Document:

Exhibit
4.1

U.S. BANCORP

Floating Rate
Convertible 

Senior Debentures due 2037

INDENTURE

Dated as of
February 6, 2007

Wilmington Trust
Company

TRUSTEE

U.S. Bank Trust
National Association

AUTHENTICATING
AGENT, CALCULATION AGENT,

CONVERSION AGENT, PAYING AGENT AND REGISTRAR

U.S.
BANCORP

CROSS REFERENCE SHEET*

This Cross Reference Sheet shows
the location in the Indenture of the provisions inserted pursuant to Sections
310-318(a), inclusive, of the TIA.

	
  Trust Indenture Act

  	
   

  	
  Sections of

  Indenture

  
	
  310(a)(1)(2)

  	
   

  	
  5.9

  
	
  (3)(4)

  	
   

  	
  Inapplicable

  
	
  (5)

  	
   

  	
  5.9

  
	
        (b)

  	
   

  	
  5.7 and 5.9

  
	
        (b)(1)(A)(C)

  	
   

  	
  Inapplicable

  
	
        (c)

  	
   

  	
  Inapplicable

  
	
   

  	
   

  	
   

  
	
  311(a)(b)

  	
   

  	
  5.10 and 6.3

  
	
  (c)

  	
   

  	
  Inapplicable

  
	
   

  	
   

  	
   

  
	
  312(a)

  	
   

  	
  6.1 and 6.2(a)

  
	
  (b)

  	
   

  	
  6.2(b)

  
	
  (c)

  	
   

  	
  6.2(c)

  
	
   

  	
   

  	
   

  
	
  313(a)

  	
   

  	
  6.3

  
	
  (b)(1)

  	
   

  	
  Inapplicable

  
	
  (2)

  	
   

  	
  6.3

  
	
  (c)

  	
   

  	
  15.3

  
	
  (d)

  	
   

  	
  6.3

  
	
   

  	
   

  	
   

  
	
  314(a)

  	
   

  	
  6.4, 9.4 and 15.3

  
	
  (b)

  	
   

  	
  Inapplicable

  
	
  (c)(1)(2)

  	
   

  	
  1.2

  
	
  (3)

  	
   

  	
  Inapplicable

  
	
  (d)

  	
   

  	
  Inapplicable

  
	
  (e)

  	
   

  	
  1.2

  
	
   

  	
   

  	
   

  
	
  315(a)(c)(d)

  	
   

  	
  5.1

  
	
  (b)

  	
   

  	
  5.5

  
	
  (e)

  	
   

  	
  4.14

  
	
   

  	
   

  	
   

  
	
  316(a)(1)

  	
   

  	
  4.12 and 4.13

  
	
  (2)

  	
   

  	
  Inapplicable

  
	
  (b)

  	
   

  	
  4.8

  
	
  (c)

  	
   

  	
  6.1

  
	
   

  	
   

  	
   

  
	
  317(a)

  	
   

  	
  4.3 and 4.4

  
	
  (b)

  	
   

  	
  9.3

  
	
   

  	
   

  	
   

  
	
  318(a)(c)

  	
   

  	
  1.5

  
	
  (b)

  	
   

  	
  Inapplicable

  

 

*                         The
Cross Reference Sheet is not part of the Indenture.

TABLE OF CONTENTS

	
  

  	
   

  	
   

  	
   

  	
  Page

  
	
  ARTICLE I

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DEFINITIONS AND
  OTHER PROVISIONS

  
	
  OF GENERAL
  APPLICATION

  
	
   

  
	
  Section 1.1

  	
   

  	
  Certain Terms Defined

  	
   

  	
  1

  
	
  Section 1.2

  	
   

  	
  Compliance Certificates and Opinions

  	
   

  	
  9

  
	
  Section 1.3

  	
   

  	
  Form of Documents Delivered to Trustee

  	
   

  	
  9

  
	
  Section 1.4

  	
   

  	
  Acts of Holders

  	
   

  	
  10

  
	
  Section 1.5

  	
   

  	
  Conflict with Trust Indenture Act of 1939

  	
   

  	
  10

  
	
  Section 1.6

  	
   

  	
  Effect of Headings and Table of Contents

  	
   

  	
  11

  
	
  Section 1.7

  	
   

  	
  Separability Clause

  	
   

  	
  11

  
	
  Section 1.8

  	
   

  	
  Benefits of Indenture

  	
   

  	
  11

  
	
  Section 1.9

  	
   

  	
  Legal Holidays

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  THE SECURITIES

  
	
   

  
	
  Section 2.1

  	
   

  	
  Form and Dating

  	
   

  	
  11

  
	
  Section 2.2

  	
   

  	
  Execution and Authentication

  	
   

  	
  12

  
	
  Section 2.3

  	
   

  	
  Registrar, Paying Agent and Conversion Agent

  	
   

  	
  13

  
	
  Section 2.4

  	
   

  	
  Paying Agent to Hold Money and Securities in
  Trust

  	
   

  	
  13

  
	
  Section 2.5

  	
   

  	
  Transfer and Exchange

  	
   

  	
  13

  
	
  Section 2.6

  	
   

  	
  Replacement Securities

  	
   

  	
  15

  
	
  Section 2.7

  	
   

  	
  Outstanding Securities; Determinations of
  Holders’ Action

  	
   

  	
  15

  
	
  Section 2.8

  	
   

  	
  Temporary Securities

  	
   

  	
  16

  
	
  Section 2.9

  	
   

  	
  Cancellation

  	
   

  	
  16

  
	
  Section 2.10

  	
   

  	
  Persons Deemed Owners

  	
   

  	
  17

  
	
  Section 2.11

  	
   

  	
  Global Securities

  	
   

  	
  17

  
	
  Section 2.12

  	
   

  	
  Legends

  	
   

  	
  18

  
	
  Section 2.13

  	
   

  	
  Payment of Interest; Interest Rights Preserved

  	
   

  	
  19

  
	
  Section 2.14

  	
   

  	
  CUSIP Numbers

  	
   

  	
  21

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SATISFACTION AND
  DISCHARGE

  
	
   

  
	
  Section 3.1

  	
   

  	
  Discharge of Liability on Securities

  	
   

  	
  21

  
	
  Section 3.2

  	
   

  	
  Repayment of Moneys Held by Trustee or Paying
  Agent

  	
   

  	
  21

  

 

 i
 

 

	
  ARTICLE IV

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  REMEDIES

  	 

	
   

  	 

	
  Section 4.1

  	
   

  	
  Events of Default

  	
   

  	
  22

  	 

	
  Section 4.2

  	
   

  	
  Acceleration of Maturity; Rescission and
  Annulment

  	
   

  	
  23

  	 

	
  Section 4.3

  	
   

  	
  Collection of Indebtedness and Suits for
  Enforcement by Trustee

  	
   

  	
  24

  	 

	
  Section 4.4

  	
   

  	
  Trustee May File Proofs of Claim

  	
   

  	
  25

  	 

	
  Section 4.5

  	
   

  	
  Trustee May Enforce Claims Without Possession of
  Securities

  	
   

  	
  25

  	 

	
  Section 4.6

  	
   

  	
  Application of Money Collected

  	
   

  	
  25

  	 

	
  Section 4.7

  	
   

  	
  Limitation on Suits

  	
   

  	
  26

  	 

	
  Section 4.8

  	
   

  	
  Unconditional Right of Holders to Receive
  Principal and Interest

  	
   

  	
  26

  	 

	
  Section 4.9

  	
   

  	
  Restoration of Rights and Remedies

  	
   

  	
  27

  	 

	
  Section 4.10

  	
   

  	
  Rights and Remedies Cumulative

  	
   

  	
  27

  	 

	
  Section 4.11

  	
   

  	
  Delay or Omission Not Waiver

  	
   

  	
  27

  	 

	
  Section 4.12

  	
   

  	
  Control by Holders

  	
   

  	
  27

  	 

	
  Section 4.13

  	
   

  	
  Waiver of Past Defaults

  	
   

  	
  27

  	 

	
  Section 4.14

  	
   

  	
  Undertaking for Costs

  	
   

  	
  28

  	 

	
  Section 4.15

  	
   

  	
  Waiver of Stay or Extension Laws

  	
   

  	
  28

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  ARTICLE V

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  THE TRUSTEE

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  Section 5.1

  	
   

  	
  Duties of Trustee

  	
   

  	
  28

  	 

	
  Section 5.2

  	
   

  	
  Rights of Trustee

  	
   

  	
  29

  	 

	
  Section 5.3

  	
   

  	
  Individual Rights of Trustee

  	
   

  	
  31

  	 

	
  Section 5.4

  	
   

  	
  Trustee’s Disclaimer

  	
   

  	
  31

  	 

	
  Section 5.5

  	
   

  	
  Notice of Defaults

  	
   

  	
  31

  	 

	
  Section 5.6

  	
   

  	
  Compensation and Indemnity

  	
   

  	
  31

  	 

	
  Section 5.7

  	
   

  	
  Replacement of Trustee

  	
   

  	
  32

  	 

	
  Section 5.8

  	
   

  	
  Successor Trustee by Merger

  	
   

  	
  33

  	 

	
  Section 5.9

  	
   

  	
  Eligibility; Disqualification

  	
   

  	
  33

  	 

	
  Section 5.10

  	
   

  	
  Preferential Collection of Claims Against Company

  	
   

  	
  33

  	 

	
  Section 5.11

  	
   

  	
  Appointment of Authenticating Agent

  	
   

  	
  33

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  ARTICLE VI

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  HOLDERS’ LISTS
  AND REPORTS BY TRUSTEE AND COMPANY

  	 

	
   

  	 

	
  Section 6.1

  	
   

  	
  Company to Furnish Trustee Information as to
  Names and Addresses of Holders

  	
   

  	
  34

  
	
  Section 6.2

  	
   

  	
  Preservation of Information; Communications to
  Holders

  	
   

  	
  35

  
	
  Section 6.3

  	
   

  	
  Reports by Trustee

  	
   

  	
  36

  
	
  Section 6.4

  	
   

  	
  Reports by Company

  	
   

  	
  36

  
									

 

 ii
 

 

	
  ARTICLE VII

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CONSOLIDATION,
  MERGER, SALE OR CONVEYANCE

  
	
   

  
	
  Section 7.1

  	
   

  	
  Consolidations and Mergers of Company Permitted
  Subject to Certain Conditions

  	
   

  	
  37

  
	
  Section 7.2

  	
   

  	
  Rights and Duties of Successor Corporation

  	
   

  	
  38

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SUPPLEMENTAL
  INDENTURES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 8.1

  	
   

  	
  Supplemental Indentures Without Consent of
  Holders

  	
   

  	
  38

  
	
  Section 8.2

  	
   

  	
  Supplemental Indentures with Consent of Holders

  	
   

  	
  39

  
	
  Section 8.3

  	
   

  	
  Execution of Supplemental Indentures

  	
   

  	
  40

  
	
  Section 8.4

  	
   

  	
  Effect of Supplemental Indentures

  	
   

  	
  40

  
	
  Section 8.5

  	
   

  	
  Reference in Securities to Supplemental
  Indentures

  	
   

  	
  40

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  COVENANTS OF THE
  COMPANY

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 9.1

  	
   

  	
  Payment of Principal, Premium and Interest

  	
   

  	
  40

  
	
  Section 9.2

  	
   

  	
  Maintenance of Office or Agency

  	
   

  	
  41

  
	
  Section 9.3

  	
   

  	
  Money for Securities Payments to Be Held in Trust

  	
   

  	
  41

  
	
  Section 9.4

  	
   

  	
  Compliance Certificate

  	
   

  	
  42

  
	
  Section 9.5

  	
   

  	
  Calculation of Certain Amounts

  	
   

  	
  42

  
	
  Section 9.6

  	
   

  	
  Further Instruments and Acts

  	
   

  	
  43

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE X

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  REDEMPTION OF
  SECURITIES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 10.1

  	
   

  	
  Right to Redeem; Notices to Trustee

  	
   

  	
  43

  
	
  Section 10.2

  	
   

  	
  Selection of Securities to Be Redeemed

  	
   

  	
  43

  
	
  Section 10.3

  	
   

  	
  Notice of Redemption

  	
   

  	
  43

  
	
  Section 10.4

  	
   

  	
  Effect of Notice of Redemption

  	
   

  	
  44

  
	
  Section 10.5

  	
   

  	
  Deposit of Redemption Price

  	
   

  	
  44

  
	
  Section 10.6

  	
   

  	
  Securities Redeemed in Part

  	
   

  	
  44

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XI

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CONVERSION

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 11.1

  	
   

  	
  Conversion Rights

  	
   

  	
  45

  
	
  Section 11.2

  	
   

  	
  Cash Settlement

  	
   

  	
  45

  
	
  Section 11.3

  	
   

  	
  Conversion Procedures

  	
   

  	
  45

  
	
  Section 11.4

  	
   

  	
  Fractional Shares

  	
   

  	
  47

  
						

 

 iii
 

 

	
  Section 11.5

  	
   

  	
  Taxes on Conversion

  	
   

  	
  47

  
	
  Section 11.6

  	
   

  	
  Company to Provide Common Stock

  	
   

  	
  47

  
	
  Section 11.7

  	
   

  	
  Adjustment of Conversion Rate

  	
   

  	
  48

  
	
  Section 11.8

  	
   

  	
  Adjustment for Tax Purposes

  	
   

  	
  53

  
	
  Section 11.9

  	
   

  	
  Notice of Adjustment

  	
   

  	
  54

  
	
  Section 11.10

  	
   

  	
  Notice of Certain Transactions

  	
   

  	
  54

  
	
  Section 11.11

  	
   

  	
  Effect of Reclassification, Consolidation, Merger
  or Sale on Conversion Privilege

  	
   

  	
  54

  
	
  Section 11.12

  	
   

  	
  Trustee’s Disclaimer

  	
   

  	
  55

  
	
  Section 11.13

  	
   

  	
  Rights Issued in Respect of Common Stock Issued
  upon Conversion

  	
   

  	
  55

  
	
  Section 11.14

  	
   

  	
  Company Determination Final

  	
   

  	
  55

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XII

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  REPAYMENT AT
  OPTION OF HOLDERS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 12.1

  	
   

  	
  Applicability of Article

  	
   

  	
  56

  
	
  Section 12.2

  	
   

  	
  Notice of Purchase Date

  	
   

  	
  57

  
	
  Section 12.3

  	
   

  	
  Effect of Purchase Notice

  	
   

  	
  57

  
	
  Section 12.4

  	
   

  	
  Deposit of Purchase Price

  	
   

  	
  58

  
	
  Section 12.5

  	
   

  	
  Securities Purchased in Part

  	
   

  	
  58

  
	
  Section 12.6

  	
   

  	
  Compliance with Securities Laws upon Purchase of
  Securities

  	
   

  	
  59

  
	
  Section 12.7

  	
   

  	
  Repayment to the Company

  	
   

  	
  59

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XIII

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  REPAYMENT AT
  OPTION OF HOLDER

  
	
  UPON A CHANGE IN
  CONTROL

  
	
   

  
	
  Section 13.1

  	
   

  	
  Right to Require Purchase

  	
   

  	
  59

  
	
  Section 13.2

  	
   

  	
  Effect of Change in Control Purchase Notice

  	
   

  	
  62

  
	
  Section 13.3

  	
   

  	
  Deposit of Change in Control Purchase Price

  	
   

  	
  63

  
	
  Section 13.4

  	
   

  	
  Securities Purchased in Part

  	
   

  	
  63

  
	
  Section 13.5

  	
   

  	
  Compliance with Securities Laws upon Purchase of
  Securities

  	
   

  	
  63

  
	
  Section 13.6

  	
   

  	
  Repayment to the Company

  	
   

  	
  64

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XIV

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  IMMUNITY OF
  INCORPORATORS, SHAREHOLDERS,

  
	
  OFFICERS,
  DIRECTORS AND EMPLOYEES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 14.1

  	
   

  	
  Exemption from Individual Liability

  	
   

  	
  64

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XV

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MISCELLANEOUS
  PROVISIONS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 15.1

  	
   

  	
  Successors and Assigns of Company Bound by
  Indenture

  	
   

  	
  65

  
						

 

 iv
 

 

	
  Section
  15.2

  	
   

  	
  Acts of Board, Committee or Officer of Successor
  Corporation Valid

  	
   

  	
  65

  
	
  Section 15.3

  	
   

  	
  Required Notices or Demands

  	
   

  	
  65

  
	
  Section 15.4

  	
   

  	
  Governing Law

  	
   

  	
  65

  
	
  Section 15.5

  	
   

  	
  Indenture May Be Executed in Counterparts

  	
   

  	
  65

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ANNEX A

  	
   

  	
  Form of Global Security

  	
   

  	
   

  

 

 v

INDENTURE, dated as of the 6th day of February, 2007,
among U.S. BANCORP, a Delaware corporation (the “Company”), Wilmington
Trust Company, as trustee (the “Trustee”) and U.S. Bank Trust National
Association, as Authenticating Agent, Calculation Agent, Conversion Agent,
Paying Agent and Registrar (“U.S. Bank Trust”).

WHEREAS, for its lawful corporate purposes, the
Company deems it necessary to issue its securities and has duly authorized the
execution and delivery of this Indenture to provide for the issuance of its
Floating Rate Convertible Senior Debentures due 2037 (the “Securities”).

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

For and in consideration of the premises and the
purchase of the Securities by the Holders (as defined herein), it is mutually
covenanted and agreed by the Company and by the Trustee, 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             Certain Terms Defined.

(a)   Definitions.

“Accreted Principal Amount” when used with
respect to any Security, means the Original Principal Amount of such Security
(as may from time to time be reduced or increased, as appropriate, to reflect
exchanges, redemptions, purchases or conversions of such Security) increased
daily, beginning on February 7, 2032, by the applicable Variable Yield.  The Accreted Principal Amount will accrete
daily, beginning on February 7, 2032, at the applicable Variable Yield applied
to the Accreted Principal Amount of the Security as of the day immediately
preceding the most recent LIBOR Reset Date. 
The accretion shall be calculated using the actual number of days
elapsed from and including the LIBOR Reset Date to but excluding the next LIBOR
Reset Date divided by 360.

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

“Authenticating Agent” means an office or
agency authorized to act on behalf of the Trustee to authenticate such
Securities.

“Bankruptcy Law” means Title 11, United States
Code, or any similar Federal or state law for the relief of debtors.

“Board of Directors” means either the board of
directors of the Company or any duly authorized committee of such board.

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

“Business Day” means any day other than a
Saturday, a Sunday or a day on which banking institutions in The City of New
York or Wilmington, Delaware are authorized or required by law, regulation or
executive order to close, provided, solely with respect to the LIBOR
Determination Date, such day is also a London banking day.

“Calculation Agent” for the purposes of this
Indenture and the Securities, shall initially mean the Paying Agent.

“Capital Stock” for any corporation means any
and all shares, interests, rights to purchase, warrants, options,
participations or other equivalents of or interests in (however designated)
stock issued by that corporation.

“Closing Sale Price” of Common Stock on any
date means the closing sale price per share (or if no closing sale price is
reported, the average of the bid and ask prices or, if more than one in either
case, the average of the average bid and the average ask prices) on such date
as reported in composite transactions for the principal United States
securities exchange on which the Common Stock is traded or, if the Common Stock
is not listed on a United States national or regional securities exchange, as
reported by the National Association of Securities Dealers Automated Quotation
System.

“Commission” means the Securities and Exchange
Commission or any successor thereto.

“Common Stock” shall mean the shares of Common
Stock, $0.01 par value, of the Company as it exists on the date of this
Indenture or any other shares of Capital Stock of the Company into which the
Common Stock shall be reclassified or changed.

“Company” means the party named as the “Company”
in the first paragraph of this Indenture until a successor replaces it pursuant
to the applicable provisions of this Indenture and, thereafter, shall mean such
successor.  The foregoing sentence shall
likewise apply to any such subsequent successor or successors.

“Conversion Agent” means an office or agency
where Securities may be presented for conversion.

“Company Request” or “Company Order”
means a written request or order signed in the name of the Company by any two
Officers and delivered to the Trustee.

“Conversion Rate” means an initial rate of
24.4260, subject to adjustment as set forth in Section 11.7.

“Conversion Reference Period” means:

 2
 

(1)           for Securities that are converted
after the Company specifies a Redemption Date pursuant to Section 10.3, the ten
consecutive Trading Days beginning on the third Trading Day following the
Redemption Date (in the case of a partial redemption, this will apply only to
those Securities that are subject to redemption); and

(2)           in all other instances, the ten
consecutive Trading Days beginning on the third Trading Day following the
Conversion Date.

“Conversion Value” means the average of the
Daily Conversion Values for each of the ten consecutive Trading Days of the
applicable Conversion Reference Period.

“Corporate Trust Office” means the principal
office of the Trustee at which at any time its corporate trust business shall
be administered, which office at the date hereof is located at 1100 North
Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Services –
U.S. Bancorp Floating Rate Convertible Senior Debentures due 2037, or such
other address as the Trustee may designate from time to time by notice to the
Holders and the Company, or the principal corporate trust office of any
successor Trustee (or such other address as a successor Trustee may designate
from time to time by notice to the Holders and the Company).

“Current Market Price” on any date means the average of the daily Closing Sale Prices
per share of Common Stock for the ten consecutive Trading Days
immediately prior to such date.

“Custodian” means any receiver, trustee,
assignee, liquidator, custodian or similar official under any Bankruptcy Law.

“Daily Conversion Value” means, with respect to
any Trading Day, the product of (1) the applicable Conversion Rate and (2) the
Closing Sale Price of Common Stock on such Trading Day.

“Daily Share Amount” means, for each Trading
Day of the applicable Conversion Reference Period, a number of shares
determined by the following formula:

	
  (Closing Sale Price on Such Trading Day * Applicable Conversion Rate)
  – the 

  Accreted Principal Amount of the Security on the Conversion Date

  
	
  Closing Sale Price on Such Trading Day * 10

  

 

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

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

“Global Security” or “Global Securities”
means Securities that are in the form of the Securities attached hereto as
Annex A.

“Holder” means a Person in whose name a
Security is registered on the Registrar’s books.

 3
 

“Indebtedness” means obligations (other than
nonrecourse obligations) of the Company for borrowed money or evidenced by
bonds, debentures, notes or similar instruments.

“Indenture” means this trust indenture, as
amended or supplemented from time to time in accordance with the terms hereof,
including the provisions of the TIA that are deemed to be a part hereof.

“Initial Purchaser” means Citigroup Global
Markets Inc.

“Interest Payment Date” means the February 6,
May 6, August 6 and November 6 of each year, beginning May 6, 2007 until
February 6, 2032.

“Interest Period” means each period for which
interest is accrued, from and including the most recent Interest Payment Date
to which interest has been paid or duly made available for payment (or February
6, 2007, if no interest has been paid or been duly made available for payment)
to, but excluding, the next succeeding Interest Payment Date or Redemption Date
or Purchase Date or Change in Control Purchase Date, as the case may be.

“Issue Date” of any Security means the date on
which the Security was originally issued or deemed issued as set forth on the
face of the Security.

“Legal Holiday” means a day that is not a
Business Day.

“LIBOR Determination Date” means the second
London banking day preceding the related LIBOR Reset Date.

“LIBOR Reset Date” means
the first day of each Interest Period prior to February 7, 2032, and, beginning
on February 7, 2032, February 7, May 7, August 7 and November 7 of each
year; provided that, if any LIBOR Reset Date would otherwise be a day that is
not a Business Day, such LIBOR Reset Date shall be postponed to the next
succeeding Business Day, except if such Business Day falls in the next
succeeding calendar month, such LIBOR Reset Date will be the immediately
preceding Business Day.

“Liquidated Damages”
shall have the meaning set forth in the Registration Rights Agreement, dated as
of February 6, 2007, between the
Company and the Initial Purchaser; provided, however, that “Liquidated Damages”
shall be due and payable only at the times, in the amounts and to the Persons
as provided in the Registration Rights Agreement.

“London banking day” means a day on which
commercial banks are open for business, including dealings in United States
dollars, in London.

“Moneyline Telerate Page 3750”
means the display on Moneyline Telerate (or any successor service) on such page
(or any other page as may replace such page on such service) for the purpose of
displaying the London interbank rates of major banks for United States dollars.

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

 4
 

“Officers’ Certificate”
means a written certificate containing the information specified in Section
1.2, signed in the name of the Company by any two Officers and delivered to the
Trustee.  An Officers’ Certificate given
pursuant to Section 9.4 shall be signed by the principal executive, financial
or accounting officer of the Company but need not contain the information
specified in

Section 1.2.

“Opinion of Counsel” means a written opinion
from legal counsel containing the information specified in Section 1.2. The
counsel may be an employee of, or counsel to, the Company.

“Original Principal Amount” of a Security means
the principal amount set forth on the face of the Security (as may from time to
time be reduced or increased, as appropriate, to reflect exchanges,
redemptions, purchases or conversions of such Security) .

“Paying Agent” means an office or agency where
Securities may be presented for purchase or payment

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

“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 2.6 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.

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

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

“Registrar” means an office or agency where
Securities may be presented for registration of transfer or for exchange.

“Registrar, Paying Agent
and Conversion Agent Office” means the principal office of the Registrar,
Paying Agent and Conversion Agent, at which at any time its business shall be
administered, which office at the date hereof is located at 100 Wall Street,
New York, New York 10005, Attention: Patrick J. Crowley, U.S. Bank Trust
National Association, or such other address as the Registrar, Paying Agent or
Conversion Agent may designate from time to time by notice to the Holders and
the Company, or the principal office of any successor Registrar, Paying Agent
or Conversion Agent.

“Regular Record Date” means each January 15,
April 15, July 15 and October 15, as the case may be, immediately preceding the
relevant Interest Payment Date.

 5
 

“Responsible Officer,” when used with respect
to the Trustee, means any officer within the corporate trust department (or any
successor group), including, without limitation, any vice president, any
assistant vice president, any trust officer or any other officer of the Trustee
customarily performing functions similar to those performed by any of the
above-designated officers and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred
because of his knowledge of and familiarity with the particular subject and, in
each case, who shall have direct responsibility for the administration of this
Indenture.

“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.

“Securities” or “Security” means any of
the Company’s Floating Rate Convertible Senior Debentures due 2037, as amended
or supplemented from time to time, issued under this Indenture.

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

“Security Register” means the register
maintained by the Registrar that evidences ownership of the Securities.

“Special Record Date” means, for the payment of
any Defaulted Interest, the date fixed by the Trustee pursuant to Section 2.13.

“Stated Maturity,” when used with respect to
any Security, means the date specified in such Security as the fixed date on
which an amount equal to the Accreted Principal Amount of such Security is due
and payable.

“Subsidiary” means (i) a corporation, a
majority of whose Capital Stock with voting power, under ordinary
circumstances, to elect directors is, at the date of determination, directly or
indirectly owned by the Company, by one or more Subsidiaries of the Company or
by the Company and one or more Subsidiaries of the Company, (ii) a partnership
in which the Company or a Subsidiary of the Company, one or more Subsidiaries
of the Company or the Company and one or more Subsidiaries of the Company holds
a majority interest in the equity capital or profits of such partnership, or
(iii) any other Person (other than a corporation) in which the Company, one or
more Subsidiaries of the Company or the Company and one or more Subsidiaries of
the Company, directly or indirectly, at the date of determination, has (x) at
least a majority ownership interest or (y) the power to elect or direct the
election of a majority of the directors or other governing body of such Person.

“Tax Original
Issue Discount” means the amount of ordinary interest income on a Security
that must be accrued as original issue discount for United States federal
income tax purposes.

“3-month LIBOR” means:

 6
 

(a)   the rate for three-month deposits in United States dollars
commencing on the related LIBOR Reset Date, that appears on the Moneyline
Telerate Page 3750 as of 11:00 A.M., London time, on the LIBOR Determination
Date; or

(b)   if no rate appears on the particular LIBOR Determination Date on
the Moneyline Telerate Page 3750, the rate calculated by the Calculation Agent
as the arithmetic mean of at least two offered quotations obtained by the
Calculation Agent after requesting the principal London offices of each of four
major reference banks in the London interbank market to provide the Calculation
Agent with its offered quotation for deposits in United States dollars for the
period of three months, commencing on the related LIBOR Reset Date, to prime
banks in the London interbank market at approximately 11:00 A.M., London time,
on that LIBOR Determination Date and in a principal amount that is
representative for a single transaction in United Sates dollars in that market
at that time; or

(c)   if fewer than two offered quotations referred to
in clause (b) are provided as requested, the rate calculated by the Calculation
Agent as the arithmetic mean of the rates quoted at approximately 11:00 A.M.,
New York City time, on the particular LIBOR Determination Date by three major
banks in The City of New York selected by the Calculation Agent for loans in
United States dollars to leading European banks for a period of three months
and in a principal amount that is representative for a single transaction in
United States dollars in that market at that time; or

(d)   if the banks so selected by the Calculation Agent
are not quoting as mentioned in clause (c), 3-month LIBOR in effect on the
particular LIBOR Determination Date.

“TIA” means the Trust Indenture Act of 1939 as
in effect on the date of this Indenture; provided, however, that in the event the TIA is
amended after such date, TIA means, to the extent required by any such
amendment, the TIA as so amended.

“Trading Day” means a day during which trading
in securities generally occurs on the New York Stock Exchange or, if the Common
Stock is not listed on the New York Stock Exchange, on the principal other
national or regional securities exchange on which the Common Stock is then
listed or, if the Common Stock is not listed on a national or regional
securities exchange, on the National Association of Securities Dealers
Automated Quotation System or, if the Common Stock is not quoted on the
National Association of Securities Dealers Automated Quotation System, on the
principal other market on which the Common Stock is then traded.

“Trustee” means the party named as the “Trustee”
in the first paragraph of this Indenture until a successor replaces it pursuant
to the applicable provisions of this Indenture and, thereafter, shall mean such
successor.  The foregoing sentence shall
likewise apply to any subsequent such successor or successors.

“Variable Yield” from the Issue Date through
and including February 6, 2032 will equal 0% per annum and beginning on
February 7, 2032 will be reset quarterly on each LIBOR Reset Date to 3-month
LIBOR minus 1.75% per annum; provided, however, that the Variable Yield shall in
no event be less than 0% per annum.

 7
 

(e)   Other Definitions.

	
  Term

  	
   

  	
  Defined in 

  Section

  
	
   

  	
   

  	
   

  
	
  “Act”

  	
   

  	
  1.4(a)

  
	
  “Agent Members”

  	
   

  	
  2.11(f)

  
	
  “applicants”

  	
   

  	
  6.2(b)

  
	
  “Associate”

  	
   

  	
  13.1(b)

  
	
  “Cash
  Percentage”

  	
   

  	
  11.2

  
	
  “Change in
  Control”

  	
   

  	
  13.1(a)

  
	
  “Change in
  Control Purchase Date”

  	
   

  	
  13.1(a)

  
	
  “Change in
  Control Purchase Notice”

  	
   

  	
  13.1(c)

  
	
  “Change in
  Control Purchase Price”

  	
   

  	
  13.1(a)

  
	
  “Company Notice”

  	
   

  	
  12.2

  
	
  “Conversion
  Agent”

  	
   

  	
  2.3

  
	
  “Conversion
  Date”

  	
   

  	
  11.3

  
	
  “Conversion
  Notice”

  	
   

  	
  11.3

  
	
  “current
  dividend amount”

  	
   

  	
  11.7(d)

  
	
  “Defaulted
  Interest”

  	
   

  	
  2.13

  
	
  “Depositary”

  	
   

  	
  2.1

  
	
  “Event of
  Default”

  	
   

  	
  4.1

  
	
  “Expiration
  Time”

  	
   

  	
  11.7(e)

  
	
  “Legend”

  	
   

  	
  2.5(f)

  
	
  “Notice of
  Default”

  	
   

  	
  4.1

  
	
  “Paying Agent”

  	
   

  	
  2.3

  
	
  “Purchase
  Agreement”

  	
   

  	
  2.2

  
	
  “Purchase Date”

  	
   

  	
  12.1

  
	
  “Purchase
  Notice”

  	
   

  	
  12.1

  
	
  “Purchase Price”

  	
   

  	
  12.1

  
	
  “Purchased
  Shares”

  	
   

  	
  11.7(e)

  
	
  “QIB” or “QIBs”

  	
   

  	
  2.1

  
	
  “Reference Date”

  	
   

  	
  11.6(c)

  
	
  “Registrar”

  	
   

  	
  2.3

  
	
  “Rights”

  	
   

  	
  11.13

  
	
  “Rights
  Agreement”

  	
   

  	
  11.13

  

 

 8
 

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 Officers’ Certificate
stating that all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with and an Opinion of
Counsel (which shall not be required in connection with the initial issuance)
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 need be furnished.

Every certificate or opinion with respect to
compliance with a condition or covenant provided for in this Indenture 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 individual signing such certificate, such individual has made such
examination or investigation as is necessary to enable such individual to
express an informed opinion as to whether or not such covenant or condition has
been complied with; and

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

Section 1.3             Form of Documents Delivered to Trustee.  In any case where several matters are
required to be certified by, or covered by an opinion of, any specified Person,
it is not necessary that all such matters be certified by, or covered by the
opinion of, only one such Person, or that they be so certified or covered by
only one document, but one such Person may certify or give an opinion with
respect to some matters and one or more other such Persons as to other matters,
and any such Person may certify or give an opinion as to such matters in one or
several documents.

Any certificate or opinion of an Officer of the
Company may be based, insofar as it relates to legal matters, upon a
certificate or opinion of, or representations by, counsel, unless such Officer
actually knows that the certificate or opinion or representations with respect
to the matters upon which his certificate or opinion is based are erroneous.
Any such certificate or Opinion of Counsel may be based, insofar as it relates
to factual matters, upon a certificate or opinion of, or representations by, an
Officer or Officers of the Company stating that the information with respect to
such factual matters is in the possession of the Company, unless such counsel
knows, or in the exercise of reasonable care (but without having made an
investigation specifically for the purpose of rendering such opinion) should
know, that the certificate or opinion or representations with respect to such
matters are erroneous.

 9
 

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. 
(a)  Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be given or taken by Holders may be embodied in and evidenced
by one or more instruments of substantially similar tenor signed by such
Holders in Person or by an agent duly appointed in writing; and, except as
herein otherwise expressly provided, such action shall become effective when
such instrument or instruments are delivered to the Trustee and, where it is
hereby expressly required, to the Company. 
Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the “Act” of the
Holders signing such instrument or instruments. 
Proof of execution of any such instrument or of a writing appointing any
such agent shall be sufficient for any purpose of this Indenture and (subject
to Section 5.1) conclusive in favor of the Trustee and the Company, if made in
the manner provided in this Section 1.4.

(b)   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.  The fact and date of the execution of any
such instrument or writing, or the authority of the Person executing the same,
may also be proved in any other manner which the Trustee deems sufficient and
in accordance with such reasonable rules as the Trustee may determine.

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

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

(e)   The
Company may, but shall not be obligated to, set a record date for purposes of
determining the identity of Holders entitled to vote or consent to any action
by vote or consent authorized or permitted under this Indenture. If a record
date is fixed, those Persons who were Holders of Securities at such record date
(or their duly designated proxies), and only those Persons, shall be entitled
to take such action by vote or consent or to revoke any vote or consent
previously given, whether or not such Persons continue to be Holders after such
record date. No action approved by such vote or consent shall be taken more
than six months after such record date.

Section 1.5             Conflict with Trust Indenture Act of 1939.  This Indenture is subject to, and will be
governed by, the provisions of the TIA that are required to be a part of and
govern indentures qualified under the TIA (regardless of whether or not this
Indenture has been qualified thereunder). 
If any provision hereof limits, qualifies or conflicts with a provision
of the TIA that 

 10
 

is required under the TIA
to be part of and govern this Indenture, the TIA shall control. If any
provision of this Indenture modifies or excludes any provision of the TIA that
may be so modified or excluded, such provision shall be deemed either to apply
to this Indenture so modified or to be excluded, as the case may be.

Section 1.6             Effect of Headings and Table of Contents.  The Article and Section headings herein and
the Table of Contents are for convenience only and shall not affect the
construction hereof.

Section 1.7             Separability Clause. 
In case any provision in this Indenture or in any Security 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 1.8             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
hereunder and the Holders, any benefit or any legal or equitable right, remedy
or claim under this Indenture.

Section 1.9             Legal Holidays.  Subject to the next two succeeding sentences,
if any specified date (including a date for giving notice) on which action is
to be taken under this Indenture is a Legal Holiday, the action shall be taken
on the next succeeding day that is not a Legal Holiday.  In any case where an Interest Payment Date
(other than an Interest Payment Date coinciding with the Stated Maturity or
earlier Redemption Date, Purchase Date or Change in Control Purchase Date) of a
Security falls on a day that is not a Business Day, such Interest Payment Date
will be postponed to the next succeeding Business Day and no interest on such
payment will accrue for the period from and after the Interest Payment Date to
such next succeeding Business Day, provided that, if such Business Day falls in
the next succeeding calendar month, the Interest Payment Date will be the
Business Day immediately preceding such Interest Payment Date.  If the Stated Maturity, Redemption Date,
Purchase Date or Change in Control Purchase Date of a Security would fall on a
day that is not a Business Day, the required payment of interest, if any, and
principal will be made on the next succeeding Business Day and no interest on
such payment will accrue for the period from and after the Stated Maturity,
Redemption Date, Purchase Date or Change in Control Purchase Date to such next
succeeding Business Day.

ARTICLE
II

THE
SECURITIES

Section 2.1             Form and Dating.  The
Securities designated “Floating Rate Convertible Senior Debentures due 2037” of
the Company shall be substantially in the form set forth in Annex A
hereto, which is incorporated into and shall be deemed a part of this
Indenture, with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture, and may have such
letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with the rules of any
securities exchange or as may, consistently herewith, be determined by the
Officers of the 

 11
 

Company executing the
Securities, as evidenced by their execution of the Securities.  Each Security shall be dated the date of its
authentication.

All of the Securities are initially being offered and
sold to qualified institutional buyers as defined in Rule 144A
(collectively, “QIBs” or individually a “QIB”) in reliance on
Rule 144A under the Securities Act and shall be issued initially in the
form of one or more restricted Global Securities, which shall be deposited on
behalf of the purchasers of the Securities represented thereby with the
Registrar at its Registrar, Paying Agent and Conversion Agent Office, as
custodian for the depositary, The Depository Trust Company (such depositary, or
any successor thereto, being hereinafter referred to as the “Depositary”),
and registered in the name of its nominee, Cede & Co., duly executed by the
Company and authenticated by the Trustee as hereinafter provided.

Each Global Security shall represent such of the
outstanding Securities as shall be specified therein and each shall provide
that it shall represent the aggregate Original Principal Amount of outstanding
Securities from time to time endorsed thereon and that the aggregate Original
Principal Amount of outstanding Securities represented thereby may from time to
time be reduced or increased, as appropriate, to reflect exchanges,
redemptions, purchases or conversions of such Securities.  Any endorsement of a Global Security to
reflect the amount of any increase or decrease in the Original Principal Amount
of outstanding Securities represented thereby shall be made by the Registrar in
accordance with the standing instructions and procedures existing between the
Depositary and the Registrar.

Certificated Securities shall be issued only under the
limited circumstances provided in Section 2.11(b) hereof.

Section 2.2             Execution and Authentication.  The Securities shall be executed on behalf of
the Company by any Officer.  The
signature of any of these Officers on the Securities may be manual or
facsimile.

Securities bearing the manual or facsimile signatures
of individuals who were at any time the proper Officers of the Company shall
bind the Company, notwithstanding that such individuals or any of them have
ceased to hold such offices prior to the authentication and delivery of such
Securities or did not hold such offices at the date of authentication of such
Securities.

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 duly executed by the Trustee by manual signature of an
authorized Officer, and such certificate upon any Security shall be conclusive
evidence, and the only evidence, that such Security has been duly authenticated
and delivered hereunder.

The Trustee shall authenticate and deliver Securities
for original issue in an aggregate Original Principal Amount of $3,000,000,000
(up to $3,450,000,000 if the Initial Purchaser exercise in full its option to
purchase additional securities pursuant to the Purchase Agreement dated January
31, 2007 between the Company and the Initial Purchaser (the “Purchase
Agreement”)) upon a Company Order without any further action by the
Company.  The 

 12
 

Securities shall be issued only in registered form
without coupons and only in denominations of $1,000 of Original Principal
Amount and any integral multiple thereof. 
The aggregate Original Principal Amount of Securities outstanding at any
time may not exceed the amount set forth in the first sentence of this
paragraph, except as provided in Section 2.6.

Section 2.3             Registrar, Paying Agent and Conversion Agent.  The Company shall maintain an office or agency
where Securities may be presented for registration of transfer or for exchange
(“Registrar”), an office or agency where Securities may be presented for
purchase or payment (“Paying Agent”) and an office or agency where
Securities may be presented for conversion (“Conversion Agent”).  The Registrar shall keep a register of the
Securities and of their transfer and exchange. 
The Company may have one or more co-registrars, one or more additional
paying agents and one or more additional conversion agents.  The term Paying Agent includes any additional
paying agent and the term Conversion Agent includes any additional conversion
agent.

The Company shall enter into an appropriate agency
agreement with any Registrar, Paying Agent, Conversion Agent or co-registrar
other than U.S. Bank Trust.  The
agreement shall implement the provisions of this Indenture that relate to the
duties of such agent.  The Company shall
notify the Trustee of the name and address of any such agent.  The Company or any Subsidiary or an Affiliate
of either of them may act as Paying Agent, Registrar, Conversion Agent or
co-registrar.

The Company initially appoints U.S. Bank Trust, and
U.S. Bank Trust agrees to its appointment, as Registrar, Conversion Agent and
Paying Agent in connection with the Securities.

Section 2.4             Paying Agent to Hold Money and Securities in Trust.  Except as otherwise provided herein, on or
prior to each due date of payments in respect of any Security, the Company
shall deposit with the Paying Agent a sum of money (in immediately available
funds if deposited on the due date) sufficient to make such payments when so
becoming due.  The Company shall require
each Paying Agent to agree in writing that the Paying Agent shall hold in trust
for the benefit of Holders and the Trustee all money held by the Paying Agent
for the making of payments in respect of the Securities and shall notify the
Trustee of any default by the Company in making any such payment.  At any time during the continuance of any
such default, the Paying Agent shall, upon the written request of the Trustee,
forthwith pay to the Trustee all money so held in trust.  If the Company, a Subsidiary or an Affiliate
of either of them acts as Paying Agent, it shall segregate the money held by it
as Paying Agent and hold it as a separate trust fund.  The Company at any time may require a Paying
Agent to pay all money held by it to the Trustee and to account for any funds
disbursed by it.  Upon doing so, the
Paying Agent shall have no further liability for the money.

Section 2.5             Transfer and Exchange.  (a) 
Subject to Section 2.11 hereof, upon surrender for registration of
transfer of any Security, together with a written instrument of transfer
satisfactory to the Registrar duly executed by the Holder or such Holder’s
attorney duly authorized in writing, at the office or agency of the Company
designated as Registrar or co-registrar pursuant to Section 2.3, 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 

 13
 

of any authorized denomination
or denominations, of a like aggregate Original Principal Amount. The Company
shall not charge a service charge for any registration of transfer or exchange,
but the Company may require payment of a sum sufficient to pay all taxes,
assessments or other governmental charges that may be imposed in connection
with the transfer or exchange of the Securities from the Holder requesting such
transfer or exchange.

The Company shall not be required to make, and the
Registrar need not register, transfers or exchanges of Securities selected for
redemption (except, in the case of Securities to be redeemed in part, the
portion thereof not to be redeemed) or any Securities in respect of which a
Purchase Notice or Change in Control Purchase Notice has been given and not
withdrawn by the Holder thereof in accordance with the terms of this Indenture
(except, in the case of Securities to be purchased in part, the portion thereof
not to be purchased) or any Securities for a period of 15 days before the
mailing of a notice of redemption of Securities to be redeemed.

(b)   Notwithstanding
any provision to the contrary herein, so long as a Global Security remains
outstanding and is held by or on behalf of the Depositary, transfers of a
Global Security, in whole or in part, shall be made only in accordance with
Section 2.11 and this Section 2.5(b). Transfers of a Global Security shall
be limited to transfers of such Global Security in whole, or in part, to
nominees of the Depositary or to a successor of the Depositary or such successor’s
nominee.

(c)   Successive
registrations and registrations of transfers and exchanges as aforesaid may be
made from time to time as desired, and each such registration shall be noted on
the register for the Securities.

(d)   Any
Registrar appointed pursuant to Section 2.3 hereof shall provide to the Trustee
such information as the Trustee may reasonably require in connection with the
delivery by such Registrar of Securities upon transfer or exchange of
Securities.

(e)   No
Registrar shall be required to make registrations of transfer or exchange of
Securities during any periods designated in the text of the Securities or in
this Indenture as periods during which such registration of transfers and
exchanges need not be made.

(f)    If
Securities are issued upon the transfer, exchange or replacement of Securities
subject to restrictions on transfer and bearing the legends on the form of
Security attached hereto as Annex A setting forth such restrictions
(collectively, the “Legend”), or if a request is made to remove the
Legend on a Security, the Securities so issued shall bear the Legend, or the
Legend shall not be removed, as the case may be, unless there is delivered to
the Company and the Registrar such satisfactory evidence, which shall include
an Opinion of Counsel, as may be reasonably required by the Company and the
Registrar, that neither the Legend nor the restrictions on transfer set forth
therein are required to ensure that transfers thereof comply with the
provisions of Rule 144A or Rule 144 under the Securities Act or that such
Securities are not “restricted” within the meaning of Rule 144 under the
Securities Act. Upon (i) provision of such satisfactory evidence or (ii)
notification by the Company to the Trustee and Registrar of the sale of such
Security pursuant to a registration statement that is effective at the time of
such sale, the Trustee, at the written direction of the Company, shall
authenticate and deliver a Security that 

 14
 

does not bear the Legend.  If the
Legend is removed from the face of a Security and the Security is subsequently
held by an Affiliate of the Company, the Legend shall be reinstated.

(g)   Nothing
in this Indenture or in the Securities shall prohibit the sale or other
transfer of any Securities (including beneficial interests in Global
Securities) to the Company or any of its Subsidiaries, which Securities shall
thereupon be canceled in accordance with Section 2.9 of this Indenture.

Section 2.6             Replacement Securities.  If
(a) any mutilated Security is surrendered to the Trustee, or (b) the Company
and the Trustee receive evidence to their satisfaction of the destruction, loss
or theft of any Security, and there is delivered to the Company and the Trustee
such security or indemnity as may be required by them to hold each of them harmless,
then, in the absence of notice to the Company or the Trustee that such Security
has been acquired by a bona fide purchaser, the Company shall execute and upon
its written request the Trustee shall authenticate and deliver, in exchange for
any such mutilated Security or in lieu of any such destroyed, lost or stolen
Security, a new Security of like tenor and Original Principal Amount, 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, or is about to be
purchased by the Company pursuant to Articles XII or XIII hereof, the
Company in its discretion may, instead of issuing a new Security, pay or
purchase such Security, as the case may be.

Upon the issuance of any new Securities under this
Section, the Company may require the payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto and
any other expenses (including the fees and expenses of the Trustee) connected
therewith.

Every new Security issued pursuant to this Section 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 shall be entitled to all benefits of this Indenture equally and
proportionately with any and all other Securities duly issued hereunder.

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

Section 2.7             Outstanding Securities; Determinations of Holders’ Action.  Securities outstanding at any time are all the
Securities authenticated by the Trustee except for those canceled by it, those
delivered to it for cancellation, those delivered to it pursuant to
Section 2.6 and those described in this Section 2.7 as not outstanding.
A Security does not cease to be outstanding because the Company or an Affiliate
thereof holds the Security; provided, however, that
in determining whether the Holders of the requisite Original Principal Amount
of Securities have given or concurred in any 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 

 15
 

outstanding, except that,
in determining whether the Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only
Securities which a Responsible Officer of the Trustee actually knows to be so owned
shall be so disregarded. Subject to the foregoing, only Securities outstanding
at the time of such determination shall be considered in any such determination
(including, without limitation, determinations made pursuant to
Articles IV and VIII).

If a Security is replaced pursuant to
Section 2.6, it ceases to be outstanding unless the Trustee receives proof
satisfactory to it that the replaced Security is held by a bona fide purchaser.

If the Paying Agent holds, in accordance with this
Indenture, on a Redemption Date, or on the Business Day following the Purchase
Date or a Change in Control Purchase Date, or on Stated Maturity, money or
securities, if permitted hereunder, sufficient to pay Securities payable on
that date, then immediately after such Redemption Date, Purchase Date, Change
in Control Purchase Date or Stated Maturity, as the case may be, such
Securities shall cease to be outstanding and interest, if any, and principal on
such Securities shall cease to accrue or accrete, as the case may be; provided
that if such Securities are to be redeemed, notice of such redemption has been
duly given pursuant to this Indenture or provision therefor satisfactory to the
Trustee has been made.

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

Section 2.8             Temporary Securities.  Pending the preparation of definitive
Securities, the Company may execute, and upon Company Order the Trustee shall
authenticate and deliver, temporary Securities which are printed, lithographed,
typewritten, mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Securities in lieu of which they
are issued and with such appropriate insertions, omissions, substitutions and
other variations as the Officers executing such Securities may determine, as
conclusively evidenced by their execution of such Securities.

If temporary Securities are issued, the Company will
cause definitive Securities to be prepared without unreasonable delay.  After the preparation of definitive
Securities, the temporary Securities shall be exchangeable for definitive
Securities upon surrender of the temporary Securities at the office or agency
of the Company designated for such purpose pursuant to Section 2.3,
without charge to the Holder.  Upon
surrender for cancellation of any one or more temporary Securities, the Company
shall execute and the Trustee shall authenticate and deliver in exchange
therefor a like Original Principal Amount of definitive Securities of
authorized denominations.  Until so exchanged,
the temporary Securities shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities.

Section 2.9             Cancellation.  All
Securities surrendered for payment, purchase by the Company pursuant to
Articles XII and XIII, conversion, redemption or registration of transfer
or exchange shall, if surrendered to any Person other than the Trustee, be
delivered to the Trustee, who shall promptly cancel them.  The Company may at any time deliver to the
Trustee for 

 16
 

cancellation any
Securities previously authenticated and delivered hereunder which the Company
may have acquired in any manner whatsoever, and all Securities so delivered
shall be promptly canceled by the Trustee. 
The Company may not issue new Securities to replace Securities it has
paid or delivered to the Trustee for cancellation or that any Holder has
converted pursuant to Article XI. No Securities shall be authenticated in
lieu of or in exchange for any Securities canceled as provided in this Section
2.9, except as expressly permitted by this Indenture. All canceled Securities
held by the Trustee shall be disposed of by the Trustee in accordance with its
customary practice.

Section 2.10           Persons Deemed Owners.  Prior to due presentment 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 of such Security for the purpose of receiving payment of principal
of the Security or the payment of any Redemption Price, Purchase Price or
Change in Control Purchase Price in respect thereof, and interest thereon, for
the purpose of conversion and for all other purposes whatsoever, whether or not
such Security be overdue, and neither the Company, the Trustee nor any agent of
the Company or the Trustee shall be affected by notice to the contrary.

Section 2.11           Global Securities.

(a)   Notwithstanding
any other provisions of this Indenture or the Securities, transfers of a Global
Security, in whole or in part, shall be made only in accordance with Section
2.5 and this Section 2.11.  A Global
Security may not be transferred, in whole or in part, to any Person other than
the Depositary or a nominee or any successor thereof, and no such transfer to
any other such Person may be registered; provided that this clause (a) shall
not prohibit any transfer of a Security that is issued in exchange for a Global
Security but is not itself a Global Security. 
No transfer of a Security to any Person shall be effective under this
Indenture unless and until such Security has been registered in the name of
such Person.

(b)   Notwithstanding
any other provisions of this Indenture or the Securities, a Global Security
shall not be exchanged in whole or in part for a Security registered in the
name of any Person other than the Depositary or one or more nominees thereof,
provided that a Global Security may be exchanged for Securities registered in
the names of any Person designated by the Depositary in the event that (i) the
Depositary has notified the Company that it is unwilling or unable to continue
as Depositary for such Global Security or such Depositary has ceased to be a “clearing
agency” registered under the Exchange Act, and a successor Depositary is not
appointed by the Company within 90 days, (ii) the Company decides to
discontinue the use of the system of book-entry transfer through the Depositary
(or any successor Depositary) or (iii) an Event of Default has occurred and is
continuing with respect to the Securities. 
Any Global Security exchanged pursuant to clause (i) above shall be so
exchanged in whole and not in part, and any Global Security exchanged pursuant
to clause (iii) above may be exchanged in whole or from time to time in part as
directed by the Depositary.  Any Security
issued in exchange for a Global Security or any portion thereof shall be a
Global Security; provided that any such Security so issued that is registered
in the name of a Person other than the Depositary or a nominee thereof shall
not be a Global Security.

 17

(c)   Securities
issued in exchange for a Global Security or any portion thereof (i) shall be
issued in definitive, fully registered form, without interest coupons, (ii)
shall have an aggregate Original Principal Amount equal to that of such Global
Security or portion thereof for which such Securities are to be so exchanged,
(iii) shall be registered in such names and be in such authorized denominations
as the Depositary shall designate and (iv) shall bear the applicable Legends
provided for herein.  Any Global Security
to be exchanged in whole shall be surrendered by the Depositary to the
Registrar.  With regard to any Global
Security to be exchanged in part, either such Global Security shall be so
surrendered for exchange or, if the Registrar is acting as custodian for the
Depositary or its nominee with respect to such Global Security, the Original
Principal Amount thereof shall be reduced, by an amount equal to the portion
thereof to be so exchanged, by means of an appropriate adjustment made on the
records of the Registrar.  Upon any such
surrender or adjustment, the Registrar shall authenticate and deliver the
Security issuable on such exchange to or upon the order of the Depositary or an
authorized representative thereof.

(d)   Subject
to the provisions of Section 2.11(f) below, the registered Holder may grant
proxies and otherwise authorize any Person, including Agent Members (as defined
below) and Persons that may hold interests through Agent Members, to take any
action which a Holder is entitled to take under this Indenture or the
Securities.

(e)   In
the event of the occurrence of any of the events specified in Section 2.11(b)
above, the Company will promptly make available to the Trustee a reasonable
supply of certificated Securities in definitive, fully registered form, without
interest coupons.

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

Section 2.12           Legends.

(a)   Subject
to the succeeding paragraph, every Security shall be subject to the
restrictions on transfer provided in the Legend including the delivery of a
certification or an Opinion of Counsel, if so requested by the Company or the
Registrar.

(b)   The
restrictions imposed by the Legend upon the transferability of any Security
shall cease and terminate when such Security has been sold pursuant to an
effective registration statement under the Securities Act or transferred in
compliance with Rule 144 under the Securities Act (or any successor provision
thereto) or, if earlier, upon the expiration of the 

 18
 

holding period applicable to sales thereof under Rule 144(k) under the
Securities Act (or any successor provision). 
Any Security as to which such restrictions on transfer shall have
expired in accordance with their terms or shall have terminated may, upon a
surrender of such Security for exchange to the Registrar in accordance with the
provisions of this Section 2.12 (accompanied, in the event that such
restrictions on transfer have terminated by reason of a transfer in compliance
with Rule 144 or any successor provision, by an opinion of counsel having
substantial experience in practice under the Securities Act and otherwise
reasonably acceptable to the Company, addressed to the Company and the
Registrar and in form acceptable to the Company, to the effect that the
transfer of such Security has been made in compliance with Rule 144 or such
successor provision), be exchanged for a new Security of like tenor and
aggregate Original Principal Amount, which Security shall not bear the
restrictive Legend.  The Company shall
inform the Trustee of the effective date of any registration statement
registering the Securities under the Securities Act.  The Trustee and the Registrar shall not be
liable for any action taken or omitted to be taken by it in good faith in accordance
with the aforementioned opinion of counsel or registration statement.

(c)   As
used in the preceding two paragraphs of this Section 2.12, the term “transfer”
encompasses any sale, pledge, transfer, hypothecation or other disposition of
any Security.

(d)   United
States Tax Legend.  All Securities
shall bear the following legend:

FOR PURPOSES OF SECTIONS
1272, 1273 AND 1275 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS
AMENDED, THIS SECURITY IS ISSUED WITH AN INDETERMINATE AMOUNT OF ORIGINAL ISSUE
DISCOUNT FOR UNITED STATES FEDERAL INCOME TAX PURPOSES.  THE ISSUE DATE IS FEBRUARY 6, 2007, THE ISSUE
PRICE IS $1,000 PER GLOBAL SECURITY, THE YIELD TO MATURITY IS INDETERMINATE,
AND ORIGINAL ISSUE DISCOUNT EFFECTIVELY ACCRUES AT A RATE OF THREE-MONTH LIBOR
MINUS 1.75% PER ANNUM.

Section 2.13           Payment of Interest; Interest Rights Preserved.  Interest on any Security which is payable,
and is punctually paid or duly provided for, on any Interest Payment Date shall
be paid to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest at the office or agency of the Company maintained for such
purpose pursuant to Section 9.2; provided, however, that each installment of interest
on any Security may at the Company’s option be paid by mailing a check for such
interest, payable to or upon the written order of the Person entitled thereto
pursuant to Section 15.3, to the address of such Person as it appears on
the Security Register.

Any 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 clause (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
Predecessor Securities) are registered at the 

 19
 

close of
business on a Special Record Date for the payment of such Defaulted Interest,
which shall be fixed in the following manner. 
The Company shall notify the Trustee in writing of the amount of
Defaulted Interest proposed to be paid on each Security and the date of the
proposed payment, 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 on or prior to the date of the proposed payment,
such money when deposited to be held in trust for the benefit of the Persons
entitled to such Defaulted Interest as in this clause provided. Thereupon the
Trustee shall fix a Special Record Date for the payment of such Defaulted
Interest which shall be not more than 15 days and not less than 10 days prior
to the date of the proposed payment and not less than 10 days after the receipt
by the Trustee of the notice of the proposed payment.  The Trustee shall promptly notify the Company
of such Special Record Date and, in the name and at the expense of the Company,
shall cause notice of the proposed payment of such Defaulted Interest and the
Special Record Date therefor to be mailed, first-class postage prepaid, to each
Holder of Securities 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 Predecessor Securities) are
registered at the close of business on such Special Record Date and shall no
longer be payable pursuant to the following clause (2).

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

On conversion of a Holder’s Securities, such Holder
shall not receive any cash payment of interest. 
The Company’s delivery to a Holder of the cash and Common Stock, if any,
into which such Holder’s Securities are convertible, together with any cash
payment for fractional shares, shall be deemed to satisfy: (i) the Company’s
obligation to pay the Accreted Principal Amount of the Security and (ii) the
Company’s obligation to pay accrued but unpaid interest, if any, attributable
to the period from the most recent Interest Payment Date through the Conversion
Date.

Notwithstanding the above, if any Securities are
converted after a Regular Record Date but prior to the next succeeding Interest
Payment Date, Holders of such Securities at the close of business on such Regular
Record Date shall receive the interest payable on such Securities on the
corresponding Interest Payment Date notwithstanding the conversion.  Such Securities, upon surrender for
conversion, must be accompanied by funds equal to the amount of interest
payable on the Accreted Principal Amount of the Securities so converted (unless
the Company has specified a Redemption Date or a Change in Control Purchase
Date that occurs after a Regular Record Date and on or prior to the Interest
Payment Date to which it relates), in which case no such payment shall be
required.  Notwithstanding anything to
the contrary, if the Company specifies a Redemption Date that is in the month
of February 2008, such payment also shall not 

 20
 

be required upon the surrender of the Securities for
conversion after January 15, 2008 and prior to such Redemption Date.

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

Section 2.14           CUSIP Numbers.  The
Company in issuing the Securities may use “CUSIP” numbers (if then generally in
use), and, if so, the Trustee shall use “CUSIP” numbers in notices of
redemption as a convenience to Holders; provided that any such notice may state
that no representation is made as to the correctness of such numbers either as
printed on the Securities or as contained in any notice of a redemption and
that reliance may be placed only on the other identification numbers printed on
the Securities, and any such redemption shall not be affected by any defect in
or omission of such numbers.  The Company
will promptly notify the Trustee of any change in the CUSIP numbers.

ARTICLE
III

 SATISFACTION AND DISCHARGE

Section 3.1             Discharge of Liability on Securities. 
When (i) the Company delivers to the Trustee or any
Paying Agent all outstanding Securities (other than Securities replaced
pursuant to Section 2.6 of the Indenture) for cancellation or
(ii) all outstanding Securities have become due and payable, whether at
Stated Maturity, any Redemption Date, any Purchase Date, a Change in Control
Purchase Date, or upon conversion or otherwise, and the Company deposits with
the Trustee, any Paying Agent or the Conversion Agent, if applicable, cash or,
if expressly permitted by the terms of the Securities, a combination of cash
and Common Stock sufficient to pay all amounts due and owing on all outstanding
Securities (other than Securities replaced pursuant to Section 2.6), and
if in either case the Company pays all other sums payable hereunder by the
Company, then this Indenture shall, subject to Section 5.6, cease to be of
further effect, except for the indemnification of the Trustee, which shall
survive such satisfaction and discharge. 
The Trustee shall join in the execution of a document prepared by the
Company acknowledging satisfaction and discharge of this Indenture on demand of
the Company accompanied by an Officers’ Certificate and Opinion of Counsel and
at the reasonable cost and expense of the Company.

Section 3.2             Repayment of Moneys Held by Trustee or Paying Agent.  Any moneys deposited with the Trustee or any
Paying Agent for the payment of the principal of or interest on any Security
and not applied but remaining unclaimed by the Holders for two years after the
date upon which the principal of or interest on such Security shall have become
due and payable, shall be repaid to the Company by the Trustee or such Paying
Agent on demand, and the Holder of any of the Securities entitled to receive
such payment shall thereafter look only to the Company for the payment thereof
and all liability of the Trustee or such Paying Agent with respect to such
moneys shall thereupon cease.

 21
 

ARTICLE IV

REMEDIES

Section 4.1             Events of Default.  “Event
of Default,” wherever used herein with respect to the Securities, shall
mean any one of the following events:

(a)   a default in the payment of the Accreted
Principal Amount, Redemption Price, Purchase Price or Change in Control
Purchase Price with respect to any Security when such payment becomes due and
payable pursuant to the terms hereof;

(b)   a default in the payment of any interest, if
any, on the Securities, when the same becomes due and payable, for a period of
30 days;

(c)   the failure by the Company to convert any
Securities into cash and, if applicable, shares of Common Stock in the amounts
set forth in Section 11.2 hereof;

(d)   the failure by the Company to comply with any
of its other agreements in the Securities or this Indenture (other than those
referred to in clauses (a), (b) or (c) above) upon receipt by the Company
of written notice of such default by the Trustee or by Holders of not less than
25% in aggregate Original Principal Amount of the Securities at the time
outstanding and such failure (or failure to obtain a waiver thereof) continues
for 90 days after receipt by the Company of a Notice of Default;

(e)   the Company pursuant to, under or within the
meaning of any Bankruptcy Law:

(1)           commences a voluntary case or
proceeding;

(2)           consents to the entry of an order for
relief against it in an involuntary case or proceeding or the commencement of
any case against it;

(3)           consents to the appointment of a
Custodian of it or for any substantial part of its property;

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

(5)           files a petition in bankruptcy or
answer or consent seeking reorganization or relief; or

(6)           consents to the filing of such
petition or the appointment of or taking possession by a Custodian;

and

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

 22
 

(1)           is for relief against the Company in
an involuntary case or proceeding, or adjudicates the Company insolvent or
bankrupt;

(2)           appoints a Custodian of the Company
or for any substantial part of the property of the Company; or

(3)           orders the winding up or liquidation
of the Company;

and the order or decree remains unstayed and in effect
for at least 60 days.

A Default under clause (d) above is not an Event of
Default until the Trustee notifies the Company, or Holder notifies the Company
and the Trustee, of the Default and the Company does not cure such Default (and
such Default is not waived) within the time specified in clause (d) above after
actual receipt of such notice.  Any such
notice must specify the Default, demand that it be remedied and state that such
notice is a “Notice of Default.”

The Company shall deliver to the Trustee, within 30
days after it becomes aware of the occurrence thereof, written notice of any
event which with the giving of notice or the lapse of time, or both, would
become an Event of Default under clause (d) above, its status and what action
the Company is taking or proposes to take with respect thereto.

Section 4.2             Acceleration of Maturity; Rescission and Annulment.  If an Event of Default (other than an Event
of Default specified in Section 4.1(e) or (f)) occurs and is continuing,
the Trustee, by notice to the Company or the Holders of at least 25% in
aggregate Original Principal Amount of the Securities at the time outstanding
by notice to the Company and the Trustee, may declare the Accreted Principal
Amount of the Securities as of the date of such declaration, and any accrued
and unpaid interest, if any, through the date of such declaration, on all the
Securities to be immediately due and payable. 
Upon such a declaration, such Accreted Principal Amount and such accrued
and unpaid interest, if any, shall be due and payable immediately.  If an Event of Default specified in
Section 4.1(e) or (f) occurs and is continuing, the Accreted Principal
Amount and any accrued and unpaid interest, if any, on all the Securities
through the date of the occurrence of such Event of Default shall become and be
immediately due and payable without any declaration or other act on the part of
the Trustee or any Holders.

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

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

(A)  all overdue interest, if any, on all
Securities,

 23
 

(B)   the principal (including accreted principal,
if any) of the Securities which have become due otherwise than by such
declaration of acceleration and interest thereon at the rate or rates
prescribed therefor in such Securities,

(C)   to the extent that payment of such interest
is enforceable under applicable law, interest upon overdue interest to the date
of such payment or deposit at the rate or rates prescribed therefor in such
Securities or, if no such rate or rates are so prescribed, at the rate borne by
the Securities during the period of such default, and

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

and

(2)           all Events of Default with respect to
the Securities, other than the non-payment of the principal of the Securities
which have become due solely by such declaration of acceleration, have been
cured or waived as provided in Section 4.13.

No such waiver or rescission and annulment shall
affect any subsequent default or impair any right consequent thereon.

Section 4.3             Collection of Indebtedness and Suits for Enforcement by Trustee.  The Company covenants that (1) in case
default shall be made in the payment of any installment of interest, if any, on
any Security, as and when the same shall become due and payable, and such
default shall have continued for a period of 30 days or (2) in case
default shall be made in the payment of the principal (including accreted
principal, if any) of any Security when the same becomes due in accordance with
the terms thereof and such default shall have continued for a period of five
Business Days then, upon demand of the Trustee, the Company will pay to the
Trustee, for the benefit of the Holders of such Securities, the whole amount
that then shall have become due and payable on all such Securities for
principal (including accreted principal, if any) or interest, if any, or both,
as the case may be, with interest upon the overdue principal (including
accreted principal, if any) and (to the extent that payment of such interest is
enforceable under applicable law) upon overdue installments of interest at the
rate borne by the Securities during the period of such default; and, in
addition thereto, such further amount as shall be sufficient to cover reasonable
compensation to the Trustee, its agents, attorneys and counsel, and all other
expenses and liabilities incurred, and all advances made, by the Trustee except
as a result of its own negligence or willful misconduct.

If an Event of Default with respect to Securities
occurs and is continuing, the Trustee may in its discretion proceed to protect
and enforce its rights and the rights of the Holders of the Securities by such
appropriate judicial proceedings as the Trustee shall deem necessary 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.

 24
 

Section 4.4             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 their creditors, the Trustee (irrespective of whether the Accreted
Principal Amount, Redemption Price, Purchase Price, Change in Control Purchase
Price or interest, if any, in respect of the Securities shall then be due and
payable as therein expressed or by declaration or otherwise and irrespective of
whether the Trustee shall have made any demand on the Company for the payment
of any such amount) shall be entitled and empowered, by intervention in such
proceeding or otherwise,

(i)            to file and prove a claim for the
entire Accreted Principal Amount, Redemption Price, Purchase Price, Change in
Control Purchase Price and/or interest, if any, owing and unpaid in respect of
the Securities and to file such other papers or documents as may be necessary
or advisable in order to have the claims of the Trustee (including any claim
for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel) and of the Holders allowed in such judicial
proceeding; and

(ii)           to collect and receive any moneys or
other property payable or deliverable on any such claims and to distribute the
same;

and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding
is hereby authorized by each Holder to make such payments to the Trustee and,
in the event that the Trustee shall consent to the making of such payments
directly to the Holders, to pay to the Trustee any amount due it for the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, and any other amounts due the Trustee under
Section 5.6.

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

Section 4.5             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, 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 such judgment has been recovered.

Section 4.6             Application of Money Collected.  Any money collected by the Trustee pursuant
to this Article shall be applied in the following order:

FIRST:  To the payment of all amounts due the Trustee
under Section 5.6;

 25
 

SECOND:  To the payment of the amounts then due and
unpaid for Accreted Principal Amount, Redemption Price, Purchase Price, Change
in Control Purchase Price or interest, if any, 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; and

THIRD:  To the payment of the remainder, if any, to
the Company or as a court of competent jurisdiction may direct.

Section 4.7             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 shall have previously
given written notice to the Trustee of a continuing Event of Default with respect
to the Securities;

(2)           the Holders of not less than 25% in
aggregate Original 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 shall have
offered to the Trustee security or indemnity satisfactory to it as it may
require 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 shall have failed to
institute any such proceeding; and

(5)           no direction inconsistent with such
written request shall have been given to the Trustee pursuant to
Section 4.12 during such 60-day period by the Holders of a majority in
Original 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 to seek to obtain
priority or preference over any other of such Holders or to enforce any right
under this Indenture, except in the manner herein provided and for the equal
and ratable and common benefit of all of such Holders.

Section 4.8             Unconditional Right of Holders to Receive Principal and Interest.  Notwithstanding any other provision in this
Indenture, the Holder of any Security shall have the right, which is absolute
and unconditional, to receive payment of the Accreted Principal Amount,
Redemption Price, Purchase Price, Change in Control Purchase Price or interest,
if any, on such Security after the respective due dates expressed in such Security,
and to convert the Securities in accordance with Article XI, and to
institute suit for the enforcement of any such payment on or after such
respective dates, and such rights shall not be impaired without the consent of
such Holder.

 26
 

Section 4.9             Restoration of Rights and Remedies.  If the Trustee or any Holder has instituted
any proceeding to enforce any right or remedy under this Indenture and such
proceeding has been discontinued or abandoned for any reason, or has been
determined adversely to the Trustee or to such Holder, then and in every such
case, subject to any determination in such proceeding, the Company, the Trustee
and the Holders shall be restored severally and respectively to their former
positions hereunder and thereafter all rights and remedies of the Trustee and
the Holders shall continue as though no such proceeding had been instituted.

Section 4.10           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 2.6, 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 4.11           Delay or Omission Not Waiver.  No delay or omission of the Trustee or of any
Holder of any Securities to exercise any right or remedy accruing upon any
Event of Default shall impair any such right or remedy or constitute a waiver
of any such Event of Default or an acquiescence therein.  Every right and remedy given by this Article
or by law to the Trustee or to the Holders may be exercised from time to time,
and as often as may be deemed expedient, by the Trustee or by the Holders, as
the case may be.

Section 4.12           Control by Holders. 
The Holders of a majority in aggregate Original 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, with respect to the
Securities; provided, however, that

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

(2)           the Trustee may take any other action
deemed proper by the Trustee that is not inconsistent with such direction;

(3)           such direction is not unduly
prejudicial to the rights of Holders not taking part in such direction; and

(4)           such direction would not subject the
Trustee to personal liability, as the Trustee, upon being advised by counsel,
shall reasonably determine.

Section 4.13           Waiver of Past Defaults. 
The Holders of at least a majority in aggregate Original Principal Amount
of the outstanding Securities may on behalf of the Holders of all the
Securities by notice to the Trustee waive any past default hereunder with
respect to such Securities and its consequences, except a Default:

(1)           which is an Event of Default described
in Section 4.1(a), (b) or (c); or

 27
 

(2)           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.

Upon any such waiver, such Default shall cease to exist,
and any Event of Default arising therefrom shall be deemed to have been cured,
for every purpose of this Indenture, and the Company, the Trustee and Holders
shall be restored to their former positions and rights hereunder, respectively;
but no such waiver shall extend to any subsequent or other Default or impair
any right consequent thereon.

Section 4.14           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 in 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 4.14 shall not apply to any suit instituted
by the Company, to any suit instituted by the Trustee, to any suit instituted
by any Holder, or group of Holders, holding in the aggregate more than 10% in
Original Principal Amount of the outstanding Securities, or to any suit
instituted by any Holder pursuant to Section 4.8.  This Section 4.14 shall be in lieu of Section
315(e) of the TIA and such Section 315(e) is hereby expressly excluded from
this Indenture, as permitted by the TIA.

Section 4.15           Waiver of Stay or Extension Laws.  The Company covenants (to the extent that it
may lawfully do so) that it will not at any time insist upon, plead or in any
manner whatsoever claim or take the benefit or advantage of, any stay or
extension law wherever enacted, now or at any time hereafter in force, which
would prohibit or forgive the Company from paying all or any portion of the
Accreted Principal Amount, Redemption Price, Purchase Price or Change in
Control Purchase Price or interest, if any, in respect of Securities, as
contemplated herein, or which may affect the covenants or the performance of
this Indenture; and the Company (to the extent that it may lawfully do so)
hereby expressly waives all benefit or advantage of any such law and covenants
that it will not hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such
power as though no such law had been enacted.

ARTICLE V

THE TRUSTEE

Section 5.1             Duties of Trustee.  (a)  If
an Event of Default has occurred and is continuing, the Trustee shall exercise
the rights and powers vested in it by this Indenture and use the same degree of
care and skill in its exercise as a prudent Person would exercise or use under
the circumstances in the conduct of such Person’s own affairs.

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

 28
 

(1)           the Trustee need perform only those
duties that are specifically set forth in this Indenture and no others; and

(2)           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. However, in case of any such certificates or opinions which by
provision hereof are specifically required to be furnished to the Trustee, the
Trustee shall examine the certificates and opinions to determine whether or not
they conform to the requirements of this Indenture (but need not confirm or
investigate the accuracy of mathematical calculations or other facts stated
therein).

This Section 5.1(b) shall be in lieu of Section 315(a)
of the TIA and such Section 315(a) is hereby expressly excluded from this
Indenture, as permitted by the TIA.

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

(1)           this paragraph (c) does not limit the
effect of paragraph (b) of this Section 5.1;

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

(3)           the Trustee shall not be liable with
respect to any action it takes or omits to take in good faith in accordance
with a direction received by it pursuant to Section 4.12.

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

(d)   Every
provision of this Indenture that in any way relates to the Trustee is subject
to paragraphs (a), (b), (c) and (e) of this Section 5.1.

(e)   The
Trustee may refuse to perform any duty or exercise any right or power or extend
or risk its own funds or otherwise incur any financial liability unless it
receives indemnity satisfactory to it against any loss, liability and expense.

(f)    Money
held by the Trustee in trust hereunder need not be segregated from other funds
except to the extent required by law. 
The Trustee (acting in any capacity hereunder) shall be under no
liability for interest on any money received by it hereunder unless otherwise
agreed in writing with the Company.

Section 5.2             Rights of Trustee. 
The following are rights of the Trustee, subject to the Trustee’s duties
and responsibilities under the TIA:

 29
 

(a)   the
Trustee may conclusively rely on any document believed by it to be genuine and
to have been signed or presented by the proper Person.  The Trustee need not investigate any fact or
matter stated in the document;

(b)   before
the Trustee acts or refrains from acting, it may require an Officers’
Certificate or an Opinion of Counsel. 
The Trustee shall not be liable for any action it takes or omits to take
in good faith in reliance on such Officers’ Certificate or Opinion of Counsel;

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

(d)   subject
to the provisions of Section 5.1(c), the Trustee shall not be liable for any
action it takes or omits to take in good faith which it believes to be
authorized or within its rights or powers;

(e)   the
Trustee may consult with counsel selected by it and any advice or Opinion of
Counsel shall be full and complete authorization and protection in respect of
any action taken or suffered or omitted by it hereunder in good faith and in
accordance with such advice or Opinion of Counsel;

(f)    the
Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request, order or direction of any of the
Holders, pursuant to the provisions of this Indenture, unless such Holders
shall have offered to the Trustee security or indemnity satisfactory to it
against the costs, expenses and liabilities which may be incurred therein or
thereby;

(g)   the
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, other
evidence of indebtedness or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or
matters as it may see fit, and, if the Trustee shall determine to make such
further inquiry or investigation, it shall be entitled to examine the books,
records and premises of the Company, personally or by agent or attorney 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;

(h)   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;

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

(j)    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 

 30
 

enforceable by, the Trustee in each of its capacities hereunder, and to
each agent, custodian and other Person employed to act hereunder;

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

(l)    the
right of the Trustee to perform any discretionary act enumerated in this
Indenture shall not be construed as a duty, and the Trustee shall not be
answerable for other than its negligence or willful misconduct in the
performance of such act.

Section 5.3             Individual Rights of Trustee.  The Trustee in its individual or any other
capacity may become the owner or pledgee of Securities and may otherwise deal
with the Company or its Affiliates with the same rights it would have if it
were not Trustee.  Any Paying Agent,
Registrar, Conversion Agent or co-registrar may do the same with like rights.  However, the Trustee must comply with
Sections 5.9 and 5.10.

Section 5.4             Trustee’s Disclaimer. 
The Trustee makes no representation as to the validity or adequacy of
this Indenture or the Securities, it shall not be accountable for the Company’s
use or application of the proceeds from the Securities, it shall not be
responsible for any statement in the registration statement for the Securities
under the Securities Act or in the Indenture or the Securities (other than its
certificate of authentication), or the determination as to which beneficial
owners are entitled to receive any notices hereunder.

Section 5.5             Notice of Defaults. 
If a Default occurs and if it is known to the Trustee, the Trustee shall
give to each Holder notice of the Default within 90 days after it occurs unless
such Default shall have been cured or waived before the giving of such
notice.  Except in the case of a Default
described in Section 4.1(a), (b) or (c), the Trustee may withhold the
notice if and so long as a committee of its Responsible Officers in good faith
determines that withholding the notice is in the interests of Holders.  The second sentence of this Section 5.5 shall
be in lieu of the proviso to Section 315(b) of the TIA and such proviso is
hereby expressly excluded from this Indenture, as permitted by the TIA.

Section 5.6             Compensation and Indemnity. 
The Company agrees:

(a)   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 all services rendered by
it hereunder (which compensation shall not be limited (to the extent permitted
by law) by any provision of law in regard to the compensation of a trustee of
an express trust);

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

 31
 

(c)   to
fully indemnify the Trustee, its officers, employees and/or any predecessor
trustee and their agents for, and to hold them harmless against, any loss,
damage, claim, liability, cost or expense (including reasonable attorney’s fees
and expenses and taxes (other than taxes based upon, measured by or determined
by the income of the Trustee)) incurred without negligence or willful
misconduct on its part, arising out of or in connection with the acceptance or
administration of this trust, including the costs and expenses of defending
itself against any claim (whether asserted by the Company, any Holder or any
other Person) or liability in connection with the exercise or performance of
any of its powers or duties hereunder.

To secure the Company’s payment obligations in this
Section 5.6, the Trustee shall have a lien prior to the Securities on all money
or property held or collected by the Trustee, except that held in trust to pay
the Accreted Principal Amount, Redemption Price, Purchase Price, Change in
Control Purchase Price or interest, if any, as the case may be, on particular
Securities.

The Company’s payment obligations pursuant to this
Section 5.6 shall survive the discharge of this Indenture and resignation or
removal of the Trustee.  When the Trustee
incurs expenses after the occurrence of a Default specified in Section 4.1(f)
or (g), the expenses, including the reasonable fees and expenses of its
counsel, are intended to constitute expenses of administration under any
Bankruptcy Law.

Section 5.7             Replacement of Trustee. 
The Trustee may resign by so notifying the Company; provided,
however, no such
resignation shall be effective until a successor Trustee has accepted its
appointment pursuant to this Section 5.7. 
The Holders of a majority in aggregate Original Principal Amount of the
Securities at the time outstanding may remove the Trustee by so notifying the
Trustee and the Company.  The Company
shall remove the Trustee if:

(a)   the
Trustee fails to comply with Section 5.9;

(b)   the
Trustee is adjudged bankrupt or insolvent;

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

(d)   the
Trustee otherwise becomes incapable of acting.

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

A successor Trustee shall deliver a written acceptance
of its appointment to the retiring Trustee and to the Company satisfactory in
form and substance to the retiring Trustee and the Company.  Thereupon the resignation or removal of the
retiring Trustee shall become effective, and the successor Trustee shall have
all the rights, powers and duties of the Trustee under this Indenture.  The successor Trustee shall mail a notice of
its succession to the Holders.  The
retiring Trustee shall upon payment of its charges by the Company hereunder
promptly transfer all property held by it as Trustee to the successor Trustee,
subject to the lien provided for in Section 5.6.

 32
 

If a successor Trustee does not take office within 30
days after the retiring Trustee resigns or is removed, the retiring Trustee (at
the expense of the Company), the Company or the Holders of a majority in
aggregate Original Principal Amount of the Securities at the time outstanding
may petition at the expense of the Company any court of competent jurisdiction
for the appointment of a successor Trustee.

If the Trustee fails to comply with Section 5.9, any
Holder may petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor Trustee.

Section 5.8             Successor Trustee by Merger. 
If the Trustee consolidates with, merges or converts into, or transfers
all or substantially all its corporate trust business or assets to another
corporation, the resulting, surviving or transferee corporation without any
further act shall be the successor Trustee.

Section 5.9             Eligibility; Disqualification.  The Trustee shall at all times satisfy the
requirements of TIA Sections 310(a)(1) and 310(b).  The Trustee shall have a combined capital and
surplus of at least $50,000,000 as set forth in its most recent published
annual report of condition.  Nothing
herein contained shall prevent the Trustee from filing with the Commission the
application referred to in the penultimate paragraph of TIA Section 310(b).

Section 5.10           Preferential Collection of Claims Against Company.  The Trustee shall comply with TIA Section
311(a), excluding any creditor relationship listed in TIA Section 311(b).  A Trustee who has resigned or been removed
shall be subject to TIA Section 311(a) to the extent indicated therein.

Section 5.11           Appointment of Authenticating Agent.  In connection with the issuance of the
Securities and at any time when any of the Securities remain outstanding the
Trustee, with the concurrence of the Company, may appoint an authenticating
agent or agents (each, an “Authenticating Agent”) which shall be
authorized to act on behalf of the Trustee to authenticate such Securities, and
Securities so authenticated shall be entitled to the benefits of this Indenture
and shall be valid and obligatory for all purposes as if authenticated by the
Trustee hereunder.  Whenever reference is
made in this Indenture to the authentication and delivery of Securities by the
Trustee or to the Certificate of Authentication, such reference shall be deemed
to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a Certificate of Authentication executed on behalf of
the Trustee by an Authenticating Agent. 
Each Authenticating Agent shall be acceptable to the Company and shall
at all times be a bank or trust company organized and doing business under the
laws of the United States of America, any State thereof or the District of
Columbia, authorized under such laws to act as Authenticating Agent, having a
combined capital and surplus of not less than $50,000,000 and subject to
supervision or examination by Federal, State or District of Columbia
authority.  If such Authenticating Agent
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 5.11, the combined capital and surplus of such Authenticating
Agent shall be deemed to be its combined capital and surplus as set forth in
its most recent report of condition so published.  If at any time an Authenticating Agent shall
cease to be eligible in accordance with the provisions of this Section, such
Authenticating Agent shall resign immediately in the manner and with the effect
specified in this Section 5.11.

 33

Any bank or trust company into which an Authenticating
Agent may be merged or converted or with which it may be consolidated, or any
bank or trust company resulting from any merger, conversion or consolidation to
which such Authenticating Agent shall be a party, or any bank or trust company
succeeding to the corporate agency or corporate trust business of an
Authenticating Agent, shall continue to be an Authenticating Agent, provided
such bank or trust company shall be otherwise eligible under this Section 5.11,
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 5.11, the Trustee may appoint a
successor Authenticating Agent which shall be acceptable to the Company and
shall mail written notice of such appointment by first-class mail, postage
prepaid, to all Holders of Securities of the series with respect to which such
Authenticating Agent will serve, as their names and addresses appear in the
Security Register.  Any successor
Authenticating Agent, upon acceptance of its appointment hereunder, shall
become vested with all the rights, powers and duties of its predecessor
hereunder, with like effect as if originally named as an Authenticating
Agent.  No successor Authenticating Agent
shall be appointed unless eligible under the provisions of this Section 5.11.

The Company agrees to pay to each Authenticating Agent
from time to time, reasonable compensation for its services under this Section
5.11.

The Company and the Trustee hereby agree to the
appointment of U.S. Bank Trust, and U.S. Bank Trust agrees to be appointed, as
Authenticating Agent.

ARTICLE VI

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

Section 6.1             Company to Furnish Trustee Information as to Names and Addresses of
Holders.  The Company
covenants and agrees that it will furnish or cause to be furnished to the
Trustee:

(a)   Semi-annually,
not later than June 1 and December 1 in each year, commencing June 1, 2007, a
list, in such form as the Trustee may reasonably require, of the names and
addresses of the Holders as of a date not more than 15 days prior to the time
such list is furnished and

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

provided, however, that if the Trustee becomes the
Registrar, no such list shall be required to be furnished.

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Section 6.2             Preservation of Information; Communications to Holders.  (a) 
The Trustee shall preserve, in as current a form as is reasonably
practicable, all information as to the names and addresses of the Holders of
Securities contained in the most recent list furnished to it as provided in
Section 6.1.

The Trustee may destroy any list furnished to it as
provided in Section 6.1 upon receipt of a new list so furnished.

(b)   In
case three or more Holders of Securities (hereinafter called “applicants”)
apply in writing to the Trustee, and furnish to the Trustee reasonable proof
that each such applicant has owned a Security of such series for a period of at
least six months preceding the date of such application, and such application
states that the applicants desire to communicate with other Holders of
Securities with respect to their rights under this Indenture or under the
Securities, and is accompanied by a copy of the form of proxy or other
communication which such applicants propose to transmit, then the Trustee
shall, within five Business Days after the receipt of such application, at its
election, either

(1)           afford such applicants access to the
information preserved at the time by the Trustee in accordance with the
provisions of subsection (a) of this Section 6.2, or

(2)           inform such applicants as to the
approximate number of Holders of Securities of such series or of all series, as
the case may be, whose names and addresses appear in the information preserved
at the time by the Trustee in accordance with the provisions of subsection (a)
of this Section 6.2, and as to the approximate cost of mailing to such Holders
the form of proxy or other communication, if any, specified in such
application.

If the Trustee shall elect not to afford such
applicants access to such information, the Trustee shall, upon the written
request of such applicants, mail to each Holder of Securities whose name and
address appear in the information preserved at the time by the Trustee in
accordance with the provisions of subsection (a) of this Section 6.2, a copy of
the form of proxy or other communication which is specified in such request,
with reasonable promptness after a tender to the Trustee of the material to be
mailed and of payment, or provision for the payment, of the reasonable expenses
of mailing, unless within five days after such tender the Trustee shall mail to
such applicants and file with the Commission, together with a copy of the
material to be mailed, a written statement to the effect that, in the opinion
of the Trustee, such mailing would be contrary to the best interests of the
Holders of Securities, or would be in violation of applicable law.  Such written statement shall specify the
basis of such opinion.  If the
Commission, after opportunity for a hearing upon the objections specified in
the written statement so filed, shall enter an order refusing to sustain any of
such objections or if, after the entry of an order sustaining one or more of
such objections, the Commission shall find, after notice and opportunity for
hearing, that all the objections so sustained have been met and shall enter an order
so declaring, the Trustee shall mail copies of such material to all such
Holders with reasonable promptness after the entry of such order and the
renewal of such tender; otherwise the Trustee shall be relieved of any
obligation or duty to such applicants respecting their application.

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(c)   Each
and every Holder of Securities, by receiving and holding the same, agrees with
the Company and the Trustee that neither the Company nor the Trustee or any
Registrar, any Paying Agent or any Conversion Agent shall be held accountable
by reason of the disclosure of any such information as to the names and
addresses of the Holders in accordance with the provisions of subsection (b) of
this Section 6.2, regardless of the source from which such information was
derived, and that the Trustee shall not be held accountable by reason of
mailing any material pursuant to a request made under said subsection (b).

Section 6.3             Reports by Trustee. 
Within 60 days after each May 15 beginning with May 15, 2007, the
Trustee shall mail to each Holder and the Company a brief report dated as of
such May 15 that complies with TIA Section 313(a), if required by such Section
313(a).  The Trustee also shall comply
with TIA Section 313(b).

A copy of each report at the time of its mailing to Holders
shall be filed by the Company with the Commission and each securities exchange,
if any, on which the Securities are then listed.  The Company agrees to promptly notify the
Trustee whenever the Securities become listed on any securities exchange and of
any delisting thereof.

Section 6.4             Reports by Company. 
The Company shall file with the Trustee, within 15 days after it files
such annual and quarterly reports, information, documents and other reports
with the Commission, copies of its annual report and of the information,
documents and other reports (or copies of such portions of any of the foregoing
as the Commission may by rules and regulations prescribe) which the Company is
required to file with the Commission pursuant to Section 13 or 15(d) of
the Exchange Act.  In the event the
Company is at any time no longer subject to the reporting requirements of
Section 13 or 15(d) of the Exchange Act, it shall continue to provide the
Trustee with reports containing substantially the same information as would
have been required to be filed with the Commission had the Company continued to
have been subject to such reporting requirements.  In such event, such reports shall be provided
at the times the Company would have been required to provide reports had it continued
to have been subject to such reporting requirements.  The Company also shall comply with the other
provisions of TIA Section 314(a).

Delivery of such reports, information and documents to
the Trustee is for informational purposes only and the Trustee’s receipt of
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 Officers’ Certificates).

If at any time while any of the Securities are “restricted
securities” within the meaning of Rule 144, the Company is no longer
subject to the reporting requirements of Section 13 or 15(d) of the
Exchange Act, the Company will prepare and will furnish to any Holder, any
beneficial owner of Securities and any prospective purchaser of Securities
designated by a Holder or a beneficial owner of Securities, promptly upon
request, the information required pursuant to Rule 144A(d)(4) (or any
successor thereto) under the Securities Act in connection with the offer, sale
or transfer of Securities.

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ARTICLE VII

CONSOLIDATION, MERGER, SALE OR CONVEYANCE

Section 7.1             Consolidations and Mergers of Company Permitted Subject to Certain
Conditions.  The Company shall
not consolidate with or merge into any other Person or convey, transfer or
lease all or substantially all of its properties and assets to any Person,
unless:

(a)   either
(1) the Company shall be the continuing corporation or (2) the Person (if other
than the Company) formed by such consolidation or into which the Company is
merged or the Person that acquires by conveyance, transfer or lease all or
substantially all of the properties and assets of the Company (i) shall be duly
incorporated and validly existing under the laws of the United States or any
State thereof or the District of Columbia and (ii) shall expressly assume, by
an indenture supplemental hereto, executed and delivered to the Trustee, in
form reasonably satisfactory to the Trustee, all of the obligations of the
Company under the Securities and this Indenture;

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

(c)   if,
as a result of such transaction, the Securities become convertible into Common
Stock or other securities issued by a third party, such third party fully and
unconditionally guarantees all obligations of the Company or such successor
under the Securities, this Indenture and the Registration Rights Agreement; and

(d)   the
Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that such consolidation, merger, conveyance,
transfer or lease and, if a supplemental indenture is required in connection
with such transaction, such supplemental indenture, comply with this
Article VII and that all conditions precedent herein provided for relating
to such transaction have been satisfied.

For purposes of the foregoing, the transfer (by lease,
assignment, sale or otherwise) of the properties and assets of one or more
Subsidiaries (other than to the Company or another Subsidiary), which, if such
assets were owned by the Company, would constitute all or substantially all of
the properties and assets of the Company, shall be deemed to be the transfer of
all or substantially all of the properties and assets of the Company.

The successor Person formed by such consolidation or
into which the Company is merged or the successor Person 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 had been named as the Company herein;
and thereafter, except in the case of a lease and obligations the Company may
have under a supplemental indenture pursuant to Section 11.11, the Company
shall be discharged from all obligations and covenants under this Indenture and
the Securities.  Subject to Section 8.3,
the Company, the Trustee and the successor Person shall enter into a
supplemental indenture to evidence the succession and substitution of such
successor Person and such discharge and release of the Company.

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Section 7.2             Rights and Duties of Successor Corporation.  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 of the properties and assets of the Company
in accordance with Section 7.1, the successor Person formed by such
consolidation or into which the Company is merged or to which such conveyance,
transfer or lease is made shall succeed to, and be substituted for, and may
exercise every right and power of, 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.

ARTICLE VIII

SUPPLEMENTAL INDENTURES

Section 8.1             Supplemental Indentures Without Consent of Holders.  The Company, when authorized by a Board
Resolution, and the Trustee may from time to time and at any time enter into an
indenture or indentures supplemental hereto (which shall conform to the
provisions of the TIA as in force at the date of the execution thereof) for one
or more of the following purposes:

(1)           to evidence the succession of another
corporation to the Company, or successive successions, and the assumption by
the successor corporation of the covenants, agreements and obligations of the
Company under this Indenture;

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

(3)           to cure any ambiguity, omission,
defect or inconsistency herein, to correct or supplement any provision herein
or in any supplemental indenture that may be defective or inconsistent with any
other provision herein or in any supplemental indenture, or to make such other
provisions with respect to matters or questions arising under this Indenture;
provided such action shall not adversely affect the interests of the Holders of
Securities in any material respect;

(4)           to evidence and provide for the
acceptance of appointment hereunder by a successor Trustee with respect to the
Securities and to add to or change any of the provisions of this Indenture as
shall be necessary to provide for or facilitate the administration of the trust
hereunder;

(5)           to add any additional Events of
Default for the benefit of the Holders of Securities;

(6)           to add to or change any of the
provisions of this Indenture to such extent as shall be necessary to permit or
facilitate the issuance of Securities in definitive form, registrable or not
registrable as to principal, and to provide for exchangeability of such
Securities with Securities issued hereunder in fully registered form;

 38
 

(7)           to secure the Securities; and

(8)           to comply with any requirement of the
Commission in connection with the qualification of this Indenture under the
TIA.

Any amendment described in
clause (3) above made solely to conform this Indenture to the final offering
memorandum provided to investors in connection with the initial offering of the
Securities by the Company will not be deemed to adversely affect the interests
of Holders of Securities in any respect.

The Trustee is hereby authorized to join with the
Company in the execution of any such supplemental indenture, to make any
further appropriate agreements and stipulations which may be therein contained
and to accept the conveyance, transfer, assignment, mortgage or pledge of any
property thereunder.

Any supplemental indenture authorized by the
provisions of this Section 8.1 may be executed by the Company and the
Trustee without the consent of the Holders of any of the outstanding
Securities, notwithstanding any of the provisions of Section 8.2.

Section 8.2             Supplemental Indentures with Consent of Holders.  With the consent of the Holders of at least a
majority in Original Principal Amount of the outstanding Securities, by Act of
said Holders delivered to the Company and the Trustee, the Company, when
authorized by a Board Resolution, and the Trustee may from time to time and at
any time enter into an indenture or indentures supplemental hereto (which shall
conform to the provisions of the TIA as in force at the date of execution
thereof) for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Indenture or of any supplemental
indenture or of modifying in any manner the rights of the Holders of
Securities; provided, however, that no such
supplemental indenture shall:

(1)           change, in an adverse manner, the
rights of the Holders of the Securities to convert the Securities;

(2)           change, in an adverse manner, the
rights of the Holders of the Securities to require the Company to repurchase
their Securities on specific dates pursuant to Article XII or upon a Change in
Control pursuant to Article XIII;

(3)           change the maturity of any payment of
principal of, or any installment of interest, if any, on the Securities, or
reduce the Original Principal Amount or the Accreted Principal Amount thereof
or alter the manner or rate of accretion of principal or the manner or rate of
accrual of interest, if any, or any premium thereon, or change the place of
payment where, or the coin or currency in which the Securities or any premium
or interest, if any, thereon is payable, or impair the right to institute suit
for the enforcement of any such payment on or after the Maturity thereof (or,
in the case of redemption or purchase, on or after the Redemption Date or the
Purchase Date or a Change in Control Purchase Date, as the case may be);

(4)           reduce the percentage in aggregate
Original Principal Amount of the outstanding Securities, the consent of whose
Holders is required for any such 

 39
 

modification,
or the consent of whose Holders is required for any waiver of compliance with
the provisions of this Indenture or for any waiver of an Event of Default; or

(5)           modify this Section 8.2, except
to increase any percentages required for approval or to provide that certain
other provisions of this Indenture cannot be modified or waived without the consent
of the Holder of each outstanding Security affected thereby.

Upon the request of the Company accompanied by a copy
of a Board Resolution authorizing the execution of any such supplemental
indenture, and upon the filing with the Trustee of evidence of the consent of
Holders as aforesaid, the Trustee shall join with the Company in the execution
of such supplemental indenture.  It shall
not be necessary for any Act of Holders under this Section to approve the particular
form of any proposed supplemental indenture, but it shall be sufficient if such
Act shall approve the substance thereof.

Section 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 be provided with, and (subject to Section 5.1) shall be fully
protected in relying upon, an Officers’ Certificate and an Opinion of Counsel
stating that the execution of such supplemental indenture is authorized or
permitted by this Indenture.  The Trustee
may, but shall not be obligated to, enter into any such supplemental indenture
which affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise.

Section 8.4             Effect of Supplemental Indentures.  Upon the execution of any supplemental
indenture pursuant to the provisions of this Article, this Indenture shall be
and be deemed to be modified and amended in accordance therewith, and the
respective rights, limitations of rights, obligations, duties and immunities
under this Indenture of the Trustee, the Company and the Holders shall
thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions
of any such supplemental indenture shall be and be deemed to be part of the
terms and conditions of this Indenture for any and all purposes.

Section 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 Trustee and the
Company, to any such supplemental indenture may be prepared and executed by the
Company and authenticated and delivered by the Trustee in exchange for
outstanding Securities.

ARTICLE IX

COVENANTS OF THE COMPANY

Section 9.1             Payment of Principal, Premium and Interest.  The Company covenants and agrees that it will
duly and punctually pay or cause to be paid all payments in respect of the 

 40
 

Securities in accordance
with the terms of the Securities and this Indenture.  Any amounts to be given to the Trustee or
Paying Agent shall be deposited with the Trustee or Paying Agent by
12:00 P.M., New York City time by the Company at the latest on the day
such payment is due.  Accreted Principal
Amount, Redemption Price, Purchase Price, Change in Control Purchase Price and
interest, if any, shall be considered paid on the applicable date due if on
such date (or, in the case of a Purchase Price or Change in Control Purchase
Price, on the Business Day following the applicable Purchase Date or Change in
Control Purchase Date, as the case may be) the Trustee or the Paying Agent
holds, in accordance with this Indenture, money or securities, if permitted
hereunder, sufficient to pay all such amounts then due.  The Company further covenants to pay any and
all amounts, including, without limitation, Liquidated Damages, as may be
required pursuant to the Registration Rights Agreement.

Section 9.2             Maintenance of Office or Agency.  The Company shall maintain an office or
agency of the Trustee, where notices and demands to or upon the Company in
respect of the Securities and this Indenture may be served.  The office of the Trustee at its Corporate
Trust Office shall initially be such office or agency for said purpose.  The Company shall maintain an office or agency of the Registrar, Paying
Agent and Conversion Agent where the Securities may be presented or surrendered
for payment, where the Securities may be surrendered for registration of
transfer or exchange and where the Securities may be surrendered for purchase,
redemption or conversion.  The office of
U.S. Bank Trust at the Registrar, Paying Agent and Conversion Agent Office
shall initially be such office or agency for all of the aforesaid
purposes.  The Company will give
prompt written notice to the Trustee of the location, and any change in the
location, of such offices or agency.  If
at any time the Company shall fail to maintain any such required office or agency
or shall fail to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee, and the Company hereby appoints the
Trustee as its agent to receive all such presentations, surrenders, notices and
demands.

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

Section 9.3             Money for Securities Payments to Be Held in Trust.  If the Company shall at any time act as its
own Paying Agent with respect to the Securities, it will, on or before each due
date of the Accreted Principal Amount, Redemption Price, Purchase Price, Change
in Control Purchase Price and interest, if any, on any of the Securities,
segregate and hold in trust for the benefit of the Persons entitled thereto a
sum sufficient to pay such sums so becoming due until such sums shall be paid
to such Persons or otherwise disposed of as herein provided.  The Company will promptly notify the Trustee
of any failure by the Company to take such action or failure so to act.

Whenever the Company shall have one or more Paying
Agents for the Securities, it will, on or prior to each due date of the
Accreted Principal Amount, Redemption Price, Purchase Price, Change in Control
Purchase Price and interest, if any, on any Securities, deposit with a Paying
Agent a sum sufficient to pay such amounts so becoming due, such sum to be held
in 

 41
 

trust for the benefit of the Persons entitled to such
amounts, and the Company will promptly notify the Trustee of its action or
failure so to act.

The Company will cause each Paying Agent, other than
the Trustee (should the Trustee ever become a Paying Agent), 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 9.3, that such
Paying Agent will:

(1)           hold all sums held by it for the
payment of the Accreted Principal Amount, Redemption Price, Purchase Price,
Change in Control Purchase Price and interest, if any, on the Securities
(whether such sums have been paid to it by the Company or by any other obligor
on the Securities) in trust for the benefit of the Persons entitled thereto;

(2)           give the Trustee notice of any
failure by the Company (or any other obligor upon the Securities) to make any
payment of the Accreted Principal Amount, Redemption Price, Purchase Price,
Change in Control Purchase Price and interest, if any, on the Securities when
the same shall be due and payable; and

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

Anything in this Section to the contrary
notwithstanding, the Company may, at any time, for the purpose of obtaining
satisfaction and discharge of this Indenture, or for any other reason, 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.

Section 9.4             Compliance Certificate. 
The Company will deliver to the Trustee, on or before a date not more
than 120 days after the end of each fiscal year beginning in the fiscal year
2006, an Officers’ Certificate, one of the signers of which shall be the
principal financial, principal accounting or principal executive officer of the
Company, stating, as to each officer signing such certificate, whether or not
to the best of his knowledge the Company is in default in the performance and
observance of any of the terms, provisions and conditions hereof (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 thereof of which he may have knowledge.

Section 9.5             Calculation of Certain Amounts.  The Company shall file with the Trustee,
within 30 days following the end of each calendar year, a written notice
specifying (a) the amount of Tax Original Issue Discount (including the daily
rates and accrual periods) accrued on outstanding Securities as of the end of
such year and (b) such other specific information relating to such Tax Original
Issue Discount as may then be relevant under the Internal Revenue Code of 1986,
as amended from time to time.

 42
 

Section 9.6             Further Instruments and Acts.  The Company will execute and deliver such
further instruments and do such further acts as may be reasonably necessary or
proper or as the Trustee may request to carry out more effectively the purposes
of this Indenture.

ARTICLE X

REDEMPTION OF SECURITIES

Section 10.1           Right to Redeem; Notices to Trustee.  The Company, at its option, may redeem the
Securities at any time on or after February 6, 2008.  If the Company elects to redeem Securities
pursuant to the applicable provisions of the Securities, it shall notify the
Trustee in writing of the Redemption Date, the Accreted Principal Amount of
Securities to be redeemed, the Redemption Price, the percentage of the Daily
Share Amount that will be settled in cash, if any, and the Conversion Value.

The Company shall give the notice to the Trustee
provided for in this Section 10.1 by a Company Order, at least 30 days
before the Redemption Date.

Section 10.2           Selection of Securities to Be Redeemed.  If less than all the Securities are to be
redeemed, the Registrar shall select the Securities to be redeemed pro rata or
by lot or by any other method the Registrar considers fair and appropriate (so
long as such method is not prohibited by the rules of any stock exchange on
which the Securities are then listed). 
The Registrar shall make the selection at least 15 days but not more
than 60 days before the Redemption Date from outstanding Securities not previously
called for redemption.  The Registrar may
select for redemption portions of the Original Principal Amount of Securities
that have denominations larger than $1,000. 
Securities and portions of Securities the Registrar selects shall be in
Original Principal Amounts of $1,000 or an integral multiple of $1,000.  Provisions of this Indenture that apply to
Securities called for redemption also apply to portions of Securities called
for redemption.  The Registrar shall
notify the Company promptly of the Securities or portions of Securities to be
redeemed.

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 which have been converted during a selection of Securities to be
redeemed may be treated by the Registrar as outstanding for the purpose of such
selection.

Section 10.3           Notice of Redemption. 
At least 30 days but not more than 60 days before a Redemption Date, the
Company shall mail a notice of redemption by first-class mail, postage prepaid,
to each Holder of Securities to be redeemed.

The notice shall identify the Securities to be
redeemed and shall at a minimum state:

(a)   the
Redemption Date;

(b)   the
Redemption Price, or if then not ascertainable, the manner of calculation
thereof, and accrued and unpaid interest, if any, payable on the Redemption
Date;

 43
 

(c)   the
percentage of the Daily Share Amount that will be settled in cash, if any;

(d)   the
dates and manner in which the Conversion Value shall be calculated;

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

(f)    that
Securities called for redemption may be converted at any time before 5:00 P.M.,
New York City time, on the Business Day immediately preceding the Redemption
Date;

(g)   that
Holders who want to convert Securities must satisfy the requirements set forth
in the applicable provisions of the Securities;

(h)   that
Securities called for redemption must be surrendered to the Paying Agent to
collect the Redemption Price;

(i)    if
fewer than all the outstanding Securities are to be redeemed, the certificate
number and Original Principal Amounts of the particular Securities to be
redeemed;

(j)    that,
unless the Company defaults in making payment of such Redemption Price,
principal on the Securities called for redemption will cease to accrete and
interest, if any, will cease to accrue on and after the Redemption Date; and

(k)   the
CUSIP number of the Securities.

At the Company’s request, the Trustee shall give the
notice of redemption in the Company’s name and at the Company’s expense,
provided that the Company makes such request at least three Business Days prior
to such notice of redemption.

Section 10.4           Effect of Notice of Redemption.  Once notice of redemption is given,
Securities called for redemption become due and payable on the Redemption Date
and at the Redemption Price stated in the notice except for Securities which
are converted in accordance with the terms of this Indenture.  Upon surrender to the Paying Agent, such
Securities shall be paid at the Redemption Price stated in the notice.

Section 10.5           Deposit of Redemption Price. 
Prior to 12:00 P.M., New York City time on the Redemption Date, the
Company shall deposit with the Paying Agent (or if the Company or a Subsidiary
or an Affiliate of either of them is the Paying Agent, shall segregate and hold
in trust) money sufficient to pay the Redemption Price, together with interest,
if any, accrued and unpaid to the Redemption Date, of all Securities to be
redeemed on that date other than Securities or portions of Securities called
for redemption which on or prior thereto have been delivered by the Company to
the Trustee for cancellation or have been converted.

Section 10.6           Securities Redeemed in Part. 
Upon surrender of a Security that is redeemed in part, the Company shall
execute and the Trustee shall authenticate and deliver to the Holder a new
Security in an authorized denomination equal in Original Principal Amount to
the unredeemed portion of the Security surrendered.

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ARTICLE XI

CONVERSION

Section 11.1           Conversion Rights. 
The Securities shall be convertible at any time on or prior to February
6, 2037, in accordance with their terms and in accordance with and subject to
this Article XI into cash and a number of shares, if any, of Common Stock per
$1,000 Original Principal Amount of Securities surrendered for conversion,
subject to the right of the Company to deliver cash in lieu of all or a portion
of such shares of Common Stock, together with any payment for fractional
shares, as described below.

In respect of each $1,000 Original Principal Amount of
Securities surrendered for conversion, the Company will deliver (1) cash in an
amount equal to the lesser of (i) the Accreted Principal Amount of such
Security as of the Conversion Date and (ii) the Conversion Value and (2) if the
Conversion Value is greater than the Accreted Principal Amount of such Security
as of the Conversion Date, a number of shares of Common Stock equal to the sum
of the Daily Share Amounts for each of the ten consecutive Trading Days in the
applicable Conversion Reference Period, subject to the right of the Company to
deliver cash in lieu of all or a portion of such shares of Common Stock
pursuant to Section 11.2.

Section 11.2           Cash Settlement.  On
any day prior to the first Trading Day of the applicable Conversion Reference
Period, the Company may specify a percentage of the Daily Share Amount that
will be settled in cash (the “Cash Percentage”) by delivering a written
notice to the Conversion Agent setting forth such percentage.  If the Company elects to specify a Cash
Percentage, the amount of cash that it will deliver in respect of each Trading
Day in the applicable Conversion Reference Period will equal the product of (i)
the Cash Percentage, (ii) the Daily Share Amount for such Trading Day and (iii)
the Closing Sale Price of the Common Stock for such Trading Day.  The number of shares of Common Stock
deliverable in respect of each Trading Day in the applicable Conversion
Reference Period will be a percentage of the Daily Share Amount equal to 100%
minus the Cash Percentage.  If the
Company does not specify a Cash Percentage by the start of the applicable
Conversion Reference Period, the Company must settle 100% of the Daily Share
Amount for each Trading Day in the applicable Conversion Reference Period with
shares of Common Stock; provided, however, that the Company will pay cash
in lieu of fractional shares otherwise issuable upon conversion of such
Security.

Section 11.3           Conversion Procedures. 
To convert a Security, a Holder must (a) complete and manually sign
the notice on the back of the Security which states that such Holder wishes to
convert a Security (the “Conversion Notice”) or a facsimile of the
Conversion Notice and deliver such notice to a Conversion Agent,
(b) surrender the Security to a Conversion Agent, (c) furnish
appropriate endorsements and transfer documents if required by the Registrar or
a Conversion Agent and (d) pay any transfer or similar tax, if
required.  The date on which such Holder
satisfies the foregoing requirements is the “Conversion Date.”

As soon as practicable following the end of the
applicable Conversion Reference Period, the Company shall deliver to the
Holder, through the Conversion Agent, the amount of cash due to a Holder upon
conversion, together with a certificate for the number of shares of Common
Stock, if any, then due and any cash payment for fractional shares pursuant to
Section 11.4.  

 45
 

Anything herein to the contrary notwithstanding, in
the case of Global Securities, Conversion Notices may be delivered and such
Securities may be surrendered for conversion in accordance with the applicable
procedures of the Depositary as in effect from time to time.  The Person in whose name the Common Stock
certificate, if any, is registered shall be deemed to be a shareholder of
record at the close of business on the date on which the applicable Conversion
Value is determined with respect to the applicable Conversion Reference Period;
provided, however,
that no surrender of a Security on any date when the stock transfer books of
the Company are closed shall be effective to constitute the Person or Persons
entitled to receive the shares of Common Stock, if any, upon such conversion as
the record holder or holders of such shares of Common Stock on such date.

No payment or adjustment shall be made for dividends
on, or other distributions with respect to, any Common Stock except as provided
in this Article.  On conversion of a
Security prior to February 6, 2032, except as provided below in the case of
certain Securities or portions thereof called for redemption, that portion of
accrued and unpaid interest, if any, on the converted Security attributable to
the period from the most recent Interest Payment Date (or, if no Interest
Payment Date has occurred, from the Issue Date) through the Conversion Date
shall not be canceled, extinguished or forfeited, but rather shall be deemed to
be paid in full to the Holder thereof through the delivery of cash and Common
Stock, if any, (together with the cash payment, if any, in lieu of fractional
shares), in exchange for the Security being converted pursuant to the provisions
hereof, and cash, together with the fair market value of such shares of Common
Stock, if any, (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, accrued through the Conversion Date
and the balance, if any, of such cash payment, together with the fair market
value of such Common Stock, if any, shall be treated as issued in exchange for
the Original Principal Amount of the Security being converted pursuant to the
provisions hereof.

On conversion of a Security
on or after February 7, 2032, the accretion of the principal amount
attributable to the period from and including February 6, 2032, through the
Conversion Date, including (except as provided below) accrued interest, if any,
with respect to the converted Security shall not be canceled, extinguished or
forfeited, but rather shall be deemed to be paid in full to the Holder thereof
through the delivery of cash and Common Stock, if any, (together with the cash
payment, if any, in lieu of fractional shares) in exchange for the Security
being converted pursuant to the provisions hereof; and the cash, together with
the fair market value of such shares, of Common Stock, if any, (together with
any such cash payment in lieu of fractional shares) shall be treated as issued,
to the extent thereof, first in exchange for the accretion of the principal
amount from the Issue Date through the Conversion Date and accrued interest, if
any, and the balance of any such cash payment and the fair market value of such
Common Stock, if any, shall be treated as issued in exchange for the Original
Principal Amount of the Security being converted pursuant to the provisions
hereof.

If a Holder converts more than one Security at the
same time, the cash payment and the number of shares, if any, of Common Stock
issuable upon the conversion shall be based on the aggregate Original Principal
Amount of Securities converted.

 46
 

Upon surrender of a Security that is converted in
part, the Company shall execute, and the Trustee shall authenticate and deliver
to the Holder, a new Security equal in Original Principal Amount to the
Original Principal Amount of the unconverted portion of the Security
surrendered.

If any Securities are converted after a Regular Record
Date but prior to the next succeeding Interest Payment Date, Holders of such
Securities at the close of business on such Regular Record Date shall receive
the interest payable on such Securities on the corresponding Interest Payment
Date notwithstanding the conversion. 
Such Securities, upon surrender for conversion, must be accompanied by
funds equal to the amount of interest payable on the Accreted Principal Amount
of the Securities so converted (unless the Company has specified a Redemption
Date or a Change in Control Purchase Date that occurs after a Regular Record
Date and on or prior to the Interest Payment Date to which it relates), in
which case no such payment shall be required. 
Notwithstanding anything to the contrary, if the Company specifies a
Redemption Date that is in the month of February 2008, such payment also shall
not be required upon the surrender of Securities for conversion after January
15, 2008 and prior to such Redemption Date.

Section 11.4           Fractional Shares.  The
Company shall not issue a fractional share of Common Stock upon conversion of a
Security.  Instead, the Company will
deliver cash for the current market value of the fractional share.  The current market value of a fractional
share of Common Stock shall be determined, to the nearest 1/1,000th of a share,
by multiplying the Closing Sale Price of one share of the Company’s Common
Stock in effect on the applicable date by the fractional amount and rounding
the product to the nearest whole cent.

Section 11.5           Taxes on Conversion.  If
a Holder converts a Security, the Company shall pay any documentary, stamp or
similar issue or transfer tax due on the issue of shares, if any, of Common
Stock upon such conversion.  However, the
Holder shall pay any such tax that is due because the Holder requests the
shares, if any, to be issued in a name other than the Holder’s name. The
Conversion Agent may refuse to deliver the certificate, if any, representing
the 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, if any, are to be issued in a name other than the Holder’s
name.  Nothing herein shall preclude any
tax withholding required by law or regulation.

Section 11.6           Company to Provide Common Stock. 
The Company shall, prior to the issuance of any Securities
under this Article, and from time to time as may be necessary, reserve, out of
its authorized but unissued Common Stock, a sufficient number of shares of
Common Stock to permit the conversion of all Securities outstanding into shares
of Common Stock assuming the Conversion Rate in effect.  Any shares of Common Stock delivered upon
conversion of the Securities shall be newly issued shares, shall be duly
authorized, validly issued, fully paid and nonassessable and shall be free from
preemptive rights and free of any lien or adverse claim.

The Company will endeavor promptly to comply with all
federal and state securities laws regulating the registration of the offer and
delivery of shares of Common Stock, if any, to a converting Holder upon
conversion of Securities.

 47
 

If any shares of Common Stock which would be issuable
upon conversion of Securities hereunder require registration with or approval
of any governmental authority before such shares or securities may be issued
upon such conversion, the Company will in good faith and as expeditiously as
possible endeavor to cause such shares or securities to be duly registered or
approved, as the case may be.  The
Company further covenants that so long as the Common Stock shall be listed on
The New York Stock Exchange, the Company will, if permitted by the rules of such exchange, list and keep listed all Common
Stock issuable upon conversion of the Securities, and the Company will endeavor
to list the shares of Common Stock required to be delivered upon conversion of
the Securities prior to such delivery upon any other national securities
exchange upon which the outstanding Common Stock is listed at the time of such
delivery.

Section 11.7           Adjustment
of Conversion Rate

(a)   In
case the Company shall, while any of the Securities are outstanding, (i) pay a
dividend or make a distribution with respect to its Common Stock in shares of
Common Stock, (ii) subdivide its outstanding shares of Common Stock, (iii)
combine its outstanding shares of Common Stock into a smaller number of shares
or (iv) issue by recapitalization or reclassification of its shares of Common
Stock any shares of Capital Stock of the Company, then the Conversion Rate in
effect immediately prior to such action shall be adjusted so that the Holders
of any Securities thereafter surrendered for conversion shall be entitled to
receive the number of shares of Capital Stock of the Company which such Holder
would have owned immediately following such action had such Securities been
converted immediately prior thereto.  An
adjustment made pursuant to this Section 11.7(a) shall become effective
immediately after the record date in the case of a dividend or other
distribution and shall become effective immediately after the effective date in
case of a subdivision, combination, recapitalization or reclassification (or
immediately after the record date if a record date shall have been established
for such event); provided, however, that in the event that such
dividend or distribution is not so paid or made, or such subdivision,
combination, recapitalization or reclassification is not effected, the
Conversion Rate shall again be adjusted to be the Conversion Rate which would
then be in effect but for such proposed transaction.  If, as a result of an adjustment made
pursuant to this Section 11.7(a), the Holder of any Security thereafter
surrendered for conversion shall become entitled to receive shares of two or
more classes or series of Capital Stock of the Company, the Board of Directors
(whose determination shall be conclusive and shall be described in a Board
Resolution filed with the Trustee) shall determine the allocation of the
adjusted Conversion Rate between or among shares of such classes or series of
Capital Stock.

(b)   In
case the Company shall, while any of the Securities are outstanding, issue
rights 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 of Common Stock on such record date, then
the Conversion Rate for the Securities shall be adjusted so that the same shall
equal the ratio determined by multiplying the Conversion Rate in effect
immediately prior to the date of issuance of such rights or warrants by a
fraction of which the numerator shall be the number of 

 48
 

shares of Common Stock outstanding on the date of issuance of such
rights or warrants plus the number of additional shares of Common Stock offered
for subscription or purchase, and of which the denominator shall be the number
of shares of Common Stock outstanding on the date of issuance of such rights or
warrants plus the number of shares which the aggregate offering price of the
total number of shares so offered for subscription or purchase would purchase
at such Current Market Price.  Such
adjustment shall become effective immediately after the record date for the
determination of shareholders entitled to receive such rights or warrants.  For the purposes of this Section 11.7(b), the
number of shares of Common Stock at any time outstanding shall not include
shares held in the treasury of the Company. 
The Company shall not issue any rights or warrants in respect of the
shares of Common Stock held in the treasury of the Company.  In case any rights or warrants referred to in
this Section 11.7(b) in respect of which an adjustment shall have been made
shall expire unexercised after the same shall have been distributed or issued
by the Company, the Conversion Rate shall be readjusted at the time of such
expiration to the Conversion Rate that would have been in effect if no
adjustment had been made in respect of such unexercised rights or warrants.  If the Company shall at any time issue two or
more securities as a unit and one or more of such securities shall be rights or
warrants for Common Stock subject to this Section 11.7(b), the consideration
allocated to each such security shall be determined in good faith by the Board
of Directors whose determination shall be conclusive and described in an
Officers’ Certificate filed with the Trustee.

(c)   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 or series
of its Capital Stock, cash or assets (including securities and shares of the
Company’s Subsidiaries, but excluding any dividend or distribution referred to
in Section 11.7(a), any rights or warrants referred to in Section 11.7(b), and
any dividend or distribution paid exclusively in cash described in Section
11.7(d)) then the Conversion Rate shall be increased so that the same shall
equal the ratio determined by multiplying the Conversion Rate in effect
immediately prior to the effectiveness of the Conversion Rate increase
contemplated by this Section 11.7(c) by a fraction of which the numerator shall
be the Current Market Price per share of Common Stock on the date fixed for the
payment of such distribution (the “Reference Date”), and of which the
denominator shall be the Current Market Price per share of the Common Stock on
the Reference Date less the fair market value (as determined in good faith by
the Board of Directors, whose determination shall be conclusive and described
in a Board Resolution), on the Reference Date, of the portion of the evidences
of indebtedness, shares of Capital Stock, cash and assets so distributed
applicable to one share of Common Stock, such increase to become effective
immediately prior to the opening of business on the day following the Reference
Date.  In the event that such dividend or
distribution is not so paid or made, the Conversion Rate shall again be
adjusted to be the Conversion Rate which would then be in effect if such
dividend or distribution had not occurred.

If the Board of Directors determines the fair market value of any
distribution for purposes of this Section 11.7(c) by reference to the actual or
when issued trading market for any securities comprising such distribution, it
must in doing so consider the prices in such market over the same period used
in computing the Current Market Price per share of Common Stock.  If the Board of Directors determines the Fair
Market Value of any distribution for purposes of this Section 11.7(d) by
reference to the actual or when issued trading market for any distributed
assets comprising all or part of such distribution, it must in doing so
consider the prices in such market over the same period (the “Reference
Period”) used in computing the Current Market Price pursuant to Section
9.3(g) to the extent possible, unless the Board of Directors determines in good
faith that determining the Fair Market Value during the Reference Period would
not be in the best interest of the Holders.

 49

Notwithstanding the foregoing, in the event any such distribution
consists of shares of capital stock of, or similar equity interests in, one or
more of the Company’s Subsidiaries (a “Spin-Off”), the Conversion Rate shall be increased so that the
same shall be equal to the rate determined by multiplying the Conversion Rate
in effect immediately prior to the close of business on the Record Date with
respect to such distribution by a fraction:

(1)           the
numerator of which shall be the Current Market Price of the Common Stock
(determined as set forth in the third and fourth succeeding sentences), plus
the Fair Market Value on such date of the portion of the distributed assets so
distributed applicable to one share of Common Stock (determined on the basis of
the number of shares of Common Stock outstanding on the record date)
(determined as set forth in the third and fourth succeeding sentences); and

(2)           the
denominator of which shall be the Current Market Price on such date.

Such increase shall become
effective immediately prior to the opening of business on the day following the
last Trading Day of the Spin-Off Valuation Period.  In the event that such dividend or
distribution is not so paid or made, the Conversion Rate shall again be
adjusted to be the Conversion Rate which would then be in effect if such
dividend or distribution had not been declared. 
In the case of a Spin-Off, the Fair Market Value of the securities to be
distributed shall equal the average of the closing sale prices of such
securities on the principal securities market on which such securities are
traded for the five consecutive Trading Days commencing on and including the
sixth day of trading of those securities after the effectiveness of the
Spin-Off (the “Spin-Off Valuation Period”), and the Current Market Price
shall be measured for the same period. 
In the event, however, that an underwritten initial public offering of
the securities in the Spin-Off occurs simultaneously with the Spin-Off, Fair
Market Value of the securities distributed in the Spin-Off shall mean the
initial public offering price of such securities and the Current Market Price
shall mean the Sale Price for the Common Stock on the same Trading Day.

Rights or warrants distributed by the Company to all
holders of its shares of Common Stock entitling them to subscribe for or
purchase shares of the Company’s capital stock (either initially or under
certain circumstances), which rights or warrants, until the occurrence of a
specified event or events (“Trigger Event”), (i) are deemed to be
transferred with such shares of Common Stock, (ii) are not exercisable and
(iii) are also issued in respect of future issuances of shares of Common
Stock shall be deemed not to have been distributed for purposes of this Section
11.7(d) (and no adjustment to the Conversion Rate under this Section 11.7(d)
will be required) until the occurrence of the earliest Trigger Event.  If such right or warrant is subject to
subsequent events, upon the occurrence of which such right or warrant shall
become exercisable to purchase different distributed assets, evidences of
indebtedness or other assets, or entitle the holder to purchase a different
number or amount of the foregoing or to purchase any of the foregoing at a
different purchase price, then the occurrence of each such event shall be
deemed to be the date of issuance and record date with respect to a new right
or warrant (and a termination or expiration of the existing right or warrant
without exercise by the holder thereof). 
In addition, in the event of any distribution (or deemed distribution)
of rights or warrants, or any Trigger Event or other event (of the type
described in the preceding sentence) with respect thereto, that resulted in an
adjustment to the Conversion Rate under this Section 11.7(d)):

 50
 

(1)           in the case of any such rights or
warrants which shall all have been redeemed or repurchased without exercise by
any holders thereof, the Conversion Rate shall be readjusted upon such final
redemption or repurchase to give effect to such distribution or Trigger Event,
as the case may be, as though it were a cash distribution, equal to the per
share redemption or repurchase price received by a holder of shares of Common
Stock with respect to such rights or warrants (assuming such holder had
retained such rights or warrants), made to all holders of shares of Common
Stock as of the date of such redemption or repurchase; and

(2)           in
the case of such rights or warrants which shall have expired or been terminated
without exercise, the Conversion Rate shall be readjusted as if such rights and
warrants had never been issued.

For purposes of this Section 11.7(c), any dividend or distribution that
includes cash, evidences of indebtedness or other assets and shares of Common
Stock or rights or warrants to subscribe for or purchase shares of Common Stock
shall be deemed instead to be (1) a dividend or distribution of the evidences
of indebtedness, cash or assets other than such shares of Common Stock or such
rights or warrants (making any Conversion Rate increase required by this
Section 11.7(c)) immediately followed by (2) a dividend or distribution of such
shares of Common Stock or such rights or warrants (making any further
Conversion Rate increase required by Section 11.7(a) or 11.7(b)), except (A)
the Reference Date of such dividend or distribution as defined in this Section
11.7(c) shall be substituted as (a) “the record date in the case of a dividend
or other distribution,” (b) “the record date for the determination of holders
entitled to receive such rights or warrants,” and (c) “the date fixed for such
determination” within the meaning of Sections 11.7(a) and 11.7(b), and (B) any
shares of Common Stock included in such dividend or distribution shall not be
deemed outstanding for purposes of computing any adjustment of the Conversion
Rate in Section 11.7(a).

(d)   In
case the Company shall, by dividend or otherwise, distribute to all holders of
its Common Stock, cash (excluding any cash (1) that is distributed as part of a
distribution referred to in Section 11.7(c), and (2) distributed as part of any
quarterly cash dividend on Common Stock in any quarter to the extent that such
quarterly cash dividend per share of Common Stock does not exceed $0.40 (the “current
dividend amount”), then and in each such case, immediately after the close
of business on such date of payment, the Conversion Rate shall be increased so
that the same shall equal the price determined by multiplying the Conversion
Rate in effect immediately prior to the close of business on such record date by
a fraction:

(i)            the numerator of which shall be
equal to the Current Market Price on such record date, and

(ii)           the denominator of which shall be
equal to the Current Market Price on the record date less an amount equal to
the amount of the cash distributed (and not excluded as provided above)
applicable to one share of Common Stock.

The current dividend amount is subject to adjustment
on a basis inversely proportional to the Conversion Rate, provided that no
adjustment will be made to the current dividend amount in 

 51
 

respect of any cash dividend or other distribution
that results in an adjustment to the Conversion Rate pursuant to this Section
11.7(d).

If an adjustment is required to be made under this
Section 11.7(d) as a result of a distribution that is a quarterly dividend, the
adjustment shall be based upon the amount by which the distribution exceeds the
amount of the quarterly cash dividend permitted to be excluded pursuant to this
Section 11.7(d).  If an adjustment is
required to be made under this Section 11.7(d) as a result of a distribution
that is not a quarterly dividend, the adjustment shall be based upon the full
amount of the distribution.

In the event that such dividend or distribution is not
so paid or made, the Conversion Rate shall again be adjusted to be the
Conversion Rate which would then be in effect if such dividend or distribution
had not been declared.

(e)   In
case the Company or any of its Subsidiaries pays the Holder of the Common Stock
in respect of a tender offer or exchange offer by the Company or any of its
Subsidiaries for shares of Common Stock to the extent that the cash and fair
market value of any other consideration included in the payment per share of
Common Stock exceeds the Closing Sale Price per share of Common Stock on the
Trading Day next succeeding the last date on which tenders or exchanges may be
made pursuant to such tender offer or exchange offer (the “Expiration Time”),
then, and in each such case, the Conversion Rate shall be adjusted so that the
same shall equal the price determined by multiplying the Conversion Rate in
effect immediately prior to the close of business on the date of the Expiration
Time by a fraction:

(i)            the numerator of which shall be the
sum of (x) the fair market value (determined as aforesaid) of the aggregate
consideration payable to stockholders based on the acceptance (up to any
maximum specified in the terms of the tender offer or exchange offer) of all
shares validly tendered or exchanged 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 (y) the product of the number of shares
of Common Stock outstanding (less any Purchased Shares) at the Expiration Time
and the closing price of the Common Stock on the Trading Day next succeeding
the Expiration Time, and

(ii)           the denominator of which shall be the
number of shares of Common Stock outstanding (including any tendered or
exchanged shares) at the Expiration Time multiplied by the closing price of the
Common Stock on the Trading Day next succeeding the Expiration Time.

Such increase (if any) shall become effective
immediately prior to the opening of business on the day following the
Expiration Time.  In the event that the
Company is obligated to purchase shares pursuant to any such tender offer or
exchange offer, but the Company is permanently prevented by applicable law from
effecting any such purchases or all such purchases are rescinded, the
Conversion Rate shall again be adjusted to be the Conversion Rate which would
then be in effect if such tender offer or exchange offer had not been made.

(f)    The
Company may make such increases in the Conversion Rate, in addition to those
required by Subsections (a) through (e): 
(i) in the event of a taxable distribution to Holders of 

 52
 

Common Stock that results in an adjustment of the Conversion Rate, or
(ii) if the Board of Directors has made a determination that such increase
would be in the best interest of the Company. 
Whenever the Conversion Rate is increased pursuant to the preceding
sentence, the Company shall mail to Holders of record a notice of the increase
at least fifteen days prior to the date the increased Conversion Rate takes
effect, and such notice shall state the increased Conversion Rate and the
period it shall be in effect.

(g)   Anything
in this Section 11.7 to the contrary notwithstanding, no adjustment of the
Conversion Rate will be made upon:  (a)
the issuance of any shares of Common Stock pursuant to any present or future
plan providing for the reinvestment of dividends or interest payable on
securities of the Company and the investment of additional optional amounts in
shares of Common Stock under any such plan, or (b) the issuance of any shares
of Common Stock or options or rights pursuant to any present or future employee
benefit plan or program, or (c) the issuance of any shares of Common Stock
pursuant to any option, warrant, right or any exercisable, exchangeable or
convertible security outstanding as of the date on which the Securities are
first issued, or (d) the issuance of rights under any shareholder rights plan,
or (e) a change in the par value or a change to no par value of the Common
Stock.  To the extent the Securities
become convertible into cash, no adjustments need be made thereafter as to the
cash and interest will not accrue on the cash.

(h)   No
adjustment in the Conversion Rate shall be required unless such adjustment
would require an increase or decrease of at least 1% in the Conversion Rate; provided, however,
that any adjustments which by reason of this Section 11.7(h) are not required
to be made shall be carried forward, regardless of whether the aggregate
adjustment is less than 1% (a) annually on the anniversary of the first date of
issue of the Securities and otherwise (b)(1) five Business Days prior to the
maturity of the Securities (whether at Stated Maturity or otherwise) or (2)
five Business Days prior to the Redemption Date, Purchase Date or Change in
Control Purchase Date, unless such adjustment has already been made.  The adjusted Conversion Rate will be rounded
to four decimal places.

(i)    Except
as described in the provisions above, the Conversion Rate will not be adjusted
for any issuance by the Company of Common Stock or convertible or exchangeable
Securities or rights to purchase the Common Stock or convertible or
exchangeable securities.

(j)  Notwithstanding any of the foregoing, in no
event shall the Conversion Rate as adjusted pursuant to this Section 11.7
exceed 28.0898 shares of Common Stock issuable upon conversion per $1,000
principal amount of Notes, other than on account of proportional adjustments to
the Conversion Rate in the manner set forth in paragraphs (a) through (c) of
this Section 11.7.

Section 11.8           Adjustment for Tax Purposes.  The
Company shall be entitled to make such adjustments in the Conversion Rate, in
addition to those required by Section 11.7, as in its discretion it shall
determine to be advisable in order that any stock dividends, subdivisions of
shares, distributions of rights to purchase stock or securities or
distributions of securities convertible into or exchangeable for stock
hereafter made by the Company to its stockholders shall not be taxable.

 53
 

Section 11.9           Notice of Adjustment.  Whenever
the Conversion Rate is adjusted, the Company shall promptly mail to Holders a
notice of the adjustment and file with the Trustee an Officers’ Certificate
specifying the adjusted Conversion Rate and briefly stating the facts requiring
the adjustment and the manner of computing it.

Section 11.10         Notice of Certain Transactions.  In the event that:

(1)           the
Company takes any action which would require an adjustment in the Conversion
Rate;

(2)           the
Company takes any action that requires a supplemental indenture pursuant to
Section 11.11; or

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

the Company shall mail to Holders and file with the
Trustee a notice stating the proposed record or effective date, as the case may
be.  The Company shall mail the notice at
least fifteen days before such date. 
Failure to mail such notice or any defect therein shall not affect the
validity of any transaction referred to in clause (1), (2) or (3) of this
Section 11.10.

Section 11.11         Effect of
Reclassification, Consolidation, Merger or Sale on Conversion Privilege.  If any of the following shall occur, namely:
(a) any reclassification or change of shares of Common Stock issuable upon
conversion of the Securities (other than a change in par value, or from par
value to no par value, or from no par value to par value, or as a result of a
subdivision or combination); (b) any consolidation or merger in which the
Company is a party consolidating with another entity or merging with or into
another entity, other than a merger in which the Company is the continuing corporation
and which does not result in any reclassification of, or change (other than a
change in par value, or from par value to no par value, or from no par value to
par value, or as a result of a subdivision or combination) in, outstanding
shares of Common Stock; (c) any sale or conveyance of all or substantially all
of the property and assets of the Company to any Person, (other than any sale
or conveyance of all or substantially all of the assets of the Company in a
transaction in which the holders of Common Stock immediately prior to such
transaction do not receive securities, cash or other assets of the Company or
any other Person) or (d) or any statutory share exchange, then the Company, or
such successor, purchaser or transferee, as the case may be, shall, as a
condition precedent to such reclassification, change, consolidation, merger,
sale, conveyance or share exchange, execute and deliver to the Trustee a
supplemental indenture providing that the Holder of each Security may convert
it into the kind and amount of securities, cash or other assets which such
Holder would have received immediately after the reclassification, change,
consolidation, merger, sale, conveyance, or share exchange if such Holder had
converted the Security solely into Common Stock, based on the applicable
Conversion Rate, immediately before the effective date of the transaction,
assuming (to the extent applicable) that such Holder (i) was not a constituent
Person or an Affiliate of a constituent Person to such transaction; and (ii)
assuming such Holder received for its Common Stock proportionally the kind or
amount of securities, cash or other property receivable in such transaction by
all holders of Common Stock in the aggregate. 
The supplemental indenture shall provide for adjustments that shall be
as nearly equivalent as may be practical to the adjustments provided for in
this Article XI and shall provide that Sections 11.1 

 54
 

and 11.2 shall continue
to apply following any such transaction. 
If, in the case of any such consolidation, merger, sale or conveyance,
the stock or other securities and property (including cash) receivable
thereupon by a holder of Common Stock include shares of stock or other
securities and property of a Person other than the successor, purchaser or transferee,
as the case may be, in such consolidation, merger, sale or conveyance, then
such supplemental indenture shall also be executed by such other Person and
shall contain such additional provisions to protect the interests of the
Holders of the Securities as the Board  of Directors
shall reasonably consider necessary by reason of the foregoing.  The successor Company shall mail to Holders a
notice briefly describing the supplemental indenture.

If this Section applies, neither Section 11.7(a) nor
11.7(b) applies.

Section 11.12         Trustee’s Disclaimer.  The
Trustee shall have no duty to determine when an adjustment under this Article
should be made, how it should be made or what such adjustment should be, but
may accept as conclusive evidence of that fact or the correctness of any such
adjustment, and shall be protected in relying upon, an Officers’ Certificate
including the Officers’ Certificate with respect thereto which the Company is
obligated to file with the Trustee pursuant to Section 11.7.  The Trustee makes no representation as to the
validity or value of any securities or assets issued upon conversion of
Securities, and the Trustee shall not be responsible for the Company’s failure
to comply with any provisions of this Article.

The Trustee shall not be under any responsibility to
determine the correctness of any provisions contained in any supplemental
indenture executed pursuant to Section 11.11, but may accept as conclusive
evidence of the correctness thereof, and shall be fully protected in relying upon,
the Officers’ Certificate with respect thereto which the Company is obligated
to file with the Trustee pursuant to Section 11.7.

Section 11.13         Rights Issued in Respect of Common Stock Issued upon Conversion.  Each share of Common Stock issued upon conversion
of Securities, if any, pursuant to this Article XI shall be entitled to receive
the appropriate number of Common Stock or preferred stock purchase rights, as
the case may be (the “Rights”), if any, that shares of Common Stock are
entitled to receive and the certificates representing the Common Stock, if any,
issued upon such conversion shall bear such legends, if any, in each case as
may be provided by the terms of any shareholder rights agreement adopted by the
Company, as the same may be amended from time to time (in each case, a “Rights
Agreement”).  Provided that such
Rights Agreement requires that each share of Common Stock, if any, issued upon
conversion of Securities be entitled to receive such Rights, then,
notwithstanding anything else to the contrary in this Article XI, there shall
not be any adjustment to the conversion privilege or Conversion Rate as a
result of the issuance of Rights, the distribution of separate certificates
representing the Rights, or the termination or invalidation of such Rights.

Section 11.14         Company Determination Final. 
Any determination that the Company or the Board of Directors must make
pursuant to Section 11.2, 11.3, 11.7, 11.8 or 11.11 shall be conclusive.

 55
 

ARTICLE XII

REPAYMENT AT OPTION OF HOLDERS

Section 12.1           Applicability of Article. 
Repayment of Securities before their Stated Maturity at the option of
Holders thereof shall be made in accordance with the terms of such Securities
and in accordance with this Article.  The
Company shall be required to purchase Securities in accordance with this
Article XII.

Securities shall be purchased by the Company for cash
at a purchase price equal to 100% of the Accreted Principal Amount thereof (the
“Purchase Price”) plus accrued and unpaid interest to, but excluding, such
Purchase Date, if any, on February 6, 2008, 2009, 2012, 2017, 2022, 2027, and
2032, or if such day is not a Business Day, on the immediate succeeding
Business Day, (each, a “Purchase Date”), at the option of the Holder
thereof, upon:

(1)           delivery
to the Paying Agent by the Holder of a written notice of purchase (a “Purchase
Notice”) at any time from the opening of business on the date that is 21
Business Days prior to a Purchase Date until the close of business on the
Business Day immediately preceding such Purchase Date stating:

(A)          if a certificated Security has been
issued, the certificate number of the Security which the Holder will deliver to
be purchased or if not, such information as may be required under applicable
procedures of the Depositary,

(B)           the portion of the Original Principal
Amount of the Security which the Holder will deliver to be purchased, which
portion must be an integral multiple of $1,000, and

(C)           that such Security shall be purchased
as of the Purchase Date pursuant to the terms and conditions specified in
paragraph 9 of the Form of Reverse Side of Security and in this Indenture, and

(2)           delivery
of such Security to the Paying Agent prior to, on or after the Purchase 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 Purchase Price
therefor; provided, however, that such Purchase
Price shall be so paid pursuant to this Article only if the Security so
delivered to the Paying Agent shall conform in all respects to the description
thereof in the related Purchase Notice.

The Company shall purchase from the Holder thereof,
pursuant to this Article, a portion of the Original Principal Amount in an
integral multiple of $1,000.  Provisions
of this Indenture that apply to the purchase of all of a Security also apply to
the purchase of such portion of such Security.

Any purchase by the Company contemplated pursuant to
the provisions of this Article shall be consummated by the delivery of the
Purchase Price to be received by the Holder promptly following the later of the
Purchase Date and the time of delivery of the Security.

 56
 

Notwithstanding anything herein to the contrary, any
Holder delivering to the Paying Agent the Purchase Notice contemplated by this
Section 12.1 shall have the right to withdraw such Purchase Notice at any
time prior to the close of business on the Business Day immediately preceding
the Purchase Date by delivery of a written notice of withdrawal to the Paying
Agent in accordance with Section 12.3.

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

The Company may, at its option, specify additional
dates on which Holders will have the right to require it to purchase Securities
upon written notice to the Trustee and the Holders.  Such notice shall specify the additional
dates upon which the Company shall be required to purchase the Securities at
the option of the Holders and shall be delivered to the Trustee and the Holders
no less than 25 Business Days prior to the earliest Purchase Date specified in
such notice.

Section 12.2           Notice of Purchase Date. 
The Company shall send notices to the Holders (and to Beneficial Owners
as required by applicable law) at their addresses shown in the Security
Register not less than 21 Business Days prior to each Purchase Date setting
forth such Purchase Date and the procedures that a Holder must follow in order
to exercise its purchase right (the “Company Notice”).  The Company shall also deliver a copy of such
Company Notice to the Trustee and any Paying Agent.

If any of the Notes is in the form of a Global
Note, then the Company shall modify such Company Notice to the extent necessary
to accord with the procedures of the Depositary applicable to the repurchase of
Global Notes.

At the Company’s request, made at least one Business
Day prior to the date upon which such notice is to be mailed, and at the
Company’s expense, the Paying Agent shall give the Company Notice in the
Company’s name to the Holders; provided, however, that, in all cases, the text of
the Company Notice shall be prepared by the Company.

Section 12.3 Effect of Purchase
Notice.  Upon receipt by the
Paying Agent of the Purchase Notice specified in Section 12.1, the Holder
of the Security in respect of which such Purchase Notice was given shall
(unless such Purchase Notice is withdrawn as specified in the following two
paragraphs) thereafter be entitled to receive solely the Purchase Price with respect
to such Security.  Such Purchase Price
shall be paid to such Holder, subject to receipt of funds by the Paying Agent,
promptly following the later of (x) the Purchase Date with respect to such
Security (provided the conditions in Section 12.1 have been satisfied) and
(y) the time of delivery of such Security to the Paying Agent by the
Holder thereof in the manner required by Section 12.1.  Securities in respect of which a Purchase
Notice has been given by the Holder thereof may not be converted pursuant to Article
XI hereof on or after the date of the delivery of such Purchase Notice unless
such Purchase Notice has first been validly withdrawn as specified in the
following two paragraphs.

A Purchase Notice may be withdrawn by means of a
written notice of withdrawal delivered to the office of the Paying Agent in
accordance with the Purchase Notice at any time 

 57
 

prior to the close of business on the Business Day
immediately preceding the applicable Purchase Date specifying:

(1)           if
certificated Securities have been issued, the certificate number of the
Security in respect of which such notice of withdrawal is being submitted, or
if not, such information as may be required under appropriate procedures of the
Depositary;

(2)           the
Original Principal Amount of the Security with respect to which such notice of
withdrawal is being submitted; and

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

There shall be no purchase of any Securities pursuant
to this Article if there has occurred (prior to, on or after, as the case may
be, the giving, by the Holders of such Securities, of the required Purchase
Notice) and is continuing an Event of Default (other than a default in the
payment of the Purchase Price with respect to such Securities).  The Paying Agent will promptly return to the
respective Holders thereof any Securities (x) with respect to which a
Purchase Notice has been withdrawn in compliance with this Indenture, or
(y) held by it during the continuance of an Event of Default (other than a
default in the payment of the Purchase Price with respect to such Securities)
in which case, upon such return, the Purchase Notice with respect thereto shall
be deemed to have been withdrawn.

Section 12.4           Deposit of Purchase Price.  Prior
to 11:00 A.M., New York City time on the Purchase Date, the Company shall
deposit with the Trustee or with the Paying Agent an amount of money (in
immediately available funds if deposited on such Business Day), sufficient to
pay the aggregate Purchase Price of all of the Securities or portions thereof
which are to be purchased as of the Purchase Date.  The manner in which the deposit required by
this Section 12.4 is made by the Company shall be at the option of the
Company, provided, however, that such deposit shall
be made in a manner such that the Trustee or a Paying Agent shall have
immediately available funds on the Purchase Date.

If a Paying Agent holds, in accordance with the terms
hereof, money sufficient to pay the Purchase Price of any Security for which a
Purchase Notice has been tendered and not withdrawn in accordance with this
Indenture on the Business Day following the Purchase Date, then, immediately
after the Purchase Date, such Security will cease to be outstanding, interest,
if any, will cease to accrue and the rights of the Holder in respect thereof
shall terminate (other than the right to receive the Purchase Price as
aforesaid).

Section 12.5           Securities Purchased in Part.  Any
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 or 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 except for any taxes to be paid 

 58
 

by the Holder in the
event a Security is registered under a new name, a new Security or Securities,
of any authorized denomination as requested by such Holder in aggregate
Original Principal Amount equal to, and in exchange for, the portion of the
Original Principal Amount of the Security so surrendered which is not
purchased.

Section 12.6           Compliance with Securities Laws upon Purchase of Securities.  In connection with any offer to purchase or
purchase of Securities under this Article (provided that such offer or purchase
constitutes an “issuer tender offer” for purposes of Rule 13e-4
(which term, as used herein, includes any successor provision thereto) under
the Exchange Act at the time of such offer or purchase), the Company shall
(i) comply with Rule 13e-4 under the Exchange Act,
(ii) file the related Schedule TO (or any successor schedule, form or
report), if required, under the Exchange Act, and (iii) otherwise comply
with all applicable Federal and state securities laws so as to permit the
rights and obligations under this Article to be exercised in the time and in
the manner specified in this Article.

Section 12.7           Repayment to the Company.  The
Trustee and the Paying Agent shall return to the Company any cash that remains
unclaimed for two years, subject to applicable unclaimed property law, together
with interest, if any, thereon held by them for the payment of the Purchase
Price; provided, however,
that to the extent that the aggregate amount of cash deposited by the Company
pursuant to Section 12.4 exceeds the aggregate Purchase Price of the
Securities or portions thereof which the Company is obligated to purchase as of
the Purchase Date, then promptly after the Business Day following the Purchase
Date, the Trustee shall return any such excess to the Company together with
interest, if any, thereon.  Thereafter,
any Holder entitled to payment must look to the Company for payment as general
creditors, unless an applicable abandoned property law designates another
Person.

ARTICLE XIII

REPAYMENT AT OPTION OF HOLDER

UPON A CHANGE IN CONTROL

Section 13.1           Right to Require Purchase.  (a)  If
at any time that Securities remain outstanding there shall occur a Change in
Control, Securities shall be purchased by the Company in integral multiples of
$1,000 Original Principal Amount at the option of the Holders thereof as of the
date specified by the Company that is between 20 and 35 days following notice
by the Company of the occurrence of the Change in Control pursuant to clause
(b) below (the “Change in Control Purchase Date”) subject to
satisfaction by or on behalf of any Holder of the requirements set forth in
subsection (c) of this Section 13.1. 
The purchase price of such Securities (the “Change in Control
Purchase Price”) shall be equal to 100% of the Accreted Principal Amount of
the Securities to be purchased plus accrued and unpaid interest to, but
excluding, the Change in Control Purchase Date, if any.

A “Change in Control” shall be deemed to have
occurred at such time as either of the following events shall occur:

(1)           there shall be consummated any
consolidation or merger of the Company pursuant to which the Common Stock would
be converted into cash, securities or other 

 59
 

property, in each case
other than a consolidation or merger of the Company in which the holders of the
Common Stock immediately prior to the consolidation or merger have, directly or
indirectly, at least a majority of the total voting power of all classes of
Capital Stock of the continuing or surviving corporation immediately after such
consolidation or merger; or

(2)           there is a report filed on Schedule
13D or 14D-1 (or any successor schedule, form or report) pursuant to the
Exchange Act, disclosing that any Person, including such Person’s Affiliates or
Associates (for the purposes of this Section 13.1 only, as the term “Person” is
used in Section 13(d)(3) or Section 14(d)(2) of the Exchange Act) has become
the beneficial owner (as the term “beneficial owner” is defined under
Rule 13d-3 or any successor rule or regulation promulgated under the Exchange
Act) of 50% or more of the voting power of the Common Stock or other Capital
Stock into which the Common Stock is reclassified or changed; provided, however,
that a Person shall not be deemed beneficial owner of, or to own beneficially,
(A) any securities tendered pursuant to a tender or exchange offer made by or
on behalf of such Person or any of such Person’s Affiliates or Associates until
such tendered securities are accepted for purchase or exchange thereunder, or (B)
any securities if such beneficial ownership (i) arises solely as a result of a
revocable proxy delivered in response to a proxy or consent solicitation made
pursuant to the applicable rules and regulations under the Exchange Act, and
(ii) is not also then reportable on Schedule 13D (or any successor schedule)
under the Exchange Act.

Notwithstanding the foregoing provisions of this
Section 13.1, a Change in Control shall not be deemed to have occurred by
virtue of the Company, any Subsidiary, any employee stock ownership plan or any
other employee benefit plan of the Company or any Subsidiary, or any Person
holding Common Stock for or pursuant to the terms of any such employee benefit
plan, filing or becoming obligated to file a report under or in response to
Schedule 13D or Schedule TO (or any successor schedule, form or report) under
the Exchange Act disclosing beneficial ownership by it of shares of Common
Stock, whether in excess of 50% or otherwise.

“Associate” shall have the meaning ascribed to
such term in Rule 12b-2 of the General Rules and Regulations under the Exchange
Act, as in effect on the date hereof.

(b)   Within
five Business Days after the occurrence of a Change in Control, the Company
shall mail a written notice (upon which the Trustee shall have no liability in
relying) of the Change in Control to the Trustee and to each Holder.  The notice shall include the form of a Change
in Control Purchase Notice to be completed by the Holder and shall state:

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

(2)           the date by which the Change in
Control Purchase Notice pursuant to this Section 13.1 must be given;

(3)           the Change in Control Purchase Date;

 60
 

(4)           the Change in Control Purchase Price
that will be accrued and payable with respect to the Securities as of the
Change in Control Purchase Date;

(5)           briefly, the conversion rights of the
Securities;

(6)           the name and address of each Paying
Agent and Conversion Agent;

(7)           the Conversion Rate then in effect
and any expected adjustments thereto;

(8)           that Securities as to which a Change
in Control Purchase Notice has been given may be converted into cash and Common
Stock, if any, pursuant to Article XI only to the extent that the Change in
Control Purchase Notice has been withdrawn in accordance with the terms of this
Indenture;

(9)           the procedures that the Holder must
follow to exercise rights under this Section 13.1;

(10)         the procedures for withdrawing a Change
in Control Purchase Notice, including a form of notice of withdrawal;

(11)         that the Holder must satisfy the
requirements set forth in the Securities in order to convert the Securities;
and

(12)         the last date on which the purchase
right may be exercised.

If any of the Securities is in the form of a Global
Security, then the Company shall modify such notice to the extent necessary to
accord with the procedures of the Depositary applicable to the purchase of
Global Securities.

(c)   A
Holder may exercise its rights specified in subsection (a) of this
Section 13.1 upon delivery of a written notice (which shall be in
substantially the form included as an attachment to the Securities and which
may be delivered by letter, overnight courier, hand delivery, facsimile
transmission or in any other written form and, in the case of Global
Securities, may be delivered electronically or by other means in accordance
with the Depositary’s customary procedures) of the exercise of such rights (a “Change
in Control Purchase Notice”) to any Paying Agent at any time prior to the
close of business on the Business Day immediately preceding the Change in
Control Purchase Date.

The delivery of such Security to any Paying Agent
(together with all necessary endorsements) at the office of such Paying Agent
shall be a condition to the receipt by the Holder of the Change in Control
Purchase Price.

The Company shall purchase from the Holder thereof,
pursuant to this Section 13.1, a portion of a Security if the Original
Principal Amount of such portion is $1,000 or an integral multiple of $1,000.  Provisions of this Indenture that apply to the
purchase of all of a Security pursuant to Sections 13.1 through 13.6 also
apply to the purchase of such portion of such Security.

 61
 

Any purchase by the Company contemplated pursuant to
the provisions of this Section 13.1 shall be consummated by the delivery
of the consideration to be received by the Holder promptly following the later
of the Change in Control Purchase Date and the time of delivery of the Security
to the Paying Agent in accordance with this Section 13.1.

Notwithstanding anything herein to the contrary, any
Holder delivering to a Paying Agent the Change in Control Purchase Notice
contemplated by this subsection (c) shall have the right to withdraw such
Change in Control Purchase Notice in whole or as to a portion thereof that is
an Original Principal Amount of $1,000 or an integral multiple thereof at any
time prior to the close of business on the Business Day immediately preceding
the Change in Control Purchase Date by delivery of a written notice of
withdrawal to the Paying Agent in accordance with Section 13.2.

A Paying Agent shall promptly notify the Company of
the receipt by it of any Change in Control Purchase Notice or written
withdrawal thereof.

Anything herein to the contrary notwithstanding, in
the case of Global Securities, any Change in Control Purchase Notice may be
delivered or withdrawn and such Securities may be surrendered or delivered for
purchase in accordance with the applicable procedures of the Depositary as in
effect from time to time.

Section 13.2           Effect of Change in Control Purchase Notice.  Upon receipt by any Paying Agent
of the Change in Control Purchase Notice specified in Section 13.1(c), the
Holder of the Security in respect of which such Change in Control Purchase
Notice was given shall (unless such Change in Control Purchase Notice is
withdrawn as specified below) thereafter be entitled to receive the Change in
Control Purchase Price with respect to such Security.  Such Change in Control Purchase Price shall
be paid to such Holder promptly following the later of (a) the Change in
Control Purchase Date with respect to such Security (provided the conditions in
Section 13.1(c) have been satisfied) and (b) the time of delivery of
such Security to a Paying Agent by the Holder thereof in the manner required by
Section 13.1(c).  Securities in
respect of which a Change in Control Purchase Notice has been given by the
Holder thereof may not be converted into Common Stock on or after the date of
the delivery of such Change in Control Purchase Notice unless such Change in
Control Purchase Notice has first been validly withdrawn as specified in the
following paragraph.

A Change in Control Purchase Notice may be withdrawn
by means of a written notice of withdrawal delivered to the office of the
Paying Agent in accordance with the Change in Control Purchase Notice at any
time prior to the close of business on the applicable Change in Control
Purchase Date specifying:

(1)           if a certificated Security has been
issued, the certificate number of the Securities in respect of which such
notice of withdrawal is being submitted, or, if no certificated Security has
been issued, such information as required by the Depositary;

(2)           the Original Principal Amount, in
integral multiples of $1,000, of the Securities with respect to which such
notice of withdrawal is being submitted; and

 62
 

(3)           the Original Principal Amount, if
any, of such Securities which remain subject to the original Change in Control
Purchase Notice and which has been or will be delivered for purchase by the
Company.

There shall be no purchase of any Securities pursuant
to this Article if there has occurred (prior to, on or after, as the case may
be, the giving, by the Holders of such Securities, of the required Change in
Control Purchase Notice) and is continuing an Event of Default (other than a
default in the payment of the Change in Control Purchase Price with respect to
such Securities).  The Paying Agent will
promptly return to the respective Holders thereof any Securities (x) with
respect to which a Change in Control Purchase Notice has been withdrawn in
compliance with this Indenture, or (y) held by it during the continuance
of an Event of Default (other than a default in the payment of the Change in
Control Purchase Price with respect to such Securities) in which case, upon
either such return, the Change in Control Purchase Notice with respect thereto
shall be deemed to have been withdrawn.

Section 13.3           Deposit of Change in Control Purchase Price.  On or before 11:00 A.M., New York
City time, on the Change in Control Purchase Date, the Company shall deposit
with the Trustee or with a Paying Agent (other than the Company or an Affiliate
of the Company) an amount of money (in immediately available funds if deposited
on such Business Day) sufficient to pay the aggregate Change in Control
Purchase Price of all the Securities or portions thereof that are to be
purchased as of such Change in Control Purchase Date.  The manner in which the deposit required by
this Section 13.3 is made by the Company shall be at the option of the
Company, provided, however,
that such deposit shall be made in a manner such that the Trustee or a Paying
Agent shall have immediately available funds on the Change in Control Purchase
Date.

If a Paying Agent holds, in accordance with the terms
hereof, money sufficient to pay the Change in Control Purchase Price of any
Security for which a Change in Control Purchase Notice has been tendered and
not withdrawn in accordance with this Indenture on the Business Day following
the Change in Control Purchase Date then, immediately following the Change in
Control Purchase Date, such Security will cease to be outstanding, interest
will cease to accrue and the rights of the Holder in respect thereof shall
terminate (other than the right to receive the interest thereon).  The Company shall publicly announce the
Accreted Principal Amount of Securities purchased as a result of such Change in
Control on or as soon as practicable after the Change in Control Purchase Date.

Section 13.4           Securities Purchased in Part.  Any
Security that is to be purchased only in part shall be surrendered at the
office of a Paying Agent and promptly after the Change in Control Purchase Date
the Company shall execute and the Trustee shall authenticate and deliver to the
Holder of such Security, without service charge (other than amounts to be paid
in respect of applicable transfer taxes), a new Security or Securities, of such
authorized denomination or denominations in integral multiples of $1,000 as may
be requested by such Holder, in aggregate Original Principal Amount equal to,
and in exchange for, the portion of the Original Principal Amount of the
Security so surrendered that is not purchased.

Section 13.5           Compliance with Securities Laws upon Purchase of Securities.  In connection with any offer to
purchase or purchase of Securities under this Article (provided that 

 63
 

such offer or purchase
constitutes an “issuer tender offer” for purposes of Rule 13e-4
(which term, as used herein, includes any successor provision thereto) under
the Exchange Act at the time of such offer or purchase), the Company shall
(i) comply with Rule 13e-4 under the Exchange Act,
(ii) file the related Schedule TO (or any successor schedule, form or
report), if required, under the Exchange Act, and (iii) otherwise comply
with all 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 in this Article XIII.

Section 13.6           Repayment to the Company.  The
Trustee and the Paying Agent shall return to the Company any cash that remains
unclaimed for two years, subject to applicable unclaimed property law, together
with interest, if any, thereon held by them for the payment of the Change in
Control Purchase Price; provided, however, that,
to the extent the aggregate amount of cash deposited by the Company pursuant to
Section 13.3 exceeds the aggregate Change in Control Purchase Price of the
Securities or portions thereof which the Company is obligated to purchase as of
the Change in Control Purchase Date, then on the Business Day following the
Purchase Date, the Trustee shall return any such excess to the Company together
with interest, if any, thereon. 
Thereafter, any Holder entitled to payment must look to the Company for
payment as a general creditor, unless an applicable abandoned property law
designates another Person.

ARTICLE XIV

IMMUNITY OF INCORPORATORS, SHAREHOLDERS,

OFFICERS, DIRECTORS AND EMPLOYEES

Section 14.1           Exemption from Individual Liability.  No recourse under or upon any obligation,
covenant or agreement of this Indenture, or of any Security, or for any claim
based thereon or otherwise in respect thereof, shall be had against any
incorporator, shareholder, officer, director or employee, in such capacity,
past, present or future, of the Company or of any successor corporation, either
directly or through the Company, whether by virtue of any constitution, statute
or rule of law, or by the enforcement of any assessment or penalty or
otherwise; it being expressly understood that this Indenture and the
obligations issued hereunder are solely corporate obligations of the Company,
and that no such personal liability whatever shall attach to, or is or shall be
incurred by, the incorporators, shareholders, officers, directors or employees,
in such capacity, of the Company or of any successor corporation, or any of
them, as a result of the creation of the indebtedness hereby authorized, or
under or by reason of the obligations, covenants or agreements contained in
this Indenture or in any of the Securities or implied therefrom; and that any
and all such personal liability, either at common law or in equity or by
constitution or statute, of, and any and all such rights and claims against,
every such incorporator, shareholder, officer, director or employee, in such
capacity, as a result of the creation of the indebtedness hereby authorized, or
under or by reason of the obligations, covenants or agreements contained in
this Indenture or in any of the Securities or implied therefrom, are hereby
expressly waived and released as a condition of, and as a consideration for,
the execution of this Indenture and the issue of such Securities.

 64
 

ARTICLE XV

MISCELLANEOUS PROVISIONS

Section 15.1           Successors and Assigns of Company Bound by Indenture.  All the covenants, stipulations, promises and
agreements in this Indenture contained by or on behalf of the Company shall
bind its successors and assigns, whether so expressed or not.

Section 15.2           Acts of Board, Committee or Officer of Successor Corporation Valid.  Any act or proceeding by any provision of
this Indenture authorized or required to be done or performed by any board,
committee or officer of the Company shall and may be done and performed with
like force and effect by the like board, committee or officer of any
corporation that shall at that time be the successor of the Company.

Section 15.3           Required Notices or Demands. 
Any notice or demand which by any provision of this Indenture is
required or permitted to be given or served by the Trustee or by the Holders to
or on the Company may be given or served by being deposited postage prepaid in
a post office letter box in the United States addressed (until another address
is filed by the Company with the Trustee), as follows:  U.S. Bancorp, 800 Nicollet Mall, Minneapolis,
Minnesota 55402, Attention:  Corporate
Secretary.  Any notice, direction,
request or demand by the Company or by any Holder to or upon the Trustee may be
given or made, for all purposes, by being deposited postage prepaid in a post
office letter box in the United States addressed to the Corporate Trust Office
of the Trustee.  Any notice required or
permitted to be mailed to a Holder by the Company or the Trustee pursuant to
the provisions of this Indenture shall be deemed to be properly mailed by being
deposited postage prepaid in a post office letter box in the United States
addressed to such Holder at the address of such Holder as shown on the Security
Register. In any case, where notice to Holders is given by mail, neither the
failure to mail such notice, nor any defect in any notice so mailed, to any
particular Holder shall affect the sufficiency of such notice with respect to
other Holders.

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.

In the event that, by reason of the suspension of or
irregularities in regular mail service, it shall be impractical to mail notice
of any event to Holders when such notice is required to be given pursuant to
any provision of this Indenture, then any manner of giving such notice as shall
be satisfactory to the Trustee shall be deemed to be a sufficient giving of
such notice.

Section 15.4           Governing Law.  THE
LAWS OF THE STATE OF NEW YORK SHALL GOVERN THIS INDENTURE AND THE SECURITIES.

Section 15.5           Indenture May Be Executed in Counterparts.  This Indenture may be executed in any number
of counterparts, each of which when so executed shall be deemed an original;
and all such counterparts shall together constitute but one and the same
instrument.

 65

IN WITNESS WHEREOF, the
undersigned, being duly authorized, have executed this Indenture on behalf of
the respective parties hereto as of the date first above written.

	
  

  	
   

  	
  U.S. BANCORP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Daryl N. Bible

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Daryl N. Bible

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President and

  
	
   

  	
   

  	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  WILMINGTON TRUST COMPANY, as

  
	
   

  	
   

  	
    Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Christopher J. Slaybaugh

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Christopher J. Slaybaugh

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Senior Financial Services Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  U.S. BANK TRUST NATIONAL

  
	
   

  	
   

  	
    ASSOCIATION, as Authenticating Agent,

  
	
   

  	
   

  	
    Calculation Agent, Conversion Agent,

  
	
   

  	
   

  	
    Paying Agent and Registrar

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Patrick J. Crowley

  
	
   

  	
   

  	
   

  	
  Name: 

  	
  Patrick J. Crowley

  
	
   

  	
   

  	
   

  	
  Title:   

  	
  Vice President

  

 

Annex A

FORM OF FACE OF
GLOBAL SECURITY

FOR PURPOSES OF SECTIONS
1272, 1273 AND 1275 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS
AMENDED, THIS SECURITY IS ISSUED WITH AN INDETERMINATE AMOUNT OF ORIGINAL ISSUE
DISCOUNT FOR UNITED STATES FEDERAL INCOME TAX PURPOSES.  THE ISSUE DATE IS FEBRUARY 6, 2007, THE ISSUE
PRICE IS $1,000 PER GLOBAL SECURITY, THE YIELD TO MATURITY IS INDETERMINATE,
AND ORIGINAL ISSUE DISCOUNT EFFECTIVELY ACCRUES AT A RATE OF THREE-MONTH LIBOR
MINUS 1.75% PER ANNUM.

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

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO
TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE DEPOSITORY TRUST
COMPANY, OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF
PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN
ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN ARTICLE TWO OF THE INDENTURE
REFERRED TO ON THE REVERSE HEREOF.

THIS SECURITY AND ANY SHARES OF COMMON STOCK ISSUABLE
UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES
LAWS.  NEITHER THIS SECURITY, ANY SHARES
OF COMMON STOCK ISSUABLE UPON CONVERSION OF THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN OR THEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
REGISTRATION.

THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF,
AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE
(THE “RESALE RESTRICTION TERMINATION DATE”) WHICH IS TWO YEARS AFTER THE LAST
DATE ON WHICH ANY SECURITIES WERE ORIGINALLY ISSUED AND THE LAST DATE ON WHICH
THE COMPANY OR ANY AFFILIATE OF THE COMPANY

 A-1
 

WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF
SUCH SECURITY) ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY OR AFFILIATE THEREOF,
(B) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE
144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”
AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT
OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHICH NOTICE IS GIVEN
THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) PURSUANT TO A
REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES
ACT OR (D) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHTS OF THE COMPANY AND
THE WITHIN MENTIONED TRUSTEE PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT
TO THIS CLAUSE (D) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND IN
EACH OF THE FOREGOING CASES, A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON
THE OTHER SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO
THE TRUSTEE.  THIS LEGEND WILL BE REMOVED
UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

THE FOREGOING LEGEND MAY BE REMOVED FROM THIS SECURITY
ON SATISFACTION OF THE CONDITIONS SPECIFIED IN THE INDENTURE.

 A-2
 

U.S. BANCORP

Floating Rate
Convertible Senior Debentures due 2037

	
  No. R-

  	
   

  	
  Original Principal Amount: $·

  
	
  Issue Date: ·

  	
   

  	
  CUSIP: 902973 AS 5

  

 

U.S. BANCORP, a Delaware corporation (the “Company”),
for value received, hereby promises to pay to Cede & Co., or registered
assigns, the Accreted Principal Amount of this Security, as specified on the
reverse side of this Security, on February 6, 2037.

This Security shall bear interest as specified on the
reverse side of this Security.  This
Security is convertible as specified on the reverse side of this Security.

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.

 A-3
 

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

	
  

  	
   

  	
  U.S. BANCORP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
					

 

CERTIFICATE OF
AUTHENTICATION

The undersigned, as
Authenticating Agent,

certifies that this is one of the Securities referred 

to in the within-mentioned Indenture.

U.S. BANK TRUST NATIONAL
ASSOCIATION, as Authenticating Agent

	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  
	
   

  
	
  Dated:

  

 

 A-4
 

FORM OF REVERSE
SIDE OF SECURITY

Floating Rate
Convertible Senior Debentures due 2037

This
Security is one of a duly authorized issue of securities of the Company (herein
called the “Securities”) limited in aggregate Original Principal Amount
to $3,000,000,000 (or up to $3,450,000,000 if the Initial Purchaser exercises
in full its option to purchase additional Securities pursuant to the Purchase
Agreement), issued under an Indenture, dated as of February 6, 2007 (the “Indenture”),
among the Company, Wilmington Trust Company, as Trustee (the “Trustee”,
which term includes any successor trustee under the Indenture), and U.S. Bank
Trust National Association as Authenticating Agent (as defined in the
Indenture), 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.  Capitalized
terms used and not otherwise defined in this Security are used as defined in
the Indenture.

1.              Interest;
Calculation of 3-month LIBOR

This Security will bear interest at the rate per annum
equal to 3-month LIBOR, reset quarterly on each LIBOR Reset Date, as defined
below, minus 1.75% (initially 3.61%) on the Original Principal Amount from
February 6, 2007, or from the most recent date to which interest has been paid
as provided for, until February 6, 2032, provided that such yield will never be
less than 0% per annum.  During each
period, interest will be payable quarterly in arrears on February 6, May 6,
August 6 and November 6 of each year (each, an “Interest Payment Date”)
beginning May 6, 2007.  Interest on this
Security shall be calculated on the basis of a 360-day year and the actual
number of days elapsed during the related Interest Period (as defined below).  Interest payable on this Security on any
Interest Payment Date will include interest accrued from, and including, the
most recent Interest Payment Date to which interest has been paid or duly made
available for payment on this Security (or February 6, 2007, if no interest has
been paid or been duly made available for payment) to, but excluding, such
Interest Payment Date or Redemption Date or Purchase Date or Change in Control
Purchase Date, as the case may be (an “Interest Period”).  The interest so payable and punctually paid or
duly provided for on any Interest Payment Date will, as provided in such
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 the January 15, April 15, July 15
and October 15, as the case may be, immediately preceding the relevant Interest
Payment Date.  Any interest which is
payable, but is not punctually paid or duly provided for, on any Interest
Payment Date shall forthwith cease to be payable to the registered Holder
hereof on the relevant Regular Record Date by virtue of having been such
Holder, and may 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 the Holders of Securities not
less than 10 days prior

 A-5
 

to such Special Record Date, or may be paid at any
time 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, all as more fully provided in the
Indenture.

“3-month LIBOR,” as determined by the
Calculation Agent, means:

(a)   the rate for three-month deposits in United
States dollars commencing on the related LIBOR Reset Date, that appears on the
Moneyline Telerate Page 3750 as of 11:00 A.M., London time, on the LIBOR Determination
Date; or

(b)   if no rate appears on the particular LIBOR
Determination Date on the Moneyline Telerate Page 3750, the rate calculated by
the Calculation Agent as the arithmetic mean of at least two offered quotations
obtained by the Calculation Agent after requesting the principal London offices
of each of four major reference banks in the London interbank market to provide
the Calculation Agent with its offered quotation for deposits in United States
dollars for the period of three months, commencing on the related LIBOR Reset
Date, to prime banks in the London interbank market at approximately 11:00
A.M., London time, on that LIBOR Determination Date and in a principal amount
that is representative for a single transaction in United Sates dollars in that
market at that time; or

(c)   if fewer than two offered quotations referred to
in clause (b) are provided as requested, the rate calculated by the Calculation
Agent as the arithmetic mean of the rates quoted at approximately 11:00 A.M.,
New York City time, on the particular LIBOR Determination Date by three major
banks in The City of New York selected by the Calculation Agent for loans in
United States dollars to leading European banks for a period of three months
and in a principal amount that is representative for a single transaction in
United States dollars in that market at that time; or

(d)   if the banks so selected by the Calculation Agent
are not quoting as mentioned in clause (c), 3-month LIBOR in effect on the
particular LIBOR Determination Date.

“LIBOR Determination Date” means the second
London banking day preceding the related LIBOR Reset Date.

“LIBOR Reset Date” means
the first day of each Interest Period prior to February 7, 2032, and, beginning
on February 7, 2032, February 7, May 7, August 7 and November 7 of each
year; provided that, if any LIBOR Reset Date would otherwise be a day that is
not a Business Day, such LIBOR Reset Date shall be postponed to the next
succeeding Business Day, except if such Business Day falls in the next succeeding
calendar month, such LIBOR Reset Date will be the immediately preceding
Business Day.

“London banking day”
means a day on which commercial banks are open for business, including dealings
in United States dollars, in London.

“Moneyline Telerate Page 3750”
means the display on Moneyline Telerate (or any successor service) on such page
(or any other page as may replace such page on such service) for the purpose of
displaying the London interbank rates of major banks for United States dollars.

 A-6
 

2.              Principal Accretion

Beginning on February 7, 2032, this Security shall not bear
interest.  Instead, on February 6, 2037
(the “Stated Maturity”) or any earlier Redemption Date, Purchase Date or
Change in Control Purchase Date, the Holder will receive the Accreted Principal
Amount of this Security on such date, which will be equal to the Original
Principal Amount of this Security (as may be revised from time to time to
reflect exchanges, redemptions, purchases or conversions of all or any portion
of the Original Principal Amount of this Security, by entries on the attached
Schedule of Increases and Decreases or otherwise in accordance with the
standing instructions and procedures existing between the Depositary and the
Registrar of this Security) increased daily by the Variable Yield applied to
the Accreted Principal Amount of this Security as of the day immediately
preceding the most recent LIBOR Reset Date. 
The Variable Yield will be reset quarterly on each LIBOR Reset Date to a
rate of 3-month LIBOR, minus 1.75% per annum. 
Regardless of the level of 3-month LIBOR, the Variable Yield will never
be less than 0% per annum.  The Variable
Yield will be calculated using the actual number of days elapsed between the
LIBOR Reset Dates divided by 360.  The
Accreted Principal Amount payable on this Security will include principal
accreted from, and including, February 7, 2032 to, but excluding, the Stated
Maturity or earlier Redemption Date, Purchase Date or Change in Control
Purchase Date, as the case may be.

3.              Interest on Overdue
Amounts

If the Accreted Principal Amount hereof or any portion of such Accreted
Principal Amount is not paid when due (whether upon acceleration pursuant to
Section 4.2 of the Indenture, upon the dates set for payment of the
Redemption Price, Purchase Price, Change in Control Purchase Price or upon the
Stated Maturity of this Security) or if interest due hereon, if any, (or any
portion of such interest), is not paid when due, then in each such case the
overdue amount shall, to the extent permitted by law, bear interest at the rate
of interest payable as set forth in paragraph 1 of this Security, compounded
quarterly, which interest shall accrue from the date such overdue amount was
originally due to the date payment of such amount, including interest thereon,
has been made or duly provided for.  All
such interest shall be payable as set forth in the Indenture.

4.              Method of Payment

Subject to the terms and conditions of the Indenture,
the Company will make payments in respect of Redemption Price, Purchase Price,
Change in Control Purchase Price and at Stated Maturity to Holders who
surrender Securities to a Paying Agent to collect such payments in respect of
the Securities.  The Company will pay
cash amounts in money of the United States that at the time of payment is legal
tender for payment of public and private debts. 
However, the Company may make such cash payments by check payable in
such money; provided that payment by wire transfer of immediately available funds
will be required with respect to principal of and interest, if any, on all
Global Securities and all other Securities the Holders of which shall have
provided wire transfer instructions to the Company or the Paying Agent.  If any Interest Payment Date (other than an
Interest Payment Date coinciding with the Stated Maturity

 A-7
 

or earlier Redemption Date or Purchase Date) falls on
a day that is not a Business Day, such Interest Payment Date will be postponed
to the next succeeding Business Day and no interest on such payment will accrue
for the period from and after the Interest Payment Date to such next succeeding
Business Day, provided that, if such Business Day falls in the next succeeding
calendar month, the Interest Payment Date will be the Business Day immediately
preceding such Interest Payment Date.  If
the Stated Maturity, Redemption Date, Purchase Date or Change of Control
Purchase Date of this Security falls on a day that is not a Business Day, the
required payment of interest, if any, and principal will be made on the next
succeeding Business Day and no interest on such payment will accrue for the
period from and after the Stated Maturity, Redemption Date, Purchase Date or
Change of Control Purchase Date to such next succeeding Business Day.

5.              Paying Agent,
Calculation Agent, Conversion Agent and Registrar

U.S. Bank Trust National Association will initially
act as Paying Agent, Calculation Agent, Conversion Agent, Authentication Agent
and Registrar.  The Company may appoint
and change any Paying Agent, Calculation Agent, Conversion Agent, Registrar or
co-registrar without notice, other than notice to the Trustee, except that the
Company will maintain at least one Paying Agent in the State of New York, City
of New York, Borough of Manhattan.  The
Company or any of its Subsidiaries or any of their Affiliates may act as Paying
Agent, Calculation Agent, Conversion Agent, Registrar or co-registrar.

6.              Indenture

The terms of the Securities include those stated in
the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939, as in effect from time to time (the “TIA”)
(regardless of whether or not the Indenture has been qualified
thereunder).  The Securities are subject
to all such terms, and Holders are referred to the Indenture and the TIA for a
statement of those terms.

The Securities are general unsecured obligations of
the Company limited to $3,000,000,000 aggregate Original Principal Amount (or
up to $3,450,000,000 if the Initial Purchaser exercises in full its option to
purchase additional Securities pursuant to the Purchase Agreement).  The Indenture does not limit other
indebtedness of the Company, secured or unsecured.

7.              Redemption at the
Option of the Company

No sinking fund is provided for the Securities.  Prior to
February 6, 2008, the Securities will not be redeemable at the option of the
Company.  Beginning on February 6, 2008,
the Securities are redeemable in whole, or from time to time in part,
for cash at the option of the Company at a Redemption Price equal to 100% of
the Accreted Principal Amount of the Securities, plus accrued and unpaid
interest, if any, to, but excluding, the Redemption Date.

If the Company redeems less than all of the
outstanding Securities, the Registrar will select the Securities to be redeemed
(i) by lot, (ii) pro rata, or (iii) by another method the
Registrar considers fair and appropriate. 
If the Registrar selects a portion of a Holder’s

 A-8
 

Securities for partial redemption and the Holder
converts a portion of the same Securities, the converted portion shall be
deemed to be from the portion selected for redemption.  Holders of Securities called for redemption
may convert their Securities until 5:00 P.M., New York City time, on the
Business Day immediately preceding the Redemption Date.

8.              Notice of Redemption

Notice of redemption will be mailed at least 30 days
but not more than 60 days before the Redemption Date to each Holder of
Securities to be redeemed at the Holder’s registered address. If money
sufficient to pay the Redemption Price of all Securities (or portions thereof)
to be redeemed on the Redemption Date is deposited with the Paying Agent prior
to or on the Redemption Date, immediately after such Redemption Date interest
shall cease to accrue on such Securities or portions thereof.  Securities in denominations larger than
$1,000 Original Principal Amount may be redeemed in part but only in integral
multiples of $1,000 Original Principal Amount.

9.              Purchase By the
Company at the Option of the Holder

Subject to the terms and conditions of the Indenture,
the Company shall purchase for cash, at the option of the Holder, all or a
portion of the Securities held by such Holder on February 6, 2008, 2009, 2012,
2017, 2022, 2027, and 2037, or, if such day
is not a Business Day, on the immediate succeeding Business Day, at a
Purchase Price equal to 100% of the Accreted Principal Amount thereof, plus
accrued and unpaid interest, if any, to, but excluding, the Purchase Date, upon
delivery of a Purchase Notice containing the information set forth in the
Indenture, at any time from the opening of business on the date that is 21
Business Days prior to such Purchase Date until the close of business on the
Business Day immediately preceding such Purchase Date and upon delivery of the
Securities to the Paying Agent by the Holder as set forth in the Indenture.

At the option of the Holder and subject to the terms
and conditions of the Indenture, the Company shall purchase all or a portion of
the Securities held by such Holder as of the date specified by the Company that
is between 20 and 35 days following the delivery by the Company of the notice
of a Change in Control for a Change in Control Purchase Price equal to 100% of
the Accreted Principal Amount thereof, plus accrued and unpaid interest, if
any, to, but excluding, the Change in Control Purchase Date.

Holders have the right to withdraw any Purchase Notice
or Change in Control Purchase Notice, as the case may be, by delivering to the
Paying Agent a written notice of withdrawal in accordance with the provisions
of the Indenture.

If cash sufficient to pay the Purchase Price or Change
in Control Purchase Price, as the case may be, of all Securities or portions
thereof to be purchased as of the Purchase Date or the Change in Control
Purchase Date, as the case may be, is deposited with the Paying Agent on the
Business Day following the Purchase Date or the Change in Control Purchase
Date, as the case may be, all interest ceases to accrue on such Securities (or
portions thereof) immediately after such Purchase Date or Change in Control Purchase
Date, as the case may be, and the Holder

 A-9
 

thereof shall have no other rights as such (other than
the right to receive the Purchase Price or Change in Control Purchase Price, as
the case may be, upon surrender of such Security).

10.       Conversion

Subject to the terms of the Indenture, the Holder of a
Security may convert the Security into an amount of cash and shares of Common
Stock, if any, as set forth in Section 11.1 of the Indenture, subject to the
obligation of the Company to settle any such conversion as described in Section
11.2 of the Indenture.  A Security in
respect of which a Holder has delivered a Purchase Notice or a Change in
Control Purchase 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 the terms of the Indenture.

The Company shall deliver cash or a check in lieu of
any fractional share of Common Stock.

A Holder may convert a portion of a Security if the
Original Principal Amount of such portion is $1,000 or an integral multiple of
$1,000.  No payment or adjustment shall
be made for dividends on the Common Stock except as provided in the Indenture.

Securities or portions thereof surrendered for
conversion during the period from the close of business on any Regular Record
Date immediately preceding any Interest Payment Date to the opening of business
on such Interest Payment Date shall be accompanied by payment to the Company or
its order, in New York Clearing House funds or other funds acceptable to the
Company, of an amount equal to the interest payable on such Interest Payment
Date on the Original Principal Amount of Securities or portions thereof being
surrendered for conversion, unless the Company has specified a Redemption Date
or a Change in Control Purchase Date that occurs after a Regular Record Date
and on or prior to the Interest Payment Date to which it relates, in which case
no such payment shall be required. 
Notwithstanding anything to the contrary, if the Company specifies a
Redemption Date that is in the month of February 2008, such payment also shall
not be required upon the surrender of Securities for conversion after January
15, 2008 and prior to such Redemption Date.

To convert a Security, a Holder must (a) complete
and manually sign the Conversion Notice set forth below and deliver such notice
to a Conversion Agent, (b) surrender the Security to the Conversion Agent,
(c) furnish appropriate endorsements and transfer documents (including any
certification that may be required under applicable law) if required by the
Conversion Agent, and (d) pay any transfer or similar tax, if required;
or, if this is a Global Security, comply with the applicable conversion
procedures of the Depositary.

The Conversion Rate will be adjusted under the
Indenture in the event the Company shall, while any of the Securities are
outstanding, pay dividends or make distributions on Common Stock payable in
Common Stock; subdivide its outstanding shares of Common Stock; combine its outstanding
shares of Common Stock into a smaller number of shares; or issue by
recapitalization or reclassification of its shares of Common Stock any shares
of Capital Stock of the Company; issue rights or warrants to holders of Common
Stock entitling them to subscribe for or purchase shares of Common Stock; pay
dividends or other distributions to all holders of

 A-10
 

Common Stock of shares of Capital Stock or evidences
of indebtedness or assets; pay dividends or other distributions consisting
exclusively of cash to all holders of Common Stock; and purchase shares of
Common Stock pursuant to a tender offer or exchange offer, all as more fully
provided in the Indenture.

11.       Denominations; Transfer;
Exchange

The Securities are in fully registered form, without
coupons, in denominations of $1,000 Original Principal Amount and integral
multiples of $1,000.  A Holder may
transfer or exchange Securities in accordance with the Indenture.  The Registrar may require a Holder, among
other things, to furnish appropriate endorsements and transfer documents and to
pay any taxes and fees required by law or permitted by the Indenture.  The Registrar need not transfer or exchange
any Securities selected for redemption (except, in the case of a Security to be
redeemed in part, the portion of the Security not to be redeemed) or any
Securities in respect of which a Purchase Notice or Change in Control Purchase
Notice has been given and not withdrawn (except, in the case of a Security to
be purchased in part, the portion of the Security not to be purchased) or any
Securities for a period of 15 days before the mailing of a notice of redemption
of Securities to be redeemed.

12.       Persons Deemed Owners

The registered Holder of this Security may be treated
as the owner of this Security for all purposes.

13.       Unclaimed Money or
Securities

The Trustee and the Paying Agent shall return to the
Company upon written request any money or securities held by them for the
payment of any amount with respect to the Securities that remains unclaimed for
two years subject to applicable unclaimed property law. After return to the
Company, Holders entitled to the money or securities must look to the Company
for payment as general creditors unless an applicable abandoned property law
designates another Person.

14.       Amendment; Waiver

Subject to certain exceptions set forth in the
Indenture, (i) the Indenture or the Securities may be amended with the written
consent of the Holders of at least a majority in aggregate Original Principal
Amount of the Securities at the time outstanding and (ii) certain Defaults may
be waived with the written consent of the Holders of a majority in aggregate
Original Principal Amount of the Securities at the time outstanding.  The Company and the Trustee may amend the
Indenture under certain circumstances without the consent of the Holder, as
described in the Indenture.

15.       Defaults and Remedies

Under the
Indenture, Events of Default include (i) a default in the payment of the
Accreted Principal Amount, Redemption Price, Purchase Price or Change in
Control Purchase

 A-11
 

Price with respect to any
Security when such payment becomes due and payable; (ii) a default in the
payment of any interest, if any, on the Securities, when the same becomes due
and payable, for a period of 30 days; (iii) failure by the Company to convert
any Securities into cash and, if applicable, shares of Common Stock in the
amounts set forth in the Indenture; (iv) failure by the Company to comply with
any of its other agreements in the Indenture or the Securities, subject to
written notice by the Trustee or by Holders of not less than 25% in aggregate
Original Principal Amount of the Securities at the time outstanding, and the
Company’s failure to cure (or obtain a waiver of) such default within 90 days
after receipt by the Company of such notice; and (v) certain events of
bankruptcy or insolvency. If an Event of Default occurs and is continuing, the
Trustee, or the Holders of at least 25% in aggregate Original Principal Amount
of the Securities at the time outstanding, may declare all the Securities to be
due and payable immediately.  Certain
events of bankruptcy or insolvency are Events of Default that will result in
the Securities becoming due and payable immediately upon the occurrence of such
Events of Default.

Holders may not enforce the Indenture or the
Securities except as provided in the Indenture. 
The Trustee may refuse to enforce the Indenture or the Securities unless
it receives security or indemnity satisfactory to it against any loss,
liability or expense.  Subject to certain
limitations, Holders of a majority in aggregate Original Principal Amount of
the Securities at the time outstanding may direct the Trustee in its exercise
of any trust or power.  The Trustee may
withhold from Holders notice of any continuing Default (except a Default in
payment of amounts specified in clause (i), (ii) or (iii) above) if it
determines that withholding notice is in their interests.

16.       Trustee Dealings with the
Company

Subject to certain limitations imposed by the TIA, the
Trustee under the Indenture, in its individual or any other capacity, may
become the owner or pledgee of Securities and may otherwise deal with and
collect obligations owed to it by the Company or its Affiliates and may
otherwise deal with the Company or its Affiliates with the same rights it would
have if it were not Trustee.

17.       No Recourse Against Others

A director, officer, employee or stockholder, as such,
of the Company shall not have any liability for any obligations of the Company
under the Securities or the Indenture or for any claim based on, in respect of
or by reason of such obligations or their creation. By accepting a Security,
each Holder waives and releases all such liability. The waiver and release are
part of the consideration for the issue of the Securities.

18.       Authentication

This Security shall not be valid until an authorized
signatory of the Trustee manually signs the Certificate of Authentication on
the other side of this Security.

 A-12

19.       Abbreviations

Customary abbreviations may be used in the name of a
Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants
by the entireties), JT TEN (=joint tenants with right of survivorship and not
as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors
Act).

20.       GOVERNING LAW

THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THE
INDENTURE AND THIS SECURITY.

The Company will furnish
to any Holder upon written request and without charge a copy of the Indenture.

U.S. BANCORP

800 Nicollet Mall

Minneapolis, Minnesota  55402

Telephone No. (612) 303-0799

Facsimile No. (612) 303-7881

Attention:  Corporate Secretary

 A-13
 

 

	
  ASSIGNMENT FORM

  
	
   

  
	
   

  
	
  To assign this Security, fill in the form below:

  
	
   

  
	
  I or we assign and transfer this Security to

  
	
   

  
	
   

  
	
   

  
	
   

  
	
  (Insert
  assignee’s soc. sec. or tax ID no.)

  
	
   

  
	
   

  
	
   

  
	
   

  
	
  (Print or type
  assignee’s name, address

  
	
  and zip code)

  
	
   

  
	
  and irrevocably appoint                                                                                                                   agent
  to transfer this Security 

  
	
  on the books of the Company. The agent may
  substitute another to act for him.

  
	
   

  
	
  Date:

  	
   

  	
   

  

 

 A-14
 

SCHEDULE OF
INCREASES OR DECREASES

Initial Original Principal Amount:  $·

The following increases or decreases in this Global
Security have been made:

	
  Date of

  increase or

  decrease

  	
   

  	
  Amount of decrease in

  Principal Amount of this

  Global Security

  	
   

  	
  Amount of increase in

  Principal Amount of this

  Global Security

  	
   

  	
  Principal Amount of this

  Global Security following

  such decrease or increase

  	
   

  	
  Signature of authorized

  signatory of Trustee or

  Custodian

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 A-15
 

OPTION OF HOLDER
TO ELECT PURCHASE

If you want to elect to have this Security purchased
by the Company pursuant to Section 12.1 of the Indenture, check the box: o

If you want to elect to have only part of this
Security purchased by the Company pursuant to Section 12.1 of the
Indenture, state the amount in principal amount (must be an integral multiple
of $1,000):  $

	
  

  	
  Date:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Your

  
	
   

  	
  Signature: 

  
	
   

  	
   

  	
  *

  
	
   

  	
   

  
	
   

  	
  (Sign exactly as your name appears

  
	
   

  	
  on the other side of this Security)

  
					

 

 A-16
 

CONVERSION NOTICE

To convert this Security,
check the box:  o

To convert only part of
this Security, state the Original Principal Amount to be converted (which must
be $1,000 or an integral multiple of $1,000): $ 

If you want the stock
certificate made out in another Person’s name, fill in the form below:

 

(Insert other Person’s
soc. sec. or tax ID no.)

 

(Print or type other
Person’s name, address and zip code)

	
  Your

  
	
  Signature:

  	
   

  	
  *

  

 

(Sign exactly as your
name appears on the other side of this Security)

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

 A-17
 

OPTION OF HOLDER
TO ELECT PURCHASE ON CHANGE IN CONTROL

If you want to elect to
have this Security purchased, in whole or in part, by the Company pursuant to
Section 13.1 of the Indenture, check the following box:  o

If you want to have only
part of this Security purchased by the Company, state the Original Principal
Amount you want to be purchased (must be $1,000 or a multiple of $1,000):  $

If
this notice is attached to a certificated Security, the Security certificate
numbers:

You
agree by the presentation of this notice to provide any further information as
may be required under applicable procedures of The Depository Trust Company.

	
  Your

  
	
  Signature:

  	
   

  	
  *

  

 

(Sign exactly as your
name appears on the other side of this Security)

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

 A-18Exhibit
4.2

REGISTRATION RIGHTS AGREEMENT

between

U.S. BANCORP

AS ISSUER

and

DEUTSCHE BANK SECURITIES INC.

AS INITIAL PURCHASER

Dated as of February 6, 2007

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”)
is made and entered into as of February 6, 2007, by and between U.S. BANCORP, a
Delaware corporation (the “Company”), and Deutsche Bank Securities Inc.
(the “Initial Purchaser”).

This Agreement is made pursuant to the Purchase
Agreement, dated January 31, 2007 (the “Purchase Agreement”), between
the Company, as issuer of the Floating Rate Convertible Senior Debentures due
2037 (the “Debentures”), and the Initial Purchaser, which provides for,
among other things, the sale by the Company to the Initial Purchaser of the
aggregate principal amount of Debentures specified therein.  In order to induce the Initial Purchaser to
enter into the Purchase Agreement, the Company has agreed to provide the
registration rights set forth in this Agreement.  The execution of this Agreement is a
condition to the closing under the Purchase Agreement.

The Company agrees with the Initial Purchaser (i) for
its benefit as Initial Purchaser and (ii) for the benefit of the beneficial
owners (including the Initial Purchaser) from time to time of the Debentures,
and the beneficial owners from time to time of the Underlying Common Stock (as
defined herein) issuable upon conversion of the Debentures (each of the
foregoing a “Holder” and together the “Holders”), as follows:

1.             Definitions. 
Capitalized terms used but not specifically defined herein have the
respective meanings ascribed thereto in the Purchase Agreement.  As used in this Agreement, the following
capitalized terms shall have the following meanings:

“Agreement”: 
This Registration Rights Agreement.

“Broker-Dealer”:  Any broker or dealer registered under the
Exchange Act.

“Business Day”: 
A day other than a Saturday, a Sunday or a day on which banking
institutions in The City of New York or Wilmington, Delaware are authorized or
required by law, regulation or executive order to close.

“Closing Time”: 
As defined in the Purchase Agreement.

“Commission”: 
Securities and Exchange Commission.

“Common Stock”: 
The Common Stock, $0.01 par value, of the Company, and if such Common
Stock has been converted into or exchanged for other securities, any such
securities into or for which the Common Stock has been so converted or
exchanged, and any security issued with respect thereto upon any stock
dividend, split or similar event.

“Company”: 
As defined in the preamble hereto.

“Damages Payment Date”:  Each February 6, May 6, August 6 and November
6.

“Debentures”: 
As defined in the preamble hereto.

“Effectiveness Period”:  As defined in Section 2(a)(iii) hereof.

 2
 

“Effectiveness Target Date”:  As defined in Section 2(a)(ii) hereof.

“Exchange Act”: 
Securities Exchange Act of 1934, as amended.

“Holder”: 
As defined in the preamble hereto.

“Holder Questionnaire”:  As defined in Section 2(b) hereof.

“Indenture”: 
The senior indenture, dated as of the date hereof, among the Company,
Wilmington Trust Company, as trustee, and U.S. Bank Trust National Association
as authenticating agent, pursuant to which the Debentures are being issued.

“Initial Filing Deadline”:  As defined in Section 2(a)(i) hereof.

“Initial Purchaser”:  As defined in the preamble hereto.

“Liquidated Damages”:  As defined in Section 3(a) hereof.

“New Shelf Registration Statement”:  As defined in Section 2(a)(i) hereof.

“Majority of Holders”:  Holders holding over 50% of the aggregate
Applicable Amount of Registrable Securities outstanding.

“NASD”: 
National Association of Securities Dealers, Inc.

“Person”: 
An individual, partnership, corporation, unincorporated organization,
trust, joint venture or a government or agency or political subdivision
thereof.

“Purchase Agreement”:  As defined in the preamble hereto.

“Prospectus”: 
The prospectus included in a Shelf Registration Statement, as amended or
supplemented by any prospectus supplement and by all other amendments thereto,
including any WKSI Prospectus Supplement and any post-effective amendments, and
all material incorporated by reference into such Prospectus.

“Record Holder”:  With respect to any Damages Payment Date
relating to any Securities, each Person who is a Holder at the close of
business on the first day of the month (whether or not a Business Day) in which
the relevant Damages Payment Date occurs.

“Registrable Securities”:  The Securities, until such securities have
been converted or exchanged and, at all times subsequent to any such conversion
or exchange, any securities into or for which such securities have been
converted or exchanged, and any security issued with respect thereto upon any
stock dividend, split, merger or similar event until, in the case of any such
security, the earliest of (i) its effective registration under the
Securities Act and resale in accordance with the Shelf Registration Statement
covering it, (ii) expiration of the holding period that would be
applicable thereto under

 3
 

Rule 144(k) were it not
held by an Affiliate of the Company, (iii) its sale to the public pursuant
to Rule 144 or (iv) the expiration of the Effectiveness Period.

“Registration Default”:  As defined in Section 3(a) hereof.

“Rules”: 
As defined in Section 4(b)(xx) hereof.

“Securities”: 
Collectively means the Debentures and the Underlying Common Stock.

“Securities Act”:  Securities Act of 1933, as amended.

“Shelf Registration Statement”:  The applicable shelf registration statement
of the Company, as amended and supplemented, which provides for resales by
Holders of Registrable Securities, whether a WKSI Shelf Registration Statement
or a New Shelf Registration Statement.

“Suspension Notice”:  As defined in Section 4(c) hereof.

“Suspension Period”:  As defined in Section 4(b)(i) hereof.

“TIA”: 
Trust Indenture Act of 1939, as in effect on the date the Indenture is
qualified under the TIA.

“Trustee”: 
Shall mean the trustee with respect to the Securities under the
Indenture.

“Underlying Common Stock”:  The Common Stock issuable upon conversion of
the Debentures.

“Underwritten Registration” or “Underwritten
Offering”:  A registration in which
securities of the Company are sold to an underwriter for reoffering to the
public.

“WKSI Prospectus Supplement”:  As defined in Section 2(a)(i) hereof.

“WKSI Shelf Registration Statement”: Shall mean
an automatically effective registration statement, as amended, for an offering
of the Company’s securities to be made on a delayed or continuous basis
pursuant to Rule 415 under the Securities Act filed by the Company with the
Commission, which shall be effective on date the Company files, or causes to be
filed, any WKSI Prospectus Supplement, and which shall be, unless the Company
provides written notice to the Trustee of the effectiveness another
automatically effective registration statement for purposes of this Agreement,
Registration Statement No. 333- 132297 (filed on March 9, 2006), as amended, to
the extent such registration statement remains effective.

2.             Shelf Registration.

(a)           The Company shall
use its best efforts to:

 4
 

(i)            (A) file or cause to be filed with
the Commission, not later than 90 days after the Closing Time (the “Initial
Filing Deadline”), a prospectus supplement to the prospectus included in a
WKSI Shelf Registration Statement, which prospectus supplement shall provide
for resales by Holders of Registrable Securities (“WKSI Prospectus
Supplement”), or, (B) if no WKSI Shelf Registration Statement is effective
at such time, file or cause to be filed with the Commission, not later than the
Initial Filing Deadline, a new shelf registration statement for an offering to
be made on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act and providing for resales by Holders of Registrable Securities
(the “New Shelf Registration Statement”);

(ii)           in the event a New Shelf Registration
Statement is filed, cause the New Shelf Registration Statement to be declared
effective by the Commission not later than 180 days after the Closing Time (the
“Effectiveness Target Date”); and

(iii)          keep the applicable Shelf Registration
Statement continuously effective, supplemented and amended as required by the
provisions of Section 4(b) hereof to the extent necessary to ensure that it (A)
is available for resales by the Holders of Registrable Securities entitled to
the benefit of this Agreement and (B) conforms with the requirements of this
Agreement and the Securities Act and the rules and regulations of the
Commission promulgated thereunder as announced from time to time for a period
(the “Effectiveness Period”) that commences on the date of filing of the
WKSI Prospectus Supplement or on the date the New Shelf Registration Statement
is declared effective, as the case may be, and that will terminate upon the
earliest of the following two dates: (x) the expiration of the holding period
applicable to the Registrable Securities held by a non-affiliate of the
Company under Rule 144(k) of the Securities Act or any successor rule thereto
or (y) when all Registrable Securities have been sold pursuant to a Shelf
Registration Statement.

(b)           No Holder of
Registrable Securities shall be included as a selling securityholder of any
Registrable Securities in a Shelf Registration Statement or a Prospectus
pursuant to this Agreement unless such Holder furnishes to the Company in
writing such information as the Company may reasonably request for use in
connection with any Shelf Registration Statement, any preliminary Prospectus
included therein or any Prospectus, and in any application to be filed with or
under state securities laws (the form of which request is attached to the
Offering Memorandum as Exhibit A and is referred to herein as the “Holder
Questionnaire”) prior to any intended distribution of Registrable
Securities.  Each Holder of Registrable
Securities who elects to sell Registrable Securities pursuant to a Prospectus,
agrees by submitting a Holder Questionnaire to the Company that it will be
bound by the terms and conditions of the Holder Questionnaire and this
Agreement.  In order to be named as a
selling securityholder of Registration Securities in a New Shelf Registration
Statement at the time it is declared effective, a Holder must complete and
deliver the Holder Questionnaire to the Company within 30 days after the
Company publicly announces the filing of a New Shelf Registration Statement pursuant
to Section 4(b)(xiv) hereof.  From and
after the date on which the Shelf Registration Statement is declared effective
and from and after the date any  WKSI
Prospectus Supplement is filed, as the case may be, the Company shall, during
the ten business days following the end of the quarter in which at least one
fully completed Holder Questionnaire is received by the Company, (i) if
required by applicable law, file with the Commission a post-

 5
 

effective
amendment to the New Shelf Registration Statement or prepare and, if required
by applicable law, file a Prospectus or a supplement or amendment to any
document incorporated therein by reference or file any other document required
by the Commission so that the Holder delivering such Holder Questionnaire is named
as a selling securityholder in the Shelf Registration Statement or the
Prospectus, or in both, as required by applicable law, in such a manner as to
permit such Holder to deliver such Prospectus to purchasers of the Registrable
Securities in accordance with applicable law and, if the Company shall file a
post-effective amendment to the Shelf Registration Statement, use its best
efforts to cause such post-effective amendment to be declared effective under
the Securities Act as promptly as is reasonably practicable, (ii) provide such
Holder copies of any documents filed pursuant to clause (i) of this Section
2(b), if requested, and (iii) notify such Holder as promptly as is reasonably
practicable after the effectiveness under the Securities Act of any post-effective
amendment filed pursuant to clause (i) of this Section 2(b); provided that, if such Holder Questionnaire is delivered
during a Suspension Period, the Company shall so inform the Holder delivering
such Holder Questionnaire and shall take the actions set forth in clauses (i),
(ii) and (iii) of this Section 2(b) upon expiration of the Suspension Period in
accordance with Section 4(b)(i) hereof. 
Notwithstanding anything contained herein to the contrary, the Company
shall be under no obligation to name any Holder that fails to complete and
deliver in a timely manner a Holder Questionnaire as a selling securityholder
in any Shelf Registration Statement or Prospectus.

3.             Liquidated Damages.

(a)           If:

(i)            neither a WKSI Prospectus Supplement
or a New Shelf Registration Statement is filed with the Commission prior to or
on the Initial Filing Deadline;

(ii)           in the event a New Shelf Registration
Statement is filed, such New Shelf Registration Statement has not been declared
effective under the Securities Act by the Commission prior to or on the
Effectiveness Target Date;

(iii)          except as provided in Section 4(b)(i)
hereof, at any time after a WKSI Prospectus Supplement is filed or, if a New
Shelf Registration Statement is filed and declared effective, at any time after
the Effectiveness Target Date, and in each case prior to the end of the
Effectiveness Period, the applicable Shelf Registration Statement and
Prospectus shall thereafter cease to be effective or fail to be usable for its
intended purpose without being succeeded within ten Business Days by filing a
new prospectus supplement, a new Shelf Registration Statement, a post-effective
amendment to a Shelf Registration Statement or a report filed with the
Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act
that cures such failure and, in the case of a post-effective amendment, is
itself immediately declared effective; or

(iv)          (A) 
prior to or on the 45th day of any Suspension Period, such suspension
has not been terminated or (B) Suspension Periods exceed an aggregate of 90
days in any 360-day period or an aggregate of 45 days in any 90-day period,

 6
 

(each such event referred to in foregoing clauses (i)
through (iv), a “Registration Default”), the Company hereby agrees to
pay as liquidated damages (“Liquidated Damages”) with respect to any
Debentures that are Registrable Securities from and including the day following
the Registration Default to but excluding the day on which the Registration
Default has been cured, accruing at a rate:

(A)          with respect to the first 90-day
period during which a Registration Default shall have occurred and be
continuing, equal to 0.25% per annum of the original principal amount of the
Debentures, and

(B)           with respect to the period commencing
on the 91st day following the day the Registration Default shall have occurred
and be continuing, equal to 0.50% per annum of the original principal amount of
the Debentures;

provided that in
no event shall Liquidated Damages accrue at a rate per year exceeding 0.50% of
the original principal amount of the Debentures.  Following conversion of any Debentures
Liquidated Damages cease to accrue and no Liquidated Damages will accrue with
respect to the Underlying Common Stock.

(b)           All accrued
Liquidated Damages shall be paid in arrears to Record Holders of any
Registrable Security by the Company on each Damages Payment Date by wire
transfer of immediately available funds or by federal funds check; provided that any Liquidated Damages accrued with respect to
any Registrable Security called for redemption on a redemption date prior to
the Damages Payment Date shall be paid instead to the Holder who submitted such
Registrable Security on the applicable redemption date.  Following the cure of all Registration
Defaults relating to any particular Registrable Security, the accrual of
Liquidated Damages with respect to such Registrable Security will cease.

All obligations of the Company set forth in this
Section 3 that are outstanding with respect to any Registrable Security at the
time such security ceases to be a Registrable Security shall survive until such
time as all such obligations with respect to such Registrable Security shall
have been satisfied in full.

The Liquidated Damages
set forth above shall be the exclusive monetary remedy available to the Holders
of Registrable Securities for such Registration Default and each Holder of a
Registrable Security shall be entitled to receive Liquidated Damages if such
Holder has complied with the requirements of Section 2(b) hereof.

4.             Registration
Procedures.

(a)           (i) 
In connection with any Shelf Registration Statement or Prospectus and
any amendment or supplement thereto, the Company shall comply with all the
provisions of Section 4(b) hereof and shall use its best efforts to make such
filing or effect such registration, as the case may be, to permit the sale of
the Registrable Securities being sold in accordance with the intended method or
methods of distribution thereof, and pursuant thereto, shall as expeditiously
as possible prepare and file with the Commission a WKSI Prospectus Supplement
or a New Shelf Registration Statement relating to the registration on any
appropriate form under the Securities Act, as the case may be.

 7
 

(ii)           Before filing any Shelf Registration
Statement or Prospectus or any amendments or supplements thereto with the
Commission, the Company shall furnish to the Initial Purchaser copies of all
such documents proposed to be filed and use its best efforts to reflect in each
such document when so filed with the Commission such comments as the Initial
Purchaser reasonably shall propose within five Business Days of the delivery of
such copies to the Initial Purchaser.

(b)           In connection with
any Shelf Registration Statement and any Prospectus required by this Agreement
to permit the sale or resale of Registrable Securities, the Company shall:

(i)            Subject to any notice by the Company
in accordance with this Section 4(b)(i) of the existence of any fact or event
of the kind described in Section 4(b)(iii)(E) hereof, use its best efforts to
keep the applicable Shelf Registration Statement continuously effective during
the Effectiveness Period; upon the occurrence of any event that would cause the
applicable Shelf Registration Statement or Prospectus to (A) contain a material
misstatement or omission or (B) not be effective and usable for resale of
Registrable Securities during the Effectiveness Period in accordance with the
methods of distribution described therein, the Company shall file promptly an
appropriate amendment to the Shelf Registration Statement or a supplement to
the related Prospectus or a report filed with the Commission pursuant to
Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, in the case of clause
(A), correcting any such misstatement or omission, and, in the case of either
clause (A) or (B), use its best efforts to cause any such amendment to be
declared effective and any such Shelf Registration Statement or Prospectus to
become usable for their intended purposes as soon as practicable thereafter.  Notwithstanding the foregoing, the Company
may suspend the effectiveness of the applicable Shelf Registration Statement by
written notice to the Holders for a period not to exceed an aggregate of 45
days in any 90-day period (each such period, a “Suspension Period”) if:

(x)            an event occurs and
is continuing as a result of which any Shelf Registration Statement or
Prospectus would, in the Company’s reasonable judgment, 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

(y)           the Company reasonably determines
that the disclosure of such event at such time would have a material adverse
effect on the business of the Company and its subsidiaries taken as a whole or
on a previously undisclosed proposed or pending material business transaction;

provided,
however, that Suspension Periods
shall not exceed an aggregate of 90 days in any 360-day period.

(ii)           Prepare
and file with the Commission such amendments and post-effective amendments to
the Shelf Registration Statement as may be necessary to keep the Shelf
Registration Statement effective during the Effectiveness Period; cause the
related

 8
 

Prospectus to be supplemented by any required
prospectus supplement, and as so supplemented to be filed pursuant to Rule 424
(or any similar provisions then in force) under the Securities Act applicable
to them, and to comply fully with the applicable provisions of Rules 424 and
430B under the Securities Act in a timely manner; and comply with the
provisions of the Securities Act applicable to them with respect to the
disposition of all securities covered by the Shelf Registration Statement
during the Effectiveness Period in accordance with the intended method or
methods of distribution by the sellers thereof set forth in the Shelf
Registration Statement or supplement to the Prospectus; provided that in no event will such
method(s) of distribution take the form of an Underwritten Offering without the
prior agreement of the Company, which agreement will not be unreasonably
withheld.

(iii)          Advise the underwriter(s), if any, the
Initial Purchaser, and each selling Holder promptly (but in any event within
five Business Days) and, if requested by such Persons, to confirm such advice
in writing:

(A)          when any Shelf Registration Statement
or any Prospectus or any amendment or supplement thereto has been filed, and,
with respect to a Shelf Registration Statement or any post-effective amendment
thereto, when the same has become effective;

(B)           of any request by the Commission for
amendments to the Shelf Registration Statement or amendments or supplements to
the Prospectus or for additional information relating thereto;

(C)           of the issuance by the Commission of
any stop order suspending the effectiveness of the Shelf Registration Statement
under the Securities Act or of the receipt of any notification with respect to
the suspension by any state securities commission of the qualification or
exemption from qualification of the Registrable Securities for offering or sale
in any jurisdiction, or the initiation of any proceeding for any of the
preceding purposes;

(D)          of any determination by the Company
that a post-effective amendment to the Shelf Registration Statement would be
appropriate; or

(E)           of the existence of any fact or the
happening of any event, during the Effectiveness Period, that makes any
statement of a material fact made in the Shelf Registration Statement, the
Prospectus, any amendment or supplement thereto, or any document incorporated
by reference therein untrue, or that requires the making of any additions to or
changes in the Shelf Registration Statement or the Prospectus so that, as of
such date, the Shelf Registration Statement and the 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.

 9
 

If at
any time the Commission shall issue any stop order suspending the effectiveness
of the Shelf Registration Statement, or any state securities commission or
other regulatory authority shall issue an order suspending the qualification or
exemption from qualification of the Registrable Securities under state
securities or Blue Sky laws, the Company shall use its best efforts to obtain
the withdrawal or lifting of such order at the earliest possible time and will
provide to the Initial Purchaser and each Holder who is named in a Shelf
Registration Statement or Prospectus pursuant to this Agreement prompt notice
of the withdrawal of any such order.

(iv)          Make
available at reasonable times during normal business hours for inspection by
one or more representatives of the selling Holders, designated in writing by a
Majority of Holders whose Registrable Securities are included a Shelf
Registration Statement or Prospectus pursuant to this Agreement, any
underwriter participating in any distribution pursuant to a Shelf Registration
Statement or Prospectus, and any Broker-Dealer, attorney or accountant retained
by such selling Holders or any of the underwriter(s), if any, all financial and
other records, pertinent corporate documents and properties of the Company and
its subsidiaries as shall be reasonably necessary to enable them to exercise
any applicable due diligence responsibilities, and cause the Company’s
officers, directors, trustees, managers and employees to supply, at the Company’s
expense, all information reasonably requested by any such representative or
representatives of the selling Holders, underwriter, Broker-Dealer, attorney or
accountant in connection with a Shelf Registration Statement before its
effectiveness or before the filing of a prospectus supplement, as applicable; provided, however,  that, if the Company so requests,
such person shall first agree in writing with the Company that any information
that is reasonably and in good faith designated by the Company in writing as
confidential at the time of delivery of such information shall be kept
confidential by such persons and shall be used solely for the purposes of
exercising rights under this Agreement, unless (1) disclosure of such
information is required by court or administrative order or is necessary to
respond to inquiries of regulatory authorities, (2) disclosure of such
information is required by law (including any disclosure requirements pursuant
to federal securities laws in connection with the filing of a Shelf
Registration Statement or Prospectus, as the case may be, or the use of any
Prospectus referred to in this Agreement), (3) such information becomes
generally available to the public other than as a result of a disclosure or
failure to safeguard by any such person or (4) such information becomes
available to any such person from a source other than the Company and such
source is not bound by a confidentiality agreement or is not otherwise under a
duty of trust to the Company.

(v)           If
requested by any selling Holders or the underwriter(s), if any, promptly
incorporate in the Shelf Registration Statement or Prospectus, pursuant to a
supplement or post-effective amendment if necessary, such information as such
selling Holders and underwriter(s), if any, may reasonably request to have
included therein, including, without limitation:  (1) information relating to the “Plan of
Distribution” of the Registrable Securities, (2) information with respect to
the principal amount or number of Registrable Securities being sold to such
underwriter(s), (3) the purchase price being paid therefor and (4) any other
terms of the offering of the Registrable Securities to be sold in such
offering; and make all required filings of such Prospectus supplement or post-

 10
 

effective amendment as soon as reasonably
practicable after the Company is notified of the matters to be incorporated in
such Prospectus supplement or post-effective amendment.

(vi)          Furnish to each selling Holder and
each of the underwriter(s), if any, upon their request, without charge, at
least one copy of the applicable Shelf Registration Statement, as first filed
with the Commission, and of each amendment thereto (and any documents
incorporated by reference therein or exhibits thereto (or exhibits incorporated
in such exhibits by reference) as such Person may request).

(vii)         Deliver to each selling Holder and each
of the underwriter(s), if any, without charge, as many copies of the Prospectus
(including each preliminary Prospectus) and any amendment or supplement thereto
and such other documents as such Persons reasonably may request; subject to any
notice by the Company in accordance with this Section 4(b) of the existence of
any fact or event of the kind described in Section 4(b)(iii)(E) hereof, the
Company hereby consents to the use of the Prospectus and any amendment or
supplement thereto by each of the selling Holders and each of the
underwriter(s), if any, in connection with the offering and the sale of the
Registrable Securities covered by the Prospectus or any amendment or supplement
thereto.

(viii)        The Company shall:

(A)          Upon request, furnish to each selling
Holder and each underwriter, if any, in such substance and scope as they may
reasonably request and as are customarily made by issuers to underwriters in
primary underwritten offerings for selling securityholders, upon the date of
closing of any sale of Registrable Securities in an Underwritten Registration:

(1)           a certificate, dated the date of such
closing, signed by the Chief Financial Officer of the Company confirming, as of
the date thereof, the matters set forth in Section 5(d) of the Purchase
Agreement and such other matters as such parties may reasonably request;

(2)           opinions, each dated the date of such
closing, of 

counsel to the Company and updates thereof (which counsel and opinions (in form,
scope and substance) shall be reasonably satisfactory to the managing
underwriters, if any, and the holders of a majority in principal amount of the
Registrable Securities being sold) addressed to each selling Holder and the
underwriters, if any, covering such of the matters as are customarily covered
in legal opinions to underwriters in connection with underwritten offerings of
securities and such other matters as may be reasonably requested by the selling
Holders and the underwriters; and

(3)           customary comfort letters, dated the
date of such closing, from the Company’s independent accountants (and from any
other accountants whose report is contained or incorporated by reference in
the  Shelf Registration Statement or the
Prospectus) to the extent deliverable in

 11
 

accordance with their professional standards,
reasonable efforts to have such letter addressed to the selling Holders of
Registrable Securities (to the extent consistent with Statement on Auditing
Standards No. 100 of the American Institute of Certified Public Accountants),
such letters to be in customary form and covering matters of the type
customarily covered in comfort letters to underwriters in connection with
underwritten offerings of securities;

(B)           set forth in full in the underwriting
agreement, if any, indemnification provisions and procedures which provide
rights no less protective than those set forth in Section 7 hereof with respect
to all parties to be indemnified;

(C)           make such representations and
warranties to the selling Holders participating in an Underwritten Registration
and the underwriter(s), if any, in form, substance and scope as are customarily
made by issuers to underwriters in primary underwritten offerings, including,
but not limited to, those set forth in the Purchase Agreement; and

(D)          deliver such other documents and
certificates as may be reasonably requested by such parties to evidence
compliance with clause (A) above and with any customary conditions contained in
the underwriting agreement, if any, or other agreement entered into by the
selling Holders pursuant to this clause (viii).

(ix)           Before any public offering of
Registrable Securities, cooperate with the selling Holders, the underwriter(s),
if any, and their respective counsel in connection with the registration and
qualification of the Registrable Securities under the securities or Blue Sky
laws of such jurisdictions in the United States as the selling Holders or
underwriter(s), if any, may reasonably request and do any and all other acts or
things necessary or advisable to enable the disposition in such jurisdictions
of the Registrable Securities covered by the Shelf Registration Statement or
Prospectus; provided, however, that the Company shall not be
required (A) to qualify as a foreign corporation or as a dealer in securities
in any jurisdiction where it would not otherwise be required to qualify but for
this Section 4(b)(ix), or (B) take any action that would subject it to general
service of process or taxation in any such jurisdiction where it is not then so
subject.

(x)            Unless the applicable Registrable
Securities shall be in book-entry only form, cooperate with the selling Holders
and the underwriter(s), if any, to facilitate the timely preparation and
delivery of certificates representing Registrable Securities to be sold and not
bearing any restrictive legends; and enable such Registrable Securities to be
in such denominations and registered in such names as the selling Holders or
the underwriter(s), if any, may request at least two Business Days before any
sale of Registrable Securities made by such selling Holder or underwriter(s).

(xi)           Subject to Section 4(b)(i) hereof, if
any fact or event contemplated by Section 4(b)(iii)(E) hereof shall exist or
have occurred, use its best efforts to prepare a supplement or post-effective
amendment to the Shelf Registration Statement or a

 12
 

supplement or
amendment to the Prospectus or any document incorporated therein by reference
or file any other required document so that, as thereafter delivered to the
purchasers of Registrable Securities, the Registration Statement and the
Prospectus will not contain an untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the
statements therein not misleading.  At
such time as such public disclosure is otherwise made or the Company determines
that such disclosure is not necessary, in each case to correct any misstatement
of a material fact or to include any omitted material fact, the Company agrees
promptly to notify each Holder of such determination and to furnish each Holder
such number of copies of the Prospectus as amended or supplemented, as the case
may be, as such Holder may reasonably request.

(xii)          Provide CUSIP numbers for the
Securities and, in the event of and at the time of any distribution thereof to
Holders, the Debentures registered under such Shelf Registration Statement not
later than the filing date of the WKSI Prospectus Supplement or the effective
date of the New Shelf Registration Statement, as the case may be, and provide
the Trustee under the Indenture with certificates for such Securities that are
in a form eligible for deposit with The Depository Trust Company.

(xiii)         Cooperate, assist and provide such
information as is required with respect to any filings required to be made with
the NASD and in the performance of any due diligence investigation by any
underwriter that is required to be retained in accordance with the rules and
regulations of the NASD.

(xiv)        Upon (i) the filing of the WKSI Prospectus
Supplement or New Shelf Registration Statement, as the case may be, pursuant to
Section 2(a)(i) hereof and (ii) the effectiveness of any New Shelf Registration
Statement, if applicable, pursuant to Section 2(a)(ii) hereof, announce the
same, in each case by release to Businesswire, Reuters Economic Services,
Bloomberg Business News or any other means of dissemination reasonably expected
to make such information known publicly.

(xv)         Otherwise comply with all applicable
rules and regulations of the Commission and all reporting requirements under
the rules and regulations of the Exchange Act and generally make available to
its securityholders (or otherwise provide in accordance with Section 11(a) of
the Securities Act and Rule 158 thereunder) an earnings statement satisfying
the provisions of Section 11(a) of the Securities Act, no later than 45 days
after the end of the 12-month period (or 90 days, if such period is a fiscal
year) beginning the first month of the Company’s first quarter commencing after
the Effectiveness Target Date, which statement shall cover such 12-month
period.

(xvi)        Cause the Indenture to be qualified
under the TIA not later than the effective date of the New Shelf Registration
Statement or the filing of the WKSI Prospectus Supplement, as applicable, and,
in connection therewith, cooperate with the applicable trustees and the holders
of Securities to effect such changes to such documents as may be required for
such documents to be so qualified in accordance with the terms of the TIA; and
execute and use its best efforts to cause the Trustee to execute all documents
that may be required to effect such changes and all other forms and documents
required

 13
 

to be filed
with the Commission to enable such documents to be so qualified in a timely
manner.

(xvii)       Cause all Registrable Securities covered
by the Shelf Registration Statement or Prospectus to be listed or quoted, as
the case may be, on each securities exchange or automated quotation system on
which similar securities issued by the Company are then listed or quoted.

(xviii)      Provide to each Holder, upon written
request, each document filed with the Commission pursuant to the requirements
of Section 13 and Section 15 of the Exchange Act after the effective date of
the Shelf Registration Statement, unless such document is publicly available
via the Commission’s EDGAR system.

(xix)         At a reasonable time prior to the
filing of any Shelf Registration Statement, any Prospectus forming a part
thereof, any amendment to such Shelf Registration Statement or amendment or
supplement to such Prospectus or any document that is to be incorporated by
reference into any Shelf Registration Statement or any Prospectus after the
initial filing of the Shelf Registration Statement, provide copies of such document
to the Holders of Registrable Securities, to the Initial Purchaser, to counsel
for the Holders and to the underwriter or underwriters of an underwritten
offering of Registrable Securities, if any; make such changes in any such
document prior to the filing thereof as the Initial Purchaser, the counsel to
the Holders or the underwriter or underwriters, if any, reasonably request; and
not file any such document in a form to which the Majority of Holders, the
Initial Purchaser on behalf of the Holders of Registrable Securities, counsel
for the Holders of Registrable Securities or any underwriter shall not have
previously been advised and furnished a copy of, or to which the Majority of
Holders, the Initial Purchaser on behalf of the Holders of Registrable Securities,
counsel to the Holders of Registrable Securities or any underwriter shall
reasonably object; and make the representatives of the Company available for
discussion of such document as shall be reasonably requested by the Holders of
Registrable Securities, the Initial Purchaser on behalf of such Holders,
counsel for the Holders of Registrable Securities or any underwriter.

(xx)          In the event that any Broker-Dealer
shall underwrite any Registrable Securities or participate as a member of an
underwriting syndicate or selling group or “assist in the distribution” (within
the meaning of the Rules of Fair Practice of the NASD (the “Rules”) and
the By-Laws of the NASD) thereof, 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, assist such Broker-Dealer in complying
with the requirements of such Rules and By-Laws, including, without limitation,
by (A) if such Rules or By-Laws shall so require, engaging a “qualified
independent underwriter” to participate in the preparation of the Shelf
Registration Statement or Prospectus relating to such Registrable Securities
and to exercise usual standards of due diligence in respect thereto, (B)
indemnifying any such qualified independent underwriter to the extent of the
indemnification of underwriters provided in Section 7 hereof and (C) providing
any information to such Broker-Dealer as may be required in order for such
Broker-Dealer to comply with the requirements of the Rules.

 14

(xxi)         Enter into such customary agreements
and take such other reasonable necessary actions in connection therewith
(including those reasonably requested by the Majority of Holders of Registrable
Securities covered by the Shelf Registration Statement or Prospectus) in order
to expedite or facilitate disposition of such Registrable Securities.

(c)           Each Holder agrees
by acquisition of a Registrable Security that, upon receipt of any notice (a “Suspension
Notice”) from the Company of the existence of any fact of the kind
described in Section 4(b)(iii)(E) hereof, such Holder will, and will use its
best efforts to cause any underwriter(s) in an Underwritten Offering to,
forthwith discontinue disposition of Registrable Securities pursuant to the
Shelf Registration Statement until:

(i)            such Holder has received copies of
the supplemented or amended Prospectus contemplated by Section 4(b)(xvii)
hereof; or

(ii)           such Holder is advised in writing by
the Company that the use of the Prospectus may be resumed, and has received
copies of any additional or supplemental filings that are incorporated by
reference in the Prospectus.

If so directed by the Company, each Holder will
deliver to the Company (at the Company’s expense) all copies, other than
permanent file copies then in such Holder’s possession, of the Prospectus
covering such Registrable Securities that was current at the time of receipt of
such Suspension Notice.

(d)           Upon the initial
sale of any Registrable Securities pursuant to any Shelf Registration
Statement, each selling Holder shall deliver a notice of such sale to the
Company certifying that (i) the Prospectus delivery requirements, if any, of
the Securities Act have been complied with and (ii) such selling Holder and the
aggregate amount of Registrable Securities owned by such selling Holder are
identified in the related Prospectus in accordance with the applicable rules
and regulations under the Securities Act.

If any of the Registrable Securities covered by any
Shelf Registration Statement are to be sold in an underwritten offering, the
underwriter or underwriters and manager or managers that will manage such
offering will be selected by the Majority of Holders of such Registrable
Securities included in such offering and shall be acceptable to the Company.  No Holder of Registrable Securities may
participate in any underwritten registration hereunder unless such Holder (a)
agrees to sell such Holder’s Registrable Securities on the basis provided in
any underwriting arrangements approved by the persons entitled hereunder to
approve such arrangements and (b) completes and executes all questionnaires,
powers of attorney, indemnities, underwriting agreements and other documents
required under the terms of such underwriting arrangements.

 15
 

5.             Holder’s
Obligations.  Each Holder agrees, by
acquisition of the Registrable Securities, that no Holder of Registrable
Securities shall be entitled to sell any of such Registrable Securities
pursuant to a Registration Statement or to receive a Prospectus relating
thereto, unless such Holder has furnished the Company with a Holder
Questionnaire as required pursuant to Section 2(b) hereof (including the
information required to be included in such Holder Questionnaire).

6.             Registration Expenses.

(a)           The Company shall
bear all fees and expenses incurred in connection with the performance of its
obligations under Sections 2 and 4 of this Agreement, whether or not any Shelf
Registration Statement is declared effective or any Prospectus is filed.  Such fees and expenses shall include, without
limitation, (i) all registration and filing fees (including, without
limitation, reasonable fees and disbursements of the counsel specified in the
next sentence in connection with Blue Sky qualifications of the Registrable
Securities under the laws of such jurisdictions as the Holders of a majority of
the Registrable Securities being sold pursuant to a Shelf Registration
Statement may designate), (ii) printing expenses (including, without
limitation, expenses of printing certificates for Registrable Securities in a
form eligible for deposit with The Depository Trust Company), (iii) duplication
expenses relating to copies of any Shelf Registration Statement or Prospectus
delivered to any Holders hereunder, (iv) fees and disbursements of counsel for
the Company in connection with the Shelf Registration Statement and (v)
reasonable fees and disbursements of the Trustee and its counsel and of the
registrar and transfer agent for the Common Stock.  In addition, the Company shall bear or
reimburse the Holders that have delivered a Holder Questionnaire for the
reasonable fees and disbursements of one firm of legal counsel for the Holders
incurred in reviewing and commenting upon the Shelf Registration Statement
prior to its effectiveness, which shall, upon the written consent of the
Initial Purchaser (which shall not be unreasonably withheld), be a nationally
recognized law firm experienced in securities law matters designated by the
Company.  In addition, the Company shall
pay the internal expenses of the Company (including, without limitation, all
salaries and expenses of officers and employees performing legal or accounting
duties), the expense of any annual audit, the fees and expenses incurred in
connection with the listing of the Registrable Securities on any securities
exchange on which the same securities of the Company are then listed and the
fees and expenses of any person, including special experts, retained by the
Company.

(b)           In connection with
each Shelf Registration Statement and Prospectus required by this Agreement,
including any amendment or supplement thereto, and any other documents
delivered to any Holders, the Company shall reimburse the Initial Purchaser and
the Holders of Registrable Securities being registered pursuant to the Shelf
Registration Statement, as applicable, for the reasonable fees and
disbursements of not more than one counsel, which shall be Shearman &
Sterling LLP, or such other counsel as may be chosen by a Majority of Holders
for whose benefit the Shelf Registration Statement is being prepared.

 16
 

7.             Indemnification and Contribution.

(a)           The Company agrees
to indemnify and hold harmless the Initial Purchaser, each Holder, and each
person, if any, who controls the Initial Purchaser or such Holder within the
meaning of the Securities Act or the Exchange Act as follows:

(i)            against any and all loss, liability,
claim, damage and expense whatsoever, as incurred, arising out of any untrue
statement or alleged untrue statement of a material fact contained in any Shelf
Registration Statement (or any amendment thereto), pursuant to which
Registrable Securities were registered under the Securities Act, including all
documents incorporated therein by reference, or the omission or alleged
omission therefrom of a material fact required to be stated therein or
necessary to make the statements therein not misleading, or arising out of any
untrue statement or alleged untrue statement of a material fact contained in
any Prospectus (or any amendment or supplement thereto) or the omission or
alleged omission therefrom of a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were
made, not misleading;

(ii)           against any and all loss, liability,
claim, damage and expense whatsoever, as incurred, to the extent of the
aggregate amount paid in settlement of any litigation, or any investigation or
proceeding by any governmental agency or body, commenced or threatened, or of
any claim whatsoever based upon any such untrue statement or omission, or any
such alleged untrue statement or omission; provided
that (subject to Section 7(d) below) any such settlement is effected with the
written consent of the Company; and

(iii)          against any and all expense
whatsoever, as incurred (including the fees and disbursements of counsel chosen
by any indemnified party), reasonably incurred in investigating, preparing or
defending against any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or any claim whatsoever
based upon any such untrue statement or omission, or any such alleged untrue
statement or omission, to the extent that any such expense is not paid under
subparagraph (i) or (ii) above;

provided,
however, that this indemnity
agreement shall not apply to any loss, liability, claim, damage or expense to
the extent arising out of any untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with written
information furnished to the Company by the Holder expressly for use in any
Shelf Registration Statement (or any amendment thereto), as the case may be, or
any Prospectus (or any amendment or supplement thereto).

(b)           Each Holder severally, but not
jointly, agrees to indemnify and hold harmless the Company, the Initial
Purchaser and the other selling Holders, and each of their respective directors
and officers, and each Person, if any, who controls the Company, the Initial
Purchaser, or any other selling Holder within the meaning of the Securities Act
or the Exchange Act, against any and all loss, liability, claim, damage and
expense described in the indemnity contained in Section 7(a) hereof, as
incurred, but only with respect to untrue statements or

 17
 

omissions, or alleged untrue statements or
omissions, made in a Shelf Registration Statement (or any amendment thereto),
or any Prospectus included therein (or any amendment or supplement thereto), in
reliance upon and in conformity with written information with respect to such
Holder furnished to the Company by such Holder expressly for use in such Shelf
Registration Statement (or any amendment thereto) or such Prospectus (or any
amendment or supplement thereto); provided,
however, that no such Holder shall be
liable for any claims hereunder in excess of the amount of net proceeds
received by such Holder from the sale of Registrable Securities pursuant to
such Shelf Registration Statement.

(c)           Each indemnified
party shall give notice as promptly as reasonably practicable to each
indemnifying party of any action commenced against it in respect of which
indemnity may be sought hereunder, but failure to so notify an indemnifying
party shall not relieve such indemnifying party from any liability hereunder to
the extent it is not materially prejudiced as a result thereof and in any event
shall not relieve it from any liability which it may have otherwise than on
account of this indemnity agreement.  The
indemnifying party shall be entitled to appoint counsel (including local
counsel) of the indemnifying party’s choice at the indemnifying party’s expense
to represent the indemnified party in any action for which indemnification is
sought (in which case the indemnifying party shall not thereafter be
responsible for the fees and expenses of any separate counsel (other than local
counsel); provided, however, that the counsel appointed by the
indemnifying party shall be reasonably satisfactory to the indemnified
party.  Notwithstanding the indemnifying
party’s election to appoint counsel (including local counsel) to represent the indemnified
party in any action, the indemnified party shall have the right to employ
separate counsel (including local counsel), and the indemnifying party shall
bear the reasonable fees, costs and expenses of such separate counsel if (i)
the use of counsel chosen by the indemnifying party to represent the
indemnified party would present such counsel with an actual or potential
conflict of interest; (ii) the actual or potential defendants in, or targets
of, any such action include both the indemnified party and the indemnifying
party and the indemnified party shall have reasonably concluded that there may
be legal defenses available to it and/or other indemnified parties which are
different from or additional to those available to the indemnifying party; (iii)
the indemnifying party shall not have employed counsel reasonably satisfactory
to the indemnified party to represent the indemnified party or such appointment
was not within a reasonable time after notice of the institution of such
action; or (iv) the indemnifying party shall authorize the indemnified party to
employ separate counsel at the expense of the indemnifying party.  No indemnifying party shall, without the
prior written consent of the indemnified parties, settle or compromise or
consent to the entry of any judgment with respect to any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or
threatened, or any claim whatsoever in respect of which indemnification or
contribution could be sought under this Section 7 (whether or not the
indemnified parties are actual or potential parties thereto), unless such
settlement, compromise or consent (i) includes an unconditional release of each
indemnified party from all liability arising out of such litigation, investigation,
proceeding 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)           If at any time an
indemnified party shall have requested an indemnifying party to reimburse the
indemnified party for fees and expenses of counsel, such indemnifying party
agrees that it shall be liable for any settlement of the nature contemplated by
Section

 18
 

7(a)(ii)
effected without its written consent if (i) such settlement is entered into
more than 45 days after receipt by such indemnifying party of the aforesaid
request, (ii) such indemnifying party shall have received notice of the terms
of such settlement at least 30 days prior to such settlement being entered into
and (iii) such indemnifying party shall not have reimbursed such indemnified
party in accordance with such request prior to the date of such settlement.

(e)           If the
indemnification provided for in this Section 7 is for any reason unavailable to
or insufficient to hold harmless an indemnified party in respect of any losses,
liabilities, claims, damages or expenses referred to therein, then each
indemnifying party shall contribute to the aggregate amount of such losses,
liabilities, claims, damages and expenses incurred by such indemnified party,
as incurred, in such proportion as is appropriate to reflect the relative fault
of the Company on the one hand and the Holders and the Initial Purchaser on the
other hand in connection with the statements or omissions which resulted in
such losses, liabilities, claims, damages or expenses, as well as any other
relevant equitable considerations.

The relative fault of the Company on the one hand and
the Holders and the Initial Purchaser on the other hand shall be determined by
reference to, among other things, whether any such untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a
material fact relates to information supplied by the Company, the Holders or
the Initial Purchaser and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission.

The Company, the Holders and the Initial Purchaser
agree that it would not be just and equitable if contribution pursuant to this
Section 7 were determined by pro rata allocation or by any other method of
allocation that does not take account of the equitable considerations referred
to above in this Section 7.  The
aggregate amount of losses, liabilities, claims, damages and expenses incurred
by an indemnified party and referred to above in this Section 7 shall be deemed
to include any legal or other expenses reasonably incurred by such indemnified
party in investigating, preparing or defending against any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or
threatened, or any claim whatsoever based upon any such untrue or alleged
untrue statement or omission or alleged omission.

Notwithstanding the provisions of this Section 7, the
Initial Purchaser shall not be required to contribute any amount in excess of
the amount by which the total price at which the Securities sold by it were
offered exceeds the amount of any damages which such Initial Purchaser has
otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission.

No Person guilty of fraudulent misrepresentation
(within the meaning of the Securities Act) shall be entitled to contribution
from any Person who was not guilty of such fraudulent misrepresentation.

For purposes of this Section 7, each Person, if any,
who controls the Initial Purchaser or a Holder within the meaning of the
Securities Act or the Exchange Act shall have the same rights to contribution
as the Initial Purchaser or such Holder, and each director of the Company, and
each Person, if any, who controls the Company within the meaning of the
Securities Act or the Exchange Act shall have the same rights to contribution
as the Company.

 19
 

8.             Rules
144 and 144A.  The Company shall use
its best efforts to file the reports required to be filed by it under the
Securities Act and the Exchange Act in a timely manner and, if at any time the
Company is not required to file such reports, it will, within a reasonable
period of time, upon written request of any Holder of Registrable Securities,
make publicly available other information so long as necessary to permit sales
of its securities pursuant to Rules 144 and 144A.  The Company covenants that it will take such
further action as any Holder of Registrable Securities may reasonably request,
all to the extent required from time to time to enable such Holder to sell such
Registrable Securities without registration under the Securities Act within the
limitation of the exemptions provided by Rules 144 and 144A (including the
requirements of Rule 144A(d)(4)).  The
Company will provide a copy of this Agreement to prospective purchasers of
Registrable Securities identified to the Company by the Initial Purchaser upon
request.  Upon the request of any Holder
of Registrable Securities, the Company shall deliver to such Holder a written
statement as to whether it has complied with such requirements.  Notwithstanding the foregoing, nothing in
this Section 8 shall be deemed to require the Company to register any of its
securities pursuant to the Exchange Act.

9.             Miscellaneous.

(a)           No Inconsistent
Agreements.  The Company has not
entered into and the Company will not after the date of this Agreement enter
into any agreement which is inconsistent with the rights granted to the Holders
of Registrable Securities in this Agreement or otherwise conflicts with the
provisions hereof.  The rights granted to
the Holders hereunder do not and will not for the term of this Agreement in any
way conflict with the rights granted to the holders of the Company’s other
issued and outstanding securities under any such agreements.

(b)           Amendments and
Waivers.  The provisions of this
Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to departures from the
provisions hereof may not be given unless the Company has obtained the written
consent of Holders of at least a majority in aggregate principal amount of the
outstanding Registrable Securities affected by such amendment, modification,
supplement, waiver or departure.

(c)           Notices.  All notices and other communications provided
for or permitted hereunder shall be made in writing by hand-delivery,
first-class mail (registered or certified, return receipt requested), telex,
facsimile transmission, or air courier guaranteeing overnight delivery.  Notices to the Initial Purchaser shall be
directed to Deutsche Bank Securities Inc., at 60 Wall Street, New York, NY
10005-2858, Attention:  Equity Capital
Markets Syndicate Desk (facsimile +1
(212) 797-9344), with a copy to the General Counsel (facsimile +1 (212)
797-4564); notices to the Company shall be directed to it at 800
Nicollett Mall, Minneapolis, Minnesota 55402, attention of Treasurer.

All such notices and communications shall be deemed to
have been duly given:  at the time
delivered by hand, if personally delivered; two Business Days after being
deposited in the mail, postage prepaid, if mailed; when answered back, if
telexed; when receipt acknowledged, if transmitted by facsimile; and on the
next Business Day, if timely delivered to an air courier guaranteeing overnight
delivery.

 20
 

Copies of all such notices, demands, or other
communications shall be concurrently delivered by the person giving the same to
the Trustee under the Indenture, at the address specified in such Indenture.

(d)           Successors and
Assigns.  This Agreement shall inure
to the benefit of and be binding upon the successors, assigns and transferees
of each of the parties, including, without limitation and without the need for
an express assignment, subsequent Holders; provided that nothing herein shall be deemed to permit any
assignment, transfer or other disposition of Registrable Securities in
violation of the terms of the Purchase Agreement or the Indenture.  If any transferee of any Holder shall acquire
Registrable Securities, in any manner, whether by operation of law or
otherwise, such Registrable Securities shall be held subject to all of the
terms of this Agreement, and by taking and holding such Registrable Securities
such person shall be conclusively deemed to have agreed to be bound by and to
perform all of the terms and provisions of this Agreement, including the
restrictions on resale set forth in this Agreement and, if applicable, the
Purchase Agreement, and such person shall be entitled to receive the benefits
hereof.

(e)           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.

(f)            Headings.  The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

(g)           Governing Law.  This Agreement shall be governed by, and
construed in accordance with, the law of the State of New York.

(h)           Severability.  If any one or more of the provisions
contained herein, or the application thereof in any circumstance, 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 contained herein shall remain in full force and effect
and shall not be affected or impaired or invalidated thereby, it being intended
that all of the rights and privileges of the parties shall be enforceable to
the fullest extent permitted by law.

(i)            Entire Agreement.  This Agreement is intended by the parties as
a final expression of their agreement and intended to be a complete and
exclusive statement of the agreement and understanding of the parties hereto in
respect of the subject matter contained herein and the registration rights
granted by the Company with respect to the Registrable Securities.  There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein
with respect to the registration rights granted by the Company with respect to
the Registrable Securities.  This
Agreement supersedes all prior agreements and understandings among the parties
with respect to such subject matter.

(j)            Third Party
Beneficiaries.  The Holders shall be
third party beneficiaries to the agreements made hereunder between the Company,
on the one hand, and the Initial Purchaser, on the other hand, and the Holders
shall have the right to enforce such agreements

 21
 

directly to
the extent they may deem such enforcement necessary or advisable to protect
their rights or the rights of Holders hereunder.

 22

IN WITNESS WHEREOF, the parties have executed this
Agreement as of the date first written above.

	
  

  	
  U.S. BANCORP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Daryl N.
  Bible

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Daryl N. Bible

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice President and

  
	
   

  	
   

  	
   

  	
  Treasurer

  

 

The foregoing Registration Rights Agreement is

hereby confirmed and accepted as of the date first

above written.

	
  DEUTSCHE BANK SECURITIES INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Mark Hantho

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Donald Sung

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

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