  price.   Such  increase   shall  become   effective
            immediately  prior to the opening of  business on the day  following
            such record date. In no event shall the Conversion Rate be decreased
            pursuant to this Section 10.05(b).

                  (c) In case the Company shall dividend or distribute to all or
            substantially all holders of Common Stock shares of Capital Stock of
            the Company (other than Common Stock),  evidences of Indebtedness or
            other assets  (other than  dividends or  distributions  requiring an
            adjustment  to the  Conversion  Rate  in  accordance  with  Sections
            10.05(d),  or 10.05(e)),  or shall  dividend or distribute to all or
            substantially  all  holders of Common  Stock  rights or  warrants to
            subscribe  for or  purchase  securities  (other  than  dividends  or
            distributions  of rights or warrants  requiring an adjustment to the
            Conversion Rate in accordance with Section  10.05(b)),  then in each
            such case the Conversion  Rate shall be increased by multiplying the
            Conversion Rate in effect immediately prior to the close of business
            on the record date for the determination of stockholders entitled to
            such  dividend  or  distribution  by a  fraction  of  which  (A) the
            numerator  shall be the  current  market  price of Common  Stock (as
            determined pursuant to Section 10.05(g)) on such record date and (B)
            the denominator  shall be an amount equal to (I) such current market
            price less (II) the fair market value (as  determined  in good faith
            by the Board of  Directors),  on such record date, of the portion of
            the shares of Capital  Stock,  evidences  of  Indebtedness,  assets,
            rights and warrants to be  dividended or  distributed  applicable to
            one  share of  Common  Stock,  such  increase  to  become  effective
            immediately  prior to the opening of  business on the day  following
            such record date;  provided,  however,  that if such  denominator is
            equal  to or  less  than  zero,  then,  in  lieu  of  the  foregoing
            adjustment to the Conversion Rate,  adequate provision shall be made
            so that each Holder shall have the right to receive upon  conversion
            of  its  Securities,  in  addition  to any  consideration  otherwise
            payable as herein  provided  upon such  conversion,  an amount,  per
            $1,000  principal  amount of such  Securities,  of shares of Capital
            Stock,  evidences of  Indebtedness,  assets,  rights and/or warrants
            that a person that owns,  on such record date, a number of shares of
            Common Stock equal to the Conversion  Rate in effect at the close of
            business on such record date would have received as a result of such
            dividend or  distribution.  Notwithstanding  the  foregoing,  in the
            event that the Company shall  distribute  rights or warrants  (other
            than  distributions of rights or warrants requiring an adjustment to
            the   Conversion   Rate  in

                                      -56-
<PAGE>

            accordance with Section 10.05(b)) (collectively,  "Rights") pro rata
            to holders of Common  Stock,  the Company may, in lieu of making any
            adjustment pursuant to this Section 10.05(c),  make proper provision
            so that each Holder of a Security who converts such Security (or any
            portion  thereof) on or after the record date for such  distribution
            and prior to the  expiration  or  redemption  of the Rights shall be
            entitled  to  receive  upon  such  conversion,  in  addition  to any
            consideration   otherwise  payable  as  herein  provided  upon  such
            conversion,  a number of Rights, per $1,000 principal amount of such
            Security, to be determined as follows: (i) if such conversion occurs
            on or  prior  to the date for the  distribution  to the  holders  of
            Rights  of  separate   certificates   evidencing  such  Rights  (the
            "Distribution Date"), the same number of Rights to which a holder of
            a number of shares of Common Stock equal to the  Conversion  Rate in
            effect at the close of  business  on such  record  date (or,  in the
            event such distribution is pursuant to a stockholders'  rights plan,
            equal  to the  number  of Net  Shares  that  would  be  issuable  in
            accordance herewith if such Security were surrendered for conversion
            immediately  before the close of business on such record date) would
            be entitled at the time of such  conversion in  accordance  with the
            terms and  provisions of and  applicable to the Rights;  and (ii) if
            such conversion occurs after the Distribution  Date, the same number
            of Rights  to which a holder  of a number of shares of Common  Stock
            equal to the  Conversion  Rate in  effect  immediately  prior to the
            Distribution Date (or, in the event such distribution is pursuant to
            a stockholders'  rights plan, equal to the number of Net Shares that
            would be  issuable in  accordance  herewith  if such  Security  were
            surrendered for conversion  immediately before the close of business
            on the Business Day  immediately  preceding the  Distribution  Date)
            would have been entitled on the Distribution Date in accordance with
            the  terms and  provisions  of and  applicable  to the  Rights.  Any
            distribution  of  rights or  warrants  pursuant  to a  stockholders'
            rights  plan  complying  with  the  requirements  set  forth  in the
            preceding  sentence of this  paragraph  and with Section 10.13 shall
            not constitute a distribution of rights or warrants pursuant to this
            Section 10.05(c). In no event shall the Conversion Rate be decreased
            pursuant to this Section 10.05(c).

                  (d) In case the Company  shall,  by dividend or otherwise,  at
            any time make a  distribution  of cash  (excluding  any cash that is
            distributed  as part of a distribution  requiring a Conversion  Rate
            adjustment pursuant to Section 10.05(e)) to all or substantially all
            holders of Common Stock,  the Conversion  Rate shall be increased by
            multiplying the Conversion Rate in effect  immediately  prior to the
            close  of  business  on the  record  date for the  determination  of
            holders of Common Stock entitled to such  distribution by a fraction
            (A) whose  numerator  shall be the current market price per share of
            Common Stock (as  determined  pursuant to Section  10.05(g)) on such
            record date and (B) whose  denominator  shall be an amount  equal to
            (I) such  current  market  price per share of Common Stock less (II)
            the amount of the distribution per share of Common Stock;  provided,
            however,  that the Conversion Rate shall not be adjusted pursuant to
            this Section  10.05(d) to the extent,  and only to the extent,  such
            adjustment would cause the Conversion Price to be less than one cent
            ($0.01);  provided further that, if the denominator of such fraction
            shall be equal to or less than zero,  the  Conversion  Rate shall be
            instead  adjusted so that the Conversion  Price is equal to one cent
            ($0.01).  An  adjustment  to the  Conversion  Rate  pursuant to this
            Section  10.05(d) shall become  effective  immediately  prior to the
            opening of business  on the day

                                      -57-
<PAGE>

            immediately  following  such  record  date.  In no event  shall  the
            Conversion Rate be decreased pursuant to this Section 10.05(d).

                  (e) In case the  Company or any  Subsidiary  shall  distribute
            cash or other consideration in respect of a tender offer or exchange
            offer made by the Company or any  Subsidiary  for all or any portion
            of the Common  Stock where the sum of the  aggregate  amount of such
            cash  distributed and the aggregate fair market value (as determined
            in good faith by the Board of Directors),  as of the Expiration Date
            (as defined below),  of such other  consideration  distributed (such
            sum,  the  "Aggregate  Amount")  expressed as an amount per share of
            Common  Stock  validly  tendered or  exchanged,  and not  withdrawn,
            pursuant to such tender offer or exchange offer as of the Expiration
            Time (as defined below) (such tendered or exchanged shares of Common
            Stock, the "Purchased  Shares") exceeds the current market price per
            share of Common Stock (as determined  pursuant to Section  10.05(g))
            on the last date (such last date,  the  "Expiration  Date") on which
            tenders or  exchanges  could have been made  pursuant to such tender
            offer or  exchange  offer (as the same may be  amended  through  the
            Expiration  Date),  then the  Conversion  Rate shall be increased by
            multiplying the Conversion Rate in effect  immediately  prior to the
            close of business  on the  Expiration  Date by a fraction  (A) whose
            numerator is equal to the sum of (I) the  Aggregate  Amount and (II)
            the  product  of (a) the  current  market  price per share of Common
            Stock (as determined pursuant to Section 10.05(g)) on the Expiration
            Date and (b) an amount  equal to (i) the  number of shares of Common
            Stock  outstanding  as of the last time (the  "Expiration  Time") at
            which  tenders or  exchanges  could have been made  pursuant to such
            tender offer or exchange offer (including all Purchased Shares) less
            (ii) the Purchased Shares and (B) whose  denominator is equal to the
            product of (I) the number of shares of Common Stock  outstanding  as
            of the Expiration Time (including all Purchased Shares) and (II) the
            current  market  price per share of Common  Stock on the  Expiration
            Date.

                  An increase,  if any, to the Conversion  Rate pursuant to this
            Section  10.05(e) shall become  effective  immediately  prior to the
            opening of business on the Business  Day  following  the  Expiration
            Date.  In the event that the Company or a Subsidiary is obligated to
            purchase shares of Common Stock pursuant to any such tender offer or
            exchange  offer,  but the Company or such  Subsidiary is permanently
            prevented by applicable  law from effecting any such  purchases,  or
            all such  purchases are rescinded,  then the  Conversion  Rate shall
            again be adjusted to be the  Conversion  Rate which would then be in
            effect if such tender offer or exchange  offer had not been made. If
            the  application  of this  Section  10.05(e) to any tender  offer or
            exchange offer would result in a decrease in the Conversion Rate, no
            adjustment  shall be made for such tender  offer or  exchange  offer
            under this Section 10.05(e).

                  (f) In addition to the foregoing  adjustments  in  subsections
            (a), (b), (c),  (d), and (e) above,  the Company,  from time to time
            and to the  extent  permitted  by law and by the rules of the Nasdaq
            National  Market (or, if the Common  Stock is not then quoted on the
            Nasdaq  National  Market,  the  rules of any  national  or  regional
            securities  exchange  or  automated  quotation  system  on which the
            Common Stock is then listed or quoted),  may increase the Conversion
            Rate by any amount for a period of at least twenty (20)

                                      -58-
<PAGE>

            days or such  longer  period as may be required by law, if the Board
            of Directors has made a determination,  which determination shall be
            conclusive, that such increase would be in the best interests of the
            Company.  Such Conversion Rate increase shall be irrevocable  during
            such period.  The Company shall give notice to the Trustee and cause
            notice of such increase to be mailed to each Holder of Securities at
            such Holder's  address as the same appears on the registry  books of
            the Registrar, at least fifteen (15) days prior to the date on which
            such increase commences.

                  (g) For the purpose of any computation  under subsections (a),
            (b),  (c) or (d) above of this  Section  10.05,  the current  market
            price per share of Common Stock on the date fixed for  determination
            of the stockholders entitled to receive the issuance or distribution
            requiring  such  computation  (the  "Determination  Date")  shall be
            deemed to be the average of the Closing Sale Prices for the ten (10)
            consecutive  Trading Days  immediately  preceding the  Determination
            Date,  and,  for  the  purpose  of any  computation  under  Sections
            10.05(e),  the current market price per share of Common Stock on the
            Expiration  Date for the tender  offer or exchange  offer  requiring
            such  computation  shall be deemed to be the  average of the Closing
            Sale Price for the ten (10)  consecutive  Trading  Days  immediately
            preceding the Expiration Date; provided, however, that (i) if the Ex
            Date for any event (other than the event requiring such computation)
            that  requires an  adjustment  to the  Conversion  Rate  pursuant to
            subsection  (a),  (b),  (c), (d) or (e) above occurs on or after the
            tenth  (10th)  Trading  Day  prior  to  the  Determination  Date  or
            Expiration Date,  whichever is applicable,  and prior to the Ex Date
            for the issuance or  distribution  requiring such  computation,  the
            Closing  Sale  Price for each  Trading  Day prior to the Ex Date for
            such other event shall be adjusted by multiplying  such Closing Sale
            Price by the reciprocal of the fraction by which the Conversion Rate
            is so required to be adjusted as a result of such other event,  (ii)
            if the Ex Date for any event  (other than the event  requiring  such
            computation)  that  requires an adjustment  to the  Conversion  Rate
            pursuant to subsection (a), (b), (c), (d), or (e) above occurs on or
            after the Ex Date for the issuance or  distribution  requiring  such
            computation  and  on or  prior  to  the  Determination  Date  or the
            Expiration Date, whichever is applicable, the Closing Sale Price for
            each Trading Day on and after the Ex Date for such other event shall
            be  adjusted  by  multiplying  such  Closing  Sale Price by the same
            fraction by which the Conversion  Rate is so required to be adjusted
            as a result of such  other  event,  and (iii) if the Ex Date for the
            event requiring such computation is on or prior to the Determination
            Date or Expiration Date, whichever is applicable,  after taking into
            account any  adjustment  required  pursuant to clause (i) or (ii) of
            this  proviso,  the Closing  Sale Price for each  Trading Day on and
            after such Ex Date shall be adjusted by adding thereto the amount of
            any cash and the fair market value (as  determined  in good faith by
            the Board of Directors in a manner consistent with any determination
            of  such  value  for  the  purposes  of this  Section  10.05,  whose
            determination  shall be conclusive  and set forth in a Resolution of
            the Board of Directors) of the evidences of Indebtedness,  shares of
            Capital   Stock  or  other   securities  or  assets  or  cash  being
            distributed (in the event requiring such computation)  applicable to
            one share of Common  Stock as of the  close of  business  on the day
            before such Ex Date.

                        The term "Ex  Date,"  (i) when used with  respect to any
            issuance or  distribution,  means the first date on which the Common
            Stock  trades the  regular  way on

                                      -59-
<PAGE>

            the  relevant  exchange  or in the  relevant  market  from which the
            Closing  Sale Price was  obtained  without the right to receive such
            issuance  or  distribution,  (ii)  when  used  with  respect  to any
            subdivision  or  combination  of shares of Common  Stock,  means the
            first date on which the Common  Stock trades the regular way on such
            exchange or in such market after the time at which such  subdivision
            or combination  becomes effective,  and (iii) when used with respect
            to any tender offer or exchange  offer means the first date on which
            the Common Stock trades the regular way on such  exchange or in such
            market  after the  expiration  time of such tender offer or exchange
            offer (as it may be amended or extended).

                  (h)  Notwithstanding  anything  herein  to the  contrary,  the
            Company may not increase the  Conversion  Rate above 37.3134  shares
            per $1,000 principal  amount of Securities (the "Maximum  Conversion
            Rate") pursuant to the events described in subsection (b), (c), (d),
            (e) or (f) of this  Section  10.05.  The Company  shall  adjust this
            Maximum  Conversion  Rate in the same manner as the Company  adjusts
            the  Conversion  Rate  for  stock  splits  and  combinations,  stock
            dividends,   reclassifications   and  similar  events   pursuant  to
            subsection (a) of this Section 10.05.

                  (i) In order to comply with the continued listing requirements
            of the Nasdaq National Market, the Company may not issue more than a
            total of five million  seven hundred fifty two thousand four hundred
            eight  (5,752,408)   shares  of  Common  Stock  (the  "Nasdaq  Share
            Limitation") in respect of the Securities (subject to adjustment for
            stock  splits,  stock  dividends  and  similar  events  pursuant  to
            subsection  (a) of this  Section  10.05),  whether  pursuant  to the
            issuance of Net Shares,  adjustments  to the  Conversion  Rate or as
            payment  for any  Make-Whole  Premium.  If  adjustments  made to the
            Conversion  Rate  pursuant  to the terms of this  Indenture,  and/or
            payments  in  respect of the  Make-Whole  Premium,  would  cause the
            Company  to  potentially  exceed the Nasdaq  Share  Limitation,  the
            Company  shall reduce the number of shares to be received by Holders
            of the Securities upon conversion by that amount which is determined
            by the  Company  in good  faith to be  necessary  so that the Nasdaq
            Share Limitation will not be exceeded;  provided, however, that that
            Make-Whole  Premium  shall be  reduced  by no more than that  amount
            necessary to cause the Nasdaq Share  Limitation  not to be exceeded.
            In the event  that the  number of shares  Holders  are  entitled  to
            receive is reduced,  Holders  shall not receive  any  substitute  or
            additional consideration as a result.

10.06 NO ADJUSTMENT.

      No adjustment in the Conversion  Rate shall be required  until  cumulative
adjustments  amount to one percent (1%) or more of the  Conversion  Rate as last
adjusted  (or,  if never  adjusted,  the  initial  Conversion  Rate);  provided,
however,  that any  adjustments to the  Conversion  Rate which by reason of this
Section  10.06 are not  required  to be made shall be carried  forward and taken
into account in any  subsequent  adjustment  to the  Conversion  Rate;  provided
further, that at the end of each fiscal year of the Company,  beginning with the
fiscal year ending on December 31, 2005, any  adjustments to the Conversion Rate
that have been, and at such time remain, deferred pursuant to this Section 10.06
shall be given effect,  and such adjustments,  if any shall no longer be carried
forward and taken into account in any  subsequent  adjustment to the  Conversion
Rate. All calculations under this Article X shall be made to the nearest cent or
to the nearest one-millionth of a share, as the case may be.

                                      -60-
<PAGE>

      No  adjustment  to the  Conversion  Rate  need be made  for a  transaction
referred to in this Article X if Holders are to participate  in the  transaction
without  conversion  on a basis  and with  notice  that the  Board of  Directors
determines  in good faith to be fair and  appropriate  in light of the basis and
notice on which holders of Common Stock participate in the transaction.

10.07 OTHER ADJUSTMENTS.

      If any rights,  options or warrants issued by the Company and requiring an
adjustment  to the  Conversion  Rate in  accordance  with Section 10.05 are only
exercisable  upon  the  occurrence  of  certain  triggering  events,   then  the
Conversion  Rate shall not be adjusted  as  provided in Section  10.05 until the
earliest of such  triggering  event occurs.  If any rights,  options or warrants
issued by the Company and  requiring an  adjustment  to the  Conversion  Rate in
accordance with Section 10.05 shall expire or terminate  without the exercise of
such rights,  options or warrants,  the Conversion  Rate then in effect shall be
adjusted  immediately to the Conversion  Rate which would have been in effect at
the time of such expiration or termination had such rights, options or warrants,
to the extent  outstanding  immediately prior to such expiration or termination,
never been issued.

      If any dividend or  distribution  is declared and the  Conversion  Rate is
adjusted  pursuant to Section 10.05 on account of such dividend or distribution,
but such dividend or distribution is thereafter not paid or made, the Conversion
Rate shall  again be  adjusted  to the  Conversion  Rate which  would then be in
effect had such dividend or distribution not been declared.

      In the event that, as a result of an  adjustment  made pursuant to Section
10.05 hereof, the Holder of any Security  thereafter  surrendered for conversion
shall become  entitled to receive any shares of Capital  Stock other than shares
of  Common  Stock,  thereafter  the  Conversion  Rate of such  other  shares  so
receivable  upon  conversion of any Security shall be subject to adjustment from
time to time in a manner and on terms as nearly equivalent as practicable to the
provisions with respect to Common Stock contained in this Article X.

10.08 ADJUSTMENTS FOR TAX PURPOSES.

      Except as prohibited by law or by the rules of the Nasdaq  National Market
(or, if the Common Stock is not then quoted on the Nasdaq National  Market,  the
rules of any national securities exchange or automated quotation system on which
the Common Stock is then listed or quoted),  the Company may make such increases
in the  Conversion  Rate, in addition to those required by Section 10.05 hereof,
as it determines to be advisable in order that any stock  dividend,  subdivision
of  shares,   distribution   or  rights  to  purchase  stock  or  securities  or
distribution of securities  convertible  into or exchangeable  for stock made by
the  Company  or to its  stockholders  shall not be  taxable  to the  recipients
thereof.

10.09 NOTICE OF ADJUSTMENT.

      Whenever the Conversion Rate is adjusted,  the Company shall promptly mail
to Holders at the addresses  appearing on the Registrar's  books a notice of the
adjustment and file with the Trustee an Officer's  Certificate  briefly  stating
the  facts  requiring  the  adjustment  and the  manner  of  computing  it.  The
certificate shall be conclusive evidence of the correctness of such adjustment.

                                      -61-
<PAGE>

10.10 NOTICE OF CERTAIN TRANSACTIONS.

      In the event that:

                        (1) the Company  takes any action,  or becomes  aware of
                  any event, which would require an adjustment in the Conversion
                  Rate,

                        (2) the Company  takes any action  that would  require a
                  supplemental indenture pursuant to Section 10.11, or

                        (3)  there  is  a  dissolution  or  liquidation  of  the
                  Company,

the Company shall mail to Holders at the addresses  appearing on the Registrar's
books and the Trustee a written notice stating the proposed record, effective or
expiration  date, as the case may be, of any  transaction  referred to in clause
(1), (2) or (3) of this  Section  10.10.  The Company  shall mail such notice at
least  twenty (20) days before such date (or, in the case of an event  described
in Section  10.05(d)  or Section  10.05(e),  as soon as  practicable);  however,
failure to mail such notice or any defect  therein shall not affect the validity
of any transaction referred to in clause (1), (2) or (3) of this Section 10.10.

10.11  EFFECT  OF  RECLASSIFICATIONS,  CONSOLIDATIONS,  MERGERS,  BINDING  SHARE
EXCHANGES OR SALES ON CONVERSION PRIVILEGE.

      If any of the following shall occur,  namely: (i) any  reclassification or
change in the Common Stock issuable upon conversion of Securities  (other than a
change in par value,  or from par value to no par value, or from no par value to
par  value,  or  as  a  result  of  a  subdivision  or  combination),  (ii)  any
consolidation,  merger or binding share exchange to which the Company is a party
other than a merger in which the Company is the continuing Person and which does
not result in any  reclassification  of, or change (other than a change in name,
or par  value,  or from par value to no par  value,  or from no par value to par
value or as a result of a subdivision  or  combination)  in, the Common Stock or
(iii) any sale,  transfer,  lease,  conveyance  or other  disposition  of all or
substantially all of the property or assets of the Company,  then the Company or
such successor or purchasing  Person,  as the case may be, shall, as a condition
precedent to such reclassification, change, consolidation, merger, binding share
exchange, sale, transfer, lease, conveyance or disposition,  execute and deliver
to the Trustee a supplemental  indenture in form reasonably  satisfactory to the
Trustee   providing   that,   at  and   after   the   effective   time  of  such
reclassification,  change, consolidation,  merger, binding share exchange, sale,
transfer,  lease,  conveyance or  disposition,  the Holder of each Security then
outstanding  shall have the right to  convert  such  Security  into the kind and
amount of shares of stock and other  securities  and property  (including  cash)
(collectively,  "Reference  Property")  receivable  upon such  reclassification,
change,  consolidation,  merger, binding share exchange, sale, transfer,  lease,
conveyance  or  disposition  by a holder of a number  of shares of Common  Stock
equal  to a  fraction  whose  denominator  is one  thousand  (1,000)  and  whose
numerator  is the  product  of the  principal  amount of such  Security  and the
Conversion Rate in effect  immediately prior to such  reclassification,  change,
consolidation, merger, binding share exchange, sale,

                                      -62-
<PAGE>

transfer, lease, conveyance or disposition,  assuming that such Holder would not
have  exercised  any rights of  election  that such  Holder  would have had as a
holder of Common Stock to select a particular type of  consideration;  provided,
however,  that after at the  effective  time of such  reclassification,  change,
consolidation, merger, binding share exchange, sale, transfer, lease, conveyance
or disposition,  the Principal Return payable  hereunder upon conversion of such
Security  shall  continue  to be  payable  in cash and the Net Share  Settlement
Conversion  Value shall be  calculated  based on the fair value of the Reference
Property.  Such  supplemental  indenture  shall provide for  adjustments  of the
Conversion Rate which shall be as nearly equivalent as may be practicable to the
adjustments  of  the  Conversion  Rate  provided  for in  this  Article  X.  The
foregoing, however, shall not in any way affect the right a Holder of a Security
may otherwise  have,  pursuant to Section  10.05(c) or Section 10.13, to receive
Rights upon conversion of a Security. If, in the case of any such consolidation,
merger,   binding  share  exchange,   sale,  transfer,   lease,   conveyance  or
disposition,  the  stock or  other  securities  and  property  (including  cash)
receivable  thereupon  by a holder of Common Stock  includes  shares of stock or
other securities and property of a Person other than the successor or purchasing
Person,  as the  case  may be,  in such  consolidation,  merger,  binding  share
exchange,   sale,  transfer,   lease,  conveyance  or  disposition,   then  such
supplemental  indenture  shall also be executed  by such other  Person and shall
contain such  additional  provisions  to protect the interests of the Holders of
the  Securities  as the  Board  of  Directors  in good  faith  shall  reasonably
determine  necessary by reason of the  foregoing.  The provision of this Section
10.11 shall similarly apply to successive consolidations, mergers, binding share
exchanges, sales, transfers, leases, conveyances or dispositions.

         In the event the Company shall execute a supplemental indenture
pursuant to this Section 10.11, the Company shall promptly file with the Trustee
an Officer's Certificate briefly stating the reasons therefor, the kind or
amount of shares of stock or securities or property (including cash) receivable
by Holders of the Securities upon the conversion of their Securities after any
such reclassification, change, consolidation, merger, binding share exchange,
sale, transfer, lease, conveyance or disposition and any adjustment to be made
with respect thereto.

10.12 TRUSTEE'S DISCLAIMER.

            The  Trustee and any  Security  Agent shall not at any time be under
any duty or  responsibility  to any Holder to either  calculate  the  Conversion
Price or determine  whether any facts exist which may require any  adjustment of
the Conversion  Price, or with respect to the nature or extent or calculation of
any such adjustment when made, or with respect to the method employed herein, or
in any  supplemental  indenture,  in making the same and shall be  protected  in
relying upon an  Officer's  Certificate  with  respect to the same.  Neither the
Trustee nor any Security Agent shall be accountable with respect to the validity
or value (of the kind or amount) of any shares of Common Stock,  or of any other
securities  or property,  which may at any time be issued or delivered  upon the
conversion of any Security; and neither the Trustee nor any Security Agent makes
any  representation  with respect thereto.  Neither the Trustee nor any Security
Agent  shall be  responsible  for any  failure  of the  Company to make any cash
payment or to issue,  transfer or deliver any shares of Common Stock or stock or
share  certificates  or other  securities  or property upon the surrender of any
Security for the purpose of  conversion;  and the Trustee and any Security Agent
shall not be responsible or liable for any failure of the Company to comply with
any of the  covenants  of the  Company  contained  in this  Article  X.  Without
limiting the generality of the  foregoing,  neither the Trustee nor any Security
Agent shall be under any  responsibility  to determine  the  correctness  of any
provisions  contained in any  supplemental  indenture  entered into  pursuant to
Section  10.11  relating  either  to the kind or  amount  of  shares of stock or
securities or other property or assets  (including  cash)  receivable by Holders
upon the  conversion  of their  Securities  after any event  referred to in such
Section  10.11  or to any  adjustment  to be  made  to the  Conversion  Rate  in
connection therewith, but, subject to the provisions of Section 7.01,

                                      -63-
<PAGE>

may accept as conclusive evidence of the correctness of any such provisions, and
shall be protected in relying upon, the Officer's Certificate (which the Company
shall be obligated to file with the Trustee  prior to the  execution of any such
supplemental  indenture)  with  respect  thereto.  Neither  the  Trustee nor any
Security  Agent  (except  for the  Bid  Solicitation  Agent  in  respect  of the
determination  of the  Trading  Price as and to the extent  provided  in Section
10.01) shall be responsible  for determining  whether any event  contemplated by
Section 10.01 has occurred  which makes the  Securities  eligible for conversion
until the  Company  has  delivered  to the  Trustee  and any  Security  Agent an
Officer's Certificate stating that such event has occurred, on which Certificate
the Trustee and any such Security Agent may  conclusively  rely, and the Company
agrees  to  deliver  such  Officer's  Certificate  to the  Trustee  and any such
Security Agent immediately after the occurrence of any such event.

      The Trustee has no duty to determine when an adjustment under this Article
X should be made, how it should be made or what such  adjustment  should be, but
may accept as conclusive evidence of the correctness of any such adjustment, and
shall be protected  in relying  upon,  the  Officer's  Certificate  with respect
thereto  which the Company is  obligated  to file with the  Trustee  pursuant to
Section 10.09 hereof.  The Trustee makes no representation as to the validity or
value of any securities or assets issued upon conversion of Securities,  and the
Trustee shall not be  responsible  for the failure by the Company to comply with
any provisions of this Article X.

      The  Trustee  shall  not be under  any  responsibility  to  determine  the
correctness of any provisions  contained in any supplemental  indenture executed
pursuant  to  Section  10.11,  but may  accept  as  conclusive  evidence  of the
correctness  thereof,  and shall be protected  in relying  upon,  the  Officer's
Certificate with respect thereto which the Company is obligated to file with the
Trustee pursuant to Section 10.11 hereof.

10.13 RIGHTS DISTRIBUTIONS PURSUANT TO STOCKHOLDERS' RIGHTS PLANS.

      Upon  conversion of any Security or a portion  thereof,  the Company shall
make  provision  for  the  Holder  thereof  to  receive,  in  addition  to,  and
concurrently with the delivery of, the consideration otherwise payable hereunder
upon such conversion on, the rights described in any  stockholders'  rights plan
the Company may have in effect at such time (whether or not the rights have been
separated from the Common Stock prior to the time of  conversion).  In the event
that the Company  implements a stockholders'  rights plan after the date hereof,
the Company  shall  provide that the Holders  shall  receive upon  conversion of
their Securities,  in addition to the consideration  otherwise payable hereunder
upon such conversion,  the rights  described  therein (whether or not the rights
have been separated from the Common Stock prior to the time of conversion).

                               XI. SUBORDINATION

11.01 AGREEMENT TO SUBORDINATE.

      The  Company  agrees,  and each  Securityholder  by  accepting  a Security
agrees,  that the payment of all amounts due with respect to the  Securities  is
subordinated  in right of payment,  to the extent and in the manner  provided in
this Article XI, to the prior payment in full in cash or cash equivalents of all
Senior  Indebtedness  (whether  outstanding  on the  date  hereof  or  hereafter
created,  incurred, assumed or guaranteed) and that the subordination is for the
benefit of the holders of Senior Indebtedness.

                                      -64-
<PAGE>

11.02 CERTAIN DEFINITIONS.

      "Designated  Senior  Indebtedness"  means all  Indebtedness of the Company
under the Credit  Agreement  by and among the Company,  JPMorgan  Chase Bank and
certain other parties thereto,  dated as of June 30, 2003, as it has been or may
be amended,  modified or extended (including,  without limitation,  by amending,
modifying or extending the maturity  thereof) from time to time ("Senior  Credit
Agreement"),  and any other Senior Indebtedness  created after the Issue Date in
which the instrument creating or evidencing the indebtedness  expressly provides
that such indebtedness is "Designated  Senior  Indebtedness" with respect to the
Securities.

      "Representative"  means the indenture  trustee or other trustee,  agent or
representative for an issue of Senior Indebtedness.

      "Senior Indebtedness" means all Indebtedness of the Company outstanding at
any  time,  except  (i) the  Securities,  (ii)  Indebtedness  that by its  terms
provides  that it shall not be "senior"  in right of payment to the  Securities,
(iii)  Indebtedness  that by its terms provides that it shall be "pari passu" or
"junior"  or  "subordinated"  in  right  of  payment  to  the  Securities,  (iv)
Indebtedness  for trade payables or any account payable or other accrued current
liability  or  obligation  incurred  in  the  ordinary  course  of  business  in
connection  with the obtaining of materials or services and (v)  Indebtedness of
the Company to any of its Subsidiaries.

11.03 LIQUIDATION; DISSOLUTION; BANKRUPTCY.

      In the event of any insolvency or bankruptcy  case or  proceeding,  or any
receivership, liquidation, reorganization or other similar case or proceeding in
connection  therewith,  relating  to  the  Company  or to  its  assets,  or  any
liquidation,  dissolution or other winding-up of the Company,  whether voluntary
or  involuntary,  or any  assignment  for the  benefit  of  creditors  or  other
marshaling of assets or  liabilities of the Company  (except in connection  with
the  consolidation  or merger of the Company or its  liquidation  or dissolution
following the sale, transfer,  lease,  conveyance or other disposition of all or
substantially  all of the  property or assets of the Company  upon the terms and
conditions of Article V), the holders of Senior  Indebtedness  shall be entitled
to  receive  payment  in  full  in  cash  or  cash  equivalents  of  all  Senior
Indebtedness,  or provision  shall be made for such payment in full,  before the
Securityholders  shall be entitled to receive any payment or distribution of any
kind or character on account of principal  of, or premium,  if any, or interest,
contingent interest or additional  interest on, the Securities;  and any payment
or  distribution  of assets of the Company of any kind or character,  whether in
cash,   property  or  securities,   by  set-off  or  otherwise,   to  which  the
Securityholders  or the Trustee would be entitled but for the provisions of this
Article XI 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 ratably according to the
aggregate amounts remaining unpaid on account of the Senior  Indebtedness 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.

                                      -65-
<PAGE>

11.04 DEFAULT ON DESIGNATED SENIOR INDEBTEDNESS

      No payment  or  distribution  of any assets of the  Company of any kind or
character,  whether in cash, property or securities, may be made by or on behalf
of the Company on account of the principal of, or premium,  if any, or interest,
contingent  interest or additional  interest,  if any, on, the  Securities or on
account of a Purchase at Holder's Option or Repurchase Upon Fundamental  Change,
Redemption  or any other  repurchase  or  acquisition  of  Securities,  upon the
occurrence of any Payment Default in respect of Designated  Senior  Indebtedness
until such payment  default  shall have been cured or waived in writing or shall
have  ceased to exist or such  Designated  Senior  Indebtedness  shall have been
discharged  or paid in full in cash or cash  equivalents.  A  "Payment  Default"
shall mean a default in payment, whether at scheduled maturity, upon a scheduled
installment,  by acceleration or otherwise, of principal of, or premium, if any,
or interest on,  Designated  Senior  Indebtedness  beyond any  applicable  grace
period.

      If (i) there  occurs any default or event of default  with  respect to any
Designated Senior Indebtedness,  other than a Payment Default, pursuant to which
the  maturity of such  Designated  Senior  Indebtedness  may be  accelerated  (a
"Non-Payment Default"), and (ii) the Trustee receives written notice (a "Payment
Blockage   Notice")  of  such   Non-Payment   Default  from  the  Company  or  a
Representative  with respect to such  Designated  Senior  Indebtedness,  then no
payment or  distribution  of any assets of the Company of any kind or character,
whether in cash, property or securities, may be made during the Payment Blockage
Period  (as  defined  below) by or on behalf of the  Company  on  account of the
principal of, or premium, if any, or interest, contingent interest or additional
interest,  if any,  on, the  Securities  or on account of a Purchase at Holder's
Option or Repurchase Upon Fundamental Change, Redemption or any other repurchase
or acquisition of Securities.

      The  Payment  Blockage  Period  shall  mean the  period  (each a  "Payment
Blockage Period") that shall commence upon receipt by the Trustee of the Payment
Blockage Notice, and shall end on the earliest of:

            (i) one hundred seventy nine (179) days thereafter,  provided,  that
      the  Designated  Senior  Indebtedness  to which  the  non-payment  default
      relates shall not theretofore have been accelerated;

            (ii) the date on which such  Non-Payment  Default is cured or waived
      or ceases to exist;

            (iii)  the date on which  such  Designated  Senior  Indebtedness  is
      discharged or paid in full; or

            (iv) the date on which such Payment  Blockage Period shall have been
      terminated by written notice to the Trustee from a Representative  of such
      Designated Senior Indebtedness.

      After the  termination  of a Payment  Blockage  Period,  the Company shall
resume  making any and all  required  payments  in  respect  of the  Securities,
including any missed payments.  In any event, not more than one Payment Blockage
Period may be commenced  during any period of three hundred and sixty five (365)
consecutive  days. No Non-Payment  Default that existed or was continuing on the
date of the  commencement of any Payment Blockage Period shall be made the basis
for the  commencement  of a  subsequent  Payment  Blockage  Period,  unless such
Non-Payment  default  has been

                                      -66-
<PAGE>

cured or waived for a period of at least ninety (90) consecutive days subsequent
to the commencement of such initial Payment Blockage Period.

11.05 PAYMENTS WHILE SENIOR CREDIT AGREEMENT IS IN EFFECT

      No payment  or  distribution  of any assets of the  Company of any kind or
character,  whether in cash, property or securities, may be made by or on behalf
of the  Company on account of a Purchase  at Holder's  Option,  Repurchase  Upon
Fundamental  Change,  Redemption  or any  other  repurchase  or  acquisition  of
Securities  without the consent of the requisite lenders under the Senior Credit
Agreement,  until the  Indebtedness  under the Senior Credit  Agreement has been
discharged or paid in full in cash or cash equivalents.  The foregoing shall not
restrict the Company from paying the  Principal  Return and issuing those shares
of Common  Stock,  if any,  which are issuable  upon  conversion  of  Securities
(including the payment of any Make-Whole  Premium payable hereunder in shares of
Common Stock).

11.06 ACCELERATION OF SECURITIES.

      If  payment  of the  Securities  is  accelerated  because  of an  Event of
Default, the Company shall promptly notify holders of Senior Indebtedness of the
acceleration.

11.07 WHEN DISTRIBUTION MUST BE PAID OVER.

      In the event that, notwithstanding the provisions of Sections 11.03, 11.04
and 11.05,  any payment or  distribution  of any kind or  character,  whether in
cash,  property  or  securities,  shall be received by the Trustee or any Holder
which is  prohibited  by such  provisions,  then and in such event such  payment
shall be held in trust for the benefit of, and shall be paid over and  delivered
by such  Trustee or Holder to, the  trustee or  Representative  with  respect to
holders of Senior Indebtedness, as their interest may appear, for application to
Senior Indebtedness remaining unpaid until all such Senior Indebtedness has been
paid in full in cash or cash  equivalents  after giving effect to any concurrent
distribution to or for the holders of Senior Indebtedness.

      With respect to the holders of Senior Indebtedness, the Trustee undertakes
to perform only such  obligations on the part of the Trustee as are specifically
set forth in this  Article  XI, and no implied  covenants  or  obligations  with
respect to the holders of Senior  Indebtedness shall be read into this Indenture
against the Trustee.  The Trustee shall not be deemed to owe any fiduciary  duty
to the  holders  of  Senior  Indebtedness,  and  shall not be liable to any such
holders if the Trustee, acting in good faith, shall pay over or distribute to or
on behalf of Holders or the Company or any other Person money or assets to which
any holders of Senior  Indebtedness  shall be entitled by virtue of this Article
XI or otherwise.

11.08 NOTICE BY THE COMPANY.

      The Company shall promptly  notify the Trustee and the Paying Agent of any
facts known to the Company  that would cause a payment of any  obligations  with
respect to the  Securities  to violate this Article XI, but failure to give such
notice  shall not  affect  the  subordination  of the  Securities  to the Senior
Indebtedness as provided in this Article XI.

                                      -67-
<PAGE>

11.09 SUBROGATION.

      After all Senior Indebtedness is paid in full and until the Securities are
paid in full,  Securityholders shall be subrogated (equally and ratably with all
other  Indebtedness  that is equal in right of payment to the Securities) to the
rights of holders of Senior Indebtedness to receive distributions  applicable to
Senior  Indebtedness to the extent that  distributions  otherwise payable to the
Securityholders  have been  applied  to the  payment of Senior  Indebtedness.  A
distribution made under this Article XI, to holders of Senior  Indebtedness that
otherwise would have been made to Securityholders is not, as between the Company
and Securityholders a payment by the Company of the Securities.

11.10 RELATIVE RIGHTS.

      This  Article XI,  defines the  relative  rights of Holders and holders of
Senior Indebtedness. Nothing in this Indenture shall: (i) impair, as between the
Company and  Holders,  the  obligation  of the  Company,  which is absolute  and
unconditional,  to pay principal of and interest on the Securities in accordance
with their terms;  (ii) affect the relative  rights of Holders and  creditors of
Holders  other than their rights in relation to holders of Senior  Indebtedness;
or (iii)  prevent  the  Trustee  or any Holder  from  exercising  its  available
remedies  upon a Default or Event of  Default,  subject to the rights of holders
and  owners  of  Senior  Indebtedness  to  receive  distributions  and  payments
otherwise payable to Holders of Securities. If the Company fails because of this
Article XI, to pay  principal of or any premium or interest on a Security on the
Maturity Date, the failure is still a Default or Event of Default.

11.11 SUBORDINATION MAY NOT BE IMPAIRED BY THE COMPANY.

      No right of any holder of Senior Indebtedness to enforce the subordination
of the Indebtedness  evidenced by the Securities shall be impaired by any act or
failure to act by the  Company or any Holder or by the failure of the Company or
any Holder to comply with this Indenture.

      Without in any way limiting the  generality  of this  Section  11.11,  the
holders of Senior  Indebtedness may, at any time and from time to time,  without
the  consent  of or notice to the  Trustee  or the  Holders,  without  incurring
responsibility  to the Trustee or the Holders and without impairing or releasing
the subordination  provided in this Article XI, or the obligations  hereunder of
the  Holders to the  holders of Senior  Indebtedness,  do any one or more of the
following:  (a) change the manner,  place or terms of payment or extend the time
of  payment  of,  or renew or  alter,  Senior  Indebtedness,  or any  instrument
evidencing  the  same  or any  agreement  under  which  Senior  Indebtedness  is
outstanding  or  secured;  (b) sell,  exchange,  release,  foreclose  against or
otherwise deal with any property pledged, mortgaged or otherwise securing Senior
Indebtedness;  (c) release any person liable in any manner for the collection of
Senior  Indebtedness;  and (d)  exercise or refrain from  exercising  any rights
against the Company, and Subsidiary thereof or any other person.

11.12 DISTRIBUTION OR NOTICE TO REPRESENTATIVE.

      Whenever a distribution  is to be made or a notice given to holders of any
Senior Indebtedness,  the distribution may be made and the notice given to their
Representative.  Upon any  payment  or  distribution  of assets  of the  Company
referred to in this Article XI, the Trustee and the Holders the Securities shall
be  entitled  to rely upon any order or  decree  made by any court of  competent

                                      -68-
<PAGE>

jurisdiction  or  upon  any  certificate  of  such   Representative  or  of  the
liquidating  trustee or agent or other  Person  making any  distribution  to the
Trustee or to the Holders for the purpose of ascertaining  the Persons  entitled
to participate in such distribution,  all holders of the Senior Indebtedness and
other  Indebtedness of the Company,  the amount thereof or payable thereon,  the
amount or amounts  paid or  distributed  thereon and all other  facts  pertinent
thereto or to this Article XI.

11.13 RIGHTS OF TRUSTEE AND PAYING AGENT.

      Notwithstanding  the provisions of this Article XI, or any other provision
of this  Indenture,  the Trustee shall not at any time be charged with knowledge
of the  existence of any facts that would  prohibit the making of any payment or
distribution  to or by the  Trustee,  and the Trustee  and the Paying  Agent may
continue to make payments on the Securities, unless a Responsible Officer of the
Trustee  shall have  received at the  Corporate  Trust  Office of the Trustee at
least three (3) Business Days prior to the date of such payment  written  notice
of facts that would cause the  payment of any  obligations  with  respect to the
Securities  to  violate  this  Article  XI.  Only the  Company  or a trustee  or
Representative with respect to Senior Indebtedness may give such written notice.
Prior to the receipt of any such written  notice,  the Trustee shall be entitled
in all respects to  conclusively  presume that no such facts exist,  and, unless
the Trustee shall have theretofore received any such written notice, the Trustee
shall have full power and authority to receive any such payment and to apply the
same to the purposes for which it was received. The foregoing shall not apply to
any Affiliate of the Company  acting as a Paying Agent.  Nothing in this Article
XI, shall impair the claims of, or payments to, the Trustee under or pursuant to
Sections 6.10 or 7.07.

      The  Trustee  in its  individual  or any other  capacity  may hold  Senior
Indebtedness with the same rights it would have if it were not Trustee.

                               XII. TAX TREATMENT

12.01 TAX TREATMENT.

                  (a)  The  Company  hereby  agrees  and  each  Holder  and  any
            beneficial holder of a Security by its purchase of a Security hereby
            agrees (in the absence of administrative  or judicial  determination
            to the contrary):

                        (1) to  treat  the  Securities  as  indebtedness  of the
                  Company for all United States federal income tax purposes;

                        (2) to treat the Securities as debt instruments that are
                  subject to Treasury Regulation section 1.1275-4(b); and

                        (3) to  treat  the  delivery  of  Common  Stock  or cash
                  (including cash delivered in lieu of a fractional  share) to a
                  Holder of a Security upon  conversion of such  Security,  as a
                  contingent  payment (in an amount equal to the sum of the fair
                  market  value of such Common  Stock and any cash  received (as
                  determined  in good  faith by the  Board of  Directors  of the
                  Company)) under Treasury Regulation section 1.1275-4(b).

                                      -69-
<PAGE>

12.02 COMPARABLE YIELD AND PROJECTED PAYMENT SCHEDULE.

            (a) Solely for  purposes of  applying  Treasury  Regulation  section
      1.1275-4 to the Securities:

                  (1) for United States federal income tax purposes, the Company
            shall accrue  interest  with respect to  outstanding  Securities  as
            original  issue  discount  according  to  the  "noncontingent   bond
            method," as set forth in Treasury  Regulation  section  1.1275-4(b),
            using a comparable yield of 7.05%, compounded semiannually,  and the
            projected payment schedule as determined by the Company;

                  (2) the Company shall file with the Trustee promptly following
            the end of each calendar year (A) a written  notice  specifying  the
            amount of original  issue  discount for United States federal income
            tax purposes accrued on outstanding Securities as of the end of such
            year  and (B)  such  other  specific  information  relating  to such
            original issue  discount that the Company  determines to be relevant
            under the  Internal  Revenue  Code of 1986,  as amended from time to
            time,  including  the  amount  of  any  adjustment  made  under  the
            noncontingent   bond  method  to  account  for  the  amount  of  any
            difference between the amount of an actual payment and the amount of
            a projected payment; and

                  (3) the Company  acknowledges and agrees,  and each Holder and
            any beneficial  holder of a Security,  by its purchase of a Security
            shall be deemed to  acknowledge  and agree,  that (A) the  projected
            payment  schedule is  determined  on the basis of an  assumption  of
            linear  growth  of  stock  price  (unless   otherwise   required  by
            administrative or judicial determination),  (B) the comparable yield
            and  the  projected  payment  schedule  are not  determined  for any
            purpose other than for the purpose of applying  Treasury  Regulation
            section 1.1275-4(b)(4) to the Security, (C) the comparable yield and
            the  projected  payment  schedule do not  constitute a projection or
            representation   regarding  the  actual   amounts   payable  on  the
            Securities, and (D) the Company's application of Treasury Regulation
            section  1.1275-4(b),  including the Company's  determination of the
            comparable yield and the projected payment schedule shall be binding
            on each  Holder  and any  beneficial  holder of a  Security  (unless
            otherwise required by administrative or judicial determination).

      Holders that wish to obtain the  projected  payment  schedule may do so by
submitting a written  request to the Company (to the attention of the Treasurer)
as set forth in Section 13.02 below.

                              XIII. MISCELLANEOUS

13.01 TRUST INDENTURE ACT CONTROLS.

      If any provision of this  Indenture  limits,  qualifies or conflicts  with
another provision which is required to be included in this Indenture by the TIA,
the required provision of the TIA shall control.

                                      -70-
<PAGE>

13.02 NOTICES.

      Any notice or  communication by the Company or the Trustee to the other is
duly given if in writing and delivered in person,  mailed by first-class mail or
by express  delivery to the other party's  address stated in this Section 13.02.
The Company or the Trustee by notice to the other may  designate  additional  or
different addresses for subsequent notices or communications.

      Any notice or  communication  to a Holder  shall be mailed to its  address
shown  on the  register  kept by the  Registrar.  Failure  to mail a  notice  or
communication  to a Holder or any defect in it shall not affect its  sufficiency
with respect to other Holders.

      If a notice or communication is mailed in the manner provided above, it is
duly given, whether or not the addressee receives it; provided,  however,  that,
anything herein to the contrary  notwithstanding,  no notice or communication to
the  Trustee  shall be deemed to be duly  given or valid  unless and until it is
actually received by the Trustee at the Corporate Trust Office of the Trustee.

      If the Company mails a notice or communication to Holders, it shall mail a
copy to the Trustee and each Security Agent at the same time.

      All notices or communications shall be in writing.

      The Company's address is:

      CONMED Corporation
      525 French Road
      Utica, New York 13502
      Attn: General Counsel

      The Trustee's address is:

      The Bank of New York
      101 Barclay Street -- 8W
      New York, New York 10286
      Attn: Corporate Trust Administration -- Corporate Finance Unit

13.03 COMMUNICATION BY HOLDERS WITH OTHER HOLDERS.

      Holders may communicate pursuant to TIA ss. 312(b) with other Holders with
respect to their rights under this Indenture or the Securities. The Company, the
Trustee,  the  Registrar  and anyone else shall have the  protection  of TIA ss.
312(c).

13.04 CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT.

      Upon any request or  application by the Company to the Trustee to take any
action under this Indenture, the Company shall furnish to the Trustee:

                                      -71-
<PAGE>

            (i) an Officer's  Certificate  stating  that,  in the opinion of the
      signatory thereto, all conditions precedent,  if any, provided for in this
      Indenture relating to the proposed action have been complied with; and

            (ii) if  requested  by the  Trustee,  an Opinion of Counsel  stating
      that, in the opinion of such counsel,  all such conditions  precedent have
      been complied with.

      Such Officer's  Certificate  and Opinion of Counsel shall be addressed and
furnished to the Trustee.  Each  signatory  to an  Officer's  Certificate  or an
Opinion of  Counsel  may (if so stated)  rely,  effectively,  upon an Opinion of
Counsel as to legal matters and an Officer's  Certificate as to factual  matters
if such  signatory  reasonably and in good faith believes in the accuracy of the
document  relied  upon.  Each Opinion of Counsel may rely upon  certificates  of
public officials as to factual matters if such signatory  reasonably and in good
faith believes in the accuracy of such certificates relied upon.

13.05 STATEMENTS REQUIRED IN CERTIFICATE OR OPINION.

      If required by the TIA, each  Officer's  Certificate or Opinion of Counsel
with respect to  compliance  with a condition  or covenant  provided for in this
Indenture shall include:

            (i) a statement  that the person making such  certificate or opinion
      has read such covenant or condition;

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

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

            (iv) a  statement  as to  whether  or not,  in the  opinion  of such
      person, such condition or covenant has been complied with.

13.06 RULES BY TRUSTEE AND AGENTS.

         The Trustee may make reasonable rules for action by or at a meeting of
Holders. The Registrar, Paying Agent or Conversion Agent may make reasonable
rules and set reasonable requirements for their respective functions.

13.07 LEGAL HOLIDAYS.

      A  "Legal  Holiday"  is a  Saturday,  a Sunday  or a day on which  banking
institutions  are not required to be open in the City of New York,  in the State
of New York or in the city in which the Trustee  administers its corporate trust
business.  If a payment date is a Legal  Holiday at a place of payment,  payment
may be  made  at that  place  on the  next  succeeding  day  that is not a Legal
Holiday,  and no  interest  shall  accrue on that  payment  for the  intervening
period.

      A "Business Day" is a day other than a Legal Holiday.

                                      -72-
<PAGE>

13.08 DUPLICATE ORIGINALS.

      The parties may sign any number of copies of this  Indenture.  Each signed
copy  shall  be an  original,  but  all of  them  together  represent  the  same
agreement.  Delivery of an executed  counterpart by facsimile shall be effective
as delivery of a manually executed counterpart thereof.

13.09 GOVERNING LAW.

      The laws of the State of New York  shall  govern  this  Indenture  and the
Securities.

13.10 NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS.

      This  Indenture may not be used to interpret  another  indenture,  loan or
debt agreement of the Company or any of its  Subsidiaries.  Any such  indenture,
loan or debt agreement may not be used to interpret this Indenture.

13.11 SUCCESSORS.

      All agreements of the Company in this  Indenture and the Securities  shall
bind its successors.  All agreements of the Trustee in this Indenture shall bind
its successors.

13.12 SEPARABILITY.

      In case any  provision  in this  Indenture or in the  Securities  shall be
invalid, illegal or unenforceable,  the validity, legality and enforceability of
the remaining  provisions  shall not in any way be affected or impaired  thereby
and a Holder shall have no claim therefor against any party hereto.

13.13 TABLE OF CONTENTS, HEADINGS, ETC.

      The Table of Contents,  Cross-Reference Table and headings of the Articles
and Sections of this Indenture  have been inserted for  convenience of reference
only,  are not to be  considered  a part  hereof  and shall in no way  modify or
restrict any of the terms or provisions hereof.

13.14 CALCULATIONS IN RESPECT OF THE SECURITIES.

      The  Company  and  its  agents  (including,  without  limitation,  the Bid
Solicitation  Agent) shall make all  calculations  under this  Indenture and the
Securities in good faith.  In the absence of manifest error,  such  calculations
shall be final and binding on all Holders.  The Company  shall provide a copy of
such  calculations  to the  Trustee as  required  hereunder,  and,  absent  such
manifest  error,  the Trustee  shall be entitled to rely on the  accuracy of any
such calculation without independent verification.

  [The Remainder of This Page Intentionally Left Blank; Signature Page Follows]

                                      -73-
<PAGE>

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

                                    CONMED CORPORATION

                                    By: /s/ Daniel S. Jonas
                                        ----------------------------------------
                                        Name:  Daniel S. Jonas
                                        Title: VP Legal Affairs, General Counsel

                                    THE BANK OF NEW YORK,
                                    as Trustee

                                    By: /s/ Kisha A. Holder
                                        ----------------------------------------
                                        Name:  Kisha A. Holder
                                        Title: Assistant Vice President

<PAGE>

                                                                       EXHIBIT A
                                                                       ---------

                               [Face of Security]

                               CONMED CORPORATION
                               ------------------

Certificate No. _______

    [INSERT PRIVATE PLACEMENT LEGEND AND GLOBAL SECURITY LEGEND AS REQUIRED]

               2.50% Convertible Senior Subordinated Note due 2024

                             CUSIP No. ____________

                              ISIN No. ____________

      CONMED Corporation, a New York corporation (the "Company"), for value
received, hereby promises to pay to Cede & Co., or its registered assigns, the
principal sum of _____________________ dollars ($__________) on November 15,
2024 and to pay interest thereon, as provided on the reverse hereof, until the
principal and any unpaid and accrued interest are paid or duly provided for.

      Interest  Payment Dates: May 15 and November 15, with the first payment to
be made on May 15, 2005.

      Record Dates: May 1 and November 1.

      The provisions on the back of this  certificate are incorporated as if set
forth on the face hereof.

      IN WITNESS  WHEREOF,  CONMED  Corporation has caused this instrument to be
duly signed.

                                            CONMED CORPORATION

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

Dated:
      ------------------

                                      A-1
<PAGE>

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

THE BANK OF NEW YORK, as Trustee

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

Dated:
      ---------------------

                                      A-2
<PAGE>

                              [REVERSE OF SECURITY]

                               CONMED CORPORATION
                               ------------------

               2.50% Convertible Senior Subordinated Note due 2024

      1. Interest.  CONMED Corporation,  a New York corporation (the "Company"),
promises to pay interest on the  principal  amount of this  Security at the rate
per annum shown above. The Company shall pay interest,  payable semi-annually in
arrears,  on May 15 and November 15 of each year,  with the first  payment to be
made on May 15, 2005.  Interest on the Securities  shall accrue on the principal
amount from, and including, the most recent date to which interest has been paid
or provided for or, if no interest has been paid, from, and including,  November
10, 2004,  in each case to, but  excluding,  the next  interest  payment date or
Maturity Date, as the case may be.  Interest shall be computed on the basis of a
360-day year of twelve 30-day months.

      In  addition,  the  Company  shall pay  contingent  interest  ("Contingent
Interest") to the Holders during any six-month  period (a  "Contingent  Interest
Period") from and  including  May 15 to and  including  November 14 and from and
including  November 15 to and  including May 14,  commencing  with the six-month
period  beginning  November 15, 2011, if the average Trading Price of a Security
for the five  consecutive  Trading Day period  preceding  the third  Trading Day
before  the first day of the  relevant  Contingent  Interest  Period  equals one
hundred and twenty percent (120%) or more of the principal amount of a Security.

      The Company  shall  instruct the Bid  Solicitation  Agent to determine the
daily Trading Prices of the Securities  during each applicable five  consecutive
Trading Day period. The Bid Solicitation Agent shall calculate the Trading Price
in the same  manner  it  calculates  the  Trading  Price for  conversion  of the
Securities  upon  satisfaction  of the Trading  Price  Condition as described in
Section  10.01(A)(ii)  of the Indenture (as defined below);  provided,  however,
that the Company  shall,  without any  request of any Holder,  instruct  the Bid
Solicitation  Agent to  determine  the daily  Trading  Prices of the  Securities
during each applicable five consecutive Trading Day period. Upon a determination
by the Company that  Holders  shall be entitled to receive  Contingent  Interest
with respect to a Contingent  Interest Period, the Company shall, on or prior to
the first day of such Contingent Interest Period, publicly announce, and provide
a notice to the Trustee of, the amount of such Contingent  Interest  payable per
$1,000 principal amount of Securities.

      The amount of Contingent  Interest  payable per $1,000 principal amount of
Securities in respect of any Contingent Interest Period, if applicable, shall be
equal to a per annum rate of 0.25% of the average Trading Price of such Security
for the five  consecutive  Trading Day period  ending on and including the third
Trading  Day  immediately  preceding  the  first day of the  relevant  six-month
period.  Contingent Interest,  if any, shall accrue and be payable to Holders in
the same manner as regular cash  interest.  Regular cash interest shall continue
to  accrue  at the per  annum  rate of  2.50%  on the  principal  amount  of the
Securities whether or not Contingent Interest is paid.

      2. Maturity. The Securities mature on November 15, 2024.

                                      A-3
<PAGE>

      3. Method of Payment.  Except as  provided  in the  Indenture  (as defined
below),  the Company shall pay interest on the Securities to the persons who are
Holders of record of  Securities at the close of business on the record date set
forth  on the face of this  Security  next  preceding  the  applicable  interest
payment date. Holders must surrender Securities to a Paying Agent to collect the
principal amount,  Redemption Price, Option Purchase Price or Fundamental Change
Repurchase  Price of the  Securities,  plus, if  applicable,  accrued and unpaid
interest,  if any,  payable as herein  provided  upon  Redemption,  Purchase  at
Holder's Option or Repurchase Upon Fundamental  Change,  as the case may be. The
Company  shall pay, in money of the United States that at the time of payment is
legal  tender for payment of public and private  debts,  all amounts due in cash
with respect to the Securities, which amounts shall be paid (A) in the case this
Security is in global form, by wire transfer of immediately  available  funds to
the account  specified by the Holder hereof and (B) in the case this Security is
held in other than  global  form,  by mailing a check to such  Holder's  address
shown in the register of the Registrar.

      4. Paying Agent, Registrar,  Conversion Agent. Initially,  The Bank of New
York (the  "Trustee")  shall act as Paying Agent,  Registrar,  Bid  Solicitation
Agent and Conversion Agent. The Company may change any Paying Agent,  Registrar,
Bid Solicitation Agent or Conversion Agent without notice.

      5. Indenture.  The Company issued the Securities  under an Indenture dated
as of November 10, 2004 (the  "Indenture")  between the Company and the Trustee.
The terms of the Securities include those stated in the Indenture and those made
part of the  Indenture by reference to the Trust  Indenture Act of 1939 (15 U.S.
Code  ss.ss.  77aaa-77bbbb)  (the  "TIA") as amended  and in effect from time to
time. The Securities are subject to all such terms,  and Holders are referred to
the  Indenture  and the TIA for a statement of such terms.  The  Securities  are
general  unsecured  senior  subordinated  obligations of the Company  limited to
$150,000,000  aggregate  principal amount,  except as otherwise  provided in the
Indenture   (except  for  Securities   issued  in  substitution  for  destroyed,
mutilated, lost or stolen Securities).  Terms used herein without definition and
which are defined in the  Indenture  have the  meanings  assigned to them in the
Indenture.

      6. Optional Redemption.

            The Company shall have the right,  at the Company's  option,  at any
time, and from time to time, on a Redemption Date on or after November 15, 2011,
to redeem all or any part of the  Securities at a price payable in cash equal to
one hundred  percent  (100%) of the  principal  amount of the  Securities  to be
redeemed,  plus  accrued and unpaid  interest,  if any, to, but  excluding,  the
Redemption Date.

            Upon  surrender  to  the  Paying  Agent  of a  Security  subject  to
Redemption,  such  Security  shall  be paid,  to the  Holder  surrendering  such
Security,  at the  Redemption  Price plus  accrued and unpaid  interest  to, but
excluding,  the Redemption Date; provided,  however, that if the Redemption Date
is an interest  payment  date,  the interest  becoming due on such date shall be
paid to the Holder of record of such  Security  at the close of  business on the
record date for such  interest  payment and shall not be included in the accrued
and unpaid interest otherwise payable upon Redemption. The Company shall make at
least fourteen (14) semi-annual interest

                                      A-4
<PAGE>

payments with respect to the Securities  prior to redeeming any Securities under
this paragraph 6.

      If the Paying Agent (other than the Company) holds on the Redemption  Date
money sufficient to pay the aggregate  Redemption  Price, and accrued and unpaid
interest,  if any,  to,  but  excluding,  the  Redemption  Date,  payable on the
Redemption  Date with respect to all  Securities  to be  redeemed,  then (unless
there shall be a Default in the payment of the Redemption  Price or such accrued
and unpaid  interest) on and after the Redemption Date such Securities  shall be
deemed to be no longer  outstanding,  interest on such Securities shall cease to
accrue,  and such Securities shall be deemed paid whether or not such Securities
are delivered to the Paying Agent. Thereafter, all rights of the Holders of such
Securities shall terminate with respect to such Securities, other than the right
to receive,  upon surrender of such Securities in accordance with the Indenture,
the Redemption Price plus such accrued and unpaid interest.

      7. Notice of  Redemption.  Notice of  Redemption  shall be mailed at least
thirty (30) days but not more than sixty (60) days before the Redemption Date to
each  Holder of  Securities  to be  redeemed  at its  address  appearing  in the
security register.  Subject to the restrictions set forth in Section 2.02 of the
Indenture,  Securities in denominations  larger than $2,000 principal amount may
be redeemed in part but only in integral multiples of $1,000 principal amount.

      8.  Purchase by the  Company at the Option of the  Holder.  Subject to the
terms and  conditions of the  Indenture,  the Company shall become  obligated to
purchase,  at the option of the Holder,  the  Securities  held by such Holder on
November  15, 2011,  November  15, 2014 and November 15, 2019 (each,  an "Option
Purchase  Date") at an Option  Purchase  Price,  payable  in cash,  equal to one
hundred  percent  (100%)  of  the  principal  amount  of  the  Securities  to be
purchased,  plus  accrued  and  unpaid  interest,  if any,  to,  but  excluding,
applicable  Option Purchase Date, upon delivery of a Purchase Notice  containing
the  information  set forth in the  Indenture,  at any time from the  opening of
business on the date that is twenty (20) Business  Days prior to the  applicable
Option Purchase Date until the close of business on the Business Day immediately
preceding  the  applicable  Option  Purchase  Date  and  upon  delivery  of  the
Securities to the Paying Agent by the Holder as set forth in the Indenture.

      Holders have the right to withdraw any Purchase  Notice by  delivering  to
the Paying Agent a written  notice of  withdrawal at any time prior to the close
of business on the Business Day  immediately  preceding  the  applicable  Option
Purchase Date in accordance with the provisions of the Indenture.

      If the Paying  Agent  (other  than the  Company)  holds on the  applicable
Option  Purchase  Date money  sufficient to pay the  aggregate  Option  Purchase
Price, and accrued and unpaid interest,  if any, to, but excluding,  such Option
Purchase  Date,  payable in respect of Securities on such Option  Purchase Date,
then (unless  there shall be a Default in the payment of such  aggregate  Option
Purchase  Price or such  accrued and unpaid  interest)  on and after such Option
Purchase Date such  Securities  shall be deemed to be no longer  outstanding and
interest on them shall cease to accrue, and such Securities shall be deemed paid
whether or not such  Securities  are delivered to the Paying Agent.  Thereafter,
all other rights of the Holders of such Securities  shall terminate with respect
to such  Securities,  other than the right to receive,  upon  surrender  of such

                                      A-5
<PAGE>

Securities in accordance with the Indenture, the Option Purchase Price plus such
accrued and unpaid interest.

      9.  Repurchase at Option of Holder Upon a Fundamental  Change.  Subject to
the terms and conditions of the Indenture, in the event of a Fundamental Change,
each Holder of the Securities shall have the right, at the Holder's  option,  to
require  the  Company to  repurchase  such  Holder's  Securities  or any portion
thereof which is $1,000 in principal amount or any integral  multiple thereof on
a date selected by the Company (the "Fundamental Change Repurchase Date"), which
date is no later than thirty (30) Trading Days,  and no earlier than twenty (20)
Trading  Days,  after  the date on which  notice of such  Fundamental  Change is
mailed in  accordance  with the  Indenture,  and no  earlier  than the date such
Fundamental  Change  occurs,  at a price  payable in cash  equal to one  hundred
percent (100%) of the principal amount of such Security, plus accrued and unpaid
interest to, but excluding,  the Fundamental  Change Repurchase Date;  provided,
however,  that,  if a Holder of a Security  elects to require  the  Company,  in
accordance  with Section 3.09 of the Indenture,  to repurchase  such Security in
connection  with a  Make-Whole  Fundamental  Change,  then  the  Holder  of such
Security  shall be entitled to receive,  in addition to such cash,  a Make-Whole
Premium,  as determined in  accordance  with,  and in the manner and form as set
forth in, Section 3.09(J) of the Indenture.

      Within fifteen (15) days after the occurrence of the  Fundamental  Change,
the Company must mail, or cause to be mailed,  notice of the  occurrence of such
Fundamental  Change to each  Holder.  Such  notice  shall  include,  among other
things,  a description  of the procedure  which a Holder must follow to exercise
the Fundamental  Change  Repurchase  Right.  To exercise the Fundamental  Change
Repurchase Right, a Holder of Securities must, in accordance with the provisions
of the  Indenture,  (i)  deliver,  no later  than the close of  business  on the
Business Day immediately  preceding the Fundamental  Change  Repurchase  Date, a
Purchase  Notice to the Company (if it is acting as its own Paying  Agent) or to
the Paying  Agent;  and (ii)  deliver,  at any time after the  delivery  of such
Purchase  Notice,  the Securities with respect to which the Holder is exercising
its   Fundamental   Change   Repurchase   Right  (together  with  all  necessary
endorsements).

      10. Conversion. Subject to earlier Redemption, Purchase at Holder's Option
or Repurchase  Upon  Fundamental  Change,  Holders may  surrender  Securities in
integral  multiples of $1,000  principal amount for conversion into cash and, if
applicable,  shares of Common Stock at such times and upon  compliance with such
conditions set forth in, and in accordance with, the Indenture.

            To  convert a  Security,  a Holder  must (1)  complete  and sign the
conversion notice ("Conversion  Notice"),  with appropriate signature guarantee,
on the back of the Security,  (2) surrender the Security to a Conversion  Agent,
(3) furnish  appropriate  endorsements and transfer documents if required by the
Registrar  or  Conversion  Agent,  (4) pay the amount of  interest,  if any, the
Holder must pay in accordance  with the Indenture and (5) pay any tax or duty if
required  pursuant to the Indenture.  Subject to the  restrictions  set forth in
Section 2.02 of the  Indenture,  a Holder may convert a portion of a Security if
the  portion  is $1,000  principal  amount  or an  integral  multiple  of $1,000
principal amount. Once given, a Conversion Notice may not be rescinded.

                                      A-6
<PAGE>

            Upon conversion of a Security,  the Holder thereof shall be entitled
to receive the cash and, if  applicable,  shares of Common  Stock  payable  upon
conversion in accordance  with Article X of the  Indenture;  provided,  however,
that, if a Make-Whole Fundamental Change occurs and such Security is surrendered
for  conversion at any time during the period that begins on, and includes,  the
date that is fifteen (15) Business Days prior to the date  originally  announced
by the Company as the anticipated effective date of such Make-Whole  Fundamental
Change (which  anticipated  effective date the Company shall  disclose,  in good
faith,  in the  written  notice and public  announcement  referred to in Section
10.01(C) of the Indenture)  and ends on, and includes,  the date that is fifteen
(15)  Business  Days  after  the  actual   effective  date  of  such  Make-Whole
Fundamental  Change,  then the  holder of such  Security  shall be  entitled  to
receive,  in addition to such cash and, if applicable,  shares  receivable  upon
conversion,  a Make-Whole  Premium, as determined in accordance with, and in the
manner and form as set forth in, Section 3.09(J) of the Indenture.

      The initial  Conversion  Rate is 26.1849 shares of Common Stock per $1,000
principal amount of Securities (which results in an effective initial Conversion
Price of  approximately  $38.19 per share) subject to adjustment in the event of
certain circumstances as specified in the Indenture. The Company shall deliver a
check in lieu of any  fractional  share.  If a Holder  surrenders a Security for
conversion  after the close of business on the record date for the payment of an
installment  of interest and prior to the related  interest  payment date,  such
Security, when surrendered for conversion,  must be accompanied by payment of an
amount equal to the interest thereon which the registered Holder at the close of
business on such record date is to receive (other than overdue interest, if any,
that has accrued on such  Security),  unless such  Security  has been called for
Redemption as described in the Indenture.

      Any shares of Common Stock that are issued upon  conversion  of a Security
shall bear the Private  Placement  Legend until after the second  anniversary of
the  later of the  Issue  Date and the last  date on which  the  Company  or any
Affiliate  was the owner of such  shares  or the  Security  (or any  predecessor
security)  from which such shares were converted (or such shorter period of time
as permitted by Rule 144(k) under the Securities Act or any successor  provision
thereunder)  (or  such  longer  period  of time  as may be  required  under  the
Securities Act or applicable  state  securities laws, as set forth in an Opinion
of Counsel, unless otherwise agreed by the Company and the Holder thereof).

      11. Denominations,  Transfer,  Exchange.  The Securities are in registered
form, without coupons,  in denominations of $2,000 principal amount and integral
multiples of $1,000 principal amount in excess thereof. Notwithstanding anything
contrary  contained  herein or in the  Indenture,  the principal  amount of each
Security  (including any Security to be issued,  re-issued or exchanged pursuant
to a partial conversion,  redemption,  purchase or repurchase of the Securities)
shall be $2,000 or more at all times,  and the Company  shall not be required to
issue any Securities in the principal  amount of less than $2,000.  The transfer
of Securities  may be registered  and Securities may be exchanged as provided in
the  Indenture.  The  Registrar  may require a Holder,  among other  things,  to
furnish appropriate endorsements and transfer documents. No service charge shall
be made for any such  registration of transfer or exchange,  but the Company may
require  payment of a sum  sufficient  to cover any tax or similar  governmental
charge that may be imposed in  connection  with certain  transfers or exchanges.
The  Company  or the  Trustee,  as the case may be,  shall  not be  required  to
register the transfer of

                                      A-7
<PAGE>

or  exchange  any  Security  (i)  during a period  beginning  at the  opening of
business  fifteen (15) days before the mailing of a notice of  redemption of the
Securities  selected for  Redemption  under  Section 3.04 of the  Indenture  and
ending at the close of business on the day of such  mailing or (ii) for a period
of  fifteen  (15)  days  before  selecting,  pursuant  to  Section  3.03  of the
Indenture,  Securities  to be  redeemed  or (iii)  that has  been  selected  for
Redemption or for which a Purchase Notice has been delivered, and not withdrawn,
in accordance with the Indenture, except the unredeemed or unrepurchased portion
of Securities being redeemed or repurchased in part.

      12.  Persons Deemed  Owners.  The  registered  Holder of a Security may be
treated as the owner of such Security for all purposes.

      13. Merger or  Consolidation.  The Company shall not consolidate  with, or
merge with or into, or sell, transfer, lease, convey or otherwise dispose of all
or  substantially  all of the  property  or assets of the  Company  to,  another
person,  whether  in a single  transaction  or series of  related  transactions,
except in accordance with Section 5.01 of the Indenture.

      14. Amendments,  Supplements and Waivers.  The Indenture or the Securities
may be amended or supplemented in accordance with Article IX of the Indenture.

      15. Defaults and Remedies.  If an Event of Default  (excluding an Event of
Default specified in Section 6.01(viii) or (ix) of the Indenture with respect to
the Company (but including an Event of Default  specified in Section  6.01(viii)
or (ix) of the Indenture solely with respect to a Significant  Subsidiary of the
Company or any group of Subsidiaries  that in the aggregate  would  constitute a
Significant Subsidiary of the Company)) occurs and is continuing, the Trustee by
notice to the Company or the Holders of at least  twenty five  percent  (25%) in
principal amount of the Securities then outstanding by notice to the Company and
the  Trustee  may  declare  the  Securities  to be due and  payable.  Upon  such
declaration,  the principal of, and any premium and accrued and unpaid  interest
(including any contingent  interest and additional  interest) on, all Securities
shall  be due and  payable  immediately.  If an Event of  Default  specified  in
Section  6.01(viii)  or  (ix)  of the  Indenture  with  respect  to the  Company
(excluding,  for  purposes of this  sentence,  an Event of Default  specified in
Section 6.01(viii) or (ix) of the Indenture solely with respect to a Significant
Subsidiary  of the Company or any group of  Subsidiaries  that in the  aggregate
would constitute a Significant  Subsidiary of the Company) occurs, the principal
of, and  premium  and  accrued and unpaid  interest  (including  any  contingent
interest and additional interest) on, all the Securities shall ipso facto become
and be immediately  due and payable  without any declaration or other act on the
part of the  Trustee or any  Holder.  The  Holders of a  majority  in  aggregate
principal  amount of the  Securities  then  outstanding by written notice to the
Trustee may rescind or annul an  acceleration  and its  consequences  if (A) the
rescission would not conflict with any order or decree,  (B) all existing Events
of Default,  except the  nonpayment of  principal,  premium or interest that has
become due solely because of the acceleration, have been cured or waived and (C)
all amounts due to the Trustee  under  Section 7.07 of the  Indenture  have been
paid.

            Holders may not enforce the  Indenture or the  Securities  except as
provided in the  Indenture.  The Holders of a majority  in  aggregate  principal
amount of the Securities then outstanding may direct the time,  method and place
of  conducting  any  proceeding  for any  remedy  available  to the  Trustee  or
exercising any trust or power conferred on it.  However,  the Trustee

                                      A-8
<PAGE>

may refuse to follow any direction that conflicts with law or the Indenture,  is
unduly  prejudicial  to the rights of other Holders or would involve the Trustee
in  personal  liability  unless  the  Trustee is  offered  indemnity  reasonably
satisfactory to it; provided,  that the Trustee may take any other action deemed
proper by the Trustee which is not inconsistent with such direction.

      16. Subordination. The Securities are subordinated in right of payment, in
the manner and to the extent set forth in the Indenture, to the prior payment in
full of all Senior Indebtedness. Each Holder, by accepting a Security, agrees to
the subordination provisions of the Indenture and authorizes the Trustee to give
them effect.

      17.  Registration  Rights. The Holders are entitled to registration rights
as set forth in the Registration Rights Agreement. The Holders shall be entitled
to receive additional interest in certain circumstances, all as set forth in the
Registration Rights Agreement.

      18. Trustee Dealings with the Company. The Trustee under the Indenture, or
any  banking  institution  serving  as  successor  Trustee  thereunder,  in  its
individual or any other  capacity,  may make loans to, accept deposits from, and
perform services for, the Company or its Affiliates, and may otherwise deal with
the Company or its Affiliates, as if it were not Trustee.

      19. No  Recourse  Against  Others.  No past,  present or future  director,
officer,  employee  or  stockholder,  as such,  of the  Company  shall  have any
liability  for any  obligations  of the  Company  under  the  Securities  or the
Indenture  or for any claim  based  on, in  respect  of, or by reason  of,  such
obligations or their creation. Each Holder, by accepting a Security,  waives and
releases  all  such   liability.   The  waiver  and  release  are  part  of  the
consideration for the issue of the Securities.

      20.  Authentication.  This Security shall not be valid until authenticated
by the manual signature of the Trustee or an authenticating  agent in accordance
with the Indenture.

      21.  Abbreviations.  Customary  abbreviations may be used in the name of a
Holder or an  assignee,  such as:  TEN COM (=  tenants  in  common),  TEN ENT (=
tenants by the entirety), JT TEN (= joint tenants with right of survivorship and
not as tenants in common),  CUST (=  Custodian),  and U/G/M/A  (Uniform Gifts to
Minors Act).

      THE COMPANY WILL  FURNISH TO ANY HOLDER UPON  WRITTEN  REQUEST AND WITHOUT
CHARGE A COPY OF THE INDENTURE. REQUESTS MAY BE MADE TO:

                               CONMED Corporation
                                 525 French Road
                              Utica, New York 13502

                                      A-9
<PAGE>

                              [FORM OF ASSIGNMENT]

I or we assign to

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER

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

--------------------------------------------------------------------------------
(please print or type name and address)

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

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

the within Security and all rights thereunder, and hereby irrevocably constitute
and appoint

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

Attorney to transfer the Security on the books of the Company with full power of
substitution in the premises.

Dated:
      ----------------------------      ----------------------------------------

                                        NOTICE: The signature on this assignment
                                        must  correspond  with  the  name  as it
                                        appears  upon  the  face  of the  within
                                        Security  in  every  particular  without
                                        alteration or  enlargement or any change
                                        whatsoever   and  be   guaranteed  by  a
                                        guarantor  institution  participating in
                                        the Securities Transfer Agents Medallion
                                        Program  or  in  such  other   guarantee
                                        program acceptable to the Trustee.

Signature Guarantee:
                    ------------------------------------------------------------

                                      A-10
<PAGE>

In  connection  with any transfer of this Security  occurring  prior to the date
which  is the  earlier  of (i)  the  date of the  declaration  by the SEC of the
effectiveness  of a registration  statement under the Securities Act of 1933, as
amended,  covering resales of this Security (which  effectiveness shall not have
been  suspended or  terminated  at the date of the transfer) and (ii) the Resale
Restriction Termination Date, the undersigned confirms that it is making, and it
has not utilized any general  solicitation or general  advertising in connection
with, the transfer:

                                   [Check One]

(1)   ____  to the Company or any Subsidiary thereof, or

(2)   ____  pursuant to, and in compliance with, the exemption from registration
            provided by Rule 144A under the  Securities Act of 1933, as amended,
            or

(3)   ____  pursuant to, and in compliance with, the exemption from registration
            provided by Rule 144 under the  Securities  Act of 1933, as amended,
            or

(4)   ____  pursuant to, and in compliance with, an exemption from  registration
            under the Securities  Act of 1933, as amended,  other than Rule 144A
            or Rule 144, or

(5)   ____  pursuant to an effective registration statement under the Securities
            Act of 1933, as amended,

and,  unless  the box  below is  checked,  the  undersigned  confirms  that this
Security  is  not  being  transferred  to an  "affiliate"  of  the  Company  (an
"Affiliate")  as  defined  in Rule 144  under  the  Securities  Act of 1933,  as
amended:

      |_| The  transferee  is an Affiliate  of the Company.  (If the Security is
transferred to an Affiliate,  the restrictive legend must remain on the Security
for at least two (2) years following the date of the transfer.)

Unless one of the items (1) through (5) is checked,  the Trustee  will refuse to
register any of the Securities  evidenced by this certificate in the name of any
person other than the registered Holder thereof; provided, however, that if item
(3) or (4) is  checked,  the  Company  or the  Trustee  may  require,  prior  to
registering any such transfer of the Securities, in their sole discretion,  such
written legal opinions,  certifications  and other information as the Trustee or
the Company have  reasonably  requested  to confirm that such  transfer is being
made  pursuant to an exemption  from,  or in a  transaction  not subject to, the
registration requirements of the Securities Act of 1933, as amended. If item (2)
is checked, the purchaser must complete the certification below.

If none of the foregoing  items are checked,  the Trustee or Registrar shall not
be obligated to register  this Security in the name of any person other than the
Holder  hereof  unless  and  until  the  conditions  to  any  such  transfer  of
registration set forth herein and in the Indenture shall have been satisfied.

Dated:                                 Signed:
       --------------------------             ----------------------------------
                                              (Sign exactly as name appears on
                                              the other side of this Security)

Signature Guarantee:
                    ------------------------------------------------------------

                                      A-11
<PAGE>

TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED

The undersigned represents and warrants that it is purchasing this Security for
its own account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a "qualified institutional buyer"
within the meaning of Rule 144A under the Securities Act of 1933, as amended,
and is aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Company as the
undersigned has requested pursuant to Rule 144A and acknowledges that the
transferor is relying upon the undersigned's foregoing representations in order
to claim the exemption from registration provided by Rule 144A.

Dated:
       ---------------------      ----------------------------------------------
                                  NOTICE: To be executed by an executive officer

                                      A-12
<PAGE>

                                CONVERSION NOTICE

To convert this Security in accordance with the Indenture, check the box: |_|

To convert only part of this Security, state the principal amount to be
converted (must be in multiples of $1,000):

                               $__________________

If you want the stock  certificate  representing  the shares of Common Stock, if
any,  issuable upon  conversion  made out in another  person's name, fill in the
form below:

--------------------------------------------------------------------------------
(Insert other person's soc. sec. or tax I.D. no.)

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

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

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

--------------------------------------------------------------------------------
(Print or type other person's name, address and zip code)

Date:                Signature(s):
     ------------                 ----------------------------------------------

                                  ----------------------------------------------
                                  (Sign exactly as your name(s) appear(s) on the
                                  other side of this Security)

Signature(s) guaranteed by:
                                  ----------------------------------------------
                                  (All   signatures  must  be  guaranteed  by  a
                                  guarantor  institution  participating  in  the
                                  Securities  Transfer Agents Medallion  Program
                                  or in such other guarantee program  acceptable
                                  to the Trustee.)

                                      A-13
<PAGE>

                                 PURCHASE NOTICE

Certificate No. of Security: ___________

      If you  want to elect  to have  this  Security  purchased  by the  Company
pursuant to Section 3.08 of the Indenture, check the box: |_|

      If you  want to elect  to have  this  Security  purchased  by the  Company
pursuant to Section 3.09 of the Indenture, check the box: |_|

      If you want to elect to have only part of this  Security  purchased by the
Company pursuant to Sections 3.08 or 3.09 of the Indenture, as applicable, state
the principal amount to be so purchased by the Company:

                      $___________________________________
                       (in an integral multiple of $1,000)

Date:                                Signature(s):
     -------------------------                    ------------------------------

                                     -------------------------------------------
                                     (Sign exactly as your name(s)  appear(s) on
                                     the other side of this Security)

Signature(s) guaranteed by:
                                     -------------------------------------------
                                     (All  signatures  must be  guaranteed  by a
                                     guarantor institution  participating in the
                                     Securities    Transfer   Agents   Medallion
                                     Program or in such other guarantee  program
                                     acceptable to the Trustee.)

                                      A-14
<PAGE>

                                   SCHEDULE A
                                   ----------

          SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY(a)
          ---------------------------------------------------------

         The following exchanges of a part of this Global Security for an
interest in another Global Security or for Securities in certificated form, have
been made:

<TABLE>
<CAPTION>
                                                                      Principal amount of
                       Amount of decrease                                 this Global            Signature or
                       in Principal amount   Amount of Increase in    Security following     authorized signatory
                         of this Global       Principal amount of        such decrease        of Trustee or Note
Date of Exchange            Security          this Global Security        or increase              Custodian
<S>                    <C>                       <C>                     <C>                    <C>

</TABLE>

----------

(a)   This is included in Global Securities only.

                                      A-15
<PAGE>

                                                                     EXHIBIT B-1
                                                                     -----------

                        FORM OF PRIVATE PLACEMENT LEGEND

      THIS SECURITY AND THE COMMON STOCK,  IF ANY,  ISSUABLE UPON  CONVERSION OF
      THIS SECURITY HAVE NOT BEEN  REGISTERED  UNDER THE SECURITIES ACT OF 1933,
      AS AMENDED (THE "SECURITIES  ACT"), AND MAY NOT BE OFFERED,  SOLD, PLEDGED
      OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE.
      BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER

      (1)  REPRESENTS  THAT IT AND ANY  ACCOUNT  FOR  WHICH  IT IS  ACTING  IS A
      "QUALIFIED INSTITUTIONAL BUYER" (WITHIN THE MEANING OF RULE 144A UNDER THE
      SECURITIES  ACT) AND THAT IT EXERCISES  SOLE  INVESTMENT  DISCRETION  WITH
      RESPECT TO EACH SUCH ACCOUNT, AND

      (2) AGREES THAT IT WILL NOT DIRECTLY OR  INDIRECTLY  ENGAGE IN ANY HEDGING
      TRANSACTIONS  INVOLVING  THIS  SECURITY OR THE COMMON STOCK  ISSUABLE UPON
      CONVERSION OF THIS SECURITY  UNLESS IN COMPLIANCE WITH THE SECURITIES ACT,
      AND

      (3) AGREES FOR THE  BENEFIT OF THE COMPANY  THAT IT WILL NOT OFFER,  SELL,
      PLEDGE OR OTHERWISE  TRANSFER  THIS  SECURITY OR ANY  BENEFICIAL  INTEREST
      HEREIN  PRIOR TO THE DATE  THAT IS THE  LATER OF (X) TWO  YEARS  AFTER THE
      LATER OF THE  ORIGINAL  ISSUE  DATE  HEREOF AND THE LAST DATE ON WHICH THE
      COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR
      ANY  PREDECESSOR  OF THIS  SECURITY)  OR SUCH  SHORTER  PERIOD  OF TIME AS
      PERMITTED  BY  RULE  144(K)  UNDER  THE  SECURITIES  ACT OR ANY  SUCCESSOR
      PROVISION THEREUNDER,  AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED
      BY APPLICABLE LAW, EXCEPT ONLY

            (A)   TO THE COMPANY OR ANY SUBSIDIARY THEREOF,

            (B)   PURSUANT  TO  A  REGISTRATION   STATEMENT   WHICH  HAS  BECOME
                  EFFECTIVE UNDER THE SECURITIES ACT,

            (C)   TO A QUALIFIED  INSTITUTIONAL  BUYER IN  COMPLIANCE  WITH RULE
                  144A UNDER THE SECURITIES ACT, OR

            (D)   PURSUANT TO AN EXEMPTION  FROM  REGISTRATION  PROVIDED BY RULE
                  144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE  EXEMPTION
                  FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

      PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (3)(C) ABOVE,
      A DULY COMPLETED AND SIGNED CERTIFICATE (THE FORM OF WHICH MAY BE OBTAINED
      FROM  THE  TRUSTEE)  MUST  BE  DELIVERED  TO  THE  TRUSTEE.  PRIOR  TO THE
      REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (3)(D) ABOVE,  THE COMPANY
      AND THE TRUSTEE  RESERVE  THE RIGHT TO REQUIRE THE  DELIVERY OF SUCH LEGAL
      OPINIONS,  CERTIFICATIONS  OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED
      IN ORDER  TO  DETERMINE  THAT  THE  PROPOSED  TRANSFER  IS  BEING  MADE IN
      COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE  STATE  SECURITIES LAWS.
      NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE
      REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

                                     B-1-1
<PAGE>

      THIS  SECURITY   SHALL  BE  ENTITLED  TO  THE  BENEFITS  OF  THAT  CERTAIN
      REGISTRATION  RIGHTS  AGREEMENT,  DATED  NOVEMBER 10,  2004,  AMONG CONMED
      CORPORATION, UBS SECURITIES LLC, BANC OF AMERICA SECURITIES LLC, CITIGROUP
      GLOBAL MARKETS INC. AND J.P. MORGAN SECURITIES INC.

                                     B-1-2
<PAGE>

                                                                     EXHIBIT B-2

                               FORM OF TAX LEGEND

            THIS SECURITY IS SUBJECT TO REGULATIONS GOVERNING CONTINGENT PAYMENT
DEBT INSTRUMENTS.  UNDER SUCH REGULATIONS, THE COMPARABLE YIELD OF THIS SECURITY
IS 7.05%. THE ISSUER AGREES,  AND BY PURCHASING A BENEFICIAL  OWNERSHIP INTEREST
IN THE SECURITIES EACH HOLDER OF SECURITIES  WILL BE DEEMED TO HAVE AGREED,  FOR
UNITED  STATES  FEDERAL  INCOME  TAX  PURPOSES  (1) TO TREAT THE  SECURITIES  AS
INDEBTEDNESS  THAT IS SUBJECT TO TREAS.  REG.  SEC.  1.1275-4  (THE  "CONTINGENT
PAYMENT  REGULATIONS") AND, FOR PURPOSES OF THE CONTINGENT PAYMENT  REGULATIONS,
TO  TREAT  THE  FAIR  MARKET  VALUE  OF ANY  STOCK  BENEFICIALLY  RECEIVED  BY A
BENEFICIAL HOLDER UPON ANY CONVERSION OF THE SECURITIES AS A CONTINGENT  PAYMENT
AND (2) TO BE BOUND BY THE ISSUER'S  DETERMINATION OF THE "COMPARABLE YIELD" AND
"PROJECTED  PAYMENT  SCHEDULE,"  WITHIN THE  MEANING OF THE  CONTINGENT  PAYMENT
REGULATIONS,  WITH  RESPECT  TO THE  SECURITIES.  THE  ISSUER  AGREES TO PROVIDE
PROMPTLY TO HOLDER OF SECURITIES,  UPON WRITTEN REQUEST THE ISSUE DATE, YIELD TO
MATURITY,  COMPARABLE  YIELD AND PROJECTED  PAYMENT  SCHEDULE.  ANY SUCH WRITTEN
REQUEST  SHOULD  BE  SENT  TO  THE  ISSUER  AT  THE  FOLLOWING  ADDRESS:  CONMED
CORPORATION, 525 FRENCH ROAD, UTICA, NEW YORK 13502, ATT: GENERAL COUNSEL.

                                     B-1-1
<PAGE>

                                                                     EXHIBIT B-3
                                                                     -----------

                       FORM OF LEGEND FOR GLOBAL SECURITY

      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
      DEPOSITARY  OR A NOMINEE OF A DEPOSITARY OR A SUCCESSOR  DEPOSITARY.  THIS
      SECURITY IS NOT  EXCHANGEABLE  FOR SECURITIES  REGISTERED IN THE NAME OF A
      PERSON  OTHER THAN THE  DEPOSITARY  OR ITS  NOMINEE  EXCEPT IN THE LIMITED
      CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY
      (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE  DEPOSITARY TO A
      NOMINEE  OF  THE  DEPOSITARY  OR BY A  NOMINEE  OF THE  DEPOSITARY  TO THE
      DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED  EXCEPT
      IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

            UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
      OF THE DEPOSITORY TRUST COMPANY,  A NEW YORK CORPORATION  ("DTC"),  TO THE
      COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,
      AND ANY  CERTIFICATE  ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
      SUCH OTHER NAME AS IS REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC
      (AND ANY  PAYMENT  IS MADE TO CEDE & CO.  OR TO SUCH  OTHER  ENTITY  AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
      OTHER USE HEREOF FOR VALUE OR  OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL
      INASMUCH  AS THE  REGISTERED  OWNER  HEREOF,  CEDE & CO.,  HAS AN INTEREST
      HEREIN.

            TRANSFERS OF THIS GLOBAL  SECURITY  SHALL BE LIMITED TO TRANSFERS IN
      WHOLE,  BUT NOT IN  PART,  TO  NOMINEES  OF CEDE & CO.  OR TO A  SUCCESSOR
      THEREOF OR SUCH  SUCCESSOR'S  NOMINEE  AND  TRANSFERS  OF PORTIONS OF THIS
      GLOBAL  SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
      RESTRICTIONS SET FORTH IN SECTION 2.16 OF THE INDENTURE.

                                     B-2-1
<PAGE>

                                                                       EXHIBIT C
                                                                       ---------

          Form of Notice of Transfer Pursuant to Registration Statement
          -------------------------------------------------------------

CONMED Corporation
525 French Road
Utica, New York 13502
Attention: General Counsel

      The Bank of New York
      101 Barclay Street, Floor 21-West
      New York, New York  10286
      Attention: Corporate Trust Administration

      Re:   CONMED Corporation (the "Company") 2.50% Convertible Senior
            Subordinated Notes due 2024 (the "Securities")

Ladies and Gentlemen:

      Please  be  advised  that   _____________  has  transferred   $___________
aggregate  principal  amount of the Securities and ________ shares of the Common
Stock,  $0.01 par value per share,  of the Company  issued on  conversion of the
Securities  ("Stock") pursuant to an effective Shelf  Registration  Statement on
Form S-3 (File No. 333-________).

      We hereby certify that the prospectus  delivery  requirements,  if any, of
the Securities  Act of 1933 as amended,  have been satisfied with respect to the
transfer  described  above  and that  the  above-named  beneficial  owner of the
Securities or Stock is named as a "Selling  Security  Holder" in the  Prospectus
dated _________, or in amendments or supplements thereto, and that the aggregate
principal amount of the Securities and the number of shares of Stock transferred
are [a  portion  of] the  Securities  and Stock  listed in such  Prospectus,  as
amended or supplemented, opposite such owner's name.

                                                Very truly yours,

                                                -------------------------
                                                         (Name)

                                      C-1

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