Document:

<PAGE>

                                                                     EXHIBIT 4.2

                                                               EXECUTION VERSION

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

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

                                BOWNE & CO., INC.

                                  as Issuer of

          5.00% CONVERTIBLE SUBORDINATED DEBENTURES DUE OCTOBER 1, 2033

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

                                    INDENTURE

                         Dated as of September 24, 2003

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

                              The Bank of New York,

                                   as Trustee

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

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

<PAGE>

                             CROSS-REFERENCE TABLE*

<TABLE>
<CAPTION>
Trust Indenture                                                              Indenture
 Act Section                                                                  Section
 -----------                                                                  -------
<S>                                                                         <C>
310(a)(1)...........................................................                6.8
   (a)(2)...........................................................                6.8
   (a)(3)...........................................................                n/a
   (a)(4)...........................................................                n/a
   (a)(5)...........................................................                6.8
   (b)..............................................................        [6.9, 6.13]
   (c)..............................................................                n/a
311(a)..............................................................               6.14
   (b)..............................................................               6.14
   (c)..............................................................                n/a
312(a)..............................................................               15.1
   (b)..............................................................               15.2
   (c)..............................................................               15.2
313(a)..............................................................               15.3
   (b)(1)...........................................................               15.3
   (b)(2)...........................................................               15.3
   (c)..............................................................               15.3
   (d)..............................................................               15.4
314(a)..............................................................               15.4
   (b)..............................................................                n/a
   (c)(1)...........................................................                1.2
   (c)(2)...........................................................                1.2
   (c)(3)...........................................................                n/a
   (d)..............................................................                n/a
   (e)..............................................................                1.2
   (f)..............................................................                n/a
315(a)..............................................................                6.1
   (b)..............................................................        [6.2, 10.8]
   (c)..............................................................              [6.1]
   (d)..............................................................                6.1
   (e)..............................................................               5.14
316(a)(last sentence)...............................................                1.1
   (a)(1)(A)........................................................               5.12
   (a)(1)(B)........................................................               5.13
   (a)(2)...........................................................                n/a
   (b)..............................................................                5.8
   (c)..............................................................              [1.4]
317(a)(1)...........................................................                5.3
   (a)(2)...........................................................                5.4
   (b)..............................................................          4.2, 10.3
318(a)..............................................................               1.13
   (b)..............................................................                n/a
   (c)..............................................................               1.13
</TABLE>

-----------------
"n/a" means not applicable.

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

                                       i

<PAGE>

<TABLE>
<S>                                                                                                                <C>
ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION..............................................     7

   SECTION 1.1           Definitions...........................................................................     7
   SECTION 1.2           Compliance Certificates and Opinions..................................................    16
   SECTION 1.3           Form of Documents Delivered to the Trustee............................................    17
   SECTION 1.4           Acts of Holders.......................................................................    17
   SECTION 1.5           Notices, Etc. to the Trustee and Company..............................................    19
   SECTION 1.6           Notice to Holders; Waiver.............................................................    19
   SECTION 1.7           Effect of Headings and Table of Contents..............................................    20
   SECTION 1.8           Successors and Assigns................................................................    20
   SECTION 1.9           Separability Clause...................................................................    20
   SECTION 1.10          Benefits of Indenture.................................................................    20
   SECTION 1.11          Governing Law; Waiver of Jury Trial...................................................    20
   SECTION 1.12          Legal Holidays........................................................................    20
   SECTION 1.13          Conflict with Trust Indenture Act.....................................................    21

ARTICLE II SECURITY FORMS......................................................................................    21

   SECTION 2.1           Forms Generally.......................................................................    21
   SECTION 2.2           Form of Security......................................................................    22
   SECTION 2.3           Form of Election of Holder to Require Change in Control Repurchase....................    30
   SECTION 2.4           Form of Election of Holder to Require Repurchase......................................    31
   SECTION 2.5           Form of Conversion Notice.............................................................    32
   SECTION 2.6           Form of Assignment....................................................................    34
   SECTION 2.7           Schedule of Exchanges of Interests....................................................    34

ARTICLE III THE SECURITIES.....................................................................................    35

   SECTION 3.1           Title and Terms.......................................................................    35
   SECTION 3.2           Denominations.........................................................................    35
   SECTION 3.3           Execution, Authentication, Delivery and Dating........................................    35
   SECTION 3.4           Global Securities; Non-Global Securities; Book-entry Provisions.......................    36
   SECTION 3.5           Registration; Registration of Transfer and Exchange; Restrictions on Transfer.........    37
   SECTION 3.6           Mutilated, Destroyed, Lost or Stolen Securities.......................................    41
   SECTION 3.7           Payment of Interest; Interest Rights Preserved........................................    41
   SECTION 3.8           Persons Deemed Owners.................................................................    42
   SECTION 3.9           Cancellation..........................................................................    43
   SECTION 3.10          Computation of Interest...............................................................    43
   SECTION 3.11          CUSIP Numbers.........................................................................    43

ARTICLE IV SATISFACTION AND DISCHARGE..........................................................................    43

   SECTION 4.1           Satisfaction and Discharge of Indenture...............................................    43
   SECTION 4.2           Application of Trust Money............................................................    44
</TABLE>

                                       ii

<PAGE>

<TABLE>
<S>                                                                                                                <C>
ARTICLE V REMEDIES.............................................................................................    44

   SECTION 5.1           Events of Default.....................................................................    44
   SECTION 5.2           Acceleration of Maturity; Rescission and Annulment....................................    46
   SECTION 5.3           Collection of Indebtedness and Suits for Enforcement by Trustee.......................    47
   SECTION 5.4           Trustee May File Proofs of Claim......................................................    47
   SECTION 5.5           Trustee May Enforce Claims Without Possession of Securities...........................    48
   SECTION 5.6           Application of Money Collected........................................................    48
   SECTION 5.7           Limitation on Suits...................................................................    49
   SECTION 5.8           Unconditional Right of Holders to Receive Principal, Premium and Interest and
                         to Convert............................................................................    49
   SECTION 5.9           Restoration of Rights and Remedies....................................................    49
   SECTION 5.10          Rights and Remedies Cumulative........................................................    50
   SECTION 5.11          Delay or Omission Not Waiver..........................................................    50
   SECTION 5.12          Control by Holders....................................................................    50
   SECTION 5.13          Waiver of Past Defaults...............................................................    50
   SECTION 5.14          Undertaking for Costs.................................................................    51
   SECTION 5.15          Waiver of Stay, Usury or Extension Laws...............................................    51

  ARTICLE VI THE TRUSTEE.......................................................................................    51

   SECTION 6.1           Certain Duties and Responsibilities...................................................    51
   SECTION 6.2           Notice of Defaults....................................................................    52
   SECTION 6.3           Certain Rights of Trustee.............................................................    52
   SECTION 6.4           Not Responsible for Recitals or Issuance of Securities................................    54
   SECTION 6.5           May Hold Securities, Act as Trustee Under Other Indentures............................    54
   SECTION 6.6           Money Held in Trust...................................................................    54
   SECTION 6.7           Compensation and Reimbursement........................................................    54
   SECTION 6.8           Corporate Trustee Required; Eligibility...............................................    55
   SECTION 6.9           Resignation and Removal; Appointment of Successor.....................................    55
   SECTION 6.10          Acceptance of Appointment by Successor................................................    57
   SECTION 6.11          Merger, Conversion, Consolidation or Succession to Business...........................    57
   SECTION 6.12          Authenticating Agents.................................................................    57
   SECTION 6.13          Disqualification; Conflicting Interests...............................................    58
   SECTION 6.14          Preferential Collection of Claims Against Company.....................................    58

ARTICLE VII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE...............................................    59

   SECTION 7.1           Company May Consolidate, Etc. Only on Certain Terms...................................    59
   SECTION 7.2           Successor Substituted.................................................................    59

ARTICLE VIII SUPPLEMENTAL INDENTURES...........................................................................    60

   SECTION 8.1           Supplemental Indentures Without Consent of Holders....................................    60
   SECTION 8.2           Supplemental Indentures with Consent of Holders.......................................    61
   SECTION 8.3           Execution of Supplemental Indentures..................................................    62
   SECTION 8.4           Effect of Supplemental Indentures.....................................................    62
   SECTION 8.5           Reference in Securities to Supplemental Indentures....................................    62
</TABLE>

                                       iii

<PAGE>

<TABLE>
<S>                                                                                                                <C>
   SECTION 8.6           Notice of Supplemental Indentures.....................................................    62

ARTICLE IX MEETINGS OF HOLDERS OF SECURITIES...................................................................    62

   SECTION 9.1           Purposes for Which Meetings May Be Called.............................................    62
   SECTION 9.2           Call, Notice and Place of Meetings....................................................    63
   SECTION 9.3           Persons Entitled to Vote at Meetings..................................................    63
   SECTION 9.4           Quorum; Action........................................................................    63
   SECTION 9.5           Determination of Voting Rights; Conduct and Adjournment of Meetings...................    64
   SECTION 9.6           Counting Votes and Recording Action of Meetings.......................................    64

ARTICLE X COVENANTS............................................................................................    65

   SECTION 10.1          Payment of Principal, Premium and Interest............................................    65
   SECTION 10.2          Maintenance of Offices or Agencies....................................................    65
   SECTION 10.3          Money for Security Payments to Be Held in Trust.......................................    66
   SECTION 10.4          Existence.............................................................................    67
   SECTION 10.5          Statement by Officer as to Default....................................................    67
   SECTION 10.6          Delivery of Certain Information.......................................................    67
   SECTION 10.7          Registration Rights...................................................................    67
   SECTION 10.8          Waiver of Certain Covenants...........................................................    68

ARTICLE XI REDEMPTION OF SECURITIES............................................................................    68

   SECTION 11.1          Right of Redemption...................................................................    68
   SECTION 11.2          Applicability of Article..............................................................    68
   SECTION 11.3          Election to Redeem; Notice to Trustee.................................................    69
   SECTION 11.4          Selection by Trustee of Securities to Be Redeemed.....................................    69
   SECTION 11.5          Notice of Redemption..................................................................    69
   SECTION 11.6          Deposit of Redemption Price...........................................................    70
   SECTION 11.7          Securities Payable on Redemption Date.................................................    70
   SECTION 11.8          Conversion Arrangement on Call for Redemption.........................................    71

ARTICLE XII CONVERSION OF SECURITIES...........................................................................    71

   SECTION 12.1          Conversion Privilege..................................................................    71
   SECTION 12.2          Conversion Rate.......................................................................    73
   SECTION 12.3          Conversion Procedure..................................................................    74
   SECTION 12.4          Fractional Shares.....................................................................    76
   SECTION 12.5          Taxes on Conversion...................................................................    76
   SECTION 12.6          Adjustment of Conversion Rate.........................................................    76
   SECTION 12.7          Notice of Adjustments of Conversion Rate..............................................    80
   SECTION 12.8          Notice of Certain Corporate Action....................................................    81
   SECTION 12.9          Company to Reserve Common Stock.......................................................    82
   SECTION 12.10         Covenant as to Common Stock...........................................................    82
   SECTION 12.11         Cancellation of Converted Securities..................................................    82
   SECTION 12.12         Provision in Case of Consolidation, Merger or Sale of Assets..........................    82
   SECTION 12.13         Responsibility of Trustee for Conversion Provisions...................................    83
</TABLE>

                                       iv

<PAGE>

<TABLE>
<S>                                                                                                               <C>
ARTICLE XIII REPURCHASE OF SECURITIES AT THE OPTION OF THE HOLDER UPON CERTAIN DATES OR UPON A CHANGE
                      IN CONTROL...............................................................................    83

   SECTION 13.1          Purchase of Securities by the Company at Option of the Holder.........................    83
   SECTION 13.2          Repurchase Notice by the Company......................................................    84
   SECTION 13.3          Repurchase Deliveries by Holder.......................................................    85
   SECTION 13.4          Payment of Repurchase Price...........................................................    86
   SECTION 13.5          Purchase of Securities at the Option of the Holder upon a Change in Control...........    88
   SECTION 13.6          Change in Control Repurchase Notice by the Company....................................    89
   SECTION 13.7          Change in Control Repurchase Deliveries by the Holder.................................    90
   SECTION 13.8          Payment of Change in Control Repurchase Price.........................................    91
   SECTION 13.9          Partial Purchases.....................................................................    93
   SECTION 13.10         Effect of Repurchase Notice or Change in Control Repurchase Notice....................    93
   SECTION 13.11         Withdrawal of a Repurchase Notice.....................................................    94
   SECTION 13.12         Deposit of Repurchase Price or Change in Control Repurchase Price.....................    94
   SECTION 13.13         Covenant to Comply With Securities Laws Upon the Purchase of Securities...............    95
   SECTION 13.14         Repayment to the Company..............................................................    95

ARTICLE XIV SUBORDINATION OF SECURITIES........................................................................    95

   SECTION 14.1          Agreement to Subordinate..............................................................    95
   SECTION 14.2          Liquidation; Dissolution; Bankruptcy..................................................    95
   SECTION 14.3          Default on Designated Senior Debt.....................................................    96
   SECTION 14.4          Acceleration of Securities............................................................    97
   SECTION 14.5          When Distribution Must Be Paid Over...................................................    97
   SECTION 14.6          Notice by Company.....................................................................    97
   SECTION 14.7          Subrogation...........................................................................    98
   SECTION 14.8          Relative Rights.......................................................................    98
   SECTION 14.9          Subordination May Not Be Impaired by Company or Alteration of Senior Debt.............    98
   SECTION 14.10         Distribution or Notice to Representative..............................................    99
   SECTION 14.11         Rights of Trustee and Paying Agent....................................................    99
   SECTION 14.12         Authorization to Effect Subordination.................................................    99
   SECTION 14.13         Amendments............................................................................    99
   SECTION 14.14         Article Applicable to Paying Agents...................................................    99

ARTICLE XV HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY; NON-RECOURSE.....................................   100

   SECTION 15.1          Company to Furnish Trustee Names and Addresses of Holders.............................   100
   SECTION 15.2          Preservation of Information...........................................................   100
   SECTION 15.3          Reports by Trustee....................................................................   100
   SECTION 15.4          Reports by Company....................................................................   101
</TABLE>

                                       v

<PAGE>

<TABLE>
<S>                                                                                                               <C>
ARTICLE XVI IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS....................................   101

   SECTION 16.1          Indenture and Securities Solely Corporate Obligations.................................   101
</TABLE>

                                       vi

<PAGE>

         INDENTURE, dated as of September 24, 2003, between BOWNE & CO., INC., a
corporation duly organized and existing under the laws of the State of Delaware
(herein called the "Company"), and THE BANK OF NEW YORK, a New York banking
corporation, as Trustee hereunder (herein called the "Trustee").

                             RECITALS OF THE COMPANY

         The Company has duly authorized the creation of an issue of its 5.00%
Convertible Subordinated Debentures due October 1, 2033 (herein called the
"Securities") of substantially the tenor and amount hereinafter set forth, and
to provide therefor the Company has duly authorized the execution and delivery
of this Indenture.

         All things necessary to make the Securities, when the Securities are
executed by the Company and authenticated and delivered hereunder, the valid
obligations of the Company, and to make this Indenture a valid agreement of the
Company, in accordance with their and its terms, have been done. Further, all
things necessary to duly authorize the issuance of the Common Stock of the
Company issuable upon the conversion of the Securities, and to duly reserve for
issuance the number of shares of Common Stock issuable upon such conversion,
have been done.

                   NOW, THEREFORE, THIS INDENTURE WITNESSETH:

         For and in consideration of the premises and the purchase of the
Securities by the Holders thereof, it is mutually covenanted and agreed, for the
equal and proportionate benefit of all Holders of the Securities, as follows:

                                   ARTICLE I

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

SECTION 1.1 Definitions.

         For all purposes of this Indenture, except as otherwise expressly
provided or unless the context otherwise requires:

                  (1) the terms defined in this Article have the meanings
         assigned to them in this Article and include the plural as well as the
         singular;

                  (2) all accounting terms not otherwise defined herein have
         the meanings assigned to them in accordance with generally accepted
         accounting principles in the United States, and, except as otherwise
         herein expressly provided, the term "generally accepted accounting
         principles" with respect to any computation required or permitted
         hereunder shall mean such accounting principles as are generally
         accepted at the date of such computation; and

                  (3) the words "herein", "hereof" and "hereunder" and other
         words of similar import refer to this Indenture as a whole and not to
         any particular Article, Section or other subdivision.

         "Act", when used with respect to any Holder of a Security, has the
meaning specified in Section 1.4.

         "Additional Interest" has the meaning specified in Section 10.7.

                                       7
<PAGE>

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

         "Agent Member" means any member of, or participant in, the Depositary.

         "Applicable Procedures" means, with respect to any transfer or
transaction involving a Global Security or beneficial interest therein, the
rules and procedures of DTC or any successor Depositary, in each case to the
extent applicable to such transaction and as in effect from time to time.

         "Authenticating Agent" means any Person authorized pursuant to Section
6.12 to act on behalf of the Trustee to authenticate Securities.

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

         "Board Resolution" means a resolution duly adopted by the Board of
Directors, a copy of which, 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, shall have been
delivered to the Trustee.

         "Business Day", when used with respect to any Place of Payment, Place
of Conversion or any other place, as the case may be, means each Monday,
Tuesday, Wednesday, Thursday and Friday which is not a day on which banking
institutions in such Place of Payment, Place of Conversion or other place, as
the case may be, are authorized or obligated by law or executive order to close.

         "Change in Control" has the meaning specified in Section 13.5.

         "Change in Control Notice" has the meaning specified in Section 13.6.

         "Change in Control Notice Date" has the meaning specified in Section
13.6.

         "Change in Control Repurchase Date" has the meaning specified in
Section 13.5.

         "Change in Control Repurchase Notice" has the meaning specified in
Section 13.7.

         "Change in Control Repurchase Price" has the meaning specified in
Section 13.5.

         "Code" has the meaning specified in Section 2.l.

         "combined tender and cash amount" has the meaning specified in Section
12.6.

         "Commission" means the United States 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 the Common Stock, par value $0.01 per share, of
the Company authorized at the date of this Indenture as originally executed or
as such stock may be constituted from

                                       8
<PAGE>

time to time. Subject to the provisions of Section 12.12, shares issuable on
conversion or repurchase of Securities shall include only shares of Common Stock
or shares of any class or classes of common stock resulting from any
reclassification or reclassifications thereof; provided, however, that if at any
time there shall be more than one such resulting class, the shares so issuable
on conversion of Securities shall include shares of all such classes, and the
shares of each such class then so issuable 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 and, provided further, that all
references to "Common Stock" payable in connection with the purchase of
Securities in accordance with Article XIII or payable in connection with the
redemption of the Securities in accordance with Article XI shall be deemed to
include common stock of any entity, including the parent company of any such
entity, that the Company consolidates or merges with or into, that is merged
into the Company, or to which the Company sells or transfers all or
substantially all of its assets.

         "common stock" includes any stock of any class of capital stock or
common equity which has 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 issuer thereof, which has unrestricted voting rights and which
is not subject to redemption by the issuer thereof.

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

         "Company Request" or "Company Order" means a written request or order
signed in the name of the Company by its Chairman of the Board, Chief Executive
Officer, President, Chief Financial Officer, Controller, Treasurer or one of its
Executive or Senior Vice Presidents and delivered to the Trustee.

         "Constituent Person" has the meaning specified in Section 12.12.

         "Conversion Agent" means any Person authorized by the Company to
convert Securities in accordance with Article XII. The Company has initially
appointed the Trustee as its Conversion Agent pursuant to Section 10.2 hereof.

         "Conversion Date" has the meaning specified in Section 12.3.

         "Conversion Period" has the meaning specified in Section 12.1.

         "Conversion Price", with respect to one share of Common Stock, means at
any time the amount equal to $1,000 divided by the Conversion Rate in effect at
such time.

         "Conversion Rate" has the meaning specified in Section 12.2.

         "Corporate Trust Office" means the office of the Trustee at which at
any particular time the trust created by this Indenture shall be principally
administered (which at the date of this Indenture is located at 101 Barclay
Street, Floor 8W, New York, New York 10286, Attention: Corporate Trust
Administration.

         "Current Market Price" at any Time of Determination, means the average
of the daily Sale Prices per share of Common Stock for the five consecutive
Trading Days selected by the Company commencing no more than 30 Trading Days
before and ending at such Time of Determination. If another issuance,
distribution, subdivision or combination causing an adjustment to the Conversion
Rate occurs during the period applicable for calculating the Current Market
Price, then the Current Market Price shall be calculated for such period in a
manner determined by the Board of Directors to reflect the impact of such
issuance, distribution, subdivision or combination on the Sale Price of Common
Stock during such period.

                                       9
<PAGE>

         "Defaulted Interest" has the meaning specified in Section 3.7.

         "Depositary" means, with respect to any Securities (including any
Global Securities), a clearing agency that is registered as such under the
Exchange Act and is designated by the Company to act as Depositary for such
Securities (or any successor securities clearing agency so registered).

         "Designated Senior Debt" means any and all indebtedness and related
Obligations outstanding under the Company's Revolving Credit Facility and the
Company's Senior Notes and any other particular Senior Debt having an aggregate
principal amount in excess of $30,000,000 in which the instrument creating or
evidencing the same or the assumption or guarantee thereof, or related
agreements to which the Company is a party, expressly provides that such Senior
Debt shall be "Designated Senior Debt" for purposes of this Indenture. The
instrument, agreement or other document evidencing such Designated Senior Debt
may place limitations and conditions on the right of such Senior Debt to
exercise the rights of Designated Senior Debt.

         "Documents" has the meaning specified in Section 6.3.

         "Dollar" or "U.S. $" means a dollar or other equivalent unit in such
coin or currency of the United States as at the time shall be legal tender for
the payment of public and private debts.

         "DTC" means The Depository Trust Company, a New York corporation.

         "Event of Default" has the meaning specified in Section 5.1.

         "Exchange Act" means the United States Securities Exchange Act of 1934
(or any successor statute), as amended from time to time.

         "Expiration Time" has the meaning specified in Section 12.6.

         "Global Security" means a Security that is registered in the Security
Register in the name of a Depositary or a nominee thereof.

         "Holder" means the Person in whose name the Security is registered in
the Security Register.

         "Indenture" means this Indenture as originally executed or as it may
from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof,
including, for all purposes of this Indenture and any such supplemental
indenture, the provisions of the Trust Indenture Act that are deemed to be a
part of and govern this Indenture and any such supplemental indenture,
respectively.

         "Initial Purchasers" means Goldman, Sachs & Co., Morgan Stanley & Co.
Incorporated and J.P. Morgan Securities Inc.

         "Instrument" has the meaning specified in Section 5.1.

         "Interest Payment Date" means the Stated Maturity of an installment of
interest on the Securities.

         "Issue Date" means September 24, 2003.

         "Maturity", when used with respect to any Security, means the date on
which the principal of such Security becomes due and payable as therein or
herein provided, whether at the Stated Maturity or

                                       10
<PAGE>

by declaration of acceleration, call for redemption, exercise of the repurchase
rights set forth in Article XIII, or otherwise.

         "Moody's" means Moody's Investors Service, Inc. and its successors.

         "Non-electing Share" has the meaning specified in Section 12.12.

         "Non-Global Securities" means Securities that are not Global
Securities.

         "Notice of Default" has the meaning specified in Section 5.1.

         "Obligations" means any principal, premium, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities payable under
the documentation governing any indebtedness.

         "Officer" means the Chairman of the Board, the Chief Executive Officer,
the President or any Executive or Senior Vice Presidents, the Chief Financial
Officer, the Controller or the Treasurer of the Company.

         "Officer's Certificate" means a certificate signed by the Chairman of
the Board, the Chief Executive Officer, the President, the Chief Financial
Officer, the Controller, the Treasurer or one of the Executive or Senior Vice
Presidents of the Company and delivered to the Trustee. The Officer signing an
Officer's Certificate given pursuant to Section 10.5 shall be the principal
executive, financial or accounting officer of the Company.

         "Opinion of Counsel" means a written opinion of counsel, who may be
counsel for the Company and who shall be reasonably acceptable to the Trustee.

         "Outstanding", when used with respect to Securities, means, as of the
date of determination, all Securities theretofore authenticated and delivered
under this Indenture, except:

                  (1) Securities theretofore canceled by the Trustee or
         delivered to the Trustee for cancellation;

                  (2) Securities for which money in the necessary amount to pay,
         repurchase or redeem such Securities has been theretofore deposited
         with the Trustee or any Paying Agent (other than the Company) in trust
         or set aside and segregated in trust by the Company (if the Company
         shall act as its own Paying Agent) for the Holders of such Securities,
         provided that if such Securities are to be repurchased or redeemed,
         notice of such repurchase or redemption has been duly given pursuant to
         this Indenture or provision therefor reasonably satisfactory to the
         Trustee has been made;

                  (3) Securities which have been paid pursuant to Section 3.6 or
         in exchange for or in lieu of which other Securities have been
         authenticated and delivered pursuant to this Indenture, other than any
         such Securities in respect of which there shall have been presented to
         the Trustee proof satisfactory to it that such Securities are held by a
         bona fide purchaser in whose hands such Securities are valid
         obligations of the Company; and

                  (4) Securities converted into Common Stock pursuant to
         Article XII;

provided, however, that in determining whether the Holders of the requisite
principal amount of Outstanding Securities are present at a meeting of Holders
for quorum purposes or have given any

                                       11
<PAGE>

request, demand, authorization, direction, notice, consent or waiver hereunder,
Securities owned by the Company or any other obligor upon the Securities or any
Affiliate of the Company or such other obligor shall be disregarded and deemed
not to be Outstanding, except that, in determining whether the Trustee shall be
protected in relying upon any such determination as to the presence of a quorum
or upon any such request, demand, authorization, direction, notice, consent or
waiver, only Securities which a Responsible Officer of the Trustee has been
notified in writing to be so owned shall be so disregarded. Securities so owned
which have been pledged in good faith may be regarded as Outstanding if the
pledgee is not the Company or any other obligor upon the Securities or any
Affiliate of the Company or such other obligor, and the Trustee shall be
protected in relying upon an Officer's Certificate to such effect.

         "Paying Agent" means any Person authorized by the Company to pay the
principal of or interest and Additional Interest, if any, on any Securities on
behalf of the Company and, except as otherwise specifically set forth herein,
such term shall include the Company if it shall act as its own Paying Agent. The
Company has initially appointed the Trustee as its Paying Agent pursuant to
Section 10.2 hereof.

         "Payment Blockage Notice" has the meaning set forth in Section 14.3.

         "Payment Default" means any default in the payment of principal of or
premium, if any, or interest on or any other amount payable in connection with
Designated Senior Debt.

         "Permitted Junior Securities" means any payment or distribution in the
form of equity securities or subordinated securities of the Company or any
successor obligor that, in the case of any such subordinated securities, are
subordinated in right of payment to all Senior Debt (or any securities issued in
exchange for Senior Debt) that may at the time be outstanding to at least the
same extent as the Securities are so subordinated.

         "Person" means any individual, corporation, limited liability company,
partnership, joint venture, trust, estate, unincorporated organization or
government or any agency or political subdivision thereof.

         "Place of Conversion" has the meaning specified in Section 3.1.

         "Place of Payment" has the meaning specified in Section 3.1.

         "Predecessor Security" of any particular Security means every previous
Security evidencing all or a portion of the same debt as that evidenced by such
particular Security; and, for the purposes of this definition, any Security
authenticated and delivered under Section 3.6 in exchange for or in lieu of a
mutilated, destroyed, lost or stolen Security shall be deemed to evidence the
same debt as the mutilated, destroyed, lost or stolen Security.

         "Press Release" means any press release issued by the Company and
disseminated to Reuters Business News Services and Bloomberg News Services.

         "Purchase Agreement" means the Purchase Agreement, dated as of
September 18, 2003, between the Company and the Initial Purchasers, as such
agreement may be amended from time to time.

         "Purchased Shares" has the meaning specified in Section 12.6.

         "Purchasers" has the meaning specified in Section 11.8.

         "Qualified Institutional Buyer" means a "qualified institutional buyer"
as defined in Rule 144A.

                                       12
<PAGE>

         "Record Date" means any Regular Record Date or Special Record Date.

         "Record Date Period" means the period from the close of business of any
Regular Record Date next preceding any Interest Payment Date to the opening of
business on such Interest Payment Date.

         "Redemption Date", when used with respect to any Security to be
redeemed, means the date fixed for such redemption by or pursuant to this
Indenture.

         "Redemption Price", when used with respect to any Security to be
redeemed, means the price at which it is to be redeemed pursuant to this
Indenture.

         "Registrable Securities" has the meaning specified in Section 10.7.

         "Registration Rights Agreement" means the Registration Rights
Agreement, dated as of September 24, 2003, between the Company and the Initial
Purchasers, as such agreement may be amended from time to time in accordance
with its terms.

         "Regular Record Date" for interest payable in respect of any Security
on any Interest Payment Date means the close of business on March 15 or
September 15 (whether or not a Business Day), as the case may be, next preceding
such Interest Payment Date.

         "Repurchase Date" has the meaning specified in Section 13.1

         "Repurchase Notice" has the meaning specified in Section 13.3.

         "Repurchase Price" has the meaning specified in Section 13.1.

         "Responsible Officer", when used with respect to the Trustee, means any
officer within the Corporate Trust Office with direct responsibility for the
administration of this Indenture and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred
because of his knowledge and familiarity with the particular subject.

         "Restricted Global Security" has the meaning specified in Section 2.1.

         "Restricted Securities" means all Securities required pursuant to
Section 3.5(3) to bear any Restricted Securities Legend. Such term includes the
Restricted Global Security.

         "Restricted Securities Legend" means, collectively, the legends
substantially in the forms of the legends required in the form of Security set
forth in Section 2.2 to be placed upon each Restricted Security.

         "Revolving Credit Facility" means the Company's $175 million revolving
credit facility pursuant to the Credit Agreement, dated as of July 2, 2002, as
amended by the First Amendment to Credit Agreement, dated March 28, 2003, and as
further amended by the Second Amendment to Credit Agreement, dated September 24,
2003, among the Company, the several banks or entities from time to time parties
thereto as lenders, Fleet National Bank, as Agent and Arranger, JPMorgan Chase
Bank, as Documentation Agent and Wachovia Bank, National Association, as
Syndication Agent, including any related notes, collateral documents, letters of
credit, guarantees, instruments, agreements, interest rate agreements
(consisting of interest rate protection agreements, interest rate future
agreements, interest rate option agreements, interest rate swap agreements,
interest rate cap agreements, interest rate collar agreements, interest rate
hedge agreements or other similar agreements or arrangements to which the
Company is a party or a beneficiary), executed in connection therewith, as
amended, restated,

                                       13
<PAGE>

supplemented, waived, extended, renewed, replaced (in whole or in part, whether
or not upon termination, and whether with the original lenders or agents or
otherwise), refinanced (in whole or in part), restructured, repaid, refunded or
otherwise modified from time to time.

         "Rule 144" means Rule 144 under the Securities Act (or any successor
provision), as it may be amended from time to time.

         "Rule 144A" means Rule 144A under the Securities Act (or any successor
provision), as it may be amended from time to time.

         "Rule 144A Information" has the meaning specified in Section 10.6.

         "S&P" means Standard & Poor's Ratings Service, a division of the
McGraw-Hill Companies, and its successors.

         "Sale Price" means, with respect to the Common Stock, for any day, (i)
the last reported per share sale price (or, if no last sale price is reported,
the average of the last bid and ask prices or, if more than one in either case,
the average of the average bid and the average ask prices) on such date as
reported in composite transactions for the principal U.S. securities exchange on
which the Common Stock then is listed, or if the Common Stock is not listed on a
U.S. national or regional exchange, as reported on the Nasdaq National Market,
or if the Common Stock is not quoted on the Nasdaq National Market, as reported
on the principal other market on which the Common Stock is then traded. In the
absence of such quotations, the Company's Board of Directors will make a good
faith determination of the Sale Price.

         "Securities" has the meaning ascribed to it in the first paragraph
under the caption "Recitals of the Company."

         "Securities Act" means the United States Securities Act of 1933 (or any
successor statute), as amended from time to time.

         "Security Register" and "Security Registrar" have the respective
meanings specified in Section 3.5.

         "Senior Debt" means, with respect to the Company, (i) all indebtedness
for money borrowed, for reimbursement of drawings under letters of credit and
all hedging obligations (including, without limitation, all Obligations under
the Revolving Credit Facility and the Senior Notes), unless the instrument under
which such indebtedness is incurred expressly provides that it is on a parity
with or subordinated in right of payment to the Securities, and (ii) any
deferrals, renewals, refinancings, replacements or extensions of any of the
above; provided, however, that notwithstanding anything to the contrary in the
preceding, Senior Debt shall not include (A) any liability for federal, state,
local, foreign or other taxes owed or owing by the Company, (B) any intercompany
indebtedness of the Company to any of its affiliates or (C) any trade payables.

         "Senior Debt Representative" means (i) the indenture trustee or other
trustee, agent or representative for any Senior Debt or (ii) with respect to any
Senior Debt that does not have any such trustee, agent or other representative,
(A) in the case of such Senior Debt issued pursuant to an agreement providing
for voting arrangements as among the holders or owners of such Senior Debt, any
holder or owner of such Senior Debt acting with the consent of the required
Persons necessary to bind such holders or owners of such Senior Debt and (B) in
the case of all other such Senior Debt, the holder or owner of such Senior Debt;
provided that the Trustee may require that any Person claiming to be a Senior
Debt Representative furnish written certifications and other evidence, in form
and substance reasonably

                                       14
<PAGE>

satisfactory to the Trustee, that such Person is the owner, holder, or
authorized representative, agent or attorney-in-fact with respect to such Senior
Debt.

         "Senior Notes" means the Company's $25,000,000 6.90% Senior Notes,
Series A, due January 30, 2007, the Company's $28,000,000 7.31% Senior Notes,
Series B, due January 30, 2012 and the Company's $22,000,000 7.85% Senior notes,
Series C, due January 30, 2012, in each case issued pursuant to a Note Purchase
Agreement, dated as of January 30, 2002 between the Company and the respective
purchasers of such series of notes, in each case as amended and as the same may
be further amended, restated, modified or renewed from time to time.

         "Shelf Registration Statement" means a shelf registration statement
with respect to resales of Registrable Securities to be filed with the
Commission pursuant to the Registration Rights Agreement.

         "Significant Subsidiary" means, with respect to any Person, a
Subsidiary of such Person that would constitute a "significant subsidiary" as
such term is defined under Rule 1-02(w) of Regulation S-X under the Securities
Act and the Exchange Act as of the most recently ended fiscal year.

         "Special Record Date" for the payment of any Defaulted Interest means a
date fixed by the Company pursuant to Section 3.7.

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

         "Subsidiary" means a corporation more than 50% of the outstanding
voting stock of which is owned, directly or indirectly, by the Company or by one
or more other Subsidiaries, or by the Company and one or more other
Subsidiaries. For the purposes of this definition, "voting stock" means stock or
other similar interests in the corporation which ordinarily has or have voting
power for the election of directors, or persons performing similar functions,
whether at all times or only so long as no senior class of stock or other
interests has or have such voting power by reason of any contingency.

         "Successor Security" of any particular Security means every Security
issued after, and evidencing all or a portion of the same debt as that evidenced
by, such particular Security; and, for the purposes of this definition, any
Security authenticated and delivered under Section 3.6 in exchange for or in
lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Security.

         "Surrender Certificate" means a certificate substantially in the form
set forth in Annex B.

         "Time of Determination" means the time and date of the earlier of (i)
the determination of stockholders entitled to receive rights, warrants or
options or a distribution, in each case, and (ii) the day ("Ex-Dividend Time")
immediately prior to the commencement of "ex" date. The term "ex" date, (1) when
used with respect to any issuance or distribution, means the first date on which
the Common Stock trades, regular way, on the relevant exchange or in the
relevant market from which the Sale Price was obtained without the right to
receive such issuance or distribution, and (2) when used with respect to any
subdivision or combination of shares of Common Stock, means the first date on
which the Common Stock trades, regular way, on such exchange or in such market
after the time at which such subdivision or combination becomes effective.

         "Trading Day" means (a) if the applicable security is listed or
admitted for trading on the New York Stock Exchange, a day on which the New York
Stock Exchange is open for business; (b) if the applicable security is quoted on
the Nasdaq National Market, a day on which trades may be made on the

                                       15
<PAGE>

Nasdaq National Market; or (c) if the applicable security is not so listed or
admitted for trading on the New York Stock Exchange and not so quoted on the
Nasdaq National Market, a day on which the principal U.S. national or regional
exchange on which the applicable security is listed or admitted for trading is
open for business.

         "Trading Price" has the meaning specified in Section 12.1.

         "Trust Indenture Act" means the Trust Indenture Act of 1939, and the
rules and regulations thereunder, as in force at the date as of which this
Indenture was executed, provided, however, that in the event the Trust Indenture
Act of 1939 is amended after such date, "Trust Indenture Act" means, to the
extent required by any such amendment, the Trust Indenture Act of 1939, and the
rules and regulations thereunder, as so amended.

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

         "United States" means the United States of America (including the
States and the District of Columbia), its territories, its possessions and other
areas subject to its jurisdiction (its "possessions" including Puerto Rico, the
U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana
Islands).

         "Unrestricted Securities Certificate" means a certificate substantially
in the form set forth in Annex A.

SECTION 1.2 Compliance Certificates and Opinions.

         Upon any application or request by the Company to the Trustee to take
any action under any provision of this Indenture, the Company shall furnish to
the Trustee an Officer's Certificate stating that all conditions precedent, if
any, provided for in this Indenture relating to the proposed action have been
complied with and an Opinion of Counsel stating that in the opinion of such
counsel all such conditions precedent, if any, have been complied with, except
that in the case of any such application or request as to which the furnishing
of such documents is specifically required by any provision of this Indenture
relating to such particular application or request, no additional certificate or
opinion needs be furnished.

         Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture (including certificates
provided for in Section 10.5) shall include:

                  (1) a statement that each individual signing such certificate
         or opinion has read such covenant or condition and the definitions
         herein relating thereto;

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

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

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

                                       16
<PAGE>

SECTION 1.3 Form of Documents Delivered to the Trustee.

         In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all
such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one
or more other such Persons as to other matters, and any such Person may certify
or give an opinion as to such matters in one or several documents.

         Any Officer's Certificate or opinion of an Officer of the Company may
be based, insofar as it relates to legal matters, upon an Opinion of Counsel, or
certificate or representations by, counsel. Any such certificate or Opinion of
Counsel may be based, insofar as it relates to factual matters, upon a
certificate or opinion of, or representations by, an Officer or Officers or any
other Person, including public officials, stating that the information with
respect to such factual matters is in the possession of the Company or such
other Person.

         Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.

SECTION 1.4 Acts of Holders.

                  (1) Any request, demand, authorization, direction, notice,
         consent, waiver or other action provided or permitted by this Indenture
         to be given or taken by Holders may be embodied in and evidenced by (i)
         one or more instruments of substantially similar tenor signed by such
         Holders in person or by an agent or proxy duly appointed in writing by
         such Holders or (ii) the record of Holders voting in favor thereof,
         either in person or by proxies duly appointed in writing, at any
         meeting of Holders duly called and held in accordance with the
         provisions of Article IX. Such action shall become effective when such
         instrument or instruments or record is delivered to the Trustee and,
         where it is hereby expressly required, to the Company. Upon written
         request, the Trustee shall promptly deliver to the Company copies of
         all such instruments and records delivered to the Trustee. Such
         instrument or instruments and records (and the action embodied therein
         and evidenced thereby) are herein sometimes referred to as the "Act" of
         the Holders signing such instrument or instruments and so voting at
         such meeting. Proof of execution of any such instrument or of a writing
         appointing any such agent or proxy, or of the holding by any Person of
         a Security, shall be sufficient for any purpose of this Indenture and
         (subject to Section 6.1) conclusive in favor of the Trustee and the
         Company if made in the manner provided in this Section. The record of
         any meeting of Holders shall be proved in the manner provided in
         Section 9.6.

                  (2) The fact and date of the execution by any Person of any
         such instrument or writing may be proved by the affidavit of a witness
         of such execution or by a certificate of a notary public or other
         officer authorized by law to take acknowledgments of deeds, certifying
         that the individual signing such instrument or writing acknowledged to
         him the execution thereof. Where such execution is by a signer acting
         in a capacity other than his individual capacity, such certificate or
         affidavit shall also constitute sufficient proof of his authority.

                  (3) The principal amount and serial number of any Security
         held by any Person, and the date of his holding the same, shall be
         proved by the Security Register.

                                       17
<PAGE>

                  (4) The fact and date of execution of any such instrument or
         writing and the authority of the Person executing the same may also be
         proved in any other manner which the Trustee deems sufficient; and the
         Trustee may in any instance require further proof with respect to any
         of the matters referred to in this Section 1.4.

                  (5) The Company may set any day as the record date for the
         purpose of determining the Holders entitled to give or take any
         request, demand, authorization, direction, notice, consent, waiver or
         other action, or to vote on any action, authorized or permitted by this
         Indenture to be given or taken by Holders. Promptly and in any case not
         later than ten days after setting a record date, the Company shall
         notify the Trustee and the Holders of such record date. If not set by
         the Company prior to the first solicitation of a Holder made by any
         Person in respect of any such action, or, in the case of any such vote,
         prior to such vote, the record date for any such action or vote shall
         be the 30th day (or, if later, the date of the most recent list of
         Holders required to be provided pursuant to Section 15.1) prior to such
         first solicitation or vote, as the case may be. With regard to any
         record date, the Holders at the close of business on such record date
         (or their duly appointed agents or proxies), and only such Persons,
         shall be entitled to give or take, or vote on, the relevant action,
         whether or not such Holders remain Holders after such record date.
         Notwithstanding the foregoing, the Company shall not set a record date
         for, and the provisions of this paragraph shall not apply with respect
         to, any notice, declaration or direction referred to in the next
         paragraph.

                  Upon receipt by the Trustee from any Holder of (i) any notice
         of default or breach referred to in Section 5.1(4), if such default or
         breach has occurred and is continuing and the Trustee shall not have
         given such a notice to the Company, (ii) any declaration of
         acceleration referred to in Section 5.2, if an Event of Default has
         occurred and is continuing and the Trustee shall not have given such a
         declaration to the Company, or (iii) any direction referred to in
         Section 5.12, if the Trustee shall not have taken the action specified
         in such direction, then, with respect to clauses (ii) and (iii), a
         record date shall automatically and without any action by the Company
         or the Trustee be set for determining the Holders entitled to join in
         such declaration or direction, which record date shall be the close of
         business on the tenth day (or, if such day is not a Business Day, the
         first Business Day thereafter) following the day on which the Trustee
         receives such declaration or direction, and, with respect to clause
         (i), the Trustee may set any day as a record date for the purpose of
         determining the Holders entitled to join in such notice of default.
         Promptly after such receipt by the Trustee of any such declaration or
         direction referred to in clause (ii) or (iii), and promptly after
         setting any record date with respect to clause (i), and as soon as
         practicable thereafter, the Trustee shall notify the Company and the
         Holders of any such record date so fixed. The Holders on such record
         date (or their duly appointed agents or proxies), and only such
         Persons, shall be entitled to join in such notice, declaration or
         direction, whether or not such Holders remain Holders after such record
         date; provided that, unless such notice, declaration or direction shall
         have become effective by virtue of Holders of the requisite principal
         amount of Securities on such record date (or their duly appointed
         agents or proxies) having joined therein on or prior to the 90th day
         after such record date, such notice, declaration or direction shall
         automatically and without any action by any Person be canceled and of
         no further effect. Nothing in this paragraph shall be construed to
         prevent a Holder (or a duly appointed agent or proxy thereof) from
         giving, before or after the expiration of such 90-day period, a notice,
         declaration or direction contrary to or different from, or, after the
         expiration of such period, identical to, the notice, declaration or
         direction to which such record date relates, in which event a new
         record date in respect thereof shall be set pursuant to this paragraph.
         In addition, nothing in this paragraph shall be construed to render
         ineffective any notice, declaration or direction of the type referred
         to in this paragraph given at any time to the Trustee and the Company
         by Holders

                                       18
<PAGE>

         (or their duly appointed agents or proxies) of the requisite principal
         amount of Securities on the date such notice, declaration or direction
         is so given.

                  (6) Except as provided in Sections 5.12 and 5.13, any request,
         demand, authorization, direction, notice, consent, election, waiver or
         other Act of the Holder of any Security shall bind every future Holder
         of the same Security and the Holder of every Security issued upon the
         registration of transfer thereof or in exchange therefor or in lieu
         thereof in respect of anything done, omitted or suffered to be done by
         the Trustee or the Company in reliance thereon, whether or not notation
         of such action is made upon such Security.

                  (7) The provisions of this Section 1.4 are subject to the
         provisions of Section 9.5.

SECTION 1.5 Notices, Etc. to the Trustee and Company.

         Any request, demand, authorization, direction, notice, consent,
election, waiver or other Act of Holders or other document provided or permitted
by this Indenture to be made upon, given or furnished to, or filed with,

                  (1) the Trustee by any Holder of Securities or by the Company
         shall be sufficient for every purpose hereunder if made, given,
         furnished or filed in writing to or with a Responsible Officer of the
         Trustee and received at its Corporate Trust Office, and

                  (2) the Company by the Trustee or by any Holder of Securities
         shall be sufficient for every purpose hereunder (unless otherwise
         herein expressly provided) if in writing, mailed, first-class postage
         prepaid, or telecopied and confirmed by mail, first-class postage
         prepaid, or delivered by hand or overnight courier, addressed to the
         Company at 345 Hudson Street, New York, New York 10014, Attention:
         Chief Financial Officer, or at any other address previously furnished
         in writing to the Trustee by the Company.

Such notice or communication shall be effective when initially received, unless
otherwise herein expressly provided.

SECTION 1.6 Notice to Holders; Waiver.

         Except as otherwise expressly provided herein, where this Indenture
provides for notice to Holders of any event, such notice shall be sufficiently
given to Holders if in writing and mailed, first-class postage prepaid or
delivered by an overnight delivery service, or transmitted by telecopy, with
written confirmation of transmission, to each Holder of a Security affected by
such event, at the address of such Holder as it appears in the Security
Register, not earlier than the earliest date and not later than the latest date
prescribed for the giving of such notice.

         Neither the failure to mail such notice, nor any defect in any notice
so mailed, to any particular Holder of a Security shall affect the sufficiency
of such notice with respect to other Holders. In case by reason of the
suspension of regular mail service or by reason of any other cause it shall be
impracticable to give such notice by mail, then such notification to Holders as
shall be made with the approval of the Trustee, which approval shall not be
unreasonably withheld, shall constitute a sufficient notification to such
Holders for every purpose hereunder.

         Such notice shall be deemed to have been given three (3) days after
mailing, if by mail, one (1) day after mailing if by overnight courier, and on
the date the notice is furnished if by telecopy or by hand.

                                       19
<PAGE>

         Where this Indenture provides for notice in any manner, such notice may
be waived in writing by the Person entitled to receive such notice, either
before or after the event, and such waiver shall be the equivalent of such
notice. Waivers of notice by Holders shall be filed with the Trustee, but such
filing shall not be a condition precedent to the validity of any action taken in
reliance upon such waiver.

SECTION 1.7 Effect of Headings and Table of Contents.

         The Article and Section headings herein and the Table of Contents and
cross-reference sheet are for convenience only and shall not affect the
construction hereof.

SECTION 1.8 Successors and Assigns.

         All covenants and agreements in this Indenture by the Company shall
bind its successors and assigns, whether so expressed or not.

SECTION 1.9 Separability Clause.

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

SECTION 1.10 Benefits of Indenture.

         Nothing in this Indenture or in the Securities, express or implied,
shall give to any Person, other than the parties hereto and their successors and
assigns hereunder and the Holders, any benefit or legal or equitable right,
remedy or claim under this Indenture.

SECTION 1.11 Governing Law; Waiver of Jury Trial.

         THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA,
WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THEREOF.

         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 SECURITIES OR THE
TRANSACTION CONTEMPLATED HEREBY.

SECTION 1.12 Legal Holidays.

         In any case where any Interest Payment Date, Redemption Date, Change in
Control Repurchase Date, Repurchase Date or Stated Maturity of any Security or
the last day on which a Holder of a Security has a right to convert his Security
shall not be a Business Day at a Place of Payment or Place of Conversion, as the
case may be, then (notwithstanding any other provision of this Indenture or of
the Securities) payment of principal of, or interest or Additional Interest, if
any, on, or the payment of the Redemption Price, Repurchase Price or Change in
Control Repurchase Price (whether the same is payable in cash or in shares of
Common Stock or a combination thereof in the case of the Repurchase Price and
the Change in Control Repurchase Price) with respect to, or delivery for
conversion of, such Security need not be made at such Place of Payment or Place
of Conversion, as the case may be, on or by such day, but may be made on or by
the next succeeding Business Day at such Place of Payment or Place of

                                       20
<PAGE>
Conversion, as the case may be, with the same force and effect as if made on
the Interest Payment Date, Redemption Date, Repurchase Date, Change in Control
Repurchase Date or at the Stated Maturity or by such last day for conversion;
provided, however, that in the case that payment is made on such succeeding
Business Day, no interest shall accrue on the amount so payable for the period
from and after such Interest Payment Date, Redemption Date, Repurchase Date,
Change in Control Repurchase Date, Stated Maturity or last day for conversion,
as the case may be.

SECTION 1.13 Conflict with Trust Indenture Act.

         If any provision hereof limits, qualifies or conflicts with a provision
of the Trust Indenture Act that is required under the Trust Indenture Act to be
a part of and govern this Indenture, the latter provision shall control. If any
provision of this Indenture modifies or excludes any provision of the Trust
Indenture Act that may be so modified or excluded, the latter provision shall be
deemed to apply to this Indenture as so modified or to be excluded, as the case
may be. Until such time as this Indenture shall be qualified under the Trust
Indenture Act, this Indenture, the Company and the Trustee shall be deemed for
all purposes hereof to be subject to and governed by the Trust Indenture Act to
the same extent as would be the case if this Indenture were so qualified on the
date hereof.

                                   ARTICLE II

                                 SECURITY FORMS

SECTION 2.1 Forms Generally.

         The Securities shall be in substantially the form set forth in this
Article, with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture, and may have such
letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with the rules of any
securities exchange, the Internal Revenue Code of 1986, as amended, and
regulations thereunder (the "Code"), or as may, consistent herewith, be
determined by the officers executing such Securities, as evidenced by their
execution thereof. All Securities shall be in fully registered form.

         The Trustee's certificates of authentication shall be in substantially
the form set forth in the form of Security contained in Section 2.2.

         Change in Control Repurchase Notices shall be substantially in the form
set forth in the form of Security contained in Section 2.3.

         Repurchase Notices shall be substantially in the form set forth in the
form of Security contained in Section 2.4.

         Conversion notices shall be in substantially the form set forth in the
form of Security contained in Section 2.5.

         The Securities shall be printed, typewritten or produced by any
combination of these methods or may be produced in any other manner permitted by
the rules of any automated quotation system or securities exchange on which the
Securities may be quoted or listed, as the case may be, all as determined by the
Officer executing such Securities, as evidenced by their execution thereof.

         Upon their original issuance, Securities issued as contemplated by the
Purchase Agreement to Qualified Institutional Buyers in reliance on Rule 144A of
the Securities Act shall be issued in the form of one or more Global Securities
in definitive, fully registered form without interest coupons and bearing

                                       21
<PAGE>

the Restricted Securities Legend. Such Global Security shall be registered in
the name of DTC, as Depositary, or its nominee and deposited with the Trustee,
as custodian for DTC, for credit by DTC to the respective accounts of beneficial
owners of the Securities represented thereby (or such other accounts as they may
direct). Such Global Security, together with its Successor Securities, which are
Global Securities, are collectively herein called the "Restricted Global
Security."

SECTION 2.2 Form of Security.

                               [FACE OF SECURITY]

[Insert the following legend on the face of each Security that is a Restricted
Security:

THIS DEBENTURE AND ANY COMMON STOCK ISSUABLE UPON THE CONVERSION OR REPURCHASE
OF THIS DEBENTURE HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE SOLD OR OTHERWISE
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION
THEREFROM. EACH PURCHASER OF THIS DEBENTURE IS HEREBY NOTIFIED THAT THE SELLER
OF THIS DEBENTURE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION
5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

THIS DEBENTURE AND ANY COMMON STOCK ISSUABLE UPON THE CONVERSION OR REPURCHASE
OF THIS DEBENTURE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
EXCEPT (A) (1) TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES IS A
QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE
SECURITIES ACT ACQUIRING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2)
PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY
RULE 144 THEREUNDER (IF AVAILABLE), (3) TO AN INSTITUTIONAL INVESTOR THAT IS AN
"ACCREDITED INVESTOR" WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF
REGULATION D UNDER THE SECURITIES ACT PURSUANT TO AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT (IF AVAILABLE) OR (4) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ALL
APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER
JURISDICTIONS. THE HOLDER OF THIS DEBENTURE AGREES FOR THE BENEFIT OF THE
COMPANY THAT IT WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY
PURCHASER OF THIS DEBENTURE FROM IT OF THESE RESALE RESTRICTIONS. IN ANY CASE,
THE HOLDER OF THIS DEBENTURE WILL NOT, DIRECTLY OR INDIRECTLY, ENGAGE IN ANY
HEDGING TRANSACTIONS WITH REGARD TO THIS DEBENTURE OR THE SHARES OF COMMON STOCK
ISSUABLE UPON CONVERSION OR REPURCHASE OF THIS DEBENTURE EXCEPT AS PERMITTED
UNDER THE SECURITIES ACT.

THIS DEBENTURE, ANY SHARES OF COMMON STOCK ISSUABLE UPON ITS CONVERSION AND ANY
RELATED DOCUMENTATION MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME TO MODIFY
THE RESTRICTIONS ON RESALES AND OTHER TRANSFERS OF THIS DEBENTURE AND ANY SUCH
SHARES TO REFLECT ANY CHANGE IN APPLICABLE LAW OR REGULATION (OR THE
INTERPRETATION THEREOF) OR IN PRACTICES RELATING TO THE RESALE OR TRANSFER OF
RESTRICTED SECURITIES GENERALLY. THE HOLDER OF THIS DEBENTURE AND ANY SUCH
SHARES SHALL BE DEEMED BY THE ACCEPTANCE

                                       22
<PAGE>

OF THIS DEBENTURE AND ANY SUCH SHARES TO HAVE AGREED TO ANY SUCH AMENDMENT OR
SUPPLEMENT.]

[Insert the following legend on the face of each Security that is a Global
Security:

THIS DEBENTURE IS A GLOBAL DEBENTURE WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION ("DTC") OR A NOMINEE OF DTC, WHICH MAY BE
TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF
THIS DEBENTURE FOR ALL PURPOSES.

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

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN
DEFINITIVE REGISTERED FORM IN THE LIMITED CIRCUMSTANCES REFERRED TO IN THE
INDENTURE, THIS GLOBAL DEBENTURE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO
THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY
SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY.]

                                BOWNE & CO., INC.

          5.00% CONVERTIBLE SUBORDINATED DEBENTURES DUE OCTOBER 1, 2033

No.__________________                                        $__________________

CUSIP NO.____________

Bowne & Co., Inc., a corporation duly organized and existing under the laws of
the State of Delaware (herein called the "Company", which term includes any
successor Person under the Indenture referred to on the reverse hereof), for
value received, hereby promises to pay to _________________, or registered
assigns, the principal sum of ________ United States Dollars (U.S. $______ ) [if
this Security is a Global Security, then insert: (which principal amount may
from time to time be increased or decreased to such other principal amounts
(which, taken together with the principal amounts of all other Outstanding
Securities, shall not exceed $90,000,000) by adjustments made on the records of
the Trustee hereinafter referred to in accordance with the Indenture)] on
October 1, 2033 and to pay interest thereon, from September 24, 2003, or from
the most recent Interest Payment Date (as defined below) to which interest has
been paid or duly provided for, semi-annually in arrears on April 1 and October
1 in each year (each, an "Interest Payment Date"), commencing April 1, 2004, at
the rate of 5.00% per annum, until the principal hereof is due, and at such rate
per annum on any overdue principal and premium, if any, and, to the extent
permitted by law, on any overdue interest and Additional Interest, if any.
Interest on the Securities shall be computed on the basis of a 360-day year of
twelve 30-day months. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in the

                                       23
<PAGE>

Indenture, be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which shall be March 15 or September 15 (whether
or not a Business Day), as the case may be, next preceding such Interest Payment
Date. Except as otherwise provided in the Indenture, any such interest not so
punctually paid or duly provided for will forthwith cease to be payable to the
Holder on such Regular Record Date and may either be paid to the Person in whose
name this Security (or one or more Predecessor Securities) is registered at the
close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Company, notice whereof shall be given to Holders
not less than 10 days prior to the Special Record Date, or be paid at any time
in any other lawful manner not inconsistent with the requirements of any
securities exchange or automated quotation system on which the Securities may be
listed or quoted, and upon such notice as may be required by such exchange, all
as more fully provided in the Indenture. Payments of principal shall be made
upon the surrender of this Security at the option of the Holder at the Corporate
Trust Office, or at such other office or agency of the Company as may be
designated by it for such purpose in the Borough of Manhattan, The City of New
York, in such lawful monies of the United States of America as at the time of
payment shall be legal tender for the payment of public and private debts, or at
such other offices or agencies as the Company may designate, by United States
Dollar check drawn on, or wire transfer to, a United States Dollar account (such
a wire transfer to be made only to a Holder of an aggregate principal amount of
Securities in excess of U.S. $2,000,000 and only if such Holder shall have
furnished wire instructions in writing to the Trustee no later than 15 days
prior to the relevant payment date). Payment of interest on this Security may be
made by United States Dollar check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register, or, upon written
application by the Holder to the Security Registrar setting forth wire
instructions not later than the relevant Record Date, by transfer to a United
States Dollar account (such a wire transfer to be made only to a Holder of an
aggregate principal amount of Securities in excess of U.S. $2,000,000 and only
if such Holder shall have furnished wire instructions in writing to the Trustee
no later than 15 days prior to the relevant payment date).

         The Securities shall be issuable only in registered form, without
coupons, in denominations of U.S. $1,000 and integral multiples of U.S. $1,000
in excess thereof.

         Except as specifically provided herein and in the Indenture, the
Company shall not be required to make any payment with respect to any tax,
assessment or other governmental charge imposed by any government or any
political subdivision or taxing authority thereof or therein.

         Reference is hereby made to the further provisions of this Security set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

         Unless the certificate of authentication hereon has been executed by
the Trustee referred to on the reverse hereof or an Authenticating Agent by the
manual signature of one of their respective authorized signatories, this
Security shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

         IN WITNESS WHEREOF, the Company has caused this Security to be duly
executed.

                                                 BOWNE & CO., INC.

                                                 By: ___________________________
                                                     Name:
                                                     Title:

                                       24
<PAGE>

                          Certificate of Authentication

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

Dated: _________________

                                              The Bank of New York, as Trustee

                                              By:______________________________
                                                   Authorized Signatory

                              [REVERSE OF SECURITY]

         This Security is one of a duly authorized issue of securities of the
Company designated as its "5.00% Convertible Subordinated Debentures due October
1, 2033" (herein called the "Securities"), limited in aggregate principal amount
to U.S. $90,000,000, issued and to be issued under an Indenture, dated as of
September 24, 2003 (herein called the "Indenture"), between the Company and The
Bank of New York, as Trustee (herein called the "Trustee", which term includes
any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the Holders of the Securities and of the terms upon
which the Securities are, and are to be, authenticated and delivered. As
provided in the Indenture and subject to certain limitations therein set forth,
Securities are exchangeable for a like aggregate principal amount of Securities
of any authorized denominations as requested by the Holder surrendering the same
upon surrender of the Security or Securities to be exchanged, at the Corporate
Trust Office. The Trustee upon such surrender by the Holder will issue the new
Securities in the requested denominations.

         Subject to and in compliance with the provisions of the Indenture
(including, without limitation, the conditions to conversion of this Security
set forth in Article XII of the Indenture) (and subject to the Company's right
to deliver cash or shares of Common Stock or a combination of cash and shares of
Common Stock in certain circumstances), a Holder is entitled, at such Holder's
option, to convert the Holder's Security into shares of Common Stock at the
applicable Conversion Rate in effect on the Conversion Date.

         The initial Conversion Rate is 54.1126 shares of Common Stock per
$1,000 principal amount, subject to adjustment in certain events described in
the Indenture. A Holder that surrenders a Security for conversion will receive
cash in lieu of any fractional share of Common Stock based on the Sale Price of
the Common Stock of the Company on the Trading Day immediately prior to the
Conversion Date.

         No sinking fund is provided for the Securities.

         The Securities are subject to redemption by the Company, in whole or in
part, at any time on or after October 1, 2008, upon notice as set forth in
Section 11.5 of the Indenture, at a redemption price equal to 100% of the
principal amount of the debentures to be redeemed, plus all accrued and unpaid
interest and Additional Interest, if any, to but excluding the Redemption Date.

         In the event of a redemption of the Securities, the Company will not be
required (a) to issue, register the transfer of or exchange any Securities for a
period beginning at the opening of business on the date that is 15 days
immediately preceding the mailing of notice identifying the serial numbers of
the Securities called for such redemption and ending at the close of business on
the earliest date on which the relevant notice of redemption is mailed to all
Holders being redeemed, or (b) to register the transfer or

                                       25
<PAGE>

exchange of any Security, or portion thereof (other than the unredeemed portion
of any Security being redeemed in part), called for redemption.

         Subject to the terms and conditions of the Indenture, the Company shall
be obligated to purchase, at the option of the Holder, all or any portion of the
Securities held by such Holder on October 1, 2008, October 1, 2013, October 1,
2018, October 1, 2023, and October 1, 2028, at a repurchase price equal to 100%
of the principal amount of the Securities to be repurchased plus accrued and
unpaid interest and Additional Interest, if any, to, but not including, such
Repurchase Date. The Repurchase Price for repurchases on October 1, 2008 will be
paid in cash only. The Repurchase Price for repurchases on October 1, 2013,
October 1, 2018, October 1, 2023, or October 1, 2028 may be paid, at the sole
option of the Company, in cash or, subject to the satisfaction of certain
conditions specified in the Indenture, by the issuance and delivery of shares of
Common Stock, or in any combination thereof.

         At the option of the Holder and subject to the terms and conditions of
the Indenture, the Company shall become obligated to offer to purchase the
Securities held by such Holder upon a Change in Control at a repurchase price
equal to 100% of the principal amount of the Securities to be repurchased plus
accrued and unpaid interest and Additional Interest, if any, to, but not
including, such Change in Control Repurchase Date. At the sole option of the
Company, the Change in Control Repurchase Price may be paid in cash, or, subject
to the satisfaction of certain conditions set forth in the Indenture, by the
issuance of shares of Common Stock, or in any combination thereof.

         If money (and/or shares of Common Stock if permitted under the
Indenture) sufficient to pay the Redemption Price, Repurchase Price or the
Change in Control Repurchase Price, as the case may be, of all Securities or
portions thereof to be purchased on the Redemption Date, Repurchase Date or
Change in Control Repurchase Date, as the case may be, is deposited with the
Paying Agent at 10:00 a.m., New York City time, on the Business Day immediately
following the Redemption Date, Repurchase Date or the Change in Control
Repurchase Date, as the case may be, then, on such Redemption Date, Repurchase
Date and Change in Control Repurchase Date, as the case may be, whether or not
the Securities are delivered to the Paying Agent, the Securities shall cease to
be outstanding, interest shall cease to accrue and all other rights of the
Holders in respect thereof shall terminate (other than the right to receive the
Redemption Price, Repurchase Price or Change in Control Repurchase Price, as the
case may be, upon delivery of such Securities).

         A Security in respect of which a Holder has delivered a Repurchase
Notice or Change in Control Repurchase Notice, as the case may be, exercising
the right of such Holder to require the Company to repurchase such Security may
be converted only if such Repurchase Notice or Change in Control Repurchase
Notice is withdrawn in accordance with the terms of the Indenture.

         No payment or adjustment will be made for accrued and unpaid interest
or dividends on the shares of Common Stock, except as provided in the Indenture.

         To surrender a Security for conversion, in the case of a Global
Security, a Holder must comply with all Applicable Procedures of the Depositary,
and in the case of a Security that is a Non-Global Security, a Holder must (1)
complete and manually sign the irrevocable conversion notice below (or complete
and manually sign a facsimile of such notice) and deliver such notice to the
Conversion Agent, (2) surrender the Security to the Conversion Agent and in any
such case furnish appropriate endorsements and transfer documents and pay any
transfer or similar taxes and all other taxes or duties, if required.

         In any case where the due date for the payment of the principal of,
premium, if any, or interest, on any Security or the Redemption Price,
Repurchase Price or Change in Control Repurchase Price or the last day on which
a Holder of a Security has a right to convert his Security shall be, at any
Place of

                                       26
<PAGE>

Payment or Place of Conversion as the case may be, a day on which banking
institutions at such Place of Payment or Place of Conversion are authorized or
obligated by law or executive order to close, then payment of principal,
premium, if any, interest, Redemption Price, Repurchase Price or Change in
Control Repurchase Price, or delivery for conversion of such Security need not
be made on or by such date at such place but may be made on or by the next
succeeding day at such place which is not a day on which banking institutions
are authorized or obligated by law or executive order to close, with the same
force and effect as if made on the date for such payment or the date fixed for
redemption or repurchase, or by such last day for conversion, and no interest
shall accrue on the amount so payable for the period after such date.

         If this Security is a Registrable Security (as defined in the
Indenture), then the Holder of this Security (including any Person that has a
beneficial interest in this Security) and the Common Stock of the Company
issuable upon conversion hereof are entitled to the benefits of a Registration
Rights Agreement, dated as of September 24, 2003 (the "Registration Rights
Agreement") between the Company and the Initial Purchasers. Under certain
conditions set forth in the Registration Rights Agreement, Additional Interest
may accrue on this Restricted Security.

         Whenever in this Security there is a reference, in any context, to the
payment of the principal of, premium, if any, or interest on, or in respect of,
any Security, such mention shall be deemed to include mention of the payment of
Additional Interest payable as described in the Registration Rights Agreement to
the extent that, in such context, Additional Interest is, were or would be
payable in respect of such Security and express mention of the payment of
Additional Interest (if applicable) in any provisions of this Security shall not
be construed as excluding Additional Interest in those provisions of this
Security where such express mention is not made.

[Insert the following paragraph on the reverse of each Security that is a Global
Security:

         In the event of a deposit or withdrawal of an interest in this
Security, including an exchange, transfer, redemption, repurchase or conversion
of this Security in part only, the Trustee, as custodian of the Depositary,
shall make an adjustment on its records to reflect such deposit or withdrawal in
accordance with the Applicable Procedures.]

[Insert the following paragraph on the reverse of each Security that is not a
Global Security:

         In the event of redemption, repurchase or conversion of this Security
in part, only a new Security or Securities for the unredeemed, unrepurchased or
unconverted portion hereof will be issued in the name of the Holder hereof.]

         If an Event of Default shall occur and be continuing, the principal of
all the Securities, together with accrued interest to the date of declaration,
may be declared due and payable in the manner and with the effect provided in
the Indenture.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities under the Indenture at
any time by the Company and the Trustee with either (1) the written consent of
the Holders of not less than a majority in aggregate principal amount of the
Securities at the time Outstanding, or (2) by the adoption of a resolution, at a
meeting of Holders of the Outstanding Securities at which a quorum is present,
by the Holders of at least a majority in aggregate principal amount of the
Outstanding Securities represented and entitled to vote at such meeting. The
Indenture also contains provisions permitting the Holders of specified
percentages in principal amount of the Securities at the time Outstanding, on
behalf of the Holders of all the Securities, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the
Indenture and their

                                       27
<PAGE>

consequences. Any such consent or waiver by the Holder of this Security shall be
conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued in exchange herefor or in lieu hereof
whether or not notation of such consent or waiver is made upon this Security or
such other Security.

         As provided in and subject to the provisions of the Indenture, the
Holder of this Security shall not have the right to institute any proceeding
with respect to the Indenture or for the appointment of a receiver or trustee or
for any other remedy thereunder, unless such Holder shall have previously given
the Trustee written notice of a continuing Event of Default, the Holders of not
less than 25% in principal amount of the Outstanding Securities shall have made
written request to the Trustee to institute proceedings in respect of such Event
of Default as Trustee and offered the Trustee indemnity reasonably satisfactory
to the Trustee and the Trustee shall not have received from the Holders of a
majority in aggregate principal amount of the Securities Outstanding a direction
inconsistent with such request, and shall have failed to institute any such
proceeding, for 60 days after receipt of such notice, request and offer of
indemnity. The foregoing shall not apply to any suit instituted by the Holder of
this Security for the enforcement of any payment of principal hereof, premium,
if any, or interest or Additional Interest, if any, hereon on or after the
respective due dates expressed herein or for the enforcement of the right to
convert this Security as provided in the Indenture.

         No reference herein to the Indenture and no provision of this Security
or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of, premium, if any, and
interest on this Security at the times, places and rate, and in the coin or
currency, herein prescribed or to convert this Security as provided in the
Indenture.

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable on the Security Register
upon surrender of this Security for registration of transfer at the Corporate
Trust Office or at such other office or agency of the Company as may be
designated by it for such purpose in the Borough of Manhattan, The City of New
York (which shall initially be an office or agency of the Trustee), or at such
other offices or agencies as the Company may designate, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the Holder thereof or his
attorney duly authorized in writing, and thereupon one or more new Securities,
of authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees by the Registrar. No service
charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to recover any tax or other
governmental charge payable in connection therewith.

         Prior to due presentation of a Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name such Security is registered, as the owner thereof for
all purposes, whether or not such Security be overdue, and neither the Company,
the Trustee nor any such agent shall be affected by notice to the contrary.

         No recourse for the payment of the principal (and premium, if any) or
interest or Additional Interest, if any, on this Security and no recourse under
or upon any obligation, covenant or agreement of the Company in the Indenture or
any indenture supplemental thereto or in any Security, or because of the
creation of any indebtedness represented thereby, shall be had against any
incorporator, stockholder, employee, agent, officer or director or subsidiary,
as such, past, present or future, of the Company or of any successor
corporation, either directly or through the Company or any successor
corporation, whether by virtue of any constitution, statute or rule of law or by
the enforcement of any assessment or penalty or otherwise, all such liability
being, by the acceptance hereof and as part of consideration for the issue
hereof, expressly waived and released.

                                       28

<PAGE>

         THE INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA,
WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THEREOF.

         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 THE INDENTURE, THIS SECURITY OR THE
TRANSACTION CONTEMPLATED THEREBY OR HEREBY.

         All terms used in this Security which are defined in the Indenture
shall have the meanings assigned to them in the Indenture.

                                  ABBREVIATIONS

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

<TABLE>
<S>          <C>                                      <C>                    <C>
TEN COM      as tenant in common                      UNIF GIFT MIN ACT      ____ Custodian ____
TEN ENT      as tenants by the entireties (Cust)                             (Cust)          (Minor)
JT TEN       as joint tenants with right of                                  under Uniform Gifts to
             survivorship and not as tenants                                 Minors Act _____
             in common                                                            (State)
</TABLE>

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

                                       29
<PAGE>

SECTION 2.3 Form of Election of Holder to Require Change in Control Repurchase.

                      Form of Election of Holder to Require
                          Change in Control Repurchase
                        (to be appended to the Security)

         (1)      Pursuant to Section 13.5 of the Indenture, the undersigned
hereby elects to have this Security repurchased by the Company.

         (2)      The undersigned hereby directs the Trustee or the Company to
pay it or ______________ an amount in cash or, at the Company's election, Common
Stock valued as set forth in the Indenture, equal to 100% of the principal
amount to be repurchased (less any cash payments) (as set forth below), or a
combination of cash and Common Stock, plus interest accrued to, but excluding,
the Change in Control Repurchase Date, as provided in the Indenture.

Dated:

___________________________________________

___________________________________________
Signature(s)

Signature(s) must be guaranteed by an Eligible
Guarantor Institution with membership in an
approved signature guarantee program pursuant
to Rule 17Ad-15 under the Securities Exchange
Act of 1934.

___________________________________________
Signature Guaranteed

Principal amount to be repurchased (at least
U.S. $1,000 or an integral multiple of $1,000
in excess thereof): __________________________

Remaining principal amount following such
repurchase (not less than U.S. $1,000):

______________

NOTICE: The signature to the foregoing Election must correspond to the Name as
written upon the face of this Security in every particular, without alteration
or any change whatsoever.

                                       30
<PAGE>

SECTION 2.4 Form of Election of Holder to Require Repurchase.

                Form of Election of Holder to Require Repurchase
                        (to be appended to the Security)

         (1)      Pursuant to Section 13.1 of the Indenture, the undersigned
hereby elects to have this Security repurchased by the Company.

For Repurchases occurring on October 1, 2008

         (2)(a)   The undersigned hereby directs the Trustee or the Company to
pay it or ______________ an amount in cash equal to 100% of the principal amount
to be repurchased, plus interest accrued to, but excluding, the Repurchase Date,
as provided in the Indenture.

For Repurchases occurring on dates other than October 1, 2008

         (2)(b)   The undersigned hereby directs the Trustee or the Company to
pay it or ______________ an amount in cash or, at the Company's election, Common
Stock valued as set forth in the Indenture, equal to 100% of the principal
amount to be repurchased or a combination of cash and Common Stock, plus
interest accrued to, but excluding, the Repurchase Date, as provided in the
Indenture.

Dated:

___________________________________________

___________________________________________
Signature(s)

Signature(s) must be guaranteed by an Eligible
Guarantor Institution with membership in an
approved signature guarantee program pursuant
to Rule 17Ad-15 under the Securities Exchange
Act of 1934.

___________________________________________
Signature Guaranteed

Principal amount to be repurchased (at least
U.S. $1,000 or an integral multiple of $1,000
in excess thereof): _________________________

Remaining principal amount following such
repurchase (not less than U.S. $1,000):

______________

NOTICE: The signature to the foregoing Election must correspond to the Name as
written upon the face of this Security in every particular, without alteration
or any change whatsoever.

                                       31
<PAGE>

SECTION 2.5 Form of Conversion Notice.

                            Form of Conversion Notice
                        (to be appended to the Security)

         The undersigned Holder of this Security hereby irrevocably exercises
the option to convert this Security, or any portion of the principal amount
hereof (which is U.S. $1,000 or an integral multiple of U.S. $1,000 in excess
thereof, provided that the unconverted portion of such principal amount is U.S.
$1,000 or any integral multiple of U.S. $1,000 in excess thereof) below
designated, into shares of Common Stock in accordance with the terms of the
Indenture referred to in this Security, and directs that such shares, together
with a check in payment for any fractional share and any Securities representing
any unconverted principal amount hereof, be delivered to and be registered in
the name of the undersigned unless a different name has been indicated below. If
shares of Common Stock or Securities are to be registered in the name of a
Person other than the undersigned, (a) the undersigned will pay all transfer
taxes payable with respect thereto and (b) signature(s) must be guaranteed by an
Eligible Guarantor Institution with membership in an approved signature
guarantee program pursuant to Rule 17Ad-15 under the Securities Exchange Act of
1934. Any amount required to be paid by the undersigned on account of interest
accompanies this Security.

Dated: _______________     _____________________________________________________
                                                Signature(s)

If shares or Securities are to be registered in
the name of a Person other than the Holder,
please print such Person's name and address:

___________________________________________
(Name)

___________________________________________

___________________________________________
(Address)

___________________________________________
Social Security or other Identification
Number, if any

Signature(s) must be guaranteed by an Eligible
Guarantor Institution with membership in an
approved signature guarantee program pursuant
to Rule 17Ad - 15 under the Securities Exchange
Act of 1934.

___________________________________________
[Signature Guaranteed]

                                       32
<PAGE>

If only a portion of the Securities is to be converted, please indicate:

1.       Principal amount to be converted: U.S. $ ___________

2.       Principal amount and denomination of Securities
         representing unconverted principal amount to be issued:

         Amount: U.S. $___________          Denominations: U.S. $____________

(U.S. $1,000 or any integral multiple of U.S. $1,000 in excess thereof, provided
that the unconverted portion of such principal amount is U.S. $1,000 or any
integral multiple of U.S. $1,000 in excess thereof)

                                       33
<PAGE>

SECTION 2.6 Form of Assignment.

                               Form of Assignment
                        (to be appended to the Security)

         For value received ________________ hereby sell(s), assign(s) and
transfer(s) unto ________________ (Please insert social security or other
identifying number of assignee) the within Security, and hereby irrevocably
constitutes and appoints ____________________as attorney to transfer the said
Security on the books of the Company, with full power of substitution in the
premises.

Dated: _______________     _____________________________________________________
                                               Signature(s)

                                    Signature(s) must be guaranteed by an
                                    Eligible Guarantor Institution with
                                    membership in an approved signature
                                    guarantee program pursuant to Rule 17Ad - 15
                                    under the Securities Exchange Act of 1934.

                                    ___________________________________________
                                    Signature Guaranteed

SECTION 2.7 Schedule of Exchanges of Interests

           Schedule of Exchanges of Interests in the Global Debenture
                    (to be appended to the Global Debentures)

         The following exchanges of a part of this Global Debenture for an
interest in another Global Debenture or for a Definitive Debenture, or exchanges
of a part of another Global Debenture or Definitive Debenture for an interest in
this Global Debenture, have been made:

<TABLE>
<CAPTION>
                                                                            Principal Amount
                                                                               At Maturity           Signature of
                      Amount of decrease in        Amount of increase        of this Global       authorized officer
                         Principal Amount          in Principal Amount     Debenture following           of
                           At Maturity                At Maturity             such decrease      Trustee or Debenture
 Date of Exchange    of this Global Debenture   of this Global Debenture      (or increase)            Custodian
-----------------   -------------------------   ------------------------   -------------------   --------------------
<S>                 <C>                         <C>                        <C>                   <C>
</TABLE>

                                       34
<PAGE>

                                  ARTICLE III

                                 THE SECURITIES

SECTION 3.1 Title and Terms.

         The aggregate principal amount of Securities which may be authenticated
and delivered under this Indenture is limited to U.S. $90,000,000, except for
Securities authenticated and delivered pursuant to Section 3.4, 3.5, 3.6, 8.5,
12.3 or 13.9 in exchange for, or in lieu of, other Securities previously
authenticated and delivered under this Indenture.

         The Securities shall be known and designated as the "5.00% Convertible
Subordinated Debentures due October 1, 2033" of the Company. Their Stated
Maturity shall be October 1, 2033 and they shall bear interest on their
principal amount from September 24, 2003, payable semi-annually in arrears on
April 1 and October 1 in each year, commencing April 1, 2004, at the rate of
5.00% per annum until the principal thereof is due and at the rate of [ ]% per
annum on any overdue principal and, to the extent permitted by law, on any
overdue interest; provided, however, that payments shall only be made on a
Business Day as provided in Section 1.12.

         The principal of, premium, if any, and interest on the Securities shall
be payable as provided in the form of Security set forth in Section 2.2, and the
Redemption Price, Repurchase Price and the Change in Control Repurchase Price,
whether payable in cash or in shares of Common Stock or a combination thereof,
shall be payable at such places as are identified in the notice given by the
Company pursuant to Sections 13.2 and 13.6, respectively (any city in which any
Paying Agent is located being herein called a "Place of Payment").

         The Registrable Securities are entitled to the benefits of a
Registration Rights Agreement as provided by Section 10.7 and in the form of
Security set forth in Section 2.2. The Securities are entitled to the payment of
Additional Interest as provided by Section 10.7.

         At any time on or after October 1, 2008, the Securities shall be
subject to redemption by the Company, in whole or in part, subject to the
conditions and as otherwise provided in Article XI and in the form of Security
set forth in Section 2.2.

         The Securities shall be convertible as provided in Article XII (any
city in which any Conversion Agent is located being herein called a "Place of
Conversion").

         The Securities shall be subject to repurchase by the Company at the
option of the Holders as provided in Article XIII.

SECTION 3.2 Denominations.

         The Securities shall be issuable only in registered form, without
coupons, in denominations of U.S. $1,000 and integral multiples of U.S. $1,000
in excess thereof.

SECTION 3.3 Execution, Authentication, Delivery and Dating.

         The Securities shall be executed on behalf of the Company by an Officer
of the Company. Any such signature may be manual or facsimile.

         Securities bearing the manual or facsimile signature of individuals who
were at any time the proper officers of the Company shall bind the Company,
notwithstanding that such individuals or any of

                                       35
<PAGE>

them have ceased to hold such offices prior to the authentication and delivery
of such Securities or did not hold such offices at the date of such Securities.

         At any time and from time to time after the execution and delivery of
this Indenture, the Company may deliver Securities executed by the Company to
the Trustee or to its order for authentication, together with a Company Order
for the authentication and delivery of such Securities, and the Trustee in
accordance with such Company Order shall authenticate and make available for
delivery such Securities as in this Indenture provided.

         Each Security shall be dated the date of its authentication.

         No Security shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose unless there appears on such Security a
certificate of authentication substantially in the form provided for herein
executed by the Trustee by manual signature of an authorized signatory, and such
certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered
hereunder.

SECTION 3.4 Global Securities; Non-Global Securities; Book-entry Provisions.

                  (1)   Global Securities

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

                  (ii)  Except for exchanges of Global Securities for
                        definitive, Non-Global Securities at the sole
                        discretion of the Company, no Global Security may be
                        exchanged in whole or in part for Securities
                        registered, and no transfer of a Global Security in
                        whole or in part may be registered, in the name of
                        any Person other than the Depositary for such Global
                        Security or a nominee thereof unless (A) such
                        Depositary (x) has notified the Company that it is
                        unwilling, unable or no longer qualified to continue
                        as Depositary for such Global Security or (y) has
                        ceased to be a clearing agency registered as such
                        under the Exchange Act or announces an intention
                        permanently to cease business or does in fact do so
                        or (B) there shall have occurred and be continuing an
                        Event of Default with respect to such Global
                        Security. In such event, if a successor Depositary
                        for such Global Security is not appointed by the
                        Company within 90 days after the Company receives
                        such notice or becomes aware of such ineligibility,
                        the Company will execute, and the Trustee, upon
                        receipt of a Company Order directing the
                        authentication and delivery of Securities, will
                        authenticate and deliver, Securities, in any
                        authorized denominations in an aggregate principal
                        amount equal to the principal amount of such Global
                        Security in exchange for such Global Security.

                  (iii) If any Global Security is to be exchanged for other
                        Securities or canceled in whole, it shall be
                        surrendered by or on behalf of the Depositary or its
                        nominee to the Trustee, as Security Registrar, for
                        exchange or cancellation, as provided in this Article
                        III. If any Global Security is to be exchanged for
                        other Securities or canceled in part, or if another
                        Security is to be exchanged in whole or in part for a
                        beneficial interest in any Global Security, in each
                        case, as provided in Section 3.5, then either (A)
                        such Global Security shall be so surrendered for
                        exchange or cancellation, as provided in this

                                       36
<PAGE>

                        Article III, or (B) the principal amount thereof
                        shall be reduced or increased by an amount equal to
                        the portion thereof to be so exchanged or canceled,
                        or equal to the principal amount of such other
                        Security to be so exchanged for a beneficial interest
                        therein, as the case may be, by means of an
                        appropriate adjustment made on the records of the
                        Trustee, as Security Registrar, whereupon the
                        Trustee, in accordance with the Applicable
                        Procedures, shall instruct the Depositary or its
                        authorized representative to make a corresponding
                        adjustment to its records. Upon any such surrender or
                        adjustment of a Global Security, the Trustee shall,
                        subject to Section 3.5(3) and as otherwise provided
                        in this Article III, authenticate and deliver any
                        Securities issuable in exchange for such Global
                        Security (or any portion thereof) to or upon the
                        order of, and registered in such names as may be
                        directed by, the Depositary or its authorized
                        representative. Upon the request of the Trustee in
                        connection with the occurrence of any of the events
                        specified in the preceding paragraph, the Company
                        shall promptly make available to the Trustee a
                        reasonable supply of Securities that are not in the
                        form of Global Securities. The Trustee shall be
                        entitled to conclusively rely upon any order,
                        direction or request of the Depositary or its
                        authorized representative which is given or made
                        pursuant to this Article III if such order, direction
                        or request is given or made in accordance with the
                        Applicable Procedures.

                  (iv)  Every Security authenticated and delivered upon
                        registration of transfer of, or in exchange for or in
                        lieu of, a Global Security or any portion thereof,
                        whether pursuant to this Article III or otherwise,
                        shall be authenticated and delivered in the form of,
                        and shall be, a registered Global Security, unless
                        such Security is registered in the name of a Person
                        other than the Depositary for such Global Security or
                        a nominee thereof, in which case such Security shall
                        be authenticated and delivered in definitive, fully
                        registered form, without interest coupons.

                  (v)   The Depositary or its nominee, as registered owner of
                        a Global Security, shall be the Holder of such Global
                        Security for all purposes under the Indenture and the
                        Securities, and owners of beneficial interests in a
                        Global Security shall hold such interests pursuant to
                        the Applicable Procedures. Accordingly, any such
                        owner's beneficial interest in a Global Security will
                        be shown only on, and the transfer of such interest
                        shall be effected only through, records maintained by
                        the Depositary or its nominee or its Agent Members
                        and such owners of beneficial interests in a Global
                        Security will not be considered the owners or holders
                        thereof.

                  (2)   Non-Global Securities

         Securities issued upon the events described in Section 3.4(l)(ii) shall
be in definitive, fully registered form, without interest coupons, and shall
bear the Restricted Securities Legend if and as required by this Indenture.

SECTION 3.5 Registration; Registration of Transfer and Exchange; Restrictions on
              Transfer.

                  (1) General. The Company shall cause to be kept at the
         Corporate Trust Office a register (the register maintained in such
         office referred to as the "Security Register") in which, subject to
         such reasonable regulations as it may prescribe, the Company shall
         provide for the registration of Securities and of transfers of
         Securities. The Trustee is hereby appointed "Security Registrar" for
         the purpose of registering Securities and transfers and exchanges of
         Securities as herein provided.

                                       37
<PAGE>

                  Upon surrender for registration of transfer of any Security at
         an office or agency of the Company designated pursuant to Section 10.2
         for such purpose, the Company shall execute, and the Trustee shall
         authenticate and deliver, in the name of the designated transferee or
         transferees, one or more new Securities of any authorized denominations
         and of a like aggregate principal amount and bearing such restrictive
         legends as may be required by this Indenture.

                  At the option of the Holder, and subject to the other
         provisions of this Section 3.5, Securities may be exchanged for other
         Securities of any authorized denomination and of a like aggregate
         principal amount, upon surrender of the Securities to be exchanged at
         any such office or agency. Whenever any Securities are so surrendered
         for exchange, and subject to the other provisions of this Section 3.5,
         the Company shall execute, and the Trustee shall authenticate and
         deliver, the Securities that the Holder making the exchange is entitled
         to receive. Every Security presented or surrendered for registration of
         transfer or for exchange shall (if so required by the Company or the
         Security Registrar) be duly endorsed, or be accompanied by a written
         instrument of transfer in form satisfactory to the Company, the Trustee
         and the Security Registrar duly executed, by the Holder thereof or his
         attorney duly authorized in writing.

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

                  No service charge shall be made to a Holder for any
         registration of transfer or exchange of Securities except as provided
         in Section 3.6, but the Company may require payment of a sum sufficient
         to cover any tax or other governmental charge that may be imposed in
         connection with any registration of transfer or exchange of Securities,
         other than exchanges pursuant to Section 3.4, 8.5, 12.5, 13.4 or 13.8
         (other than where the shares of Common Stock are to be issued or
         delivered in a name other than that of the Holder of the Security) not
         involving any transfer and other than any stamp and other duties, if
         any, which may be imposed in connection with any such transfer or
         exchange by the United States or any political subdivision thereof or
         therein, which shall be paid by the Company.

                  In the event of a redemption of the Securities, neither the
         Company nor the Securities Registrar will be required (a) to issue,
         register the transfer or exchange any Securities for a period beginning
         at the opening of business on the date that is 15 days immediately
         preceding the mailing of the notice identifying the serial numbers of
         the Securities called for such redemption and ending at the close of
         business on the earliest date on which the relevant notice of
         redemption is mailed to all Holders being redeemed, or (b) to register
         the transfer or exchange of any Security, or portion thereof (other
         than the unredeemed portion of any Security being redeemed in part),
         called for redemption.

                  (2) Certain Transfers and Exchanges. Notwithstanding any other
         provision of this Indenture or the Securities, transfers and exchanges
         of Securities and beneficial interests in a Global Security of the
         kinds specified in this Section 3.5(2) shall be made only in accordance
         with this Section 3.5(2).

                  (i)   Restricted Global Security to Restricted Non-Global
                        Security. In the event that Non-Global Securities are
                        to be issued pursuant to Section 3.4(1)(ii) in
                        connection with any transfer of Securities, such
                        transfer may be effected only in accordance with the
                        provisions of this paragraph (2)(i) and subject to
                        the Applicable Procedures. Upon receipt by the
                        Trustee, as Security Registrar, of (A) a Company
                        Order from the Company directing the Trustee, as
                        Security Registrar, to (x) authenticate and deliver

                                        38
<PAGE>

                        one or more Securities of the same aggregate
                        principal amount as the beneficial interest in the
                        Restricted Global Security to be transferred, such
                        instructions to contain the name or names of the
                        designated transferee or transferees, the authorized
                        denomination or denominations of the Securities to be
                        so issued and appropriate delivery instructions and
                        (y) decrease the beneficial interest of a specified
                        Agent Member's account in a Restricted Global
                        Security by a specified principal amount not greater
                        than the principal amount of such Restricted Global
                        Security, and (B) such other certifications, legal
                        opinions or other information as the Company or the
                        Trustee may reasonably require 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, then the Trustee,
                        as Security Registrar, shall decrease the principal
                        amount of the Restricted Global Security by the
                        specified amount and authenticate and deliver
                        Securities in accordance with such instructions from
                        the Company as provided in Section 3.4(1)(iii).

                  (ii)  Restricted Non-Global Security to Restricted Global
                        Security. If the Holder of a Restricted Security
                        (other than a Global Security) wishes at any time to
                        transfer all or any portion of such Restricted
                        Security to a Person who wishes to take delivery
                        thereof in the form of a beneficial interest in the
                        Restricted Global Security, such transfer may be
                        effected only in accordance with the provisions of
                        this paragraph (2)(ii) and subject to the Applicable
                        Procedures. Upon receipt by the Trustee, as Security
                        Registrar, of such Restricted Security as provided in
                        Section 3.5(1) and instructions from the Company
                        directing that a beneficial interest in the
                        Restricted Global Security in a specified principal
                        amount not greater than the principal amount of such
                        Security be credited to a specified Agent Member's
                        account, then the Trustee, as Security Registrar,
                        shall cancel such Restricted Security (and issue a
                        new Restricted Security in respect of any
                        untransferred portion thereof) as provided in Section
                        3.5(1) and increase the principal amount of the
                        Restricted Global Security by the specified principal
                        amount as provided in Section 3.4(1)(iii).

                  (iii) Exchanges Between Global Security and Non-Global
                        Security. A beneficial interest in a Global Security
                        may be exchanged for a Security that is not a Global
                        Security only as provided in Section 3.4 or only if
                        such exchange occurs in connection with a transfer
                        effected in accordance with paragraph 2(i) above,
                        provided that, if such interest is a beneficial
                        interest in the Restricted Global Security, then such
                        interest shall be exchanged for a Restricted Security
                        (subject in each case to Section 3.5(3)). A Security
                        that is not a Global Security may be exchanged for a
                        beneficial interest in a Global Security only if such
                        exchange occurs in connection with a transfer
                        effected in accordance with paragraph (2)(ii) above.

                  (3) Securities Act Legends. All Securities issued pursuant to
         this Indenture, and all Successor Securities, shall bear the Restricted
         Securities Legend and shall be subject to the restrictions on transfer
         specified therein, subject to the following:

                  (i)   subject to the following paragraphs of this Section
                        3.5(3), a Security or any portion thereof which is
                        exchanged, upon transfer or otherwise, for a Global
                        Security or any portion thereof shall bear the
                        Restricted Securities Legend borne by such Global
                        Security for which the Security was exchanged;

                  (ii)  subject to the following paragraphs of this Section
                        3.5(3), a new Security that is not a Global Security
                        and is issued in exchange for another Security
                        (including a Global

                                       39
<PAGE>

                        Security) or any portion thereof, upon transfer or
                        otherwise, shall bear the Restricted Securities Legend
                        borne by the Security for which the new Security was
                        exchanged;

                  (iii) any Securities that are sold or otherwise disposed of
                        pursuant to an effective registration statement under
                        the Securities Act (including the Shelf Registration
                        Statement), together with their Successor Securities
                        shall not bear a Restricted Securities Legend; the
                        Company shall inform the Trustee in writing of the
                        effective date of any such registration statement
                        registering the Securities under the Securities Act
                        and shall notify the Trustee, in writing, at any time
                        when prospectuses must be delivered with respect to
                        Securities to be sold pursuant to such registration
                        statement. The Trustee shall not be liable for any
                        action taken or omitted to be taken by it in good
                        faith in accordance with such instructions;

                  (iv)  at any time after the Securities may be freely
                        transferred without registration under the Securities
                        Act or without being subject to transfer restrictions
                        pursuant to the Securities Act, a new Security that
                        does not bear a Restricted Securities Legend may be
                        issued in exchange for or in lieu of a Security
                        (other than a Global Security) or any portion thereof
                        that bears such a legend if the Trustee has received
                        an Unrestricted Securities Certificate, satisfactory
                        to the Trustee and duly executed by the Holder of
                        such Security bearing a Restricted Securities Legend
                        or his attorney duly authorized in writing, and after
                        such date and receipt of such certificate, the
                        Trustee shall authenticate and deliver such new
                        Security in exchange for or in lieu of such other
                        Security as provided in this Article III;

                  (v)   a new Security that does not bear a Restricted
                        Securities Legend may be issued in exchange for or in
                        lieu of a Security or any portion thereof that bears
                        such a legend if, in the Company's judgment, placing
                        such a legend upon such new Security is not necessary
                        to ensure compliance with the registration
                        requirements of the Securities Act, and the Trustee,
                        upon receipt of a Company Order, shall authenticate
                        and deliver such a new Security as provided in this
                        Article III; and

                  (vi)  notwithstanding the foregoing provisions of this
                        Section 3.5(3), a Successor Security of a Security
                        that does not bear a Restricted Securities Legend
                        shall not bear such legend unless the Company has
                        reasonable cause to believe that such Successor
                        Security is a "restricted security" within the
                        meaning of Rule 144, in which case the Trustee, upon
                        receipt of a Company Order, shall authenticate and
                        deliver a new Security bearing a Restricted
                        Securities Legend in exchange for such Successor
                        Security as provided in this Article III.

                  (4) Any stock certificate representing shares of Common Stock
         issued upon conversion of the Securities shall bear the Restricted
         Securities Legend borne by such Securities, to the extent required by
         this Indenture, unless such shares of Common Stock have 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 sold pursuant to Rule 144(k) of the
         Securities Act, or unless otherwise agreed by the Company in writing
         with written notice thereof to the transfer agent for the Common Stock.
         With respect to the transfer of shares of Common Stock issued upon
         conversion of the Securities that are restricted hereunder, any
         deliveries of certificates, legal opinions or other instruments that
         would be required to be made to the Security Registrar in the case of a
         transfer of Securities, as described above, shall instead be made to
         the transfer agent for the Common Stock.

                                       40
<PAGE>

                  (5) Neither the Trustee, the Paying Agent nor any of their
         agents shall (i) have any duty to monitor compliance with or with
         respect to any Federal or state or other securities or tax laws or (ii)
         have any duty to obtain documentation on any transfers or exchanges
         other than as specifically required hereunder, and if and when
         expressly required to do so by the terms of the Indenture, to examine
         the same to determine substantial compliance as to form with the
         express requirements hereof.

SECTION 3.6 Mutilated, Destroyed, Lost or Stolen Securities.

         If any mutilated Security is surrendered to the Trustee, the Company
shall execute and the Trustee shall authenticate and deliver in exchange
therefor a new Security of like tenor and principal amount and bearing a number
not contemporaneously outstanding.

         If there be delivered to the Company and to the Trustee:

                  (1) evidence to their satisfaction of the destruction, loss or
         theft of any Security, and

                  (2) such security or indemnity as may be satisfactory to the
         Company and the Trustee to save each of them and any agent of either of
         them harmless, then, in the absence of actual notice to the Company or
         the Trustee that such Security has been acquired by a bona fide
         purchaser, the Company shall execute and the Trustee shall authenticate
         and deliver, in lieu of any such destroyed, lost or stolen Security, a
         new Security of like tenor and principal amount and bearing a number
         not contemporaneously outstanding.

         In case any such mutilated, destroyed, lost or stolen Security has
become or is about to become due and payable, the Company in its discretion, but
subject to any conversion rights, may, instead of issuing a new Security, pay
such Security, upon satisfaction of the conditions set forth in the preceding
paragraph.

         Upon the issuance of any new Security under this Section 3.6, the
Company may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto (other than any
stamp and other duties, if any, which may be imposed in connection therewith by
the United States or any political subdivision thereof or therein, which shall
be paid by the Company) and any other expenses (including the fees and expenses
of the Trustee) connected therewith.

         Every new Security issued pursuant to this Section 3.6 in lieu of any
mutilated, destroyed, lost or stolen Security shall constitute an original
additional contractual obligation of the Company, whether or not the mutilated,
destroyed, lost or stolen Security shall be at any time enforceable by anyone,
and such new Security shall be entitled to all the benefits of this Indenture
equally and proportionately with any and all other Securities duly issued
hereunder.

         The provisions of this Section 3.6 are exclusive and shall preclude (to
the extent lawful) all other rights and remedies of any Holder with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Securities.

SECTION 3.7 Payment of Interest; Interest Rights Preserved.

         Subject to the last paragraph of this Section, interest or Additional
Interest on any Security that is payable, and is punctually paid or duly
provided for, on any Interest Payment Date shall be paid to the Person in whose
name that Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest.

                                       41
<PAGE>

         Any interest or Additional Interest on any Security that is payable,
but is not punctually paid or duly provided for, on any Interest Payment Date
(herein called "Defaulted Interest") shall forthwith cease to be payable to the
Holder on the relevant Regular Record Date by virtue of having been such Holder,
and such Defaulted Interest may be paid by the Company, at its election in each
case, as provided in paragraphs (1) or (2) below:

                  (1) The Company may elect to make payment of any Defaulted
         Interest to the Persons in whose names the Securities (or their
         respective Predecessor Securities) are registered at the close of
         business on a special record date (the "Special Record Date") for the
         payment of such Defaulted Interest, which shall be fixed in the
         following manner. The Company shall notify the Trustee in writing of
         the amount of Defaulted Interest proposed to be paid on each Security,
         the date of the proposed payment and the Special Record Date, and at
         the same time the Company shall deposit with the Trustee an amount of
         money equal to the aggregate amount proposed to be paid in respect of
         such Defaulted Interest or shall make arrangements satisfactory to the
         Trustee for such deposit prior to the date of the proposed payment,
         such money when deposited to be held in trust for the benefit of the
         Persons entitled to such Defaulted Interest as in this paragraph
         provided. The Special Record Date for the payment of such Defaulted
         Interest shall be not more than 15 days and not less than 10 days prior
         to the date of the proposed payment and not less than 10 days after the
         receipt by the Trustee of the notice of the proposed payment. The
         Trustee, in the name and at the expense of the Company, shall cause
         notice of the proposed payment of such Defaulted Interest and the
         Special Record Date therefor to be mailed, first-class postage prepaid,
         to each Holder at such Holder's address as it appears in the Security
         Register, not less than 10 days prior to such Special Record Date.
         Notice of the proposed payment of such Defaulted Interest and the
         Special Record Date therefor having been so mailed, such Defaulted
         Interest shall be paid to the Persons in whose names the Securities (or
         their respective Predecessor Securities) are registered at the close of
         business on such Special Record Date and shall no longer be payable
         pursuant to the following paragraph (2).

                  (2) The Company may make payment of any Defaulted Interest in
         any other lawful manner not inconsistent with the requirements of any
         securities exchange on which the Securities may be listed, and upon
         such notice as may be required by such exchange, if, after notice given
         by the Company to the Trustee of the proposed payment pursuant to this
         paragraph, such manner of payment shall be deemed practicable by the
         Trustee.

         Subject to the foregoing and following provisions of this Section and
Section 3.5, each Security delivered under this Indenture upon registration of
transfer of or in exchange for or in lieu of any other Security shall carry the
rights to interest accrued and unpaid, and to accrue, which were carried by such
other Security.

         Interest on any Security that is converted in accordance with Section
12.3 during a Record Date Period shall be payable in accordance with the
provisions of Section 12.3.

SECTION 3.8 Persons Deemed Owners.

         Prior to due presentment of a Security for registration of transfer,
the Company, the Trustee, any Paying Agent and any agent of the Company, the
Trustee or any Paying Agent may treat the Person in whose name such Security is
registered as the owner of such Security for the purpose of receiving payment of
principal of, premium, if any, and (subject to Section 3.7) interest on such
Security and for all other purposes whatsoever, whether or not such Security be
overdue, and neither the Company, the Trustee, any Paying Agent nor any agent of
the Company, the Trustee or any Paying Agent shall be affected by notice to the
contrary.

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<PAGE>

SECTION 3.9 Cancellation.

         All Securities surrendered for payment, redemption, repurchase,
registration of transfer or exchange or conversion shall, if surrendered to any
Person other than the Trustee, be delivered to the Trustee. All Securities so
delivered to the Trustee shall be canceled promptly by the Trustee (or its
agent). No Securities shall be authenticated in lieu of or in exchange for any
Securities canceled as provided in this Section 3.9. The Trustee shall dispose
of all canceled Securities in accordance with applicable law and its customary
practices in effect from time to time.

SECTION 3.10 Computation of Interest.

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

SECTION 3.11 CUSIP Numbers.

         The Company in issuing Securities may use CUSIP numbers (if then
generally in use) in addition to serial numbers; if so, the Trustee shall use
such CUSIP numbers in addition to serial numbers in notices of redemption and
repurchase as a convenience to Holders; provided that any such notice may state
that no representation is made as to the correctness of such CUSIP numbers
either as printed on the Securities or as contained in any notice of a
redemption or repurchase and that reliance may be placed only on the serial or
other identification numbers printed on the Securities, and any such redemption
or repurchase shall not be affected by any defect in or omission of such CUSIP
numbers. The Company will promptly notify the Trustee in writing of any change
in the "CUSIP" or serial numbers.

                                   ARTICLE IV

                           SATISFACTION AND DISCHARGE

SECTION 4.1 Satisfaction and Discharge of Indenture.

         This Indenture shall upon Company Request cease to be of further effect
(except as to any surviving rights of conversion, repurchase or registration of
transfer or exchange, or replacement of Securities herein expressly provided for
and any right to receive Additional Interest as provided in the Registration
Rights Agreement and in the form of Security set forth in Section 2.2 and the
Company's obligations to the Trustee pursuant to Section 6.7), and the Trustee,
at the expense of the Company, shall execute proper instruments in form and
substance reasonably satisfactory to the Trustee acknowledging satisfaction and
discharge of this Indenture, when

                  (1) Either

                           (i)      all Securities theretofore authenticated and
delivered (other than (A) Securities which have been destroyed, lost or stolen
and that have been replaced or paid as provided in Section 3.6 and (B)
Securities for whose payment money has theretofore been deposited in trust or
segregated and held in trust by the Company and thereafter repaid to the Company
or discharged from such trust, as provided in Section 10.3) have been delivered
to the Trustee for cancellation; or

                           (ii)     all such Securities not theretofore
delivered to the Trustee or its agent for cancellation (other than Securities
referred to in paragraphs (A) and (B) of paragraph (1)(i) above)

                           (A) have become due and payable, or

                                       43
<PAGE>

                           (B) will have become due and payable at their Stated
Maturity within one year, or

                           (C) are to be called for redemption within one year
under arrangements reasonably satisfactory to the Trustee for the giving of
notice of redemption by the Trustee in the name, and at the expense, of the
Company,

                           (D) and the Company, in the case of paragraphs (A),
(B) or (C) above, has deposited or caused to be deposited with the Trustee as
trust funds (immediately available to the Holders in the case of paragraph (A))
in trust for the purpose an amount in cash sufficient to pay and discharge the
entire indebtedness on such Securities not theretofore delivered to the Trustee
for cancellation, for principal, premium, if any, and interest to the date of
such deposit (in the case of Securities which have become due and payable) or to
the Stated Maturity or Redemption Date, as the case may be;

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

                  (3) the Company has delivered to the Trustee an Officer's
         Certificate and an Opinion of Counsel, each stating that all conditions
         precedent herein provided for relating to the satisfaction and
         discharge of this Indenture have been complied with.

         Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 6.7, the obligations of
the Company to any Authenticating Agent under Section 6.12, the obligation of
the Company to pay Additional Interest, if money shall have been deposited with
the Trustee pursuant to paragraph (1)(ii) of this Section 4.1, the obligations
of the Trustee under Section 4.2 and the last paragraph of Section 10.3 and the
obligations of the Company and the Trustee under Section 3.5 and Article XII
shall survive.

SECTION 4.2 Application of Trust Money.

         Subject to the provisions of the last paragraph of Section 10.3, all
money deposited with the Trustee pursuant to Section 4.1 shall be held in trust
for the sole benefit of the Holders, and such monies shall be applied by the
Trustee, in accordance with the provisions of the Securities and this Indenture,
to the payment, either directly or through any Paying Agent, to the Persons
entitled thereto, of the principal, premium, if any, and interest for whose
payment such money has been deposited with the Trustee.

         All moneys deposited with the Trustee pursuant to Section 4.1 (and held
by it or any Paying Agent) for the payment of Securities subsequently converted
shall be returned to the Company.

         The Company shall pay and indemnify the Trustee against any tax, fee or
other charge imposed or assessed against all money deposited with the Trustee
pursuant to Section 4.1 (other than income taxes and franchise taxes incurred or
payable by the Trustee and such other taxes, fees or charges incurred or payable
by the Trustee that are not directly the result of the deposit of such money
with the Trustee).

                                   ARTICLE V

                                    REMEDIES

SECTION 5.1 Events of Default.

         "Event of Default", wherever used herein, means any one of the
following events (whatever the reason for such Event of Default and whether it
shall be voluntary or involuntary or be effected by

                                       44
<PAGE>

operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body):

                  (1) default in the payment of the principal of or premium, if
         any, on any Security at its Maturity, upon redemption, repurchase or
         following a Change in Control, when the same becomes due and payable,
         whether or not prohibited by the subordination provisions of Article 14
         hereof; or

                  (2) default in the payment of any interest, including any
         Additional Interest, upon any Security when it becomes due and payable,
         and continuance of such default for a period of 30 days, whether or not
         prohibited by the subordination provisions of Article 14 hereof; or

                  (3) failure by the Company to give a Company Notice in
         accordance with Section 13.6; or

                  (4) default in the performance of the Company's conversion
         obligations under this Indenture upon exercise of a Holder's right to
         conversion of its Security under this Indenture, and continuance of
         such default for a period of 5 Business Days after there has been
         given, by registered or certified mail, to the Company by the Trustee
         or to the Company and the Trustee by the Holder of such Security
         surrendered for conversion a written notice specifying such default or
         breach and requiring it to be remedied and stating that such notice is
         a "Notice of Default" hereunder; or

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

                  (6) a default in the payment when due (either at its stated
         maturity or upon acceleration thereof, and after expiration of any
         applicable grace period) under any bonds, debentures, notes or other
         evidences of indebtedness for money borrowed (or guarantee thereof) by
         the Company or any Significant Subsidiary (an "Instrument") with an
         aggregate principal amount in excess of U.S. $15,000,000, whether such
         indebtedness now exists or shall hereafter be created, and such
         indebtedness is not discharged, or such acceleration is not rescinded
         or annulled, within a period of 30 days after there shall have been
         given, by registered or certified mail, to the Company by the Trustee
         or to the Company and the Trustee by the Holders of at least 25% in
         principal amount of the Outstanding Securities a written notice
         specifying such default and requiring the Company to cause such
         indebtedness to be discharged or cause such default to be cured or
         waived or such acceleration to be rescinded or annulled and stating
         that such notice is a "Notice of Default" hereunder; or

                  (7) the entry by a court having jurisdiction in the premises
         of (i) a decree or order for relief in respect of the Company or any
         Significant Subsidiary in an involuntary case or proceeding under any
         applicable Federal or state bankruptcy, insolvency, reorganization or
         other similar law or (ii) a decree or order adjudging the Company or
         any Significant Subsidiary a bankrupt or insolvent, or approving as
         properly filed a petition seeking reorganization, arrangement,
         adjustment or composition of or in respect of the Company or any
         Significant Subsidiary under any applicable Federal or state law, or
         appointing a custodian, receiver,

                                       45
<PAGE>

         liquidator, assignee, trustee, sequestrator or other similar official
         of the Company or any Significant Subsidiary or of any substantial part
         of the property of either, or ordering the winding up or liquidation of
         its affairs, and the continuance of any such decree or order for relief
         or any such other decree or order unstayed and in effect for a period
         of 60 consecutive days; or

                  (8) the commencement by the Company or any Significant
         Subsidiary of a voluntary case or proceeding under any applicable
         Federal or state bankruptcy, insolvency, reorganization or other
         similar law or of any other case or proceeding to be adjudicated a
         bankrupt or insolvent, or the consent by either to the entry of a
         decree or order for relief in respect of the Company or any Significant
         Subsidiary in an involuntary case or proceeding under any applicable
         Federal or state bankruptcy, insolvency, reorganization or other
         similar law or to the commencement of any bankruptcy or insolvency case
         or proceeding against either, or the filing by either of a petition or
         answer or consent seeking reorganization or similar relief under any
         applicable Federal or state law, or the consent by either to the filing
         of such petition or to the appointment of or taking possession by a
         custodian, receiver, liquidator, assignee, trustee, sequestrator or
         other similar official of the Company or any Significant Subsidiary or
         of any substantial part of the property of either, or the making by
         either of an assignment for the benefit of creditors, or the admission
         by either in writing of its inability to pay its debts generally as
         they become due, or the taking of corporate action by the Company or
         any Significant Subsidiary in furtherance of any such action.

SECTION 5.2 Acceleration of Maturity; Rescission and Annulment.

         If an Event of Default (other than an Event of Default specified in
Section 5.1(7) or 5.1(8) with respect to the Company) occurs and is continuing,
then in every such case the Trustee or the Holders of not less than 25% in
principal amount of the Outstanding Securities may declare the principal of all
the Securities to be due and payable immediately, by a notice in writing to the
Company (and to the Trustee if given by the Holders), and upon any such
declaration such principal and all accrued interest thereon shall become
immediately due and payable; provided that so long as any indebtedness incurred
pursuant to the Revolving Credit Facility is outstanding, such acceleration will
not be effective until the earlier of (i) the acceleration of such Indebtedness
under the Revolving Credit Facility or (ii) five Business Days after receipt by
the Senior Debt Representative of the Revolving Credit Facility of written
notice from the Company of such acceleration. If an Event of Default specified
in Section 5.1(7) or 5.1(8) with respect to the Company occurs, the principal
of, and accrued interest on, all the Securities shall become immediately due and
payable without any declaration or other Act of the Holders or any act on the
part of the Trustee.

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

                  (1) the Company has paid or deposited with the Trustee a sum
         sufficient to pay:

                      (i)   all overdue interest on all Securities,

                      (ii)  the principal of and premium, if any, on any
                            Securities that have become due other than
                            by such declaration of acceleration and any
                            interest thereon at the rate borne by the
                            Securities,

                      (iii) to the extent permitted by applicable law,
                            interest upon overdue interest at the rate
                            borne by the Securities, and

                                       46
<PAGE>

                      (iv)  all sums paid or advanced by the Trustee
                            hereunder and the compensation, reasonable
                            expenses, disbursements and advances of the
                            Trustee, its agents and counsel;

                  (2) all Events of Default, other than the nonpayment of the
         principal of and any premium and interest on, Securities which have
         become due solely by such declaration of acceleration, have been cured
         or waived as provided in Section 5.13; and

                  (3) such rescission and annulment would not conflict with any
         judgment or decree issued in appropriate judicial proceedings regarding
         the payment by the Trustee to the Holders of the amounts referred to in
         5.2(1).

         No rescission or annulment referred to above shall affect any
subsequent default or impair any right consequent thereon.

SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee.

         The Company covenants that if:

                  (1) default is made in the payment of any interest on any
         Security when it becomes due and payable and such default continues for
         a period of 30 days, or

                  (2) default is made in the payment of the principal of or
         premium, if any, on any Security at the Maturity thereof,

the Company will, upon demand of the Trustee, pay to it, for the benefit of the
Holders of such Securities, the whole amount then due and payable on such
Securities for principal and interest and interest on any overdue principal and
premium, if any, and, to the extent permitted by applicable law, on any overdue
interest, at the rate borne by the Securities, and in addition thereto, such
further amount as shall be sufficient to cover the reasonable costs and expenses
of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel.

         If the Company fails to pay such amounts forthwith upon such demand,
the Trustee, in its own name and as trustee of an express trust, may institute a
judicial proceeding for the collection of the sums so due and unpaid, may
prosecute such proceeding to judgment or final decree and may enforce the same
against the Company or any other obligor upon the Securities and collect the
moneys adjudged or decreed to be payable in the manner provided by law out of
the property of the Company or any other obligor upon the Securities, wherever
situated.

         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 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 5.4 Trustee May File Proofs of Claim.

         In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceeding relative to the Company or any other obligor upon the
Securities or the property of the Company or of such other obligor or the
creditors of either, the Trustee (irrespective of whether the principal of, and
any interest on, the Securities shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the

                                       47
<PAGE>

Trustee shall have made any demand on the Company for the payment of overdue
principal or interest) shall be entitled and empowered, by intervention in such
proceeding or otherwise,

                  (1) to file and prove a claim for the whole amount of
         principal, premium, if any, and interest owing and unpaid in respect of
         the Securities and take such other actions, including participating as
         a member, voting or otherwise, of any official committee of creditors
         appointed in such matter, and to file such other papers or documents,
         in each of the foregoing cases, as may be necessary or advisable in
         order to have the claims of the Trustee (including any claim for the
         reasonable compensation, expenses, disbursements and advances of the
         Trustee, its agents and counsel) and of the Holders allowed in such
         judicial proceeding, and

                  (2) to collect and receive any moneys or other property
         payable or deliverable on any such claim and to distribute the same;
         and any custodian, receiver, assignee, trustee, liquidator,
         sequestrator or other similar official in any such judicial proceeding
         is hereby authorized by each Holder of Securities to make such payments
         to the Trustee and, in the event that the Trustee shall consent to the
         making of such payments directly to the Holders to pay to the Trustee
         any amount due to it for the reasonable compensation, expenses,
         disbursements and advances of the Trustee, its agents and counsel and
         any other amounts due the Trustee under Section 6.7.

         Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder of a Security
any plan of reorganization, arrangement, adjustment or composition affecting the
Securities or the rights of any Holder thereof or to authorize the Trustee to
vote in respect of the claim of any Holder of a Security in any such proceeding;
provided, however, that the Trustee may, on behalf of such Holders, vote for the
election of a trustee in bankruptcy or similar official.

SECTION 5.5 Trustee May Enforce Claims Without Possession of Securities.

         All rights of action and claims under this Indenture or the Securities
may be prosecuted and enforced by the Trustee without the possession of any of
the Securities or the production thereof in any proceeding relating thereto, and
any such proceeding instituted by the Trustee shall be brought in its own name
as trustee of an express trust, and any recovery of judgment shall, subject to
Article XIV and after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, be
for the ratable benefit of the Holders of the Securities in respect of which
judgment has been recovered.

SECTION 5.6 Application of Money Collected.

         Any money collected by the Trustee pursuant to this Article V shall be
applied in the following order, at the date or dates fixed by the Trustee and,
in case of the distribution of such money on account of principal, premium, if
any, or interest, upon presentation of the Securities and the notation thereon
of the payment if only partially paid and upon surrender thereof if fully paid:

         FIRST: To the payment of all amounts due the Trustee under Section 6.7;

         SECOND: To the payment of all Senior Debt if and to the extent required
by Article XIV;

         THIRD: To the payment of the amounts then due and unpaid for principal
of, premium, if any, or interest on, the Securities in respect of which or for
the benefit of which such money has been collected, ratably, without preference
or priority of any kind, according to the amounts due and payable on such
Securities for principal, premium, if any, and interest, respectively; and

                                       48
<PAGE>

         FOURTH:  Any remaining amounts shall be repaid to the Company.

SECTION 5.7 Limitation on Suits.

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

                  (1) such Holder has previously given written notice to the
         Trustee of an Event of Default that is continuing at the time of such
         institution;

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

                  (3) such Holder or Holders have offered to the Trustee, and if
         requested, shall have provided, indemnity reasonably satisfactory to
         the Trustees against the costs, expenses and liabilities to be incurred
         in compliance with such request;

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

                  (5) no direction inconsistent with such written request has
         been given to the Trustee during such 60 day period by the Holders of a
         majority in principal amount of the Outstanding Securities, it being
         understood and intended that no one or more of such Holders shall have
         any right in any manner whatever by virtue of, or by availing of, any
         provision of this Indenture to affect, disturb or prejudice the rights
         of any other of such Holders, or to obtain or seek to obtain priority
         or preference over any other of such Holders or to enforce any right
         under this Indenture, except in the manner herein provided and for the
         equal and ratable benefit of all such Holders (it being understood that
         the Trustee does not have an affirmative duty to ascertain whether or
         not such actions or forbearances are unduly prejudicial to such
         Holders).

SECTION 5.8 Unconditional Right of Holders to Receive Principal, Premium and
              Interest and to Convert.

         Notwithstanding any other provision in this Indenture, the Holder of
any Security shall have the right, which is absolute and unconditional, to
receive payment of the principal of, premium, if any, and (subject to Section
3.7) interest and Additional Interest, if any, on such Security on the
respective Stated Maturities expressed in such Security (or, in the case of
redemption or repurchase, on the Redemption Date or Change in Control Repurchase
Date or Repurchase Date, as the case may be), and to convert such Security in
accordance with Article XII, and to institute suit for the enforcement of any
such payment and right to convert, and such rights shall not be impaired without
the consent of such Holder.

SECTION 5.9 Restoration of Rights and Remedies.

         If the Trustee or any Holder of a Security has instituted any
proceeding to enforce any right or remedy under this Indenture and such
proceeding has been discontinued or abandoned for any reason, or has been
determined adversely to the Trustee or to such Holder, then and in every such
case, subject to any determination in such proceeding, the Company, the Trustee
and the Holders shall be restored severally and respectively to their former
positions hereunder and thereafter all rights and remedies of the Trustee and
such Holders shall continue as though no such proceeding had been instituted.

                                       49
<PAGE>

SECTION 5.10 Rights and Remedies Cumulative.

         Except as otherwise provided with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Securities in the last paragraph of
Section 3.6, no right or remedy herein conferred upon or reserved to the Trustee
or to the Holders is intended to be exclusive of any other right or remedy, and
every right and remedy shall, to the extent permitted by law, be cumulative and
in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

SECTION 5.11 Delay or Omission Not Waiver.

         No delay or omission of the Trustee or of any Holder of any Security to
exercise any right or remedy accruing upon any Event of Default shall impair any
such right or remedy or constitute a waiver of any such Event of Default or any
acquiescence therein. Every right and remedy given by this Article V or by law
to the Trustee or to the Holders may be exercised from time to time, and as
often as may be deemed expedient, by the Trustee or (subject to the limitations
contained in this Indenture) by the Holders as the case may be.

SECTION 5.12 Control by Holders.

         Subject to Section 6.3, the Holders of a majority in principal amount
of the Outstanding Securities shall have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee
or exercising any trust or power conferred on the Trustee, provided that

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

                  (2) the Trustee may take any other action deemed proper by the
         Trustee which is not inconsistent with such direction, and

                  (3) the Trustee need not take any action that conflicts with
         law or this Indenture, that might involve it in personal liability or
         be unjustly prejudicial to the Holders not consenting.

SECTION 5.13 Waiver of Past Defaults.

         The Holders, either (1) through the written consent of not less than a
majority in principal amount of the Outstanding Securities or (2) by the
adoption of a resolution, at a meeting of Holders of the Outstanding Securities
at which a quorum is present, by the Holders of at least a majority in aggregate
principal amount of the Outstanding Securities represented at such meeting, may
on behalf of the Holders of all the Securities waive any past default hereunder
and its consequences, except a default (i) in the payment of the principal of,
premium, if any, or interest on any Security, or (ii) in respect of a covenant
or provision hereof which under Article VIII cannot be modified or amended
without the consent of the Holder of each Outstanding Security affected.

         Upon any such waiver, such default shall be deemed cured and 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 impair any right consequent thereon.

                                       50
<PAGE>

SECTION 5.14 Undertaking for Costs.

         All parties to this Indenture agree, and each Holder of any Security by
his acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under
this Indenture, or any suit against the Trustee for any action taken, suffered
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; but
the provisions of this Section 5.14 shall not apply to any suit instituted by
the Company, to any suit instituted by the Trustee, or to any suit instituted by
any Holder of any Security for the enforcement of the payment of the principal
of, premium, if any, or interest on any Security on or after the respective
Stated Maturity or Maturities expressed in such Security (or, in the case of
redemption or repurchase, on or after the Redemption Date or Change in Control
Repurchase Date or Repurchase Date, as the case may be) or for the enforcement
of the right to convert any Security in accordance with Article XII.

SECTION 5.15 Waiver of Stay, Usury or Extension Laws.

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

                                   ARTICLE VI

                                   THE TRUSTEE

SECTION 6.1 Certain Duties and Responsibilities.

                  (1)   Except during the continuance of an Event of Default,

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

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

                  (2) 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

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<PAGE>

         skill in their exercise, as a prudent person would exercise or use
         under the circumstances in the conduct of his or her own affairs.

                  (3) 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 paragraph (3) shall not be construed to limit
                        the effect of paragraph (1) of this Section;

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

                  (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 aggregate principal amount of the
                        Outstanding Securities 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.

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

SECTION 6.2 Notice of Defaults.

         Within 90 days after the occurrence of any default hereunder as to
which the Trustee has received written notice, the Trustee shall give to all
Holders, in the manner provided in Section 1.6, notice of such default, unless
such default shall have been cured or waived; provided, however, that, except in
the case of a default in the payment of the principal of, premium, if any, or
interest on any Security the Trustee shall be protected in withholding such
notice if and so long as the board of directors, the executive committee or a
trust committee of directors or Responsible Officers of the Trustee in good
faith determines that the withholding of such notice is in the interest of the
Holders; and provided further that in the case of any default of the character
specified in Section 5.1(4), no such notice to Holders shall be given until at
least 60 days after the occurrence thereof or, if applicable, the expiration of
the cure period specified therein. For the purpose of this Section, the term
"default" means any event which is, or after notice or lapse of time or both
would become, an Event of Default.

SECTION 6.3 Certain Rights of Trustee.

         Subject to the provisions of Section 6.1:

                  (1) the Trustee may conclusively rely, and shall be protected
         in acting or refraining from acting, upon any resolution, Officer's
         Certificate, other certificate, statement, instrument, opinion, report,
         notice, request, direction, consent, order, bond, debenture, note,
         coupon, other evidence of indebtedness or other paper or document
         (collectively, the "Documents") believed by it to be genuine and to
         have been signed or presented by the proper party or parties, and the
         Trustee need not investigate any fact or matter stated in such
         Documents;

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<PAGE>

                  (2) any request or direction of the Company mentioned herein
         shall be sufficiently evidenced by a Company Request or Company Order
         and any resolution of the Board of Directors shall be sufficiently
         evidenced by a Board Resolution;

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

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

                  (5) 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 pursuant to this Indenture, unless
         such Holders shall have offered, and, if requested by the Trustee,
         delivered to the Trustee reasonable security or indemnity against the
         costs, expenses and liabilities which might be incurred by it in
         compliance with such request or direction;

                  (6) the Trustee shall not be bound to make any investigation
         into the facts or matters stated in any resolution, certificate,
         statement, instrument, opinion, report, notice, request, direction,
         consent, order, bond, debenture, note, coupon, other evidence of
         indebtedness or other paper or document, but the Trustee may make such
         further inquiry or investigation into such facts or matters as it may
         see fit, and, if the Trustee shall determine to make such further
         inquiry or investigation, it shall be entitled to examine the books,
         records and premises of the Company, personally or by agent or attorney
         at the sole cost of the Company and shall incur no liability or
         additional liability of any kind by reason of such inquiry or
         investigation;

                  (7) 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;

                  (8) No permissive power, right or remedy conferred upon the
         Trustee hereinunder shall be construed to impose a duty to exercise
         such power, right or remedy;

                  (9) The Trustee shall not be deemed to have knowledge of any
         default or Event of Default hereunder unless a Responsible Officer has
         actual knowledge thereof or has received written notice thereof from
         the Company or any Holder. Except as otherwise expressly provided
         herein, the Trustee shall not be bound to ascertain or inquire as to
         the performance or observance of any of the terms, conditions,
         covenants or agreements herein or of any of the documents executed in
         connection with the Securities or as to the existence of an Event of
         Default hereunder

                  (10) the Trustee shall not be liable for any action taken,
         suffered, or omitted to be taken 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;

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

                                       53
<PAGE>

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

SECTION 6.4 Not Responsible for Recitals or Issuance of Securities.

         The recitals contained herein and in the Securities (except the
Trustee's certificates of authentication) shall be taken as the statements of
the Company, and the Trustee assumes no responsibility for their correctness.
The Trustee makes no representations as to the validity, sufficiency or priority
of this Indenture, of the Securities or of the Common Stock issuable upon the
conversion of the Securities. The Trustee or any Authenticating Agent shall not
be accountable for the use or application by the Company of Securities or the
proceeds thereof.

SECTION 6.5 May Hold Securities, Act as Trustee Under Other Indentures.

         The Trustee, any Authenticating Agent, any Paying Agent, any Conversion
Agent or any other agent of the Company or the Trustee, in its individual or any
other capacity, may become the owner or pledgee of Securities and may otherwise
deal with the Company with the same rights it would have if it were not Trustee,
Authenticating Agent, Paying Agent, Conversion Agent or such other agent.

         The Trustee may become and act as trustee under other indentures under
which other securities, or certificates of interest or participation in other
securities, of the Company are outstanding in the same manner as if it were not
Trustee hereunder.

SECTION 6.6 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 in writing with the Company.

SECTION 6.7 Compensation and Reimbursement.

         The Company agrees:

                  (1) to pay to the Trustee from time to time such compensation
         as the Company and the Trustee shall from time to time agree in writing
         for its acceptance of this Indenture and for all services rendered by
         it hereunder (which compensation shall not be limited by any provision
         of law in regard to the compensation of a trustee of an express trust);

                  (2) except as otherwise expressly provided herein, to
         reimburse the Trustee upon its request for all reasonable expenses,
         disbursements and advances incurred or made by the Trustee (including
         costs and expenses of enforcing this Indenture and defending itself
         against any claim (whether asserted by the Company, any Holder of
         Securities or any other Person) or liability in connection with the
         exercise of any of its powers or duties hereunder) in accordance with
         any provision of this Indenture (including the reasonable compensation
         and the expenses and disbursements of its agents and counsel), except
         any such expense, disbursement or advance as may be attributable to its
         negligence or bad faith. The Trustee shall notify the Company promptly
         of any claim asserted against the Trustee for which it may seek
         indemnity. The Company need

                                       54
<PAGE>

         not pay for any settlement effected without its written consent, which
         shall not be unreasonably withheld; and

                  (3) to indemnify each of the Trustee or any predecessor
         Trustee and their agents for, and to hold them harmless against, any
         and all loss, damage, claims, liability or expense, including taxes
         (other than taxes based upon, measured by or determined by the income
         of the Trustee), arising out of or in connection with the acceptance or
         administration of the trust or trusts hereunder, including the
         reasonable costs and expenses of defending itself against any claim
         (whether asserted by the Company, or any Holder or any other Person) or
         liability in connection with the exercise or performance of any of its
         powers or duties hereunder, or in connection with enforcing the
         provisions of this Section, except to the extent that such loss,
         damage, claim, liability or expense is due to its own negligence or bad
         faith.

         The Trustee shall have a lien prior to the Securities on all money or
property held or controlled by the Trustee to secure the Company's payment
obligations in this Section 6.7, except that held in trust to pay principal and
interest on the Securities.

         When the Trustee incurs expenses or renders services in connection with
an Event of Default specified in Section 5.1(6) or Section 5.1(7), the expenses
(including the reasonable charges of its counsel) and the compensation for the
services are intended to constitute expenses of the administration under any
applicable Federal or state bankruptcy, insolvency or other similar law.

         The provisions of this Section shall survive the termination of this
Indenture or the earlier resignation or removal of the Trustee.

SECTION 6.8 Corporate Trustee Required; Eligibility.

         There shall at all times be a Trustee hereunder which shall be a Person
that is eligible pursuant to the Trust Indenture Act to act as such, and the
Trustee and its parent corporation shall have (or be part of a holding company
group with) a combined capital and surplus of at least U.S. $50,000,000, subject
to supervision or examination by Federal or state authority, and in good
standing. The Trustee or an Affiliate of the Trustee shall maintain an
established place of business in the Borough of Manhattan, The City of New York.
If such corporation publishes reports of condition at least annually, pursuant
to law or to the requirements of said supervising or examining authority, then
for the purposes of this Section, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. If at any time the Trustee
shall cease to be eligible in accordance with the provisions of this Section, it
shall either eliminate such interest or resign immediately in the manner and
with the effect hereinafter specified in this Article and a successor shall be
appointed pursuant to Section 6.9.

SECTION 6.9 Resignation and Removal; Appointment of Successor.

                  (1) 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 6.10.

                  (2) The Trustee may resign at any time by giving written
         notice thereof to the Company. If the instrument of acceptance by a
         successor Trustee required by Section 6.10 shall not have been
         delivered to the Trustee within 60 days after the giving of such notice
         of resignation, the resigning Trustee may petition, at the expense of
         the Company, any court of competent jurisdiction for the appointment of
         a successor Trustee.

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<PAGE>

                  (3) The Trustee may be removed at any time by an Act of the
         Holders of a majority in principal amount of the Outstanding
         Securities, delivered to the Trustee and the Company. If the instrument
         of acceptance by a successor Trustee required by Section 6.10 shall not
         have been delivered to the Trustee within 60 days after the giving of
         such notice of removal, the removed Trustee may petition, at the
         expense of the Company, any court of competent jurisdiction for the
         appointment of a successor Trustee.

                  (4) The Trustee may be removed at any time by the Company and
         the Company may appoint a successor Trustee pursuant to this Article,
         provided, that (i) there is not an Event of Default that is continuing
         at the time of removal, (ii) the successor Trustee appointed by the
         Company meets the eligibility requirements of Section 6.8, and (iii)
         such removal and resignation shall not become effective until the
         acceptance of appointment by the successor Trustee in accordance with
         the applicable requirements of Section 6.10. If the instrument of
         acceptance by a successor Trustee required by Section 6.10 shall not
         have been delivered to the Trustee within 60 days after the giving of
         such notice of removal, the removed Trustee may petition, at the
         expense of the Company, any court of competent jurisdiction for the
         appointment of a successor Trustee.

                  (5)   If at any time:

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

                  (ii)  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 (i) the Company by a Board Resolution may remove
         the Trustee, or (ii) subject to Section 5.14, any Holder of a Security
         who has been a bona fide Holder of a Security for at least six months
         may, on behalf of himself and all others similarly situated, petition
         any court of competent jurisdiction for the removal of the Trustee and
         the appointment of a successor Trustee.

                  (6) 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 Company, by a Board Resolution, shall
         promptly appoint a successor Trustee and shall comply with the
         applicable requirements of this Section and Section 6.10. If no
         successor Trustee shall have been so appointed by the Company or the
         Holders and accepted appointment in the manner required by this Section
         and Section 6.10, any Holder of a Security who has been a bona fide
         Holder of a Security for at least six months may, on behalf of himself
         and all others similarly situated, petition any court of competent
         jurisdiction for the appointment of a successor Trustee.

                  (7) The Company shall give notice of each resignation and each
         removal of the Trustee and each appointment of a successor Trustee to
         all Holders in the manner provided in Section 1.6. Each notice shall
         include the name of the successor Trustee and the address of its
         Corporate Trust Office.

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<PAGE>

SECTION 6.10 Acceptance of Appointment by Successor.

         Every successor Trustee appointed hereunder shall execute, acknowledge
and deliver to the Company and to the retiring Trustee an instrument accepting
such appointment, and thereupon the resignation or removal of the retiring
Trustee shall become effective and such successor Trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, trusts
and duties of the retiring Trustee; but, on the request of the Company or the
successor Trustee, such retiring Trustee shall, upon payment of its charges,
execute and deliver an instrument transferring to such successor Trustee all the
rights, powers and trusts of the retiring Trustee and shall duly assign,
transfer and deliver to such successor Trustee all property and money held by
such retiring Trustee hereunder, subject to the lien provided for in Section
6.7. Upon request of any such successor Trustee, the Company shall execute any
and all instruments for more fully and certainly vesting in and confirming to
such successor Trustee all such rights, powers and trusts.

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

SECTION 6.11 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 (including the trust created by this Indenture), by sale
or otherwise, shall be the successor of the Trustee hereunder, provided such
corporation shall be otherwise eligible under this Article, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto. In case any Securities shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or
consolidation to such authenticating Trustee may adopt such authentication and
deliver the Securities so authenticated with the same effect as if such
successor Trustee had itself authenticated such Securities.

SECTION 6.12 Authenticating Agents.

         The Trustee may, with the consent of the Company, appoint an
Authenticating Agent or Agents acceptable to the Company with respect to the
Securities, which Authenticating Agent shall be authorized to act on behalf of
the Trustee to authenticate Securities issued upon exchange or substitution
pursuant to this Indenture.

         Securities authenticated by an Authenticating Agent 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, and every reference in
this Indenture to the authentication and delivery of Securities by the Trustee
or the Trustee's certificate of authentication 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 subject to acceptance
by the Company and shall at all times be a corporation organized and doing
business under the laws of the United States of America, any State thereof or
the District of Columbia, authorized under such laws to act as Authenticating
Agent and subject to supervision or examination by government or other fiscal
authority. If at any time an Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section 6.12, such Authenticating Agent
shall resign immediately in the manner and with the effect specified in this
Section 6.12.

                                       57
<PAGE>

         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 all or substantially all the
corporate agency or corporate trust business of an Authenticating Agent, by sale
or otherwise, shall continue to be an Authenticating Agent, provided such
corporation shall be otherwise eligible under this Section 6.12, without the
execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.

         An Authenticating Agent may resign at any time by giving written notice
thereof to the Trustee and to the Company. The Trustee may at any time terminate
the agency of an Authenticating Agent by giving written notice thereof to such
Authenticating Agent and to the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section 6.12, the Trustee may appoint a successor
Authenticating Agent which shall be subject to acceptance by the Company. Any
successor Authenticating Agent upon acceptance of its appointment hereunder
shall become vested with all the rights, powers and duties of its predecessor
hereunder, with like effect as if originally named as an Authenticating Agent.
No successor Authenticating Agent shall be appointed unless eligible under the
provisions of this Section 6.12.

         The Company agrees to pay to each Authenticating Agent from time to
time reasonable compensation for its services under this Section 6.12.

         If an Authenticating Agent is appointed with respect to the Securities
pursuant to this Section 6.12, the Securities may have endorsed thereon, in
addition to or in lieu of the Trustee's certification of authentication, an
alternative certificate of authentication in the following form:

         "This is one of the Securities referred to in the within-mentioned
Indenture.

                                    THE BANK OF NEW YORK,
                                    as Trustee

                                    By:_________________________________________
                                    As Authenticating Agent

                                    By:_________________________________________
                                    Authorized Signatory"

SECTION 6.13 Disqualification; Conflicting Interests.

         If the Trustee has or shall acquire a conflicting interest within the
meaning of the Trust Indenture Act, the Trustee shall either eliminate such
interest or resign, to the extent and in the manner provided by, and subject to
the provisions of, the Trust Indenture Act and this Indenture.

SECTION 6.14 Preferential Collection of Claims Against Company.

         If and when the Trustee shall be or become a creditor of the Company
(or any other obligor upon the Securities), the Trustee shall be subject to the
provisions of the Trust Indenture Act regarding the collection of claims against
the Company (or any such other obligor).

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                                  ARTICLE VII

              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

SECTION 7.1 Company May Consolidate, Etc. Only on Certain Terms.

         The Company shall not consolidate with or merge into any other Person
or convey, transfer, sell or lease its properties and assets substantially as an
entirety to any Person, and the Company shall not permit any Person to
consolidate with or merge into the Company or convey, transfer, sell or lease
such Person's properties and assets substantially as an entirety to the Company
unless:

                  (1) the Person formed by such consolidation or into or with
         which the Company is merged or the Person to which the properties and
         assets of the Company are so conveyed, transferred, sold or leased
         shall be a corporation, limited liability company, partnership or trust
         organized and existing under the laws of the United States of America,
         any State thereof or the District of Columbia and, if the Company is
         not the surviving entity, the surviving entity shall expressly assume,
         by an indenture supplemental hereto, executed and delivered to the
         Trustee, in form satisfactory to the Trustee, the payment when due of
         the principal of, premium, if any, and interest on all of the
         Securities as applicable, and the performance or observance of every
         covenant of this Indenture on the part of the Company to be performed
         or observed and shall have provided for conversion rights in all
         material respects in accordance with Article XII;

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

                  (3) the Company has delivered to the Trustee an Officer's
         Certificate and an Opinion of Counsel, each stating that such
         consolidation, merger, conveyance, transfer, sale or lease and, if a
         supplemental indenture is required in connection with such transaction,
         such supplemental indenture comply with this Article and that all
         conditions precedent herein provided for relating to such transaction
         have been complied with, together with any documents required under
         Section 8.3.

         Notwithstanding the foregoing, the requirements of paragraph (3) of
this Section shall not apply to (i) a merger or consolidation involving the
Company and a Subsidiary, in which the Company is the surviving entity, or (ii)
the conveyance, transfer, sale or lease of a Subsidiary's properties and assets
substantially as an entirety to the Company.

SECTION 7.2 Successor Substituted.

         Upon any consolidation of the Company with, or merger of the Company
into any other Person or any conveyance, transfer or lease of all or
substantially all the properties and assets of the Company in accordance with
Section 7.1, the successor Person formed by such consolidation or into or with
which the Company is merged or to which such conveyance, transfer or lease is
made shall succeed to, and be substituted for, and may exercise every right and
power of, the Company under this Indenture with the same effect as if such
successor Person had been named as the Company herein, and thereafter, except in
the case of a lease, the predecessor Person shall be relieved of all obligations
and covenants under this Indenture and the Securities.

                                       59
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                                  ARTICLE VIII

                             SUPPLEMENTAL INDENTURES

SECTION 8.1 Supplemental Indentures Without Consent of Holders.

         Without the consent of any Holders, the Company, when authorized by a
Board Resolution, and the Trustee, at any time and from time to time, may enter
into one or more indentures supplemental hereto for any of the following
purposes:

                  (1) to evidence the succession of another Person to the
         Company and the assumption by any such successor of the covenants and
         obligations of the Company herein and in the Securities as permitted by
         Article VII of this Indenture;

                  (2) to evidence and provide for the acceptance of appointment
         hereunder by a successor Trustee;

                  (3) to cure any ambiguity or correct or supplement any
         provision herein that may be defective or inconsistent with any other
         provision herein or that is otherwise defective, provided such action
         pursuant to this paragraph (3) shall not adversely affect the interests
         of the Holders;

                  (4) to add to the covenants of the Company for the benefit of
         the Holders or to surrender any right or power herein conferred upon
         the Company;

                  (5) to secure the Securities;

                  (6) to make any change to the provisions of this Indenture
         that does not adversely affect the Holders of any outstanding
         Securities, including, without any limitation, changes to the
         provisions of Article XIV (which may include changes requested by
         lenders under the Revolving Credit Facility);

                  (7) to increase the conversion rate or reduce the conversion
         price; provided that the increase or reduction, as the case may be, is
         in accordance with the terms hereof or will not adversely affect the
         interests of the Holders of the Securities;

                  (8) to comply with the requirements of the Trust Indenture Act
         or the rules and regulations of the Commission thereunder in order to
         effect or maintain the qualification of this Indenture under the Trust
         Indenture Act, as contemplated by this Indenture or otherwise; or

                  (9) to modify the restrictions on resales and other transfers
         of the Securities and the shares of Common Stock upon conversion
         thereof to reflect changes in applicable law or regulation (or the
         interpretation thereof) or in practices relating to the resale or
         transfer of restricted securities generally.

         Upon Company Request, accompanied by a Board Resolution authorizing the
execution of any such supplemental indenture, and subject to and upon receipt by
the Trustee of the documents described in Section 8.3 hereof, the Trustee shall
join with the Company in the execution of any supplemental indenture authorized
or permitted by the terms of this Indenture and to make any further appropriate
agreements and stipulations that may be therein contained.

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<PAGE>

         Notwithstanding any other provision of the Indenture or the Securities,
the Registration Rights Agreement and the obligation to pay Additional Interest
thereunder may be amended, modified or waived in accordance with the provisions
of the Registration Rights Agreement.

SECTION 8.2 Supplemental Indentures with Consent of Holders.

         Except as set forth in Section 8.1, with either (i) the written consent
of the Holders of not less than a majority in aggregate principal amount of the
Outstanding Securities, by the Act of said Holders delivered to the Company and
the Trustee, or (ii) by the adoption of a resolution, at a meeting of Holders of
the Outstanding Securities at which a quorum is present, by the Holders of at
least a majority in aggregate principal amount of the Outstanding Securities
represented at such meeting, the Company, when authorized by a Board Resolution,
and the Trustee may enter into an indenture or indentures supplemental hereto
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Indenture or of modifying in any
manner the rights of the Holders under this Indenture; provided, however, that
no such supplemental indenture shall, without the consent or affirmative vote of
the Holder of each Outstanding Security affected thereby,

                  (1) change the Stated Maturity of the principal of, or any
         installment of interest on, any Security, or reduce the principal
         amount of, or the premium, if any, or the rate of interest payable
         thereon, or reduce the amount payable upon a redemption or mandatory
         repurchase, or change the place or currency of payment of the principal
         of, premium, if any, or interest on any Security (including any payment
         of Redemption Price or Repurchase Price or Change in Control Repurchase
         Price in respect of such Security) or impair the right to institute
         suit for the enforcement of any payment in respect of any Security; or

                  (2) reduce the percentage in principal amount of the
         Outstanding Securities the consent of whose Holders is required for any
         such supplemental indenture or the consent of whose Holders is required
         for any waiver (of compliance with certain provisions of this Indenture
         or certain defaults hereunder and their consequences) provided for in
         this Indenture; or

                  (3) reduce the percentage required for the adoption of a
         resolution or the quorum required at any meeting of Holders at which a
         resolution is adopted; or

                  (4) modify the subordination of the Securities in a manner
         adverse to the Holders; or

                  (5) modify the Company's right to redeem the Securities in a
         manner adverse to the Holders; or

                  (6) modify the provisions of Article XIII in a manner adverse
         to the Holders; or

                  (7) adversely affect a Holder's right to convert a Security
         other than a modification or amendment required by the terms of this
         Indenture; or

                  (8) modify the provisions of Section 10.6 in a manner adverse
         to the Holder.

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

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SECTION 8.3 Execution of Supplemental Indentures.

         In executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article or the modifications thereby of
the trusts created by this Indenture, the Trustee shall receive, and (subject to
Sections 6.1 and 6.3) shall be fully protected in conclusively relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture, and that such supplemental indenture
has been duly authorized, executed and delivered by the Company and constitutes
a valid and legally binding obligation of the Company enforceable against the
Company in accordance with its terms, subject to general equity principles and
applicable bankruptcy, insolvency, fraudulent transfer or conveyance,
reorganization, arrangement, dissolution, moratorium or other similar laws
relating to or affecting creditors' rights generally. The Trustee may, but shall
not be obligated to, enter into any such supplemental indenture which adversely
affects the Trustee's own rights, duties or immunities under this Indenture or
otherwise.

SECTION 8.4 Effect of Supplemental Indentures.

         Upon the execution of any supplemental indenture under this Article,
this Indenture shall be modified in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and every Holder
of Securities theretofore or thereafter authenticated and delivered hereunder
appertaining thereto shall be bound thereby.

SECTION 8.5 Reference in Securities to Supplemental Indentures.

         Securities authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article may, and shall if required by
the Trustee, bear a notation in form approved by the Trustee as to any matter
provided for in such supplemental indenture. If the Company shall so determine,
new Securities so modified as to conform, in the opinion of the Company and the
Trustee, to any such supplemental indenture may be prepared and executed by the
Company and authenticated and delivered by the Trustee in exchange for
Outstanding Securities.

SECTION 8.6 Notice of Supplemental Indentures.

         Promptly after the execution by the Company and the Trustee of any
supplemental indenture pursuant to the provisions of Section 8.2, the Company
shall give notice to all Holders of such fact, setting forth in general terms
the substance of such supplemental indenture, in the manner provided in Section
1.6. Any failure of the Company to give such notice, or any defect therein,
shall not in any way impair or affect the validity of any such supplemental
indenture.

                                   ARTICLE IX

                        MEETINGS OF HOLDERS OF SECURITIES

SECTION 9.1 Purposes for Which Meetings May Be Called.

         A meeting of Holders may be called at any time and from time to time
pursuant to this Article to make, give or take any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be made, given or taken by Holders.

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SECTION 9.2 Call, Notice and Place of Meetings.

                  (1) The Trustee may at any time call a meeting of Holders for
         any purpose specified in Section 9.1, to be held at such time and at
         such place in the Borough of Manhattan, The City of New York, as the
         Trustee shall determine. Notice of every meeting of Holders, 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 1.6, not less than 21 nor more than 180 days
         prior to the date fixed for the meeting.

                  (2) In case at any time the Company, pursuant to a Board
         Resolution, or, the Holders of at least 10% in principal amount of the
         Outstanding Securities shall have requested the Trustee to call a
         meeting of the Holders for any purpose specified in Section 9.1, by
         written request setting forth in reasonable detail the action proposed
         to be taken at the meeting, and the Trustee shall not have mailed the
         notice of such meeting within 21 days after receipt of such request or
         shall not thereafter proceed to cause the meeting to be held as
         provided herein, then the Company or the Holders in the amount
         specified, as the case may be, may determine the time and the place in
         the Borough of Manhattan, The City of New York, for such meeting and
         may call such meeting for such purposes by giving notice thereof as
         provided in paragraph (1) of this Section.

SECTION 9.3 Persons Entitled to Vote at Meetings.

         To be entitled to vote at any meeting of Holders, a Person shall be (1)
a Holder of one or more Outstanding Securities, or (2) a Person appointed by an
instrument in writing as proxy for a Holder or Holders of one or more
Outstanding Securities by such Holder or Holders. The only Persons who shall be
entitled to be present or to speak at any meeting of Holders shall be the
Persons entitled to vote at such meeting and their counsel, any representatives
of the Trustee and its counsel and any representatives of the Company and its
counsel.

SECTION 9.4 Quorum; Action.

         The Persons entitled to vote a majority in aggregate principal amount
of the Outstanding Securities shall constitute a quorum. In the absence of a
quorum within 30 minutes of the time appointed for any such meeting, the meeting
shall, if convened at the request of Holders, be dissolved. In any other case,
the meeting may be adjourned for a period of not less than 10 days as determined
by the chairman of the meeting prior to the adjournment of such meeting. In the
absence of a quorum at any such adjourned meeting, such adjourned meeting may be
further adjourned for a period not less than 10 days as determined by the
chairman of the meeting prior to the adjournment of such adjourned meeting
(subject to repeated applications of this sentence). Notice of the reconvening
of any adjourned meeting shall be given as provided in Section 9.2(1), except
that such notice need be given only once not less than five days prior to the
date on which the meeting is scheduled to be reconvened. Notice of the
reconvening of an adjourned meeting shall state expressly the percentage of the
aggregate principal amount of the Outstanding Securities that shall constitute a
quorum.

         Subject to the foregoing, at the reconvening of any meeting adjourned
for a lack of a quorum, the Persons entitled to vote 25% in aggregate principal
amount of the Outstanding Securities at the time shall constitute a quorum for
the taking of any action set forth in the notice of the original meeting.

         At a meeting or an adjourned meeting duly reconvened and at which a
quorum is present as aforesaid, any resolution and all matters (except as
limited by the proviso to Section 8.2 and except to the extent Section 10.8
requires a different vote) shall be effectively passed and decided if passed or
decided by the lesser of (1) the Holders of not less than a majority in
principal amount of Outstanding Securities

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<PAGE>

and (2) the Persons entitled to vote not less than a majority in aggregate
principal amount of Outstanding Securities represented and entitled to vote at
such meeting.

         Any resolution passed or decisions taken at any meeting of Holders duly
held in accordance with this Section shall be binding on all the Holders whether
or not present or represented at the meeting. The Trustee shall, in the name and
at the expense of the Company, notify all the Holders of any such resolutions or
decisions pursuant to Section 1.6.

SECTION 9.5 Determination of Voting Rights; Conduct and Adjournment of Meetings.

                  (1) Notwithstanding any other provisions of this Indenture,
         the Trustee may make such reasonable regulations as it may deem
         advisable for any meeting of Holders in regard to proof of the holding
         of Securities and of the appointment of proxies and in regard to the
         appointment and duties of inspectors of votes, the submission and
         examination of proxies, certificates and other evidence of the right to
         vote, and such other matters concerning the conduct of the meeting as
         it shall deem appropriate. Except as otherwise permitted or required by
         any such regulations, the holding of Securities shall be proved in the
         manner specified in Section 1.4 and the appointment of any proxy shall
         be proved in the manner specified in Section 1.4 or by having the
         signature of the Person executing the proxy guaranteed by any bank,
         broker or other eligible institution participating in a recognized
         medallion signature guarantee program.

                  (2) The Trustee shall, by an instrument in writing, appoint a
         temporary chairman (which may be the Trustee) of the meeting, unless
         the meeting shall have been called by the Company or by Holders as
         provided in Section 9.2(1), in which case the Company or the Holders
         calling the meeting, as the case may be, shall in like manner appoint a
         temporary chairman. A permanent chairman and a permanent secretary of
         the meeting shall be elected by vote of the Persons entitled to vote a
         majority in principal amount of the Outstanding Securities represented
         at the meeting.

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

                  (4) Any meeting of Holders duly called pursuant to Section 9.2
         at which a quorum is present may be adjourned from time to time by
         Persons entitled to vote a majority in aggregate principal amount of
         the Outstanding Securities represented at the meeting, and the meeting
         may be held as so adjourned without further notice.

SECTION 9.6 Counting Votes and Recording Action of Meetings.

         The vote upon any resolution submitted to any meeting of Holders shall
be by written ballots on which shall be subscribed the signatures of the Holders
or of their representatives by proxy and the principal amounts at Stated
Maturity and serial numbers of the Outstanding Securities 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
shall be prepared by the secretary of the meeting and there shall be attached to
said record the original reports of the inspectors of votes on any vote by
ballot taken thereat and affidavits by one or more Persons having knowledge of
the facts setting forth a copy of the notice of the meeting and showing that
said notice was given as provided in Section 9.2 and,

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<PAGE>

if applicable, Section 9.4. Each copy shall be signed and verified by the
affidavits of the permanent chairman and secretary of the meeting and one such
copy shall be delivered to the Company and another to the Trustee to be
preserved by the Trustee, the latter to have attached thereto the ballots voted
at the meeting. Any record so signed and verified shall be conclusive evidence
of the matters therein stated.

                                   ARTICLE X

                                   COVENANTS

SECTION 10.1 Payment of Principal, Premium and Interest.

         The Company covenants and agrees that it will duly and punctually pay
the principal of and premium, if any, and interest on the Securities in
accordance with the terms of the Securities and this Indenture. The Company will
deposit or cause to be deposited with the Trustee or its nominee, no later than
the opening of business in New York City on the date of the Stated Maturity of
any Security or no later than the opening of business on the due date for any
installment of interest, all payments so due, which payments shall be in
immediately available funds on the date of such Stated Maturity or due date, as
the case may be.

SECTION 10.2 Maintenance of Offices or Agencies.

         The Company will maintain in the Borough of Manhattan, The City of New
York, an office or agency where the Securities may be surrendered for
registration of transfer or exchange or for presentation for payment or for
conversion, redemption or repurchase and where notices and demands to or upon
the Company in respect of the Securities and this Indenture may be served. The
Company will give prompt written notice to the Trustee of the location, and any
change in the location, of such office or agency not designated or appointed by
the Trustee. If at any time the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the address thereof,
such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office or the office or agency of the Trustee in the Borough of
Manhattan, The City of New York.

         The Company may at any time and from time to time vary or terminate the
appointment of any such agent or appoint any additional agents for any or all of
such purposes; provided, however, that until all of the Securities have been
delivered to the Trustee for cancellation, or moneys sufficient to pay the
principal of, premium, if any, and interest on the Securities have been made
available for payment and either paid or returned to the Company pursuant to the
provisions of Section 10.3, the Company will maintain in the Borough of
Manhattan, The City of New York, an office or agency where Securities may be
presented or surrendered for payment and conversion, which shall initially be
the Corporate Trust Office, where Securities may be surrendered for registration
of transfer or exchange and where notices and demands to or upon the Company in
respect of the Securities and this Indenture may be served. The Company will
give prompt written notice to the Trustee, and notice to the Holders in
accordance with Section 1.6, of the appointment or termination of any such
agents and of the location and any change in the location of any such office or
agency.

         The Company hereby initially designates the Trustee as Paying Agent,
Security Registrar and Conversion Agent, and the Corporate Trust Office as one
such office or agency of the Company for each of the aforesaid purposes.

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SECTION 10.3 Money for Security Payments to Be Held in Trust.

         If the Company 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 any of the
Securities, segregate and hold in trust for the benefit of the Persons entitled
thereto a sum sufficient to pay the principal, premium, if any, or interest so
becoming due until such sums shall be paid to such Persons or otherwise disposed
of as herein provided and the Company will promptly notify the Trustee, in
writing, of its action or failure so to act.

         Whenever the Company shall have one or more Paying Agents, it will, no
later than the opening of business in New York City on each due date of the
principal of, premium, if any, or interest on any Securities, deposit with the
Trustee a sum in funds immediately payable on the payment date sufficient to pay
the principal, premium, if any, or interest so becoming due, such sum to be held
for the benefit of the Persons entitled to such principal, premium, if any, or
interest, and (unless such Paying Agent is the Trustee) the Company will
promptly notify the Trustee, in writing, of any failure so to act.

         The Company will cause each Paying Agent other than the Trustee to
execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee, subject to the provisions of this Section, that
such Paying Agent will:

                  (1) hold all sums held by it for the payment of the principal
         of, premium, if any, or interest on Securities for the benefit of the
         Persons entitled thereto until such sums shall be paid to such Persons
         or otherwise disposed of as herein provided;

                  (2) give the Trustee written notice of any default by the
         Company (or any other obligor upon the Securities) in the making of any
         payment of principal, premium, if any, or interest; and

                  (3) at any time during the continuance of any such default,
         upon the written request of the Trustee, forthwith pay to the Trustee
         all sums so held by such Paying Agent.

         The Company may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose, pay, or
by Company Order direct any Paying Agent to pay, to the Trustee all sums held in
trust by the Company or such Paying Agent, such sums to be held by the Trustee
upon the same trusts as those upon which such sums were held by the Company or
such Paying Agent; and, upon such payment by any Paying Agent to the Trustee,
such Paying Agent shall be released from all further liability with respect to
such money.

         Any money deposited with the Trustee or any Paying Agent, or then held
by the Company, in trust for the payment of the principal of, premium, if any,
or interest on any Security and remaining unclaimed for two years after such
principal, premium, if any, or interest has become due and payable shall be paid
to the Company on Company Request, or (if then held by the Company) shall be
discharged from such trust; and the Holder of such Security shall thereafter, as
an unsecured general creditor, look only to the Company for payment thereof, and
all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, shall thereupon
cease.

         In the absence of a written request from the Company to return
unclaimed funds to the Company, the Trustee shall from time to time deliver all
unclaimed funds to or as directed by applicable escheat authorities, as
determined by the Trustee in its sole discretion, in accordance with the
customary practices and procedures of the Trustee. Any unclaimed funds held by
the Trustee pursuant to this Section shall be held uninvested and without any
liability for interest.

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SECTION 10.4 Existence.

         Subject to Article VII, the Company will do or cause to be done all
things necessary to preserve and keep in full force and effect its existence,
rights (charter and statutory) and franchises; provided, however, that the
Company shall not be required to preserve any such right or franchise if the
Company shall determine that the preservation thereof is no longer desirable in
the conduct of the business of the Company and that the loss thereof is not
disadvantageous in any material respect to the Holders.

SECTION 10.5 Statement by Officer as to Default.

         The Company shall deliver to the Trustee, within 120 days after the end
of each fiscal year of the Company ending after the date hereof, an Officer's
Certificate, stating whether or not to the best knowledge of the signer thereof
the Company is in default in the performance and observance of any of the terms,
provisions and conditions of this Indenture (without regard to any period of
grace or requirement of notice provided hereunder) and, if the Company shall be
in default, specifying all such defaults and the nature and status thereof of
which they may have knowledge.

         The Company will deliver to the Trustee, forthwith upon becoming aware
of any default or any Event of Default under the Indenture, an Officer's
Certificate specifying with particularity such default or Event of Default and
further stating what action the Company has taken, is taking or proposes to take
with respect thereto. For the purpose of this Section, the term "default" means
any event that is, or after notice or lapse of time or both would become, an
Event of Default.

         Any notice required to be given under this Section 10.5 shall be
delivered to the Trustee at its Corporate Trust Office.

SECTION 10.6 Delivery of Certain Information.

         At any time when the Company is not subject to Section 13 or 15(d) of
the Exchange Act, upon the request of a Holder of a Restricted Security or the
holder of shares of Common Stock issued upon conversion thereof, the Company
will promptly furnish or cause to be furnished Rule 144A Information (as defined
below) to such Holder of Restricted Securities or such holder of shares of
Common Stock issued upon conversion of Restricted Securities, or to a
prospective purchaser of any such security designated by any such Holder or
holder, as the case may be, to the extent required to permit compliance by such
Holder or holder with Rule 144A under the Securities Act (or any successor
provision thereto) in connection with the resale of any such security; provided,
however, that the Company shall not be required to furnish such information in
connection with any request made on or after the date that is two years from the
later of (1) the date such a security (or any such predecessor security) was
last acquired from the Company or (2) the date such a security (or any such
predecessor security) was last acquired from an "affiliate" of the Company
within the meaning of Rule 144 under the Securities Act (or any successor
provision thereto). "Rule 144A Information" shall be such information as is
specified pursuant to Rule 144A(d)(4) under the Securities Act (or any successor
provision thereto).

SECTION 10.7 Registration Rights.

         The Company agrees that the Holders from time to time of Registrable
Securities (as defined in the Registration Rights Agreement) are entitled to the
benefits of the Registration Rights Agreement.

         Under certain conditions set forth in the Registration Rights
Agreement, additional interest (as defined in the Registration Rights Agreement,
"Additional Interest") may accrue on the Securities. Whenever in this Indenture
there is mentioned, in any context, the payment of the principal of, premium,

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<PAGE>

if any, or interest on, or in respect of, any Security, such mention shall be
deemed to include mention of the payment of Additional Interest provided for in
this Section to the extent that, in such context, Additional Interest is, were
or would be payable in respect thereof pursuant to the provisions of this
Section and express mention of the payment of Additional Interest (if
applicable) in any provisions hereof shall not be construed as excluding
Additional Interest in those provisions hereof where such express mention is not
made.

         For purposes of the Registration Rights Agreement, the term "Holder"
means any Person that is the record owner of Registrable Securities (and
includes any Person that has a beneficial interest in any Registrable Security
that is a Global Security).

         If Additional Interest is payable under the Registration Rights
Agreement, the Company shall deliver to the Trustee no later than fifteen days
prior to the proposed payment date for the Additional Interest a certificate to
that effect stating (i) the amount of Additional Interest that is payable and
(ii) the date on which Additional Interest is payable. Unless and until a
Responsible Officer of the Trustee receives at the Corporate Trust Office such a
certificate, the Trustee may assume without inquiry that no Additional Interest
is payable. If Additional Interest has been paid by the Company directly to the
persons entitled thereto, the Company shall deliver to the Trustee a certificate
setting forth the particulars of such payment.

         The Trustee shall not at any time be under any duty or responsibility
to any Holder to determine the Additional Interest, or with respect to the
nature, extent, or calculation of the amount of Additional Interest owed, or
with respect to the method employed in such calculation of the Additional
Interest.

SECTION 10.8 Waiver of Certain Covenants.

         The Company may omit in any particular instance to comply with any
covenant or condition set forth in Section 10.4 if the Holders shall, through
(1) the written consent of not less than a majority in aggregate principal
amount of the Outstanding Securities or (2) the adoption of a resolution at a
meeting of Holders of the Outstanding Securities at which a quorum is present by
the Holders of not less than a majority in aggregate principal amount of the
Outstanding Securities represented at such meeting, either waive such compliance
in such instance or generally waive compliance with such covenant or condition,
but no such waiver shall extend to or affect such covenant or condition except
to the extent so expressly waived, and, until such waiver shall become
effective, the obligations of the Company and the duties of the Trustee or any
Paying or Conversion Agent in respect of any such covenant or condition shall
remain in full force and effect.

                                   ARTICLE XI

                            REDEMPTION OF SECURITIES

SECTION 11.1 Right of Redemption.

         The Securities may be redeemed in accordance with the provisions of the
form of Security set forth in Section 2.2.

SECTION 11.2 Applicability of Article.

         Redemption of Securities at the election of the Company or otherwise,
as permitted or required by any provision of the Securities or this Indenture,
shall be made in accordance with such provision and this Article XI.

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SECTION 11.3 Election to Redeem; Notice to Trustee.

         The election of the Company to redeem any Securities shall be evidenced
by a Board Resolution. In case of any redemption at the election of the Company
of any of the Securities, the Company shall, at least 45 days prior to the
Redemption Date fixed by the Company (unless a shorter notice shall be
satisfactory to the Trustee), notify the Trustee in writing of such Redemption
Date.

SECTION 11.4 Selection by Trustee of Securities to Be Redeemed.

         If less than all the Securities are to be redeemed, the particular
Securities to be redeemed shall be selected by the Trustee within five Business
Days after it receives the notice described in 11.3, from the Outstanding
Securities not previously called for redemption, by lot, on a pro rata basis or
by another method the Trustee considers appropriate.

         If any Security selected for partial redemption is converted in part
before termination of the conversion right with respect to the portion of the
Security so selected, the converted portion of such Security shall be deemed (so
far as may be) to be the portion selected for redemption. Securities that have
been converted during a selection of Securities to be redeemed may be treated by
the Trustee as Outstanding for the purpose of such selection. The Trustee shall
promptly notify the Company and each Security Registrar in writing of the
Securities selected for redemption and, in the case of any Securities selected
for partial redemption, the principal amount and certificate numbers thereof to
be redeemed.

         For all purposes of this Indenture, unless the context otherwise
requires, all provisions relating to the redemption of Securities shall relate,
in the case of any Securities redeemed or to be redeemed only in part, to the
portion of the principal amount of such Securities which has been or is to be
redeemed.

SECTION 11.5 Notice of Redemption.

         Notice of redemption shall be given in the manner provided in Section
1.6 to the Holders to be redeemed not less than 30 nor more than 60 days prior
to the Redemption Date, and such notice shall be irrevocable.

         All notices of redemption shall identify the Securities to be redeemed
(including CUSIP numbers) and shall state:

                  (1) the Redemption Date,

                  (2) the Redemption Price, and accrued interest, if any, to,
         but excluding, the Redemption Date,

                  (3) if less than all Outstanding Securities are to be
         redeemed, the aggregate principal amount of Securities to be redeemed
         and the aggregate principal amount of Securities which will be
         outstanding after such partial redemption,

                  (4) that on the Redemption Date the Redemption Price, and
         accrued interest, if any, to, but excluding, the Redemption Date, will
         become due and payable upon each such Security to be redeemed, and that
         interest thereon shall cease to accrue on and after said date,

                  (5) the Conversion Rate, the date on which the right to
         convert the Securities to be redeemed will terminate and the places
         where such Securities may be surrendered for conversion, and

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                  (6) the place or places where such Securities are to be
         surrendered for payment of the Redemption Price and accrued interest,
         if any, to, but excluding, the Redemption Date.

         In case of a partial redemption, the notice shall specify the serial
and CUSIP numbers (if any) and the portions thereof called for redemption and
that transfers and exchanges may occur on or prior to the Redemption Date.

         Notice of redemption of Securities to be redeemed at the election of
the Company shall be given by the Company or, at the Company's written request
(which request shall be delivered to the Trustee simultaneously with
notification of the Redemption Date pursuant to Section 11.3), by the Trustee in
the name of and at the expense of the Company. Notice of redemption of
Securities to be redeemed at the election of the Company received by the Trustee
shall be given by the Trustee to each Paying Agent in the name of and at the
expense of the Company.

SECTION 11.6 Deposit of Redemption Price.

         On or prior to 11:00 a.m. New York City time on the Redemption Date,
the Company shall deposit with the Trustee (or, if the Company is acting as its
own Paying Agent, segregate and hold in trust as provided in Section 10.3) an
amount of money (which shall be in immediately available funds on such
Redemption Date) sufficient to pay the Redemption Price of, and (except if the
Redemption Date shall be an Interest Payment Date) accrued interest to the
Redemption Date on, all the Securities which are to be redeemed on that date
other than any Securities called for redemption on that date which have been
converted prior to the date of such deposit.

         If any Security called for redemption is converted, any money deposited
with the Trustee or so segregated and held in trust for the redemption of such
Security shall (subject to any right of the Holder of such Security or any
Predecessor Security to receive interest as provided in the last paragraph of
Section 3.7) be paid to the Company as promptly as practicable or, if then held
by the Company, shall be discharged from such trust.

SECTION 11.7 Securities Payable on Redemption Date.

         Notice of redemption having been given as aforesaid, the Securities so
to be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein specified and from and after such date (unless the
Company shall default in the payment of the Redemption Price, including accrued
interest) such Securities shall cease to bear interest. Upon surrender of any
Security for redemption in accordance with said notice such Security shall be
paid by the Company at the Redemption Price together with accrued and unpaid
interest to but excluding the Redemption Date; provided, however, that
installments of interest on Securities whose Stated Maturity is on or prior to
the Redemption Date shall be payable to the Holders of such Securities, or one
or more Predecessor Securities, registered as such on the relevant Record Date
according to their terms and the provisions of Section 3.7.

         If any Security called for redemption shall not be so paid upon
surrender thereof for redemption, the principal amount of, premium, if any, and,
to the extent permitted by applicable law, accrued interest on such Security
shall, until paid, bear interest from the Redemption Date at the rate borne by
the Security and such Security shall remain convertible until the Redemption
Price of such Security (or portion thereof, as the case may be) shall have been
paid or duly provided for.

         Any Security that is to be redeemed only in part shall be surrendered
at the Corporate Trust Office or an office or agency of the Company designated
for that purpose pursuant to Section 10.2 (with, if the Company or the Trustee
so requires, due endorsement by, or a written instrument of transfer in form

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satisfactory to the Company and the Trustee duly executed by, the Holder thereof
or his attorney duly authorized in writing), and the Company shall execute, and
the Trustee shall authenticate and make available for delivery to the Holder of
such Security without service charge, a new Security or Securities, of any
authorized denomination as requested by such Holder, in aggregate principal
amount equal to and in exchange for the unredeemed portion of the principal of
the Security so surrendered.

SECTION 11.8 Conversion Arrangement on Call for Redemption.

         In connection with any redemption of Securities, the Company may
arrange for the purchase and conversion of any Securities by an agreement with
one or more investment bankers or other purchasers (the "Purchasers") to
purchase such securities by paying to the Trustee in trust for the Holders, on
or before the Redemption Date, an amount not less than the applicable Redemption
Price, together with interest accrued and unpaid to but excluding the Redemption
Date, of such Securities. Notwithstanding anything to the contrary contained in
this Article XI, the obligation of the Company to pay the Redemption Price,
together with interest accrued and unpaid to but excluding the Redemption Date,
shall be deemed to be satisfied and discharged to the extent such amount is so
paid by such Purchasers. If such an agreement is entered into (a copy of which
shall be filed with the Trustee prior to the close of business on the Business
Day immediately prior to the Redemption Date), any Securities called for
redemption that are not duly surrendered for conversion by the Holders thereof
may, at the option of the Company, be deemed, to the fullest extent permitted by
law, and consistent with any agreement or agreements with such Purchasers, to be
acquired by such Purchasers from such Holders and (notwithstanding anything to
the contrary contained in Article XII) surrendered by such Purchasers for
conversion, all as of immediately prior to the close of business on the
Redemption Date (and the right to convert any such Securities shall be extended
through such time), subject to payment of the above amount as aforesaid. At the
written direction of the Company, the Trustee shall hold and dispose of any such
amount paid to it by the Purchasers to the Holders in the same manner as it
would monies deposited with it by the Company for the redemption of Securities.
Without the Trustee's prior written consent, no arrangement between the Company
and such Purchasers for the purchase and conversion of any Securities shall
increase or otherwise affect any of the powers, duties, responsibilities or
obligations of the Trustee as set forth in this Indenture, and the Company
agrees to indemnify the Trustee from, and hold it harmless against, any loss,
liability or expense arising out of or in connection with any such arrangement
for the purchase and conversion of any Securities between the Company and such
Purchasers, including the costs and expenses, including reasonable legal fees,
incurred by the Trustee in the defense of any claim or liability arising out of
or in connection with the exercise or performance of any of its powers, duties,
responsibilities or obligations under this Indenture.

                                  ARTICLE XII

                            CONVERSION OF SECURITIES

SECTION 12.1 Conversion Privilege.

         Subject to and upon compliance with the provisions of this Article, a
Holder of a Security may convert its Securities into shares of Common Stock at
the applicable Conversion Rate (as defined below) in effect on the date of
conversion under any of the following circumstances:

                  (1) during any Conversion Period prior to October 1, 2032, if
         the Sale Price of the Common Stock for at least 20 Trading Days in the
         30 consecutive Trading Day period ending on the first day of such
         Conversion Period is more than 120% of the Conversion Price on the
         first day of such Conversion Period. If an event set forth under
         Section 12.6 shall have occurred during such 30 consecutive Trading
         Days ending on the first day of such Conversion Period, the

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         Sale Price of the Common Stock on the Trading Day prior to such event
         shall be deemed for purposes of the calculation described in the
         preceding sentence to have been appropriately adjusted to reflect the
         occurrence of the event. A "Conversion Period" will be the period from
         and including the eleventh Trading Day in a fiscal quarter to, but not
         including, the eleventh Trading Day in the immediately following fiscal
         quarter.

                  (2) at any time after the Sale Price of the Common Stock on
         any date after October 1, 2032 through the Business Day immediately
         prior to Maturity, is more than 120% of the then-current Conversion
         Price.

                  (3) during the five consecutive Business Day period following
         any five consecutive Trading Day period in which the average of the
         Trading Prices for a Security was less than 95% of the average Sale
         Price of the Common Stock during such five consecutive Trading-Day
         period multiplied by the applicable Conversion Rate; provided, however,
         if, on the day before the Conversion Date, the Sale Price of the Common
         Stock is greater than 100% of the Conversion Price but less than or
         equal to 120% of the Conversion Price, then a Holder converting its
         Securities may receive, in lieu of Common Stock based on the applicable
         conversion rate, at the Company's option, cash, Common Stock, or a
         combination of cash and Common Stock with a value equal to 100% of the
         principal amount of the Holder's Securities on the Conversion Date.

         The "Trading Price" of the Securities on any date of determination
         means the average of the secondary market bid quotations per Security
         obtained by the Trustee for $5,000,000 principal amount of the
         Securities at approximately 3:30 p.m., New York City time, on such
         determination date from two independent nationally recognized
         securities dealers designated by the Company, which may include any of
         the Initial Purchasers; 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, this one bid shall be used. If the Trustee
         cannot reasonably obtain at least one bid for $5,000,000 principal
         amount of the Securities from a nationally recognized securities dealer
         or, in the reasonable judgment of the Company, the bid quotations are
         not indicative of the secondary market value of the Securities, then
         the Trading Price of the Securities will equal (1) the then-applicable
         Conversion Rate of the Securities multiplied by (2) the Sale Price of
         the Common Stock on such determination date; provided that the Trustee
         shall not determine the Trading Price of the Securities unless
         requested by the Company; and provided further that the Company shall
         have no obligation to make such request unless a holder of Securities
         provides the Company with reasonable evidence that the Trading Price of
         the Security for a five consecutive Trading-Day period may be less than
         95% of the average Sale Price of the Common Stock during such five
         consecutive Trading-Day period multiplied by the applicable Conversion
         Rate; and at which time, the Company shall instruct the Trustee to
         determine the Trading Price of the Securities for the five consecutive
         Trading-Day period to determine whether the Securities are convertible
         pursuant to Section 12.1(3). Any such determination will be conclusive
         absent manifest error.

                  (4) in the event that the Securities are assigned a credit
         rating by either Moody's or S&P, if, and for so long as, the credit
         rating assigned to the Securities by either Moody's or S&P is reduced
         at least two notches below the credit rating initially assigned to the
         Securities by Moody's or S&P, as the case may be; provided, however,
         the Securities shall not be convertible if the credit rating assigned
         to the Securities has been suspended or withdrawn by either such rating
         agency or if either of such rating agencies ceases to rate the
         Securities; and provided further that the Trustee shall have no
         obligation to ascertain the credit ratings assigned to the Securities,
         the Company shall have no obligation to cause the Securities to be
         rated or continue to be rated and the Company shall promptly notify the
         Trustee in writing of any such reduction.

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                  (5) at any time prior to 5:00 p.m., New York City time, on the
         Business Day immediately preceding the Redemption Date, if such
         Security has been called for redemption pursuant to Article XI hereof.

                  (6) if the Company distributes to all or substantially all
         holders of its Common Stock rights entitling them to purchase Common
         Stock at less than the then Current Market Price at that time, or
         declares a distribution to all or substantially all Holders of its
         Common Stock assets, debt securities or rights to purchase Securities
         where the fair market value of such distribution per share of Common
         Stock exceeds 10.0% of the Sale Price of a share of Common Stock as of
         the Business Day prior to the date of declaration for such
         distribution, the Securities may be converted beginning on the date the
         Company gives notice to the Holders of such right, which shall be not
         less than 20 days prior to the Ex-Dividend Time for such dividend or
         distribution, and the Securities may be converted at any time
         thereafter until the close of business on the Business Day prior to the
         Ex-Dividend Time or until the Company announces that such distribution
         will not take place; provided, however, that a Holder shall not have
         the right to convert pursuant to this paragraph (6) if the Holder will
         otherwise participate in the distribution without conversion.

                  (7) if the Company is a party to a consolidation, merger or
         binding share exchange pursuant to which all or substantially all of
         the shares of Common Stock would be converted into cash, securities or
         other property, the Securities may be converted at any time from and
         after the date that is 15 days prior to the date the Company announces
         as the anticipated effective time of the transaction until 15 days
         after the actual date of such transaction. If the transaction
         constitutes a Change in Control, the Holders will be entitled to
         require the Company to purchase all or a portion of its Securities
         pursuant to Article XIII.

         A Security in respect of which a Holder has delivered a Repurchase
Notice or a Change in Control Repurchase Notice exercising the option of such
Holder to require the Company to purchase such Security may be converted only if
such notice of exercise is withdrawn in accordance with Article XIII. In case a
Security or portion thereof is called for redemption at the election of the
Company or the Holder thereof exercises his right to require the Company to
repurchase the Security in accordance with Article XIII, such conversion right
in respect of the Security, or portion thereof so called, shall expire at the
close of business on the Business Day immediately preceding the Redemption Date
or the Repurchase Date or the Change in Control Repurchase Date, as the case may
be, unless the Company defaults in making the payment due upon redemption or
repurchase, as the case may be (in each case, subject to any Applicable
Procedures with respect to any Global Security).

SECTION 12.2 Conversion Rate.

         The number of shares of Common Stock issuable upon conversion of a
Security (the "Conversion Rate") shall initially be 54.1126 shares of Common
Stock per $1,000 principal amount of Securities, subject to adjustment in
certain events described Section 12.6. The Company shall notify the Trustee of
each date on which the Securities become convertible pursuant to Section 12.1
and of each date on which the Securities are no longer convertible pursuant to
Section 12.1, which notices shall set forth the calculations on which such
determination was made. Unless and until the Trustee receives an Officer's
Certificate that the Securities are convertible, the Trustee may assume without
inquiry that the Securities are not convertible and unless and until the Trustee
receives an Officer's Certificate that the Securities are no longer convertible,
the Trustee may assume without inquiry that the Securities are convertible.

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SECTION 12.3 Conversion Procedure.

         A Holder may convert a portion of a Security if the portion converted
is in a $1,000 principal amount or an integral multiple of $1,000 in excess
thereof. Provisions of this Section 12.3 that apply to conversion of all of a
Security also apply to conversion of a portion of a Security.

         To convert a Security, a Holder must, in the case of a Global Security,
comply with the Applicable Procedures of the Depositary, and in the case of a
Non-Global Security, (1) complete and manually sign the form of irrevocable
conversion notice (or complete and manually sign a facsimile of such notice) and
deliver such notice to the Conversion Agent, (2) surrender, if a Non-Global
Security, the Security to the Conversion Agent, and in any such case, furnish
appropriate endorsements and transfer documents and pay any transfer or similar
taxes and all other taxes or duties, if required. The first Business Day on
which the Holder satisfies all those requirements is the conversion date (the
"Conversion Date").

         As promptly as practicable on or after the Conversion Date, the Company
shall issue and deliver to the Holder, through the Conversion Agent, a
certificate or certificates for the number of full shares of Common Stock
issuable upon the conversion, and cash in lieu of any fractional share
determined pursuant to Section 12.4 (other than in the case of Holders in
book-entry form with the Depositary, which shares shall be delivered in
accordance with the Depositary's Applicable Procedures). The Person in whose
name the certificate is registered shall be treated as a stockholder of record
as of the close of business on the Conversion Date. Upon conversion of a
Security in its entirety, such Person shall no longer be a Holder of such
Security.

         Securities shall be deemed to have been converted immediately prior to
the close of business on the day of surrender of such Securities for conversion
in accordance with the foregoing provisions, and at such time the rights of the
Holders of such Securities as Holders shall cease, and the Person or Persons
entitled to receive the Common Stock issuable upon conversion shall be treated
for all purposes as the record holder or holders of such Common Stock at such
time.

         All shares of Common Stock delivered upon such conversion of Restricted
Securities shall bear restrictive legends substantially in the form of the
legends required to be set forth on the Restricted Securities pursuant to
Section 3.5 and shall be subject to the restrictions on transfer provided in
such legends. Neither the Trustee nor any Conversion Agent shall have any
responsibility for the inclusion or content of any such restrictive legends on
such Common Stock.

         In the case of any Security which is converted in part only, upon such
conversion the Company shall execute and the Trustee shall authenticate and
deliver to the Holder thereof, at the expense of the Company, a new Security or
Securities of authorized denominations in an aggregate principal amount equal to
the unconverted portion of the principal amount of such Security.

         If shares of Common Stock to be issued upon conversion of a Restricted
Security, or Securities to be issued upon conversion of a Restricted Security in
part only, are to be registered in a name other than that of the beneficial
owner of such Restricted Security, then such Holder must deliver to the
Conversion Agent a Surrender Certificate, dated the date of surrender of such
Restricted Security and signed by such beneficial owner, as to compliance with
the restrictions on transfer applicable to such Restricted Security. Neither the
Trustee nor any Conversion Agent, registrar or transfer agent shall be required
to register in a name other than that of the beneficial owner, shares of Common
Stock or Securities issued upon conversion of any such Restricted Security not
so accompanied by a properly completed Surrender Certificate.

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<PAGE>

         No payment or adjustment will be made for dividends on, or other
distributions with respect to, any shares of Common Stock except as provided in
this Section. On conversion of a Security, that portion of accrued and unpaid
interest, if any, through the Conversion Date with respect to the converted
Security shall not be cancelled, extinguished or forfeited, but rather shall be
deemed to be paid in full to the Holder thereof through delivery of the shares
of Common Stock (together with the cash payment, if any, in lieu of fractional
shares) for the Security being converted pursuant to the provisions hereof; and
the fair market value of such shares of Common Stock (together with any such
cash payment in lieu of fractional shares) shall be treated as issued, to the
extent thereof, first in exchange for accrued and unpaid interest, if any,
through the Conversion Date, and the balance, if any, of such fair market value
of such shares of Common Stock (and any such cash payment) shall be treated as
issued for the principal amount of the Securities. The Company will not adjust
the Conversion Rate to account for accrued interest, if any. If the Holder
converts more than one Security at the same time, the number of shares of Common
Stock issuable upon the conversion shall be based on the total principal amount
of the Securities, including any accrued and unpaid interest of the Securities
converted.

         Except as provided in this paragraph, a Holder of Securities who
converts on a date that is not an Interest Payment Date, shall not be entitled
to receive any cash payment of accrued and unpaid interest on any such
Securities being converted. If a Holder is a holder of a Security on a Regular
Record Date, including any Securities converted subsequent to the Regular Record
Date preceding an Interest Payment Date but prior to such Interest Payment Date,
the Holder of such Securities at 5:00 p.m. New York City time on such Regular
Record Date shall receive the cash payment of interest payable on such Security
on such Interest Payment Date notwithstanding the conversion thereof. Any
conversion notice given during the period from 5:00 p.m. New York City time on
any Regular Record Date preceding any Interest Payment Date to 9:00 a.m. New
York City time on such Interest Payment Date shall be accompanied by payment
from converting Holders, for the account of the Company, of an amount equal to
the interest payable on such Interest Payment Date on the Securities being
surrendered for conversion; provided, however, a Holder will not be required to
make such payment if it is converting a Security that the Company has called for
redemption, or that the Holder is entitled to require the Company to repurchase
from such Holder, if the conversion right would terminate because of the
redemption or repurchase between the Regular Record Date and the close of
business on the second Business Day following the next succeeding Interest
Payment Date.

         Upon conversion, in lieu of settlement in shares of Common Stock, the
Company may elect to settle in cash or a combination of cash and shares of
Common Stock. If the Company elects to settle entirely in cash, the Company will
deliver to the Holder surrendering Securities on the Conversion Date, cash in an
amount equal to the product of (i) a number equal to (A) the aggregate principal
amount of Securities to be converted divided by 1,000, multiplied by (B) the
Conversion Rate in effect on the Conversion Date, and (ii) 100% of the average
sale price for the five consecutive Trading Days ending on the third Trading Day
preceding the Conversion Date. If the Company elects to settle a portion of the
conversion obligation in cash, the Company will deliver to the Holder
surrendering Securities on the Conversion Date a cash amount calculated as
described in the immediately preceding sentence and will satisfy the balance of
the Company's conversion obligation by delivering shares of Common Stock to such
Holder. The Company shall notify any Holder that converts Securities, with a
copy to the Trustee and the Conversion Agent, by the second Trading Day
following the Conversion Date whether the Company will pay such Holder in cash,
shares of Common Stock or a combination of cash and shares of Common Stock, and
such notice shall state the relative percentages of each. The Company shall pay
such Holder any portion of the principal amount of Securities surrendered for
conversion by such Holder to be paid in cash on the third Trading Day after the
Conversion Date. With respect to any portion of the principal amount of a
Holder's Securities surrendered for conversion to be paid in Common Stock, the
Company shall deliver shares of Common Stock to such Holder on the fourth
Trading Day following the Conversion Date. The portion of any combination
settlement represented by shares of Common Stock

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shall be calculated to the nearest full share, and the value of any fractional
share shall be added to the cash payment portion of the combination settlement.
Notwithstanding the foregoing, if an Event of Default pursuant to Section 5.1
(other than a default in a cash payment upon conversion of the debentures), has
occurred and is continuing, the Company shall not be entitled to elect to settle
in cash or a combination of cash and shares of Common Stock upon conversion of
any Security, other than payment of cash in lieu of fractional shares pursuant
to Section 12.4.

         By delivering to the Holder the number of shares of Common Stock
issuable upon conversion, determined by dividing the principal amount of the
Securities being converted by the Conversion Price, together with a cash
payment, if any, in lieu of fractional shares, the Company will have satisfied
its obligation with respect to the converted Securities. Accrued but unpaid
interest (including Additional Amounts, if any) shall not be canceled,
extinguished or forfeited but rather shall be deemed to be paid in full to the
holder entitled thereto through the delivery of shares, together with a cash
payment, if any, in lieu of fractional shares, in exchange for the Security
being converted.

SECTION 12.4 Fractional Shares.

         The Company will not issue fractional shares of Common Stock upon
conversion of a Security. Instead, the Company will pay cash based on the
current market value of the fractional shares. The current market value of a
fractional share shall be determined, to the nearest 1/1,000th of a share, by
multiplying the Sale Price, on the last Trading Day immediately prior to the
Conversion Date, of a full share of Common Stock by the fractional amount and
rounding the product to the nearest whole cent. Whether fractional shares are
issuable upon a conversion will be determined on the basis of the total number
of Securities that the Holder is then converting into Common Stock and the
aggregate number of shares of Common Stock issuable upon such conversion.

SECTION 12.5 Taxes on Conversion.

         If a Holder submits a Security for conversion, the Company shall pay
all stamp and all other duties, if any, which may be imposed by the United
States or any political subdivision thereof or taxing authority thereof or
therein with respect to the issuance of shares of Common Stock upon the
conversion. However, the Holder shall pay any such tax which is due because the
Holder requests the shares to be issued in a name other than the Holder's name.
The Conversion Agent may refuse to deliver the certificates representing the
shares of Common Stock being issued in a name other than the Holder's name until
the Conversion Agent receives a sum sufficient to pay any tax which will be due
because the shares are to be issued in a name other than the Holder's name.
Nothing herein shall preclude any tax withholding required by law or
regulations.

SECTION 12.6 Adjustment of Conversion Rate.

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

                  (1) In case the Company shall pay or make a dividend or other
         distribution payable exclusively in shares of Common Stock to all
         holders of its Common Stock, the Conversion Rate in effect at the
         opening of business on the day following the date fixed for the
         determination of stockholders entitled to receive such dividend or
         other distribution shall be increased by multiplying the Conversion
         Rate in effect immediately prior to such date by a fraction of which
         the numerator shall be the sum of the number of shares of Common Stock
         outstanding at the close of business on the date fixed for such
         determination and the total number of shares constituting such dividend
         or other distribution and the denominator shall be the number of shares
         of Common Stock outstanding at the close of business on the date fixed
         for such determination. If,

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<PAGE>

         after any such date fixed for determination, any dividend or
         distribution is not in fact paid, the Conversion Rate shall be
         immediately readjusted, effective as of the date the Board of Directors
         determines not to pay such dividend or distribution, to the Conversion
         Rate that would have been in effect if such determination date had not
         been fixed. For the purposes of this paragraph (1), 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. The Company will not pay any dividend or make any
         distribution on shares of Common Stock held in the treasury of the
         Company.

                  (2) In case the Company shall issue rights, options or
         warrants to all holders of its Common Stock entitling them to subscribe
         for or purchase shares of Common Stock at a price per share less than
         the current market price per share (determined as provided in paragraph
         (8) of this Section 12.6) of the Common Stock on the date of approval
         by the Board of Directors of the issuance of such rights, options or
         warrants (other than any rights, options or warrants that by their
         terms will also be issued to any Holder upon conversion of a Security
         into shares of Common Stock without any action required by the Company
         or any other Person), the Conversion Rate in effect at the opening of
         business on the day following the date fixed for the determination of
         stockholders entitled to receive such rights, options or warrants shall
         be increased by multiplying the Conversion Rate in effect immediately
         prior to such date by a fraction of which the numerator shall be the
         number of shares of Common Stock outstanding at the close of business
         on the date fixed for such determination plus the number of shares of
         Common Stock so offered for subscription or purchase and the
         denominator shall be the number of shares of Common Stock outstanding
         at the close of business on the date fixed for such determination plus
         the number of shares of Common Stock that the aggregate of the offering
         price of the total number of shares of Common Stock so offered for
         subscription or purchase would purchase at such current market price.
         If, after any such date fixed for such determination, any such rights,
         options or warrants are not in fact issued, or are not exercised prior
         to the expiration thereof, the Conversion Rate shall be immediately
         readjusted, effective as of the date such rights, options or warrants
         expire, or the date the Board of Directors determines not to issue such
         rights, options or warrants, to the Conversion Rate that would have
         been in effect if the unexercised rights, options or warrants had never
         been granted or such determination date had not been fixed, as the case
         may be. For the purposes of this paragraph (2), 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. The Company will not issue any rights, options or
         warrants in respect of shares of Common Stock held in the treasury of
         the Company.

                  (3) In case outstanding shares of Common Stock shall be
         subdivided into a greater number of shares of Common Stock, the
         Conversion Rate in effect at the opening of business on the day
         following the day upon which such subdivision becomes effective shall
         be proportionately increased, and, conversely, in case outstanding
         shares of Common Stock shall be combined into a smaller number of
         shares of Common Stock, the Conversion Rate in effect at the opening of
         business on the day following the day upon which such combination
         becomes effective shall be proportionately reduced, such increase or
         reduction, as the case may be, to become effective immediately after
         the opening of business on the day following the day upon which such
         subdivision or combination becomes effective.

                  (4) In case the Company shall, by dividend or otherwise,
         distribute to all holders of its Common Stock evidences of its
         indebtedness, shares of any class of capital stock, or rights, options
         or warrants to subscribe for or purchase shares of any class of capital
         stock (other than any rights, options or warrants that by their terms
         will also be issued to any Holder upon

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         conversion of a Security into shares of Common Stock without any action
         required by the Company or any other Person) or other property
         (including cash or assets or securities, but excluding (i) any rights,
         options or warrants referred to in paragraph (2) of this Section, (ii)
         any dividend or distribution paid exclusively in cash, (iii) any
         dividend or distribution referred to in paragraph (1) of this Section
         and (iv) any consideration distributed in any merger or consolidation
         to which Section 12.12 applies), the Conversion Rate shall be adjusted
         so that the same shall equal the rate determined by multiplying the
         Conversion Rate in effect immediately prior to the close of business on
         the date fixed for the determination of stockholders entitled to
         receive such distribution by a fraction of which the numerator shall be
         the current market price per share of the Common Stock on the date
         fixed for such determination and the denominator shall be the current
         market price per share (determined as provided in paragraph (8) of this
         Section 12.6) of the Common Stock on the date fixed for such
         determination less the then fair market value (as determined by the
         Board of Directors, whose determination shall be conclusive and
         described in a Board Resolution) of the portion of the assets, shares
         or evidences of indebtedness so distributed applicable to one share of
         Common Stock, such adjustment to become effective immediately prior to
         the opening of business on the day following the date fixed for the
         determination of stockholders entitled to receive such distribution. If
         after any such date fixed for determination, any such distribution is
         not in fact made, the Conversion Rate shall be immediately readjusted,
         effective as of the date that the Board of Directors determines not to
         make such distribution, to the Conversion Rate that would have been in
         effect if such determination date had not been fixed.

         In the event the then fair market value (as so determined) of the
         portion of the evidences of indebtedness, shares of any class of
         capital stock or other property so distributed is equal to or greater
         than the current market price per share of the Common Stock on such
         date, in lieu of the foregoing adjustment, adequate provision shall be
         made so that each Holder of a Security shall have the right to receive
         upon conversion the amount of such evidences of indebtedness, shares of
         any class of capital stock or other property such Holder would have
         received had such Holder converted each Security on such date.

                  (5) In case the Company shall, by dividend or otherwise,
         distribute to all holders of its Common Stock cash (excluding cash
         distributed upon a merger or consolidation to which Section 12.12
         applies) in an aggregate amount that, combined together with the
         aggregate amount of any other distributions to all holders of its
         Common Stock made exclusively in cash within the 365-day period
         preceding the date of payment of such distribution and in respect of
         which no adjustment pursuant to this paragraph (5) or paragraph (6) of
         this Section 12.6 has been made exceeds $0.22 per share (appropriately
         adjusted from time to time for any stock dividends on or subdivisions
         or combinations of its Common Stock), then, and in each such case,
         immediately after the close of business on the date for determination
         of stockholders entitled to receive such dividend or other
         distribution, the Conversion Rate shall be adjusted so that the same
         shall equal the rate determined by multiplying the Conversion Rate in
         effect immediately prior to such determination date by a fraction, the
         numerator of which shall be equal to the sum of (i) the current market
         price per share (determined as provided in paragraph (8) of this
         Section 12.6) of the Common Stock as of the date of approval by the
         Board of Directors of the Company of such dividend or other
         distribution and (ii) the amount by which the cash dividends or other
         distributions within such 365 day period exceeds $0.22 per share and
         the denominator of which is such current market price per share of
         Common Stock.

                  (6) In case a tender offer made by the Company or any
         Subsidiary for all or any portion of the Common Stock shall expire and
         such tender offer (as amended upon the expiration thereof) shall
         require the payment to stockholders (based on the acceptance (up to any
         maximum specified in the terms of the tender offer) of Purchased Shares
         (as defined below)) of an aggregate

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         consideration having a fair market value (as determined by the Board of
         Directors, whose determination shall be conclusive and described in a
         Board Resolution) that combined together with (i) the aggregate of the
         cash in excess of $0.22 per share plus the fair market value (as
         determined by the Board of Directors, whose determination shall be
         conclusive and described in a Board Resolution), as of the expiration
         of such tender offer, of any non-cash consideration payable in respect
         of any other tender offer by the Company or any Subsidiary for all or
         any portion of the Common Stock expiring within the 365-day period
         preceding the expiration of such tender offer and in respect of which
         no adjustment pursuant to this paragraph (6) or paragraph (5) of this
         Section 12.6 has been made and (ii) the aggregate amount of any cash
         distributions to all holders of the Common Stock within 365-day period
         preceding the expiration of such tender offer and in respect of which
         no adjustment pursuant to paragraph (5) of this Section has been made
         (the "combined tender and cash amount") exceeds 10% of the product of
         the current market price per share of the Common Stock (determined as
         provided in paragraph (8) of this Section 12.6) as of the last time
         (the "Expiration Time") tenders could have been made pursuant to such
         tender offer (as it may be amended) times the number of shares of
         Common Stock outstanding (including any tendered shares) as of the
         Expiration Time, then, and in each such case immediately prior to the
         opening of business on the day after the date of the Expiration Time,
         the Conversion Rate shall be adjusted so that the same shall equal the
         rate determined by multiplying the Conversion Rate immediately prior to
         the close of business on the date of the Expiration Time by a fraction
         (A), the numerator of which shall be equal to the product of (x) the
         current market price per share of the Common Stock (determined as
         provided in paragraph (8) of this Section 12.6) on the date of the
         Expiration Time multiplied by (y) the number of shares of Common Stock
         outstanding (including any tendered shares) as of the Expiration Time
         less the number of all shares validly tendered and not withdrawn as of
         the Expiration Time (the shares deemed so accepted up to any such
         maximum, being referred to as the "Purchased Shares") and (B) the
         denominator of which shall be equal to (p) the product of the current
         market price per share of the Common Stock (determined as provided in
         paragraph (8) of this Section 12.6) on the date of the Expiration Time
         multiplied by the number of shares of Common Stock outstanding
         (including any tendered shares) on the Expiration Time less (q) the
         combined tender and cash amount

                  (7) The reclassification of Common Stock into securities other
         than Common Stock (other than any reclassification upon a consolidation
         or merger to which Section 12.12 applies) shall be deemed to involve
         (i) a distribution of such securities other than Common Stock to all
         holders of Common Stock (and the effective date of such
         reclassification shall be deemed to be "the date fixed for the
         determination of stockholders entitled to receive such distribution"
         and "the date fixed for such determination" within the meaning of
         paragraph (4) of this Section 12.6), and (ii) a subdivision or
         combination, as the case may be, of the number of shares of Common
         Stock outstanding immediately prior to such reclassification into the
         number of shares of Common Stock outstanding immediately thereafter
         (and the effective date of such reclassification shall be deemed to be
         "the day upon which such subdivision becomes effective" or "the day
         upon which such combination becomes effective", as the case may be, and
         "the day upon which such subdivision or combination becomes effective"
         within the meaning of paragraph (3) of this Section 12.6).

                  (8) For the purpose of any computation under paragraph (2),
         (4), (5) or (6) of this Section 12.6, the current market price per
         share of Common Stock on any date shall be calculated by the Company
         and be the average of the daily Sale Price for the five consecutive
         Trading Days selected by the Company commencing not more than 10
         Trading Days before, and ending not later than the earlier of the day
         in question and the day before the "ex date" with respect to the
         issuance or distribution requiring such computation. For purposes of
         this paragraph, the term "`ex date", when used with respect to any
         issuance or distribution, means the first date on which the

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         Common Stock trades regular way in the applicable securities market or
         on the applicable securities exchange without the right to receive such
         issuance or distribution.

                  (9) No adjustment in the Conversion Rate shall be required
         unless such adjustment (plus any adjustments not previously made by
         reason of this paragraph (9)) would require an increase or decrease of
         at least one percent in such rate; provided, however, that any
         adjustments which by reason of this paragraph (9) are not required to
         be made shall be carried forward and taken into account in any
         subsequent adjustment. All calculations under this Article shall be
         made to the nearest cent or to the nearest one-hundredth of a share, as
         the case may be.

                  (10) The Company may make such increases in the Conversion
         Rate, for the remaining term of the Securities or any shorter term, in
         addition to those required by paragraphs (1), (2), (3), (4), (5), (6)
         and (7) of this Section 12.6, as it considers to be advisable in order
         to avoid or diminish any income tax to any holders of shares of Common
         Stock resulting from any dividend or distribution of stock or issuance
         of rights or warrants to purchase or subscribe for stock or from any
         event treated as such for income tax purposes. The Company shall have
         the power to resolve any ambiguity or correct any error in this
         paragraph (10) and its actions in so doing shall, absent manifest
         error, be final and conclusive.

                  (11) Notwithstanding the foregoing provisions of this Section
         12.6, no adjustment of the Conversion Rate shall be required to be made
         (i) upon the issuance of shares of Common Stock pursuant to any present
         or future plan for the reinvestment of dividends, or (ii) because of a
         tender or exchange offer of the character described in Rule 13e-4(h)(5)
         under the Exchange Act or any successor rule thereto.

                  (12) To the extent permitted by applicable law, the Company
         from time to time may increase the Conversion Rate by any amount for
         any period of time if the period is at least twenty (20) days, the
         increase is irrevocable during such period, and the Board of Directors
         shall have made a determination that such increase would be in the best
         interests of the Company, which determination shall be conclusive;
         provided, however, that no such increase shall be taken into account
         for purposes of determining whether the Sale Price of the Common Stock
         equals or exceeds 105% of the Conversion Price in connection with an
         event which would otherwise be a Change in Control pursuant to Section
         13.5. Whenever the Conversion Rate is increased pursuant to the
         preceding sentence, the Company shall give notice of the increase to
         the Holders in the manner provided in Section 1.6 at least fifteen (15)
         days prior to the date the increased Conversion Rate takes effect, and
         such notice shall state the increased Conversion Rate and the period
         during which it will be in effect.

                  (13) There shall be no adjustment to the Conversion Rate upon
         the issuance of rights under the Company's rights agreement dated as of
         June 19, 1998 or upon issuance of rights pursuant to a rights agreement
         hereafter adopted that is an amendment, renewal or replacement thereof,
         prior to such rights being separated from the Common Stock. If Holders
         of the Securities exercise the right of conversion prior to the rights
         trading separately from the Common Stock, such Holders shall receive
         rights in addition to the Common Stock upon conversion of such
         Securities. If Holders of the Securities exercise the right of
         conversion after the date the rights issued under the Company's rights
         agreement separate from the underlying Common Stock, such Holders will
         only receive Common Stock upon a conversion of any Securities without
         the right.

SECTION 12.7 Notice of Adjustments of Conversion Rate.

         Whenever the Conversion Rate is adjusted as herein provided:

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                  (1) the Company shall compute the adjusted Conversion Rate in
         accordance with Section 12.6 and shall prepare an Officer's Certificate
         setting forth the adjusted Conversion Rate and showing in reasonable
         detail the facts upon which such adjustment is based, and such
         certificate shall promptly be filed with the Trustee and with each
         Conversion Agent; and

                  (2) upon each such adjustment, a notice stating that the
         Conversion Rate has been adjusted and setting forth the adjusted
         Conversion Rate shall be required, and as soon as practicable after it
         is required, such notice shall be provided by the Company to all
         Holders in accordance with Section 1.6.

         Neither the Trustee nor any Conversion Agent shall be under any duty or
responsibility with respect to any such certificate or the information and
calculations contained therein, except to exhibit the same to any Holder of
Securities desiring inspection thereof at its office during normal business
hours, and shall not be deemed to have knowledge of any adjustment in the
Conversion Rate unless and until a Responsible Officer of the Trustee shall have
received such a certificate. Until a Responsible Officer of the Trustee receives
such a certificate, the Trustee and each Conversion Agent may assume without
inquiry that the last Conversion Rate of which the Trustee has actual knowledge
remains in effect.

SECTION 12.8 Notice of Certain Corporate Action.

         In case:

                  (1) the Company shall declare a dividend (or any other
         distribution) on its Common Stock payable (i) other than exclusively in
         cash or (ii) exclusively in cash in an amount that would require an
         adjustment pursuant to Section 12.6; or

                  (2) the Company shall authorize the granting to all or
         substantially all of the holders of its Common Stock of rights, options
         or warrants to subscribe for or purchase any shares of capital stock of
         any class or of any other rights (other than pursuant to a rights
         agreement referred to in Section 12.6(13)); or

                  (3) of any reclassification of the Common Stock, or of any
         consolidation, merger or share exchange to which the Company is a party
         and for which approval of any stockholders of the Company is required,
         or of the conveyance, sale, transfer or lease of all or substantially
         all of the assets of the Company; or

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

then the Company shall cause to be filed at each office or agency maintained for
the purpose of conversion of Securities pursuant to Section 10.2, and shall
cause to be provided to all Holders, with a copy to the Trustee and the
Conversion Agent in accordance with Section 1.6, at least 20 days prior to the
applicable record or effective date hereinafter specified, a notice stating (A)
the date on which a record is to be taken for the purpose of such dividend,
distribution, rights, options 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, rights, options or warrants are to be determined or
(B) the date on which such reclassification, consolidation, merger, conveyance,
transfer, sale, lease, dissolution, liquidation or winding up is expected to
become effective, and the date as of which it is expected that holders of Common
Stock of record shall be entitled to exchange their shares of Common Stock for
securities, cash or other property deliverable upon such reclassification,
consolidation, merger, conveyance, transfer, sale, lease, dissolution,
liquidation or winding up. Neither the failure to give such notice or the notice
referred

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to in the following paragraph nor any defect therein shall affect the legality
or validity of the proceedings described in paragraphs (1) through (4) of this
Section 12.8. If at the time the Trustee shall not be the Conversion Agent, a
copy of such notice shall also forthwith be filed by the Company with the
Trustee.

         The Company shall cause to be filed at the Corporate Trust Office and
each office or agency maintained for the purpose of conversion of Securities
pursuant to Section 10.2, and shall cause to be provided to all Holders in
accordance with Section 1.6, notice of any tender offer by the Company or any
Subsidiary for all or any portion of the Common Stock at or about the time that
such notice of tender offer is provided to the public generally.

SECTION 12.9 Company to Reserve Common Stock.

         The Company shall at all times reserve and keep available, free from
preemptive rights, out of its authorized but unissued Common Stock, for the
purpose of effecting the conversion of Securities, the full number of shares of
Common Stock then issuable upon the conversion of all Outstanding Securities.

SECTION 12.10 Covenant as to Common Stock.

         The Company agrees that all shares of Common Stock that may be
delivered upon conversion of Securities, upon such delivery, will have been duly
authorized and validly issued and will be fully paid and non-assessable and,
except as provided in Section 12.5, the Company will pay all taxes, liens and
charges with respect to the issue thereof.

SECTION 12.11 Cancellation of Converted Securities.

         All Securities delivered for conversion shall be delivered to the
Trustee or its agent to be canceled by or at the direction of the Trustee, which
shall dispose of the same as provided in Section 3.9.

SECTION 12.12 Provision in Case of Consolidation, Merger or Sale of Assets.

         In case of any consolidation or merger of the Company with or into any
other Person or any merger of another Person with or into the Company (other
than a merger that does not result in any reclassification, conversion, exchange
or cancellation of outstanding shares of Common Stock of the Company) or any
conveyance, sale, transfer or lease of all or substantially all of the assets of
the Company (other than a sale of all or substantially all of the assets of the
Company that does not result in any reclassification, conversion, exchange or
cancellation of outstanding shares of Common Stock of the Company), the Person
formed by such consolidation or resulting from such merger or which acquires
such assets, as the case may be, shall execute and deliver to the Trustee a
supplemental indenture providing that the Holder of each Security then
Outstanding shall have the right thereafter, during the period such Security
shall be convertible as specified in Section 12.1, to convert such Security only
into the kind and amount of securities, cash and other property receivable upon
such consolidation, merger, conveyance, sale, transfer or lease by a holder of
the number of shares of Common Stock of the Company into which such Security
might have been converted immediately prior to such consolidation, merger,
conveyance, sale, transfer or lease, assuming such holder of Common Stock of the
Company (i) is not (A) a Person with which the Company consolidated or merged
with or into or which merged into or with the Company or to which such
conveyance, sale, transfer or lease was made, as the case may be (a "Constituent
Person"), or (B) an Affiliate of a Constituent Person and (ii) failed to
exercise his rights of election, if any, as to the kind or amount of securities,
cash and other property receivable upon such consolidation, merger, conveyance,
sale, transfer or lease (provided that if the kind or amount of securities, cash
and other property receivable upon such consolidation, merger, conveyance, sale,
transfer or lease is not the same for each share of Common Stock of the Company
held immediately prior to such

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consolidation, merger, conveyance, sale, transfer or lease by others than a
Constituent Person or an Affiliate thereof and in respect of which such rights
of election shall not have been exercised ("Non-electing Share"), then for the
purpose of this Section 12.12 the kind and amount of securities, cash and other
property receivable upon such consolidation, merger, conveyance, sale, transfer
or lease by the holders of each Non-electing Share shall be deemed to be the
kind and amount so receivable per share by a plurality of the Non-electing
Shares). Such supplemental indenture shall provide for adjustments that, for
events subsequent to the effective date of such supplemental indenture, shall be
as nearly equivalent as may be practicable to the adjustments provided for in
this Article. The above provisions of this Section 12.12 shall similarly apply
to successive consolidations, mergers, conveyances, sales, transfers or leases.
Notice of the execution of such a supplemental indenture shall be given by the
Company to the Holder of each Security as provided in Section 1.6 promptly upon
such execution.

         Neither the Trustee nor any Conversion Agent shall be under any
responsibility to determine the correctness of any provisions contained in any
such supplemental indenture relating either to the kind or amount of shares of
stock or other securities or property or cash receivable by Holders upon the
conversion of their Securities after any such consolidation, merger, conveyance,
transfer, sale or lease or to any such adjustment, but may accept as conclusive
evidence of the correctness of any such provisions, and shall be protected in
conclusively relying upon, an Officer's Certificate or an Opinion of Counsel
with respect thereto, which the Company shall cause to be furnished to the
Trustee upon request.

SECTION 12.13 Responsibility of Trustee for Conversion Provisions.

         The Trustee, subject to the provisions of Section 6.1, and any
Conversion Agent shall not at any time be under any duty or responsibility to
any Holder of Securities to determine whether any facts exist which may require
any adjustment of the Conversion Rate, or with respect to the nature or extent
of any such adjustment when made, or with respect to the method employed, herein
or in any supplemental indenture provided to be employed, in making the same, or
whether a supplemental indenture need be entered into. Neither the Trustee,
subject to the provisions of Section 6.1, nor any Conversion Agent shall be
accountable with respect to the validity or value (or the kind or amount) of any
Common Stock, or of any other securities or property or cash, which may at any
time be issued or delivered upon the conversion of any Security; and it or they
do not make any representation with respect thereto. Neither the Trustee,
subject to the provisions of Section 6.1, nor any Conversion Agent shall be
responsible for any failure of the Company to make or calculate any cash payment
or to issue, transfer or deliver any shares of Common Stock or share
certificates or other securities or property or cash upon the surrender of any
Security for the purpose of conversion; and the Trustee, subject to the
provisions of Section 6.1, and any Conversion Agent shall not be responsible for
any failure of the Company to comply with any of the covenants of the Company
contained in this Article.

                                  ARTICLE XIII

                  REPURCHASE OF SECURITIES AT THE OPTION OF THE
              HOLDER UPON CERTAIN DATES OR UPON A CHANGE IN CONTROL

SECTION 13.1 Purchase of Securities by the Company at Option of the Holder.

         The Securities shall be subject to repurchase by the Company at the
option of the Holder on October 1, 2008, October 1, 2013, October 1, 2018,
October 1, 2023 and October 1, 2028 (each, a "Repurchase Date"), at a repurchase
price equal to 100% of the principal amount of the Securities to be repurchased
plus accrued and unpaid interest and Additional Interest, if any, to, but not
including, such Repurchase Date (the "Repurchase Price"), subject to the
satisfaction by or on behalf of the Holder of the requirements set forth in
Section 13.3.

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SECTION 13.2 Repurchase Notice by the Company.

         No later than 20 Business Days prior to each Repurchase Date, the
Company shall mail a written notice of the repurchase right by first class mail
to the Trustee and to each Holder. The notice shall include a form of Repurchase
Notice (as defined below) to be completed by the Holder and shall briefly state,
as applicable:

                  (1) the date by which the Repurchase Notice must be delivered
         to the Paying Agent in order for a Holder to exercise the repurchase
         right;

                  (2) the Repurchase Date;

                  (3) the Repurchase Price;

                  (4) whether the Repurchase Price will be paid in cash or, if
         permitted hereunder, in shares of Common Stock, or a combination
         thereof and, in the case of a combination, the percentage of each;

                  (5) if the Repurchase Date is not October 1, 2008, whether the
         Company elects to pay the Repurchase Price in shares of Common Stock or
         a combination of cash and shares of Common Stock pursuant to Section
         13.4, that the number of shares of Common Stock each Holder will
         receive will equal the portion of the Repurchase Price to be paid in
         shares of Common Stock divided by 95% of the average Sale Price of the
         Common Stock for the five Trading Days immediately preceding and
         including the third Business Day immediately preceding the Repurchase
         Date.

                  (6) if the Repurchase Date is not October 1, 2008, whether the
         Company elects to pay the Repurchase Price in shares of Common Stock or
         a combination of cash and shares of Common Stock pursuant to Section
         13.4, the method of calculating the Sale Price of the shares of Common
         Stock;

                  (7) that because the Sale Price of the shares of Common Stock
         will be determined prior to the Repurchase Date, Holders of the
         Securities will bear the market risk that the shares of Common Stock to
         be received will decline in value between the date such Sale Price is
         determined and the Repurchase Date;

                  (8) the name and address of the Paying Agent and the
         Conversion Agent;

                  (9) the Conversion Rate and any adjustments thereto;

                  (10)that the Securities as to which a Repurchase Notice
         has been given may be converted if they are otherwise convertible
         pursuant to Article XII only if the Repurchase Notice has been
         withdrawn in accordance with the terms hereof;

                  (11)if the Security is a Non-Global Security, that the
         Security must be surrendered to the Paying Agent to collect payment;

                  (12)that the Repurchase Price for any Security as to
         which a Repurchase Notice has been duly given and not withdrawn will be
         paid promptly following the Repurchase Date, or if the Security is a
         Non-Global Security the later of the Repurchase Date and the time of
         surrender of such Security;

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<PAGE>

                  (13) the procedures the Holder must follow to exercise its
         right to require the Company to repurchase its Securities under this
         Section 13.2;

                  (14) the conversion rights, if any, of the Securities;

                  (15) the procedures for withdrawing a Repurchase Notice;

                  (16) that, unless the Company defaults in making payment
         of such Repurchase Price, interest on Securities subject to repurchase
         by the Company will cease to accrue on and after the Repurchase Date;
         and

                  (17) the CUSIP number(s) of the Securities.

         At the Company's request, the Trustee shall give the notice of
repurchase right in the Company's name and at the Company's expense; provided,
however, that the Company makes such request at least seven Business Days
(unless a shorter period shall be satisfactory to the Trustee) prior to the date
by which such notice of repurchase right must be given to the Holder in
accordance with this Section 13.2; provided further that the text of the notice
of repurchase right shall be prepared by the Company.

SECTION 13.3 Repurchase Deliveries by Holder.

         Purchases of Securities under Section 13.1 shall be made, at the option
of the Holder thereof, upon:

                  (1)   delivery to the Paying Agent by the Holder of a written
         notice of purchase (a "Repurchase Notice") in the form set forth in
         Section 2.2 during the period beginning at any time from 9:00 a.m., New
         York City time, on the date that is 20 Business Days immediately
         preceding the relevant Repurchase Date until 5:00 p.m., New York City
         time, on the Business Day immediately preceding such Repurchase Date
         stating:

                  (i)   the certificate number of the Security which the Holder
                        will deliver to be purchased if Non-Global Securities
                        have been issued,

                  (ii)  the portion of the aggregate principal amount of the
                        Security which the Holder will deliver to be purchased,
                        which portion must be in aggregate principal amounts of
                        $1,000 or an integral multiple thereof,

                  (iii) that such Security shall be purchased by the Company as
                        of the Repurchase Date pursuant to the terms and
                        conditions specified in the Securities and in the
                        Indenture; and

                  (2)   delivery or book-entry transfer of such Security to the
         Paying Agent prior to, on or after the Repurchase Date (together with
         all necessary endorsements) at the offices of the Paying Agent, such
         delivery being a condition to receipt by the Holder of the Repurchase
         Price therefor; provided, however, that such Repurchase Price shall be
         so paid only if the Security so delivered to the Paying Agent shall
         conform in all respects to the description thereof in the related
         Repurchase Notice, as determined by the Company.

         If the Securities are Global Securities, the Repurchase Notice must
comply with Applicable Procedures.

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<PAGE>

         Any purchase by the Company contemplated pursuant to Section 13.1 shall
be consummated by the delivery to the Paying Agent of the cash or Common Stock,
as applicable, sufficient to pay the Repurchase Price to be received by the
Holder promptly following the later of the Repurchase Date and the time of
delivery or book-entry transfer of the Security.

         If shares of Common Stock to be delivered upon repurchase of a Security
are to be registered in a name other than the Holder's name, then such Holder
must deliver to the Paying Agent a Surrender Certificate, dated the date of
surrender of such Security and signed by such Holder, as to compliance with the
restrictions on transfer applicable to such Security. Neither the Trustee nor
the Paying Agent or other agents shall be required to register in a name other
than the Holder's name shares of Common Stock issued upon repurchase of any such
Security not so accompanied by a properly completed Surrender Certificate.

         Notwithstanding anything herein to the contrary, any Holder delivering
to the Paying Agent the Repurchase Notice contemplated by this Section 13.3
shall have the right to withdraw such Repurchase Notice at any time prior to
5:00 p.m. New York City time on the Business Day immediately preceding the
Repurchase Date by delivery of a written notice of withdrawal to the Paying
Agent in accordance with Section 13.11 below. If such Repurchase Notice is
withdrawn, the Company will not be obligated to repurchase the related
Securities.

SECTION 13.4 Payment of Repurchase Price.

         If Securities are to be repurchased on October 1, 2008 pursuant to
Section 13.1, the Repurchase Price shall be paid in cash. If Securities are to
be repurchased on October 1, 2013, October 1, 2018, October 1, 2023 or October
1, 2028 pursuant to Section 13.1, the Repurchase Price may be paid, at the
election of the Company, in cash or shares of Common Stock, or in any
combination of cash and shares of Common Stock, subject to the conditions set
forth below. The Company shall designate, in the notice of repurchase right
delivered pursuant to Section 13.2 above, whether the Company will repurchase
Securities for cash or, if permitted hereunder, shares of Common Stock, or, if a
combination thereof, the percentages of the Repurchase Price in respect of which
it will pay in cash or shares of Common Stock; provided, however, that the
Company will pay cash for fractional interests in a share of Common Stock. For
purposes of determining the existence of potential fractional interests, all
Securities subject to repurchase by the Company held by a Holder shall be
considered together (no matter how many separate certificates are to be
presented). Each Holder whose Securities are repurchased pursuant to Section
13.1 shall receive the same percentage of cash or, if permitted hereunder,
shares of Common Stock in payment of the Repurchase Price for such Security, (1)
except as provided in this Section 13.4 with regard to the payment of cash in
lieu of fractional shares of Common Stock and (2) in the event that the Company
is unable to purchase the Securities of the Holder or Holders for shares of
Common Stock because any necessary qualifications or registration of the shares
of Common Stock under applicable securities laws cannot be obtained, the Company
may purchase the Securities of such Holder or Holders for cash. The Company may
not change its election with respect to the consideration (or components or
percentages of components thereof) to be paid once the Company has given its
notice of repurchase right to Holders except in the event of a failure to
satisfy, prior to 5:00 p.m., New York City time, on the Business Day immediately
preceding the Repurchase Date, any condition to the payment of the Repurchase
Price in whole or in part, in shares of Common Stock.

         If the Company elects to pay all or a portion of the Repurchase Price
of Securities in respect of which a Repurchase Notice has been given in shares
of Common Stock, the number of shares of Common Stock to be issued shall be
equal to the portion of the Repurchase Price to be paid in shares of Common
Stock divided by 95% of the average Sale Price of the Common Stock for the five
Trading Days

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<PAGE>

immediately preceding and including the third Business Day immediately preceding
the Repurchase Date, subject to satisfaction of the conditions set forth in the
second succeeding paragraph.

         The Company will not issue any fraction of a share of Common Stock in
payment of the Repurchase Price. Instead, the Company will make a cash payment
(calculated to the nearest cent) equal to such fraction multiplied by the Sale
Price of one share of Common Stock on the last Trading Day immediately prior to
the Repurchase Date. If a Holder elects to have more than one Security
purchased, the number of shares of Common Stock shall be based on the aggregate
amount of Securities to be purchased.

         The Company's right to exercise its election to repurchase Securities
through the issuance of shares of Common Stock shall be conditioned upon:

                  (1) the registration of such shares of Common Stock under the
         Securities Act, if required;

                  (2) any qualification of such shares of Common Stock under
         applicable state securities laws, if necessary, or the availability of
         an exemption from such qualification;

                  (3) the listing of such shares of Common Stock on a United
         States national securities exchange or the quotation of such shares of
         Common Stock in an inter-dealer quotation system of any registered
         United States national securities association;

                  (4) the receipt by the Trustee of an Officer's Certificate
         stating: (i) that the terms of the issuance of the shares of Common
         Stock are in conformity with the Indenture; (ii) that the shares of
         Common Stock to be issued in payment of the Repurchase Price in respect
         of Securities have been duly authorized and, when issued and delivered
         pursuant to the terms of the Indenture in payment of the Repurchase
         Price in respect of Securities, will be validly issued, fully paid,
         non-assessable and free from preemptive rights; (iii) that the
         conditions in this paragraph (4)(i) and 4(ii) above, the conditions in
         paragraphs (1)-(3) above and the condition set forth in the third
         succeeding paragraph regarding issuance of a press release have been
         satisfied in all material respects; and (iv) the number of shares of
         Common Stock to be issued for each $1,000 principal amount of
         Securities and the Sale Price of a share of Common Stock on each
         Trading Day during the period the average Sale Price is calculated; and

                  (5) the receipt by the Trustee of an Opinion of Counsel
         stating that: (i) the shares of Common Stock to be issued in payment of
         the Repurchase Price in respect of Securities have been duly
         authorized, and when issued and delivered pursuant to the terms of the
         Indenture in payment of the Repurchase Price in respect of Securities,
         will be validly issued, fully paid and non-assessable and, to the best
         of such counsel's knowledge, free from preemptive rights; and (ii) the
         conditions in paragraphs (1) through (3) above have been satisfied in
         all material respects.

         If the foregoing conditions are not satisfied with respect to a Holder
or Holders prior to 5:00 p.m., New York City time, on the Business Day
immediately preceding the Repurchase Date, and the Company has elected to
repurchase the Securities through the issuance of Common Stock, the Company
shall pay the entire Repurchase Price of the Securities of such Holder or
Holders in cash.

         Upon determination of the actual number of shares of Common Stock to be
issued upon repurchase of Securities, the Company shall be required to
disseminate a press release through a public medium as is customary for such a
press release.

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         If a Holder of a repurchased Security is paid in shares of Common
Stock, the Company shall pay any documentary, stamp or similar issue or transfer
tax due on such issue of shares of Common Stock. However, the Holder shall pay
any such tax which is due because the Holder requests the shares of Common Stock
to be issued in a name other than the Holder's name. The Paying Agent may refuse
to deliver the certificates representing the shares of Common Stock being issued
in a name other than the Holder's name until the Paying Agent receives a sum
sufficient to pay any tax which will be due because the shares of Common Stock
are to be issued in a name other than the Holder's name. Nothing contained
herein shall preclude any income tax withholding required by law or regulations.

SECTION 13.5 Purchase of Securities at the Option of the Holder upon a Change in
Control.

         If a Change in Control occurs, the Securities not previously purchased
or called for redemption by the Company shall be purchased by the Company, at
the option of the Holder thereof, at a repurchase price equal to 100% of the
principal amount of the Securities to be repurchased, plus accrued and unpaid
interest and Additional Interest, if any, to, but not including, the Change in
Control Repurchase Date (the "Change in Control Repurchase Price"). The date the
Company shall repurchase the Securities pursuant to this Section shall be 45
days after the Change in Control Notice Date (as defined below) delivered by the
Company (the "Change in Control Repurchase Date"), subject to satisfaction by or
on behalf of the Holder of the requirements set forth in Section 13.7.

         A "Change in Control" shall be deemed to have occurred at any time
after any of the following events shall occur:

                  (1) Any Person acquires beneficial ownership, directly or
         indirectly, through a purchase, merger or other acquisition transaction
         or series of transactions, of shares of the Company's capital stock
         entitling the person to exercise 50% or more of the total voting power
         of all shares of the Company's capital stock that are entitled to vote
         generally in elections of directors, other than an acquisition by the
         Company, any of its Subsidiaries or any of its or its Subsidiaries'
         employee benefit plans; or

                  (2) the Company merges or consolidates with or into any other
         person, any merger of another person into the Company, or the Company
         conveys, sells, transfers or leases all or substantially all of its
         assets to another person, other than any transaction: (i) that does not
         result in any reclassification, conversion, exchange or cancellation of
         the Company's outstanding shares of Common Stock, (ii) pursuant to
         which the holders of the Company's shares of Common Stock immediately
         prior to the transaction have the entitlement to exercise, directly or
         indirectly, 50% or more of the total voting power of all shares of
         capital stock entitled to vote generally in the election of directors
         of the continuing or surviving corporation immediately after the
         transaction, or (iii) which is effected solely to change the Company's
         jurisdiction of incorporation and results in a reclassification,
         conversion or exchange of outstanding shares of Common Stock solely
         into shares of common stock of the surviving entity.

         Notwithstanding the foregoing provisions of this Section, a Change in
Control shall not be deemed to have occurred if (A) the Sale Price of the Common
Stock for any five Trading Days within the period of 10 consecutive Trading Days
ending immediately after the later of the date of the Change in Control or the
date of the public announcement of the Change in Control (in the case of a
Change in Control under paragraph (1) above) or the period of 10 consecutive
Trading Days ending immediately before the Change in Control (in the case of a
Change in Control under paragraph (1) and (2) above) shall, in the case of each
of such five Trading Days, equal or exceed 105% of the Conversion Price of the
Securities in effect on each of such five Trading Days, or (B) at least 90% of
the consideration paid for the Common Stock (excluding cash payments for
fractional shares and cash payments made pursuant to

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dissenters' appraisal rights) in a merger or consolidation otherwise
constituting a Change in Control under paragraph (2) of this Section consists of
shares of common stock, depository receipts or other certificates representing
common equity instruments traded on a national securities exchange or quoted on
Nasdaq National Market (or will be so traded or quoted immediately following the
merger or consolidation) and as a result of the merger or consolidation the
Securities become convertible into such common stock, depository receipts or
other certificates representing common equity interests.

         For purposes of this Section, whether a Person is a "beneficial owner"
shall be determined in accordance with Rule 13d-3 under the Exchange Act and
"person" includes any syndicate or group that would be deemed to be a "person"
under Section 13(d)(3) of the Exchange Act.

SECTION 13.6 Change in Control Repurchase Notice by the Company.

         No later than 30 days after the occurrence of a Change in Control, the
Company shall mail a written notice of the Change in Control (the "Change in
Control Notice", the date of such mailing, the "Change in Control Notice Date")
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 Change in
Control Repurchase Notice (as defined below) to be completed by the Holder and
shall state:

                  (1) briefly, the nature of the Change in Control and the date
         of such Change in Control;

                  (2) the date by which the Change in Control Repurchase Notice
         pursuant to this Section must be given;

                  (3) the Change in Control Repurchase Date;

                  (4) the Change in Control Repurchase Price;

                  (5) if the Company elects to pay the Change in Control
         Repurchase Price in shares of Common Stock or a combination of cash and
         shares of Common Stock pursuant to Section 13.8, that the number of
         shares of Common Stock each Holder will receive will equal the portion
         of the Change in Control Repurchase Price to be paid in shares of
         Common Stock divided by 95% of the average Sale Price of the Common
         Stock for the five Trading Days immediately preceding and including the
         Third Business Day immediately preceding the Change in Control
         Repurchase Date;

                  (6) if the Company elects to pay the Change in Control
         Repurchase Price in shares of Common Stock or a combination of cash and
         shares of Common Stock pursuant to Section 13.8, the method of
         calculating the Sale Price of the shares of Common Stock;

                  (7) that because the Sale Price of the shares of Common Stock
         will be determined prior to the Change in Control Repurchase Date,
         Holders of the Securities will bear the market risk that the shares of
         Common Stock to be received will decline in value between the date such
         Sale Price is determined and the Change in Control Repurchase Date;

                  (8) the name and address of the Paying Agent and the
         Conversion Agent;

                  (9) the Conversion Rate applicable on the Change in Control
         Notice Date;

                  (10)that the Securities as to which a Change in Control
         Repurchase Notice has been given may be converted if they are otherwise
         convertible pursuant to Article XII only if the

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         Change in Control Repurchase Notice has been withdrawn in accordance
         with the terms of the Indenture;

                  (11) if the Security is a Non-Global Security, that the
         Security must be surrendered to the Paying Agent to collect payment;

                  (12) that the Change in Control Repurchase Price for any
         Security as to which a Change in Control Repurchase Notice has been
         duly given and not withdrawn will be paid promptly following the Change
         in Control Repurchase Date, or if the Security is a Non-Global
         Security, the later of the Change in Control Repurchase Date and the
         time of surrender of such Security;

                  (13) the procedures the Holder must follow to exercise its
         rights under Section 13.5;

                  (14) the conversion rights, if any, of the Securities;

                  (15) the procedures for withdrawing a Change in Control
         Repurchase Notice;

                  (16) that, unless the Company defaults in making payment
         of such Change in Control Repurchase Price, interest on Securities
         subject to purchase by the Company will cease to accrue on and after
         the Change in Control Repurchase Date; and

                  (17) the CUSIP number(s) of the Securities.

         At the Company's request, the Trustee shall give the Change in Control
Notice in the Company's name and at the Company's expense; provided, however,
that the Company makes such request at least seven Business Days (unless a
shorter period shall be satisfactory to the Trustee) prior to the date by which
such Change in Control Notice must be given to the Holder in accordance with
this Section; provided further that the text of the Change in Control Notice
shall be prepared by the Company.

SECTION 13.7 Change in Control Repurchase Deliveries by the Holder.

         A Holder may exercise its rights specified in this Section upon
delivery of a written notice of purchase (a "Change in Control Repurchase
Notice") in the form set forth in Section 2.2 to be received by the Paying Agent
at any time on or prior to the 30th day after the Change in Control Notice Date,
stating:

                  (1) delivery to the Paying Agent by the Holder of a Change in
         Control Repurchase Notice during the period beginning at any time from
         9:00 a.m., New York City time, on the date that is 20 Business Days
         immediately preceding the relevant Change in Control Repurchase Date
         until 5:00 p.m., New York City time, on the Business Day immediately
         preceding such Change in Control Repurchase Date stating:

                      (i)   the certificate number of the Security which the
                            Holder will deliver to be purchased if Non-Global
                            Securities have been issued,

                      (ii)  the portion of the aggregate principal amount of the
                            Security which the Holder will deliver to be
                            purchased, which portion must be in aggregate
                            principal amounts of $1,000 or an integral multiple
                            thereof,

                      (iii) that such Security shall be purchased by the Company
                            as of the Change in Control Repurchase Date pursuant
                            to the terms and conditions specified in the
                            Securities and in the Indenture; and

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                  (2) delivery or book-entry transfer of such Security to the
         Paying Agent prior to, on or after the Change in Control Repurchase
         Date (together with all necessary endorsements) at the offices of the
         Paying Agent, such delivery being a condition to receipt by the Holder
         of the Change in Control Repurchase Price therefor; provided, however,
         that such Change in Control Repurchase Price shall be so paid only if
         the Security so delivered to the Paying Agent shall conform in all
         respects to the description thereof in the related Change in Control
         Repurchase Notice, as determined by the Company.

         If Securities are Global Securities, the Change in Control Repurchase
Notice must comply with the Applicable Procedures.

         The delivery or book-entry transfer of such Security to the Paying
Agent with the Change in Control Repurchase Notice (together with all necessary
endorsements) at the offices of the Paying Agent shall be a condition to the
receipt by the Holder of the Change in Control Repurchase Price therefor;
provided, however, that such Change in Control Repurchase Price shall be so paid
pursuant to this Section only if the Security so delivered to the Paying Agent
shall conform in all respects to the description thereof set forth in the
related Change in Control Repurchase Notice.

         If shares of Common Stock to be delivered upon repurchase of a Security
are to be registered in a name other than the Holder's name, then such Holder
must deliver to the Paying Agent a Surrender Certificate, dated the date of
surrender of such Security and signed by such Holder, as to compliance with the
restrictions on transfer applicable to such Security. Neither the Trustee nor
the Paying Agent or other agents shall be required to register in a name other
than the Holder's name shares of Common Stock issued upon repurchase of any such
Security not so accompanied by a properly completed Surrender Certificate.

SECTION 13.8 Payment of Change in Control Repurchase Price.

         If Securities are to be repurchased pursuant to Section 13.5, the
Change in Control Repurchase Price may be paid for, at the election of the
Company, in cash or shares of Common Stock, or in any combination of cash and
shares of Common Stock, subject to the conditions set forth below. The Company
shall designate, in the notice of repurchase right delivered pursuant to Section
13.6 above, whether the Company will repurchase Securities for cash or, if
permitted hereunder, shares of Common Stock, or, if a combination thereof, the
percentages of the Change in Control Repurchase Price in respect of which it
will pay in cash or shares of Common Stock; provided, however, that the Company
will pay cash for fractional interests in a share of Common Stock. For purposes
of determining the existence of potential fractional interests, all Securities
subject to repurchase by the Company held by a Holder shall be considered
together (no matter how many separate certificates are to be presented). Each
Holder whose Securities are repurchased pursuant to Section 13.5 shall receive
the same percentage of cash or, if permitted hereunder, shares of Common Stock
in payment of the Change in Control Repurchase Price for such Security, (1)
except as provided in this Section 13.8 with regard to the payment of cash in
lieu of fractional shares of Common Stock and (2) in the event that the Company
is unable to purchase the Securities of the Holder or Holders for shares of
Common Stock because any necessary qualifications or registration of the shares
of Common Stock under applicable securities laws cannot be obtained, the Company
may purchase the Securities of such Holder or Holders for cash. The Company may
not change its election with respect to the consideration (or components or
percentages of components thereof) to be paid once the Company has given its
notice of repurchase right to Holders except in the event of a failure to
satisfy, prior to 5:00 p.m., New York City time, on the Business Day immediately
preceding the Change in Control Repurchase Date, any condition to the payment of
the Change in Control Repurchase Price in whole or in part, in shares of Common
Stock.

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<PAGE>

         If the Company elects to pay all or a portion of the Change in Control
Repurchase Price of Securities in respect of which a Change in Control
Repurchase Notice has been given in shares of Common Stock, the number of shares
of Common Stock to be issued shall be equal to the portion of the Change in
Control Repurchase Price to be paid in shares of Common Stock divided by 95% of
the average Sale Price of the Common Stock for the five Trading Days immediately
preceding and including the third Business Day immediately preceding the Change
in Control Repurchase Date, subject to satisfaction of the conditions set forth
in the second succeeding paragraph.

         The Company will not issue any fraction of a share of Common Stock in
payment of the Change in Control Repurchase Price. Instead, the Company will
make a cash payment (calculated to the nearest cent) equal to such fraction
multiplied by the Sale Price of one share of Common Stock. If a Holder elects to
have more than one Security purchased, the number of shares of Common Stock
shall be based on the aggregate amount of Securities to be purchased.

         The Company's right to exercise its election to repurchase Securities
through the issuance of shares of Common Stock shall be conditioned upon:

                  (1) the registration of such shares of Common Stock under the
         Securities Act, if required;

                  (2) any qualification of such shares of Common Stock under
         applicable state securities laws, if necessary, or the availability of
         an exemption from such qualification;

                  (3) the listing of such shares of Common Stock on a United
         States national securities exchange or the quotation of such shares of
         Common Stock in an inter-dealer quotation system of any registered
         United States national securities association;

                  (4) the receipt by the Trustee of an Officer's Certificate
         stating: (i) that the terms of the issuance of the shares of Common
         Stock are in conformity with the Indenture; (ii) that the shares of
         Common Stock to be issued in payment of the Change in Control
         Repurchase Price in respect of Securities have been duly authorized
         and, when issued and delivered pursuant to the terms of the Indenture
         in payment of the Change in Control Repurchase Price in respect of
         Securities, will be validly issued, fully paid, non-assessable and free
         from preemptive rights; (iii) that the conditions in this paragraph
         (4)(i) and 4(ii) above, the conditions in paragraphs (1)-(3) above
         and the condition set forth in the third succeeding paragraph regarding
         issuance of a press release have been satisfied in all material
         respects; and (iv) the number of shares of Common Stock to be issued
         for each $1,000 principal amount of Securities and the Sale Price of a
         share of Common Stock on each Trading Day during the period the average
         Sale Price is calculated; and

                  (5) the receipt by the Trustee of an Opinion of Counsel
         stating that: (i) the shares of Common Stock to be issued in payment of
         the Change in Control Repurchase Price in respect of Securities have
         been duly authorized, and when issued and delivered pursuant to the
         terms of the Indenture in payment of the Change in Control Repurchase
         Price in respect of Securities, will be validly issued, fully paid and
         non-assessable and, to the best of such counsel's knowledge, free from
         preemptive rights; and (ii) the conditions in paragraphs (1) through
         (3) above have been satisfied in all material respects.

         If the foregoing conditions are not satisfied with respect to a Holder
or Holders prior to 5:00 p.m., New York City time, on the Business Day
immediately preceding the Change in Control Repurchase Date, and the Company has
elected to repurchase the Securities through the issuance of Common Stock, the
Company shall pay the entire Change in Control Repurchase Price of the
Securities of such Holder or Holders in cash.

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<PAGE>

         Upon determination of the actual number of shares of Common Stock to be
issued upon repurchase of Securities, the Company shall be required to
disseminate a press release through a public medium as is customary for such a
press release.

         If a Holder of a repurchased Security is paid in shares of Common
Stock, the Company shall pay any documentary, stamp or similar issue or transfer
tax due on such issue of shares of Common Stock. However, the Holder shall pay
any such tax which is due because the Holder requests the shares of Common Stock
to be issued in a name other than the Holder's name. The Paying Agent may refuse
to deliver the certificates representing the shares of Common Stock being issued
in a name other than the Holder's name until the Paying Agent receives a sum
sufficient to pay any tax which will be due because the shares of Common Stock
are to be issued in a name other than the Holder's name. Nothing contained
herein shall preclude any income tax withholding required by law or regulations.

         The Company may arrange for a third party to make an offer to
repurchase any Securities for which it receives a valid Change in Control
Repurchase Notice, in the manner and otherwise in compliance with the
requirements set forth in Sections 13.5, 13.6, 13.7 and 13.8. If a third party
purchases any Securities under these circumstances, then interest will continue
to accrue on those Securities and those Securities shall continue to be
outstanding after the Change in Control Repurchase Date. If the Holder who has
delivered a Change in Control Repurchase Notice fails to deliver the Securities
to the third party on or before the Change in Control Repurchase Date, then the
third party that intended to repurchase the Securities will be released from its
obligations to do so and the Holder who delivered the Change in Control
Repurchase Notice but failed to deliver the Securities will have no further
rights hereunder or under the Securities to require repurchase by the Company or
by the third party with respect to that Change in Control Repurchase Notice.

SECTION 13.9 Partial Purchases.

         The Company shall purchase from the Holder thereof, pursuant to this
Article XIII, a portion of a Security if the aggregate principal amount of such
portion is $1,000 or an integral multiple of $1,000. Provisions of the Indenture
that apply to the purchase of all of a Security also apply to the purchase of
such portion of such Security.

         Any Non-Global Security, which is to be purchased only in part, shall
be surrendered at the office of the Paying Agent (with, if the Company or the
Trustee so requires, due endorsement by, or a written instrument of transfer in
form satisfactory to the Company and the Trustee duly executed by, the Holder
thereof or such Holder's attorney duly authorized in writing) and the Company
shall execute and the Trustee shall authenticate and deliver to the Holder of
such Security, without service charge, a new Security or Securities, of any
authorized denomination as requested by such Holder in aggregate principal
amount equal to, and in exchange for, the portion of the principal amount of the
Security so surrendered which is not purchased.

SECTION 13.10 Effect of Repurchase Notice or Change in Control Repurchase
Notice.

         Upon receipt by the Paying Agent of the Repurchase Notice or Change in
Control Repurchase Notice specified in Section 13.3 or Section 13.7, as
applicable, the Holder of the Security in respect of which such Repurchase
Notice or Change in Control Repurchase Notice, as the case may be, was given
shall (unless such Repurchase Notice or Change in Control Repurchase Notice, as
the case may be, is withdrawn as specified in Section 13.11) thereafter be
entitled to receive solely the Repurchase Price or Change in Control Repurchase
Price, as the case may be, with respect to such Security. Such Repurchase Price
or Change in Control Repurchase Price shall be paid to such Holder, subject to
receipts of funds and/or Common Stock by the Paying Agent, promptly following
the later of (1) the Repurchase Date or

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<PAGE>

the Change in Control Repurchase Date, as the case may be, with respect to such
Security (provided the conditions in Section 13.3 or Section 13.7, as
applicable, have been satisfied) and (2) the time of delivery of such Security
to the Paying Agent by the Holder thereof in the manner required by Section 13.3
or Section 13.7, as applicable. Securities in respect of which a Repurchase
Notice or Change in Control Repurchase Notice has been given by the Holder
thereof may not be converted pursuant to Article XII on or after the date of the
delivery of such Purchase Notice or Change in Control Repurchase Notice unless,
in the case of a Security in respect of which a Purchase Notice has been given,
such Purchase Notice has first been validly withdrawn as specified in the
Section 13.11 below.

SECTION 13.11 Withdrawal of a Repurchase Notice.

         A Repurchase Notice may be withdrawn by means of a written notice of
withdrawal delivered to the office of the Paying Agent in accordance with the
Repurchase Notice at any time prior to 5:00 p.m., New York City time, on the
Business Day immediately preceding the Repurchase Date specifying:

                  (1) the certificate number of the Security in respect of which
         such notice of withdrawal is being submitted if Non-Global Securities
         have been issued,

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

                  (3) the principal amount, if any, of such Security which
         remains subject to the original Repurchase Notice and which has been or
         will be delivered for purchase by the Company.

         If the Securities are Global Securities, the withdrawal notice must
comply with Applicable Procedures.

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

SECTION 13.12 Deposit of Repurchase Price or Change in Control Repurchase Price.

         Prior to 10:00 a.m., New York City time on the Repurchase Date or the
Change in Control Repurchase Date, as the case may be, the Company shall deposit
with the Trustee or with the Paying Agent (or, if the Company or a Subsidiary or
an Affiliate of any of them is acting as the Paying Agent, shall segregate and
hold in trust as provided in Section 10.3) an amount of cash (in immediately
available funds if deposited on such Business Day) and/or Common Stock, if
permitted hereunder, sufficient to pay the aggregate Repurchase Price or Change
in Control Repurchase Price, as the case may be, of all the Securities or
portions thereof which are to be purchased as of the Repurchase Date or Change
in Control Repurchase Date, as the case may be.

         If the Paying Agent holds, in accordance with the terms hereof, at
10:00 a.m., New York City time, on the Business Day immediately following the
applicable Repurchase Date or Change in Control Repurchase Date, as the case may
be, money and/or shares of Common Stock, if permitted hereunder, sufficient to
pay the Repurchase Price or Change in Control Repurchase Price, as applicable,
of any Securities for which a Repurchase Notice or Change in Control Repurchase
Notice, as the case may be, has been tendered and not withdrawn pursuant to
Section 13.11, then, on such Repurchase Date and Change in Control Repurchase
Date, as the case may be, such Securities will cease to be outstanding and
interest on such Securities will cease to accrue, whether or not such Securities
are delivered to the Paying Agent, and the rights of the Holders in respect
thereof shall terminate (other than the right to receive the

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Repurchase Price or Change in Control Repurchase Price, as the case may be, upon
delivery of such Securities).

SECTION 13.13 Covenant to Comply With Securities Laws Upon the Purchase of
Securities.

         When complying with the provisions of this Article XIII, the Company
shall, subject to any exemption under applicable laws (1) comply with Rule 13e-4
and Rule 14e-1 (or any applicable successor provision), under the Exchange Act,
(2) file the related Schedule TO (or any successor schedule, form or report)
under the Exchange Act, as applicable and (iii) otherwise comply with any
applicable Federal and state securities laws so as to permit the rights and
obligations under this Article XIII to be exercised in the time and in the
manner specified herein. To the extent that the provisions of any securities
laws or regulations conflict with the provisions of this Article XIII, the
Company's compliance with such laws and regulations shall not in and of itself
cause a breach of its obligations under this Article XIII.

SECTION 13.14 Repayment to the Company.

         The Trustee and the Paying Agent shall return to the Company any cash
or shares of Common Stock that remain unclaimed for two years, together with
interest or dividends, if any, thereon, held by them for the payment of the
Repurchase Price or Change in Control Repurchase Price, as the case may be;
provided, however, that to the extent the aggregate amount of cash or Common
Stock deposited by the Company pursuant to Section 13.12 above exceeds the
aggregate Repurchase Price or Change in Control Repurchase Price, as the case
may be, of the Securities or portions thereof which the Company is obligated to
purchase as of the Repurchase Date or Change in Control Repurchase Date, as the
case may be, then, promptly after the Business Day following the Repurchase Date
or Change in Control Repurchase Date, as the case may be, the Trustee shall
return any such excess to the Company together with interest or dividends, if
any, thereon.

                                  ARTICLE XIV

                           SUBORDINATION OF SECURITIES

SECTION 14.1 Agreement to Subordinate.

         The Company agrees, the Trustee acknowledges and each Holder by
accepting a Security agrees, that the indebtedness evidenced by the Securities
is subordinated in right of payment, to the extent and in the manner provided in
this Article XIV, to the prior payment in full in cash (or in the form of any
other consideration permitted under such Senior Debt) of all Senior Debt
(whether outstanding on the date hereof or hereafter created, incurred, assumed
or guaranteed), and that the subordination is for the benefit of the holders of
Senior Debt. The holders of all existing and future Senior Debt shall have the
right to rely upon this Article XIV.

SECTION 14.2 Liquidation; Dissolution; Bankruptcy.

         Upon any distribution to creditors of the Company in a liquidation or
dissolution of the Company or in a bankruptcy, reorganization, insolvency,
receivership or similar proceeding relating to the Company or its property, in
an assignment for the benefit of creditors or any marshaling of the Company's
assets and liabilities:

                  (1) holders of Senior Debt will be entitled to receive payment
         in full of all Obligations due in respect of such Senior Debt
         (including interest after the commencement of any bankruptcy proceeding
         at the rate specified in the applicable Senior Debt) before the Holders
         of Securities

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<PAGE>

         will be entitled to receive or retain any payment or distribution of
         any kind or character with respect to the Securities (except that
         Holders of Securities may receive and retain Permitted Junior
         Securities);

                  (2) until all Obligations with respect to Senior Debt (as
         provided in clause (1) above) are paid in full, any distribution to
         which Holders would be entitled but for this Article XIV will be made
         to holders of Senior Debt (except that Holders of Securities may
         receive and retain Permitted Junior Securities), as their interests may
         appear; and

                  (3) in the event that, notwithstanding the foregoing
         provisions of this Section 14.2, the Trustee or any Holder of any
         Securities shall have received any payment or distribution of assets of
         the Company of any kind or character, whether in cash, property or
         securities, including, without limitation, by way of set-off or
         otherwise, in respect of Obligations with respect to the Securities
         (except that Holders of Securities may receive and retain Permitted
         Junior Securities) before all Senior Debt is paid in full, then and in
         such event such payment or distribution shall be paid over or delivered
         forthwith to the trustee in bankruptcy, receiver, liquidating trustee,
         custodian, assignee, agent or other Person making payment or
         distribution of assets of the Company for application to the payment of
         all such Senior Debt remaining unpaid, to the extent necessary to pay
         all Senior Debt in full after giving effect to any concurrent payment
         or distribution to or for the holders of such Senior Debt.

SECTION 14.3 Default on Designated Senior Debt.

                  (1) The Company may not make any payment or distribution to
         the Trustee or any Holder in respect of Obligations with respect to the
         Securities and may not acquire from the Trustee or any Holder any
         Securities for cash or property (other than Permitted Junior
         Securities) until all principal and other Obligations with respect to
         the Senior Debt have been paid in full if:

                  (i)    Payment Default on Designated Senior Debt occurs and is
                         continuing beyond any applicable grace period in the
                         agreement, indenture or other document governing such
                         Designated Senior Debt;

                  (ii)   any other default occurs and is continuing on any
                         series of Designated Senior Debt and as a result the
                         maturity of such Designated Senior Debt has been
                         accelerated and such acceleration has not been
                         subsequently rescinded; or

                  (iii)  any other default (other than as specified in clauses
                         (i) and (ii) above) occurs and is continuing on any
                         series of Designated Senior Debt that permits holders
                         of that series of Designated Senior Debt to accelerate
                         its maturity and the Trustee receives a notice of such
                         default (a "Payment Blockage Notice") from the Company
                         or the holders of any Designated Senior Debt. If the
                         Trustee receives any such Payment Blockage Notice, no
                         subsequent Payment Blockage Notice will be effective
                         for purposes of this Section unless and until at least
                         360 days have elapsed since the beginning of the
                         effectiveness of the immediately prior Payment Blockage
                         Notice.

         No nonpayment default that existed or was continuing on the date of
         delivery of any Payment Blockage Notice to the Trustee may be, or may
         be made, the basis for a subsequent Payment Blockage Notice unless such
         default has have been waived for a period of not less than 90 days.

                  (2) The Company may and will resume payments on and
         distributions in respect of the Securities and may acquire them upon
         the earlier of:

                                       96
<PAGE>

                  (i)    in the case of a default pursuant to clause (i) or (ii)
                         of Section 14.3(1) above, upon the date upon which all
                         amounts of such Designated Senior Debt has been paid in
                         full in cash or such default is cured, waived or ceases
                         to exist and any acceleration has been rescinded; and

                  (ii)   in the case of a default pursuant to clause (iii) of
                         Section 14.3(1) above, upon the earliest of (A) 179
                         days after the date on which the applicable Payment
                         Blockage Notice is received, (B) the date on which such
                         non-payment default is terminated by the written notice
                         of the Designated Senior Debt that issued the Payment
                         Blockage Notice, (C) the date upon which all amounts of
                         such Designated Senior Debt has been paid in full in
                         cash or (D) the date on which such default is cured,
                         waived or ceases to exist and any acceleration has been
                         rescinded, in each case unless the maturity of any
                         Designated Senior Debt has been accelerated,

         if this Article XIV otherwise permits the payment, distribution or
         acquisition at the time of such payment or acquisition.

SECTION 14.4 Acceleration of Securities.

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

SECTION 14.5 When Distribution Must Be Paid Over.

         In the event that the Trustee or any Holder receives any payment of any
Obligations with respect to the Securities (other than Permitted Junior
Securities) at a time when the Trustee or such Holder, as applicable, has actual
knowledge that such payment is prohibited by Section 14.3, such payment will be
held by the Trustee or such Holder, in trust for the benefit of, and will be
paid forthwith over and delivered, upon written request, to, the holders of
Senior Debt as their interests may appear or any Senior Debt Representative, as
their respective interests may appear, for application to the payment of all
Obligations with respect to Senior Debt remaining unpaid to the extent necessary
to pay such Obligations in full in accordance with their terms, after giving
effect to any concurrent payment or distribution to or for the holders of Senior
Debt.

         With respect to the holders of Senior Debt, the Trustee undertakes to
perform only those obligations on the part of the Trustee as are specifically
set forth in this Article XIV, and no implied covenants or obligations with
respect to the holders of Senior Debt will be read into this Indenture against
the Trustee. The Trustee will not be deemed to owe any fiduciary duty to the
holders of Senior Debt, and will not be liable to any such holders if the
Trustee pays over or distributes to or on behalf of Holders or the Company or
any other Person money or assets to which any holders of Senior Debt are then
entitled by virtue of this Article XIV, except if such payment is made as a
result of the willful misconduct or gross negligence of the Trustee.

SECTION 14.6 Notice by Company.

         The Company will promptly notify the Trustee and the Paying Agent of
any facts known to the Company that would cause a payment of any Obligations
with respect to the Securities or the purchase of any Securities by the Company
to violate this Article XIV, but failure to give such notice will not affect the
subordination of the Securities to the Senior Debt as provided in this Article
XIV.

                                       97
<PAGE>

SECTION 14.7 Subrogation.

         After all Senior Debt is paid in full and until the Securities are paid
in full, Holders of Securities will be subrogated (equally and ratably with all
other indebtedness pari passu with the Securities) to the rights of holders of
Senior Debt to receive distributions applicable to Senior Debt to the extent
that distributions otherwise payable to the Holders of Securities have been
applied to the payment of Senior Debt. A distribution made under this Article
XIV to holders of Senior Debt that otherwise would have been made to Holders of
Securities is not, as between the Company and Holders, a payment by the Company
on the Securities.

SECTION 14.8 Relative Rights.

         This Article XIV defines the relative rights of Holders of Securities
and holders of Senior Debt. Nothing in this Indenture will:

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

                  (2) affect the relative rights of Holders of Securities and
         creditors of the Company other than their rights in relation to holders
         of Senior Debt; or

                  (3) prevent the Trustee or any Holder of Securities from
         exercising its available remedies upon a Default or Event of Default,
         subject to the rights of holders and owners of Senior Debt to receive
         distributions and payments otherwise payable to Holders of Securities.

         If the Company fails because of this Article XIV to pay principal of,
premium or interest or Additional Interest, if any, on a Security on the due
date, the failure is still a Default or Event of Default.

SECTION 14.9 Subordination May Not Be Impaired by Company or Alteration of
Senior Debt.

         No right of any present or future holder of any Senior Debt to enforce
subordination as herein provided shall at any time in any way be prejudiced or
impaired by any act or failure to act on the part of the Company, or by any
non-compliance by the Company with the terms, provisions and covenants of this
Indenture, regardless of any knowledge thereof any such holder may have or be
otherwise charged with.

         Without in any way limiting the generality of the foregoing paragraph,
the holders of Senior Debt may, at any time and from time to time, without the
consent of or notice to the Trustee or the Holders of the Securities, without
incurring responsibility to the Holders of the Securities and without impairing
or releasing the subordination provided in this Article XIV or the obligations
hereunder of the Holders of the Securities to the holders of Senior Debt, do any
one or more of the following: (i) change the manner, place or terms of payment
or extend the time of payment of, or renew or alter, Senior Debt, or otherwise
amend or supplement in any manner Senior Debt or any instrument evidencing the
same or any agreement under which Senior Debt is outstanding; (ii) sell,
exchange, release or otherwise deal with any property pledged, mortgaged or
otherwise securing Senior Debt; (iii) release any person liable in any manner
for the collection of Senior Debt; and (iv) exercise or refrain from exercising
any rights against the Company and any other Person.

                                       98
<PAGE>

SECTION 14.10 Distribution or Notice to Representative.

         Whenever a distribution is to be made or a notice given to holders of
Senior Debt, the distribution may be made and the notice given to the Senior
Debt Representative(s).

         Upon any payment or distribution of assets of the Company referred to
in this Article XIV, the Trustee and the Holders of Securities will be entitled
to conclusively rely upon any order or decree made by any court of competent
jurisdiction or upon any certificate of such Senior Debt Representative or of
the liquidating trustee or agent or other Person making any distribution to the
Trustee or to the Holders of Securities for the purpose of ascertaining the
Persons entitled to participate in such distribution, the holders of the Senior
Debt and other indebtedness of the Company, the amount thereof or payable
thereon, the amount or amounts paid or distributed thereon and all other facts
pertinent thereto or to this Article XIV.

SECTION 14.11 Rights of Trustee and Paying Agent.

         Notwithstanding the provisions of this Article XIV or any other
provision of this Indenture, the Trustee will not be charged with actual
knowledge of the existence of any facts that would prohibit the making of any
payment or distribution by the Trustee, and the Trustee and the Paying Agent may
continue to make payments on the Securities, unless a Responsible Officer of the
Trustee has received at its Corporate Trust Office at least two (2) Business
Days prior to the date of such payment written notice of facts that would cause
the payment of any Obligations with respect to the Securities to violate this
Article XIV. Only the Company or a Senior Debt Representative may give the
notice. Nothing in this Article XIV will impair the claims of, or payments to,
the Trustee under or pursuant to Section 6.7 hereof.

         The Trustee in its individual or any other capacity may hold Senior
Debt with the same rights it would have if it were not Trustee. Any Paying
Agent, Conversion Agent, Security Registrar or co-registrar may do the same with
like rights.

SECTION 14.12 Authorization to Effect Subordination.

         Each Holder of Securities, by the Holder's acceptance thereof,
authorizes and directs the Trustee on such Holder's behalf to take such action
as may be necessary or appropriate to effectuate the subordination as provided
in this Article XIV, and appoints the Trustee to act as such Holder's
attorney-in-fact for any and all such purposes. If the Trustee does not file a
proper proof of claim or proof of debt in the form required in any proceeding
referred to in Section 5.4 hereof at least 30 days before the expiration of the
time to file such claim, the Senior Debt Representatives are hereby authorized
to file an appropriate claim for and on behalf of the Holders of the Securities.

SECTION 14.13 Amendments.

         The provisions of this Article XIV may not be amended or modified
without the written consent of the Senior Debt Representative(s) with respect to
each series of Senior Debt then outstanding (or, to the extent that any series
of Senior Debt does not have a Senior Debt Representative, the holders of such
Senior Debt).

SECTION 14.14 Article Applicable to Paying Agents.

         In case at any time any Paying Agent other than the Trustee shall have
been appointed by the Company and be then acting hereunder, the obligations
imposed upon the "Trustee" pursuant to this Article XIV shall in such case
(unless the context otherwise requires) be construed as extending and

                                       99

<PAGE>

applying equally to such Paying Agent, as fully for all intents and purposes as
if such Paying Agent were named in this Article in addition to or in place of
the Trustee.

                                   ARTICLE XV

         HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY; NON-RECOURSE

SECTION 15.1 Company to Furnish Trustee Names and Addresses of Holders.

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

                  (1) semi-annually, not more than 15 days after the Regular
         Record Date, a list, in such form as the Trustee may reasonably
         require, of the names and addresses of the Holders as of such Regular
         Record Date, and

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

provided, however, that no such list need be furnished so long as the Trustee is
acting as Security Registrar.

SECTION 15.2 Preservation of Information.

                  (1) The Trustee shall preserve, in as current a form as is
         reasonably practicable, the names and addresses of Holders contained in
         the most recent list furnished to the Trustee as provided in Section
         15.1 and the names and addresses of Holders received by the Trustee in
         its capacity as Security Registrar. The Trustee may destroy any list,
         if any, furnished to it as provided in Section 15.1 upon receipt of a
         new list so furnished.

                  (2) After this Indenture has been qualified under the Trust
         Indenture Act, the rights of Holders to communicate with other Holders
         with respect to their rights under this Indenture or under the
         Securities, and the corresponding rights, and duties of the Trustee,
         shall be as provided by the Trust Indenture Act.

                  (3) Every Holder of Securities, by receiving and holding the
         same, agrees with the Company and the Trustee that neither the Company
         nor the Trustee nor any agent of either of them shall be held
         accountable by reason of any disclosure of information as to names and
         addresses of Holders made pursuant to the Trust Indenture Act.

SECTION 15.3 Reports by Trustee.

                  (1) After this Indenture has been qualified under the Trust
         Indenture Act, the Trustee shall transmit to Holders such reports
         concerning the Trustee and its actions under this Indenture as may be
         required pursuant to the Trust Indenture Act at the times and in the
         manner provided pursuant thereto. If required by Section 313(a) of the
         Trust Indenture Act, the Trustee shall, within sixty days after each
         May 15 following the date of the initial issuance of Securities under
         this Indenture deliver to Holders a brief report, dated as of such May
         15, which complies with the provisions of such Section 313(a).

                  (2) After this Indenture has been qualified under the Trust
         Indenture Act, a copy of each such report shall, at the time of such
         transmission to Holders, be filed by the Trustee with each

                                      100

<PAGE>

         stock exchange upon which the Securities are listed, with the
         Commission and with the Company. The Company will notify the Trustee in
         writing when the Securities are listed on any stock exchange and any
         delisting thereof.

SECTION 15.4 Reports by Company.

         After this Indenture has been qualified under the Trust Indenture Act,
the Company shall file with the Trustee and the Commission, and transmit to
Holders, such information, documents and other reports, and such summaries
thereof, as may be required pursuant to the Trust Indenture Act at the times and
in the manner provided pursuant to such Act; provided that any such information,
documents or reports required to be filed with the Commission pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934 shall be filed with
the Trustee within 15 days after the same is so required to be filed with the
Commission.

         Delivery of such reports, information and documents to the Trustee
pursuant to this Section 15.4 is for informational purposes only and the
Trustee's receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained
therein, including the Company's compliance with any of its covenants hereunder
(as to which the Trustee is entitled to rely exclusively on Officer's
Certificates).

                                  ARTICLE XVI

         IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

SECTION 16.1 Indenture and Securities Solely Corporate Obligations.

         No recourse for the payment of the principal of or premium, if any, or
interest on any Security and no recourse under or upon any obligation, covenant
or agreement of the Company in this Indenture or in any supplemental indenture
or in any Security, or because of the creation of any indebtedness represented
thereby, shall be had against any past, present or future incorporator,
stockholder, employee, agent, officer, or director or subsidiary, as such, of
the Company or of any successor corporation, 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 waived and released as a condition of, and as a consideration for, the
execution of this Indenture and the issue of the Securities.

         This Indenture may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.

                                      101

<PAGE>

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

                                      BOWNE & CO., INC.

                                      By: /s/ Carl. J. Crosetto
                                          -----------------------------------
                                          Name:  Carl J. Crosetto
                                          Title: President

                                      THE BANK OF NEW YORK, as Trustee

                                      By: /s/ Marie E. Trimboli
                                          -----------------------------------
                                          Name: Marie E. Trimboli
                                          Title: Assistant Vice President

<PAGE>

             ANNEX A -- Form of Unrestricted Securities Certificate

                       UNRESTRICTED SECURITIES CERTIFICATE

    (For removal of Restricted Securities Legend pursuant to Section 3.5(3))

The Bank of New York
101 Barclay Street - 8W
New York, New York 10286

         RE:      5.00% CONVERTIBLE SUBORDINATED DEBENTURES DUE OCTOBER 1, 2033
                  OF BOWNE & CO., INC. (THE "SECURITIES")

         Reference is made to the Indenture, dated as of September 24, 2003 (the
"Indenture"), from Bowne & Co., Inc. (the "Company") to The Bank of New York, as
Trustee. Terms used herein and defined in the Indenture or in Rule 144 under the
U.S. Securities Act of 1933 (the "Securities Act") are used herein as so
defined.

         This certificate relates to U.S. $_______________ principal amount of
Securities, which are evidenced by the following certificate(s) (the "Specified
Securities"):

         CUSIP No. _________________

         CERTIFICATE No(s). _________________

         The person in whose name this certificate is executed below (the
"Undersigned") hereby certifies that either (i) it is the sole beneficial owner
of the Specified Securities or (ii) it is acting on behalf of all the beneficial
owners of the Specified Securities and is duly authorized by them to do so. Such
beneficial owner or owners are referred to herein collectively as the "Owner".
If the Specified Securities are represented by a Global Security, they are held
through the Depositary or an Agent Member in the name of the Undersigned, as or
on behalf of the Owner. If the Specified Securities are not represented by a
Global Security, they are registered in the name of the Undersigned, as or on
behalf of the Owner.

         The Owner has requested that the Specified Securities be exchanged for
Securities bearing no Restricted Securities Legend pursuant to Section 3.5(3) of
the Indenture. In connection with such exchange, the Owner hereby certifies that
the exchange is occurring after a period of at least two years has elapsed since
the Issue Date, and the Owner is not, and during the preceding three months has
not been, an affiliate of the Company. The Owner also acknowledges that any
future transfers of the Specified Securities must comply with all applicable
securities laws of the States of the United States and other jurisdictions.

         This certificate and the statements contained herein are made for your
benefit and the benefit of the Company and the Initial Purchasers.

Dated: ______________

(Print the name of the Undersigned, as such term is defined in the third
paragraph of this certificate.)

By:    _______________________________________
Name:  _______________________________________
Title: ______________________________________

                                       A-1

<PAGE>

(If the Undersigned is a corporation, partnership or fiduciary, the title of the
person signing on behalf of the Undersigned must be stated.)

                                      A-2

<PAGE>

                    ANNEX B -- Form of Surrender Certificate

         In connection with the certification contemplated by Section 12.3, 13.3
or 13.7 relating to compliance with certain restrictions relating to transfers
of Restricted Securities, such certification shall be provided substantially in
the form of the following certificate, with only such changes thereto as shall
be approved by the Company and the Initial Purchasers.

                                   CERTIFICATE

                                BOWNE & CO., INC.

               5.00% CONVERTIBLE SUBORDINATED DEBENTURES DUE 2033

         This is to certify that as of the date hereof with respect to U.S.
$__________ principal amount of the above-captioned securities surrendered on
the date hereof (the "Surrendered Securities") for registration of transfer, or
for conversion or repurchase where the securities issuable upon such conversion
or repurchase are to be registered in a name other than that of the undersigned
Holder (each such transaction being a "transfer"), the undersigned Holder (as
defined in the Indenture) certifies that the transfer of Surrendered Securities
associated with such transfer complies with the restrictive legend set forth on
the face of the Surrendered Securities for the reason checked below:

_________         The transfer of the Surrendered Securities complies with Rule
144A under the Securities Act; or

_________         The transfer of the Surrendered Securities complies with Rule
144 under the United States Securities Act of 1933, as amended (the "Securities
Act"); or

_________         The transfer of the Surrendered Securities has been made to an
institution that is an "accredited investor" within the meaning of Rule
501(a)(1), (2), (3) or (7) under the Securities Act in a transaction exempt from
the registration requirements of the Securities Act and a signed letter
containing certain representations and agreements relating to restrictions on
transfer of the Securities has been delivered (and if such transfer is for an
aggregate principal amount less than $250,000 an opinion of counsel acceptable
to the Company if requested by the Company, that such transfer is exempt from
registration); or

_________        The transfer of the Surrendered Securities has been made
pursuant to an exemption from registration under the Securities Act and an
opinion of counsel has been delivered to the Company with respect to such
transfer.

[Name of Holder]

Dated: _____________________________

*To be dated the date of surrender

                                      B-1<PAGE>

                                                                     EXHIBIT 4.3

                                                               EXECUTION VERSION

                                BOWNE & CO., INC.

          5.00% CONVERTIBLE SUBORDINATED DEBENTURES DUE OCTOBER 1, 2033

                          REGISTRATION RIGHTS AGREEMENT

                                                  September 24, 2003

Goldman, Sachs & Co.,
As representative of the several Purchasers
   named in Schedule I to the Purchase Agreement
85 Broad Street
New York, New York 10004

Ladies and Gentlemen:

         Bowne & Co., Inc., a Delaware corporation (the "Company"), proposes to
issue and sell to the Purchasers (as defined herein) upon the terms set forth in
the Purchase Agreement (as defined herein) an aggregate of $75,000,000 principal
amount of its 5.00% Convertible Subordinated Debentures due October 1, 2033,
convertible into shares of common stock, par value $0.01 per share ("Stock") of
the Company (the "Firm Securities") and, at the election of the Purchasers, up
to an aggregate of $15,000,000 additional principal amount of such convertible
subordinated debentures (the "Optional Securities") (the Firm Securities and the
Optional Securities which the Purchasers elect to purchase are herein
collectively referred to as the "Securities"). As an inducement to the
Purchasers to enter into the Purchase Agreement and in satisfaction of a
condition to the obligations of the Purchasers thereunder, the Company agrees
with the Purchasers for the benefit of Holders (as defined herein) from time to
time of the Registrable Securities (as defined herein) as follows:

         1.       Definitions.

         (a)      Capitalized terms used herein without definition shall have
the meanings ascribed to them in the Purchase Agreement. As used in this
Agreement, the following defined terms shall have the following meanings:

         "Additional Cash Amounts" has the meaning assigned thereto in Section
7(a) hereof.

         "Additional Interest" has the meaning assigned thereto in Section 7(a)
hereof.

         "Affiliate" of any specified person means any other person which,
directly or indirectly, is in control of, is controlled by, or is under common
control with such specified person. For purposes of this definition, control of
a person means the power, direct or indirect, to direct or cause the direction
of the management and policies of such person whether by contract or otherwise;
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing.

<PAGE>

         "Closing Date" means the First Time of Delivery as defined in the
Purchase Agreement.

         "Commission" means the United States Securities and Exchange
Commission, or any other federal agency at the time administering the Exchange
Act or the Securities Act, whichever is the relevant statute for the particular
purpose.

         "Common Stock" means the Company's common stock, par value $0.01 per
share.

         "DTC" means The Depository Trust Company.

         "Effective Date" has the meaning assigned thereto in Section 2(b)(i)
hereof.

         "Effective Failure" has the meaning assigned thereto in Section 7(b)
hereof.

         "Effectiveness Period" has the meaning assigned thereto in Section
2(b)(i) hereof.

         "Effective Time" means the time at which the Commission declares the
Shelf Registration Statement effective or at which the Shelf Registration
Statement otherwise becomes effective.

         "Electing Holder" has the meaning assigned thereto in Section 3(a)(iii)
hereof.

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

         "Firm Securities" has the meaning assigned thereto in the preamble
hereof.

         "Holder" means any person that is the record owner of Registrable
Securities (and includes any person that has a beneficial interest in any
Registrable Security in book-entry form).

         "Indenture" means the Indenture, dated as of September 24, 2003,
between the Company and The Bank of New York, as amended and supplemented from
time to time in accordance with its terms.

         "Managing Underwriters" means the investment banker or investment
bankers and manager or managers that shall administer an underwritten offering,
if any, conducted pursuant to Section 6 hereof.

         "NASD Rules" means the Rules of the National Association of Securities
Dealers, Inc., as amended from time to time.

         "Notice and Questionnaire" means a Notice of Registration Statement and
Selling Securityholder Questionnaire substantially in the form of Appendix A
hereto.

         "Optional Securities" has the meaning assigned thereto in the preamble
hereof.

         The term "person" means an individual, partnership, corporation, trust
or unincorporated organization, or a government or agency or political
subdivision thereof.

                                       2

<PAGE>

         "Prospectus" means the prospectus (including, without limitation, any
preliminary prospectus, any final prospectus and any prospectus that discloses
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A under the Securities Act)
included in the Shelf Registration Statement, as amended or supplemented by any
prospectus supplement with respect to the terms of the offering of any portion
of the Registrable Securities covered by the Shelf Registration Statement and by
all other amendments and supplements to such prospectus, including all material
incorporated by reference in such prospectus and all documents filed after the
date of such prospectus by the Company under the Exchange Act and incorporated
by reference therein.

         "Purchase Agreement" means the purchase agreement, dated as of
September 18, 2003 between the Purchasers and the Company relating to the
Securities.

         "Purchasers" means the Purchasers named in Schedule I to the Purchase
Agreement.

         "Registrable Securities" means all or any portion of the Securities
issued from time to time under the Indenture in registered form and the shares
of Common Stock issuable upon conversion, repurchase or redemption of such
Securities; provided, however, that a security ceases to be a Registrable
Security when it is no longer a Restricted Security.

         "Registration Default" has the meaning assigned thereto in Section 7(a)
hereof.

         "Restricted Security" means any Security or share of Common Stock
issuable upon conversion thereof except any such Security or share of Common
Stock that (i) has been effectively registered under the Securities Act and sold
in a manner contemplated by the Shelf Registration Statement, (ii) has been
transferred in compliance with Rule 144 under the Securities Act (or any
successor provision thereto) or is transferable pursuant to paragraph (k) of
such Rule 144 (or any successor provision thereto) or (iii) has otherwise been
transferred and a new Security or share of Common Stock not subject to transfer
restrictions under the Securities Act has been delivered by or on behalf of the
Company in accordance with Section 3.5 of the Indenture.

         "Rules and Regulations" means the published rules and regulations of
the Commission promulgated under the Securities Act or the Exchange Act, as in
effect at any relevant time.

         "Securities" has the meaning assigned thereto in the preamble hereof.

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

         "Shelf Registration" means a registration effected pursuant to Section
2 hereof.

         "Shelf Registration Statement" means a "shelf" registration statement
filed under the Securities Act providing for the registration of, and the sale
on a continuous or delayed basis by the Holders of, all of the Registrable
Securities pursuant to Rule 415 under the Securities Act and/or any similar rule
that may be adopted by the Commission, filed by the Company pursuant to the
provisions of Section 2 of this Agreement, including the Prospectus contained
therein, any amendments and supplements to such registration statement,
including post-effective

                                       3

<PAGE>

amendments, and all exhibits and all material incorporated by reference in such
registration statement.

         "Suspension Period" has the meaning assigned thereto in Section 2(c)
hereof.

         "Trust Indenture Act" means the Trust Indenture Act of 1939, or any
successor thereto, and the rules, regulations and forms promulgated thereunder,
as the same shall be amended from time to time.

         The term "underwriter" means any underwriter of Registrable Securities
in connection with an offering thereof under a Shelf Registration Statement.

         (b)      Wherever there is a reference in this Agreement to a
percentage of the "principal amount" of Registrable Securities or to a
percentage of Registrable Securities, Common Stock shall be treated as
representing the principal amount of Securities that was surrendered for
conversion or exchange in order to receive such number of shares of Common
Stock.

         2.       Shelf Registration.

         (a)      The Company shall, no later than 90 calendar days following
the Closing Date, file with the Commission a Shelf Registration Statement
relating to the offer and sale of the Registrable Securities by the Holders from
time to time in accordance with the methods of distribution elected by such
Holders and set forth in such Shelf Registration Statement and, thereafter,
shall use its reasonable best efforts to cause such Shelf Registration Statement
to be declared effective under the Securities Act no later than 210 calendar
days following the Closing Date; provided, however, that the Company may, upon
written notice to all Holders, postpone having the Shelf Registration Statement
declared effective for a reasonable period not to exceed 90 days if the Company
possesses material non-public information, the disclosure of which would have a
material adverse effect on the Company and its subsidiaries taken as a whole;
provided, further, however, that no Holder shall be entitled to be named as a
selling securityholder in the Shelf Registration Statement or to use the
Prospectus forming a part thereof for resales of Registrable Securities unless
such Holder is an Electing Holder.

         (b)      The Company shall use its reasonable best efforts:

                  (i)      to keep the Shelf Registration Statement continuously
         effective under the Securities Act in order to permit the Prospectus
         forming a part thereof to be usable by Holders until the earliest of
         (1) the sale of all Registrable Securities registered under the Shelf
         Registration Statement; (2) the expiration of the period referred to in
         Rule 144(k) of the Securities with respect to all Registrable
         Securities held by Persons that are not Affiliates of the Company; (3)
         two years from the date (the "Effective Date") such Shelf Registration
         Statement is declared effective; and (4) the date when there are no
         Registrable Securities outstanding (such period being referred to
         herein as the "Effectiveness Period");

                  (ii)     after the Effective Time of the Shelf Registration
         Statement, promptly upon the request of any Holder of Registrable
         Securities that is not then an Electing Holder, to take any action
         reasonably necessary to enable such Holder to use the

                                       4

<PAGE>

         Prospectus forming a part thereof for resales of Registrable
         Securities, including, without limitation, any action necessary to
         identify such Holder as a selling securityholder in the Shelf
         Registration Statement; provided, however, that nothing in this
         subparagraph shall relieve such Holder of the obligation to return a
         completed and signed Notice and Questionnaire to the Company in
         accordance with Section 3(a)(ii) hereof; and

                  (iii)    if at any time the Securities, pursuant to Article 12
         of the Indenture, are convertible into securities other than Common
         Stock, to cause, or to cause any successor under the Indenture to
         cause, such securities to be included in the Shelf Registration
         Statement no later than the date on which the Securities may then be
         convertible into such securities.

The Company shall be deemed not to have used its reasonable best efforts to keep
the Shelf Registration Statement effective during the Effectiveness Period if
the Company voluntarily takes any action that would result in Holders of
Registrable Securities covered thereby not being able to offer and sell any of
such Registrable Securities during that period, unless such action is (A)
required by applicable law and the Company thereafter promptly complies with the
requirements of paragraph 3(j) below or (B) permitted pursuant to Section 2(c)
below.

         (c)      The Company may suspend the use of the Prospectus for a period
not to exceed 30 days in any 90-day period or an aggregate of 90 days in any
12-month period (each a "Suspension Period") if the Board of Directors of the
Company shall have determined in good faith that because of valid business
reasons (not including avoidance of the Company's obligations hereunder),
including the acquisition or divestiture of assets, pending corporate
developments and similar events, it is in the best interests of the Company to
suspend such use, and prior to suspending such use the Company provides the
Holders with written notice of such suspension, which notice need not specify
the nature of the event giving rise to such suspension.

         3.       Registration Procedures. In connection with the Shelf
Registration Statement, the following provisions shall apply:

         (a) (i)  Not less than 30 calendar days prior to the Effective Time of
the Shelf Registration Statement, the Company shall mail the Notice and
Questionnaire to the Holders of Registrable Securities. No Holder shall be
entitled to be named as a selling securityholder in the Shelf Registration
Statement as of the Effective Time, and no Holder shall be entitled to use the
Prospectus forming a part thereof for resales of Registrable Securities at any
time, unless such Holder has returned a completed and signed Notice and
Questionnaire to the Company by the deadline for response set forth therein;
provided, however, Holders of Registrable Securities shall have at least 20
business days from the date on which the Notice and Questionnaire is first
mailed to such Holders to return a completed and signed Notice and Questionnaire
to the Company.

                  (ii)     After the Effective Time of the Shelf Registration
         Statement, the Company shall, upon the request of any Holder of
         Registrable Securities that is not then an Electing Holder, promptly
         send a Notice and Questionnaire to such Holder. The Company shall not
         be required to take any action to name such Holder as a selling
         securityholder in the Shelf Registration Statement or to enable such
         Holder to use the

                                       5

<PAGE>

         Prospectus forming a part thereof for resales of Registrable Securities
         until such Holder has returned a completed and signed Notice and
         Questionnaire to the Company. If a Notice and Questionnaire is
         delivered to the Company during a Suspension Period, the Company shall
         not be obligated to take actions to name the Holder delivering such
         Notice and Questionnaire as a selling security holder in the Shelf
         Registration Statement until the termination of such Suspension Period.

                  (iii)    The term "Electing Holder" shall mean any Holder of
         Registrable Securities that has returned a completed and signed Notice
         and Questionnaire to the Company in accordance with Section 3(a)(i) or
         3(a)(ii) hereof.

         (b)      Upon request by an Electing Holder, the Company shall furnish
to such Electing Holder (i) prior to the Effective Time, a copy of the Shelf
Registration Statement initially filed with the Commission, and (ii) prior to
the filing thereof with the Commission, copies of each amendment thereto and
each amendment or supplement, if any, to the Prospectus included therein, and
shall use its reasonable best efforts to reflect in each such document, at the
Effective Time or when so filed with the Commission, as the case may be, such
comments as such Holders and their respective counsel reasonably may propose.

         (c)      The Company shall promptly take such action as may be
necessary so that (i) each of the Shelf Registration Statement and any amendment
thereto and the Prospectus forming a part thereof and any amendment or
supplement thereto (and each report or other document incorporated therein by
reference in each case) complies in all material respects with the Securities
Act and the Exchange Act and the respective rules and regulations thereunder,
(ii) each of the Shelf Registration Statement and any amendment thereto does
not, when it becomes effective, contain an untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary to
make the statements therein not misleading and (iii) each of the Prospectus
forming a part of the Shelf Registration Statement, and any amendment or
supplement to such Prospectus, does not at any time during the Effectiveness
Period include an untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading.

         (d)      The Company shall promptly advise each Electing Holder, and
shall confirm such advice in writing if so requested by any such Electing
Holder:

                  (i)      when a Shelf Registration Statement and any amendment
         thereto has been filed with the Commission and when a Shelf
         Registration Statement or any post-effective amendment thereto has
         become effective, in each case making a public announcement thereof by
         release made to Reuters Economic Services and Bloomberg Business News;

                  (ii)     of any request by the Commission for amendments or
         supplements to the Shelf Registration Statement or the Prospectus
         included therein or for additional information;

                                       6

<PAGE>

                  (iii)    of the issuance by the Commission of any stop order
         suspending the effectiveness of the Shelf Registration Statement or the
         initiation of any proceedings for such purpose;

                  (iv)     of the receipt by the Company of any notification
         with respect to the suspension of the qualification of the securities
         included in the Shelf Registration Statement for sale in any
         jurisdiction or the initiation of any proceeding for such purpose; and

                  (v)      of the occurrence of any event or the existence of
         any state of facts that requires the making of any changes in the Shelf
         Registration Statement or the Prospectus included therein so that, as
         of such date, such Shelf Registration Statement and Prospectus do not
         contain an untrue statement of a material fact and do not omit to state
         a material fact required to be stated therein or necessary to make the
         statements therein (in the case of the Prospectus, in light of the
         circumstances under which they were made) not misleading (which advice
         shall be accompanied by an instruction to such Holders to suspend the
         use of the Prospectus until the requisite changes have been made which
         notice need not specify the nature of the event giving rise to such
         suspension).

         (e)      The Company shall use its reasonable best efforts to prevent
the issuance, and if issued to obtain the withdrawal at the earliest possible
time, of any order suspending the effectiveness of the Shelf Registration
Statement.

         (f)      The Company shall furnish to each Electing Holder who so
requests, without charge, at least one copy of the Shelf Registration Statement
and all post-effective amendments thereto, including financial statements and
schedules, and, if requested in writing by an Electing Holder, all reports,
other documents and exhibits that are filed with or incorporated by reference in
the Shelf Registration Statement.

         (g)      The Company shall, during the Effectiveness Period, deliver to
each Electing Holder, without charge, as many copies of the Prospectus
(including each preliminary Prospectus) included in the Shelf Registration
Statement and any amendment or supplement thereto as such Electing Holder may
reasonably request; and the Company consents (except during a Suspension Period
or during the continuance of any event or the existence of any state of facts
described in Section 3(d)(v) above) to the use of the Prospectus and any
amendment or supplement thereto by each of the Electing Holders in connection
with the offering and sale of the Registrable Securities covered by the
Prospectus and any amendment or supplement thereto during the Effectiveness
Period.

         (h)      Prior to any offering of Registrable Securities pursuant to
the Shelf Registration Statement, the Company shall (i) register or qualify or
cooperate with the Electing Holders and their respective counsel in connection
with the registration or qualification of such Registrable Securities for offer
and sale under the securities or "blue sky" laws of such jurisdictions within
the United States as any Electing Holder may reasonably request, (ii) keep such
registrations or qualifications in effect and comply with such laws so as to
permit the continuance of offers and sales in such jurisdictions for so long as
may be necessary to enable any Electing Holder or

                                       7

<PAGE>

underwriter, if any, to complete its distribution of Registrable Securities
pursuant to the Shelf Registration Statement, and (iii) take any and all other
actions necessary or advisable to enable the disposition in such jurisdictions
of such Registrable Securities; provided, however, that in no event shall the
Company be obligated to (A) qualify as a foreign corporation or as a dealer in
securities in any jurisdiction where it would not otherwise be required to so
qualify but for this Section 3(h) or (B) file any general consent to service of
process in any jurisdiction where it is not as of the date hereof so subject.

         (i)      Unless any Registrable Securities shall be in book-entry only
form, the Company shall cooperate with the Electing Holders to facilitate the
timely preparation and delivery of certificates representing Registrable
Securities to be sold pursuant to the Shelf Registration Statement, which
certificates, if so required by any securities exchange upon which any
Registrable Securities are listed, shall be penned, lithographed or engraved, or
produced by any combination of such methods, on steel engraved borders, and
which certificates shall be free of any restrictive legends and in such
permitted denominations and registered in such names as Electing Holders may
request in connection with the sale of Registrable Securities pursuant to the
Shelf Registration Statement.

         (j)      Upon the occurrence of any event or the existence of any state
of facts contemplated by paragraph 3(d)(v) above, the Company shall promptly
prepare a post-effective amendment to any Shelf Registration Statement or an
amendment or supplement to the related Prospectus included therein or file any
other required document with the Commission so that, as thereafter delivered to
purchasers of the Registrable Securities included therein, the Prospectus will
not include an untrue statement of a material fact or omit to state any material
fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading. If the Company notifies the Electing
Holders of the occurrence of any event or the existence of any state of facts
contemplated by paragraph 3(d)(v) above, the Electing Holder shall suspend the
use of the Prospectus until the requisite changes to the Prospectus have been
made.

         (k)      Not later than the Effective Time of the Shelf Registration
Statement, the Company shall provide a CUSIP number for the Registrable
Securities that are debt securities.

         (l)      The Company shall use its reasonable best efforts to comply
with all applicable Rules and Regulations, and to make generally available to
its securityholders as soon as practicable, but in any event not later than
eighteen months after (i) the effective date (as defined in Rule 158(c) under
the Securities Act) of the Shelf Registration Statement, (ii) the effective date
of each post-effective amendment to the Shelf Registration Statement, and (iii)
the date of each filing by the Company with the Commission of an Annual Report
on Form 10-K that is incorporated by reference in the Shelf Registration
Statement, an earning statement of the Company and its subsidiaries complying
with Section 11(a) of the Securities Act and the rules and regulations of the
Commission thereunder (including, at the option of the Company, Rule 158).

         (m)      Not later than the Effective Time of the Shelf Registration
Statement, the Company shall cause the Indenture to be qualified under the Trust
Indenture Act; in connection with such qualification, the Company shall
cooperate with the Trustee under the Indenture and the Holders (as defined in
the Indenture) to effect such changes to the Indenture as may be

                                       8

<PAGE>

required for such Indenture to be so qualified in accordance with the terms of
the Trust Indenture Act; and the Company shall execute, and shall use all
reasonable efforts to cause the Trustee to execute, all documents that may be
required to effect such changes and all other forms and documents required to be
filed with the Commission to enable such Indenture to be so qualified in a
timely manner. In the event that any such amendment or modification referred to
in this Section 3(m) involves the appointment of a new trustee under the
Indenture, the Company shall appoint a new trustee thereunder pursuant to the
applicable provisions of the Indenture.

         (n)      In the event of an underwritten offering conducted pursuant to
Section 6 hereof, the Company shall, if requested, promptly include or
incorporate in a Prospectus supplement or post-effective amendment to the Shelf
Registration Statement such information as the Managing Underwriters reasonably
agree should be included therein and to which the Company does not reasonably
object and shall make all required filings of such Prospectus supplement or
post-effective amendment as soon as practicable after it is notified of the
matters to be included or incorporated in such Prospectus supplement or
post-effective amendment.

         (o)      The Company shall enter into such customary agreements
(including an underwriting agreement in customary form in the event of an
underwritten offering conducted pursuant to Section 6 hereof) and take all other
appropriate action in order to expedite and facilitate the registration and
disposition of the Registrable Securities, and in connection therewith, if an
underwriting agreement is entered into, cause the same to contain
indemnification provisions and procedures substantially identical to those set
forth in Section 5 hereof with respect to all parties to be indemnified pursuant
to Section 5 hereof.

         (p)      The Company shall:

                  (i)(A)   make reasonably available for inspection by the
         Electing Holders, any underwriter participating in any disposition
         pursuant to the Shelf Registration Statement, and any attorney,
         accountant or other agent retained by such Electing Holders or any such
         underwriter all relevant financial and other records, pertinent
         corporate documents and properties of the Company and its subsidiaries,
         and (B) cause the Company's officers, directors and employees to supply
         all information reasonably requested by such Electing Holders or any
         such underwriter, attorney, accountant or agent in connection with the
         Shelf Registration Statement, in each case, as is customary for similar
         due diligence examinations; provided, however, that all records,
         information and documents that are designated in writing by the
         Company, in good faith, as confidential shall be kept confidential by
         such Electing Holders and any such underwriter, attorney, accountant or
         agent, unless such disclosure is made in connection with a court
         proceeding or required by law, or such records, information or
         documents become available to the public generally or through a third
         party without an accompanying obligation of confidentiality; and
         provided further that, if the foregoing inspection and information
         gathering would otherwise disrupt the Company's conduct of its
         business, such inspection and information gathering shall, to the
         greatest extent possible, be coordinated on behalf of the Electing
         Holders and the other parties entitled thereto by one counsel
         designated by and on behalf of the Electing Holders and other parties;

                                       9

<PAGE>

                  (ii)     in connection with any underwritten offering
         conducted pursuant to Section 6 hereof, make such representations and
         warranties to the Electing Holders participating in such underwritten
         offering and to the Managing Underwriters, in form, substance and scope
         as are customarily made by the Company to underwriters in primary
         underwritten offerings of equity and convertible debt securities and
         covering matters including, but not limited to, those set forth in the
         Purchase Agreement;

                  (iii)    in connection with any underwritten offering
         conducted pursuant to Section 6 hereof, obtain opinions of counsel to
         the Company (which counsel and opinions (in form, scope and substance)
         shall generally be consistent with the opinions of counsel of the
         Company delivered in underwritten public offerings and be reasonably
         satisfactory to the Managing Underwriters) addressed to each Electing
         Holder participating in such underwritten offering and the
         underwriters, covering such matters as are customarily covered in
         opinions requested in primary underwritten offerings of equity and
         convertible debt securities and such other matters as may be reasonably
         requested by such Electing Holders and underwriters (it being agreed
         that the matters to be covered by such opinions shall include, without
         limitation, as of the date of the opinion and as of the Effective Time
         of the Shelf Registration Statement or most recent post-effective
         amendment thereto, as the case may be, the absence from the Shelf
         Registration Statement and the Prospectus, including the documents
         incorporated by reference therein, of an untrue statement of a material
         fact or the omission of a material fact required to be stated therein
         (in the case of the Prospectus, in the light of the circumstances in
         which they were made) or necessary to make the statements therein not
         misleading);

                  (iv)     in connection with any underwritten offering
         conducted pursuant to Section 6 hereof, obtain "cold comfort" letters
         and updates thereof from the independent public accountants of the
         Company (and, if necessary, from the independent public accountants of
         any subsidiary of the Company or of any business acquired by the
         Company for which financial statements and financial data are, or are
         required to be, included in the Shelf Registration Statement),
         addressed to each Electing Holder participating in such underwritten
         offering (if such Electing Holder has provided such letter,
         representations or documentation, if any, required for such cold
         comfort letter to be so addressed) and the underwriters, in customary
         form and covering matters of the type customarily covered in "cold
         comfort" letters in connection with primary underwritten offerings;

                  (v)      in connection with any underwritten offering
         conducted pursuant to Section 6 hereof, deliver such documents and
         certificates as may be reasonably requested by any Electing Holders
         participating in such underwritten offering and the Managing
         Underwriters, if any, including, without limitation, certificates to
         evidence compliance with Section 3(j) hereof and with any conditions
         contained in the underwriting agreement or other agreements entered
         into by the Company.

         (q)      The Company will use its reasonable best efforts to cause the
Common Stock issuable upon conversion of the Securities to be listed on the New
York Stock Exchange or other stock exchange or trading system on which the
Common Stock primarily trades on or prior to the Effective Time of the Shelf
Registration Statement hereunder.

                                       10

<PAGE>

         (r)      In the event that any broker-dealer registered under the
Exchange Act shall be an "affiliate" (as defined in Rule 2720(b)(1) of the NASD
Rules (or any successor provision thereto)) of the Company or has a "conflict of
interest" (as defined in Rule 2720(b)(7) of the NASD Rules (or any successor
provision thereto)) and such broker-dealer shall underwrite, participate as a
member of an underwriting syndicate or selling group or assist in the
distribution of any Registrable Securities covered by the Shelf Registration
Statement, whether as a Holder of such Registrable Securities or as an
underwriter, a placement or sales agent or a broker or dealer in respect
thereof, or otherwise, the Company shall assist such broker-dealer in complying
with the requirements of the NASD Rules, including, without limitation, by (A)
engaging a "qualified independent underwriter" (as defined in Rule 2720(b)(15)
of the NASD Rules (or any successor provision thereto)) to participate in the
preparation of the registration statement relating to such Registrable
Securities, to exercise usual standards of due diligence in respect thereto and
to recommend the public offering price of such Registrable Securities, (B)
indemnifying such qualified independent underwriter to the extent of the
indemnification of underwriters provided in Section 5 hereof, and (C) providing
such information to such broker-dealer as may be required in order for such
broker-dealer to comply with the requirements of the NASD Rules.

         (s)      The Company shall use its reasonable best efforts to take all
other steps necessary to effect the registration, offering and sale of the
Registrable Securities covered by the Shelf Registration Statement contemplated
hereby.

         4.       Registration Expenses. Except as otherwise provided in Section
3, the Company shall bear all fees and expenses incurred in connection with the
performance of its obligations under Sections 2, 3 and 6 hereof and shall bear
or reimburse the Electing Holders for the reasonable fees and disbursements of a
single counsel selected by a plurality of all Electing Holders who own an
aggregate of not less than 25% of the principal amount (in the case of Stock,
determined as the product of the number of shares times the conversion price
applicable upon conversion of the relevant Securities) of the Registrable
Securities covered by the Shelf Registration Statement, or designated by the
Purchasers if the Electing Holders have not so designated within a reasonable
amount of time, to act as counsel therefore in connection therewith. Each
Electing Holder shall pay all underwriting discounts and commissions and
transfer taxes, if any, relating to the sale or disposition of such Electing
Holder's Registrable Securities pursuant to the Shelf Registration Statement.

         5.       Indemnification and Contribution.

         (a)      Indemnification by the Company. Upon the registration of the
Registrable Securities pursuant to Section 2 hereof, the Company shall indemnify
and hold harmless each Electing Holder and each underwriter, selling agent or
other securities professional, if any, which facilitates the disposition of
Registrable Securities, and each of their respective officers and directors and
each person who controls such Electing Holder, underwriter, selling agent or
other securities professional within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act (each such person being sometimes referred
to as an "Indemnified Person") against any losses, claims, damages or
liabilities, joint or several, to which such Indemnified Person may become
subject under the Securities Act or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based
upon an untrue statement or alleged untrue statement of a material fact
contained in any Shelf

                                       11

<PAGE>

Registration Statement under which such Registrable Securities are to be
registered under the Securities Act, or any Prospectus contained therein or
furnished by the Company to any Indemnified Person, or any amendment or
supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and the Company hereby
agrees to reimburse such Indemnified Person for any legal or other expenses
reasonably incurred by them in connection with investigating or defending any
such action or claim as such expenses are incurred; provided, however, that the
Company shall not be liable to any such Indemnified Person in any such case to
the extent that any such loss, claim, damage or liability arises out of or is
based upon an untrue statement or alleged untrue statement or omission or
alleged omission made in such Shelf Registration Statement or Prospectus, or
amendment or supplement, in reliance upon and in conformity with written
information furnished to the Company by such Indemnified Person expressly for
use therein and provided further that with respect to any untrue statement or
alleged untrue statement in or omission or alleged omission from any Prospectus,
the indemnity agreement contained in this subsection (a) shall not inure to the
benefit of any Holder that sold the Registrable Securities concerned to the
person asserting any such losses, claims, damages or liabilities to the extent
that they result from the fact that there was not sent or given to such person,
at or prior to the written confirmation of the sale of such Registrable
Securities to such person, a copy of the Prospectus, as amended or supplemented,
if the Company had previously furnished copies thereof to such Holder and the
untrue statement or alleged untrue statement or omission or alleged omission was
corrected in such Prospectus, as amended or supplemented.

         (b)      Indemnification by the Electing Holders and any Agents and
Underwriters. Each Electing Holder agrees, as a consequence of the inclusion of
any of such Electing Holder's Registrable Securities in such Shelf Registration
Statement, and each underwriter, selling agent or other securities professional,
if any, which facilitates the disposition of Registrable Securities shall agree,
as a consequence of facilitating such disposition of Registrable Securities,
severally and not jointly, to (i) indemnify and hold harmless the Company, its
directors, officers who sign any Shelf Registration Statement and each person,
if any, who controls the Company within the meaning of either Section 15 of the
Securities Act or Section 20 of the Exchange Act, against any losses, claims,
damages or liabilities to which the Company or such other persons may become
subject, under the Securities Act or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based
upon an untrue statement or alleged untrue statement of a material fact
contained in such Shelf Registration Statement or Prospectus, or any amendment
or supplement, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, in each case to the
extent, but only to the extent, that such untrue statement or alleged untrue
statement or omission or alleged omission was made in reliance upon and in
conformity with written information furnished to the Company by such Electing
Holder, underwriter, selling agent or other securities professional expressly
for use therein, and (ii) reimburse the Company for any legal or other expenses
reasonably incurred by the Company in connection with investigating or defending
any such action or claim as such expenses are incurred.

         (c)      Notices of Claims, Etc. Promptly after receipt by an
indemnified party under subsection (a) or (b) above of notice of the
commencement of any action, such indemnified

                                       12

<PAGE>

party shall, if a claim in respect thereof is to be made against an indemnifying
party under this Section 5, notify such indemnifying party in writing of the
commencement thereof; but the omission so to notify the indemnifying party shall
not relieve it from any liability which it may have to any indemnified party
otherwise than under the indemnification provisions of or contemplated by
subsection (a) or (b) above. In case any such action shall be brought against
any indemnified party and it shall notify an indemnifying party of the
commencement thereof, such indemnifying party shall be entitled to participate
therein and, to the extent that it shall wish, jointly with any other
indemnifying party similarly notified, to assume the defense thereof, with
counsel satisfactory to such indemnified party (who shall not, except with the
consent of the indemnified party, be counsel to the indemnifying party), and,
after notice from the indemnifying party to such indemnified party of its
election so to assume the defense thereof, such indemnifying party shall not be
liable to such indemnified party under this Section 5 for any legal expenses of
other counsel or any other expenses, in each case subsequently incurred by such
indemnified party, in connection with the defense thereof other than reasonable
costs of investigation. No indemnifying party shall, without the written consent
of the indemnified party, effect the settlement or compromise of, or consent to
the entry of any judgment with respect to, any pending or threatened action or
claim in respect of which indemnification or contribution may be sought
hereunder (whether or not the indemnified party is an actual or potential party
to such action or claim) unless such settlement, compromise or judgment (i)
includes an unconditional release of the indemnified party from all liability
arising out of such action or claim and (ii) does not include a statement as to,
or an admission of, fault, culpability or a failure to act, by or on behalf of
any indemnified party.

         (d)      Contribution. If the indemnification provided for in this
Section 5 is unavailable to or insufficient to hold harmless an indemnified
party under subsection (a) or (b) above in respect of any losses, claims,
damages or liabilities (or actions in respect thereof) referred to therein, then
each indemnifying party shall contribute to the amount paid or payable by such
indemnified party as a result of such losses, claims, damages or liabilities (or
actions in respect thereof) in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and the indemnified party in connection
with the statements or omissions which resulted in such losses, claims, damages
or liabilities (or actions in respect thereof), as well as any other relevant
equitable considerations. The relative fault of such indemnifying party and
indemnified party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or omission or
alleged omission to state a material fact relates to information supplied by
such indemnifying party or by such indemnified party, and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. The parties hereto agree that it would not be just
and equitable if contribution pursuant to this Section 5(d) were determined by
pro rata allocation (even if the Electing Holders or any underwriters, selling
agents or other securities professionals or all of them were treated as one
entity for such purpose) or by any other method of allocation which does not
take account of the equitable considerations referred to in this Section 5(d).
The amount paid or payable by an indemnified party as a result of the losses,
claims, damages or liabilities (or actions in respect thereof) referred to above
shall be deemed to include any legal or other fees or expenses reasonably
incurred by such indemnified party in connection with investigating or defending
any such action or claim. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation. The

                                       13

<PAGE>

obligations of the Electing Holders and any underwriters, selling agents or
other securities professionals in this Section 5(d) to contribute shall be
several in proportion to the percentage of principal amount of Registrable
Securities registered or underwritten, as the case may be, by them and not
joint.

         (e)      Notwithstanding any other provision of this Section 5, in no
event will any (i) Electing Holder be required to undertake liability to any
person under this Section 5 for any amounts in excess of the dollar amount of
the proceeds to be received by such Holder from the sale of such Holder's
Registrable Securities (after deducting any fees, discounts and commissions
applicable thereto) pursuant to any Shelf Registration Statement under which
such Registrable Securities are to be registered under the Securities Act and
(ii) underwriter, selling agent or other securities professional be required to
undertake liability to any person hereunder for any amounts in excess of the
discount, commission or other compensation payable to such underwriter, selling
agent or other securities professional with respect to the Registrable
Securities underwritten by it and distributed to the public.

         (f)      The obligations of the Company under this Section 5 shall be
in addition to any liability which the Company may otherwise have to any
Indemnified Person and the obligations of any Indemnified Person under this
Section 5 shall be in addition to any liability which such Indemnified Person
may otherwise have to the Company. The remedies provided in this Section 5 are
not exclusive and shall not limit any rights or remedies which may otherwise be
available to an indemnified party at law or in equity.

         6.       Underwritten Offering. Any Holder of Registrable Securities
who desires to do so may sell Registrable Securities (in whole or in part) in an
underwritten offering; provided that (i) the Electing Holders of at least
33-1/3% in aggregate principal amount (in the case of Stock, determined as the
number of shares times the conversion price applicable upon conversion of the
relevant Securities) of the Registrable Securities then covered by the Shelf
Registration Statement shall request such an offering and (ii) at least such
aggregate principal amount of such Registrable Securities shall be included in
such offering; and provided further that the Company shall not be obligated to
cooperate with more than one underwritten offering during the Effectiveness
Period. Upon receipt of such a request, the Company shall provide all Holders of
Registrable Securities written notice of the request, which notice shall inform
such Holders that they have the opportunity to participate in the offering. In
any such underwritten offering, the investment banker or bankers and manager or
managers that will administer the offering will be selected by, and the
underwriting arrangements with respect thereto (including the size of the
offering) will be approved by, the holders of a majority of the Registrable
Securities to be included in such offering; provided, however, that such
investment bankers and managers and underwriting arrangements must be reasonably
satisfactory to the Company. No Holder may participate in any underwritten
offering contemplated hereby unless (a) such Holder agrees to sell such Holder's
Registrable Securities to be included in the underwritten offering in accordance
with any approved underwriting arrangements, (b) such Holder completes and
executes all reasonable questionnaires, powers of attorney, indemnities,
underwriting agreements, lock-up letters and other documents required under the
terms of such approved underwriting arrangements, and (c) if such Holder is not
then an Electing Holder, such Holder returns a completed and signed Notice and
Questionnaire to the Company in accordance with Section 3(a)(ii) hereof within a
reasonable amount of time before such underwritten offering. The Holders
participating in any underwritten offering shall be responsible for any
underwriting

                                       14

<PAGE>

discounts and commissions and fees and, subject to Section 4 hereof, expenses of
their own counsel. The Company shall pay all expenses customarily borne by
issuers in an underwritten offering, including but not limited to filing fees,
the fees and disbursements of its counsel and independent public accountants and
any printing expenses incurred in connection with such underwritten offering.
Notwithstanding the foregoing or the provisions of Section 3(n) hereof, upon
receipt of a request from the Managing Underwriter or a representative of
holders of a majority of the Registrable Securities to be included in an
underwritten offering to prepare and file an amendment or supplement to the
Shelf Registration Statement and Prospectus in connection with an underwritten
offering, the Company may delay the filing of any such amendment or supplement
for up to 90 days if the Board of Directors of the Company shall have determined
in good faith that the Company has a bona fide business reason for such delay.

         7.       Additional Interest and Additional Cash Amounts.

         (a)      Notwithstanding any postponement of effectiveness pursuant to
Section 2(a) hereof, if (i) on or prior to the 90th day following the Closing
Date, a Shelf Registration Statement has not been filed with the Commission or
(ii) on or prior to the 210th day following the Closing Date, such Shelf
Registration Statement is not declared effective by the Commission (each, a
"Registration Default"), the Company shall be required to pay (A) additional
interest on the Securities (such amounts, "Additional Interest") or (B) in the
case of Registrable Securities in the form of shares of Stock issued upon
conversion of the Securities, additional cash amounts (such amounts, "Additional
Cash Amounts"), in each case from and including the day following such
Registration Default until such Shelf Registration Statement is either so filed
or so filed and subsequently declared effective, as applicable, at a rate per
annum equal to an additional one-quarter of one percent (0.25%) of the principal
amount of Registrable Securities, to and including the 90th day following such
Registration Default and one-half of one percent (0.50%) thereof from and after
the 91st day following such Registration Default. Additional Cash Amounts shall
be determined at the rates described above applied to the conversion price at
which each such share of Stock was issued upon conversion of the relevant
Securities.

         (b)      In the event that (i) the Shelf Registration Statement ceases
to be effective, (ii) the Company suspends the use of the Prospectus pursuant to
Section 2(c) or 3(j) hereof, (iii) the Holders are not authorized to use the
Prospectus pursuant to Section 3(g) hereto or (iv) the Holders are otherwise
prevented or restricted by the Company from effecting sales pursuant to the
Shelf Registration Statement (an "Effective Failure") for more than 30 days,
whether or not consecutive, in any 90-day period, or for more than 90 days,
whether or not consecutive, during any 12-month period, then the Company shall
pay Additional Interest or the Additional Cash Amount at a rate per annum equal
to an additional one-half of one percent (0.50%) of the principal amount of
Registrable Securities from the 31st day of the applicable 90-day period or the
91st day of the applicable 12-month period, as the case may be, that any such
Effective Failure has existed until the earlier of (1) the time the Holders of
Registrable Securities are again able to make sales under the Shelf Registration
Statement or (2) the expiration of the Effectiveness Period.

         (c)      Any Holder that is not an Electing Holder will not be entitled
to, and the Company shall not be required to accrue for the account of such
Holder, Additional Interest or Additional Cash Amounts, as the case may be, with
respect to any Registration Default pursuant to

                                       15

<PAGE>

Section 7(a)(ii) or any Effective Failure unless and until such Holder becomes
an Electing Holder.

         (d)      Any amounts to be paid as Additional Interest or Additional
Cash Amounts pursuant to paragraphs (a) or (b) of this Section 7 shall be paid
in cash semi-annually in arrears, with the first semi-annual payment due on the
first interest payment date, as applicable, following the date of such
Registration Default or Effective Failure, as applicable. Such Additional
Interest or Additional Cash Amounts, as applicable, will accrue (1) in respect
of the Securities at the rates set forth in paragraphs (a) or (b) of this
Section 7, as applicable, on the principal amount of the Securities and (2) in
respect of the Common Stock issued upon conversion of the Securities, at the
rates set forth in paragraphs (a) or (b) of this Section 7, as applicable,
applied to the Conversion Price (as defined in the Indenture) at that time.

         (e)      Except as provided in Section 8(b) hereof, the Additional
Interest or Additional Cash Amounts as set forth in this Section 7 shall be the
exclusive monetary remedy available to the Holders of Registrable Securities for
such Registration Default or Effective Failure. In no event shall the Company be
required to pay Additional Interest or Additional Cash Amounts in excess of the
applicable maximum amount of one-half of one percent (0.50%) set forth above,
regardless of whether one or multiple Registration Defaults or Effective
Failures exist.

         8.       Miscellaneous.

         (a)      Other Registration Rights. The Company may grant registration
rights that would permit any person that is a third party the right to
piggy-back on any Shelf Registration Statement, provided that if the Managing
Underwriter of any underwritten offering conducted pursuant to Section 6 hereof
notifies the Company and the Electing Holders that the total amount of
securities which the Electing Holders and the holders of such piggy-back rights
intend to include in any Shelf Registration Statement is so large as to
materially threaten the success of such offering (including the price at which
such securities can be sold), then the amount, number or kind of securities to
be offered for the account of holders of such piggy-back rights will be reduced
to the extent necessary to reduce the total amount of securities to be included
in such offering to the amount, number and kind recommended by the Managing
Underwriter prior to any reduction in the amount of Registrable Securities to be
included in such Shelf Registration Statement.

         (b)      Specific Performance. The parties hereto acknowledge that
there would be no adequate remedy at law if the Company fails to perform any of
its obligations hereunder and that the Purchasers and the Holders from time to
time may be irreparably harmed by any such failure, and accordingly agree that
the Purchasers and such Holders, in addition to any other remedy to which they
may be entitled at law or in equity and without limiting the remedies available
to the Electing Holders under Section 7 hereof, shall be entitled to compel
specific performance of the obligations of the Company under this Registration
Rights Agreement in accordance with the terms and conditions of this
Registration Rights Agreement, in any court of the United States or any State
thereof having jurisdiction.

         (c)      Amendments and Waivers. This Agreement, including this Section
8(c), may be amended, and waivers or consents to departures from the provisions
hereof may be given, only by a written instrument duly executed by the Company
and the holders of a majority in

                                       16

<PAGE>

aggregate principal amount of Registrable Securities then outstanding. Each
Holder of Registrable Securities outstanding at the time of any such amendment,
waiver or consent or thereafter shall be bound by any amendment, waiver or
consent effected pursuant to this Section 8(c), whether or not any notice,
writing or marking indicating such amendment, waiver or consent appears on the
Registrable Securities or is delivered to such Holder.

         (d)      Notices. All notices and other communications provided for or
permitted hereunder shall be given as provided in the Indenture.

         (e)      Parties in Interest. The parties to this Agreement intend that
all Holders of Registrable Securities shall be entitled to receive the benefits
of this Agreement and that any Electing Holder shall be bound by the terms and
provisions of this Agreement by reason of such election with respect to the
Registrable Securities which are included in a Shelf Registration Statement. All
the terms and provisions of this Agreement shall be binding upon, shall inure to
the benefit of and shall be enforceable by the respective successors and assigns
of the parties hereto and any Holder from time to time of the Registrable
Securities to the aforesaid extent. In the event that any transferee of any
Holder of Registrable Securities shall acquire Registrable Securities, in any
manner, whether by gift, bequest, purchase, operation of law or otherwise, such
transferee shall, without any further writing or action of any kind, be entitled
to receive the benefits of and, if an Electing Holder, be conclusively deemed to
have agreed to be bound by and to perform all of the terms and provisions of
this Agreement to the aforesaid extent.

         (f)      Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

         (g)      Headings. The headings in this Agreement are for convenience
of reference only and shall not limit or otherwise affect the meaning hereof.

         (h)      GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

         (i)      Severability. In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstances, is
held invalid, illegal or unenforceable in any respect for any reason, the
validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions hereof shall not be in any way impaired
or affected thereby, it being intended that all of the rights and privileges of
the parties hereto shall be enforceable to the fullest extent permitted by law.

         (j)      Survival. The respective indemnities, agreements,
representations, warranties and other provisions set forth in this Agreement or
made pursuant hereto shall remain in full force and effect, regardless of any
investigation (or any statement as to the results thereof) made by or on behalf
of any Electing Holder, any director, officer or partner of such Holder, any
agent or underwriter, any director, officer or partner of such agent or
underwriter, or any controlling person of any of the foregoing, and shall
survive the transfer and registration of the Registrable Securities of such
Holder.

                                       17

<PAGE>

         Please confirm that the foregoing correctly sets forth the agreement
between the Company and you.

                                      Very truly yours,

                                      BOWNE & CO., INC.

                                      By: /s/ C. Cody Colquitt
                                          -----------------------------------
                                          Name: C. Cody Colquitt
                                          Title: Senior Vice President and Chief
                                           Financial Officer

Accepted as of the date hereof:
GOLDMAN, SACHS & CO.

              /s/ Goldman, Sachs & Co.
      -------------------------------------------
               (Goldman, Sachs & Co.)

         On behalf of each of the Purchasers

<PAGE>

                                                                      APPENDIX A

                                BOWNE & CO., INC.

                         INSTRUCTION TO DTC PARTICIPANTS

                                (Date of Mailing)

                     URGENT - IMMEDIATE ATTENTION REQUESTED

                          DEADLINE FOR RESPONSE: [DATE]

                  The Depository Trust Company ("DTC") has identified you as a
DTC Participant through which beneficial interests in the Bowne & Co., Inc. (the
"Company") 5.00% Convertible Subordinated Debentures due October 1, 2033 (the
"Securities") are held.

                  The Company is in the process of registering the Securities
under the Securities Act of 1933 for resale by the beneficial owners thereof. In
order to have their Securities included in the registration statement,
beneficial owners must complete and return the enclosed Notice of Registration
Statement and Selling Securityholder Questionnaire.

                  It is important that beneficial owners of the Securities
receive a copy of the enclosed materials as soon as possible as their rights to
have the Securities included in the registration statement depend upon their
returning the Notice and Questionnaire by [DEADLINE FOR RESPONSE]. Please
forward a copy of the enclosed documents to each beneficial owner that holds
interests in the Securities through you. If you require more copies of the
enclosed materials or have any questions pertaining to this matter, please
contact:

                           Bowne & Co., Inc.

                           345 Hudson Street

                           New York, New York 10014

                           Attention: Philip E. Kucera, SVP and General Counsel

                           Telephone: (212) 924-5500

                                       19

<PAGE>

                                BOWNE & CO., INC.

                        NOTICE OF REGISTRATION STATEMENT
                                       AND
                      SELLING SECURITYHOLDER QUESTIONNAIRE

                                     [DATE]

                  Bowne & Co., Inc. (the "Company") has filed or will file with
the United States Securities and Exchange Commission (the "Commission") a
registration statement on Form S-3 (the "Shelf Registration Statement") for the
registration and resale under Rule 415 of the United States Securities Act of
1933, as amended (the "Securities Act"), of the Company's 5.00% Convertible
Subordinated Debentures due October 1, 2033 (the "Securities") and the shares of
the Company's common stock, par value $0.01 per share (the "Common Stock"),
issuable upon conversion thereof, in accordance with the Registration Rights
Agreement, dated as of September 24, 2003 (the "Registration Rights Agreement"),
among the Company and the purchasers named therein. A copy of the Registration
Rights Agreement is attached hereto. All capitalized terms not otherwise defined
herein shall have the meanings ascribed thereto in the Registration Rights
Agreement.

                  In order to have Registrable Securities included in the Shelf
Registration Statement (or a supplement or amendment thereto), this Notice of
Registration Statement and Selling Securityholder Questionnaire ("Notice and
Questionnaire") must be completed, executed and delivered to the Company at the
address set forth herein for receipt ON OR BEFORE [DEADLINE FOR RESPONSE].
Beneficial owners of Registrable Securities who do not complete, execute and
return this Notice and Questionnaire by such date (i) will not be named as
selling securityholders in the Shelf Registration Statement and (ii) may not use
the Prospectus forming a part thereof for resales of Registrable Securities.

                  Certain legal consequences arise from being named as a selling
securityholder in the Shelf Registration Statement and related Prospectus.
Accordingly, holders and beneficial owners of Registrable Securities are advised
to consult their own securities law counsel regarding the consequences of being
named or not being named as a selling securityholder in the Shelf Registration
Statement and related Prospectus.

                  The term "Registrable Securities" is defined in the
Registration Rights Agreement to mean all or any portion of the Securities
issued from time to time under the Indenture in registered form and the shares
of Common Stock issuable upon conversion, repurchase or redemption of such
Securities; provided, however, that a security ceases to be a Registrable
Security when it is no longer a Restricted Security.

                  The term "Restricted Security" is defined in the Registration
Rights Agreement to mean any Security or share of Common Stock issuable upon
conversion thereof except any such Security or share of Common Stock which (i)
has been effectively registered under the Securities Act and sold in a manner
contemplated by the Shelf Registration Statement, (ii) has been transferred in
compliance with Rule 144 under the Securities Act (or any successor provision
thereto) or is transferable pursuant to paragraph (k) of such Rule 144 (or any
successor provision thereto), or (iii) has otherwise been transferred and a new
Security or share

                                       20

<PAGE>

of Common Stock not subject to transfer restrictions under the Securities Act
has been delivered by or on behalf of the Company in accordance with Section 3.5
of the Indenture.

                                    ELECTION

                  The undersigned holder (the "Selling Securityholder") of
Registrable Securities hereby elects to include in the Shelf Registration
Statement the Registrable Securities beneficially owned by it and listed below
in Item (3). The undersigned, by signing and returning this Notice and
Questionnaire, agrees to be bound with respect to such Registrable Securities by
the terms and conditions of this Notice and Questionnaire and the Registration
Rights Agreement, including, without limitation, Section 5 of the Registration
Rights Agreement, as if the undersigned Selling Securityholder were an original
party thereto.

                  Pursuant to the Registration Rights Agreement, the undersigned
has agreed to indemnify and hold harmless the Company, its officers who sign any
Shelf Registration Statement, and each person, if any, who controls the Company
within the meaning of either Section 15 of the Securities Act or Section 20 of
the Exchange Act of 1934, as amended (the "Exchange Act"), against any certain
loses arising out of an untrue statement, or the alleged untrue statement, of a
material fact in the Shelf Registration Statement or the related prospectus or
the omission, or alleged omission, to state a material fact required to be
stated in such Shelf Registration Statement or the related prospectus, but only
to the extent such untrue statement or omission, or alleged untrue statement or
omission, was made in reliance on and in conformity with the information
provided in this Notice and Questionnaire.

                  Upon any sale of Registrable Securities pursuant to the Shelf
Registration Statement, the Selling Securityholder will be required to deliver
to the Company and the Trustee the Notice of Transfer (completed and signed) set
forth in Exhibit 1 to this Notice and Questionnaire.

                  The Selling Securityholder hereby provides the following
information to the Company and represents and warrants that such information is
accurate and complete:

                                       21

<PAGE>

                                  QUESTIONNAIRE

1.   (a)   Full legal name of Selling Securityholder:
           _____________________________________________________________________

     (b)   Full legal name of registered Holder (if not the same as in (a)
           above) of Registrable Securities listed in Item (3) below:
           _____________________________________________________________________

     (c)    Full legal name of DTC Participant (if applicable and if not the
            same as (b) above) through which Registrable Securities listed in
            Item (3) below are held:
           _____________________________________________________________________

2.   Address for Notices to Selling Securityholder:
                           ________________________________
                           ________________________________
                           ________________________________
           Telephone:      ________________________________
           E-mail:         ________________________________
           Fax:            ________________________________
           Contact Person: ________________________________

3.   Beneficial Ownership of Securities:

           Except as set forth below in this Item (3), the undersigned Selling
           Securityholder does not beneficially own any Securities or shares of
           Common Stock issued upon conversion, repurchase or redemption of any
           Securities.

     (a)   Principal amount of Registrable Securities (as defined in the
           Registration Rights Agreement) beneficially
           owned:_________________________
           CUSIP No(s). of such Registrable Securities:_________________________

           Number of shares of Common Stock (if any) issued upon conversion,
           repurchase or redemption of Registrable Securities:__________________

     (b)   Principal amount of Securities other than Registrable Securities
           beneficially owned:
           _____________________________________________________________________
            CUSIP No(s). of such other Securities:______________________________

           Number of shares of Common Stock (if any) issued upon conversion of
           such other Securities:_______________________________________________

     (c)   Principal amount of Registrable Securities which the
           undersigned wishes to be included in the Shelf Registration
           Statement: __________________________________________________________
           CUSIP No(s). of such Registrable Securities to be included in the
           Shelf Registration Statement: _______________________________________

                                       22

<PAGE>

           Number of shares of Common Stock (if any) issued upon conversion of
           Registrable Securities which are to be included in the Shelf
           Registration Statement:____________________________________________

4.   Beneficial Ownership of Other Securities of the Company:

           Except as set forth below in this Item (4), the undersigned Selling
           Securityholder is not the beneficial or registered owner of any
           shares of Common Stock or any other security of the Company, other
           than the Securities and shares of Common Stock listed above in Item
           (3).

           State any exceptions here:

5.   Relationships with the Company:

           Except as set forth below, neither the Selling Securityholder nor any
           of its affiliates, officers, directors or principal equity holders
           (5% or more) has held any position or office or has had any other
           material relationship with the Company (or its predecessors or
           affiliates) during the past three years.

           State any exceptions here:

6.   Plan of Distribution:

           Except as set forth below, the undersigned Selling Securityholder
           intends to distribute the Registrable Securities listed above in
           Item (3) only as follows (if at all): Such Registrable Securities
           may be sold from time to time directly by the undersigned Selling
           Securityholder or, alternatively, through underwriters,
           broker-dealers or agents. Such Registrable Securities may be sold in
           one or more transactions at fixed prices, at prevailing market
           prices at the time of sale, at varying prices determined at the time
           of sale, or at negotiated prices. Such sales may be effected in
           transactions (which may involve crosses or block transactions) (i)
           on any national securities exchange or quotation service on which
           the Registrable Securities may be listed or quoted at the time of
           sale, (ii) in the over-the-counter market, (iii) in transactions
           otherwise than on such exchanges or services or in the
           over-the-counter market, or (iv) through the writing of options. In
           connection with sales of the Registrable Securities or otherwise,
           the Selling Securityholder may enter into hedging transactions with
           broker-dealers, which may in turn engage in short sales of the
           Registrable Securities in the course of hedging the positions they
           assume. The Selling Securityholder may also sell Registrable
           Securities short and deliver Registrable Securities to close out
           such short positions, or loan or pledge Registrable Securities to
           broker-dealers that in turn may sell such securities.

           State any exceptions here:

           _____________________________________________________________________

           _____________________________________________________________________

                                       23

<PAGE>

           _____________________________________________________________________

           Note: In no event may such method(s) of distribution take the
           form of an underwritten offering of the Registrable Securities
           without the prior agreement of the Company.

7.   (a)   State whether the undersigned Selling Securityholder has or will
           enter into "hedging transactions".

           Yes    _________                         No    __________

           If yes, you must provide a complete description of the hedging
           transactions into which the undersigned Selling Securityholder has
           entered or will enter and the purpose of such hedging transactions,
           including the extent to which such hedging transactions remain in
           place.
           _____________________________________________________________________

           _____________________________________________________________________

           _____________________________________________________________________

PLEASE NOTE THAT THE SEC MAY DEEM SHORT SALES OF SECURITIES COVERED BY A
REGISTRATION STATEMENT PRIOR TO THE EFFECTIVENESS OF SUCH REGISTRATION STATEMENT
AS A VIOLATION OF SECTION 5 OF THE SECURITIES ACT.

     (b)   State whether the undersigned Selling Securityholder has sold any of
           the Registerable Securities or shares of common stock of the Company
           short since the date of original issuance of the Registrable
           Securities.

           Yes    _________                         No    __________

           If yes you must provide a complete description of the short sale,
           including the number of shares of common stock of the Company
           involved and whether the short position remains in place.

           _____________________________________________________________________

           _____________________________________________________________________

           _____________________________________________________________________

8.   (a)   State whether the undersigned Selling Securityholder is a registered
           broker-dealer.

           Yes    _________                         No    __________

     (b)   State whether the undersigned Selling Securityholder received the
           Registerable Securities as compensation for underwriting activities
           and, if so, provide a brief description of the transaction(s)
           involved.

           Yes    _________                         No    __________

                                       24

<PAGE>

           _____________________________________________________________________

           _____________________________________________________________________

           _____________________________________________________________________

THE SEC REQUIRES THAT ALL SELLING SECURITYHOLDERS THAT ARE BROKER-DEALERS, EVEN
IF THEY DID NOT RECEIVE THE REGISTRABLE SECURITIES AS COMPENSATION FOR
UNDERWRITING ACTIVITIES, MUST BE NAMED AS UNDERWRITERS IN THE PROSPECTUS FOR THE
REGISTRABLE SECURITIES. SELLING SECURITYHOLDERS, INCLUDING THOSE NAMED AS
UNDERWRITERS, MUST DELIVER COPIES OF THE PROSPECTUS TO PURCHASERS AT OR PRIOR TO
THE TIME OF ANY SALE OF THE REGISTRABLE SECURITIES.

     (c)   State whether the undersigned Selling Securityholder is an affiliate
           of a registered broker-dealer and if so, list the name(s) of the
           broker-dealer affiliate(s).

           _____________________________________________________________________

           _____________________________________________________________________

           Yes    _________                         No    __________

           IF THE ANSWER IS "YES", you must answer question (d) below.

     (d)   If the undersigned Selling Securityholder is an affiliate of a
           registered broker-dealer:

           (i)    Did the undersigned Selling Securityholder purchase
                  Registrable Securities in the ordinary course of business?

           Yes    _________                         No    __________

           If the answer is "No" to question (i), state any exceptions below:

           (ii)   At the time of the purchase of the Registrable Securities, did
                  the undersigned Selling Securityholder have any agreements or
                  understandings, directly or indirectly, with any person to
                  distribute the Registrable Securities?

           Yes    _________                         No    __________

           If the answer is "Yes" to question (ii), state any exceptions below:

           _____________________________________________________________________

           _____________________________________________________________________

IF THE ANSWER IS "NO" TO QUESTION (i) OR "YES" TO QUESTION (ii), YOU WILL BE
NAMED AS AN UNDERWRITER IN THE PROSPECTUS RELATING TO THE REGISTRABLE
SECURITIES.

                                       25

<PAGE>

                  By signing below, the Selling Securityholder acknowledges that
it understands its obligation to comply, and agrees that it will comply, with
the prospectus delivery and other provisions of the Securities Act and the
Exchange Act and the rules and regulations thereunder, particularly Regulation M
(or any successor rules or regulations).

                  The Selling Securityholder hereby acknowledges its obligations
under the Registration Rights Agreement to indemnify and hold harmless certain
persons as set forth therein.

                  In the event that the Selling Securityholder transfers all or
any portion of the Registrable Securities listed in Item (3) above after the
date on which such information is provided to the Company, the Selling
Securityholder agrees to notify the transferee(s) at the time of the transfer of
its rights and obligations under this Notice and Questionnaire and the
Registration Rights Agreement.

                  By signing below, the Selling Securityholder consents to the
disclosure of the information contained herein in its answers to Items (1)
through (6) above and the inclusion of such information in the Shelf
Registration Statement and related Prospectus. The Selling Securityholder
understands that such information will be relied upon by the Company in
connection with the preparation of the Shelf Registration Statement and related
Prospectus.

                  In accordance with the Selling Securityholder's obligation
under Section 3(a) of the Registration Rights Agreement to provide such
information as may be required by law for inclusion in the Shelf Registration
Statement, the Selling Securityholder agrees to promptly notify the Company of
any inaccuracies or changes in the information provided herein which may occur
subsequent to the date hereof at any time while the Shelf Registration Statement
remains in effect and to provide any additional information as the Company
reasonably may request. Except as otherwise provided in the Registration Rights
Agreement, all notices hereunder and pursuant to the Registration Rights
Agreement shall be made in writing, by hand-delivery, first-class mail, or air
courier guaranteeing overnight delivery as follows:

           (i)  To the Company:

                           Bowne & Co., Inc.

                           345 Hudson Street

                           New York, New York 10014

                           Attention: Philip E. Kucera, SVP and General Counsel

           (ii) With a copy to:

                           Simpson Thacher & Bartlett LLP

                           425 Lexington Avenue

                           New York, New York 10022

                           Attention: Vincent Pagano, Esq.

                                       26

<PAGE>

                  Once this Notice and Questionnaire is executed by the Selling
Securityholder and received by the Company, the terms of this Notice and
Questionnaire, and the representations and warranties contained herein, shall be
binding on, shall inure to the benefit of and shall be enforceable by the
respective successors, heirs, personal representatives, and assigns of the
Company and the Selling Securityholder (with respect to the Registrable
Securities beneficially owned by such Selling Securityholder and listed in Item
(3) above). This Notice and Questionnaire shall be governed in all respects by
the laws of the State of New York.

                  IN WITNESS WHEREOF, the undersigned, by authority duly given,
has caused this Notice and Questionnaire to be executed and delivered either in
person or by its duly authorized agent.

Dated: _______________________________

                  ______________________________________________________________
                  Selling Securityholder
                  (Print/type full legal name of beneficial owner of Registrable
                  Securities)

                  By: __________________________________________________________
                  Name:
                  Title:

PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON
OR BEFORE [DEADLINE FOR RESPONSE] TO THE COMPANY AT:

                           Bowne & Co., Inc.
                           345 Hudson Street
                           New York, New York 10014
                           Attention: Philip E. Kucerea, SVP and General Counsel

                           With a copy to:
                           Simpson Thacher & Bartlett LLP
                           425 Lexington Avenue
                           New York, NY 10017
                           Attention: Vincent Pagano, Esq.

                                       27

<PAGE>

                                                                       EXHIBIT 1
                                                                   TO APPENDIX A

              NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT

Bowne & Co., Inc.
345 Hudson Street
New York, New York 10014

Attention: General Counsel

The Bank of New York
101 Barclay Street
New York, New York 10286

Attention: Corporate Trust Services

         Re:      Bowne & Co., Inc. (the "Company")
         5.00% Convertible Subordinated Debentures due October 1, 2033 (the
         "Debentures")

Dear Sirs:

                  Please be advised that _____________________ has transferred
$___________ aggregate principal amount of the above-referenced Debentures or
shares of the Company's common stock, issued upon conversion, repurchase or
redemption of Debentures, pursuant to an effective Registration Statement on
Form [___] (File No. 333-____) filed by the Company.

                  We hereby certify that the prospectus delivery requirements,
if any, of the Securities Act of 1933, as amended, have been satisfied with
respect to the transfer described above and that the above-named beneficial
owner of the Notes or common stock is named as a selling securityholder in the
Prospectus dated [DATE], or in amendments or supplements thereto, and that the
aggregate principal amount of the Notes or number of shares of common stock
transferred are [A PORTION OF] the Notes or shares of common stock listed in
such Prospectus as amended or supplemented opposite such owner's name.

Dated:

                                                   Very truly yours,

                                                   _____________________________
                                                   (Name)

                                          By:      _____________________________
                                                   (Authorized Signature)

                                       28

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