Document:

Exhibit 10.37

BIOSANTE PHARMACEUTICALS, INC.

DESCRIPTION OF EXECUTIVE OFFICER

COMPENSATION ARRANGEMENTS

BioSante Pharmaceuticals,
Inc. has entered into employment agreements with each of its executive
officers, copies of which agreements have been filed with the Securities and
Exchange Commission, as exhibits to BioSante’s annual report on Form 10-K.  The following is a description of oral
amendments to those employment agreements or additional oral compensation
arrangements between BioSante and the following executive officers of BioSante:

	
  Name of
  Executive Officer

  	
   

  	
  

  Title

  	
   

  	
  Base

  Salary

  	
   

  	
  Bonus Arrangements

  	
   

  	
  Stock

  Options

  	
   

  	
  

  Other

  
	
  Stephen M. Simes

  	
   

  	
  Vice Chairman,
  President and Chief Executive Officer

  	
   

  	
  $394,000 per year.

  	
   

  	
  $140,400 for the year
  ended December 31, 2006 one-half paid in January 2007 and the remaining half
  to be paid in December 2007.

  	
   

  	
  On January 12, 2007,
  the Compensation Committee of the BioSante Board of Directors granted Mr.
  Simes an option to purchase 250,000 shares of BioSante common stock at an
  exercise price of $2.775 per share. Such option vests in three equal (or as
  nearly equal as possible) yearly installments, with the first installment
  beginning on the one-year anniversary of the date of grant.

  	
   

  	
  Under the BioSante Pharmaceuticals, Inc. 401(k) Savings Plan, participants,
  including executive officers, may voluntarily request that BioSante reduce
  pre-tax compensation by up to 100% (subject to certain special limitations)
  and contribute such amounts to a trust. BioSante contributed an amount equal
  to 50% of the amount that each participant contributed under this plan.

  Executive officers receive other benefits received
  by other BioSante employees, including health, dental and life insurance
  benefits. Executive officers also receive an auto allowance.

  Mr. Simes also receives reimbursement for excess
  long-term disability and excess life insurance premiums and taxes associated
  with the premiums.

   

  
	
  Phillip B. Donenberg

  	
   

  	
  Chief Financial
  Officer, Treasurer and Secretary

  	
   

  	
  $219,000 per year.

  	
   

  	
  $41,714 for the year
  ended December 31, 2006 one-half paid in January 2007 and the remaining half
  to be paid in December 2007.

  	
   

  	
  On January 12, 2007,
  the Compensation Committee of the BioSante Board of Directors granted Mr.
  Donenberg an option to purchase 50,000 shares of BioSante common stock at an
  exercise price of $2.775 per share. Such option vests in three equal (or as
  nearly equal as possible) yearly installments, with the first installment
  beginning on the one-year anniversary of the date of grant.

  	
   

  	
  Under the BioSante Pharmaceuticals, Inc. 401(k) Savings Plan, participants,
  including executive officers, may voluntarily request that BioSante reduce
  pre-tax compensation by up to 100% (subject to certain special limitations)
  and contribute such amounts to a trust. BioSante contributed an amount equal
  to 50% of the amount that each participant contributed under this plan.

  Executive officers
  receive other benefits received by other BioSante employees, including
  health, dental and life insurance benefits. Executive officers also receive
  an auto allowance.EXHIBIT 4.1

SL GREEN
OPERATING PARTNERSHIP, L.P., as Issuer,

SL GREEN
REALTY CORP., and

THE BANK
OF NEW YORK, as Trustee

INDENTURE

Dated as
of

March 26, 2007

 

3.00%
Exchangeable Senior Notes due 2027

 

	
  TABLE OF CONTENTS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  
  

  

  

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  

  	
   

  	
  Page

  
	
  ARTICLE 1

  	
   

  	
   

  
	
  DEFINITIONS

  	
   

  	
   

  
	
  Section 1.01. Definitions

  	
   

  	
  1

  
	
   

  	
   

  	
   

  
	
  ARTICLE 2

  	
   

  	
   

  
	
  ISSUE,
  DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 2.01. Designation Amount and
  Issue of Notes

  	
   

  	
  12

  
	
  Section 2.02. Form of Notes

  	
   

  	
  12

  
	
  Section 2.03. Date and Denomination of
  Notes; Payments of Interest

  	
   

  	
  13

  
	
  Section 2.04. Execution of Notes

  	
   

  	
  15

  
	
  Section 2.05. Exchange and
  Registration of Transfer of Notes; Restrictions on Transfer

  	
   

  	
  16

  
	
  Section 2.06. Mutilated, Destroyed,
  Lost or Stolen Notes

  	
   

  	
  21

  
	
  Section 2.07. Temporary Notes

  	
   

  	
  22

  
	
  Section 2.08. Cancellation of Notes

  	
   

  	
  23

  
	
  Section 2.09. CUSIP Numbers

  	
   

  	
  23

  
	
   

  	
   

  	
   

  
	
  ARTICLE 3

  	
   

  	
   

  
	
  REDEMPTION OF
  NOTES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 3.01. Redemption of Notes

  	
   

  	
  23

  
	
  Section 3.02. Notice of Optional
  Redemption; Selection of Notes

  	
   

  	
  24

  
	
  Section 3.03. Payment of Notes Called
  for Redemption by the Issuer

  	
   

  	
  25

  
	
  Section 3.04. Sinking Fund

  	
   

  	
  26

  
	
   

  	
   

  	
   

  
	
  ARTICLE 4

  	
   

  	
   

  
	
  REPURCHASE OF
  NOTES UPON A DESIGNATED EVENT

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 4.01. Repurchase at Option of
  Holders Upon a Designated Event

  	
   

  	
  26

  
	
  Section 4.02. Issuer Designated
  Event Repurchase Notice

  	
   

  	
  28

  
	
  Section 4.03. Effect of Designated
  Event Repurchase Notice; Withdrawal

  	
   

  	
  30

  
	
  Section 4.04. Deposit of Designated
  Event Repurchase Price

  	
   

  	
  31

  
	
  Section 4.05. Notes Repurchased in
  Part

  	
   

  	
  31

  
	
  Section 4.06. Repayment to the Issuer

  	
   

  	
  31

  
	
   

  	
   

  	
   

  
	
  ARTICLE 5

  	
   

  	
   

  
	
  REPURCHASE OF
  NOTES ON SCHEDULED DATES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 5.01. Repurchase at Option of
  Holders on Scheduled Dates

  	
   

  	
  32

  
	
  Section 5.02. Withdrawal of Scheduled
  Repurchase Notice

  	
   

  	
  34

  
	
  Section 5.03. Deposit of Scheduled
  Repurchase Price

  	
   

  	
  35

  

 

 

	
  ARTICLE 6

  	
   

  	
   

  
	
  PARTICULAR
  COVENANTS OF THE ISSUER

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 6.01. Payment of Principal,
  Premium and Interest

  	
   

  	
  36

  
	
  Section 6.02. Maintenance of Office or
  Agency

  	
   

  	
  36

  
	
  Section 6.03. Appointments to Fill
  Vacancies in Trustee’s Office

  	
   

  	
  37

  
	
  Section 6.04. Provisions as to Paying
  Agent

  	
   

  	
  37

  
	
  Section 6.05. Existence

  	
   

  	
  38

  
	
  Section 6.06. Stay, Extension and
  Usury Laws

  	
   

  	
  38

  
	
  Section 6.07. Compliance Certificate

  	
   

  	
  38

  
	
  Section 6.08. Additional Interest
  Notice

  	
   

  	
  39

  
	
   

  	
   

  	
   

  
	
  ARTICLE 7

  	
   

  	
   

  
	
  NOTEHOLDERS’
  LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 7.01. Noteholders’ Lists

  	
   

  	
  39

  
	
  Section 7.02. Preservation and
  Disclosure of Lists

  	
   

  	
  39

  
	
  Section 7.03. Reports by Trustee

  	
   

  	
  40

  
	
  Section 7.04. Reports by Issuer

  	
   

  	
  40

  
	
   

  	
   

  	
   

  
	
  ARTICLE 8

  	
   

  	
   

  
	
  REMEDIES OF THE
  TRUSTEE AND NOTEHOLDERS ON AN EVENT OF DEFAULT

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 8.01. Events of Default

  	
   

  	
  41

  
	
  Section 8.02. Payments of Notes on
  Default; Suit Therefor

  	
   

  	
  43

  
	
  Section 8.03. Application of Monies
  Collected by Trustee

  	
   

  	
  45

  
	
  Section 8.04. Proceedings by
  Noteholders

  	
   

  	
  45

  
	
  Section 8.05. Proceedings by Trustee

  	
   

  	
  46

  
	
  Section 8.06. Remedies Cumulative and
  Continuing

  	
   

  	
  46

  
	
  Section 8.07. Direction of Proceedings
  and Waiver of Defaults by Majority of Noteholders

  	
   

  	
  47

  
	
  Section 8.08. Undertaking to Pay Costs

  	
   

  	
  47

  
	
   

  	
   

  	
   

  
	
  ARTICLE 9

  	
   

  	
   

  
	
  THE TRUSTEE

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 9.01. Notice of Defaults

  	
   

  	
  48

  
	
  Section 9.02. Certain Rights of
  Trustee

  	
   

  	
  48

  
	
  Section 9.03. Not Responsible for
  Recitals or Issuance of Notes

  	
   

  	
  50

  
	
  Section 9.04. May Hold Notes and
  Common Stock

  	
   

  	
  51

  
	
  Section 9.05. Money Held in Trust

  	
   

  	
  51

  
	
  Section 9.06. Compensation and
  Reimbursement

  	
   

  	
  51

  
	
  Section 9.07. Corporate Trustee
  Required; Eligibility; Conflicting Interests

  	
   

  	
  52

  
	
  Section 9.08. Resignation and Removal;
  Appointment of Successor

  	
   

  	
  52

  
	
  Section 9.09. Acceptance of
  Appointment By Successor

  	
   

  	
  53

  
	
  Section 9.10. Merger, Conversion,
  Consolidation or Succession to Business

  	
   

  	
  54

  
	
  Section 9.11. Appointment of
  Authenticating Agent

  	
   

  	
  55

  

 

 ii
 

 

	
  Section 9.12. Certain
  Duties and Responsibilities of the Trustee

  	
   

  	
  56

  
	
   

  	
   

  	
   

  
	
  ARTICLE 10

  	
   

  	
   

  
	
  THE NOTEHOLDERS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 10.01. Action by Noteholders

  	
   

  	
  58

  
	
  Section 10.02. Proof of Execution by
  Noteholders

  	
   

  	
  58

  
	
  Section 10.03. Absolute Owners

  	
   

  	
  58

  
	
  Section 10.04. Issuer-owned Notes
  Disregarded

  	
   

  	
  59

  
	
  Section 10.05. Revocation of Consents;
  Future Holders Bound

  	
   

  	
  59

  
	
   

  	
   

  	
   

  
	
  ARTICLE 11

  	
   

  	
   

  
	
  SUPPLEMENTAL
  INDENTURES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 11.01. Supplemental Indentures
  Without Consent of Noteholders

  	
   

  	
  60

  
	
  Section 11.02. Supplemental Indenture
  With Consent of Noteholders

  	
   

  	
  61

  
	
  Section 11.03. Effect of Supplemental
  Indenture

  	
   

  	
  62

  
	
  Section 11.04. Notation on Notes

  	
   

  	
  62

  
	
  Section 11.05. Evidence of Compliance
  of Supplemental Indenture to Be Furnished to Trustee

  	
   

  	
  62

  
	
   

  	
   

  	
   

  
	
  ARTICLE 12

  	
   

  	
   

  
	
  CONSOLIDATION,
  MERGER, SALE, CONVEYANCE AND LEASE

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 12.01. Issuer May Consolidate
  on Certain Terms

  	
   

  	
  63

  
	
  Section 12.02. Issuer Successor to Be
  Substituted

  	
   

  	
  63

  
	
   

  	
   

  	
   

  
	
  ARTICLE 13

  	
   

  	
   

  
	
  SATISFACTION AND
  DISCHARGE OF INDENTURE

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 13.01. Satisfaction and
  Discharge of Indenture

  	
   

  	
  64

  
	
  Section 13.02. Application of Trust
  Funds

  	
   

  	
  65

  
	
  Section 13.03. Paying Agent to Repay
  Monies Held

  	
   

  	
  65

  
	
  Section 13.04. Return of Unclaimed
  Monies

  	
   

  	
  65

  
	
  Section 13.05. Reinstatement

  	
   

  	
  66

  
	
   

  	
   

  	
   

  
	
  ARTICLE 14

  	
   

  	
   

  
	
  IMMUNITY OF
  INCORPORATORS, SHAREHOLDERS, OFFICERS AND DIRECTORS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 14.01. Indenture and Notes
  Solely Corporate Obligations

  	
   

  	
  66

  
	
   

  	
   

  	
   

  
	
  ARTICLE 15

  	
   

  	
   

  
	
  EXCHANGE OF
  NOTES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 15.01. Right to Exchange

  	
   

  	
  67

  
	
  Section 15.02. Exercise of Exchange
  Right; No Adjustment for Interest or Dividends

  	
   

  	
  70

  

 

 iii
 

 

	
  Section 15.03. Cash
  Payments in Lieu of Fractional Shares

  	
   

  	
  72

  
	
  Section 15.04. Exchange Rate

  	
   

  	
  73

  
	
  Section 15.05. Adjustment of Exchange
  Rate

  	
   

  	
  73

  
	
  Section 15.06. Taxes on Shares Issued

  	
   

  	
  81

  
	
  Section 15.07. Reservation of Shares, Shares to Be Fully Paid; Compliance with
  Governmental Requirements;  Listing of
  Common Stock

  	
   

  	
  81

  
	
  Section 15.08. Responsibility of
  Trustee

  	
   

  	
  82

  
	
  Section 15.09. Notice to Holders Prior
  to Certain Actions

  	
   

  	
  82

  
	
  Section 15.10. Settlement upon Exchange

  	
   

  	
  83

  
	
  Section 15.11. Exchange Rate Adjustment
  After Certain Designated Events

  	
   

  	
  85

  
	
  Section 15.12. Exchange Rate Adjustment For Certain Designated Events In Connection
  With A Public Acquirer Change of Control

  	
   

  	
  87

  
	
  Section 15.13. Recapitalization,
  Reclassifications and Changes of Common Stock

  	
   

  	
  88

  
	
  Section 15.14. Calculations in Respect
  of Notes

  	
   

  	
  88

  
	
   

  	
   

  	
   

  
	
  ARTICLE 16

  	
   

  	
   

  
	
  MEETINGS OF
  HOLDERS OF NOTES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 16.01. Purposes for Which
  Meetings May Be Called

  	
   

  	
  89

  
	
  Section 16.02. Call, Notice and Place
  of Meetings

  	
   

  	
  89

  
	
  Section 16.03. Persons Entitled to Vote
  at Meetings

  	
   

  	
  89

  
	
  Section 16.04. Quorum; Action

  	
   

  	
  89

  
	
  Section 16.05. Determination of Voting
  Rights; Conduct and Adjournment of Meetings

  	
   

  	
  90

  
	
  Section 16.06. Counting Votes and
  Recording Action of Meetings

  	
   

  	
  91

  
	
   

  	
   

  	
   

  
	
  ARTICLE 17

  	
   

  	
   

  
	
  MISCELLANEOUS
  PROVISIONS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 17.01. Provisions Binding on
  Issuer’s and the Company’s Successors

  	
   

  	
  92

  
	
  Section 17.02. Common Stock Delivery
  Agreement

  	
   

  	
  92

  
	
  Section 17.03. Official Acts by
  Successor Corporation

  	
   

  	
  92

  
	
  Section 17.04. Addresses for Notices,
  etc

  	
   

  	
  92

  
	
  Section 17.05. Governing Law

  	
   

  	
  93

  
	
  Section 17.06. Evidence of Compliance
  with Conditions Precedent, Certificates to Trustee

  	
   

  	
  93

  
	
  Section 17.07. Legal Holidays

  	
   

  	
  94

  
	
  Section 17.08. No Security Interest
  Created

  	
   

  	
  94

  
	
  Section 17.09. Benefits of Indenture

  	
   

  	
  94

  
	
  Section 17.10. Table of Contents,
  Headings, etc

  	
   

  	
  94

  
	
  Section 17.11. Execution in
  Counterparts

  	
   

  	
  95

  
	
  Section 17.12. Severability

  	
   

  	
  95

  
	
  Section 17.13. No Shareholder Rights
  for Noteholders

  	
   

  	
  95

  
	
  Section 17.14. Waiver of Jury Trial

  	
   

  	
  95

  

 

 iv
 

 

	
  Exhibit A Form of Note

  	
   

  	
  A-1

  

 

 v

INDENTURE

INDENTURE
dated as of March 26, 2007 by and between SL Green Operating Partnership, L.P.,
a Delaware limited partnership (hereinafter called the “Issuer”),
SL Green Realty Corp., a Maryland corporation (hereinafter called the “Company”), each having its principal office at 420 Lexington
Avenue, New York, NY 10170, and The Bank of New York, a New York banking
corporation, as trustee hereunder (hereinafter called 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 Issuer’s 3.00% Exchangeable Senior
Notes due 2027 (hereinafter called the “Notes”).

ARTICLE 1

DEFINITIONS

Section 1.01.  Definitions.  The terms defined in this Section
1.01 (except as herein otherwise expressly provided or unless the context
otherwise requires) for all purposes of this Indenture and of any indenture
supplemental hereto shall have the respective meanings specified in this
Section 1.01. The words “herein,” “hereof,” “hereunder” and
words of similar import refer to this Indenture as a whole and not to any
particular Article, Section or other subdivision. The terms defined in this
Article include the plural as well as the singular.

“Acquirer Common Stock” has the meaning specified in the definition
of Public Acquirer Change of Control.

“Acquisition Value” means, with respect to a Public Acquirer
Change of Control and the related Valuation Period, the value of the
consideration paid per share of Common Stock in connection with such Public Acquirer
Change of Control on each Trading Day of such Valuation Period, determined as
follows:  (i) for any cash, 100% of the
face amount of such cash consideration per share of Common Stock; (ii) for any
Acquirer Common Stock, the product of 100% of the Closing Sale Price of such
Acquirer Common Stock on each such Trading Day and the number of shares of
Acquirer Common Stock paid per share of Common Stock; and (iii) for any other
securities, assets or property, 100% of the fair market value of such securities,
assets or property on each such Trading Day per share of Common Stock, as
determined by two independent nationally recognized investment banks selected
by the Issuer for this purpose.

“Additional Interest” has the meaning assigned the term “additional
interest” in the Registration Rights Agreement (as defined below).

“Additional Interest Notice” has the meaning specified in
Section 6.08.

“Additional Notes” has the meaning specified in Section 2.01.

“Additional Designated Event Shares” has the meaning specified
in Section 15.11(a).

“Affiliate” of any specified Person means any other Person
directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition,
“control,” when used with respect to any
specified Person means the power to direct or cause the direction of the
management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.

“Agent Members” has the meaning specified in Section
2.05(b)(v).

“Applicable Exchange Rate” as of any day means the Exchange
Rate in effect on such date, after giving effect to any adjustment provided for
in Section 15.05 or Section 15.11.

“Applicable Observation Period” with respect to any Note
means the 20 consecutive Trading Day period beginning on and including the
second Trading Day after the Exchange Date relating to such Note, except that
with respect to any Note that has been called for redemption and surrendered
for exchange after the issuance of a notice of redemption pursuant to Section
3.02, “Applicable Observation Period” means
the first 20 Trading Days beginning on and including the 22nd Scheduled Trading
Day prior to the Redemption Date.

“Bankruptcy Law” means Title 11, U.S. Code or any similar
federal or state law for the relief of debtors.

“Board of Directors” means the board of directors of the
Company or a committee of that board duly authorized to act hereunder.

“Board Resolution” means a copy
of a resolution certified by the Secretary or an Assistant Secretary of the
Company to have been duly adopted by the Board of Directors and to be in full
force and effect on the date of such certification, and delivered to the
Trustee.

“Business Day” means each Monday, Tuesday, Wednesday,
Thursday and Friday, other than (i) a day on which banking institutions in The
City of New York are authorized or obligated by law or executive order to
close, or (ii) a day on which the Corporate Trust Office of the Trustee is
authorized or obligated by law or executive order to close.

“close of business” means 5:00 p.m., New York City time.

 2
 

“Closing Sale Price” of Common Stock or other capital stock
or similar equity interests or other publicly traded securities on any Trading
Day means the closing sale price per share (or, if no closing sale price is
reported, the average of the closing bid and ask prices or, if more than one in
either case, the average of the average closing bid and the average closing ask
prices) on such date as reported on the principal United States securities
exchange on which Common Stock or such other capital stock or similar equity
interests or other securities are traded or, if Common Stock or such other
capital stock or similar equity interests or other securities are not listed on
a United States national or regional securities exchange, any United States
system of automated dissemination of quotations of securities prices or an
established over-the-counter trading market in the United States. The Closing
Sale Price will be determined without regard to after-hours trading or extended
market making. In the absence of the foregoing, the board of directors of the Issuer
will determine the Closing Sale Price on such basis as it considers
appropriate.

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

“Common Stock” means all shares of capital stock issued by
the Company other than Preferred Stock. Shares of Common Stock issuable on
exchange of Notes shall include only shares of the class designated as common
stock of the Company at the date of this Indenture (namely, the common stock,
par value $0.01) or shares of any class or classes resulting from any
reclassification or reclassifications thereof and which have no preference in
respect of dividends or of amounts payable in the event of any voluntary or
involuntary liquidation, dissolution or winding up of the Company and which are
not subject to redemption by the Company; provided that
if at any time there shall be more than one such resulting class, the shares of
each such class then so issuable on exchange shall be substantially in the
proportion which the total number of shares of such class resulting from all
such reclassifications bears to the total number of shares of all such classes
resulting from all such reclassifications.

“Common Stock Delivery Agreement” means the Common Stock
Delivery Agreement dated as of March 26, 2007, between the Issuer and the
Company, as amended from time to time in accordance with its terms.

“Company” means the corporation named as the “Company” in the first paragraph of this Indenture, and,
subject to the provisions of Article 12, shall include its successors and
assigns.

“Continuing Director” means a director who either was a
member of the Board of Directors on March 21, 2007 or who becomes a member of
the Board of Directors subsequent to that date and whose election, appointment
or nomination for election by the Company’s shareholders, is duly approved by a
majority of the Continuing Directors on 

 3
 

the Board of Directors at the time of such approval,
either by a specific vote or by approval of the proxy statement issued by the
Issuer on behalf of the entire Board of Directors in which such individual is
named as nominee for director.

“Corporate Trust Office” or other similar term, means the
designated office of the Trustee at which, at any particular time, its
corporate trust business as it relates to this Indenture shall be administered,
which office is, at the date as of which this Indenture is dated, located at ,
Attention: Corporate Trust Administration, or at any other time at such other
address as the Trustee may designate from time to time by notice to the Issuer.

“CUSIP” means the Committee on Uniform Securities
Identification Procedures.

“Custodian” means The Bank of New York, as custodian for the
Depositary with respect to the Global Notes, or any successor entity thereto.

“Daily Exchange Value” means, for each of the 20 consecutive
Trading Days during the Applicable Observation Period, one-twentieth of the
product of (i) the Applicable Exchange Rate on such day and (ii) the Daily VWAP
of shares of Common Stock on such Trading Day.

“Daily Settlement Amount” for each of the 20 Trading Days
during the Applicable Observation Period shall consist of: (i) cash equal to
the lesser of (x) one-twentieth of $1,000 and (y) the Daily Exchange Value on
such Trading Day; and (ii) to the extent the Daily Exchange Value on such
Trading Day exceeds one-twentieth of $1,000, a number of shares (the “Daily Share Amount”), subject to the Issuer’s right to pay
cash in lieu of all or a portion of such shares of Common Stock, as described
in Section 15.10, equal to (x) the difference between the Daily Exchange Value
on such Trading Day and one-twentieth of $1,000, divided by
(y) the Daily VWAP for such Trading Day.

“Daily Share Amount” has the meaning specified in “Daily
Settlement Amount.”

“Daily VWAP” means, for each of the 20 consecutive Trading
Days during the Applicable Observation Period, the per share volume-weighted
average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page
“SLG.N <equity> AQR” (or its equivalent successor if such page is not
available) in respect of the period from the scheduled open of the primary
exchange or market on which the Common Stock is listed or traded to the
scheduled close of such exchange or market on such Trading Day (or if such
volume-weighted average price is unavailable, the market value of one share of
Common Stock on such Trading Day determined, using a volume-weighted average
method, by a nationally recognized independent investment banking firm retained
for this purpose by the Issuer).  Daily
VWAP will be determined without regard to after hours trading or any other
trading outside of the regular trading session hours.

 4
 

“default” means any event that is, or after notice or lapse
of time or both would become, an Event of Default.

“Defaulted Interest” has the meaning specified in Section
2.03.

“Depositary” means the clearing agency registered under the
Exchange Act that is designated to act as the depositary for the Global Notes.
DTC shall be the initial Depositary, until a successor shall have been
appointed and become such pursuant to the applicable provisions of this
Indenture, and thereafter, “Depositary”
shall mean or include such successor.

“Designated Event” means the occurrence at any time of any of
the following events: (1) consummation of any transaction or event (whether by
means of a share exchange or tender offer applicable to the Common Stock, a
liquidation, consolidation, recapitalization, reclassification, combination or
merger of the Company or a sale, lease or other transfer of all or substantially
all of the consolidated assets of the Company) or a series of related
transactions or events pursuant to which all of the outstanding Common Stock is
exchanged for, converted into or constitutes solely the right to receive cash,
securities or other property, more than ten percent (10%) of which consists of
cash, securities or other property that is not, or will not be upon
consummation of such transaction, listed on a national securities exchange; (2)
any “person” or “group” (as such terms are used for purposes of Sections 13(d)
and 14(d) of the Exchange Act, whether or not applicable), other than the
Company, the Issuer, any majority-owned Subsidiary of the Company or the
Issuer, or any employee benefit plan of the Company, the Issuer or any such Subsidiary,
is or becomes the “beneficial owner,” directly or indirectly, of more than
fifty percent (50%) of the total voting power in the aggregate of all classes
of capital stock of the Company then outstanding and entitled to vote generally
in elections of directors (it being understood and agreed that the ownership of
Units will not be deemed to constitute beneficial ownership of capital stock of
the Company); (3) Continuing Directors cease to constitute at least a majority
of the Board of Directors; (4) the Common Stock of the Company (or any
successor thereto permitted pursuant to the terms of this Indenture) ceases to
be listed on a United States national or regional securities exchange for 30
consecutive Trading Days or (5) the Company (or any successor thereto permitted
pursuant to the terms of this Indenture) ceases to be the general partner of,
or to control, the Issuer; provided, however,
that for purposes of this clause (5), the pro rata
distribution by the Company to its shareholders of shares of the Company’s
capital stock or shares of any of the Company’s Subsidiaries (other than the
Issuer) will not, in and of itself, constitute a Designated Event for purposes
of this definition.

For
the purposes of this definition, “person”
includes any syndicate or group that would be deemed to be a “person” under Section 13(d)(3) of the Exchange Act.

“Designated Event Repurchase Date” has the meaning specified
in Section 4.01(a).

 5
 

“Designated Event Repurchase Notice” has the meaning
specified in Section 4.01(c).

“Designated Event Repurchase Price” has the meaning provided
in Section 4.01 hereof.

“DTC” means The Depository Trust Company.

“Effective Date” has the meaning specified in Section
15.11(b).

“Event of Default” has the meaning specified in Section 8.01.

“ex-dividend date” has the meaning specified in Section
15.01(a)(iv).

“Exchange Act” means the Securities Exchange Act of 1934, as
amended, and the rules and regulations promulgated thereunder, as in effect
from time to time.

“Exchange Agent” means the exchange agent appointed by the
Issuer to act as set forth in Article 15, which, initially, shall be the
Trustee.

“Exchange Date” has the meaning specified in Section 15.02.

“Exchange Notice” has the meaning specified in Section 15.02.

“Exchange Price” means, on any date of determination, $1,000,
divided by the Exchange Rate as of such
date.

“Exchange Rate” has the meaning specified in Section 15.04.

“Expiration Time” has the meaning specified in Section
15.05(e).

“Global Note” has the meaning specified in Section 2.02.

“Indenture” means this instrument as originally executed or,
if amended or supplemented as herein provided, as so amended or supplemented.

“Initial Notes” has the meaning specified in Section 2.01.

“Initial Purchaser” means Citigroup Global Markets Inc.

“interest” means, when used with reference to the Notes, any
interest payable under the terms of the Notes, including Additional Interest,
if any, payable under the terms of the Registration Rights Agreement.

“Issuer” means the limited partnership named as the “Issuer” in the first paragraph of this Indenture, and,
subject to the provisions of Article 12, shall include its successors and
assigns.

 6
 

“Issuer Request” and “Issuer Order”
mean, respectively, a written request or order signed in the name of the Issuer
by the Company by its Chairman of the Board of Directors, the President or a
Vice President, and by its Treasurer, an Assistant Treasurer, the Secretary or
an Assistant Secretary, of the Company, and delivered to the Trustee.

“Issuer Designated Event Repurchase Notice” has the meaning
specified in Section 4.02(b).

“Issuer Designated Event Repurchase Notice Date” has the
meaning specified in Section 4.02(a).

“Issuer Scheduled Repurchase Notice” has the meaning
specified in Section 5.01.

“Make Whole Cap” has the meaning specified in Section
15.11(f)(ii).

“Make Whole Floor” has the meaning specified in Section
15.11(f)(iii).

“Market Disruption Event” means the occurrence or existence
for more than one half-hour period in the aggregate on any Scheduled Trading
Day for the Common Stock of any suspension or limitation imposed on trading (by
reason of movements in price exceeding limits permitted by the New York Stock
Exchange or otherwise) in the Common Stock or in any options, contracts or
future contracts relating to the Common Stock, and such suspension or
limitation occurs or exists at any time before 1:00 p.m. (New York City time)
on such day.

“Maturity Date” means March 30, 2027.

“Measured Volatility” of any security means, on any date, the
average of the 100-day historical price volatility on each of the 20
consecutive Trading Days ending on, and including, such date, as displayed
under the heading, “Historical Price Volatility” on Bloomberg page “SLG.N<equity>HVG”
(or its equivalent successor page if such page is not available).  If, for any reason, Bloomberg does not
publish such historic volatility on such page (or such successor page), then
the “Measured Volatility” of such security
will be deemed to be zero.

“Note” or “Notes” means
any Note or Notes, as the case may be, authenticated and delivered under this
Indenture, including the Initial Notes, any Additional Notes and any Global
Note.

“Note Register” has the meaning specified in Section 2.05(a).

“Note Registrar” has the meaning specified in Section
2.05(a).

 7
 

“Noteholder” or “Holder” as
applied to any Note, or other similar terms (but excluding the term “beneficial holder”), means any Person in whose name at the
time a particular Note is registered on the Note Register.

“Offering Memorandum” means the Issuer’s offering memorandum
dated March 21, 2007 relating to the Notes.

“Officer” means the Chairman of the Board of Directors, the
President, one of the Vice Presidents, the Treasurer, the Assistant Treasurer,
the Secretary or an Assistant Secretary of the Company.

“Officers’ Certificate,” when used with respect to the
Issuer, means a certificate signed by the Chairman of the Board of Directors,
the President or a Vice President and by the Treasurer, the Chief Financial
Officer, an Assistant Treasurer, the Secretary or an Assistant Secretary of the
Company, and delivered to the Trustee.

“Opinion of Counsel” means a written opinion of counsel, who
may be counsel for the Issuer or who may be an employee of or other counsel for
the Issuer, and delivered to the Trustee.

“outstanding,” when used with respect to Notes, means, as of
the date of determination, all Notes theretofore authenticated and delivered
under this Indenture, except:

(a)           Notes
theretofore canceled by the Trustee or delivered to the Trustee for
cancellation;

(b)           Notes,
or portions thereof, for the payment of which (including redemption or
repurchase pursuant to Article 3, Article 4 and Article 5) money in the
necessary amount has been theretofore deposited with the Trustee or any Paying
Agent (other than the Issuer) in trust or set aside and segregated in trust by
the Issuer (if the Issuer shall act as its own Paying Agent) for the Holders of
such Notes; provided however, that, if such Notes
are to be redeemed, notice of such redemption has been duly given pursuant to
this Indenture or provision therefor satisfactory to the Trustee has been made;

(c)           Notes
that have been discharged in accordance with Article 13; and

(d)           Notes
that have been paid pursuant to Section 2.06 or in exchange for or in lieu of
which other Notes have been authenticated and delivered pursuant to this
Indenture, other than any such Notes in respect of which there shall have been
presented to the Trustee proof satisfactory to it that such Notes are held by a
protected purchaser in whose hands such Notes are valid obligations of the Issuer;

provided, however,
that in determining whether the Holders of the requisite principal amount of
the outstanding Notes have given any request, demand, authorization, direction,

 8
 

notice, consent or waiver hereunder or are present at
a meeting of Holders for quorum purposes, Notes owned by the Issuer or any
other obligor upon the Notes or any Affiliate of the Issuer or of such other
obligor shall be disregarded and deemed not to be outstanding, except that, in
determining whether the Trustee shall be protected in making such calculation
or in relying upon any such request, demand, authorization, direction, notice,
consent or waiver, only Notes that a Responsible Officer of the Trustee actually
knows to be so owned shall be so disregarded. Notes that have been pledged in
good faith may be regarded as outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee’s right so to act with respect to such
Notes and that the pledgee is not the Issuer or any other obligor upon the
Notes or any Affiliate of the Issuer or of such other obligor. In case of a
dispute as to such right, the advice of counsel shall be full protection in respect
of any decision made by the Trustee in accordance with such advice.

“Paying Agent” has the meaning specified in Section 2.08.

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

“PORTAL Market” means The PORTAL Market operated by the
Nasdaq Stock Market or any successor thereto.

“Predecessor Note” of any particular Note means any previous
Note evidencing all or a portion of the same debt as that evidenced by such
particular Note, and, for the purposes of this definition, any Note
authenticated and delivered under Section 2.06 in lieu of a mutilated, lost,
destroyed or stolen Note shall be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note that it replaces.

“Preferred Stock” means, with respect to any Person, all
capital stock issued by such Person that is entitled to a preference or
priority over any other capital stock issued by such Person with respect to any
distribution of such Person’s assets, whether by dividend or upon any voluntary
or involuntary liquidation, dissolution or winding up.

“premium” means any premium payable under the terms of the
Notes.

“Public Acquirer”
has the meaning specified in the definition of Public Acquirer Change of
Control.

“Public Acquirer Change of
Control” means any transaction described in clause (2) of the
definition of Designated Event where the acquirer, the Person formed by or
surviving the transaction, or any entity that it is a direct or indirect “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act) of more than 50% of
the total voting power of all shares of such acquirer’s or Person’s capital
stock that are entitled to vote generally in the election of directors, has a
class of common stock traded on a national securities exchange or quoted on the
Nasdaq Global Market or which will be so traded or 

 9
 

quoted when issued or
exchanged in connection with such transaction (such acquirer, Person or entity,
a “Public Acquirer”); provided
that if there is more than one such entity, the relevant entity will be such
entity with the most direct beneficial ownership to such acquirer’s or Person’s
capital stock.  Such acquirer’s, Person’s
or other entity’s class of common stock traded on a national securities
exchange or quoted on the Nasdaq Global Market or which will be so traded or
quoted when issued or exchanged in connection with such Public Acquirer Change
of Control is herein referred to as “Acquirer Common Stock.”

“Purchase Agreement” means the Purchase Agreement, dated as
of March 21, 2007, among the Issuer, the Company and Citigroup Global Markets
Inc.

“Record Date” has the meaning specified in Section 2.03.

“Redemption Date” means, with respect to any Note or portion
thereof to be redeemed in accordance with the provisions of Section 3.01
hereof, the date fixed for such redemption in accordance with the provisions of
Section 3.01 hereof.

“Redemption Price” has the meaning provided in Section 3.01
hereof.

“Registration Rights Agreement” means the Registration Rights
Agreement, dated as of March 26, 2007, among the Issuer, the Company and
Citigroup Global Markets Inc., as amended from time to time in accordance with
its terms.

“Repurchase Price” the Designated Event Repurchase Price or
the Scheduled Repurchase Price, as applicable.

“Repurchase Notice” means a Designated Event Repurchase
Notice or a Scheduled Repurchase Notice, as applicable.

“Responsible Officer” when used with respect to the Trustee,
means the chairman or vice-chairman of the board of directors, the chairman or
vice-chairman of the executive committee of the board of directors, the
president, any vice president (whether or not designated by a number or a word
or words added before or after the title “vice president”), the secretary, any
assistant secretary, the treasurer, any assistant treasurer, the cashier, any
assistant cashier, any trust officer or assistant trust officer, the controller
or any other officer in the Corporate Trust Office of the Trustee with direct
responsibility for the administration of this Indenture and also means, with
respect to a particular corporate trust matter, any other officer of the
Trustee to whom such matter is referred because of such officer’s knowledge of
and familiarity with the particular subject.

“Restricted Securities” has the meaning specified in Section
2.05(c).

“Rule 144A” means Rule 144A as promulgated under the
Securities Act as it may be amended from time to time hereafter.

 10
 

“Scheduled Repurchase Date” has the meaning specified in
Section 5.01.

“Scheduled Repurchase Price” has the meaning specified in
Section 5.01.

“Scheduled Repurchase Notice” has the meaning specified in
Section 5.01(a).

“Scheduled Trading Day” means a day that is scheduled to be a
Trading Day.

“Securities Act” means the Securities Act of 1933, as
amended, and the rules and regulations promulgated thereunder, as in effect
from time to time.

“Significant Subsidiary” means any Subsidiary which is a “significant
subsidiary” (as defined in Article I, Rule 1-02 of Regulation S-X, promulgated
under the Securities Act) of the Issuer.

“Stated Maturity,” when used with respect to any Note or any
installment of principal thereof or interest thereon, means the date specified
in such Note as the fixed date on which the principal of such Note or such
installment of principal or interest is due and payable.

“Stock Price” has the meaning specified in Section 15.11(b).

“Subsidiary” means a Person (other than an individual), a
majority of the outstanding voting stock, partnership interests, membership
interests or other equity interest, as the case may be, of which is owned or
controlled, directly or indirectly, by another Person or by one or more other
Subsidiaries of such other Person. For the purposes of this definition, “voting
stock” means stock having voting power for the election of directors, trustees
or managers, as the case may be, whether at all times or only so long as no
senior class of stock has such voting power by reason of any contingency.

“Trading Day” means a day on which (i) there is no Market
Disruption Event and (ii) trading in securities generally occurs on the New
York Stock Exchange or, if the Common Stock is not then listed on the New York
Stock Exchange, on the principal other United States national or regional
securities exchange on which the Common Stock is then listed or, if the Common
Stock is not then listed on a United States national or regional securities
exchange, on the principal other market on which the Common Stock is then
traded; provided, however, that if the Common
Stock (or other security for which a Closing Sale Price must be determined) is
not so listed or quoted, “Trading Day” means a Business Day.

“Trading Price” has the meaning specified in Section
15.01(a)(ii).

“transfer” has the meaning specified in Section 2.05(c).

 

 11

“Trust Indenture Act” or “TIA”
means the Trust Indenture Act of 1939, as amended, as it was in force at the
date of this Indenture; provided that,
in the case of a supplemental indenture executed pursuant to this Indenture,
“Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as
amended, as it was in force at the date of such supplemental indenture.

“Trustee” means The Bank of New York, solely in its capacity
as Trustee under this Indenture and not in its individual capacity, and its
successors and any corporation resulting from or surviving any consolidation or
merger to which it or its successors may be a party and any successor trustee
at the time serving as successor trustee hereunder.

“Units” means the limited partnership units of the Issuer.

“Valuation Period” has the meaning specified in Section
15.12(y).

ARTICLE 2

ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES

Section 2.01.  Designation Amount and Issue
of Notes.  The Notes shall be
designated as “3.00% Exchangeable Senior Notes due 2027.”
Upon the execution of this Indenture, and from time to time thereafter, Notes
may be, subject to this Section 2.01, executed by the Issuer and delivered to
the Trustee for authentication, and the Trustee shall thereupon authenticate
and deliver Notes upon a written order of the Issuer, such order signed by one
Officer, without any further action by the Issuer or the Company hereunder.

The
aggregate principal amount of Notes which may be authenticated and delivered
under this Indenture is unlimited; provided that
upon initial issuance the aggregate principal amount of Notes outstanding shall
not exceed $750,000,000, except as provided in Section 2.06. The Issuer may,
without the consent of the Holders of Notes, issue additional Notes (the “Additional Notes”) from time to time in the future with the
same terms and the same CUSIP number as the Notes originally issued under this
Indenture (the “Initial Notes”) in an unlimited
principal amount, provided that such Additional
Notes must be part of the same issue as and fungible with the Initial Notes for
United States federal income tax purposes. The Initial Notes and any such
Additional Notes will constitute a single series of debt securities, and in
circumstances in which this Indenture provides for the Holders of Notes to vote
or take any action, the Holders of Initial Notes and the Holders of any such
Additional Notes will vote or take that action as a single class.

Section 2.02.  Form of Notes.  The Notes and the Trustee’s
certificate of authentication to be borne by such Notes shall be substantially
in the form set forth in Exhibit A hereto. The terms and provisions contained
in the form of Note attached as Exhibit A hereto shall constitute, and are
hereby expressly made, a part of this Indenture 

 12
 

and, to the extent applicable, the Issuer and the
Trustee, by their execution and delivery of this Indenture, expressly agree to
such terms and provisions and to be bound thereby.

Any
of the Notes may have such letters, numbers or other marks of identification
and such notations, legends, endorsements or changes as the officers executing
the same may approve (execution thereof to be conclusive evidence of such
approval) and as are not inconsistent with the provisions of this Indenture, or
as may be required by the Custodian, the Depositary or by the National
Association of Securities Dealers, Inc. in order for the Notes to be tradable
on The PORTAL Market or as may be required for the Notes to be tradable on any
other market developed for trading of securities pursuant to Rule 144A or as
may be required to comply with any applicable law or with any rule or
regulation made pursuant thereto or with any rule or regulation of any
securities exchange or automated quotation system on which the Notes may be
listed, or to conform to usage, or to indicate any special limitations or
restrictions to which any particular Notes are subject.

So
long as the Notes are eligible for book-entry settlement with the Depositary,
or unless otherwise required by law, or otherwise contemplated by Section
2.05(b), all of the Notes will be represented by one or more Notes in global
form registered in the name of the Depositary or the nominee of the Depositary
(a “Global Note”). The transfer,
redemption, repurchase, exchange, and all dispositions of beneficial interests
in any such Global Note shall be effected through the Depositary in accordance
with this Indenture and the applicable procedures of the Depositary. Except as
provided in Section 2.05(b), beneficial owners of a Global Note shall not be
entitled to have certificates registered in their names, will not receive or be
entitled to receive physical delivery of certificates in definitive form and
will not be considered Holders of such Global Note.

Any
Global Note shall represent such of the outstanding Notes as shall be specified
therein and shall provide that it shall represent the aggregate amount of
outstanding Notes from time to time endorsed thereon and that the aggregate
amount of outstanding Notes represented thereby may from time to time be
increased or reduced to reflect redemptions, repurchases, exchanges, or
transfers permitted hereby. Any endorsement of a Global Note to reflect the
amount of any increase or decrease in the amount of outstanding Notes represented
thereby shall be made by the Trustee or the Custodian, at the direction of the
Trustee, in such manner and upon instructions given by the Holder of such Notes
in accordance with this Indenture. Payment of principal of, interest on and
premium, if any, on any Global Note shall be made to the Holder of such Note.

So
long as any Notes are represented by one or more Global Notes, the parties
hereto will be bound at all times by the applicable procedures of the
Depositary with respect to such Notes.

Section 2.03.  Date and Denomination of
Notes; Payments of Interest.  The
Notes shall be issuable in registered form without coupons in minimum
denominations of 

 13
 

$1,000 principal amount and in integral multiples of
$1,000 in excess thereof. Each Note shall be dated the date of its
authentication and shall bear interest from the date specified on the face of
the Note. Interest on the Notes shall be computed on the basis of a 360-day
year consisting of twelve 30-day months.

The
Person in whose name any Note is registered on the Note Register at the close
of business on any Record Date with respect to any interest payment date shall
be entitled to receive the interest payable on such interest payment date.
Notwithstanding the foregoing, any Note or portion thereof surrendered for
exchange during the period from the close of business on the Record Date for
any interest payment to the close of business on the applicable interest
payment date must be accompanied by payment, in immediately available funds or
other funds acceptable to the Issuer, of an amount equal to the interest
otherwise payable on such interest payment date on the principal amount being
exchanged; provided, however, that no such payment
need be made (1) if a Holder exchanges its Notes as permitted by Section
15.01(a)(iii) and the Issuer has specified a Redemption Date that is after a
Record Date and on or prior to the Business Day immediately succeeding the
corresponding interest payment date, (2) if a Holder exchanges its Notes in
connection with a Designated Event and the Issuer has specified a Designated
Event Repurchase Date that is after a Record Date and on or prior to the
Business Day immediately succeeding the corresponding interest payment date,
(3) with respect to any exchange on or following the Record Date immediately
preceding the Maturity Date, or (4) to the extent of any Defaulted Interest, if
any Defaulted Interest exists at the time of exchange with respect to such
Note. Interest on any Global Note shall be paid by wire transfer of immediately
available funds to the account of the Depositary or its nominee. Payment of the
principal and interest on the Notes not represented by a Global Note will be
made at the Corporate Trust Office, or the office maintained for that purpose
by the Issuer in the Borough of Manhattan, The City of New York, New York, in
such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts; provided,
however, that at the option of the
Issuer, payments of interest on the Notes may be made (i) by check mailed to
the address of the Person entitled thereto as such address shall appear in the
Note Register or (ii) by wire transfer to an account maintained by the Person
entitled thereto located within the United States.

If
a payment date is not a Business Day, payment shall be made on the next
succeeding Business Day, and no additional interest shall accrue thereon. The
term “Record Date” with respect to any
interest payment date shall mean the March 15 or September 15 preceding the
applicable March 30 or September 30 interest payment date, respectively.

Any
interest on any Note that is payable, but is not punctually paid or duly
provided for, on any March 30 or September 30 (herein called “Defaulted Interest”) shall forthwith cease to be payable to
the Noteholder registered as such on the relevant Record Date, and such
Defaulted Interest shall be paid by the Issuer, at its election in each case,
as provided in clause (a) or (b) below:

 14
 

(a)   The Issuer may elect to make payment of any
Defaulted Interest to the Persons in whose names the Notes are registered at
the close of business on a special record date for the payment of such
Defaulted Interest, which shall be fixed in the following manner. The Issuer
shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each Note and the date of the proposed payment (which
shall be not less than twenty (20) calendar days after the receipt by the
Trustee of such notice, unless the Trustee shall consent to an earlier date),
and at the same time the Issuer shall deposit with the Trustee an amount of
money equal to the aggregate amount to be paid in respect of such Defaulted
Interest or shall make arrangements satisfactory to the Trustee for such
deposit on or prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such
Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix
a special record date for the payment of such Defaulted Interest which shall be
not more than fifteen (15) calendar days and not less than ten (10) calendar
days prior to the date of the proposed payment, and not less than ten (10)
calendar days after the receipt by the Trustee of the notice of the proposed
payment (unless, the Trustee shall consent to an earlier date). The Trustee
shall promptly notify the Issuer of such special record date and, in the name
and at the expense of the Issuer, shall cause notice of the proposed payment of
such Defaulted Interest and the special record date therefor to be mailed,
first-class postage prepaid, to each Holder at its address as it appears in the
Note Register, not less than ten (10) calendar days prior to such special
record date (unless, the Trustee shall consent to an earlier date). Notice of
the proposed payment of such Defaulted Interest and the special record date
therefor having been so mailed, such Defaulted Interest shall be paid to the
Persons in whose names the Notes are registered at the close of business on
such special record date and shall no longer be payable pursuant to the
following clause (b) of this Section 2.03.

(b)   The Issuer may make payment of any Defaulted
Interest in any other lawful manner not inconsistent with the requirements of
any securities exchange or automated quotation system on which the Notes may be
listed or designated for issuance, and upon such notice as may be required by
such exchange or automated quotation system, if, after notice given by the Issuer
to the Trustee of the proposed payment pursuant to this clause, such manner of
payment shall be deemed practicable by the Trustee.

Section 2.04.  Execution of Notes.  The Notes shall be signed in the
name and on behalf of the Issuer by the manual or facsimile signature of an
Officer. Only such Notes as shall bear thereon a certificate of authentication
substantially in the form set forth on the form of Note attached as Exhibit A
hereto, executed manually or by facsimile by the Trustee (or an authenticating
agent appointed by the Trustee as provided by Section 9.11), shall be entitled
to the benefits of this Indenture or be valid or obligatory for any purpose.
Such certificate by the Trustee (or such an authenticating agent) upon any Note
executed by the Issuer shall be conclusive evidence that the Note so
authenticated has been duly authenticated and delivered hereunder and that the
Holder is entitled to the benefits of this Indenture.

 15
 

In
case any Officer who shall have signed any of the Notes shall cease to be such
Officer before the Notes so signed shall have been authenticated and delivered
by the Trustee, or disposed of by the Issuer, such Notes nevertheless may be
authenticated and delivered or disposed of as though the person who signed such
Notes had not ceased to be such Officer, and any Note may be signed on behalf
of the Issuer by such persons as, at the actual date of the execution of such
Note, shall be the proper Officers, although at the date of the execution of
this Indenture any such person was not such an Officer.

Section 2.05.  Exchange and Registration of
Transfer of Notes; Restrictions on Transfer. 
(a) The Trustee shall cause to be kept at the Corporate Trust
Office a register (the register maintained in such office and in any office or
agency of the Issuer designated pursuant to Section 6.02 being herein sometimes
collectively referred to as the “Note Register”)
in which, subject to such reasonable regulations as it may prescribe, the
Trustee shall provide for the registration of Notes and of transfers and
exchanges of Notes. The Note Register shall be in written form or in any form
capable of being exchanged into written form within a reasonably prompt period
of time. The Trustee is hereby appointed “Note Registrar”
for the purpose of registering Notes and transfers and exchanges of Notes as
herein provided. The Issuer may appoint one or more co-registrars in accordance
with Section 6.02.

Upon
surrender for registration of transfer of any Note to the Note Registrar or any
office or agency maintained by the Issuer pursuant to Section 6.02, and
satisfaction of the requirements for such transfer set forth in this Section
2.05, the Issuer shall execute, and upon receipt thereof the Trustee shall
authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Notes of any authorized denominations and of a
like aggregate principal amount and bearing such restrictive legends as may be
required by this Indenture.

Notes
may be exchanged for other Notes of any authorized denominations and of a like
aggregate principal amount, upon surrender of the Notes to be exchanged at the
Corporate Trust Office or any such office or agency maintained by the Issuer
pursuant to Section 6.02. Whenever any Notes are so surrendered for exchange,
the Issuer shall execute, and upon receipt thereof the Trustee shall
authenticate and deliver, the Notes which the Noteholder making the exchange is
entitled to receive bearing registration numbers not contemporaneously
outstanding.

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

All
Notes presented or surrendered for registration of transfer or for exchange,
redemption, or repurchase shall (if so required by the Issuer or the Note
Registrar) be duly endorsed, or be accompanied by a written instrument or
instruments of transfer in 

 16
 

form satisfactory to the Issuer and the Note
Registrar, duly executed by the Noteholder thereof or its attorney duly
authorized in writing.

No
service charge shall be made to any Holder for any registration of transfer or
exchange of Notes, but the Issuer may require payment by the Holder of a sum
sufficient to cover any transfer or similar tax that may be imposed in
connection with any registration of transfer or exchange of Notes.

In
the event of any redemption in part, the Issuer shall not be required to: (i)
issue or register the transfer or exchange of any Note during a period
beginning at the opening of business 15 days before any selection of Notes for
redemption and ending at the close of business on the earliest date on which
the relevant notice of redemption is deemed to have been given to all Holders
of Notes to be so redeemed, or (ii) register the transfer or exchange of any
Note so selected for redemption, in whole or in part, except the unredeemed
portion of any Note being redeemed in part.

(b)   The following provisions shall apply only to
Global Notes:

(i)    Each Global Note authenticated under this
Indenture shall be registered in the name of the Depositary or a nominee
thereof and delivered to such Depositary or a nominee thereof or Custodian
therefor, and each such Global Note shall constitute a single Note for all
purposes of this Indenture.

(ii)   Notwithstanding any other provision in this
Indenture, no Global Note may be exchanged in whole or in part for Notes
registered, and no transfer of a Global Note in whole or in part may be
registered, in the name of any Person other than the Depositary or a nominee
thereof unless (1) the Depositary (x) has notified the Issuer that it is
unwilling or unable to continue as Depositary for such Global Note or (y) has
ceased to be a clearing agency registered under the Exchange Act, and a
successor depositary has not been appointed by the Issuer within ninety (90)
calendar days, (2) an Event of Default has occurred and is continuing or (3)
the Issuer, in its sole discretion, determines at any time that the Notes shall
no longer be represented by a Global Note and any Global Note Exchange pursuant
to clause (3) above may be exchanged in whole or from time to time in part as
directed by the Issuer. Any Global Note exchanged pursuant to clause (1) or (2)
above shall be so exchanged in whole and not in part. Any Note issued in
exchange for a Global Note or any portion thereof shall be a Global Note; provided that any such Note so issued that is registered in
the name of a Person other than the Depositary or a nominee thereof shall not
be a Global Note.

(iii)  Notes issued in exchange for a Global Note or
any portion thereof pursuant to clause (ii) above shall be issued in
definitive, fully registered form, without interest coupons, shall have an
aggregate principal amount equal to that of such Global Note or portion thereof
to be so exchanged, shall be registered in such names and be in such authorized
denominations as the Depositary shall 

 17
 

designate and shall
bear any legends required hereunder. Any Global Note to be exchanged in whole
shall be surrendered by the Depositary to the Trustee, as Note Registrar. With
regard to any Global Note to be exchanged in part, either such Global Note
shall be so surrendered for exchange or, if the Trustee is acting as Custodian
for the Depositary or its nominee with respect to such Global Note, the
principal amount thereof shall be reduced, by an amount equal to the portion
thereof to be so exchanged, by means of an appropriate adjustment made on the
records of the Trustee. Upon any such surrender or adjustment, the Trustee
shall authenticate and make available for delivery the Note issuable on such
exchange to or upon the written order of the Depositary or an authorized representative
thereof.

(iv)  In the event of the occurrence of any of the
events specified in clause (ii) above, the Issuer will promptly make available
to the Trustee a reasonable supply of certificated Notes in definitive, fully
registered form, without interest coupons.

(v)   Neither any members of, or participants in,
the Depositary (“Agent Members”) nor any other
Persons on whose behalf Agent Members may act shall have any rights under this
Indenture with respect to any Global Note registered in the name of the
Depositary or any nominee thereof, and the Depositary or such nominee, as the
case may be, may be treated by the Issuer, the Trustee and any agent of the
Issuer or the Trustee as the absolute owner and Holder of such Global Note for
all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall
prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from
giving effect to any written certification, proxy or other authorization
furnished by the Depositary or such nominee, as the case may be, or impair, as
between the Depositary, its Agent Members and any other Person on whose behalf
an Agent Member may act, the operation of customary practices of such Persons
governing the exercise of the rights of a Holder of any Note.

(vi)  At such time as all interests in a Global Note
have been redeemed, repurchased, exchanged, or canceled for Notes in
certificated form, such Global Note shall, upon receipt thereof, be canceled by
the Trustee in accordance with standing procedures and instructions existing
between the Depositary and the Custodian. At any time prior to such
cancellation, if any interest in a Global Note is redeemed, repurchased,
exchanged, or canceled for Notes in certificated form, the principal amount of
such Global Note shall, in accordance with the standing procedures and
instructions existing between the Depositary and the Custodian, be
appropriately reduced, and an endorsement shall be made on such Global Note, by
the Trustee or the Custodian, at the direction of the Trustee, to reflect such
reduction.

(c)        Every Note (and all securities issued in
exchange therefor or in substitution thereof) that bears or is required under
this Section 2.05(c) to bear the legend set forth in 

 18
 

this Section 2.05(c) (the “Restricted
Notes Legend”), and any Common Stock that bears or is required under
this Section 2.05(c) to bear the Common Stock legend set forth in this Section
2.05(c) (the “Common Stock Legend”)
(collectively, the “Restricted Securities”)
shall be subject to the restrictions on transfer set forth in this Section
2.05(c) (including those set forth in the legends below) unless such
restrictions on transfer shall be waived by written consent of the Issuer, and
the Holder of each such Restricted Security, by such Holder’s acceptance
thereof, agrees to be bound by all such restrictions on transfer. As used in
this Section 2.05(c), the term “transfer” means
any sale, pledge, loan, transfer or other disposition whatsoever of any
Restricted Security or any interest therein.

Until
the Maturity Date for the Notes any certificate evidencing a Note shall bear a
legend in substantially the following form, or unless otherwise agreed by the
Issuer in writing, with written notice thereof to the Trustee:

THIS SECURITY HAS NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT AS SET
FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER AGREES
THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THE SECURITY EVIDENCED HEREBY,
EXCEPT (A) TO THE ISSUER, SL GREEN REALTY CORP. OR A SUBSIDIARY OF THE ISSUER
OR OF SL GREEN REALTY CORP.; OR (B) TO A PERSON THE SELLER REASONABLY BELIEVES
IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A ADOPTED UNDER THE
SECURITIES ACT) THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF
ANOTHER QUALIFIED INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN THAT THE
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, ALL IN COMPLIANCE WITH RULE
144A (IF AVAILABLE).

Until
the expiration of the holding period applicable to sales thereof under Rule
144(k) under the Securities Act (or any successor provision), any stock
certificate representing shares of Common Stock issued upon exchange of any
Note shall bear a Common Stock Legend unless such Common Stock has been sold
pursuant to a registration statement that has been declared effective under the
Securities Act (and that continues to be effective at the time of such
transfer) or pursuant to Rule 144 under the Securities Act or any similar
provision then in force, or unless otherwise agreed by the Issuer in writing,
with written notice thereof to the Trustee:

THIS SECURITY HAS NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT AS SET
FORTH IN THE FOLLOWING SENTENCE. 

 19
 

BY ITS ACQUISITION HEREOF, THE
HOLDER AGREES (1) THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THE SECURITY
EVIDENCED HEREBY, EXCEPT (A) TO THE ISSUER, SL GREEN REALTY CORP. OR A
SUBSIDIARY OF THE ISSUER OR OF SL GREEN REALTY CORP.; (B) UNDER A REGISTRATION
STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT; (C) TO A
PERSON THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS
DEFINED IN RULE 144A ADOPTED UNDER THE SECURITIES ACT) THAT IS PURCHASING FOR
ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER AND
TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
ALL IN COMPLIANCE WITH RULE 144A (IF AVAILABLE); OR (D) UNDER ANY OTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT;
AND (2) THAT IT WILL, PRIOR TO ANY TRANSFER OF THIS SECURITY, FURNISH TO THE
TRANSFER AGENT AND THE ISSUER SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER
INFORMATION AS MAY BE REQUIRED 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.

Any
such shares of Common Stock as to which such restrictions on transfer shall
have expired in accordance with their terms or as to which the conditions for
removal of the Common Stock Legend set forth therein have been satisfied may,
upon surrender of the certificates representing such shares of Common Stock for
exchange in accordance with the procedures of the transfer agent for the Common
Stock, be exchanged for a new certificate or certificates for a like number of
shares of Common Stock, which shall not bear the Common Stock Legend required
by this Section 2.05(c).

(d)   By its acceptance of any Note bearing the
Restricted Notes Legend, each Holder of such Note acknowledges the restrictions
on transfer of such Note set forth in this Indenture and in the Restricted Notes
Legend and agrees that it will transfer such Note only as provided in this
Indenture and as permitted by applicable law.

(e)   Any Restricted Securities purchased or owned
by the Issuer or any Affiliate thereof may not be resold by the Issuer or such
Affiliate unless registered under the Securities Act or resold pursuant to an
exemption from the registration requirements of the Securities Act in a
transaction which results in such Notes or Common Stock, as the case may be, no
longer being “restricted securities” (as defined under Rule 144).

(f)    The Trustee, the Issuer, and the Company
shall have no responsibility or obligation to any Agent Members or any other
Person with respect to the accuracy of the books or records, or the acts or
omissions, of the Depositary or its nominee or of any 

 20
 

participant or member thereof, with respect to any
ownership interest in the Notes or with respect to the delivery to any Agent
Member or other Person (other than the Depositary) of any notice (including any
notice of redemption or selection of Global Notes for redemption) or the
payment of any amount, under or with respect to such Notes. All notices and
communications to be given to the Noteholders and all payments to be made to
Noteholders under the Notes shall be given or made only to or upon the order of
the registered Noteholders (which shall be the Depositary or its nominee in the
case of a Global Note). The rights of beneficial owners in any Global Note
shall be exercised only through the Depositary subject to the customary
procedures of the Depositary. The Trustee may rely and shall be fully protected
in relying upon information furnished by the Depositary with respect to its
Agent Members.

The
Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or
under applicable law with respect to any transfer of any interest in any Note
(including any transfers between or among Agent Members in any Global Note)
other than to require delivery of such certificates and other documentation or
evidence as are expressly required by, and to do so if and when expressly
required by, the terms of this Indenture, and to examine the same to determine
substantial compliance as to form with the express requirements hereof.

Section 2.06.  Mutilated, Destroyed, Lost or
Stolen Notes.  In case any
Note shall become mutilated or be destroyed, lost or stolen, the Issuer in its
discretion may execute, and upon its written request and receipt of such new
Note the Trustee or an authenticating agent appointed by the Trustee shall
authenticate and make available for delivery, a new Note, bearing a number not
contemporaneously outstanding, in exchange and substitution for the mutilated
Note, or in lieu of and in substitution for the Note so destroyed, lost or
stolen. In every case, the applicant for a substituted Note shall furnish to
the Issuer, to the Trustee and, if applicable, to such authenticating agent
such security or indemnity as may be required by them to save each of them
harmless for any loss, liability, cost or expense caused by or connected with
such substitution, and, in every case of destruction, loss or theft, the
applicant shall also furnish to the Issuer, to the Trustee and, if applicable, to
such authenticating agent evidence to their satisfaction of the destruction,
loss or theft of such Note and of the ownership thereof.

Following
receipt by the Trustee or such authenticating agent, as the case may be, of
satisfactory security or indemnity and evidence, as described in the preceding
paragraph, the Trustee or such authenticating agent may authenticate any such
substituted Note and make available for delivery such Note. Upon the issuance
of any substituted Note, the Issuer may require the payment by the Holder of a
sum sufficient to cover any tax, assessment or other governmental charge that
may be imposed in relation thereto and any other expenses connected therewith.
In case any Note which has matured or is about to mature or has been called for
redemption or has been properly tendered for repurchase on a Designated Event
Repurchase Date (and not withdrawn) or is to be exchanged pursuant to this
Indenture, shall become mutilated or be destroyed, lost or stolen, the 

 21
 

Issuer may, instead of issuing a substitute Note, pay
or authorize the payment of or exchange or authorize the exchange of the same
(without surrender thereof except in the case of a mutilated Note), as the case
may be, if the applicant for such payment or exchange shall furnish to the
Issuer, to the Trustee and, if applicable, to such authenticating agent such
security or indemnity as may be required by them to save each of them harmless
for any loss, liability, cost or expense caused by or in connection with such
substitution, and, in every case of destruction, loss or theft, the applicant
shall also furnish to the Issuer, the Trustee and, if applicable, any Paying
Agent or Exchange Agent evidence to their satisfaction of the destruction, loss
or theft of such Note and of the ownership thereof.

Every
substitute Note issued pursuant to the provisions of this Section 2.06 by
virtue of the fact that any Note is mutilated, destroyed, lost or stolen shall
constitute an additional contractual obligation of the Issuer, whether or not
the mutilated, destroyed, lost or stolen Note shall be found at any time, and
shall be entitled to all the benefits of (but shall be subject to all the
limitations set forth in) this Indenture equally and proportionately with any
and all other Notes duly issued hereunder. To the extent permitted by law, all
Notes shall be held and owned upon the express condition that the foregoing
provisions are exclusive with respect to the replacement or payment or exchange
or redemption or repurchase of mutilated, destroyed, lost or stolen Notes and
shall preclude any and all other rights or remedies notwithstanding any law or
statute existing or hereafter enacted to the contrary with respect to the
replacement or payment or exchange or redemption or repurchase of negotiable instruments
or other securities without their surrender.

Section 2.07.  Temporary Notes.  Pending the preparation of Notes
in certificated form, the Issuer may execute and the Trustee or an
authenticating agent appointed by the Trustee shall, upon the written request
of the Issuer, authenticate and deliver temporary Notes (printed or
lithographed). Temporary Notes shall be issuable in any authorized
denomination, and substantially in the form of the Notes in certificated form,
but with such omissions, insertions and variations as may be appropriate for
temporary Notes, all as may be determined by the Issuer. Every such temporary
Note shall be executed by the Issuer and upon the written request of the Issuer
authenticated by the Trustee or such authenticating agent upon the same
conditions and in substantially the same manner, and with the same effect, as
the Notes in certificated form. Without unreasonable delay, the Issuer will
execute and deliver to the Trustee or such authenticating agent Notes in certificated
form and thereupon any or all temporary Notes may be surrendered in exchange
therefor, at each office or agency maintained by the Issuer pursuant to Section
6.02 and, upon receipt of the Certificated Notes, the Trustee or such
authenticating agent shall authenticate and make available for delivery in
exchange for such temporary Notes an equal aggregate principal amount of Notes
in certificated form. Such exchange shall be made by the Issuer at its own
expense and without any charge therefor. Until so exchanged, the temporary
Notes shall in all respects be entitled to the same benefits and subject to the
same limitations under this Indenture as Notes in certificated form
authenticated and delivered hereunder.

 22

Section 2.08.  Cancellation of Notes.  All Notes surrendered for the
purpose of payment, redemption, repurchase, exchange or registration of
transfer shall, if surrendered to the Issuer or any paying agent to whom Notes
may be presented for payment (the “Paying Agent”)
or Exchange Agent, which shall initially be the Trustee, be surrendered to the
Trustee and promptly canceled by it or, if surrendered to the Trustee, shall be
promptly canceled by it and no Notes shall be issued in lieu thereof except as
expressly permitted by any of the provisions of this Indenture. The Trustee
shall dispose of such canceled Notes in accordance with its customary
procedures. If the Issuer shall acquire any of the Notes, such acquisition
shall not operate as a redemption, repurchase, exchange or satisfaction of the
indebtedness represented by such Notes unless and until the same are delivered
to the Trustee for cancellation.

Section 2.09.  CUSIP Numbers.  The Issuer in issuing the Notes
may use “CUSIP” numbers (if then generally in
use), and, if so, the Trustee shall use “CUSIP” numbers
in notices of redemption as a convenience to Noteholders; provided
that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Notes or as contained in
any notice of a redemption and that reliance may be placed only on the other
identification numbers printed on the Notes, and any such redemption shall not
be affected by any defect in or omission of such numbers. The Issuer will promptly
notify the Trustee of any change in the “CUSIP” numbers.

ARTICLE 3

REDEMPTION OF NOTES

Section 3.01.  Redemption of Notes.  (a) The Issuer shall have the
right to redeem the Notes for cash, in whole or in part, (x) at any time if the
Issuer determines it is necessary to redeem the Notes in order to preserve the
Company’s qualification as a real estate investment trust, upon the notice set
forth in Section 3.02, and (y) at any time on or after April 15, 2012, in each
case at a redemption price (the “Redemption Price”)
equal to 100% of the principal amount of the Notes to be redeemed plus unpaid
interest, if any, accrued thereon to, but excluding, the Redemption Date; provided, however that if
the Redemption Date falls after a Record Date and on or prior to the
corresponding interest payment date, the Issuer will pay the full amount of
accrued and unpaid interest, if any, on such interest payment date to the
Holder of record at the close of business on the corresponding Record Date
(instead of the Holder surrendering its Notes for redemption) and the
Redemption Price shall be equal to 100% of the principal amount of the Notes to
be redeemed.  In connection with any
redemption by the Issuer pursuant to this Section 3.01(a), the Issuer shall
provide the Trustee with a Board Resolution received by the Trustee not fewer
than five (5) Business Days prior (or such shorter period of time as may be
acceptable to the Trustee) to the date the notice of redemption is to be
mailed, evidencing that the Board of Directors has, in good faith, made the
determination that it is 

 23
 

necessary to redeem the Notes in order to preserve the
Company’s qualification as a real estate investment trust.

(b)        The Issuer shall not redeem the Notes
pursuant to this Section 3.01 on any date if the principal amount of the Notes
has been accelerated, and such an acceleration has not been rescinded or cured
on or prior to such date (except in the case of an acceleration resulting from
a default by the Issuer in the payment of the Redemption Price with respect to
the Notes to be redeemed).

Section 3.02.  Notice of Optional Redemption;
Selection of Notes.  In case
the Issuer shall desire to exercise the right to redeem all or, as the case may
be, any part of the Notes pursuant to Section 3.01, it shall fix a date for
redemption and it or, at its written request received by the Trustee not fewer
than five (5) Business Days prior (or such shorter period of time as may be
acceptable to the Trustee) to the date the notice of redemption is to be
mailed, the Trustee in the name of and at the expense of the Issuer, shall mail
or cause to be mailed a notice of such redemption not fewer than twenty-three
(23) Scheduled Trading Days nor more than sixty (60) calendar days prior to the
Redemption Date to each Holder of Notes so to be redeemed in whole or in part
at its last address as the same appears on the Note Register; provided that if the Issuer makes such request of the
Trustee, it shall, together with such request, also give written notice of the
Redemption Date to the Trustee; provided  further that the text of the notice shall be prepared by the
Issuer, and the Trustee may rely and shall be fully protected in relying upon
such text prepared by the Issuer.

Each
such notice of redemption shall specify: (i) the aggregate principal amount of
Notes to be redeemed, (ii) the CUSIP number or numbers of the Notes being
redeemed, (iii) the Redemption Date (which shall be a Business Day), (iv) the
Redemption Price at which Notes are to be redeemed, (v) the place or places of
payment and that payment will be made upon presentation and surrender of such
Notes, (vi) that interest accrued and unpaid to, but excluding, the Redemption
Date will be paid as specified in said notice, and that on and after said date
interest thereon or on the portion thereof to be redeemed will cease to accrue,
(vii) that the Holder has a right to exchange the Notes called for redemption,
(viii) the Applicable Exchange Rate on the date of such notice, (ix) the time
and date on which the right to exchange such Notes or portions thereof pursuant
to this Indenture will expire and (x) whether the Company has determined that
it is not a “domestically controlled investment entity” as defined in Section
897 of the Internal Revenue Code and, therefore, will withhold under Section
1445 of the Internal Revenue Code unless  the non-U.S.
Noteholder would not be treated as having owned (under all applicable rules for
direct, indirect, and constructive ownership) more than five percent of the
fair market value of the Common Stock during the applicable testing period.

Without
limiting the generality of the foregoing, whenever any Notes are to be
redeemed, the Issuer will give the Trustee written notice of the Redemption
Date, together with an Officers’ Certificate as to the aggregate principal
amount of Notes to be 

 24
 

redeemed, not fewer than 5 Business Days prior (or
such shorter period of time as may be acceptable to the Trustee) to the date
the notice of redemption is to be mailed.

On
or prior to the Redemption Date specified in the notice of redemption given as
provided in this Section 3.02, the Issuer will deposit with the Paying Agent
(or, if the Issuer is acting as its own Paying Agent, set aside, segregate and
hold in trust as provided in Section 6.04) an amount of money in immediately
available funds sufficient to redeem on the Redemption Date all the Notes (or
portions thereof) so called for redemption (other than those theretofore
surrendered for exchange) at the appropriate Redemption Price; provided that if such payment is made on the Redemption
Date, it must be received by the Paying Agent by 11:00 a.m., New York City
time, on such date. The Issuer shall be entitled to retain any interest, yield
or gain on amounts deposited with the Paying Agent pursuant to this Section
3.02 in excess of amounts required hereunder to pay the Redemption Price. If
any Note called for redemption is exchanged pursuant hereto prior to such
Redemption Date, any money deposited with the Paying Agent or so segregated and
held in trust for the redemption of such Note shall be paid to the Issuer or,
if then held by the Issuer, shall be discharged from such trust.

If
less than all of the outstanding Notes are to be redeemed, the Trustee as
instructed in an Issuer Order shall select the Notes or portions thereof of the
Notes in certificated form to be redeemed (in principal amounts of $1,000 and
integral multiples thereof) on a pro rata basis
or by another method that the Trustee deems fair and appropriate. Global Notes
shall be selected in accordance with the standard procedures of the Depositary.
If any Note selected for redemption is submitted for exchange in part after
such selection, the portion of such Note submitted for exchange shall be deemed
(so far as may be possible) to be the portion to be selected for redemption.
The Notes (or portions thereof) so selected for redemption shall be deemed duly
selected for redemption for all purposes hereof, notwithstanding that any such
Note is submitted for exchange in part before the mailing of the notice of
redemption.

Upon
any redemption of less than all of the outstanding Notes, the Issuer and the
Trustee may (but need not), solely for purposes of determining the pro rata allocation among such Notes that are unexchanged
and outstanding at the time of redemption, treat as outstanding any Notes
surrendered for exchange during the period of fifteen (15) calendar days
preceding the mailing of a notice of redemption and may (but need not) treat as
outstanding any Note authenticated and delivered during such period in exchange
for the unexchanged portion of any Note exchanged in part during such period.

Section 3.03.  Payment of Notes Called for
Redemption by the Issuer.  If
notice of redemption has been given as provided in Section 3.02, the Notes or
portions of Notes with respect to which such notice has been given shall,
unless exchanged pursuant to the terms hereof, become due and payable on the
Redemption Date and at the place or places stated in such notice at the
Redemption Price, and unless the Issuer shall default in the payment of the
Redemption Price, (a) such Notes will cease to be outstanding and (b) interest
on the Notes or portions of Notes so called for redemption shall cease to
accrue 

 25
 

on and after the Redemption Date, and all rights of
Holders of such Notes will terminate except for the right to receive the
Redemption Price (or if the Notes have been surrendered for exchange, the cash
and, if applicable, shares of Common Stock due upon such exchange) and, after
the close of business on the second Business Day immediately preceding the
Redemption Date (unless the Issuer shall default in the payment of the
Redemption Price), such Notes shall cease to be exchangeable pursuant to this
Indenture and, except as provided in Section 13.02, to be entitled to any
benefit or security under this Indenture, and the Holders thereof shall have no
right in respect of such Notes except the right to receive the Redemption Price
thereof or, if the Notes have been tendered for exchange, the cash and, if applicable,
shares of Common Stock due upon such exchange. On presentation and surrender of
such Notes at the place of payment specified in said notice, such Notes or the
specified portions thereof shall be paid and redeemed by the Issuer at the
Redemption Price, together with interest accrued thereon to, but excluding, the
Redemption Date.

Upon
presentation of any Note redeemed in part only, the Issuer shall execute and
upon receipt of such new Note the Trustee shall authenticate and make available
for delivery to the Holder thereof, at the expense of the Issuer, a new Note or
Notes, of authorized denominations, in principal amount equal to the unredeemed
portion of the Notes so presented.

Section 3.04.  Sinking Fund.  There shall be no sinking fund
provided for the Notes.

ARTICLE 4

REPURCHASE OF NOTES UPON A DESIGNATED EVENT

Section 4.01.  Repurchase at Option of
Holders Upon a Designated Event.  (a)
If there shall occur a Designated Event at any time prior to the Maturity Date,
then each Noteholder shall have the right, at such Holder’s option, to require
the Issuer to repurchase all of such Holder’s Notes, or any portion thereof
that is a multiple of $1,000 principal amount, in cash, on a date (the “Designated Event Repurchase Date”) specified by the Issuer,
which may be no earlier than fifteen (15) days and no later than thirty (30)
days after the date of the Issuer Designated Event Repurchase Notice related to
such Designated Event, at a repurchase price equal to 100% of the principal
amount of the Notes being repurchased, plus accrued and unpaid interest to, but
excluding, the Designated Event Repurchase Date (the “Designated
Event  Repurchase Price”); provided, however, that
if the Designated Event Repurchase Date falls after a Record Date and on or
prior to the corresponding interest payment date, the Issuer shall pay the full
amount of accrued and unpaid interest, if any, on such interest payment date to
the Holder of record at the close of business on the corresponding Record Date,
and the Designated Event Repurchase Price will be 100% of the principal amount
of the Notes to be repurchased.

 26
 

(b)        Within 20 calendar days after the
occurrence of a Designated Event, the Issuer shall give or cause to be given to
all Holders of record on the date of the Designated Event (and to beneficial
owners as required by applicable law) an Issuer Designated Event Repurchase
Notice as set forth in Section 4.02 with respect to such Designated Event. The
Issuer shall also deliver a copy of the Issuer Designated Event Repurchase
Notice to the Trustee, Exchange Agent and the Paying Agent at such time as it
is given to Noteholders. In addition to the giving of such Issuer Designated
Event Repurchase Notice, the Issuer shall disseminate a press release through
Dow Jones & Company, Inc. or Bloomberg Business News announcing the
occurrence of such Designated Event or publish such information in The Wall
Street Journal or another newspaper of general circulation in The City of New
York or on the Company’s website, or through such other public medium as the
Issuer shall deem appropriate at such time.

No
failure of the Issuer to give the foregoing notices and no defect therein shall
limit the Noteholders’ repurchase rights or affect the validity of the
proceedings for the repurchase of the Notes pursuant to this Section 4.01.

(c)        For a Note to be repurchased at the
option of the Holder pursuant to this Section 4.01(c), the Holder must deliver
to the Paying Agent, prior to the close of business on the second Business Day
immediately prior to the Designated Event Repurchase Date, (i) a written notice
of repurchase (the “Designated Event
Repurchase Notice”) in the form set forth on the reverse of the Note
duly completed specifying (A) (if the Note is certificated) the certificate
number of the Note that the Holder will deliver to be repurchased or (if the
Note is represented by a Global Note) that the relevant Designated Event
Repurchase Notice complies with the appropriate Depositary procedures, (B) the
portion of the principal amount of the Note which the Holder will deliver to be
repurchased, which portion must be in principal amounts of $1,000 or an
integral multiple of $1,000 (provided that
the remaining principal amount of Notes not subject to repurchase must be in an
authorized denomination) and (C) that such Note shall be repurchased as of the
Designated Event Repurchase Date pursuant to the terms and conditions specified
in the Note and in this Indenture; together with (ii) such Notes duly endorsed
for transfer (if the Note is certificated) or book-entry transfer of such Note
(if such Note is represented by a Global Note). The delivery of such Note to
the Paying Agent with, or at any time after delivery of, the Designated Event
Repurchase Notice (together with all necessary endorsements) at the office of
the Paying Agent shall be a condition to the receipt by the Holder of the
Designated Event Repurchase Price therefor; provided, however,
that such Designated Event Repurchase Price shall be so paid pursuant to this
Section 4.01 only if the Notes so delivered to the Paying Agent shall conform
in all respects to the description thereof in the Designated Event Repurchase
Notice. All questions as to the validity, eligibility (including time of
receipt) and acceptance of any Note for repurchase shall be determined by the
Issuer, whose determination shall be final and binding absent manifest error,
and the Trustee may rely and shall be fully protected in relying on such
determination by the Issuer.

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(d)        The Issuer, if so requested, shall
repurchase from the Holder thereof, pursuant to this Section 4.01, a portion of
a Note, if the principal amount of such portion is $1,000 or an integral
multiple of $1,000. Provisions of this Indenture that apply to the repurchase
of all of a Note also apply to the repurchase of such portion of such Note.

(e)        Notwithstanding the foregoing, no Notes
may be repurchased by the Issuer pursuant to this Section 4.01 if the principal
amount of the Notes has been accelerated, and such acceleration has not been
rescinded or cured, on or prior to the relevant Repurchase Date (except in the
case of an acceleration resulting from a default by the Issuer in the payment
of the Designated Event Repurchase Price pursuant to this Section 4.01 with
respect to the Notes to be repurchased).

(f)         The Paying Agent shall promptly notify
the Issuer of the receipt by it of any Designated Event Repurchase Notice or
written notice of withdrawal thereof.

Any
repurchase by the Issuer contemplated pursuant to the provisions of this
Section 4.01 shall be consummated by the delivery of the consideration to be
received by the Holder on the later of (x) two (2) Business Days following the
time of book-entry transfer or delivery of such Note to the Paying Agent by the
Holder thereof in the manner required by this Section 4.01 and (y) the
Designated Event Repurchase Date with respect to such Note (provided the Holder
has satisfied the conditions in this Section 4.01). Payment of the Designated
Event Repurchase Price on the Designated Event Repurchase Date for a Note for
which a Designated Event Repurchase Notice has been delivered and not withdrawn
is conditioned upon book-entry transfer or delivery of the Notes, together with
necessary endorsements, to the Paying Agent prior to the close of business on the
second Business Day prior to the Designated Event Repurchase Date.

Section 4.02.  Issuer Designated Event
Repurchase Notice.  (a) The
Issuer Designated Event Repurchase Notice, as provided in Section 4.02(b),
shall be given to Holders in the event of a Designated Event, on or before the
twentieth calendar day after the occurrence of such a Designated Event as
provided in Section 4.01(b) (the “Issuer Designated Event
Repurchase Notice Date”).

(b)        In connection with any repurchase of
Notes, the Issuer shall, on the applicable Issuer Designated Event Repurchase
Notice Date, give written notice to Holders (with a copy to the Trustee)
setting forth information specified in this Section (in either case, the “Issuer Designated Event Repurchase Notice”).

Each Issuer Designated
Event Repurchase Notice shall:

(i)                    state
the Designated Event Repurchase Price, and the Designated Event Repurchase Date
to which the relevant Issuer Designated Event Repurchase Notice relates;

 28
 

(ii)                   state,
if applicable, the circumstances constituting the Designated Event;

(iii)                  state
that Holders must exercise their right to elect to repurchase prior to the
close of business on the second Business Day immediately prior to the
Designated Event Repurchase Date;

(iv)                  include
a form of Designated Event Repurchase Notice;

(v)                   state
the name and address of the Trustee, the Paying Agent and, if applicable, the
Exchange Agent;

(vi)                  state
that Notes must be surrendered to the Paying Agent to collect the Designated
Event Repurchase Price;

(vii)                 state
that a Holder may withdraw its Designated Event Repurchase Notice at any time
prior to the close of business on the second Business Day immediately prior to
the Designated Event Repurchase Date, by delivering a valid written notice of
withdrawal in accordance with Section 4.03;

(viii)                if the Notes are then
exchangeable, state that Notes as to which the Designated Event Repurchase
Notice has been given may be exchanged only if the Designated Event Repurchase
Notice is withdrawn in accordance with the terms of this Indenture;

(ix)                   state
the amount of interest accrued and unpaid per $1,000 principal amount of Notes
to, but excluding, the Designated Event Repurchase Date;

(x)                    state
that, unless the Issuer defaults in making payment of the Designated Event
Repurchase Price, interest on Notes covered by any Designated Event Repurchase
Notice shall cease to accrue on and after the Designated Event Repurchase Date;

(xi)                   state
the CUSIP number of the Notes, if CUSIP numbers are then in use; and

(xii)                  state
the procedures for withdrawing a Designated Event Repurchase Notice, including
a form of notice of withdrawal (as specified in Section 4.03).

An
Issuer Designated Event Repurchase Notice may be given by the Issuer or, at the
Issuer’s Request, the Trustee shall give such Issuer Designated Event
Repurchase Notice in the Issuer’s name and at the Issuer’s expense; provided that the text of the Issuer Designated Event
Repurchase Notice shall be prepared by the Issuer, and the 

 29
 

Trustee, in giving such notice, may rely and shall be
fully protected in relying upon such Issuer Request and shall have no
responsibility for text prepared by the Issuer.

If
any of the Notes is represented by a Global Note, then the Issuer will modify
such Issuer Designated Event Repurchase Notice to the extent necessary to
accord with the applicable procedures of the Depositary that apply to the
repurchase of Global Notes, and the Trustee may rely and shall be fully
protected in relying upon such text prepared by the Issuer.

(c)        The Issuer will, to the extent
applicable, comply with the provisions of Rule 13e-4, Rule 14e-1 (or any
successor provision) and other tender offer rules under the Exchange Act that
may be applicable at the time of the repurchase of the Notes, file the related
Schedule TO (or any successor schedule, form or report) under the Exchange Act
and comply with all other applicable federal and state securities laws in
connection with the repurchase of the Notes.

Section 4.03.  Effect of Designated Event
Repurchase Notice; Withdrawal.  Upon
receipt by the Paying Agent of the Designated Event Repurchase Notice, the
Holder of the Note in respect of which such Designated Event Repurchase Notice
was given shall (unless such Designated Event Repurchase Notice is validly
withdrawn in accordance with this Section 4.03) thereafter be entitled to
receive solely the Designated Event Repurchase Price with respect to such
Note.  Such Designated Event Repurchase
Price shall be paid to such Holder on the later of (x) two (2) Business Days following
the time of book-entry transfer or delivery of such Note to the Paying Agent by
the Holder thereof in the manner required by this Section 4.01 and (y) the
Designated Event Repurchase Date with respect to such Note (provided the Holder
has satisfied the conditions in Section 4.01).

Notes
in respect of which a Designated Event Repurchase Notice has been given by the
Holder thereof may not be exchanged pursuant to Article 15 hereof on or after
the date of the delivery of such Designated Event Repurchase Notice unless such
Designated Event Repurchase Notice has first been validly withdrawn.

A
Designated Event Repurchase Notice may be withdrawn by means of a written
notice of withdrawal delivered to the office of the Paying Agent at any time
prior to the close of business on the second Business Day immediately prior to
the Designated Event Repurchase Date specifying:

(a)        the name of the Holder;

(b)        the certificate number(s) of all
withdrawn Notes in certificated form or that the notice of withdrawal complies
with appropriate Depositary procedures with respect to all withdrawn Notes
represented by a Global Note;

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(c)        the principal amount of Notes with
respect to which such notice of withdrawal is being submitted, which must be an
integral multiple of $1,000; and

(d)        the principal amount of Notes, if any,
that remains subject to the original Designated Event Repurchase Notice and
that has been or will be delivered for repurchase by the Issuer.

If
a Designated Event Repurchase Notice is properly withdrawn, the Issuer shall
not be obligated to repurchase the Notes listed in such Designated Event
Repurchase Notice.

Section 4.04.  Deposit of Designated Event
Repurchase Price.  (a) Prior
to 11:00 a.m., New York City time, on the Designated Event Repurchase Date, the
Issuer shall deposit with the Paying Agent or, if the Issuer is acting as the
Paying Agent, shall segregate and hold in trust as provided in Section 6.04 an
amount of cash (in immediately available funds if deposited on the Designated
Event Repurchase Date), sufficient to pay the aggregate Designated Event
Repurchase Price of all the Notes or portions thereof that are to be
repurchased as of the Designated Event Repurchase Date.

(b)        If on the Designated Event Repurchase
Date the Paying Agent holds money sufficient to pay the Designated Event
Repurchase Price of the Notes that Holders have elected to require the Issuer
to repurchase in accordance with Section 4.01, then, on the Designated Event
Repurchase Date such Notes will cease to be outstanding, interest will cease to
accrue and all other rights of the Holders of such Notes will terminate, other
than the right to receive the Designated Event Repurchase Price upon delivery
or book-entry transfer of the Note or, if such Notes have been timely tendered
for exchange, the cash and, if applicable, shares of Common Stock due upon such
exchange. This will be the case whether or not book-entry transfer of the Note
has been made or the Note has been delivered to the Paying Agent.

Section 4.05.  Notes Repurchased in
Part.  Upon presentation of
any Note repurchased only in part, the Issuer shall execute and upon receipt of
such new Note or Notes the Trustee shall authenticate and make available for
delivery to the Holder thereof, at the expense of the Issuer, a new Note or
Notes in aggregate principal amount equal to the unrepurchased portion of the
Notes presented (provided that the unrepurchased portion of the Notes must be
in an integral multiple of $1,000).

Section 4.06.  Repayment to the Issuer.  Subject to Section 13.04, upon
Issuer Request the Paying Agent shall return to the Issuer any cash that
remains unclaimed, held by it for the payment of the Designated Event
Repurchase Price; provided that to the extent that
the aggregate amount of cash deposited by the Issuer pursuant to Section 4.04
exceeds the aggregate Designated Event Repurchase Price of the Notes or
portions thereof which the Issuer is obligated to repurchase as of the
Designated Event Repurchase Date then, unless otherwise agreed in writing with
the Issuer, promptly after 

 31
 

the second Business Day following the Designated Event
Repurchase Date the Paying Agent shall return any such excess to the Issuer,
together with interest, if any, thereon.

ARTICLE 5

REPURCHASE OF NOTES ON SCHEDULED DATES

Section 5.01.  Repurchase at Option of
Holders on Scheduled Dates.  (a)
Notes shall be purchased by the Issuer at the option of the Holder for cash on
March 30, 2012, March 30, 2017 and March 30, 2022, or the next Business Day
after each such date if any such date is not a Business Day (each, a “Scheduled  Repurchase Date”),
at a repurchase price (the “Scheduled Repurchase Price”)
equal to 100% of the principal amount of the Notes to be repurchased.  The Issuer shall pay any accrued and unpaid
interest, including Additional Interest, if any, thereon to (but excluding)
such Scheduled Repurchase Date to the Holders of such Notes on the record date
immediately preceding such Scheduled Repurchase Date. Unless the Issuer has
issued a notice of redemption to redeem the Notes as set forth in Section 3.02,
not later than 20 Business Days prior to any Scheduled Repurchase Date, the
Issuer shall mail a notice (the “Issuer Scheduled
Repurchase Notice”) by first class mail to the Trustee and to each
Holder (and to beneficial owners as required by applicable law).  The notice shall include a form of repurchase
notice to be completed by a Holder and shall state:

(i)                    the
Scheduled Repurchase Price and the Applicable Exchange Rate effective on the
date of such notice;

(ii)                   the
name and address of the Trustee, the Paying Agent and the Exchange Agent;

(iii)                  that
Notes as to which a written notice of repurchase by a Holder (a “Scheduled Repurchase Notice”) has been given may be
exchanged if they are otherwise exchangeable only in accordance with Article 15
hereof and the terms of the Notes if the applicable Scheduled Repurchase Notice
has been withdrawn in accordance with the terms of this Article 5;

(iv)                  that
Notes must be surrendered to the Paying Agent to collect payment;

(v)                   that
the Scheduled Repurchase Price for any Note as to which a Scheduled Repurchase
Notice has been given and not withdrawn will be paid promptly following the
later of the Scheduled Repurchase Date and the time of surrender of such Note
as described in (iv);

(vi)                  the
procedures the Holder must follow to exercise its repurchase rights under this
Section 5.01 and a brief description of those rights;

 32
 

(vii)                 briefly,
the exchange rights, if any, with respect to the Notes;

(viii)                the procedures for withdrawing a
Scheduled Repurchase Notice; and

(ix)                   the
CUSIP number of the Notes.

At
the Issuer’s request, the Trustee shall give such notice in the Issuer’s name
and at the Issuer’s expense; provided, however,
that, in all cases, the text of such Issuer Scheduled Repurchase Notice shall
be prepared by the Issuer.

Repurchases
of Notes hereunder shall be made, at the option of the Holder thereof, upon:

(A)       delivery to the Paying Agent by the
Holder of a Scheduled Repurchase Notice during the period beginning at any time
from the opening of business on the date that is 20 Business Days prior to the
relevant Scheduled Repurchase Date until the close of business on the last
Business Day prior to the Scheduled Repurchase Date stating:

(1)   the certificate number of the Notes which the
Holder will deliver to be repurchased or the appropriate Depositary procedures
if certificated Notes have not been issued for such Note,

(2)   the portion of the principal amount of the
Note which the Holder will deliver to be repurchased, which portion must be in
principal amounts of $1,000 or an integral multiple of $1,000, and

(3)   that such Note shall be repurchased by the
Issuer as of the Scheduled Repurchase Date pursuant to the terms and conditions
specified in the Notes and in this Indenture;

provided, however, that if the Notes are represented
by an interest in a Global Note, the notice must comply with appropriate
Depositary procedures; and

(B)        delivery of such Note to the Paying
Agent at any time after delivery of the Scheduled Repurchase Notice (together
with all necessary endorsements) at the offices of the Paying Agent, such
delivery being a condition to receipt by the Holder of the Scheduled Repurchase
Price therefor; provided, however, that such
Scheduled Repurchase Price shall be so paid pursuant to this Section 5.01 only
if the Note so delivered to the Paying Agent shall conform in all respects to
the description thereof in the related Scheduled Repurchase Notice.

 33

The
Issuer shall repurchase from the Holder thereof, pursuant to this Section 5.01,
a portion of a Note, if the principal amount of such portion is $1,000 or an
integral multiple of $1,000.  Provisions
of this Indenture that apply to the repurchase of all of a Note also apply to
the repurchase of such portion of such Note.

Any
repurchase by the Issuer contemplated pursuant to the provisions of this
Section 5.01 shall be consummated by the delivery of the consideration to be
received by the Holder promptly following the later of the Scheduled Repurchase
Date and the time of delivery of the Note.

Notwithstanding
anything herein to the contrary, any Holder delivering to the Paying Agent the
Scheduled Repurchase Notice contemplated by this Section 5.01 shall have the
right to withdraw such Scheduled Repurchase Notice at any time prior to the
close of business on the Business Day prior to the Scheduled Repurchase Date by
delivery of a written notice of withdrawal to the Trustee (or other Paying
Agent appointed by the Issuer) in accordance with Section 5.02 below.

The
Paying Agent shall promptly notify the Issuer of the receipt by it of any
Scheduled Repurchase Notice or written notice of withdrawal thereof.

(b)        Notwithstanding the foregoing, no Notes
may be repurchased by the Issuer at the option of the Holders if the principal
amount of the Notes has been accelerated, and such acceleration has not been
rescinded, on or prior to the Scheduled Repurchase Date.

Section 5.02.  Withdrawal of Scheduled
Repurchase Notice.  (a) A
Scheduled Repurchase Notice may be withdrawn, in whole or in part, by means of
a written notice of withdrawal delivered to the Corporate Trust Office of the
Trustee (or other Paying Agent appointed by the Issuer) in accordance with the
Scheduled Repurchase Notice at any time prior to the close of business on the
Business Day prior to the Scheduled Repurchase Date, specifying:

(i)       the name of the Holder,

(ii)      a statement that the Holder is
withdrawing its election to require the Issuer to repurchase its Notes,

(iii)     the certificate number, if any, of the
Note in respect of which such notice of withdrawal is being submitted, or the
appropriate Depositary information if the Note in respect of which such notice
of withdrawal is being submitted is represented by a Global Note,

(iv)     the principal amount of the Note with
respect to which such notice of withdrawal is being submitted, and

 34
 

(v)      the principal amount, if any, of such
Note that remains subject to the original Scheduled Repurchase Notice, which
portion must be in principal amounts of $1,000 or an integral multiple of
$1,000;

provided, however, that if the Notes are represented
by an interest in a Global Note, the notice must comply with appropriate
Depositary Procedures.

Section 5.03.  Deposit of Scheduled
Repurchase Price.  (a) On or
prior to the Scheduled Repurchase Date, the Issuer will deposit with the
Trustee (or other Paying Agent appointed by the Issuer or if the Issuer is
acting as its own Paying Agent, set aside, segregate and hold in trust as
provided in Section 6.04) an amount of money sufficient to repurchase on the
Scheduled Repurchase Date all of the Notes to be repurchased on such date at
the appropriate Scheduled Repurchase Price; provided that if such payment is
made on the Scheduled Repurchase Date it must be received by the Trustee or
Paying Agent, as the case may be, by 11:00 a.m. New York City time, on such date.
Subject to receipt of funds and/or Notes by the Trustee (or other Paying Agent
appointed by the Issuer), payment for Notes surrendered for repurchase (and not
withdrawn) prior to the close of business on the Scheduled Repurchase Date with
respect to such Notes will be made promptly after the later of (x) the
Scheduled Repurchase Date with respect to such Note (provided
the Holder has satisfied the conditions in Section 5.01) and (y) the time of
delivery of such Note to the Trustee (or other Paying Agent appointed by the
Issuer) by the Holder thereof in the manner required by Section 5.01) by
mailing checks for the amount payable to the Holders of such Notes entitled
thereto as they shall appear in the Note Register, provided,
however, that payments to the Depositary
shall be made by wire transfer of immediately available funds to the account of
the Depositary or its nominee.  The
Trustee shall, promptly after such payment and upon written demand by the
Issuer, return to the Issuer any funds in excess of the Scheduled Repurchase
Price.

(b)        If the Trustee (or other Paying Agent
appointed by the Issuer) holds money sufficient to repurchase on the Scheduled
Repurchase Date all the Notes or portions thereof that are to be repurchased as
of the Scheduled Repurchase Date, then on and after the Business Day following
the Scheduled Repurchase Date (i) such Notes will cease to be outstanding, (ii)
interest, including Additional Interest, if any, will cease to accrue on such
Notes, and (iii) all other rights of the Holders of such Notes will terminate,
whether or not book-entry transfer of the Notes has been made or the Notes have
been delivered to the Trustee or Paying Agent, other than the right to receive
the Scheduled Repurchase Price upon delivery of the Notes.

Section 5.04  Notes Repurchased in Part.  Upon presentation of any Note
repurchased only in part, the Issuer shall execute and upon receipt of such new
Note or Notes the Trustee shall authenticate and make available for delivery to
the Holder thereof, at the expense of the Issuer, a new Note or Notes in
aggregate principal amount equal to the unrepurchased portion of the Notes
presented (provided that the unrepurchased portion of the Notes must be in an
integral multiple of $1,000).

 35
 

Section 5.05.  Repayment to the Issuer.  Subject to Section 13.04, upon
Issuer Request the Paying Agent shall return to the Issuer any cash that
remains unclaimed, held by it for the payment of the Designated Event
Repurchase Price; provided that to the extent that
the aggregate amount of cash deposited by the Issuer pursuant to Section 5.03
exceeds the aggregate Scheduled Repurchase Price of the Notes or portions
thereof which the Issuer is obligated to repurchase as of the Scheduled
Repurchase Date then, unless otherwise agreed in writing with the Issuer,
promptly after the second Business Day following the Scheduled Repurchase Date
the Paying Agent shall return any such excess to the Issuer, together with
interest, if any, thereon.

ARTICLE 6

PARTICULAR COVENANTS OF THE ISSUER

Section 6.01.  Payment of Principal, Premium
and Interest.  The Issuer
covenants and agrees that it will duly and punctually pay or cause to be paid
when due the principal of (including the Redemption Price upon redemption or
the Repurchase Price upon repurchase, in each case pursuant to Article 3,
Article 4 and Article 5), and premium, if any, and interest on each of the
Notes at the places, at the respective times and in the manner provided herein
and in the Notes.

Section 6.02.  Maintenance of Office or Agency.  The Issuer will maintain an office
or agency in the Borough of Manhattan, where the Notes may be surrendered for
registration of transfer or exchange or for presentation for payment or for
exchange, redemption or repurchase and where notices and demands to or upon the
Issuer in respect of the Notes and this Indenture may be served; provided, however, that
the Notes may be so surrendered or presented instead to the Trustee at the
Corporate Trust office at the Holder’s or Issuer’s option. The Issuer will give
prompt written notice to the Trustee of the location, and any change in the
location, of such office or agency. If at any time the Issuer 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.

The
Issuer may also from time to time designate co-registrars and one or more
offices or agencies where the Notes may be presented or surrendered for any or
all such purposes and may from time to time rescind such designations. The
Issuer will give prompt written notice to the Trustee of any such designation
or rescission and of any change in the location of any such other office or
agency.

The
Issuer hereby initially designates the Trustee as Paying Agent, Note Registrar,
Custodian and Exchange Agent and the Corporate Trust Office shall be considered
as one such office or agency of the Issuer for each of the aforesaid purposes.
The provisions of Article 9 of this Indenture shall also apply to the Trustee
in each of its roles as Paying Agent, Note Registrar, Custodian, and Exchange
Agent, respectively.

 36
 

So
long as the Trustee is the Note Registrar, the Trustee agrees to mail, or cause
to be mailed, at the expense of the Issuer, the notices set forth in Section
9.08(f). If co-registrars have been appointed in accordance with this Section,
the Trustee shall mail such notices only to the Issuer and the Holders of Notes
it can identify from its records.

Section 6.03.  Appointments to Fill Vacancies
in Trustee’s Office.  The
Issuer, whenever necessary to avoid or fill a vacancy in the office of Trustee,
will appoint, upon the terms and conditions and otherwise as provided in
Section 9.08, a Trustee, so that there shall at all times be a Trustee
hereunder.

Section 6.04.  Provisions as to Paying
Agent.  (a) If the Issuer
shall appoint a Paying Agent other than the Trustee, or if the Trustee shall
appoint such a Paying Agent, the Issuer will cause such Paying Agent to execute
and deliver to the Trustee an instrument in which such agent shall agree with
the Trustee, subject to the provisions of this Section 6.04:

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

(ii)      that it will give the Trustee notice
of any failure by the Issuer (or by any other obligor on the Notes) to make any
payment of the principal of and premium, if any, or interest on the Notes when
the same shall be due and payable; and

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

The
Issuer shall, on or before each due date of the principal of, premium, if any,
or interest on the Notes, deposit with the Paying Agent a sum (in funds which
are immediately available on the due date for such payment) sufficient to pay
such principal, premium, if any, or interest and (unless such Paying Agent is
the Trustee) the Issuer will promptly notify the Trustee of any failure to take
such action; provided that if such deposit is
made on the due date, such deposit shall be received by the Paying Agent by
11:00 a.m. New York City time, on such date.

(b)        If the Issuer shall act as its own
Paying Agent, it will, on or before each due date of the principal of, premium,
if any, or interest on the Notes, set aside, segregate and hold in trust for
the benefit of the Holders of the Notes a sum sufficient to pay such principal,
premium, if any, and interest so becoming due and will promptly notify the
Trustee of any failure to take such action and of any failure by the Issuer (or
any other obligor under the Notes) to make any payment of the principal of,
premium, if any, or interest on the Notes when the same shall become due and
payable.

 37
 

(c)        Anything in this Section 6.04 to the
contrary notwithstanding, the Issuer may, at any time, for the purpose of
obtaining a satisfaction and discharge of this Indenture, or for any other
reason, pay or cause to be paid to the Trustee all sums held in trust by the
Issuer or any Paying Agent hereunder as required by this Section 6.04, such
sums to be held by the Trustee upon the trusts herein contained and upon such
payment by the Issuer or any Paying Agent to the Trustee, the Issuer or such
Paying Agent shall be released from all further liability with respect to such
sums.

(d)        Anything in this Section 6.04 to the
contrary notwithstanding, the agreement to hold sums in trust as provided in
this Section 6.04 is subject to Section 13.02 and Section 13.03.

The
Trustee shall not be responsible for the actions of any other Paying Agents
(including the Issuer if acting as its own Paying Agent) and shall have no
control of any funds held by such other Paying Agents.

Section 6.05.  Existence.  Subject to Article 12, each of the
Issuer and the Company will do or cause to be done all things necessary to
preserve and keep in full force and effect its existence all material rights
and material franchises; provided, however, that neither the Issuer nor the Company shall be
required to preserve any such right or franchise if the Issuer or the Board of
Directors, as applicable, shall determine that the preservation thereof is no
longer desirable in the conduct of the business of the Issuer or the Company,
as applicable.

Section 6.06.  Stay, Extension and Usury
Laws.  The Issuer and the
Company each covenants (to the extent that it may lawfully do so) that it will
not at any time insist upon, or plead, or in any manner whatsoever claim or
take the benefit or advantage of, any usury, stay or extension law wherever
enacted, now or at any time hereafter in force, which may affect the covenants
or the performance of this Indenture; and the Issuer and the Company each (to
the extent that it may lawfully do so) hereby expressly waives all benefit or
advantage of any such law, and covenants that it will not hinder, delay or
impede the execution of any power herein granted to the Trustee, but will
suffer and permit the execution of every such power as though no such law had
been enacted.

Section 6.07.  Compliance Certificate.  The Issuer and the Company will
deliver to the Trustee, within 120 days after the end of each fiscal year, a
brief certificate from the principal executive officer, principal financial
officer or principal accounting officer of the Company as to his or her
knowledge of the Issuer’s and the Company’s compliance with all conditions and
covenants under this Indenture and, in the event of any noncompliance,
specifying such noncompliance and the nature and status thereof. For purposes
of this Section 6.07, such compliance shall be determined without regard to any
period of grace or requirement of notice under this Indenture.

The
Issuer will deliver to the Trustee, promptly upon becoming aware of (i) any
default in the performance or observance of any covenant, agreement or
condition 

 38
 

contained in this Indenture, or (ii) any Event of
Default, an Officers’ Certificate specifying with particularity such default or
Event of Default and further stating what action the Issuer has taken, is
taking or proposes to take with respect thereto.

Any
notice required to be given under this Section 6.07 shall be delivered to a
Responsible Officer of the Trustee at its Corporate Trust Office.

Section 6.08.  Additional Interest
Notice.  In the event that the
Issuer is required to pay Additional Interest to Holders of Notes pursuant to
the Registration Rights Agreement, the Issuer will provide written notice (“Additional Interest Notice”) to the Trustee of its
obligation to pay Additional Interest no later than fifteen (15) calendar days
prior to the proposed interest payment date for Additional Interest, and the
Additional Interest Notice shall set forth the amount of Additional Interest to
be paid by the Issuer on such interest payment date.  The Trustee shall not at any time be under
any duty or responsibility to any Holder of Notes to determine the Additional
Interest, or with respect to the nature, extent or calculation of the amount of
Additional Interest when made, or with respect to the method employed in such
calculation of the Additional Interest.

ARTICLE 7

NOTEHOLDERS’ LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE

Section 7.01.  Noteholders’ Lists.  The Issuer will furnish or cause
to be furnished to the Trustee:

(a)        semiannually, not later than 15 days
after the Record Date for interest for the Notes, a list, in such form as the
Trustee may reasonably require, of the names and addresses of the Holders of
Notes as of such Record Date, and

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

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

Section 7.02.  Preservation and Disclosure of
Lists.  Every Holder of Notes,
by receiving and holding the same, agrees with the Issuer and the Trustee that
neither the Issuer nor the Trustee nor any Authenticating Agent nor any Paying
Agent nor any Note Registrar shall be held accountable by reason of the
disclosure of any information as to the names and addresses of the Holders of
Notes in accordance with TIA Section 312, regardless of the source from which
such information was derived, and that the Trustee shall not be held
accountable by reason of mailing any material pursuant to a request made under
TIA Section 312(b).

 39
 

Section 7.03.  Reports by Trustee.  The Trustee shall transmit to the
Holders of Notes such reports concerning the Trustee and its actions under this
Indenture as may be required by TIA Section 313 at the times and in the manner
provided by the TIA, which shall initially be not less than every twelve months
commencing on June 1, 2007 and may be dated as of a date up to 75 days prior to
such transmission.  A copy of each such
report shall, at the time of such transmission to Holders of Notes, be filed by
the Trustee with each stock exchange, if any, upon which any Notes are listed,
with the Commission and with the Issuer. 
The Issuer will notify the Trustee when any Notes are listed or delisted
on any stock exchange.

Section 7.04.  Reports by Issuer.  The Issuer will:

(a)        deliver to the Trustee, within 15 days
after the Issuer actually files the same with the Commission, copies of the
annual reports and of the information, documents and other reports (or copies
of such portions of any of the foregoing as the Commission may from time to
time by rules and regulations prescribe) which the Issuer may be required to
file with the Commission pursuant to Section 13 or Section 15(d) of the
Securities Exchange Act of 1934;

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

(c)        transmit by mail to the Holders of
Notes, within 30 days after the filing thereof with the Trustee, in the manner
and to the extent provided in TIA Section 313(c), such summaries of any
information, documents and reports required to be filed by the Issuer pursuant
to paragraphs (a) and (b) of this Section as may be required by rules and
regulations prescribed from time to time by the Commission;

(d)        until the Maturity Date, provide upon
request the information required by Rule 144A(d)(4) to each Noteholder and to
each beneficial owner and prospective purchaser of Notes and of any shares of
Common Stock delivered upon exchange of the Notes, unless such information has
been furnished to the Commission pursuant to Section 13 or 15(d) of the
Exchange Act; and

(e)        be deemed, for purposes of this Section
7.04, to have furnished or delivered reports to the Noteholders if (i) such
reports are filed with the Commission via the EDGAR filing system and (ii) such
reports are currently available. Delivery of such reports, information and
documents to the Trustee is for informational purposes only and the Trustee’s
receipt of such shall not constitute constructive notice of any information
contained therein or determinable from information contained therein, including
the Issuer’s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officers’ Certificates).

 40

ARTICLE
8

REMEDIES OF THE TRUSTEE AND NOTEHOLDERS ON AN EVENT OF DEFAULT

Section 8.01.  Events of Default.  In case one or more of the
following (“Events of Default”) (whatever the
reason for such Event of Default and whether it shall be voluntary or involuntary
or be effected by operation of law or pursuant to any judgment, decree or order
of any court or any order, rule or regulation of any administrative or
governmental body) shall have occurred and be continuing:

(a)        default in the payment of any interest
on the Notes when such interest becomes due and payable, that continues for a
period of 30 days;

(b)        default in the payment of the principal
of the Notes or any Repurchase Price or Redemption Price due with respect to
the Notes, when due and payable;

(c)        failure to deliver cash and, if
applicable, Common Stock within ten (10) days after the due date upon an
exchange of Notes pursuant to Article 15, together with any cash due in lieu of
fractional shares;

(d)        default in the performance, or breach,
of any of the Issuer’s other covenants or warranties in this Indenture with
respect to the Notes and continuance of such default or breach for a period of
60 days after the Issuer has been given written notice as provided in Section
9.01 by the Trustee or by the Holders of at least 25% in principal amount of
the Notes specifying such default or breach and requiring it to be remedied and
stating that such notice is a “Notice of Default” under Section 9.01;

(e)        default under any bond, evidence of
recourse indebtedness of the Issuer, or under any mortgage, indenture or other
instrument under which there may be issued or by which there may be secured or
evidenced any recourse indebtedness for money borrowed by the Issuer (or by any
Subsidiary the repayment of which the Issuer has guaranteed or for which the
Issuer is directly responsible or liable as obligor or guarantor), whether such
indebtedness now exists or shall hereafter be created, which default shall
constitute a failure to pay an aggregate principal amount exceeding $50,000,000
of such indebtedness when due and payable after the expiration of any
applicable grace period and shall have resulted in such indebtedness in an
aggregate principal amount exceeding $50,000,000 becoming or being declared due
and payable prior to the date on which it would otherwise have become due and
payable, without such indebtedness having been discharged, or such acceleration
having been rescinded or annulled, within a period of 15 days after the Issuer
has been given written notice as provided in Section 9.01 by the Trustee or by
the Holders of at least 10% in principal amount of the Notes specifying such
default and requiring the Issuer to cause such indebtedness to be discharged or
cause such acceleration to be rescinded or annulled and stating that such
notice is a “Notice of Default” under Section 9.01;

 41
 

(f)         the Issuer’s failure to issue notice of
any event described under Section 15.01(a)(iv) of this Indenture as required
under this Indenture and such failure continues for five days;

(g)        the Issuer’s failure to provide on a
timely basis an Issuer Designated Event Repurchase Notice after the occurrence
of a Designated Event as provided in Section 4.01(b) and Section 4.02(b);

(h)        the Company, the Issuer, or any of its
Significant Subsidiaries pursuant to or under or within meaning of any
Bankruptcy Law:

(i)         commences a voluntary case; or

(ii)        consents to the entry of an order for
relief against it in an involuntary case; or

(iii)       consents to the appointment of any
receiver, trustee, assignee, liquidator or other similar official under any
Bankruptcy Law of it or for all or substantially of its property; or

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

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

(i)         is for relief against the Company, the
Issuer or any of its Significant Subsidiaries in an involuntary case; or

(ii)        appoints a trustee, receiver,
liquidator, custodian or other similar official of the Company, the Issuer or
any of its Significant Subsidiaries or for all or substantially all of its
property; or

(iii)       orders the liquidation of the Company,
the Issuer or a Significant Subsidiary;

and, in each case in this clause (i), the order or
decree remains unstayed and in effect for 90 calendar days;

then, and in each and every such case (other than an
Event of Default specified in Section 8.01(h) and Section 8.01(i) with respect
to the Issuer), unless the principal of all of the Notes shall have already
become due and payable, either the Trustee or the Holders of at least 25% in
aggregate principal amount of the Notes then outstanding, by notice in writing
to the Issuer and the Company (and to the Trustee if given by Noteholders), may
declare the principal amount of and premium, if any, and interest accrued and
unpaid on all the Notes to be immediately due and payable, and upon any such
declaration the same shall be immediately due and payable.

 42
 

If
an Event of Default specified in Section 8.01(h) or Section 8.01(i) occurs and
is continuing, then the principal amount of and premium, if any, and interest
accrued and unpaid on all the Notes shall be immediately due and payable
without any declaration or other action on the part of the Trustee or any
Holder of Notes.

If,
at any time after the principal amount of and premium, if any, and interest on
the Notes shall have been so declared due and payable, and before any judgment
or decree for the payment of the monies due shall have been obtained or entered
as hereinafter provided, Holders of a majority in aggregate principal amount of
the Notes then outstanding on behalf of the Holders of all of the Notes then
outstanding, by written notice to the Issuer and to the Trustee, may waive all
defaults or Events of Default and rescind and annul such declaration and its
consequences, subject in all respects to Section 8.07, if: (a) all Events of
Default, other than the nonpayment of the principal amount and any accrued and
unpaid interest, in each case, that have become due solely because of such
acceleration, have been cured or waived; (b) interest on overdue installments
of interest (to the extent that payment of such interest is lawful) and on
overdue principal, which has become due otherwise than by such declaration of
acceleration, has been deposited with the Trustee; and (c) the Issuer or the
Company has paid the Trustee its reasonable compensation and reimbursed the
Trustee for its expenses, disbursements and advances pursuant to Section 9.06.
No such rescission and annulment shall extend to or shall affect any subsequent
default or Event of Default, or shall impair any right consequent thereon.

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

Section 8.02.  Payments of Notes on Default;
Suit Therefor.  The Issuer
covenants that in the case of an Event of Default pursuant to Section 8.01(a)
or 8.01(b), upon demand of the Trustee, the Issuer will pay to the Trustee, for
the benefit of the Holders of the Notes, (i) the whole amount that then shall
be due and payable on all such Notes for principal and premium, if any, or
interest, as the case may be, with interest upon the overdue principal and
premium, if any, and (to the extent that payment of such interest is
enforceable under applicable law) upon the overdue installments of accrued and
unpaid interest at the rate borne by the Notes from the required payment date
and, (ii) in addition thereto, any amounts due the Trustee under Section 9.06.
Until such demand by the Trustee, the Issuer may pay the principal of and premium,
if any, and interest on the Notes to the registered Holders, whether or not the
Notes are overdue.

In
case the Issuer shall fail forthwith to pay such amounts upon such demand, the
Trustee, in its own name and as trustee of an express trust, shall be entitled
and 

 43
 

empowered to institute any actions or proceedings at
law or in equity for the collection of the sums so due and unpaid, and may
prosecute any such action or proceeding to judgment or final decree, and may
enforce any such judgment or final decree against the Issuer or any other
obligor on the Notes and collect in the manner provided by law out of the
property of the Issuer or any other obligor on the Notes wherever situated the
monies adjudged or decreed to be payable.

In
case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to the Company, the Issuer or any other obligor upon the
Notes or the property of the Company, the Issuer or of such other obligor or
their creditors, the Trustee (irrespective of whether the principal of the
Notes shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether the Trustee shall have made any demand on
the Issuer for the payment of overdue principal (including the Redemption Price
or Repurchase Price upon redemption or repurchase pursuant to Article 3,
Article 4 and Article 5)) shall be entitled and empowered, by intervention in
such proceeding or otherwise: (i) to file and prove a claim for the whole
amount of principal (including the Redemption Price or Repurchase Price upon
redemption or repurchase pursuant to Article 3, Article 4 and Article 5) and
interest owing and unpaid in respect of the Notes and to file such other papers
or documents as may be necessary or advisable in order to have the claims of
the Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and of the
Holders of Notes allowed in such judicial proceeding, and (ii) to collect and
receive any moneys or other property payable or deliverable on any such claims
and to distribute the same; and any custodian, receiver, assignee, trustee,
liquidator, sequestrator (or other similar official) in any such judicial
proceeding is hereby authorized by each Holder of Notes to make such payments
to the Trustee, and in the event that the Trustee shall consent to the making
of such payments directly to the Holders of Notes, to pay to the Trustee any
amount due to it for the reasonable compensation, expenses, disbursements and
advances of the Trustee and any predecessor Trustee, their agents and counsel,
and any other amounts due the Trustee or any predecessor Trustee under Section
9.06. Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder of a Note
any plan of reorganization, arrangement, adjustment or composition affecting
the Notes or the rights of any Holder thereof, or to authorize the Trustee to
vote in respect of the claim of any Holder of Notes in any such proceeding; provided, however, that the Trustee may, on behalf of the
Holders of Notes, vote for the election of a trustee in bankruptcy or similar
official and may be a member of the creditors’ committee.

All
rights of action and of asserting claims under this Indenture, or under any of
the Notes, may be enforced by the Trustee without the possession of any of the
Notes, or the production thereof at any trial or other proceeding relative
thereto, and any such suit or proceeding instituted by the Trustee shall be
brought in its own name as trustee of an express trust, and any recovery of
judgment shall, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, its 

 44
 

agents and counsel, and any other amounts owed to the
Trustee or any predecessor Trustee under Section 9.06, be for the ratable
benefit of the Holders of the Notes.

In
any proceedings brought by the Trustee (and in any proceedings involving the
interpretation of any provision of this Indenture to which the Trustee shall be
a party) the Trustee shall be held to represent all the Holders of the Notes,
and it shall not be necessary to make any Holders of the Notes parties to any
such proceedings.

Section 8.03.  Application of Monies
Collected by Trustee.  Any
monies collected by the Trustee pursuant to this Article 8 shall be applied, in
the following order, at the date or dates fixed by the Trustee for the
distribution of such monies, upon presentation of the several Notes, and
stamping thereon the payment, if only partially paid, and upon surrender
thereof, if fully paid:

FIRST:
To the payment of costs and expenses of collection, including all sums paid or
advanced by the Trustee hereunder and the reasonable compensation, expenses and
disbursements of the Trustee, its agents and counsel and all other amounts due
the Trustee and any predecessor Trustee under Section 9.06;

SECOND:
To the payment of the amounts then due and unpaid upon the Notes for principal
(including the Redemption Price or Repurchase Price upon redemption or
repurchase pursuant to Article 3, Article 4 and Article 5) and interest, in
respect of which or for the benefit of which such money has been collected,
ratably, without preference or priority of any kind, according to the aggregate
amounts due and payable on the Notes for principal (including the Redemption
Price or Repurchase Price upon redemption or repurchase pursuant to Article 3,
Article 4 and Article 5) and interest, respectively; and

THIRD:
To the payment of the remainder, if any, to the Issuer.

The
Trustee may fix a record date and payment date for any such payment to Holders.

Section 8.04.  Proceedings by
Noteholders.  No Holder of any
Note shall have any right by virtue of or by reference to any provision of this
Indenture to institute any suit, action or proceeding in equity or at law upon
or under or with respect to this Indenture, or for the appointment of a
receiver, trustee, liquidator, custodian or other similar official, or for any
other remedy hereunder, except in the case of a default in the payment of
principal, premium, if any, or interest on the Notes, unless (a) such Holder previously
shall have given to the Trustee written notice of an Event of Default and of
the continuance thereof, as hereinbefore provided, (b) the Holders of at least
twenty-five percent (25%) in aggregate principal amount of the Notes then
outstanding shall have made written request upon the Trustee to institute such
action, suit or proceeding in its own name as Trustee hereunder and shall have
offered to the Trustee such reasonable indemnity as it may require against the
costs, liabilities or expenses to be incurred therein or thereby, (c) the
Trustee for sixty (60) calendar days after its receipt of such notice, 

 45
 

request and offer of indemnity, shall have failed to
institute any such action, suit or proceeding and (d) no direction that, in the
reasonable opinion of the Trustee, is inconsistent with such written request
shall have been given to the Trustee by Holders of a majority in aggregate
principal amount of Notes then outstanding; it being understood and intended,
and being expressly covenanted by the taker and Holder of every Note with every
other taker and Holder and the Trustee, that no one or more Holders of Notes
shall have any right in any manner whatever by virtue of or by reference to any
provision of this Indenture to affect, disturb or prejudice the rights of any
other Holder of Notes, or to obtain or seek to obtain priority over or
preference to any other such Holder, or to enforce any right under this
Indenture, except in the manner herein provided and for the equal, ratable and
common benefit of all Holders of Notes (except as otherwise provided herein).
For the protection and enforcement of this Section 8.04, each and every
Noteholder and the Trustee shall be entitled to such relief as can be given
either at law or in equity.

Notwithstanding
any other provision of this Indenture and any provision of any Note, the right
of any Holder of any Note to receive payment of the principal of (including the
Redemption Price or Repurchase Price upon redemption or repurchase pursuant to
Article 3, Article 4 and Article 5) and premium, if any, and accrued interest
on such Note, on or after the respective due dates expressed in such Note or in
the event of redemption or repurchase, or to institute suit for the enforcement
of any such payment on or after such respective dates against the Issuer shall
not be impaired or affected without the consent of such Holder.

Anything
contained in this Indenture or the Notes to the contrary notwithstanding, the
Holder of any Note, without the consent of either the Trustee or the Holder of
any other Note, in its own behalf and for its own benefit, may enforce, and may
institute and maintain any proceeding suitable to enforce, its rights of
exchange as provided in Article 15.

Section 8.05.  Proceedings by Trustee.  If an Event of Default occurs and
is continuing, the Trustee may in its discretion proceed to protect and enforce
its rights and the rights of the Holders of Notes under this Indenture by such
appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce any such rights, whether for the specific enforcement of
any covenant or agreement in this Indenture or in aid of the exercise of any
power granted herein, or to enforce any other proper remedy.

Section 8.06.  Remedies Cumulative and
Continuing.  All powers and
remedies given by this Article 8 to the Trustee or to the Noteholders shall, to
the extent permitted by law, be deemed cumulative and not exclusive of any
thereof or of any other powers and remedies available to the Trustee or the
Holders of the Notes, by judicial proceedings or otherwise, to enforce the
performance or observance of the covenants and agreements contained in this
Indenture, and no delay or omission of the Trustee or of any Holder of any of
the Notes to exercise any right or power accruing upon any default or Event of
Default occurring and continuing as aforesaid shall impair any such right or
power, or 

 46
 

shall be construed to be a waiver of any such default
or any acquiescence therein, and, subject to the provisions of Section 8.04,
every power and remedy given by this Article 8 or by law to the Trustee or to
the Noteholders may be exercised from time to time, and as often as shall be
deemed expedient, by the Trustee or by the Noteholders.

Section 8.07.  Direction of Proceedings and
Waiver of Defaults by Majority of Noteholders. 
The Holders of not less than a majority in aggregate
principal amount of the Notes at the time outstanding shall have the right to
direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee or exercising any trust or power conferred on the
Trustee; provided that (a) such direction shall
not be in conflict with any rule of law or with this Indenture, (b) the Trustee
may take any other action deemed proper by the Trustee which is not
inconsistent with such direction, and (c) the Trustee need not take any action
which might involve it in personal liability or expense for which the Trustee
has not received reasonable security or indemnity or be unduly prejudicial to
the Holders of Notes not joining therein, it being understood that (subject to
Section 9.02) the Trustee shall have no duty to ascertain whether or not such
actions or forbearance are unduly prejudicial to such Holders.

The
Holders of a majority in aggregate principal amount of the Notes at the time
outstanding may, on behalf of the Holders of all of the Notes, waive any past
default or Event of Default hereunder and its consequences subject to Section
8.01, except (i) a default in the payment of
the principal of (including the Redemption Price or Repurchase Price upon
redemption or repurchase pursuant to Article 3, Article 4 and Article 5),
premium, if any, or interest on the Notes, (ii) a failure by the Issuer to
exchange any Notes as required by this Indenture or (iii) a default in respect
of a covenant or provisions hereof which under Article 11 cannot be modified or
amended without the consent of the Holders of all Notes then outstanding or
each Note affected thereby.

Upon
any such waiver, such default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been cured, for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other default
or Event of Default or impair any right consequent thereon.

Section 8.08.  Undertaking to Pay Costs.  All parties to this Indenture
agree, and each Holder of any Note by its acceptance thereof shall be deemed to
have agreed, that any court may, in its discretion, require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against
the Trustee for any action taken or omitted by it as Trustee, the filing by any
party litigant in such suit of an undertaking to pay the costs of such suit and
that such court may in its discretion assess reasonable costs, including
reasonable attorneys’ fees and expenses, against any party litigant in such
suit, having due regard to the merits and good faith of the claims or defenses
made by such party litigant; provided that
the provisions of this Section 8.08 (to the extent permitted by law) shall not
apply to any suit instituted by the Trustee, to any suit instituted by any
Noteholder, or group of Noteholders, holding in the aggregate more than ten
percent in principal amount of the Notes at the time outstanding determined in
accordance with 

 47
 

Section 10.04, or to any suit instituted by any
Noteholder for the enforcement of the payment of the principal of (including
the Redemption Price or Repurchase Price upon redemption or repurchase pursuant
to Article 3, Article 4 and Article 5), or interest on any Note on or after the
due date expressed in such Note or to any suit for the enforcement of the right
to exchange any Note in accordance with the provisions of Article 15.

ARTICLE
9

THE TRUSTEE

Section 9.01.  Notice of Defaults.  Within 90 days after the
occurrence of any default hereunder, the Trustee shall transmit, in the manner
and to the extent provided in TIA Section 313(c), notice of such default
hereunder actually known to a Responsible Officer of the Trustee, unless a
Responsible Officer of the Trustee shall have actual knowledge that such
default shall have been cured or waived; provided, however,
that, except in the case of a default in the payment of the principal of (including
the Redemption Price or Repurchase Price upon redemption or repurchase pursuant
to Article 3, Article 4 and Article 5) or interest on any Note or a default
with respect to the Issuer’s obligation to deliver, upon exchange, cash and
shares of Common Stock, if applicable, the Trustee shall be protected in
withholding such notice if and so long as Responsible Officers of the Trustee
in good faith determine that the withholding of such notice is in the interests
of the Holders of the Notes; and provided further
that in the case of any default or breach of the character specified in Section
8.01(d), no such notice to Holders of Notes shall be given until at least 60
days after the occurrence thereof.

Section 9.02.  Certain Rights of Trustee.  Subject to the provisions of TIA Section
315(a) through 315(d):

(a)        the Trustee may rely and shall be
protected in acting or refraining from acting upon any resolution, Officers’
Certificate, Issuer Request, Issuer Order, written request or order of the
Issuer, certificate, statement, calculations, instrument, Opinion of Counsel,
opinion, report, notice, request, direction, consent, order, bond, debenture,
note, coupon or other paper or document believed by it to be genuine and to
have been signed or presented by the proper party or parties;

(b)        any request or direction of the Issuer
mentioned herein shall be sufficiently evidenced by an Issuer Request, Issuer
Order, or written request or order of the Issuer (other than delivery of any
Note to the Trustee for authentication and delivery pursuant to  Sections 2.01 and 2.04 which shall be
sufficiently evidenced as provided therein) and any resolution or determination
of the Board of Directors may be sufficiently evidenced by a Board Resolution;

(c)        whenever in the administration of this
Indenture the Trustee shall deem it desirable that a matter be proved or
established prior to taking, suffering or omitting any 

 48
 

action hereunder, the Trustee (unless other evidence
be herein specifically prescribed) may, in the absence of bad faith on its
part, require and rely upon an Officers’ Certificate;

(d)        before the Trustee acts or refrains from
acting, 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 shall be under no obligation
to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders of Notes 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;

(f)         the Trustee shall not be bound to make
any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, debenture, note, coupon or other paper or
document, unless requested in writing so to do by the Holders of not less than
a majority in aggregate principal amount of the Outstanding Notes; provided that, if the payment within a reasonable time to
the Trustee of the costs, expenses or liabilities likely to be incurred by it
in the making of such investigation is, in the opinion of the Trustee, not
reasonably assured to the Trustee by the security afforded to it by the terms
of this Indenture, the Trustee may require reasonable indemnity against such
expenses or liabilities as a condition to proceeding; the reasonable expenses
of every such examination shall be paid by the Holders or, if paid by the
Trustee, shall be repaid by the Holders upon demand. The Trustee, in its
discretion, may make such further inquiry or investigation into such facts or
matters as it may see fit, and, if the Trustee shall determine to make such
further inquiry or investigation, it shall be entitled to examine the books, records
and premises of the Issuer, relevant to the facts or matters that are the
subject of its inquiry, personally or by agent or attorney;

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

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

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

 49
 

(j)         the Trustee shall not be required to
give any bond or surety in respect of the performance of its powers and duties
hereunder;

(k)        the permissive rights of the Trustee to
do things enumerated in this Indenture shall not be construed as a duty and the
Trustee shall not be answerable for other than its negligence or willful
misconduct; and

(l)         except for any event of which a
Responsible Officer of the Trustee has “actual knowledge” and which event, with
the giving of notice or the passage of time or both, would constitute an Event
of Default under this Indenture, the Trustee shall not be deemed to have notice
of any default or Event of Default unless specifically notified in writing of
such event by the Issuer or the Holders of not less than 25% in aggregate
principal amount of the Notes then outstanding; as used herein, the term “actual knowledge” means the actual fact or state of knowing,
without any duty to make any investigation with regard thereto.

The
Trustee shall not be required to expend or risk its own funds or otherwise
incur any financial liability in the performance of any of its duties
hereunder, or in the exercise of any of its rights or powers, if it shall have
reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it.
Except during the continuance of an Event of Default, the Trustee undertakes to
perform only such duties as are specifically to be performed by it as set forth
in this Indenture, and no implied covenants or obligations shall be read into
this Indenture against the Trustee.

The
Trustee shall not be obligated to perform any obligation hereunder and shall
not incur any liability for the nonperformance or breach of any obligation
hereunder to the extent that the Trustee is delayed in performing, unable to
perform or breaches such obligation because of acts of God, war, terrorism,
fire, floods, strikes, electrical outages, equipment or transmission failures,
or other causes reasonably beyond its control, it being understood that the
Trustee shall use commercially reasonable efforts consistent with accepted
practices for corporate trustees to maintain performance without delay or
resume performance as soon as reasonably practicable under the circumstances.

The
Issuer will provide any information reasonably requested by the Trustee, the
Exchange Agent, or any Paying Agent in order to comply with any applicable tax
reporting requirements relating to the Notes.

All
of the benefits, protections, privileges, immunities, indemnities, and rights
under this Indenture that apply to the Trustee also apply to The Bank of New
York, in its individual capacity and in its respective other capacities
hereunder (including, without limitation, as Note Registrar, Paying Agent,
Exchange Agent, and Custodian).

Section 9.03.  Not Responsible for Recitals
or Issuance of Notes. The recitals contained herein and in the
Notes, except the Trustee’s certificate of authentication, shall 

 50
 

be taken as the statements of the Issuer, and neither
the Trustee nor any Authenticating Agent assumes any responsibility for their
correctness. The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Notes or of the Common Stock, the
Common Stock Delivery Agreement, the Offering Memorandum, or the Registration
Rights Agreement except that the Trustee represents that it is duly authorized
to execute and deliver this Indenture, authenticate the Notes and perform its
obligations hereunder. Neither the Trustee nor any Authenticating Agent shall
be accountable for the use or application by the Issuer of Notes or the
proceeds thereof.

Section 9.04.  May Hold Notes and Common
Stock. The Trustee, any Paying Agent, Exchange Agent, Note
Registrar, the Custodian, Authenticating Agent or any other agent of the Issuer
and their affiliates, in its individual or any other capacity, may become the
owner or pledgee of Notes or Common Stock and, subject to TIA Sections 310(b)
and 311, may otherwise deal with the Issuer and the Company with the same
rights it would have if it were not Trustee, Paying Agent, Exchange Agent,
Security Registrar, Authenticating Agent or such other agent.

Section 9.05.  Money Held in Trust.
Money held by the Trustee in trust hereunder need not be segregated from other
funds except to the extent required by law. The Trustee shall be under no
liability for interest on any money received by it hereunder except as
otherwise agreed with the Issuer in writing.

Section 9.06.  Compensation and
Reimbursement. The Issuer and the Company agree:

(a)        to pay to the Trustee from time to time,
and the Trustee shall be entitled to, reasonable compensation for all services
rendered by it hereunder (which compensation shall not be limited by any
provision of law in regard to the compensation of a trustee of an express
trust);

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

(c)           to indemnify each of the Trustee (including
its officers, agents, and employees) and any predecessor Trustee for, and to
hold it harmless against, any loss, claim, damage, liability or expense
incurred without negligence or willful misconduct on its part, determined to
have been caused by the acceptance or administration of the trust or trusts
hereunder, including the costs and expenses of defending itself against or
investigating any claim or liability in connection with the exercise or
performance of any of its powers or duties hereunder.

 

 51

When
the Trustee incurs expenses or renders services in connection with an Event of
Default specified in Sections 8.01(h) or 8.01(i), 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
applicable federal or state bankruptcy, insolvency or other similar law.

As
security for the performance of the obligations of the Issuer under this
Section, the Trustee shall have a lien prior to the Notes upon all property and
funds held or collected by the Trustee as such, except funds held in trust for
the payment of principal of (including the Redemption Price or Repurchase Price
upon redemption or repurchase pursuant to Article 3, Article 4 and Article 5)
or interest on any Notes. The provisions of this Section shall survive the
termination or satisfaction and discharge of this Indenture, the payment or
exchange of the Notes, and the resignation or removal of the Trustee.

Section 9.07.  Corporate Trustee Required;
Eligibility; Conflicting Interests. There shall at all times be a
Trustee hereunder which shall be eligible to act as Trustee under TIA Section
310(a)(1) and shall have a combined capital and surplus of at least
$50,000,000. If such corporation publishes reports of condition at least
annually, pursuant to law or the requirements of federal, state, territorial or
District of Columbia supervising or examining authority, then for the purposes
of this Section, the combined capital and surplus of such corporation shall be
deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. Neither the Issuer nor any Person directly or
indirectly controlling, controlled by, or under common control with the Issuer
shall serve as Trustee. If at any time the Trustee shall cease to be eligible
in accordance with the provisions of this Section, it shall resign immediately
in the manner and with the effect hereinafter specified in this Article.

Section 9.08.  Resignation and Removal;
Appointment of Successor.

(a)        No resignation or removal of the Trustee
and no appointment of a successor Trustee pursuant to this Article shall become
effective until the acceptance of appointment by the successor Trustee in
accordance with the applicable requirements of Section 9.09.

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

(c)        The Trustee may be removed at any time
by Act of the Holders of a majority in principal amount of the Outstanding
Notes delivered to the Trustee and to the Issuer.

 52
 

(d)        If at any time:

(i)         the Trustee shall fail to comply with
the provisions of TIA Section 310(b) after written request therefor by the
Issuer or by any Holder of a Note who has been a bona fide Holder of a Note for
at least six months, or

(ii)        the Trustee shall cease to be eligible
under Section 9.07 and shall fail to resign after written request therefor by
the Issuer or by any Holder of a Note who has been a bona fide Holder of a Note
for at least six months, or

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

then, in any such case, (A) the Issuer by or pursuant
to a Board Resolution may remove the Trustee and appoint a successor Trustee,
or (B) subject to TIA Section 315(e), any Holder of a Note who has been a bona
fide Holder of a Note for at least six months may, on behalf of himself and all
others similarly situated, petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee or Trustees.

(e)        If the Trustee shall resign, be removed
or become incapable of acting, or if a vacancy shall occur in the office of
Trustee for any cause, the Issuer, by or pursuant to a Board Resolution, shall
promptly appoint a successor Trustee or Trustees. If, within one year after
such resignation, removal or incapability, or the occurrence of such vacancy, a
successor Trustee shall be appointed by Act of the Holders of a majority in
principal amount of the Outstanding Notes delivered to the Issuer and the
retiring Trustee, the successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment, become the successor Trustee and to that extent
supersede the successor Trustee appointed by the Issuer. If no successor
Trustee shall have been so appointed by the Issuer or the Holders of Notes and
accepted appointment in the manner hereinafter provided, any Holder of a Note
who has been a bona fide Holder of a Note for at least six months may, on
behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the appointment of a successor Trustee.

(f)         The Issuer shall give notice of each
resignation and each removal of the Trustee and each appointment of a successor
Trustee by mailing or causing to be mailed such notice to the Holders of Notes
as they appear on the Note Register. Each notice shall include the name of the
successor Trustee and the address of its Corporate Trust Office.

Section 9.09.  Acceptance of Appointment By
Successor.  (a) In case of the
appointment hereunder of a successor Trustee, every such successor Trustee so
appointed shall execute, acknowledge and deliver to the Issuer and to the
retiring Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee shall become effective and such
successor Trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties 

 53
 

of the retiring Trustee; but, on request of the Issuer
or the successor Trustee, such retiring Trustee shall, upon payment of its
charges, execute and deliver an instrument transferring to such successor
Trustee all the rights, powers and trusts of the retiring Trustee, and shall
duly assign, transfer and deliver to such successor Trustee all property and
money held by such retiring Trustee hereunder, subject nevertheless to its
claim, if any, provided for in Section 9.06.

(b)        In case of the appointment hereunder of
a successor Trustee, the Issuer, the retiring Trustee and each successor
Trustee shall execute and deliver an indenture supplemental hereto, pursuant to
Article 11 hereof, wherein each successor Trustee shall accept such appointment
and which (i) shall contain such provisions as shall be necessary or desirable
to transfer and confirm to, and to vest in, each successor Trustee all the
rights, powers, trusts and duties of the retiring Trustee to which the
appointment of such successor Trustee relates, (ii) if the retiring Trustee is
not retiring with respect to all Notes, shall contain such provisions as shall
be deemed necessary or desirable to confirm that all the rights, powers, trusts
and duties of the retiring Trustee as to which the retiring Trustee is not
retiring shall continue to be vested in the retiring Trustee, and (iii) shall
add to or change any of the provisions of this Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder by more
than one Trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such Trustees co-trustees of the same
trust and that each such Trustee shall be trustee of a trust or trusts
hereunder separate and apart from any trust or trusts hereunder administered by
any other such Trustee; and upon the execution and delivery of such
supplemental indenture the resignation or removal of the retiring Trustee shall
become effective to the extent provided therein and each such successor
Trustee, without any further act, deed or conveyance, shall become vested with
all the rights, powers, trust sand duties of the retiring Trustee to which the
appointment of such successor Trustee relates; but, on request of the Issuer or
any successor Trustee, such retiring Trustee shall duly assign, transfer and
deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder to which the appointment of such successor Trustee relates.

(c)        Upon request of any such successor
Trustee, the Issuer shall execute any and all instruments for more fully and
certainly vesting in and confirming to such successor Trustee all such rights,
powers and trusts referred to in paragraph (a) or (b) of this Section 9.09, as
the case may be.

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

Section 9.10.  Merger, Conversion,
Consolidation or Succession to Business. Any corporation into which
the Trustee may be merged or converted or with which it may be consolidated, or
any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or
substantially all of the corporate trust business of the Trustee, shall be the
successor of the Trustee hereunder, provided such
corporation shall be otherwise qualified and eligible under this 

 54
 

Article, without the execution or filing of any paper
or any further act on the part of any of the parties hereto. In case any Notes
shall have been authenticated, but not delivered, by the Trustee then in
office, any successor by merger, conversion or consolidation to such
authenticating Trustee may adopt such authentication and deliver the Notes so
authenticated with the same effect as if such successor Trustee had itself
authenticated such Notes. In case any Notes shall not have been authenticated
by such predecessor Trustee, any such successor Trustee may authenticate and
deliver such Notes, in either its own name or that of its predecessor Trustee,
with the full force and effect which this Indenture provides for the
certificate of authentication of the Trustee.

Section 9.11.  Appointment of
Authenticating Agent. At any time when any of the Notes remain
Outstanding, the Trustee may appoint an Authenticating Agent or Agents which
shall be authorized to act on behalf of the Trustee to authenticate Notes
issued upon exchange, registration of transfer or partial redemption or
repayment thereof, and Notes so authenticated shall be entitled to the benefits
of this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder. Any such appointment shall be evidenced
by an instrument in writing signed by a Responsible Officer of the Trustee, a
copy of which instrument shall be promptly furnished to the Issuer.  Wherever reference is made in this Indenture
to the authentication and delivery of Notes by the Trustee or the Trustee’s
certificate of authentication, such reference shall be deemed to include
authentication and delivery on behalf of the Trustee by an Authenticating Agent
and a certificate of authentication executed on behalf of the Trustee by an
Authenticating Agent. Each Authenticating Agent shall be acceptable to the
Issuer and shall at all times be a bank or trust company or corporation
organized and doing business and in good standing under the laws of the United
States of America or of any state or the District of Columbia, authorized under
such laws to act as Authenticating Agent, having a combined capital and surplus
of not less than $50,000,000 and subject to supervision or examination by
Federal or state authorities. If such Authenticating Agent publishes reports of
condition at least annually, pursuant to law or the requirements of the
aforesaid supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such Authenticating Agent shall be
deemed to be its combined capital and surplus asset forth in its most recent
report of condition so published. In case at any time an Authenticating Agent
shall cease to be eligible in accordance with the provisions of this Section,
such Authenticating Agent shall resign immediately in the manner and with the
effect specified in this Section.

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

 55
 

An
Authenticating Agent may at any time resign by giving written notice of
resignation to the Trustee and to the Issuer. The Trustee may at any time
terminate the agency of an Authenticating Agent by giving written notice of
termination to such Authenticating Agent and to the Issuer. Upon receiving such
a notice of resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor Authenticating
Agent which shall be acceptable to the Issuer and shall give notice of such
appointment to all Holders of Notes by mailing or causing to be mailed such
notice to the Holders of Notes as they appear on the Note Register. Any
successor Authenticating Agent upon acceptance of its appointment hereunder
shall become vested with all the rights, powers and duties of its predecessor
hereunder, with like effect as if originally named as an Authenticating Agent
herein. No successor Authenticating Agent shall be appointed unless eligible
under the provisions of this Section.

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

If
an appointment is made pursuant to this Section, the Notes may have endorsed
thereon, in addition to or in lieu of the Trustee’s certificate of
authentication, an alternate certificate of authentication substantially in the
following form:

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

	
  

  	
   

  	
  The Bank of New York, as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  as Authenticating Agent

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized Signatory

  

 

Section 9.12.  Certain Duties and
Responsibilities of the Trustee.

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

(i)         the Trustee undertakes to perform such
duties and only such duties as are specifically to be performed by it as set
forth in this Indenture, and no implied covenants or obligations shall be read
into this Indenture against the Trustee; and

(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 

 56
 

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 shall not be under any duty to verify the contents or accuracy thereof.

(b)        In case 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 man would exercise or use under the circumstances
in the conduct of his own affairs.

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

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

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

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

(iv)      no provision of this Indenture shall
require the Trustee to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in
the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or indemnity satisfactory to
it against such risk or liability is not reasonably assured to it.

(d)        Whether or not therein expressly so
provided, every provision of this Indenture relating to the conduct or
affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section 9.12.

 57
 

ARTICLE
10

THE NOTEHOLDERS

Section 10.01.  Action by Noteholders.  Whenever in this Indenture it is
provided that the Holders of a specified percentage in aggregate principal
amount of the Notes may take any action (including the making of any demand or
request, the giving of any notice, consent or waiver or the taking of any other
action), the fact that, at the time of taking any such action, the Holders of
such specified percentage have joined therein may be evidenced (a) by any
instrument or any number of instruments of similar tenor executed by
Noteholders in person or by agent or proxy appointed in writing, or (b) by the
record of the Holders of Notes voting in favor thereof at any meeting of
Noteholders, or (c) by a combination of such instrument or instruments and any
such record of such a meeting of Noteholders. Whenever the Issuer or the
Trustee solicits the taking of any action by the Holders of the Notes, the
Issuer or the Trustee may fix in advance of such solicitation a date as the
record date for determining Holders entitled to take such action. Such record
date shall be the record date specified in or pursuant to such Board
Resolution, which shall be a date not earlier than the date 30 days prior to
the first solicitation of Noteholders generally in connection therewith and not
later than the date such solicitation is completed.  If such a record date is fixed, such request,
demand, authorization, direction, notice, consent, waiver or other act may be
given before or after such record date, but only the Noteholders of record at
the close of business on such record date shall be deemed to be Noteholders for
the purposes of determining whether Holders of the requisite proportion of
outstanding Notes have authorized or agreed or consented to such request,
demand, authorization, direction, notice, consent, waiver or other act, and for
that purpose the outstanding notes shall be computed as of such record date; provided that no such authorization, agreement or consent by
the Noteholders on such record date shall be deemed effective unless it shall
become effective pursuant to the provisions of this Indenture not later than
eleven months after the record date.

Section 10.02.  Proof of Execution by
Noteholders.  Subject to the
provisions of Sections 9.02 and 9.12, proof of the execution of any instrument
by a Noteholder or its agent or proxy shall be sufficient if made in accordance
with such reasonable rules and regulations as may be prescribed by the Trustee
or in such manner as shall be satisfactory to the Trustee. The holding of Notes
shall be proved by the registry of such Notes or by a certificate of the Note
Registrar.

Section 10.03.  Absolute Owners.  The Issuer, the Trustee, any
Paying Agent, any exchange agent and any Note Registrar may deem the Person in
whose name such Note shall be registered upon the Note Register to be, and may
treat it as, the absolute owner of such Note (whether or not such Note shall be
overdue and notwithstanding any notation of ownership or other writing thereon
made by any Person other than the Issuer or any Note Registrar) for the purpose
of receiving payment of or on account of the principal of (including the
Redemption Price or Repurchase Price upon redemption or repurchase pursuant to
Article 3, Article 4 and Article 5), premium, if any, and interest on such
Note, for exchange of such Note and for all other purposes; and neither the
Issuer nor the 

 58
 

Trustee nor any Paying Agent nor any exchange agent
nor any Note Registrar shall be affected by any notice to the contrary. All
such payments so made to any Holder for the time being, or upon its order,
shall be valid, and, to the extent of the sum or sums so paid, effectual to
satisfy and discharge the liability for monies payable upon any such Note.

Section 10.04.  Issuer-owned Notes
Disregarded.  In determining
whether the Holders of the requisite aggregate principal amount of Notes have
given any request, demand, authorization, direction, notice, consent or waiver
under this Indenture or whether a quorum is present a meeting of Noteholders,
Notes that are owned by the Issuer or any other obligor upon the Notes or any
Affiliate of the Issuer or any other obligor on the Notes shall be disregarded
and deemed not to be outstanding for the purpose of any such determination; provided that for the purposes of determining whether the
Trustee shall be protected in relying on any such direction, consent, waiver or
other action, only Notes which a Responsible Officer of the Trustee actually
knows are so owned shall be so disregarded. Notes so owned which have been
pledged in good faith may be regarded as outstanding for the purposes of this
Section 10.04 if the pledgee shall establish to the satisfaction of the Trustee
the pledgee’s right to vote such Notes and that the pledgee is not the Issuer,
any other obligor on the Notes or any Affiliate of the Issuer or any such other
obligor. In the case of a dispute as to such right, any decision by the Trustee
taken upon the advice of counsel shall be full protection to the Trustee. Upon
request of the Trustee, the Issuer shall furnish to the Trustee promptly an
Officers’ Certificate listing and identifying all Notes, if any, known by the
Issuer to be owned or held by or for the account of any of the above described
Persons, and, subject to Section 9.12, the Trustee shall be entitled to accept
such Officers’ Certificate as conclusive evidence of the facts therein set
forth and of the fact that all Notes not listed therein are outstanding for the
purpose of any such determination.

Section 10.05.  Revocation of Consents; Future
Holders Bound.  At any time
prior to (but not after) the evidencing to the Trustee, as provided in Section
10.01, of the taking of any action by the Holders of the percentage in
aggregate principal amount of the Notes specified in this Indenture in
connection with such action, any Holder of a Note which is shown by the evidence
to be included in the Notes the Holders of which have consented to such action
may, by filing written notice with the Trustee at its Corporate Trust Office
and upon proof of holding as provided in Section 10.02, revoke such action so
far as concerns such Note. Except as aforesaid, any such action taken by the
Holder of any Note shall be conclusive and binding upon such Holder and upon
all future Holders and owners of such Note and of any Notes issued in exchange
or substitution therefor, irrespective of whether any notation in regard
thereto is made upon such Note or any Note issued in exchange or substitution
therefor.

 

 59

ARTICLE
11

SUPPLEMENTAL INDENTURES

Section 11.01.  Supplemental Indentures
Without Consent of Noteholders.  The
Issuer, when authorized by the resolutions of the Board of Directors, the
Company, the Issuer and the Trustee may, from time to time, and at any time
enter into an indenture or indentures supplemental without the consent of any
Holder of the Notes hereto for any of the following purposes:

(a)        to evidence a successor to the Issuer as
obligor or to the Company under this Indenture (including, for the avoidance of
doubt, to make provision with respect to the exchange rights of the Noteholders
following a Public Acquirer Change of Control in the event the Issuer makes the
election set forth in Section 15.12);

(b)        to add Events of Default for the benefit
of the Holders of the Notes;

(c)        to secure the Notes;

(d)        to provide for the acceptance of
appointment of a successor Trustee or facilitate the administration of the
trusts under this Indenture by more than one Trustee;

(e)        to cure any ambiguity, defect or
inconsistency in this Indenture; provided that
this action shall not materially adversely affect the interests of the Holders
of the Notes in any respect; provided that
no modification or amendment to cure any ambiguity, defect or inconsistency in
the indenture or the Notes made solely to conform the indenture to the “Description
of Notes” contained in the Offering Memorandum will be deemed to adversely
affect the interests of the Holders of the Notes;

(f)         to amend or supplement any provisions
of this Indenture; provided that
no amendment or supplement shall materially adversely affect the interests of
the Holders of any Notes then outstanding;

(g)        to add to the covenants of the Issuer or
the Company for the benefit of the Holders of the Notes or to surrender any
right or power conferred upon the Issuer or the Company in this Indenture or in
the Notes;

(h)        to provide for Global Notes in addition
to or in place of Certificated Notes, as provided in this Indenture; and

(i)         to modify this Indenture and the Notes
to increase the Exchange Rate or reduce the Exchange Price; provided that the increase or reduction, as the case may be,
is in accordance with the terms of the Notes or will not adversely affect the
interests of the Holders of the Notes.

Upon
the written request of the Issuer, accompanied by a copy of the resolutions of
the Board of Directors certified by the Company’s Secretary or Assistant
Secretary 

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authorizing the execution of any supplemental
indenture, the Trustee is hereby authorized to join with the Issuer and the
Company in the execution of any such supplemental indenture, to make any
further appropriate agreements and stipulations that may be therein contained
and to accept the conveyance, transfer and assignment of any property
thereunder, but the Trustee shall not be obligated to, but may in its
discretion, enter into any supplemental indenture that affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise.

Any
supplemental indenture authorized by the provisions of this Section 11.01 may
be executed by the Issuer, the Company and the Trustee without the consent of
the Holders of any of the Notes at the time outstanding, notwithstanding any of
the provisions of Section 11.02.

Section 11.02.  Supplemental Indenture With
Consent of Noteholders.  With
the consent (evidenced as provided in Article 10) of the Holders of not less
than a majority in aggregate principal amount of the Notes at the time
outstanding, the Company, when authorized by the resolutions of the Board of
Directors, the Issuer and the Trustee may, from time to time and at any time,
enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Indenture or any supplemental indenture or modifying in any
manner the rights of the Holders of the Notes; provided
that no such supplemental indenture shall, without the consent of the Holder of
each Note so affected:

(a)        change the Maturity Date of the principal
of or any installment of interest on the Notes, reduce the principal amount of,
or the rate or amount of interest on, or any premium payable on redemption of,
the Notes, or adversely affect any right of repayment of the Holder of the
Notes, change the place of payment, or the coin or currency, for payment of
principal of or interest on any Note or impair the right to institute suit for
the enforcement of any payment on or with respect to the Notes;

(b)        reduce the percentage in principal
amount of the outstanding Notes necessary to modify or amend this Indenture as
provided in this Section 11.02, to waive compliance with certain provisions of
this Indenture or certain defaults and their consequences provided in this
Indenture, or to reduce the quorum or change voting requirements set forth in
this Indenture;

(c)        modify or affect in any manner adverse
to the Holders of the Notes the terms and conditions of the obligations of the
Company in respect of the payments of principal and interest;

(d)        modify any of this Section 11.02 or any
of the provisions relating to the waiver of certain past defaults or certain
covenants, except to increase the required percentage to effect the action or
to provide that certain other provisions may not be modified or waived without
the consent of the Holders of the Notes;

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(e)        change the ranking of the Notes;

(f)         modify the provisions of Section 4.01
or Section 5.01 in a manner adverse to the Holders of the Notes, including the
Issuer’s obligation to repurchase the Notes; or

(g)        adversely affect the rights of Holders
of the Notes contained in Section 15.01 of this Indenture.

Upon
the written request of the Issuer, accompanied by a copy of the resolutions of
the Board of Directors certified by the Company’s Secretary or Assistant
Secretary authorizing the execution of any supplemental indenture, and upon the
filing with the Trustee of evidence of the consent of Noteholders as aforesaid,
the Trustee shall join with the Issuer and the Company in the execution of such
supplemental indenture unless such supplemental indenture affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise, in which
case the Trustee may in its discretion, but shall not be obligated to, enter
into such supplemental indenture.

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

Section 11.03.  Effect of Supplemental
Indenture.  Upon the execution
of any supplemental indenture pursuant to the provisions of this Article 11,
this Indenture shall be and be deemed to be modified and amended in accordance
therewith and the respective rights, limitation of rights, obligations, duties
and immunities under this Indenture of the Trustee, the Issuer and the Holders
of Notes shall thereafter be determined, exercised and enforced hereunder,
subject in all respects to such modifications and amendments and all the terms
and conditions of any such supplemental indenture shall be and be deemed to be
part of the terms and conditions of this Indenture for any and all purposes.

Section 11.04.  Notation on Notes.  Notes authenticated and delivered
after the execution of any supplemental indenture pursuant to the provisions of
this Article 11 may bear a notation in form approved by the Trustee as to any
matter provided for in such supplemental indenture. If the Issuer or the
Trustee shall so determine, new Notes so modified as to conform, in the opinion
of the Trustee and the Board of Directors, to any modification of this
Indenture contained in any such supplemental indenture may, at the Issuer’s
expense, be prepared and executed by the Issuer, authenticated by the Trustee
(or an authenticating agent duly appointed by the Trustee pursuant to Section
9.11) and delivered in exchange for the Notes then outstanding, upon surrender
of such Notes then outstanding.

Section 11.05.  Evidence of Compliance of
Supplemental Indenture to Be Furnished to Trustee.  Prior to entering into any
supplemental indenture pursuant to this Article 11, the Trustee shall be
provided with an Officers’ Certificate and an Opinion of 

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Counsel as conclusive evidence that any supplemental
indenture executed pursuant hereto complies with the requirements of this
Article 11 and is otherwise authorized or permitted by this Indenture.

ARTICLE
12

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

Section 12.01.  Issuer May Consolidate on
Certain Terms.  Nothing
contained in this Indenture or in the Notes shall prevent any consolidation or
merger of the Issuer with or into any other Person or Persons (whether or not
affiliated with the Issuer), or successive consolidations or mergers in which
either the Issuer will be the continuing entity or the Issuer or its successor
or successors shall be a party or parties, or shall prevent any sale, lease or
conveyance, of all or substantially all of the property of the Issuer, to any
other Person (whether or not affiliated with the Issuer) so long as the
following conditions are met:

(a)        the Issuer shall be the continuing
entity, or the successor entity (if other than the Issuer) formed by or
resulting from any consolidation or merger or which shall have received the
transfer of assets shall expressly assume payment of the principal of and
interest on all of the Notes and the due and punctual performance and
observance of all of the covenants and conditions in this Indenture;

(b)        if as a result of such transaction the
Notes become exchangeable into common stock or other securities issued by a
third party, such third party fully and unconditionally guarantees all
obligations under such Notes and this Indenture;

(c)        immediately after giving effect to such
transaction, no Event of Default and no event which, after notice or lapse of
time, or both, would become an Event of Default, shall have occurred and be
continuing; and

(d)        either the Issuer or the successor
Person, as the case may be, shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, sale, lease or conveyance and, if a supplemental indenture is required
in connection with such transaction, such supplemental indenture comply with
this Article 12.

No
such consolidation, merger, sale, lease or conveyance shall be permitted by
this Section 12.01 unless prior thereto the Company shall have delivered to the
Trustee an Officers’ Certificate stating that the Company’s obligations
hereunder shall remain in full force and effect thereafter, and that all
conditions precedent herein provided for relating to such transaction have been
complied with.

Section 12.02.  Issuer Successor to Be
Substituted.  Upon any
consolidation by the Issuer with or merger of the Issuer into any other Person
or any sale, lease or conveyance 

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of all or substantially all of the properties and
assets of the Issuer to any Person in accordance with Section 12.01, the
successor Person formed by such consolidation or into which the Issuer is
merged or to which such sale, lease or conveyance is made shall succeed to, and
be substituted for, and may exercise every right and power of, the Issuer under
this Indenture with the same effect as if such successor Person had been named
as the Issuer herein, and thereafter, except in the case of a lease, the
predecessor Person shall be released from all obligations and covenants under
this Indenture and the Notes.

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

ARTICLE
13

SATISFACTION AND DISCHARGE OF INDENTURE

Section 13.01.  Satisfaction and Discharge of
Indenture.  This Indenture
shall cease to be of further effect (except as to any surviving rights of
exchange or registration of transfer or exchange of the Notes herein expressly
provided for and except as provided below), and the Trustee, upon Issuer Order
and demand of and at the expense of the Issuer, shall execute instruments in
form and substance satisfactory to the Trustee and the Issuer acknowledging
satisfaction and discharge of this Indenture when:

(a)        either

(i)         all Notes theretofore authenticated and
delivered (other than (A) Notes which have been destroyed, lost or stolen and
which have been replaced or paid as provided in Section 13.04, and (B) Notes
for whose payment money has theretofore been deposited in trust or segregated
and held in trust by the Issuer and thereafter repaid to the Issuer or
discharged from such trust, as provided in Section 13.04) have been delivered
to the Trustee for cancellation; or

(ii)        all such Notes not theretofore delivered
to the Trustee for cancellation have become due and payable, whether at Stated
Maturity, or any Repurchase Date, or upon exchange (following the determination
of the cash and Common Stock, if any, due upon exchange as determined pursuant
to Article 15),

and the Issuer has irrevocably (except as provided in
the second proviso to Section 13.05) deposited or caused to be deposited with
the Trustee, a Paying Agent or the Exchange Agent (other than the Issuer or any
of its Affiliates), as applicable, as trust funds in trust cash and/or shares
of Common Stock (as applicable under the terms of this Indenture) in an amount
sufficient to pay and discharge the entire indebtedness on such Notes not
theretofore delivered to the Trustee for cancellation, for principal (and
premium, if any) and interest to the date of such deposit (in the case of Notes
which have become due and 

 64
 

payable) or to the Stated Maturity or Redemption Date
or Designated Redemption Date, as the case may be;

(b)        the Issuer has paid or caused to be paid
all other sums payable hereunder by the Issuer; and

(c)        the Issuer has delivered to the Trustee
an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent herein provided for relating to the satisfaction and
discharge of this Indenture have been complied with.

Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Issuer
to the Trustee and any predecessor Trustee under Section 9.06 and, if money
shall have been deposited with and held by the Trustee pursuant to subclause
(ii) of clause (a) of this Section 13.01, the provisions of Sections 2.05,
2.06, 2.07 and 4.02 and Article 15 and this Article 13 shall survive until the
Notes have been paid in full.

Notwithstanding
the reference to premium under subclause (ii) of clause (a) of this Section
13.01, the Issuer shall not be required to deposit pursuant thereto any premium
that would be payable on the Notes only upon acceleration of the maturity
thereof pursuant to Section 8.01.

Section 13.02.  Application of Trust Funds.  All money deposited with the Trustee pursuant
to Section 13.01 shall be held in trust and applied by it, in accordance with
the provisions of the Notes and this Indenture, to the payment, either directly
or through any Paying Agent (including the Issuer acting as its own Paying
Agent) as the Trustee may determine, to the Persons entitled thereto, of the
principal (and premium, if any), and any interest for whose payment such money
has been deposited with or received by the Trustee, but such money need not be
segregated from other funds except to the extent required by law.  All moneys deposited with the Trustee (and
held by it or any Paying Agent) for the payment of Notes subsequently exchanged
shall be returned to the Issuer upon request.

Section 13.03.  Paying Agent to Repay Monies
Held.  Subject to the provisions
of Section 13.04 the Trustee or a Paying Agent shall hold in trust, for the
benefit of the Noteholders, all money deposited with it pursuant to Section
13.01 and shall apply the deposited money in accordance with this Indenture and
the Notes to the payment of the principal of (including the Redemption Price or
Repurchase Price upon redemption or repurchase pursuant to Article 3, Article 4
and Article 5) and interest on the Notes.

Section 13.04.  Return of Unclaimed Monies.  The Trustee and each Paying Agent shall pay
to the Issuer upon request any money held by them for the payment of principal
or interest that remains unclaimed for two years after a right to such money
has matured; provided, however,
that the Trustee or such Paying Agent, before being required to make any such
payment, may, at the expense of the Issuer, either publish in a newspaper of
general circulation in The City of New York, or cause to be mailed to each
Holder 

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entitled to such money, notice that such money remains
unclaimed and that after a date specified therein, which shall be at least
thirty (30) calendar days from the date of such mailing or publication, any
unclaimed balance of such money then remaining will be repaid to the Issuer.
After payment to the Issuer, Holders entitled to money must look to the Issuer
for payment as general creditors unless an applicable abandoned property law
designates another person, and the Trustee and each Paying Agent shall be
relieved of all liability with respect to such money.

Section 13.05.  Reinstatement.  If the Trustee or the Paying Agent is unable
to apply any money in accordance with this Article 13 by reason of any order or
judgment of any court or governmental authority enjoining, restraining or
otherwise prohibiting such application, the Issuer’s obligations under this
Indenture and the Notes shall be revived and reinstated as though no deposit
had occurred pursuant to this Article 13 until such time as the Trustee or
Paying Agent is permitted to apply all money held in trust with respect to the
Notes; provided, however,
that if the Issuer makes any payment of principal of or any premium or interest
on any Notes following the reinstatement of its obligations, the Issuer shall
be subrogated to the rights of the Holders of the Notes to receive such payment
from the money so held by the Trustee or Paying Agent in trust; provided,
further, that, if the Issuer’s obligations are revived and reinstated as herein
provided, the Trustee or Paying Agent shall discharge from trust and pay to the
Issuer all funds (together with the earnings thereon, if any) previously
deposited therewith pursuant to Section 13.02 and thereupon the Issuer, the
Trustee, any Paying Agent and the Holders of the Notes shall be restored
severally and respectively to their former positions hereunder as if no
satisfaction and discharge had been effected.

ARTICLE
14

IMMUNITY OF INCORPORATORS, SHAREHOLDERS, OFFICERS AND DIRECTORS

Section 14.01.  Indenture and Notes Solely Corporate
Obligations.  No recourse for
the payment of the principal of (including the Redemption Price or Repurchase
Price upon redemption or repurchase pursuant to Article 3, Article 4 and
Article 5) or, premium, if any, or interest on any Note, or for any claim based
thereon or otherwise in respect thereof, and no recourse under or upon any
obligation, covenant or agreement of the Issuer in this Indenture or in any
supplemental indenture or in any Note, or because of the creation of any
indebtedness represented thereby, shall be had against any incorporator,
shareholder, partner, member, manager, employee, agent, officer, director or
subsidiary, as such, past, present or future, of the Company, the Issuer or any
of the Company’s subsidiaries or of any successor thereto, either directly or
through the Company, the Issuer or any of the Company’s subsidiaries or of any
successor thereto, whether by virtue of any constitution, statute or rule of
law, or by the enforcement of any assessment or penalty or otherwise; it being
expressly understood that all such liability is hereby expressly waived and
released as a condition of, and as a consideration for, the execution of this
Indenture and the issue of the Notes.

 

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Article 15

EXCHANGE OF NOTES

Section 15.01.  Right to Exchange.  (a) Upon compliance with the
provisions of this Indenture, on or prior to the close of business on the
second Business Day immediately preceding the Maturity Date, the Holder of any
Notes not previously redeemed or repurchased shall have the right, at such
Holder’s option, to exchange its Notes, or any portion thereof which is a
multiple of $1,000, into cash and, if applicable, Common Stock, as provided in
Section 15.10, by surrender of such Notes so to be exchanged in whole or in
part, together with any required funds, under the circumstances and in the
manner described in this Article 15. Holders may exchange their Notes at any
time on or after the 22nd Scheduled Trading Day prior to the Maturity
Date until the close of business on the second Business Day immediately
preceding the Maturity Date.  In
addition, Holders may exchange their Notes at any time prior to such 22nd Scheduled Trading Day prior to the Maturity
Date only upon occurrence of one of the following events:

(i)            Exchange Upon Satisfaction
of Market Price Condition. A Holder may surrender any of its Notes
for exchange during any calendar quarter beginning after June 30, 2007 (and
only during such calendar quarter) if the Closing Sale Price of the Common
Stock for at least 20 Trading Days in the period of 30 consecutive Trading Days
ending on the last Trading Day of the preceding calendar quarter is more than
130% of the Exchange Price per share of Common Stock in effect on the applicable
Trading Day. The Board of Directors will make appropriate adjustments, in its
good faith determination, to account for any adjustment to the Exchange Rate
that becomes effective, or any event requiring an adjustment to the Exchange
Rate where the ex-dividend date of the event occurs, during that 30 consecutive
Trading Day period.

If
the Notes shall be exchangeable as a result of the occurrence of an event
specified in this clause (i), the Issuer shall promptly deliver to the Trustee
and the Exchange Agent (if the Trustee is not the Exchange Agent) written
notice thereof.

(ii)           Exchange Upon Satisfaction
of Trading Price Condition. A Holder may surrender any of its Notes
for exchange during the 5 consecutive Trading Day period following any 5
consecutive Trading Days in which the Trading Price per $1,000 principal amount
of Notes (as determined following a reasonable request by a Holder of the
Notes) was less than 98% of the product of the Closing Sale Price of the Common
Stock, multiplied by the Applicable Exchange
Rate.

“Trading Price”
of the Notes on any date of determination means the average of the secondary
market bid quotations per $1,000 principal amount of such Notes obtained by the
Trustee for a $5,000,000 principal amount of Notes at approximately 3:30 p.m.,
New York City time, on such determination date from two independent nationally
recognized securities dealers the Issuer selects, which 

 67
 

may include the Initial
Purchaser; provided that if at least two such bids
cannot reasonably be obtained by the Trustee, but one such bid can reasonably
be obtained by the Trustee, then one bid shall be used. If the Trustee cannot
reasonably obtain at least one bid for a $5,000,000 principal amount of such
Notes from a nationally recognized securities dealer or, in the Issuer’s
reasonable judgment, the bid quotations are not indicative of the secondary
market value of such Notes, then the Trading Price per $1,000 principal amount
of such Notes will be deemed to be less than 98% of the product of the Closing
Sale Price of Common Stock and the Applicable Exchange Rate on such
determination date.

The Trustee shall have no obligation to determine the
Trading Price of the Notes unless the Issuer shall have requested such
determination, and the Issuer shall have no obligation to make such request
unless a Holder provides the Issuer with reasonable evidence that the Trading
Price per $1,000 principal amount of Notes would be less than 98% of the
product of the Closing Sale Price of the Common Stock and the Applicable Exchange
Rate, whereupon the Issuer shall instruct the Trustee to determine the Trading
Price of the Notes beginning on the next Trading Day and on each successive
Trading Day until the Trading Price is greater than or equal to 98% of the
product of the Closing Sale Price of the Common Stock and the Applicable
Exchange Rate. If the Issuer does not so instruct the Trustee after a Holder of
Notes provides the Issuer with reasonable evidence that the Trading Price per
$1,000 principal amount of Notes would be less than 98% of the product of the
Closing Sale Price of the Common Stock and the Applicable Exchange Rate, the
Trading Price of the Notes will be deemed to be less than 98% of the Closing
Sale Price of the Common Stock multiplied by
the Applicable Exchange Rate on each Trading Day the Issuer fails to do so.

(iii)          Exchange Upon Notice of
Redemption. A Holder may surrender for exchange any of the Notes
called for redemption at any time prior to the close of business on the second
Business Day prior to Redemption Date, even if the Notes are not otherwise
exchangeable at such time. The right to exchange Notes pursuant to this clause
(iii) shall expire after the close of business on the second Business Day
immediately preceding the Redemption Date, unless the Issuer defaults in
payment of the Redemption Price.

(iv)          Exchange Upon Specified
Transactions. If the Company elects to: (1) distribute to all
holders of the Common Stock any rights, warrants or options entitling them for
a period of not more than 45 days after the issuance thereof to subscribe for
or purchase Common Stock at an exercise price per share of Common Stock less
than the Closing Sale Price of the Common Stock on the Business Day immediately
preceding the time of announcement of such issuance; or (2) distribute to all
holders of Common Stock assets, debt securities or certain rights to purchase
securities of the Issuer or the Company, which distribution (excluding for this
purpose a distribution solely in the form of cash required to preserve the status
of the Company as a real estate investment trust) has a per 

 68
 

share value exceeding 15%
of the average of the Closing Sale Prices of the Common Stock for the 5
consecutive Trading Days ending on the date immediately preceding the
declaration date of such distribution, the Issuer must notify the Holders of
Notes at least 25 Scheduled Trading Days prior to the ex-dividend date for such
distribution described in clause (1) or clause (2).

Following the issuance of
such notice, Holders may surrender their Notes for exchange at any time until
the earlier of the close of business on the Business Day prior to the
ex-dividend date or an announcement that such distribution will not take place;
provided, however, that no adjustment to
the ability of the Holders of Notes to exchange their Notes will be made if the
Holders of Notes, as a result of holding the Notes, are entitled to participate
at the same time as Common Stock holders participate in such transaction or
distribution as if such Holders of the Notes held a number shares of Common
Stock equal to the Applicable Exchange Rate, multiplied
by the principal amount (expressed in thousands) of Notes held by such Holder,
without having to exchange their Notes. The “ex-dividend
date” means, with respect to any distribution on shares of Common
Stock, the first date upon which a sale of the Common Stock does not
automatically transfer the right to receive the relevant distribution from the
seller of the Common Stock to its buyer.

In addition, (1) if the Company otherwise is a party
to a share exchange or tender offer, liquidation, consolidation,
recapitalization, reclassification, combination or merger, or a sale or lease
or other transfer of all or substantially all of its respective properties and
assets, or a series of related transactions or events, in each case pursuant to
which all of the outstanding Common Stock would be exchanged for, converted
into or constitute solely the right to receive cash, securities or other
property, or (2) if a Designated Event occurs, a Holder may surrender its Notes
for exchange at any time from and including the date that is 25 Scheduled
Trading Days prior to the anticipated effective time of the transaction or
event up to and including 35 Business Days after the actual date of such transaction
or event, unless such transaction or event also constitutes a Designated Event,
in which case the Notes may be surrendered for exchange until the related
Designated Event Repurchase Date. The Issuer will notify Holders of Notes and
the Trustee as promptly as reasonably practicable following the date such
transaction or event is publicly announced (but in no event less than 25
Scheduled Trading Days prior to the effective time of such transaction or
event).

(v)           Exchange Upon Delisting of
the Common Stock. A Holder may surrender for exchange any of its
Notes at any time beginning on the first Business Day after the Common Stock
has ceased to be listed on a U.S. national or regional securities exchange for
30 consecutive Trading Days.

(b)        Whenever the Notes shall become
exchangeable pursuant to this Section 15.01, the Issuer or, at the Issuer’s
Request, the Trustee in the name and at the expense of 

 69
 

the Issuer, shall notify the Holders of the event
triggering such exchangeability in the manner provided in Section 17.04, and
the Issuer shall also publicly announce such information and publish it on the
Issuer’s website. Any notice so given shall be conclusively presumed to have
been duly given, whether or not the Holder receives such notice. The text of
such notice shall be prepared by the Issuer, and in giving such notice the
Trustee may rely and shall be fully protected in relying upon such Issuer
Request and shall have no responsibility for text prepared by the Issuer.

(c)        A Note in respect of which a Holder has
delivered a Repurchase Notice exercising such Holder’s right to require the
Issuer to repurchase such Note pursuant to Section 4.01 or Section 5.01 may be
exchanged only if such Repurchase Notice is withdrawn in accordance with, and
within the time periods set forth in, Section 4.03 or Section 5.02, as
applicable.

(d)        A Holder of Notes is not entitled to any
rights of a Holder of Common Stock until such time as such Holder is entitled
to receive shares of Common Stock pursuant to this Article 15.

Section 15.02.  Exercise of Exchange Right; No
Adjustment for Interest or Dividends.  In
order to exercise the exchange right with respect to any Note in certificated
form, the Issuer must receive at the office or agency of the Issuer maintained
for that purpose in the Borough of Manhattan or, at the option of such Holder,
the Corporate Trust Office, such Note with the original or facsimile of the
form entitled “Exchange Notice” on the reverse
thereof, duly completed and signed manually or by facsimile, together with such
Notes duly endorsed for transfer, accompanied by the funds, if any, required by
this Section 15.02. Such notice shall also state the name or names (with
address or addresses) in which the certificate or certificates for shares of
Common Stock that shall be issuable on such exchange shall be issued, and shall
be accompanied by transfer or similar taxes, if required pursuant to Section
15.06.

To
exchange the Notes, a Holder must (a) complete and manually sign the Exchange
Notice on the reverse of the Note (or complete and manually sign a facsimile of
such notice) and deliver such notice to the Exchange Agent at the office
maintained by the Exchange Agent for such purpose, (b) with respect to Notes
that are in certificated form, surrender the Notes to the Exchange Agent, (c)
furnish appropriate endorsements and transfer documents if required by the
Exchange Agent and (d) pay any transfer or similar tax, if required. The date
on which the Holder satisfies all such requirements shall be deemed to be the
date on which the applicable Notes shall have been tendered for exchange.

Whether
the Notes to be exchanged are held in book-entry or certificated form, the
Exchange Notice will require the Holder to certify that it is a qualified
institutional buyer within the meaning of Rule 144A under the Securities Act.

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Notes
in respect of which a Holder has delivered a Repurchase Notice may be exchanged
only if such notice is withdrawn in accordance with the terms of Section 4.03
or Section 5.02, as applicable.

If
the Issuer is required to deliver shares of Common Stock (upon settlement in
accordance with Sections 15.10 and 15.11, if applicable, on the third Business
Day immediately following the last day of the Applicable Observation Period),
after satisfaction of the requirements for exchange set forth above, subject to
compliance with any restrictions on transfer if shares issuable on exchange are
to be issued in a name other than that of the Noteholder (as if such transfer
were a transfer of the Note or Notes (or portion thereof) so exchanged), and in
accordance with the time periods set forth in this Article 15, the Issuer shall
deliver to such Noteholder at the office or agency maintained by the Issuer for
such purpose pursuant to Section 6.02, (i) a certificate or certificates for
the number of full shares of Common Stock (if any) deliverable upon the
exchange of such Note or portion thereof as determined by the Issuer in
accordance with the provisions of Sections 15.10 and 15.11 and (ii) a check or
cash in respect of any fractional interest in respect of a share of Common
Stock arising upon such exchange, calculated by the Issuer as provided in
Section 15.03. The cash, and, if applicable, a certificate or certificates for
the number of full shares of Common Stock into which the Notes are exchanged
(and cash in lieu of fractional shares) will be delivered to an exchanging
Holder after satisfaction of the requirements for exchange set forth above, in
accordance with this Section 15.02 and Sections 15.10 and, if applicable,
15.11.

Each
exchange shall be deemed to have been effected as to any such Note (or portion
thereof) on the date on which the requirements set forth above in this Section
15.02 have been satisfied as to such Note (or portion thereof) (the “Exchange Date”), and the Person in whose name any
certificate or certificates for shares of Common Stock shall be issuable upon
such exchange shall be deemed to have become on said date the holder of record
of the shares represented thereby; provided that any
such surrender on any date when the stock transfer books of the Company shall
be closed shall constitute the Person in whose name the certificates are to be
issued as the record holder thereof for all purposes on the next succeeding day
on which such stock transfer books are open, but such exchange shall be at the
Applicable Exchange Rate in effect on the Exchange Date.

Any
Note or portion thereof surrendered for exchange during the period from the
close of business on the Record Date for any interest payment date to the close
of business on the applicable interest payment date shall be accompanied by
payment, in immediately available funds or other funds acceptable to the
Issuer, of an amount equal to the interest otherwise payable on such interest
payment date on the principal amount being exchanged; provided
that no such payment need be made (1) if a Holder exchanges its Notes in
connection with a redemption and the Issuer has specified a Redemption Date
that is after a Record Date and on or prior to the Business Day immediately
succeeding the corresponding interest payment date, (2) if a Holder exchanges
its Notes in connection with a Designated Event and the Issuer has specified a
Designated Event Repurchase Date that is after a Record Date and on or prior to
the Business Day 

 71
 

immediately succeeding the corresponding interest
payment date, (3) with respect to any exchange on or following the Record Date
immediately preceding the Maturity Date, or (4) to the extent of any Defaulted
Interest, if any Defaulted Interest exists at the time of exchange with respect
to such Note. Except as otherwise provided above in this Article 15, no payment
or other adjustment shall be made for interest accrued on any Note exchanged or
for dividends on any shares issued upon the exchange of such Note as provided
in this Article 15. Notwithstanding the foregoing, in the case of Notes
submitted for exchange in connection with a Designated Event, such Notes shall
continue to represent the right to receive the Additional Designated Event
Shares, if any, payable pursuant to Section 15.11, until such Additional
Designated Event Shares are so paid.

Upon
the exchange of an interest in a Global Note, the Trustee (or other Exchange
Agent appointed by the Issuer), or the Custodian at the direction of the
Trustee (or other Exchange Agent appointed by the Issuer), shall make a
notation on such Global Note as to the reduction in the principal amount
represented thereby. The Issuer shall notify the Trustee in writing of any
exchanges of Notes effected through any Exchange Agent other than the Trustee.

Upon
the exchange of a Note, the accrued but unpaid interest attributable to the
period from the issue date of the Note to the Exchange Date, with respect to
the exchanged Note, shall not be deemed canceled, extinguished or forfeited,
but rather shall be deemed to be paid in full to the Holder thereof through
delivery of cash and, if applicable, shares of Common Stock (together with the
cash payment, if any in lieu of fractional shares) in exchange for the Note
being exchanged pursuant to the provisions hereof.

In
case any Note of a denomination greater than $1,000 shall be surrendered for
partial exchange, and subject to Section 2.04, the Issuer shall execute and
upon receipt of such new Note or Notes the Trustee shall authenticate and
deliver to the Holder of the Note so surrendered, without charge to the Holder,
a new Note or Notes in authorized denominations in an aggregate principal
amount equal to the unexchanged portion of the surrendered Note.

Section 15.03.  Cash Payments in Lieu of
Fractional Shares.  No
fractional shares of Common Stock or scrip certificates representing fractional
shares shall be issued upon exchange of Notes. If more than one Note shall be
surrendered for exchange at one time by the same Holder, the number of full
shares that shall be issuable upon exchange shall be computed on the basis of
the aggregate principal amount of the Notes (or specified portions thereof to
the extent permitted hereby) so surrendered and the aggregate sum of all Daily
Settlement Amounts for each of the 20 Trading Days during the Applicable
Observation Period (and not in respect of each Daily Settlement Amount nor some
portion of the Daily Settlement Amounts for one or some portion of the 20 Trading
Days during the Applicable Observation Period). If any fractional share of
Common Stock would be issuable upon the exchange of any Note or Notes, the
Issuer shall make an adjustment and payment therefor in cash to the Holder of
Notes at a price equal to the 

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Closing Sale Price of the Common Stock on the last day
of the Applicable Observation Period.

Section 15.04.  Exchange Rate.  The initial Exchange Rate for the
Notes is 5.7703 shares of Common Stock per each $1,000 principal amount of the
Notes, subject to adjustment as provided in Sections Section 15.12, 15.05 and
15.11 (herein called the “Exchange Rate”).

Section 15.05.  Adjustment of Exchange
Rate.  The Exchange Rate shall
be adjusted from time to time as follows:

(a)        If the Company issues Common Stock as a
dividend or distribution on the Common Stock to all holders of Common Stock, or
if the Company effects a share split or share combination, the Exchange Rate
will be adjusted based on the following formula:

ER1 = ER0 × OS1 /
OS0

where

ER0 = the Exchange Rate
in effect immediately prior to the ex-dividend date for such dividend or
distribution, or the effective date of such share split or share combination;

ER1 = the new Exchange
Rate in effect immediately on and after the ex-dividend date for such dividend
or distribution, or the effective date of such share split or share
combination;

OS0 = the number of
shares of Common Stock outstanding immediately prior to such dividend or
distribution, or the effective date of such share split or share combination;
and

OS1 = the number of
shares of Common Stock outstanding immediately after such dividend or
distribution, or the effective date of such share split or share combination.

Any adjustment made pursuant to this paragraph (a)
shall become effective as of the open of business on (x) the ex-dividend date
for such dividend or other distribution or (y) the date on which such split or
combination becomes effective, as applicable. If any dividend or distribution
described in this paragraph (a) is declared but not so paid or made, the new
Exchange Rate shall be readjusted to the Exchange Rate that would then be in
effect if such dividend or distribution had not been declared.

(b)        If the Company distributes to all
holders of Common Stock any rights, warrants or options entitling them for a
period of not more than forty-five (45) days after the date of issuance thereof
to subscribe for or purchase Common Stock, in any case at an exercise price per
share of Common Stock less than the Closing Sale Price of the 

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Common Stock on the Business Day immediately preceding
the time of announcement of such issuance, the Exchange Rate will be increased
based on the following formula:

ER1 = ER0 × (OS0 + X) /
(OS0 + Y)

where

ER0 = the Exchange Rate
in effect immediately prior to the ex-dividend date for such distribution;

ER1 = the new Exchange
Rate in effect immediately on and after the ex-dividend date for such
distribution;

OS0 = the number of
shares of Common Stock outstanding immediately prior to the ex-dividend date
for such distribution;

X = the aggregate number
of shares of Common Stock issuable pursuant to such rights, warrants or
options; and

Y = the number of shares
of Common Stock equal to the quotient of (A) the aggregate price payable to
exercise all such rights, warrants or options and (B) the average of the
Closing Sale Prices of the Common Stock for the 10 consecutive Trading Days
ending on the Business Day immediately preceding the date of announcement for
the issuance of such rights, warrants or options.

For purposes of this paragraph (b), in determining
whether any rights, warrants or options entitle the holders to subscribe for or
purchase Common Stock at less than the applicable Closing Sale Price of the
Common Stock, and in determining the aggregate exercise or conversion price
payable for such Common Stock, there shall be taken into account any
consideration received by the Company for such rights, warrants or options and
any amount payable on exercise or conversion thereof, with the value of such
consideration, if other than cash, to be determined by the Board of Directors.
If any right, warrant or option described in this paragraph (b) is not
exercised or converted prior to the expiration of the exercisability or
convertibility thereof, the new Exchange Rate shall be readjusted to the
Exchange Rate that would then be in effect if such right, warrant or option had
not been so issued.

(c)        If the Company distributes shares of
capital stock, evidences of indebtedness or other assets or property of the
Company to all holders of Common Stock, excluding:

(A)               dividends,
distributions, rights, warrants or options referred to in paragraph (a) or (b)
above;

(B)                 dividends or
distributions paid exclusively in cash; and

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(C)                 Spin-Offs
described below in this paragraph (c),

then the Exchange Rate will be increased based on the
following formula:

ER1 = ER0 × SP0 / (SP0
- FMV)

where

ER0 = the Exchange Rate
in effect immediately prior to the ex-dividend date for such distribution;

ER1 = the new Exchange
Rate in effect immediately on and after the ex-dividend date for such
distribution;

SP0 = the Closing Sale
Price of the Common Stock on the Trading Day immediately preceding the earlier
of the record date or the ex-dividend date for such distribution; and

FMV = the fair market
value (as determined in good faith by the Board of Directors) of the shares of
capital stock, evidences of indebtedness, assets or property distributed with
respect to each outstanding share of Common Stock on the earlier of the record
date or the ex-dividend date for such distribution.

provided that if “FMV” with
respect to any distribution of shares of capital stock, evidences of
indebtedness or other assets or property of the Company is equal to or greater
than “SP0” with
respect to such distribution, then in lieu of the foregoing adjustment,
adequate provision shall be made so that each holder of Notes shall have the
right to receive on the date such shares of capital stock, evidences of
indebtedness or other assets or property of the Company are distributed to
holders of Common Stock, for each Note, the amount of shares of capital stock,
evidences of indebtedness or other assets or property of the Company such
holder of Notes would have received had such holder of Notes owned a number of
shares of Common Stock equal to a fraction the numerator of which is the
product of the Exchange Rate in effect immediately prior to the ex-dividend
date for such distribution, and the
aggregate principal amount of Notes held by such Holder and the denominator of
which is one thousand ($1,000). An adjustment to the Exchange Rate made
pursuant to the immediately preceding paragraph shall become effective on the
ex-dividend date for such distribution.

If
the Company distributes to all holders of Common Stock capital stock of any
class or series, or similar equity interest, of or relating to a Subsidiary or
other business unit of the Company (a “Spin-Off”), the
Exchange Rate in effect immediately following the 10th Trading Day immediately
following, and including the effective date of the Spin-Off will be increased
based on the following formula:

ER1 = ER0 × (FMV0 + MP0)
/ MP0

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where

ER0 = the Exchange Rate
in effect on the 10th Trading Day immediately following, and including, the
effective date of the Spin-Off;

ER1 = the new Exchange
Rate immediately after the 10th Trading Day immediately following, and
including, the effective date of the Spin-Off;

FMV0 = the average of the
Closing Sale Prices of the capital stock or similar equity interest distributed
to holders of Common Stock applicable to one share of Common Stock over the
first 10 consecutive Trading Days after the effective date of the Spin-Off; and

MP0 = the average of the
Closing Sale Prices of the Common Stock over the first 10 consecutive Trading
Days after the effective date of the Spin-Off.

An adjustment to the Exchange Rate made pursuant to
the immediately preceding paragraph will occur at the close of business on the
10th Trading Day from and including the effective date of the Spin-Off; provided that in respect of any exchange within the 10
Trading Days following the effective date of any Spin-Off, references within
this paragraph (c) to 10 Trading Days shall be deemed replaced with such lesser
number of Trading Days as have elapsed between the effective date of such
Spin-Off and the Exchange Date in determining the Applicable Exchange Rate. If
any such dividend or distribution described in this paragraph (c) is declared
but not paid or made, the new Exchange Rate shall be readjusted to be the
Exchange Rate that would then be in effect if such dividend or distribution had
not been declared.

(d)        If the Company distributes cash to all
or substantially all holders of outstanding Common Stock (excluding any
dividend or distribution in connection with the liquidation, dissolution or
winding up or any regular quarterly cash dividend on the Common Stock to the
extent that the aggregate amount of such regular quarterly cash dividend per
share of Common Stock does not exceed $0.70 for the relevant quarterly period
($0.70 being the “Reference Dividend Amount”)),
the Exchange Rate will be increased based on the following formula:

ER1 = ER0 × (SP0 -
RDA) / (SP0 - C)

where

ER0 = the Exchange Rate
in effect immediately prior to the ex-dividend date for such distribution;

ER1 = the new Exchange
Rate immediately on and after the ex-dividend date for such distribution;

 76
 

SP0 = the Closing Sale
Price of the Common Stock on the Trading Day immediately preceding the earlier
of the record date or the day prior to the ex-dividend date for such
distribution;

RDA = the Reference
Dividend Amount; and

C = the amount in cash
per share that the Company distributes to holders of Common Stock.

provided that if “C” with respect
to any such cash dividend or distribution is equal to or greater than “SP0” with respect to any such cash
dividend or distribution, then in lieu of the foregoing adjustment, adequate
provision shall be made so that each holder of Notes shall have the right to
receive on the date such cash is distributed to holders of Common Stock, for
each Note, the amount of cash such holder of Notes would have received had such
holder of Notes owned a number of shares of Common Stock equal to a fraction
the numerator of which is the product of the Exchange Rate in effect
immediately prior to the ex-dividend date for such dividend or distribution, and the aggregate principal amount of Notes held by such
Holder and the denominator of which is one thousand ($1,000).

An
adjustment to the Exchange Rate made pursuant to this paragraph (d) shall
become effective as of the open of business on the ex-dividend date for such
dividend or distribution. If any dividend or distribution described in this
paragraph (d) is declared but not so paid or made, the new Exchange Rate shall
be readjusted to the Exchange Rate that would then be in effect if such
dividend or distribution had not been declared.

The
Reference Dividend amount is subject to adjustment in a manner inversely
proportional to adjustments to the Exchange Rate; provided
that no adjustment will be made to the Reference Dividend Amount for any
adjustment made to the Exchange Rate under this paragraph (d).

Notwithstanding
the foregoing, if an adjustment is required to be made under this paragraph as
a result of a distribution that is not a quarterly dividend, the Reference
Dividend Amount will be deemed to be zero.

(e)        If the Company or any of its Subsidiaries
makes a payment in respect of a tender offer or exchange offer for Common Stock
to the extent that the cash and value of any other consideration included in
the payment per share of Common Stock exceeds the Closing Sale Price of the
Common Stock on the Trading Day next succeeding the last date on which tenders
or exchanges may be made pursuant to such tender offer or exchange offer (the “Expiration Time”), the Exchange Rate will be adjusted based
on the following formula:

ER1 = ER0 × (AC + (SPI ×
OS1)) / (SP1 × OS0)

where

 77
 

 

ER0 = the Exchange Rate
in effect on the Trading Day immediately following the date such tender offer
or exchange offer expires;

ER1 = the Exchange Rate
in effect on the second Trading Day immediately following the date such tender
offer or exchange offer expires;

AC = the aggregate value
of all cash and any other consideration (as determined by the Board of
Directors) paid or payable for the Common Stock purchased in such tender or
exchange offer;

OS0 = the number of
shares of Common Stock outstanding immediately prior to the date such tender
offer or exchange offer expires;

OS1 = the number of
shares of Common Stock outstanding immediately after the date such tender or
exchange offer expires (after giving effect to the purchase or exchange of
shares pursuant to such tender offer or exchange offer); and

SP1 = the Closing Sale
Price of the Common Stock for the Trading Day next succeeding the date such
tender offer or exchange offer expires.

If the application of the foregoing formula would
result in a decrease in the Exchange Rate, no adjustment to the Exchange Rate
will be made. Any adjustment to the Exchange Rate made pursuant to this
paragraph (e) shall become effective on the second day immediately following
the Expiration Time. If the Company or one of its Subsidiaries is obligated to
purchase Common Stock pursuant to any such tender offer or exchange offer but
is permanently prevented by applicable law from effecting any such purchase or
all such purchases are rescinded, the new Exchange Rate shall be readjusted to
be the Exchange Rate that would be in effect if such tender offer or exchange
offer had not been made.

(f)         If the Company has in effect a rights
plan while any Notes remain outstanding, Holders of Notes will receive, upon an
exchange of Notes, in addition to Common Stock, if any, rights under the
Company’s shareholder rights agreement unless, prior to exchange, the rights
have expired, terminated or been redeemed or unless the rights have separated
from the Common Stock. If the rights provided for in the rights plan adopted by
the Company have separated from the Common Stock in accordance with the
provisions of the applicable shareholder rights agreement so that Holders of
Notes would not be entitled to receive any rights in respect of any shares of
Common Stock delivered upon an exchange of Notes, the Exchange Rate will be
adjusted at the time of separation as if the Company had distributed, to all
holders of Common Stock, capital stock, evidences of indebtedness or other
assets or property pursuant to paragraph (c) above, subject to readjustment
upon the subsequent expiration, termination or redemption of the rights.

 

 78

Notwithstanding
the foregoing, in the event of an adjustment to the Exchange Rate pursuant to
paragraphs (d) and (e) above, in no event will the Exchange Rate exceed 7.2129
shares of Common Stock per $1,000 principal amount of notes, subject to
adjustment pursuant to paragraphs (a), (b) and (c) above.

In
addition to the adjustments pursuant to paragraphs (a) through (e) above, the
Issuer may increase the Exchange Rate in order to avoid or diminish any income
tax to holders of Common Stock resulting from any dividend or distribution of
capital stock (or rights to acquire Common Stock) or from any event treated as
such for income tax purposes. The Issuer may also, from time to time, to the
extent permitted by applicable law, increase the Exchange Rate by any amount
for any period if the Issuer has determined that such increase would be in the
best interests of the Issuer or the Company. If the Issuer makes such
determination, it will be conclusive and the Issuer will mail to Holders of the
Notes and the Trustee a notice of the increased Exchange Rate and the period
during which it will be in effect at least fifteen (15) days prior to the date
the increased Exchange Rate takes effect in accordance with applicable law.

The
Issuer shall not make any adjustment to the Exchange Rate if Holders of the
Notes participate in the dividend, distribution or transaction that would
otherwise result in an adjustment to the Exchange Rate at the same time as
holders of the Common Stock and as if such Holders of Notes owned a number of
shares of Common Stock equal to a fraction the numerator of which is the
product of the Exchange Rate in effect on the ex-dividend date or effective
date for the relevant dividend, distribution or transaction, and the aggregate principal amount of Notes held by such
Holder and the denominator of which is one thousand ($1,000).

Notwithstanding anything
to the contrary contained herein, in addition to the other events set forth
herein on account of which no adjustment to the Exchange Rate shall be made,
the Applicable Exchange Rate shall not be adjusted for:

                       (i)  the
issuance of any Common Stock pursuant to any present or future plan providing
for the reinvestment of dividends or interest payable on securities of the
Issuer or those of the Company and the investment of additional optional
amounts in shares of Common Stock under any plan;

                      (ii)  the
issuance of any Common Stock or options or rights to purchase those shares
pursuant to any present or future employee, director, trustee or consultant
benefit plan, employee agreement or arrangement or program of the Issuer or the
Company;

                     (iii)  the
issuance of any Common Stock pursuant to any option, warrant, right, or
exercisable, exchangeable or convertible security outstanding as of the date
the Notes were first issued;

                    (iv)  a
change in the par value of the Common Stock;

 79
 

                     (v)  accumulated
and unpaid dividends or distributions; and

                    (vi)  the
issuance of Units by the Issuer and the issuance of the Common Stock or the
payment of cash upon redemption thereof.

No
adjustment in the Exchange Rate will be required unless the adjustment would
require an increase or decrease of at least 1% of the Exchange Rate. If the
adjustment is not made because the adjustment does not change the Exchange Rate
by at least 1%, then the adjustment that is not made will be carried forward
and taken into account in any future adjustment. All required calculations will
be made to the nearest cent or 1/1000th of a share, as the case may be.
Notwithstanding the foregoing, on each annual anniversary of the first original
issuance date of the Notes, upon redemption of the Notes, and on September 30,
2026, all adjustments not previously made will be made on such date.

Whenever
the Exchange Rate is adjusted as herein provided, the Company or the Issuer
shall as promptly as reasonably practicable file with the Trustee and any
Exchange Agent other than the Trustee an Officers’ Certificate setting forth
the Exchange Rate after such adjustment and setting forth a brief statement of
the facts requiring such adjustment. Promptly after delivery of such
certificate, the Company or the Issuer shall prepare a notice of such
adjustment of the Exchange Rate setting forth the adjusted Exchange Rate and
the date on which each adjustment becomes effective and shall mail such notice
of such adjustment of the Exchange Rate to the Holders of the Notes within 20
Business Days of the Effective Date of such adjustment. Failure to deliver such
notice shall not affect the legality or validity of any such adjustment.

For
purposes of this Section 15.05, the number of shares of Common Stock at any
time outstanding shall not include shares held in the treasury of the Company
but shall include shares issuable in respect of scrip certificates issued in
lieu of fractions of shares of Common Stock.

In
addition the adjustments to the Applicable Exchange Rate as set forth in this
Article 15, the Exchange Rate in respect of any Notes tendered for exchange
shall be increased, effective on the related Exchange Date, by 3% if such Notes
are tendered for exchange during an Additional Interest Accrual Period as
defined in the Registration Rights Agreement.

If
any of the following events occur, namely (i) any reclassification or change of
the outstanding Common Stock (other than a subdivision or combination to which
Section 15.05(a) applies, or a change in par value, or from par value to no par
value, or from no par value to par value), (ii) any consolidation, merger or
combination of the Company with another Person, or a binding share exchange in
respect of all of the outstanding Common Stock as a result of which holders of
Common Stock shall be entitled to receive stock, other securities or other
property or assets (including cash) with respect to or in exchange for such the
Common Stock or (iii) any sale or conveyance of

 80
 

all or substantially all of the properties and assets
of the Company to any other Person as a result of which holders of Common Stock
shall be entitled to receive stock, other securities or other property or
assets (including cash) with respect to or in exchange for such the Common
Stock, then the Issuer and the Company or the successor or purchasing Person,
as the case may be, shall execute with the Trustee (which shall be instructed
by an Issuer Order together with the Officers’ Certificate and Opinion of
Counsel pursuant to Section 11.05) a supplemental indenture. Such supplemental
indenture shall provide for adjustments which shall be as nearly equivalent as
may be practicable to the adjustments provided for in this Section 15.05, or
pursuant to Section 15.12. The Issuer shall cause notice of the execution of
such supplemental indenture to be mailed to each Holder of Notes within 20
Business Days after execution thereof. Failure to deliver such notice shall not
affect the legality or validity of such supplemental indenture. The provisions
of this paragraph shall similarly apply to successive reclassifications,
changes, consolidations, mergers, combinations, sales and conveyances. If the
provisions of this paragraph apply to any event or occurrence, then the
provisions of Sections 15.05(a) through (e) shall not apply.

Section 15.06.  Taxes on Shares Issued.  The issue of stock certificates,
if any, on exchange of Notes shall be made without charge to the exchanging
Noteholder for any documentary, stamp or similar issue or transfer tax in
respect of the issue thereof. The Issuer shall not, however, be required to pay
any such tax which may be payable in respect of any transfer involved in the
issue and delivery of stock in any name other than that of the holder of any
Note exchanged, and the Issuer shall not be required to issue or deliver any
such stock certificate unless and until the Person or Persons requesting the
issue thereof shall have paid to the Issuer the amount of such tax or shall
have established to the satisfaction of the Issuer that such tax has been paid.

Section 15.07.  Reservation of Shares, Shares
to Be Fully Paid; Compliance with Governmental Requirements; Listing of Common
Stock.  The Company shall
provide, free from preemptive rights, out of its authorized but unissued shares
or shares held in treasury, sufficient shares of Common Stock to provide for
the exchange of the Notes as required by this Indenture from time to time as
such Notes are presented for exchange.

The
Company covenants that all shares of Common Stock which may be issued upon
exchange of Notes will upon issue be fully paid and non-assessable by the
Company and free from all taxes, liens and charges with respect to the issue
thereof.

The
Company covenants that, if any shares of Common Stock to be provided for the
purpose of exchange of Notes hereunder require registration with or approval of
any governmental authority under any federal or state law before such shares
may be validly issued upon exchange, the Company shall, as expeditiously as
possible, secure such registration or approval, as the case may be.

The
Company further covenants that, if at any time the Common Stock shall be listed
on The New York Stock Exchange or any other national or regional securities

 81
 

exchange or automated quotation system, the Company
shall, if permitted by the rules of such exchange or automated quotation
system, to list and keep listed, so long as the Common Stock shall be so listed
on such exchange or automated quotation system, all the Common Stock issuable
upon exchange of the Notes; provided that
if the rules of such exchange or automated quotation system permit the Company
to defer the listing of such Common Stock until the first exchange of the Notes
in accordance with the provisions of this Indenture, the Company covenants to
list such Common Stock issuable upon exchange of the Notes in accordance with
the requirements of such exchange or automated quotation system at such time.

Section 15.08.  Responsibility of
Trustee.  The Trustee and any
other Exchange Agent shall not at any time be under any duty or responsibility
to determine the Applicable Exchange Rate or whether any facts exist which may
require any adjustment of the Exchange Rate, or with respect to the nature or
extent or calculation of any such adjustment when made, or with respect to the
method employed, or herein or in any supplemental indenture provided to be
employed, in making the same. The Trustee and any other Exchange Agent shall
not be accountable with respect to the validity or value (or the kind or
amount) of any shares of Common Stock, or of any capital stock, other
securities or other assets or property, which may at any time be issued or
delivered upon the exchange of any Note; and the Trustee and any other Exchange
Agent make no representations with respect thereto. Neither the Trustee nor any
Exchange Agent shall be responsible for any failure of the Issuer or the
Company to issue, transfer or deliver any shares of Common Stock or stock
certificates or other securities or property or cash upon the surrender of any
Note for the purpose of exchange or to comply with any of the duties,
responsibilities or covenants of the Issuer or the Company contained in this
Article 15. Without limiting the generality of the foregoing, neither the
Trustee nor any Exchange Agent shall be under any responsibility to determine
the correctness of any provisions contained in any supplemental indenture
entered into pursuant to Section 15.05 relating either to the kind or amount of
shares of capital stock or other securities or other assets or property
(including cash) receivable by Noteholders upon the exchange of their Notes
after any event referred to in such Section 15.05 or to any adjustment to be
made with respect thereto, but, subject to the provisions of Section 9.12, may
accept as conclusive evidence of the correctness of any such provisions, and
shall be protected in relying upon, the Officers’ Certificate and Opinion of
Counsel (which the Issuer shall be obligated to file with the Trustee prior to
the execution of any such supplemental indenture) with respect thereto. The
Trustee shall not at any time be under any duty or responsibility to determine
the accuracy of the method employed in calculating the Trading Price or whether
any facts exist which may require any adjustment of the Trading Price.

Section 15.09.  Notice to Holders Prior to
Certain Actions.  In case:

(a)        the Company shall declare a dividend (or
any other distribution) on the Common Stock that would require an adjustment in
the Exchange Rate pursuant to Section 15.05; or

 82
 

(b)        the Company shall authorize the granting
to the holders of all or substantially all of the Common Stock of rights or
warrants to subscribe for or purchase any share of any class or any other
rights or warrants; or

(c)        of any reclassification or
reorganization of the Common Stock (other than a subdivision or combination of
its outstanding Common Stock, or a change in par value, or from par value to no
par value, or from no par value to par value), or of any consolidation,
combination, merger or share exchange to which the Issuer or the Company is a
party and for which approval of any shareholders of the Company is required, or
of the sale or transfer of all or substantially all of the assets of the
Company; or

(d)        of the voluntary or involuntary
dissolution, liquidation or winding up of the Company;

the Issuer shall cause to be filed with the Trustee
and to be mailed to each holder of Notes at its address appearing on the Note
Register provided for in Section 2.05 of this Indenture, as promptly as
possible but in any event at least ten (10) calendar days prior to the
applicable date hereinafter specified, a notice stating (x) the date on which a
record is to be taken for the purpose of such dividend, distribution or rights
or warrants, or, if a record is not to be taken, the date as of which the
holders of Common Stock of record to be entitled to such dividend, distribution
or rights are to be determined, or (y)(i) the date on which such
reclassification, consolidation, merger, sale, transfer, dissolution,
liquidation or winding up is expected to become effective or occur, and the
date as of which it is expected that holders of Common Stock of record shall be
entitled to exchange their Common Stock for securities or other property
deliverable upon such reclassification, consolidation, merger, sale, transfer,
dissolution, liquidation or winding up and (ii) whether the Company has
determined that it is not a “domestically controlled investment entity” as
defined in Section 897 of the Internal Revenue Code and, therefore, will
withhold under Section 1445 of the Internal Revenue Code unless  the non-U.S. Noteholder would not be treated as having
owned (under all applicable rules for direct, indirect, and constructive
ownership) more than five percent of the fair market value of the Common Stock
during the applicable testing period. Failure to give such notice, or any
defect therein, shall not affect the legality or validity of such dividend,
distribution, reclassification, consolidation, merger, sale, transfer,
dissolution, liquidation or winding up.

Section 15.10.  Settlement upon Exchange.  (a) Upon exchange of any Notes,
subject to Sections 15.01, 15.02 and this Section 15.10, the Issuer shall
satisfy its obligation upon exchange (the “Exchange Obligation”)
by payment and delivery of cash, shares of Common Stock, or a combination
thereof, as described below, for each $1,000 aggregate principal amount of
Notes tendered for exchange in accordance with their terms.

 83
 

(b)        Upon exchange of Notes, the Issuer will
deliver, in respect of each $1,000 principal amount of Notes tendered for
exchange in accordance with their terms:

                       (i)  cash
and Common Stock, subject to clause (d) below with respect to all or any
portion of Common Stock the Issuer elects to settle in cash, or a combination
thereof, equal to the sum of the Daily Settlement Amounts for each of the 20
Trading Days during the Applicable Observation Period; and

                      (ii)  an
amount in cash in lieu of any fractional shares of Common Stock as provided in
Section 15.03.

(c)        The Daily Settlement Amounts for each of
the twenty (20) Trading Days during the Applicable Observation Period and any
amount in cash to be delivered in lieu of any fractional shares of Common Stock
will be determined by the Issuer promptly after the end of the Applicable
Observation Period and notified in writing to the Trustee.

(d)        By the close of business on the Business
Day prior to the first Scheduled Trading Day of the Applicable Observation
Period, the Issuer may specify a percentage of each Daily Share Amount that
will be settled in cash (the “Cash Percentage”)
and will notify the Holder of such Cash Percentage through written notice to
the Trustee (the “Cash Percentage Notice”).  If the Issuer elects to specify a Cash
Percentage, (x) the amount of cash that the Issuer will deliver in lieu of all
or an applicable portion of the Daily Share Amount in respect of each Trading
Day in the Applicable Observation Period will equal the product of: (i) the
Cash Percentage, (ii) the Daily Share Amount for such Trading Day (assuming for
this purpose the Issuer has not specified a Cash Percentage), and (iii) the
Daily VWAP for such Trading Day and (y) the number of shares of Common Stock
deliverable in respect of each Trading Day in the Applicable Observation Period
(in lieu of the full Daily Share Amount for such Trading Day) will be a
percentage of the Daily Share Amount (assuming the Issuer has not specified a
Cash Percentage) equal to 100% minus the Cash Percentage.

(e)        If the Company does not specify  a Cash Percentage by the close of business on
the Trading Day prior to the first scheduled Trading Day of the Applicable
Observation Period, the Issuer shall settle 100% of the Daily Share Amount for
each Trading Day in the Applicable Observation Period with shares of Common
Stock; provided, however, that the Issuer shall
pay cash in lieu of fractional shares otherwise issuable upon exchange of such
Note.  The Issuer may, at its option,
revoke any Cash Percentage Notice through written notice to the Trustee by the
close of business on the Business Day prior to the first Scheduled Trading Day
of the Applicable Observation Period.

(f)         Payment of the cash and, if applicable,
shares of Common Stock pursuant to Section 15.10(b) shall be made by the Issuer
on the third Business Day immediately following the last Trading Day of the
Applicable Observation Period to the holder of a Note surrendered for exchange,
or such holder’s nominee or nominees, and the Issuer

 84
 

shall deliver to the Exchange Agent or to such holder,
or such holder’s nominee or nominees, certificates or a book-entry transfer
through the Depositary for the number of full shares of Common Stock, if any,
to which such holder shall be entitled as part of such Exchange Obligation.

(g)        Upon exchange of Notes, the Holder will
deliver to the Issuer cash equal to the amount the Issuer is required to deduct
or withhold under applicable law in connection with such exchange; provided, however,
that if the Holder does not deliver such cash, the Issuer may (or may instruct
the Exchange Agent to) deduct and withhold from the consideration otherwise
deliverable to such Holder the amount required to be deducted and withheld
under applicable law.

Section 15.11.  Exchange Rate Adjustment After
Certain Designated Events.  (a)
Subject to the provisions hereof and to the Issuer’s rights with respect to a
Public Acquirer Change in Control pursuant to Section 15.12, if a Noteholder
elects to exchange its Notes in connection with the occurrence, prior to March
30, 2012, of a transaction described in clause (1) or clause (2) of the
definition of Designated Event, the Issuer will increase the Applicable
Exchange Rate for the Notes so surrendered for exchange by a number of
additional shares of Common Stock (the “Additional Designated
Event Shares”) as specified below; provided that
the Additional Designated Event Shares will only be payable as set forth below.
An exchange of Notes will be deemed for these purposes to be “in connection
with” such a Designated Event if the Exchange Notice is received by the
Exchange Agent from and after the Effective Date of the Designated Event until
the corresponding Designated Event Repurchase Date.

(b)        The number of Additional Designated
Event Shares will be determined by reference to the table in paragraph (e)
below and is based on the date on which the Designated Event transaction
becomes effective (the “Effective Date”)
and the price paid per share of Common Stock in the relevant Designated Event
(in the case of a Designated Event described in the clause (1) of the
definition thereof in which holders of the Common Stock receive only cash), or
in the case of any other Designated Event described in clause (1) or clause (2)
of the definition thereof, the average of the Closing Sale Prices of the Common
Stock over the ten Trading Day period ending on the Trading Day preceding the
Effective Date of such other Designated Event (the “Stock Price”).

(c)        The Stock Prices set forth in the first
row of the table (i.e., the column headers) below
shall be adjusted as of any date on which the Exchange Rate of the Notes is
adjusted. The adjusted Stock Prices will equal the Stock Prices applicable
immediately prior to such adjustment, multiplied by a fraction, (i) the
numerator of which is the Exchange Rate immediately prior to the adjustment
giving rise to the Stock Price adjustment and (ii) the denominator of which is
the Exchange Rate as so adjusted.

(d)        The number of Additional Designated
Event Shares will be adjusted in the same manner and for the same events as the
Exchange Rate is adjusted pursuant to Section 15.05.

 85
 

(e)        The following table sets forth the Stock
Price and number of Additional Designated Event Shares to be added to the
Applicable Exchange Rate per $1,000 principal amount of Notes:

	
  Effective Date

  	
   

  	
  $138.64

  	
   

  	
  $150.00

  	
   

  	
  $160.00

  	
   

  	
  $170.00

  	
   

  	
  $180.00

  	
   

  	
  $190.00

  	
   

  	
  $200.00

  	
   

  	
  $225.00

  	
   

  	
  $250.00

  	
   

  	
  $275.00

  	
   

  	
  $300.00

  	
   

  
	
  March 20, 2007

  	
   

  	
  1.4426

  	
   

  	
  1.1434

  	
   

  	
  0.9355

  	
   

  	
  0.7684

  	
   

  	
  0.6342

  	
   

  	
  0.5259

  	
   

  	
  0.4380

  	
   

  	
  0.2831

  	
   

  	
  0.1882

  	
   

  	
  0.1288

  	
   

  	
  0.0911

  	
   

  
	
  March 30, 2008

  	
   

  	
  1.4426

  	
   

  	
  1.1273

  	
   

  	
  0.9087

  	
   

  	
  0.7340

  	
   

  	
  0.5959

  	
   

  	
  0.4852

  	
   

  	
  0.3963

  	
   

  	
  0.2425

  	
   

  	
  0.1530

  	
   

  	
  0.0994

  	
   

  	
  0.0668

  	
   

  
	
  March 30, 2009

  	
   

  	
  1.4426

  	
   

  	
  1.0975

  	
   

  	
  0.8668

  	
   

  	
  0.6838

  	
   

  	
  0.5410

  	
   

  	
  0.4279

  	
   

  	
  0.3390

  	
   

  	
  0.1920

  	
   

  	
  0.1114

  	
   

  	
  0.0666

  	
   

  	
  0.0414

  	
   

  
	
  March 30, 2010

  	
   

  	
  1.4426

  	
   

  	
  1.0492

  	
   

  	
  0.7998

  	
   

  	
  0.6066

  	
   

  	
  0.4585

  	
   

  	
  0.3457

  	
   

  	
  0.2596

  	
   

  	
  0.1269

  	
   

  	
  0.0626

  	
   

  	
  0.0318

  	
   

  	
  0.0172

  	
   

  
	
  March 30, 2011

  	
   

  	
  1.4426

  	
   

  	
  0.9651

  	
   

  	
  0.6845

  	
   

  	
  0.4738

  	
   

  	
  0.3212

  	
   

  	
  0.2128

  	
   

  	
  0.1380

  	
   

  	
  0.0429

  	
   

  	
  0.0120

  	
   

  	
  0.0032

  	
   

  	
  0.0009

  	
   

  
	
  March 30, 2012

  	
   

  	
  1.4426

  	
   

  	
  0.8963

  	
   

  	
  0.4797

  	
   

  	
  0.1120

  	
   

  	
  0.0000

  	
   

  	
  0.0000

  	
   

  	
  0.0000

  	
   

  	
  0.0000

  	
   

  	
  0.0000

  	
   

  	
  0.0000

  	
   

  	
  0.0000

  	
   

  

 

(f)         If the exact Stock Price and Effective
Date are not set forth on the table above, then:

                       (i)  if
the Stock Price is between two Stock Prices in the table or the Effective Date
is between two Effective Dates in the table, the Additional Designated Event
Shares will be determined by a straight-line interpolation between the number
of Additional Designated Event Shares set forth for the higher and lower Stock
Prices and the earlier and later Effective Dates, as applicable, based on a
365-day year;

                      (ii)  if
the Stock Price is in excess of $300.00 per share of Common Stock (the “Make Whole Cap”) (subject to adjustment as described below)
no additional Designated Event Shares will be added to the Applicable Exchange
Rate; and

                     (iii)  if
the Stock Price is less than $138.64 per share of Common Stock (the “Make Whole Floor”) (subject to adjustment as described
below) no additional Designated Event Shares will be added to the Applicable
Exchange Rate.

The
Make Whole Cap and Make Whole Floor shall be adjusted as of any date on which
the Exchange Rate of the Notes is adjusted pursuant to Section 15.05. The
adjusted Make Whole Cap or Make Whole Floor, as the case may be, shall equal
the Make Whole Cap or Make Whole Floor, as the case may be, applicable
immediately prior to such

 86
 

adjustment, multiplied by a fraction, (i) the
numerator of which is the Exchange Rate immediately prior to the adjustment
giving rise to the adjustment and (ii) the denominator of which is the Exchange
Rate as so adjusted.

(g)        Notwithstanding anything in this Section
15.11 to the contrary, in no event will the total number of shares of Common
Stock issuable upon exchange of the Notes exceed 7.2129 per $1,000 principal
amount of Notes, subject to adjustment in the same manner as the Exchange Rate
pursuant to Section 15.05.

Section
15.12.  Exchange
Rate Adjustment For Certain Designated Events In Connection With A Public
Acquirer Change of Control. 
(a) Notwithstanding Section 15.11  above, and in
lieu of adjusting the Exchange Rate as set forth in Section 15.11  by a number of Additional Designated Event Shares, if:

                       (i)  a
Public Acquirer Change of Control has occurred;

                      (ii)  the
senior unsecured debt rating of the Public Acquirer is rated Baa3 or better by
Moody’s Investors Service, or BBB- or better by Standard & Poor’s; and

                     (iii)  the
Measured Volatility for the Acquirer Common Stock as of the fifth Trading Day
immediately preceding the announcement of the Public Acquirer Change of Control
is equal to or greater than 98% of the Measured Volatility for the Common Stock
as of such fifth Trading Day,

then the Issuer may elect
that, from and after the Effective Date of such Public Acquirer Change of
Control, the right to exchange a Note will be changed into a right to exchange
a Note into cash and, if applicable, a number of shares of Acquirer Common
Stock as specified below. The Exchange Rate on and following the Effective Date
of such Public Acquirer Change of Control shall be a number of shares of
Acquirer Common Stock equal to the product of:

                      (x)  the
Exchange Rate in effect immediately prior to the Effective Date of such Public
Acquirer Change of Control, and

                     (y)  the
average of the quotients obtained, for each Trading Day in the 10 consecutive
Trading Day period commencing on the Trading Day immediately after the
Effective Date of such Public Acquirer Change of Control (the “Valuation Period”), by dividing:

          (A)          the Acquisition Value per share of the
Common Stock on each such Trading Day in the Valuation Period, by

          (B)           the Closing Sale Price per share of
the Acquirer Common Stock on each such Trading Day in the Valuation Period.

 87
 

(b)        The Issuer will notify Holders no later
than the fifth Business Day prior to the anticipated Effective Date of such
Public Acquirer Change of Control of whether it elects to modify the Exchange
Rate and exchange obligation pursuant to this Section 15.12 or whether it will
increase the Exchange Rate pursuant to Section 15.11.

(c)        If the Issuer elects to adjust the
Exchange Rate pursuant to this Section 15.12 in connection with a Public
Acquirer Change of Control, then:

                       (i)  such
adjustment shall apply to all Holders from and after the Effective Date of the
Public Acquirer Change of Control;

                      (ii)  the
Daily Settlement Amount will be calculated as set forth in Section 15.10 and
the Daily Exchange Value will be based on the Daily VWAP per share of the
Acquirer Common Stock;

                     (iii)  the
Exchange Rate will be subject to further adjustments in the manner described in
Section 15.05 and Section 15.11; and

                    (iv)  the
Issuer will not change the Exchange Right pursuant to Section 15.13 in
connection with such Public Acquirer Change of Control.

Section 15.13.  Recapitalization,
Reclassifications and Changes of Common Stock. 
If the Company is a party to a consolidation, merger, binding
share exchange, reclassification or sale or conveyance of all or substantially
all of its properties and assets, in each case pursuant to which all of the
Common Stock is exchanged for cash, securities or other property, then at the
effective time of the transaction, the Daily VWAP, each Daily Settlement Amount
and each Daily Exchange Value will be calculated based on the kind and amount
of cash, securities or other property that a holder of such a number of shares
of Common Stock equal to the Applicable Exchange Rate would have received in
such transaction. For purposes of the foregoing, where a consolidation, merger
or binding share exchange involves a transaction that causes shares of Common
Stock to be exchanged into the right to receive more than a single type of
consideration based upon any form of shareholder election, such consideration
will be deemed to be the weighted average of the types and amounts of
consideration received by the holders of Common Stock that affirmatively make
such an election.

Section 15.14.  Calculations in Respect of
Notes.  Except as otherwise
specifically stated herein or in the Notes, all calculations to be made in
respect of the Notes, including, but not limited to, the Exchange Price and the
Exchange Rate, shall be the obligation of the Issuer. All calculations made by
the Issuer or its agent as contemplated pursuant to the terms hereof and of the
Notes shall be made in good faith and be final and binding on the Notes and the
Holders of the Notes absent manifest error. The Issuer shall provide a schedule
of calculations to the Trustee, and the Trustee shall be entitled to rely upon
the accuracy of the calculations by the Issuer without independent
verification. The Trustee shall forward calculations made by the Issuer to any
Holder of Notes upon request.

 88

ARTICLE
16

MEETINGS OF HOLDERS OF NOTES

Section 16.01.  Purposes for Which Meetings
May Be Called.  A meeting of
Holders of Notes may be called at any time and from time to time pursuant to
this Article 16 to make, give or take any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture
to be made, given or taken by Holders of Notes.

Section 16.02.  Call, Notice and Place of
Meetings.  (a) The Trustee may
at any time call a meeting of Holders of Notes for any purpose specified in
Section 16.01, to be held at such time and at such place as the Trustee shall
determine.  Notice of every meeting of
Holders of Notes, setting forth the time and the place of such meeting and in
general terms the action proposed to be taken at such meeting, shall be given,
in the manner provided in Section 17.04, not less than 20 nor more than 180
days prior to the date fixed for the meeting.

(b)   In case at any time the Issuer, pursuant to a
Board Resolution, the Company, or the Holders of at least 25% in principal
amount of the outstanding Notes shall have requested the Trustee to call a
meeting of the Holders of Notes for any purpose specified in Section 16.01, by
written request setting forth in reasonable detail the action proposed to be
taken at the meeting, and the Trustee shall not have made the first publication
of the notice of such meeting within 20 days after receipt of such request or
shall not thereafter proceed to cause the meeting to be held as provided
herein, then the Issuer, the Company or the Holders of Notes in the amount
above specified, as the case may be, may determine the time and the place for
such meeting and may call such meeting for such purposes by giving notice
thereof as provided in subsection (a) of this Section 16.02.

Section 16.03.  Persons Entitled to Vote at
Meetings.  To be entitled to
vote at any meeting of Holders of Notes, a Person shall be (a) a Holder of one
or more outstanding Notes, or (b) a Person appointed by an instrument in
writing as proxy for a Holder or Holders of one or more outstanding Notes by
such Holder or Holders. The only Persons who shall be entitled to be present or
to speak at any meeting of Holders of Notes shall be the Persons entitled to
vote at such meeting and their counsel, any representatives of the Trustee and
its counsel and any representatives of the Issuer and the Company and their
respective counsel.

Section 16.04.  Quorum; Action.  The Persons entitled to vote a majority in
principal amount of the outstanding Notes shall constitute a quorum for a
meeting of Holders of Notes; provided, however, that if any action is to be taken at such meeting
with respect to a consent or waiver which this Indenture expressly provides may
be given by the Holders of not less than a specified percentage in principal
amount of the outstanding Notes, the Persons entitled to vote such specified
percentage in principal amount of the outstanding Notes shall constitute a
quorum. In the absence of a quorum within 30 minutes after the time appointed
for any such meeting, the meeting shall, if 

 89
 

convened at the request of Holders of Notes, be
dissolved. In any other case the meeting may be adjourned for a period of not
less than 10 days as determined by the chairman of the meeting prior to the adjournment
of such meeting. In the absence of a quorum at the reconvening of any such
adjourned meeting, such adjourned meeting may be further adjourned for a period
of not less than 10 days; at the reconvening of any meeting adjourned or
further adjourned for lack of a quorum, the persons entitled to vote 25% in
aggregate principal amount of the then outstanding Notes shall constitute a
quorum for the taking of any action set forth in the notice of the original
meeting. Notice of the reconvening of any adjourned meeting shall be given as
provided in Section 16.02(a), except that such notice need be given only once
not less than five days prior to the date on which the meeting is scheduled to
be reconvened.

Except
as limited by the proviso to Section 11.02, any resolution presented to a
meeting or adjourned meeting duly reconvened at which a quorum is present as
aforesaid may be adopted by the affirmative vote of the persons entitled to
vote a majority in aggregate principal amount of the outstanding Notes; provided, however, that,
except as limited by the proviso to Section 11.02, any resolution with respect
to any request, demand, authorization, direction, notice, consent, waiver or
other action which this Indenture expressly provides may be made, given or taken
by the Holders of a specified percentage, which is less than a majority, in
principal amount of the outstanding Notes may be adopted at a meeting or an
adjourned meeting duly reconvened and at which a quorum is present as aforesaid
by the affirmative vote of the Holders of such specified percentage in
principal amount of the outstanding Notes.

Any
resolution passed or decision taken at any meeting of Holders of Notes duly
held in accordance with this Section 16.04 shall be binding on all the Holders
of Notes, whether or not present or represented at the meeting.

Notwithstanding
the foregoing provisions of this Section 16.04, if any action is to be taken at
a meeting of Holders of Notes with respect to any request, demand,
authorization, direction, notice, consent, waiver or other action that this
Indenture expressly provides may be made, given or taken by the Holders of a
specified percentage in principal amount of all outstanding Notes affected
thereby:

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

(ii)   the principal amount of the outstanding Notes
that vote in favor of such request, demand, authorization, direction, notice,
consent, waiver or other action shall be taken into account in determining
whether such request, demand, authorization, direction, notice, consent, waiver
or other action has been made, given or taken under this Indenture.

Section 16.05.  Determination of Voting
Rights; Conduct and Adjournment of Meetings.  (a) Notwithstanding any provisions of this
Indenture, the Trustee may make 

 90
 

such reasonable regulations as it may deem advisable
for any meeting of Holders of Notes in regard to proof of the holding of Notes
and of the appointment of proxies and in regard to the appointment and duties
of inspectors of votes, the submission and examination of proxies, certificates
and other evidence of the right to vote, and such other matters concerning the
conduct of the meeting as it shall deem appropriate.  Except as otherwise permitted or required by
any such regulations, the holding of Notes shall be proved in the manner
specified in Section 10.01 and the appointment of any proxy shall be proved in
the manner specified in Section 10.01 or by having the signature of the Person
executing the proxy witnessed or guaranteed by any trust company, bank or
banker authorized by Section 10.01 to certify to the holding of the Notes. Such
regulations may provide that written instruments appointing proxies, regular on
their face, may be presumed valid and genuine without the proof specified in
Section 10.01 or other proof.

(b)   The Trustee shall, by an instrument in
writing appoint a temporary chairman of the meeting, unless the meeting shall
have been called by the Issuer, the Company or by Holders of Notes as provided
in Section 16.02(b), in which case the Issuer, the Company or the Holders of
Notes calling the meeting, as the case may be, shall in like manner appoint a
temporary chairman. A permanent chairman and a permanent secretary of the
meeting shall be elected by vote of the Persons entitled to vote a majority in
principal amount of the outstanding Notes represented at the meeting.

(c)   At any meeting each Holder of such Notes or
proxy shall be entitled to one vote for each $1,000 principal amount of the
outstanding Notes held or represented by him; provided,
however, that no vote shall be cast or
counted at any meeting in respect of any Note challenged as not outstanding and
ruled by the chairman of the meeting to be not outstanding. The chairman of the
meeting shall have no right to vote, except as a Holder of Notes or proxy.

(d)   Any meeting of Holders of Notes duly called
pursuant to Section 16.02 at which a quorum is present may be adjourned from
time to time by Persons entitled to vote a majority in principal amount of the
outstanding Notes represented at the meeting, and the meeting may be held as so
adjourned without further notice.

Section 16.06.  Counting Votes and Recording
Action of Meetings.  The vote
upon any resolution submitted to any meeting of Holders of Notes shall be by
written ballots on which shall be subscribed the signatures of the Holders of
Notes or of their representatives by proxy and the principal amounts and serial
numbers of the outstanding Notes held or represented by them. The permanent
chairman of the meeting shall appoint two inspectors of votes who shall count
all votes cast at the meeting for or against any resolution and who shall make
and file with the secretary of the meeting their verified written reports in
duplicate of all votes cast at the meeting. A record, at least in duplicate, of
the proceedings of each meeting of Holders of Notes shall be prepared by the
secretary of the meeting and there shall be attached to said record the
original reports of the inspectors of votes on any vote by ballot taken thereat
and affidavits by one or more 

 91
 

persons having knowledge of the fact, setting forth a
copy of the notice of the meeting and showing that said notice was given as
provided in Section 16.02 and, if applicable, Section 16.04. Each copy shall be
signed and verified by the affidavits of the permanent chairman and secretary
of the meeting and one such copy shall be delivered to the Issuer and the
Company and another to the Trustee to be preserved by the Trustee, the latter
to have attached thereto the ballots voted at the meeting. Any record so signed
and verified shall be conclusive evidence of the matters therein stated.

ARTICLE
17

Miscellaneous
Provisions

Section 17.01.  Provisions Binding on Issuer’s
and the Company’s Successors.  All
the covenants, stipulations, promises and agreements by the Issuer or the
Company contained in this Indenture shall bind their respective successors and
assigns whether so expressed or not.

Section 17.02.  Common Stock Delivery
Agreement.  The Issuer has
entered into an agreement with the Company pursuant to which the Company has
agreed that, in the event the Issuer elects to deliver any shares of Common
Stock upon exchange of the Notes, the Company will deliver such shares of
Common Stock to the Issuer for delivery to the Holder upon exchange of the
Notes and the Issuer will issue a corresponding number of Units to the Company
or one of its Affiliates.

Section 17.03.  Official Acts by Successor
Corporation.  Any act or
proceeding by any provision of this Indenture authorized or required to be done
or performed by any board, committee or officer of the Issuer shall and may be
done and performed with like force and effect by the like board, committee or
officer of any Person that shall at the time be the lawful sole successor of
the Issuer or the Company.

Section 17.04.  Addresses for Notices,
etc.  Any notice or demand
which by any provision of this Indenture is required or permitted to be given
or served by the Trustee or by the Holders of Notes on the Issuer or the Company
shall be in writing and shall be deemed to have been sufficiently given or
made, for all purposes, if given or served by being deposited postage prepaid
by registered or certified mail in a post office letter box, or sent by
overnight courier, or sent by telecopier transmission addressed as follows:

To
Issuer:

SL Green Operating
Partnership, L.P.

420 Lexington Avenue

New York, NY 10170

Telecopier No.: (212)
216-1785

Attention:
General Counsel

 92
 

To
the Company:

SL Green Realty Corp.

420 Lexington Avenue

New York, NY 10170

Telecopier No.: (212)
216-1785

Attention:
General Counsel

Any
notice, direction, request or demand hereunder to or upon the Trustee shall be
deemed to have been sufficiently given or made, for all purposes, if given or
served by being deposited, postage prepaid, by registered or certified mail in
a post office letter box, or sent by overnight courier, or sent by facsimile
transmission addressed as follows:

The Bank of New York, as
Trustee

101 Barclay Street

Floor 8W

New York, NY 10286

Attention:  Corporate Trust Administration

Facsimile No.: (212) 815-5707

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

Any
notice or communication mailed to a Noteholder shall be mailed by first class
mail, postage prepaid, at such Noteholder’s address as it appears on the Note
Register and shall be sufficiently given to such Noteholder if so mailed within
the time prescribed.

Failure
to mail a notice or communication to a Noteholder or any defect in it shall not
affect its sufficiency with respect to other Noteholders. If a notice or
communication is mailed or given in the manner provided above, it is duly
given, whether or not the addressee receives it.

Section 17.05.  Governing Law.  This Indenture and the Notes shall
be governed by, and construed in accordance with, the laws of the State of New
York.

Section 17.06.  Evidence of Compliance with
Conditions Precedent, Certificates to Trustee. 
Upon any application or demand by the Issuer to the Trustee
to take any action under any of the provisions of this Indenture, the Issuer
shall furnish to the Trustee an Officers’ Certificate stating that all
conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with, and, 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, except that in the case of any
such application or request as to which the furnishing of such documents is
specifically 

 93
 

required by any provision of this Indenture relating
to such particular application or request, no additional certificate or opinion
need be furnished.

Each
certificate or opinion provided for in this Indenture and delivered to the
Trustee with respect to compliance with a condition or covenant provided for in
this Indenture shall include: (1) a statement that the person making such
certificate or opinion has read such covenant or condition; (2) a brief
statement as to the nature and scope of the examination or investigation upon
which the statement or opinion contained in such certificate or opinion is
based; (3) a statement that, in the opinion of such person, such person has
made such examination or investigation as is necessary to enable such person to
express an informed opinion as to whether or not such covenant or condition has
been complied with; and (4) a statement as to whether or not, in the opinion of
such person, such condition or covenant has been complied with; provided, however, that with respect to matters of fact an
Opinion of Counsel may rely on an Officers’ Certificate or certificates of
public officials.

Section 17.07.  Legal Holidays.  In any case where any interest payment date,
Redemption Date, Designated Event Repurchase Date, Stated Maturity or maturity
date of any Note, or the last date on which a Holder has the right to exchange
a Note, shall not be a Business Day at any place of payment, then
(notwithstanding any other provision of this Indenture or any Note other than a
provision in such Note which specifically states that such provision shall
apply in lieu hereof), payment of interest or principal (and premium, if any)
or exchange of such security need not be made at such place of payment on such
date, but  may be made on the next
succeeding Business Day at such place of payment with the same force and effect
as if made on the interest payment date, Redemption Date, Designated Event Repurchase
Date, Stated Maturity or maturity date, or on such last day for exchange, provided that no interest shall accrue on the amount so
payable for the period from and after such interest payment date, Redemption
Date, Designated Event Repurchase Date, Stated Maturity or maturity date, as
the case may be.

Section 17.08.  No Security Interest
Created.  Nothing in this
Indenture or in the Notes, expressed or implied, shall be construed to
constitute a security interest under the Uniform Commercial Code or similar
legislation, as now or hereafter enacted and in effect, in any jurisdiction in
which property of the Issuer or its subsidiaries is located.

Section 17.09.  Benefits of Indenture.  Nothing in this Indenture or in
the Notes, express or implied, shall give to any Person, other than the parties
hereto, any Paying Agent, any authenticating agent, any Note Registrar, any
Exchange Agent and their successors hereunder and the Holders of Notes any
benefit or any legal or equitable right, remedy or claim under this Indenture.

Section 17.10.  Table of Contents, Headings,
etc.  The table of contents
and the titles 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.

 94
 

Section 17.11.  Execution in
Counterparts.  This Indenture
may be executed in any number of counterparts, each of which shall be an
original, but such counterparts shall together constitute but one and the same
instrument.

Section 17.12.  Severability.  In case any provision in this
Indenture or in the Notes shall be invalid, illegal or unenforceable, then the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

Section 17.13.  No Shareholder Rights for
Noteholders.  Noteholders, as
such, will not have any rights as shareholders of the Company, including,
without limitation, voting rights and rights to receive any dividends or other
distributions on the Common Stock. .  No Shareholder Rights for Noteholders.  Noteholders, as such, will not have any
rights as shareholders of the Company, including, without limitation, voting
rights and rights to receive any dividends or other distributions on the Common
Stock.

Section 17.14.  Waiver of Jury Trial.  EACH OF THE COMPANY AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT
TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

 95
 

IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly
executed.

	
  

  	
  SL GREEN OPERATING PARTNERSHIP, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By: SL Green Realty Corp.

  
	
   

  	
  Its: Managing General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Andrew Levine

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  SL GREEN REALTY CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Andrew Levine

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Julie Salovitch-Miller

  
	
   

  	
  Name: Julie Salovitch-Miller

  
	
   

  	
  Title: Vice President

  
						

 

 96

EXHIBIT A

[Include only for Global
Notes]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW
YORK) (THE “DEPOSITARY,” WHICH TERM INCLUDES ANY SUCCESSOR DEPOSITARY FOR THE
CERTIFICATES) TO THE ISSUER 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 REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITARY (AND ANY PAYMENT HEREIN IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), 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.

[THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR
PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED, AND THE RULES AND REGULATIONS THEREUNDER. FOR EACH $1,000 PRINCIPAL
AMOUNT OF THIS NOTE, (1) THE ISSUE PRICE IS $983.57; (2) THE AMOUNT
OF THE ORIGINAL ISSUE DISCOUNT IS $16.43; (3) THE ISSUE DATE IS MARCH 26,
2007; AND (4) THE YIELD TO MATURITY IS 3.355% (COMPOUNDED SEMI-ANNUALLY).]

[Include only for Notes that are Restricted Securities]

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT AS SET FORTH IN THE FOLLOWING
SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER AGREES THAT IT WILL NOT RESELL
OR OTHERWISE TRANSFER THE SECURITY EVIDENCED HEREBY, EXCEPT (A) TO THE ISSUER,
SL GREEN REALTY CORP. OR A SUBSIDIARY OF THE ISSUER OR OF SL GREEN REALTY
CORP.; OR (B) TO A PERSON THE SELLER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A ADOPTED UNDER THE SECURITIES ACT)
THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED
INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE
IN RELIANCE ON RULE 144A, ALL IN COMPLIANCE WITH RULE 144A (IF AVAILABLE).

[THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR
PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE OF 1986, AS 

 A-1
 

AMENDED, AND THE RULES AND REGULATIONS THEREUNDER. FOR
EACH $1,000 PRINCIPAL AMOUNT OF THIS NOTE, (1) THE ISSUE PRICE IS $983.57;
(2) THE AMOUNT OF THE ORIGINAL ISSUE DISCOUNT IS $16.43; (3) THE
ISSUE DATE IS MARCH 26, 2007; AND (4) THE YIELD TO MATURITY IS 3.355%
(COMPOUNDED SEMI-ANNUALLY).]

[Include only for shares of Common Stock that are
Restricted Securities]

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT AS SET FORTH IN THE FOLLOWING
SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER AGREES (1) THAT IT WILL NOT
RESELL OR OTHERWISE TRANSFER THE SECURITY EVIDENCED HEREBY, EXCEPT (A) TO THE
ISSUER, SL GREEN REALTY CORP. OR A SUBSIDIARY OF THE ISSUER OR OF SL GREEN
REALTY CORP.; (B) UNDER A REGISTRATION STATEMENT THAT HAS BEEN DECLARED
EFFECTIVE UNDER THE SECURITIES ACT; (C) TO A PERSON THE SELLER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A ADOPTED
UNDER THE SECURITIES ACT) THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN
THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, ALL IN COMPLIANCE
WITH RULE 144A (IF AVAILABLE); OR (D) UNDER ANY OTHER AVAILABLE EXEMPTION FROM
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT; AND (2) THAT IT WILL,
PRIOR TO ANY TRANSFER OF THIS SECURITY, FURNISH TO THE TRANSFER AGENT AND THE
ISSUER SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS MAY BE
REQUIRED 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.

 A-2
 

SL GREEN OPERATING
PARTNERSHIP, L.P.

3.00% EXCHANGEABLE SENIOR NOTES DUE 2027

No.

CUSIP: 78444F AA4

$

SL
Green Operating Partnership, L.P., a Delaware limited partnership (herein
called the “Issuer,” which term includes any
successor under the Indenture referred to on the reverse hereof), for value
received hereby promises to pay to Cede & Co., or its registered assigns,
the principal sum of
                                                 
($         ), or such lesser
amount as is set forth in the Schedule of Increases or Decreases in Note on the
other side of this Note, on March 30, 2027 at the office or agency of the
Issuer maintained for that purpose in accordance with the terms of the
Indenture, in such coin or currency of the United States of America as at the
time of payment shall be legal tender for the payment of public and private
debts, and to pay interest, semi-annually on March 30 and September 30 of each
year, commencing September 30, 2007, on said principal sum at said office or
agency, in like coin or currency, at the rate per annum of 3.00%, from the
March 30 or September 30, as the case may be, next preceding the date of this
Note to which interest has been paid or duly provided for, unless no interest
has been paid or duly provided for on the Notes, in which case from March 26,
2007 until payment of said principal sum has been made or duly provided for.
Payment of the principal of and interest on the Notes not represented by a
Global Note will be made at the Corporate Trust Office or the office maintained
for that purpose in the Borough of Manhattan, The City of New York, New York,
in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts; provided, however, that
at the option of the Issuer, payments of interest on the Notes may be made (i)
by check mailed to the address of the Person entitled thereto as such address
shall appear in the Note Register or (ii) by wire transfer to an account
maintained by the Person entitled thereto located within the United States.

The
Issuer promises to pay interest on overdue principal, premium, if any, and (to
the extent that payment of such interest is enforceable under applicable law)
interest at the rate borne by the Notes.

Reference
is made to the further provisions of this Note set forth on the reverse hereof,
including, without limitation, provisions giving the Holder of this Note the
right to exchange this Note into cash and, if applicable, shares of Common
Stock, on the terms and subject to the limitations referred to on the reverse
hereof and as more fully specified in the Indenture. Such further provisions
shall for all purposes have the same effect as though fully set forth at this
place.

 A-3
 

This
Note shall not be valid or become obligatory for any purpose until the
certificate of authentication hereon shall have been signed manually or by
facsimile by the Trustee or a duly authorized authenticating agent under the
Indenture.

 A-4
 

 

	
  IN WITNESS WHEREOF, the
  Issuer has caused this Note to be duly executed.

  
	
   

  
	
  Dated: March 26, 2007

  

 

	
  

  	
  SL GREEN OPERATING PARTNERSHIP, L.P.

  
	
   

  	
   

  
	
  

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  SL Green Realty
  Corp. 

  
	
   

  	
   

  	
   

  	
  Its: Managing
  General Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  

 

 A-5
 

TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

	
  This is one of the Notes
  described in the within-named Indenture.

  
	
   

  
	
  Dated:

  

 

	
  

  	
   

  	
  The Bank of New York, as Trustee

  
	
  

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  

 

 A-6
 

[FORM OF REVERSE SIDE OF
NOTE]

SL GREEN OPERATING
PARTNERSHIP, L.P.

3.00% EXCHANGEABLE SENIOR NOTES DUE 2027

This
Note is one of a duly authorized issue of Notes of the Issuer, designated as
its 3.00% Exchangeable Senior Notes due 2027 (herein called the “Notes”), issued under and pursuant to an Indenture dated as
of March 26, 2007 (herein called the “Indenture”),
among the Issuer, the Company and The Bank of New York, as trustee (herein
called the “Trustee”), to which Indenture and
all indentures supplemental thereto reference is hereby made for a description
of the rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Issuer and the Holders of the Notes. Defined
terms used but not otherwise defined in this Note shall have the respective
meanings ascribed thereto in the Indenture.

If
an Event of Default (other than an Event of Default specified in Section
8.01(h) or 8.01(i) of the Indenture) occurs and is continuing, the principal
of, premium, if any, and accrued and unpaid interest on all Notes may be
declared to be due and payable by either the Trustee or the Holders of at least
25% in aggregate principal amount of the Notes then outstanding, and, upon said
declaration the same shall be immediately due and payable. If an Event of
Default specified in Section 8.01(h) or 8.01(i) of the Indenture occurs and is
continuing, then the principal of and premium, if any, and interest accrued and
unpaid on all the Notes shall be immediately due and payable without any
declaration or other action on the part of the Trustee or any Holder of Notes.

The
Indenture contains provisions permitting the Issuer and the Trustee, with the
consent of the Holders of not less than a majority in aggregate principal
amount of the Notes at the time outstanding, to execute supplemental indentures
adding any provisions to or changing in any manner or eliminating any of the
provisions of the Indenture or of any supplemental indenture or modifying in
any manner the rights of the Holders of the Notes, subject to exceptions set
forth in Section 11.02 of the Indenture. Subject to the provisions of the
Indenture, the Holders of not less than a majority in aggregate principal
amount of the Notes at the time outstanding may, on behalf of the Holders of
all of the Notes, waive certain past defaults or Events of Default.

No
reference herein to the Indenture and no provision of this Note or of the
Indenture shall impair, as among the Issuer and the Holder of the Notes, the
obligation of the Issuer, which is absolute and unconditional, to pay the
principal of, premium, if any, on and interest on this Note at the place, at
the respective times, at the rate and in the coin or currency herein and in the
Indenture prescribed.

Interest
on the Notes shall be computed on the basis of a 360-day year of twelve 30-day
months.

 A-7
 

The
Notes are issuable in fully-registered form, without coupons, in minimum
denominations of $1,000 principal amount and in integral multiples of $1,000 in
excess thereof. At the office or agency of the Issuer referred to on the face
hereof, and in the manner and subject to the limitations provided in the
Indenture, without payment of any service charge but with payment of a sum
sufficient to cover any tax, assessment or other governmental charge that may
be imposed in connection with any registration or exchange of Notes, Notes may
be exchanged for a like aggregate principal amount of Notes of any other
authorized denominations.

The
Issuer shall have the right to redeem the Notes under certain circumstances as
set forth in Section 3.01 of the Indenture.

The
Notes are not subject to redemption through the operation of any sinking fund.

Upon
the occurrence of a Designated Event, or on March 30, 2012, March 30, 2017 and
March 30, 2022, Holders shall have the right to require the Issuer to
repurchase all or a portion of their Notes pursuant to Section 4.01 and Section
5.01, respectively, of the Indenture.

Subject
to and in compliance with the provisions of the Indenture, the Holder hereof
shall have the right to exchange each $1,000 principal amount of this Note into
cash and, if applicable, shares of Common Stock as provided in Article 15 of
the Indenture.

In
the event the Holder surrenders this Note for exchange in connection with
certain Designated Events, the Issuer will increase the Applicable Exchange
Rate by the Additional Designated Event Shares as and when provided in Section
15.11, or, in certain circumstances adjust the Exchange Rate for Acquirer
Common Stock as provided in Section 15.12 of the Indenture.

No
recourse for the payment of the principal of (including the Redemption Price or
Repurchase Price upon redemption or repurchase pursuant to Article 3, Article 4
and Article 5 of the Indenture) or any premium, if any, or interest on this
Note, or for any claim based hereon or otherwise in respect hereof, and no
recourse under or upon any obligation, covenant or agreement of the Issuer in
the Indenture or any supplemental indenture or in this Note, or because of the
creation of any indebtedness represented thereby, shall be had against any
incorporator, shareholder, partner, member, manager, employee, agent, officer,
director or subsidiary, as such, past, present or future, of the Company, the
Issuer or any of the Company’s Subsidiaries or of any successor thereto, either
directly or through the Company, the Issuer or any of the Company’s
Subsidiaries or of any successor thereto, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment
or penalty or otherwise; it being expressly understood that all such liability
is hereby expressly waived and released as a condition of, and as consideration
for, the execution of the Indenture and the issue of this Note.

 A-8
 

In
addition to the rights provided to Holders of Notes under the Indenture,
Holders shall have all the rights set forth in the Registration Rights
Agreement dated as of March 26, 2007, among the Issuer, the Company and the
Initial Purchaser named therein (the “Registration Rights
Agreement”).

 

 A-9

ABBREVIATIONS

The
following abbreviations, when used in the inscription of the face of this Note,
shall be construed as though they were written out in full according to
applicable laws or regulations.

	
  TEN-COM

  	
   

  	
  as tenants in common

  	
   

  	
  UNIF GIFT MIN ACT -

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Custodian 

  	
   

  
	
  TEN-ENT

  	
   

  	
  as tenant by the
  entireties

  	
   

  	
  (Cust) (Minor)

  
	
  JT-TEN

  	
   

  	
  as joint tenants with
  right of survivorship and not under Uniform Gifts to Minors Act

  
	
   

  	
   

  	
  as tenants in common

  	
   

  	
  (State)

  
							

 

Additional
abbreviations may also be used though not in the above list.

 A-10
 

EXCHANGE NOTICE

TO:                            SL
GREEN OPERATING PARTNERSHIP, L.P.

The Bank of New York, as Trustee

The
undersigned registered owner of this Note hereby irrevocably exercises the
option to exchange this Note, or the portion thereof (which is $1,000 or a
multiple thereof) below designated, into cash and, if applicable, shares of
Common Stock, in accordance with the terms of the Indenture referred to in this
Note, and directs that the shares of Common Stock, if any, issuable and
deliverable upon such exchange, together with any check in payment for cash, if
any, payable upon exchange or for fractional shares and any Notes representing
any unexchanged principal amount hereof, be issued and delivered to the
registered holder hereof unless a different name has been indicated below.
Capitalized terms used herein but not defined shall have the meanings ascribed
to such terms in the Indenture. If shares or any portion of this Note not
exchanged are to be issued in the name of a person other than the undersigned,
the undersigned will provide the appropriate information below and pay all
transfer taxes payable with respect thereto. Any amount required to be paid by
the undersigned on account of interest accompanies this Note.

The
undersigned registered owner of this Note hereby certifies that it or the
Person on whose behalf the Notes are being exchanged is a qualified
institutional buyer within the meaning of Rule 144A under the Securities Act of
1933, as amended.

	
  Dated:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature(s)

  
	
   

  	
   

  	
  Signature(s) must be
  guaranteed by an “eligible guarantor
  institution” meeting the requirements of the Note Registrar, which
  requirements include membership or participation in the Security Transfer
  Agent Medallion Program (“STAMP”) or
  such other “signature guarantee program” as
  may be determined by the Note Registrar in addition to, or in substitution
  for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
  amended.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature Guarantee

  

 

 A-11
 

Fill
in the registration of shares of Common Stock, if any, if to be issued, and
Notes if to be delivered, and the person to whom cash and payment for
fractional shares is to be made, if to be made, other than to and in the name
of the registered holder:

	
  Please
  print name and address

  	
   

  
	
   

  	
   

  
	
  (Name)

  	
   

  
	
   

  	
   

  
	
  (Street Address)

  	
   

  
	
   

  	
   

  
	
  (City, State and Zip Code)

  	
   

  
	
  Principal amount to be
  exchanged

  	
   

  
	
  (if less than all):

  	
   

  
	
  $

  	
   

  	
   

  
	
  Social Security or Other Taxpayer Identification
  Number: 

  	
   

  
	
   

  	
   

  
			

 

NOTICE: The signature on this Exchange Notice must
correspond with the name as written upon the face of the Note in every
particular without alteration or enlargement or any change whatever.

 A-12
 

DESIGNATED EVENT
REPURCHASE NOTICE

TO:                            SL
GREEN OPERATING PARTNERSHIP, L.P.

The Bank of New York, as Trustee

The
undersigned registered owner of this Note hereby irrevocably acknowledges
receipt of a notice from SL Green Operating Partnership, L.P. (the “Issuer”) regarding the right of Holders to elect to require
the Issuer to repurchase the Notes and requests and instructs the Issuer to
repay the entire principal amount of this Note, or the portion thereof (which
is $1,000 or an integral multiple thereof) below designated, in cash, in
accordance with the terms of the Indenture at the price of 100% of such entire
principal amount or portion thereof, together with accrued and unpaid interest
to, but excluding, the Designated Event Repurchase Date, as the case may be, to
the registered holder hereof. Capitalized terms used herein but not defined
shall have the meanings ascribed to such terms in the Indenture. The Notes
shall be repurchased by the Issuer as of the Designated Event Repurchase Date,
as the case may be, pursuant to the terms and conditions specified in the
Indenture.

NOTICE:
The signatures of the Holder(s) hereof must correspond with the name as written
upon the face of the Note in every particular without alteration or enlargement
or any change whatever. Note Certificate Number (if applicable): 

	
   

  	
   

  

 

Principal
amount to be repurchased (if less than all, must be $1,000 or whole multiples
thereof): 

	
  

  	
   

  
	
  Social Security or
  Other Taxpayer Identification Number: 

  	
   

  

 

	
  Dated:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature(s)

  
	
   

  	
   

  	
  Signature(s) must be
  guaranteed by an “eligible guarantor
  institution” meeting the requirements of the Note Registrar, which
  requirements include membership or participation in the Security Transfer
  Agent Medallion Program (“STAMP”) or
  such other “signature guarantee program” as
  may be determined by the Note Registrar in addition to, or in substitution
  for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
  amended.

  

 

 A-13
 

Signature Guarantee

 A-14
 

SCHEDULED REPURCHASE
NOTICE

TO:                            SL
GREEN OPERATING PARTNERSHIP, L.P.

The Bank of New York, as Trustee

The
undersigned registered owner of this Note hereby requests and instructs Issuer
to repay the entire principal amount of this Note, or the portion thereof
(which is $1,000 or an integral multiple thereof) below designated, in cash, in
accordance with the terms of the Indenture at the price of 100% of such entire
principal amount or portion thereof, together with accrued and unpaid interest
to, but excluding, the Scheduled Repurchase Date, as the case may be, to the
registered holder hereof. Capitalized terms used herein but not defined shall
have the meanings ascribed to such terms in the Indenture. The Notes shall be
repurchased by the Issuer as of the Scheduled Repurchase Date, as the case may
be, pursuant to the terms and conditions specified in the Indenture.

NOTICE:
The signatures of the Holder(s) hereof must correspond with the name as written
upon the face of the Note in every particular without alteration or enlargement
or any change whatever. Note Certificate Number (if applicable): 

	
   

  	
   

  

 

	
  

  	
   

  
	
  Social Security or
  Other Taxpayer Identification Number: 

  	
   

  

 

	
  Dated:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature(s)

  
	
   

  	
   

  	
  Signature(s) must be
  guaranteed by an “eligible guarantor
  institution” meeting the requirements of the Note Registrar, which
  requirements include membership or participation in the Security Transfer
  Agent Medallion Program (“STAMP”) or
  such other “signature guarantee program” as
  may be determined by the Note Registrar in addition to, or in substitution
  for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
  amended.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature Guarantee

  

 

 A-15
 

ASSIGNMENT

For
value received                                               
hereby sell(s) assign(s) and transfer(s) unto                                         
(Please insert social security or other Taxpayer Identification Number of
assignee) the within Note, and hereby irrevocably constitutes and appoints                              
attorney to transfer said Note on the books of the Issuer, with full power of
substitution in the premises.

In
connection with any transfer of the Note, the undersigned confirms that such
Note is being transferred:

·                                          o            To SL Green Operating Partnership,
L.P., SL Green Realty Corp. or a subsidiary of SL Green Operating Partnership,
L.P. or SL Green Realty Corp.; or

·                                          o            To a “qualified
institutional buyer” in compliance with Rule 144A under the
Securities Act of 1933, as amended.

Unless one of the boxes is checked, the Trustee
will refuse to register any of the Notes evidenced by this certificate in the
name of any person other than the registered holder thereof.

	
  Dated:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature(s)

  
	
   

  	
   

  	
  Signature(s) must be
  guaranteed by an “eligible guarantor
  institution” meeting the requirements of the Note Registrar, which
  requirements include membership or participation in the Security Transfer
  Agent Medallion Program (“STAMP”) or
  such other “signature guarantee program” as
  may be determined by the Note Registrar in addition to, or in substitution
  for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
  amended.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature Guarantee

  

 

 A-16
 

NOTICE: The signature on this Assignment must
correspond with the name as written upon the face of the Note in every
particular without alteration or enlargement or any change whatever.

 A-17
 

ASSIGNMENT

For
value received                                                         
hereby sell(s) assign(s) and transfer(s) unto                                       
(Please insert social security or other Taxpayer Identification Number of
assignee)                         
shares of Common Stock, and hereby irrevocably constitutes and appoints                                                
attorney to transfer said shares of Common Stock on the books of the Issuer,
with full power of substitution in the premises.

In
connection with any transfer of the shares of Common Stock prior to the
expiration of the holding period applicable to sales thereof under Rule 144(k)
under the Securities Act (or any successor provision) (other than any transfer
pursuant to a registration statement that has been declared effective under the
Securities Act), the undersigned confirms that such shares of Common Stock are
being transferred:

·                                          o            To SL Green Operating Partnership,
L.P., SL Green Realty Corp. or a subsidiary of SL Green Operating Partnership,
L.P. or SL Green Realty Corp.; or

·                                          o            Pursuant to and in compliance with
Rule 144 under the Securities Act of 1933, as amended; or

·                                          o            To a person the undersigned reasonably
believes is a qualified institutional buyer that is purchasing for its own
account or for the account of another qualified institutional buyer and to whom
notice is given that the transfer is being made in reliance on Rule 144A, all
in compliance with Rule 144A (if available); or

·                                          o            Pursuant to a Registration Statement
which has been declared effective under the Securities Act of 1933, as amended,
and which continues to be effective at the time of transfer.

Unless one of the boxes is checked, the Transfer
Agent will refuse to register any of the shares of Common Stock evidenced by
this certificate in the name of any person other than the registered holder
thereof.

 A-18
 

[Include Schedule I only for a Global Note]

SCHEDULE OF INCREASES OR
DECREASES IN NOTE

The initial
principal amount of this Global Note is
          Dollars
($           ). The
following increases or decreases in part of this Note have been made:

	
  Date

  	
   

  	
  Amount of 

  Increase in 

  Principal 

  Amount of 

  this Note

  	
   

  	
  Amount of 

  Decrease in 

  Principal 

  Amount of 

  this Note

  	
   

  	
  Principal 

  Amount of 

  this Note 

  following 

  such Increase 

  or Decrease

  	
   

  	
  Signature of Authorized 

  Officer of Trustee

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

 A-19

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]