Document:

<PAGE>

                                                                    EXHIBIT 10.2

          SECOND AMENDMENT OF TERMINATION AGREEMENT AND TERMINATION OF
                                OPTION AGREEMENT

         THIS SECOND AMENDMENT OF TERMINATION AGREEMENT AND TERMINATION OF
OPTION AGREEMENT (this "Second Amendment") is entered into as of July 1, 2003,
by and among AMB PROPERTY, L.P., a Delaware limited partnership ("AMB"), NUVELO,
INC., a Nevada corporation, successor by merger to Hyseq, Inc., a Nevada
corporation ("Nuvelo"), and GEORGE RATHMANN, an individual ("Guarantor"). AMB,
Nuvelo and Guarantor are sometimes referred to individually herein as a "Party"
and collectively as the "Parties."

                                    RECITALS

         A.       AMB, Nuvelo and Guarantor were parties to that certain
Conditional Lease Termination Agreement dated as of October 1, 2002 (the
"Termination Agreement") pursuant to which the lease between AMB and Nuvelo
dated as of June 23, 2000, as amended by that certain First Amendment to Lease
Agreement dated December 14, 2000 (as so amended, the "Lease"), relating to, and
Nuvelo's right to possession of, the approximately 59,300 rentable square feet
located at 225, 249 and 257 Humboldt Court, Sunnyvale, California (the
"Property"), was terminated, all as more particularly described in the
Termination Agreement.

         B.       In connection with the Termination Agreement, AMB and Nuvelo
also entered into that certain Real Property Option and Sale Agreement and Joint
Escrow Instructions dated as of October 1, 2002 (the "Option Agreement")
pursuant to which AMB granted to Nuvelo an option to purchase the Property on
the terms and conditions contained in the Option Agreement (the "Option"). As
partial consideration for the Option, Nuvelo also executed a Promissory Note
dated November 1, 2002 (the "Original Note") in the principal amount of
$2,600,000 in favor of AMB, and issued to AMB a Warrant to Purchase Shares of
Common Stock dated November 1, 2002 for up to 195,130 shares of common stock of
Nuvelo (the "Original Warrants"). A Memorandum of Option dated November 18, 2002
executed by AMB and Nuvelo was recorded on November 18, 2002 in the Official
Records of the County of Santa Clara, State of California (the "Official
Records") as Instrument No 16622221.

         C.       Guarantor executed a guaranty (the "Original Guaranty") of
Nuvelo's obligations under the Original Note. Under the Original Guaranty,
Guarantor also guaranteed and promised to pay any avoidance by Nuvelo, Nuvelo's
successors or Nuvelo's creditors of all or any part of the sum of $3,100,000
which amount represents a portion of the termination fee paid to AMB pursuant to
the Termination Agreement, or the recovery of any portion of such termination
fee directly or indirectly from AMB as a preference, fraudulent transfer or
otherwise under the Bankruptcy Code or other similar laws, which guarantee and
promise terminated on February 3, 2003.

         D.       The Parties acknowledge that AMB is holding an irrevocable
letter of credit number 306S234524 dated November 13, 2002 in the amount of
$250,000 (the "Repair Letter of Credit") issued by Union Bank of California (the
"Issuing Bank") in favor of AMB, as Beneficiary, for the account of Nuvelo, as
Applicant, which letter of credit secures the obligations of Nuvelo to repair
the Property set forth in the Termination Agreement and certain

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side letters executed by the Parties in connection therewith (the "Original
Repair Obligations"). The Parties also acknowledge that in accordance with the
Termination Agreement, the Existing Letter of Credit (as defined in the
Termination Agreement) in the amount of $3,000,000 was previously returned by
AMB to the Issuing Bank and has been cancelled.

         E.       The Termination Agreement, the Option Agreement, the Original
Note, the Warrants, the Original Guaranty, the Repair Letter of Credit and the
other instruments and documents executed by or entered into among the Parties in
connection therewith, are referred to herein sometimes collectively as the
"Original Transaction Documents."

         F.       The Parties entered into a certain Pre-Negotiation and
Extension Agreement dated as of April 29, 2003, as amended by the letter
agreement dated May 7, 2003, providing for, among other things, the extension of
the Option Period (as defined in the Option Agreement) until 5:00 p.m. (Pacific
Standard Time) on May 9, 2003 (as amended, the "Pre-Negotiation Agreement").

         G.       The Parties entered into a certain Amendment of Termination
Agreement and Termination of Option Agreement (referred to herein as the
"Amendment") on May 9, 2003, that became effective on May 16, 2003, and certain
Modification Documents (as defined in the Amendment) that also became effective
on May 16, 2003. The Amendment and the Modification Documents supersede the
Original Transaction Documents. The Amendment provides for amendment of the
Repair Letter of Credit and termination of the Option, the Option Agreement and
the other Original Transaction Documents, all on and subject to the terms and
conditions provided in the Amendment and in the other Modification Documents.
The Amendment and the Modification Documents further provide for termination of
the Original Note and the issuance of the Amended and Restated Promissory Note,
in accordance with which the principal balance under the Amended and Restated
Promissory Note and all charges, costs and expenses due under it are due and
payable to AMB from Nuvelo in full on May 1, 2005. Further, the Amendment
provides for the issuance by Nuvelo of a warrant for AMB to purchase up to
200,000 shares of Nuvelo common stock. The Amendment together with the other
Modification Documents are referred to in this Second Amendment collectively as
the "Amendment Documents."

         H.       The Parties now desire to amend the Amendment Documents in
order to modify the arrangements made for the restoration of the Property. The
Parties desire to cancel the Repair Letter of Credit number 306S234534 dated
November 13, 2002, as amended, and have Nuvelo pay the sum of $250,000 directly
to AMB. The Parties further desire to permit AMB to use certain materials owned
by Nuvelo in the restoration of the Property. Nuvelo desires to make
arrangements for the payment of $10,000 to Cole Project Management for their
services with respect to the restoration project. Finally, AMB desires to
terminate Nuvelo's obligation to restore the Property in accordance with the
terms of Section 6 of the Amendment. Capitalized terms used but not otherwise
defined herein shall have the same meanings as in the Amendment Documents.

         NOW, THEREFORE, in consideration of the mutual promises and covenants
herein contained and intending to be legally bound hereby, the Parties covenant
and agree as follows:

                                    AGREEMENT

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         1.       Section 6 of the Amendment is hereby deleted in its entirety.

         2.       Effective as of the Effective Date, as hereinafter defined,
the Original Repair Obligations set forth in Paragraph 5 of the Termination
Agreement and the side letters executed by the Parties in connection therewith
are terminated in their entirety. As of the Effective Date, Nuvelo has no
further obligations of any kind whatsoever with respect to the repair or
restoration of the Property under the Amendment Documents. Nuvelo agrees to
provide AMB with the materials set forth in Exhibit E attached to this Second
Amendment solely for the purpose of AMB's restoration of the Property. Nuvelo
further agrees to allow AMB and its contractors, solely with the escort of an
agent or employee of Nuvelo, reasonable access to [***] for the sole purpose of
removing the materials listed on Exhibit E attached to this Second Amendment,
and no other materials of any kind whatsoever. The materials listed on Exhibit E
attached to this Second Amendment are provided to AMB at no cost to AMB in their
current "AS IS" condition, without warranty, express or implied. AMB shall
repair any damage to the premises of [***] caused by AMB's removal of the
materials.

         3.       Not more than 1 business day after the Effective Date, AMB
shall return the Repair Letter of Credit number 306S234534 dated November 13,
2002, as amended by the Repair Letter of Credit Amendment, to Union Bank for
cancellation effective upon the Effective Date.

         4.       On July 1, 2003, Nuvelo shall wire to AMB $250,000 United
States dollars (the "Repair Monies") in accordance with the following
instructions: [***]

         5.       On July 1, 2003, Nuvelo shall pay to Cole Project Management,
LLC., care of [***], $10,000 United States dollars ("Cole Monies") as payment in
full for all services provided to Nuvelo relating to repair and restoration of
the Property. Nuvelo shall promptly provide AMB with a written payment
notification ("Payment Notification") which shall include copy of the check for
the Cole Monies and evidence of delivery of the Cole Monies to Cole Project
Management, LLC.

         6.       Section 10 of the Amendment is amended by deleting the last
sentence of Section 10 of the Amendment.

         7.       EXHIBIT E of the Amendment is amended by deleting EXHIBIT E in
its entirety and replacing it with the Exhibit E attached to this Second
Amendment.

         8.       In addition to the deletion of Section 6 of the Amendment, the
Amendment Documents are amended by deleting any and all references to, and
obligations associated with, Repair Obligations, Repair Deadline, Work, and any
other obligations of any kind whatsoever regarding or otherwise relating to
repair or restoration of the Property by Nuvelo, including without limitation
such references or obligations set forth or implied in any warranty, indemnity,
discussion of liability or in Section 11 of the Amendment. AMB acknowledges and
agrees that upon the Effective Date Nuvelo has no obligation to, and no
liability with respect to, restoration or repair of the Property. AMB further
acknowledges and agrees that upon the Effective Date Nuvelo has no obligation of
any kind whatsoever under the Amendment Documents to maintain a letter of credit
of any kind whatsoever for the benefit of AMB.

[***] INDICATES THAT CERTAIN INFORMATION ON THIS PAGE HAS BEEN OMMITTED AND
FILED SEPARATELY WITH THE COMMISSION PURSUANT TO RULE 24B-2. CONFIDENTIAL
TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMMITTED PORTIONS.

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         9. Any failure by AMB to return the original Repair Letter of Credit,
as amended, as provided in Section 3 of this Second Amendment is a material
breach of the Amendment by AMB. AMB shall execute such additional documents and
instruments reasonably requested by Nuvelo or the Issuing Bank to permit the
cancellation of the Repair Letter of Credit effective upon the Effective Date.

         10. For purposes of this Second Amendment, the term "Effective Date"
shall mean the later of (i) the date on which AMB receives the Repair Monies
from Nuvelo and (ii) the date on which AMB receives the Payment Notification
from Nuvelo. If the Effective Date does not occur on or before July 10, 2003,
then, unless AMB elects in writing to waive the same and to continue this Second
Amendment, this Second Amendment shall terminate and be of no further force and
effect and the Amendment Documents shall remain in full force and effect.

         11. This Second Amendment is governed by and construed and enforced in
accordance with the laws of the State of California, without giving effect to
the principles of conflicts of law.

         12. This Second Amendment is binding upon and inures to the benefit of
the respective successors and assigns of each of the Parties.

         13. This Second Amendment may be executed in one or more counterparts,
each of which constitutes an original and all of which taken together constitute
one agreement. Any counterpart may be executed by facsimile copy and is binding
on the Parties.

         14. Each person executing this Second Amendment represents that such
person has full authority and legal power to do so and bind the Party on whose
behalf he or she has executed this Second Amendment.

         15. Except as expressly modified by this Second Amendment, all of the
terms and provisions of the Amendment Documents remain in full force and effect
and are hereby ratified and confirmed by AMB, Nuvelo and Guarantor.

[***] INDICATES THAT CERTAIN INFORMATION ON THIS PAGE HAS BEEN OMMITTED AND
FILED SEPARATELY WITH THE COMMISSION PURSUANT TO RULE 24B-2. CONFIDENTIAL
TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMMITTED PORTIONS.

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         IN WITNESS WHEREOF, the parties have executed this Second Amendment of
Termination Agreement and Termination of Option Agreement on the day and year
first above written.

                      AMB:

                      AMB PROPERTY, L.P., A DELAWARE LIMITED PARTNERSHIP

                      By: AMB PROPERTY CORPORATION, a Maryland corporation, its
                          general partner

                          By: ______________________________
                              John L. Rossi

                          Its: Senior Vice President

                      NUVELO:

                      NUVELO, INC., A NEVADA CORPORATION

                      By: _____________________________

                      Name: Peter S. Garcia

                      Title: Senior Vice President and CFO

                      By: _____________________________

                      Name: Linda A. Fitzpatrick

                      Title: Senior Vice President, Human Resources

                      GUARANTOR:

                      ___________________________________________
                      GEORGE RATHMANN

                      SSN #: [***]

                      The undersigned, the wife of George Rathmann, hereby
                      consents to the foregoing Second Amendment and
                      acknowledges that such Second Amendment and the other
                      documents entered into by George Rathmann in connection
                      therewith creates binding obligations of George Rathmann
                      and the undersigned, and their individual, joint and
                      community assets.

                      SPOUSE OF GUARANTOR:

                      ___________________________________
                      FRANCES JOY RATHMANN

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FILED SEPARATELY WITH THE COMMISSION PURSUANT TO RULE 24B-2. CONFIDENTIAL
TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMMITTED PORTIONS.

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                      SSN #: [***]

[***] INDICATES THAT CERTAIN INFORMATION ON THIS PAGE HAS BEEN OMMITTED AND
FILED SEPARATELY WITH THE COMMISSION PURSUANT TO RULE 24B-2. CONFIDENTIAL
TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMMITTED PORTIONS.

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                                    EXHIBIT E

The following itemization details those materials to be provided to AMB from
stored inventory at [***] for the sole purpose of completing cold shell
improvements at the Property.

         MATERIAL SCHEDULE

                  - 2 urinals

                  - 4 water closets

                  - 2 floor drains

                  - 20 drain caps

                  - 15 plumbing elbows/connectors

                  - 210 pieces 6" metal studs (18'-0" long)

                  - 50 pieces 3 5/8" metal studs (9'-0" long)

                  - 15 pieces of slotted track (10'-0" long)

                  - 125 sheets of the 4'-0" X 10'-0" sheetrock

                  - Twenty-four 8'-0" suspended 2 bulb light fixtures

                  - 1,500 lineal feet of conduit and wire for lighting circuits

                  - other materials required to complete the cold shell
                  improvements that are mutually identified and mutually agreed
                  upon by the parties

 Second Amendment AMB/Nuvelo         7 of 5<PAGE>

                                                                     EXHIBIT 4.1

                          ELECTRONICS FOR IMAGING, INC.

                                    AS ISSUER

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

                         U.S. BANK NATIONAL ASSOCIATION,

                                   AS TRUSTEE

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

                UP TO $240,000,000 AGGREGATE PRINCIPAL AMOUNT OF

                  1.50% CONVERTIBLE SENIOR DEBENTURES DUE 2023

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

                                    INDENTURE

                            DATED AS OF JUNE 4, 2003

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

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                   PAGE
<S>                                                                                                                <C>
ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE.............................................................    1

         Section 1.1.      Definitions...........................................................................    1
         Section 1.2.      Incorporation by Reference of Trust Indenture Act.....................................    8
         Section 1.3.      Rules of Construction.................................................................    9
         Section 1.4.      Acts of Holders.......................................................................    9

ARTICLE II THE SECURITIES........................................................................................   10

         Section 2.1.      Form and Dating.......................................................................   10
         Section 2.2.      Execution and Authentication..........................................................   11
         Section 2.3.      Registrar, Paying Agent, Conversion Agent and Bid Solicitation Agent..................   12
         Section 2.4.      Paying Agent to Hold Cash and Securities in Trust.....................................   13
         Section 2.5.      Securityholder Lists..................................................................   13
         Section 2.6.      Transfer and Exchange.................................................................   14
         Section 2.7.      Replacement Securities................................................................   15
         Section 2.8.      Outstanding Securities; Determinations of Holders' Action.............................   15
         Section 2.9.      Temporary Securities..................................................................   16
         Section 2.10.     Cancellation..........................................................................   17
         Section 2.11.     Persons Deemed Owners.................................................................   17
         Section 2.12.     Additional Transfer and Exchange Requirements.........................................   17
         Section 2.13.     CUSIP Numbers.........................................................................   24
         Section 2.14.     Ranking...............................................................................   25

ARTICLE III REDEMPTION...........................................................................................   25

         Section 3.1.      The Company's Right to Redeem; Notice to Trustee......................................   25
         Section 3.2.      Selection of Securities to Be Redeemed................................................   26
         Section 3.3.      Notice of Redemption..................................................................   26
         Section 3.4.      Effect of Notice of Redemption........................................................   27
         Section 3.5.      Deposit of Redemption Price...........................................................   27
         Section 3.6.      Securities Redeemed in Part...........................................................   28
         Section 3.7.      Repayment to the Company..............................................................   28

ARTICLE IV REPURCHASE OF SECURITIES AT THE OPTION OF HOLDERS ON SPECIFIC DATES...................................   28

         Section 4.1.      Optional Put..........................................................................   28
         Section 4.2.      The Company's Right to Elect Manner of Payment of Repurchase Price....................   31
         Section 4.3.      Effect of Repurchase Notice...........................................................   33
         Section 4.4.      Deposit of Repurchase Price...........................................................   34
</TABLE>

                                       i

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<TABLE>
<S>                                                                                                                 <C>
         Section 4.5.      Securities Repurchased in Part........................................................   35
         Section 4.6.      Covenant to Comply With Securities Laws Upon Repurchase of Securities.................   35
         Section 4.7.      Repayment to the Company..............................................................   35

ARTICLE V REPURCHASE AT THE OPTION OF HOLDERS UPON A FUNDAMENTAL CHANGE..........................................   36

         Section 5.1.      Fundamental Change Put................................................................   36
         Section 5.2.      The Company's Right to Elect Manner of Payment of Fundamental Change Repurchase Price.   40
         Section 5.3.      Effect of Fundamental Change Repurchase Notice........................................   42
         Section 5.4.      Deposit of Fundamental Change Repurchase Price........................................   43
         Section 5.5.      Securities Repurchased in Part........................................................   43
         Section 5.6.      Covenant to Comply With Securities Laws Upon Repurchase of Securities.................   44
         Section 5.7.      Repayment to the Company..............................................................   44

ARTICLE VI COVENANTS.............................................................................................   44

         Section 6.1.      Payment of Securities.................................................................   44
         Section 6.2.      SEC and Other Reports to the Trustee..................................................   46
         Section 6.3.      Compliance Certificate................................................................   46
         Section 6.4.      Further Instruments and Acts..........................................................   46
         Section 6.5.      Maintenance of Office or Agency of the Trustee, Registrar, Paying Agent and
                           Conversion Agent. ....................................................................   46
         Section 6.6.      Delivery of Information Required Under Rule 144A......................................   47
         Section 6.7.      Waiver of Stay, Extension or Usury Laws...............................................   47
         Section 6.8.      Statement by Officers as to Default...................................................   48

ARTICLE VII SUCCESSOR CORPORATION................................................................................   48

         Section 7.1.      When Company May Merge or Transfer Assets.............................................   48
         Section 7.2.      Successor Corporation Substituted.....................................................   48

ARTICLE VIII DEFAULTS AND REMEDIES...............................................................................   49

         Section 8.1.      Events of Default.....................................................................   49
         Section 8.2.      Acceleration..........................................................................   50
         Section 8.3.      Other Remedies........................................................................   51
         Section 8.4.      Waiver of Past Defaults...............................................................   51
         Section 8.5.      Control by Majority...................................................................   52
         Section 8.6.      Limitation on Suits...................................................................   52
         Section 8.7.      Rights of Holders to Receive Payment or to Convert....................................   52
         Section 8.8.      Collection Suit by Trustee............................................................   53
         Section 8.9.      Trustee May File Proofs of Claim......................................................   53
         Section 8.10.     Priorities............................................................................   54
         Section 8.11.     Undertaking for Costs.................................................................   54
</TABLE>

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<TABLE>
<S>                                                                                                                 <C>
         Section 8.12.     Restoration of Rights and Remedies....................................................   54

ARTICLE IX TRUSTEE...............................................................................................   55

         Section 9.1.      Duties of Trustee.....................................................................   55
         Section 9.2.      Rights of Trustee.....................................................................   56
         Section 9.3.      Individual Rights of Trustee..........................................................   57
         Section 9.4.      Trustee's Disclaimer..................................................................   57
         Section 9.5.      Notice of Defaults....................................................................   58
         Section 9.6.      Reports by Trustee to Holders.........................................................   58
         Section 9.7.      Compensation and Indemnity............................................................   58
         Section 9.8.      Replacement of Trustee................................................................   59
         Section 9.9.      Successor Trustee by Merger...........................................................   60
         Section 9.10.     Eligibility; Disqualification.........................................................   60
         Section 9.11.     Preferential Collection of Claims Against Company.....................................   60

ARTICLE X DISCHARGE OF INDENTURE.................................................................................   60

         Section 10.1.     Discharge of Liability on Securities..................................................   60
         Section 10.2.     Repayment to the Company..............................................................   61

ARTICLE XI AMENDMENTS............................................................................................   61

         Section 11.1.     Without Consent of Holders............................................................   61
         Section 11.2.     With Consent of Holders...............................................................   62
         Section 11.3.     Compliance with Trust Indenture Act...................................................   64
         Section 11.4.     Revocation and Effect of Consents, Waivers and Actions................................   64
         Section 11.5.     Notation on or Exchange of Securities.................................................   64
         Section 11.6.     Trustee to Sign Supplemental Indentures...............................................   64
         Section 11.7.     Effect of Supplemental Indentures.....................................................   64

ARTICLE XII CONVERSION...........................................................................................   65

         Section 12.1.     Conversion Privilege..................................................................   65
         Section 12.2.     Conversion Procedure; Conversion Rate; Fractional Shares..............................   66
         Section 12.3.     Adjustment of Conversion Rate for Common Stock........................................   68
         Section 12.4.     Consolidation or Merger of the Company................................................   76
         Section 12.5.     Notice of Adjustment..................................................................   77
         Section 12.6.     Notice in Certain Events..............................................................   77
         Section 12.7.     Company To Reserve Stock: Registration; Listing.......................................   78
         Section 12.8.     Taxes on Conversion...................................................................   79
         Section 12.9.     Conversion After Record Date..........................................................   79
         Section 12.10.    Company Determination Final...........................................................   80
         Section 12.11.    Responsibility of Trustee for Conversion Provisions...................................   80
         Section 12.12.    Unconditional Right of Holders to Convert.............................................   80
</TABLE>

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<TABLE>
<S>                                                                                                                 <C>
ARTICLE XIII TAX TREATMENT.......................................................................................   80

         Section 13.1.     Tax Treatment.........................................................................   80
         Section 13.2.     Comparable Yield and Projected Payment Schedule.......................................   81

ARTICLE XIV MISCELLANEOUS........................................................................................   82

         Section 14.1.     Trust Indenture Act Controls..........................................................   82
         Section 14.2.     Notices...............................................................................   82
         Section 14.3.     Communication by Holders with Other Holders...........................................   83
         Section 14.4.     Certificate and Opinion as to Conditions Precedent....................................   83
         Section 14.5.     Statements Required in Certificate or Opinion.........................................   83
         Section 14.6.     Separability Clause...................................................................   83
         Section 14.7.     Rules by Trustee, Paying Agent, Conversion Agent and Registrar........................   84
         Section 14.8.     Legal Holidays........................................................................   84
         Section 14.9.     Governing Law; Submission to Jurisdiction; Service of Process.........................   84
         Section 14.10.    No Recourse Against Others............................................................   84
         Section 14.11.    Successors............................................................................   84
         Section 14.12.    Multiple Originals....................................................................   85
         Section 14.13.    Benefits of Indenture.................................................................   85
</TABLE>

ANNEX 1    Projected Payment Schedule

EXHIBIT A  Form of Security

EXHIBIT B  Form of Restrictive Legend for shares of Common Stock Issued Upon
Conversion

EXHIBIT C  Form of Fundamental Change Repurchase Notice

                                       iv

<PAGE>

         INDENTURE dated as of June 4, 2003 between ELECTRONICS FOR IMAGING,
INC., a Delaware corporation (the "COMPANY"), and U.S. BANK NATIONAL
ASSOCIATION, a national banking association duly organized and existing under
the laws of the United States as trustee (the "Trustee").

         Each party agrees as follows for the benefit of the other party and for
the equal and ratable benefit of the Holders of the Company's 1.50% Convertible
Senior Debentures due 2023:

                                   ARTICLE I

                   DEFINITIONS AND INCORPORATION BY REFERENCE

         Section 1.1.   Definitions.

         "ADDITIONAL INTEREST AMOUNTS" has the meaning set forth in the
Registration Rights Agreement. All references herein or in the Securities to
interest accrued or payable as of any date shall include any Additional Interest
Amounts accrued or payable as of such date as provided in the Registration
Rights Agreement.

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

         "AGENT MEMBERS" has the meaning set forth in Section 2.1(b).

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

         "APPLICABLE STOCK" means the shares of Common Stock; provided, that, in
the event of a Fundamental Change occurring prior to June 1, 2008 in which the
Company is not the surviving Person, the term "APPLICABLE STOCK" shall mean the
Capital Stock or ordinary shares or American Depositary Shares of such surviving
Person or its direct or indirect parent.

         "BANKRUPTCY LAW" means Title 11, United States Code, or any similar
federal or State law for the relief of debtors.

         "BID SOLICITATION AGENT" has the meaning set forth in Section 2.3.

         "BOARD OF DIRECTORS" means either the board of directors of the Company
or any duly authorized committee of such board.

<PAGE>

         "BOARD RESOLUTION" means a resolution of the Board of Directors.

         "BUSINESS DAY" means each day of the year other than a Saturday or a
Sunday or other day on which banking institutions in The City of New York are
required or authorized by law or regulation to close.

         "CAPITAL STOCK" of any Person means any and all shares, interests,
rights to purchase, warrants, options, participations or other equivalents of or
interests in (however designated) equity issued by that Person.

         "CASH" means such coin or currency of the United States as at any time
of payment is legal tender for the payment of public and private debts.

         "CERTIFICATED SECURITIES" means Securities that are in substantially
the form attached hereto as Exhibit A and that do not include the information
called for by footnotes 1 and 3 thereof.

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

         "COMMON STOCK" means the common stock, $0.01 par value per share, of
the Company as that stock exists on the date of this Indenture or any other
shares of Capital Stock of the Company into which such 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.

         "COMPANY REQUEST" OR "COMPANY ORDER" means a written request or order
signed in the name of the Company by any two Officers, at least one of whom is
the Chief Executive Officer, the President, the Chief Financial Officer, an
Executive Vice President or a Senior Vice President.

         "CONTINGENT INTEREST" has the meaning set forth in the Securities.

         "CONTINGENT INTEREST PERIOD" has the meaning set forth in the
Securities.

         "CONVERSION AGENT" has the meaning set forth in Section 2.3.

         "CONVERSION NOTICE" has the meaning set forth in Section 12.2(b).

         "CONVERSION PRICE" means, at any time, $1,000 divided by the Conversion
Rate in effect at such time rounded to two decimal places (rounded up if the
third decimal place thereof is 5 or more and otherwise rounded down).

         "CONVERSION RATE" means initially 37.8508 shares per $1,000 principal
amount of Securities, subject to adjustment as set forth herein.

                                       2

<PAGE>

         "CONVERSION VALUE" means, at any time, the amount equal to the product
of the Sales Price at such time multiplied by the then current Conversion Rate.

         "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 of the execution of this Indenture is located at 180 East
Fifth St., St. Paul, Minnesota 55101, Attention: Corporate Trust Department
(Electronics For Imaging, Inc. - 1.50% Convertible Senior Debentures due 2023),
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" has the meaning set forth in Section 12.3(f).

         "CUSTODIAN" means any receiver, trustee, assignee, liquidator,
custodian or similar official under any Bankruptcy Law.

         "DEFAULT" means, when used with respect to the Securities, any event
which is, or after notice or passage of time or both would be, an Event of
Default.

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

         "DIRECTOR" means a member of the Board of Directors.

         "DISTRIBUTED ASSETS" has the meaning set forth in Section 12.3(d).

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

         "EVENT OF DEFAULT" has the meaning set forth in Section 8.1.

         "EXCESS AMOUNT" has the meaning set forth in Section 12.3(e).

         "EXCHANGE ACT" means the United States Securities Exchange Act of 1934,
as amended.

         "EX-DIVIDEND DATE" means, with respect to any issuance or distribution
on shares of Common Stock, the first Trading Day on which the shares of Common
Stock trade regular way on the principal securities market on which the shares
of Common Stock are then traded without the right to receive such issuance or
distribution.

         "FAIR MARKET VALUE" has the meaning set forth in Section 12.3(f).

         "FUNDAMENTAL CHANGE" has the meaning set forth in Section 5.1(a).

                                       3

<PAGE>

         "FUNDAMENTAL CHANGE COMPANY NOTICE" has the meaning set forth in
Section 5.1(b).

         "FUNDAMENTAL CHANGE REPURCHASE DATE" has the meaning set forth in
Section 5.1(a).

         "FUNDAMENTAL CHANGE REPURCHASE NOTICE" has the meaning set forth in
Section 5.1(c).

         "FUNDAMENTAL CHANGE REPURCHASE PRICE" has the meaning set forth in
Section 5.1(a).

         "GLOBAL SECURITIES" means Securities that are in substantially the form
attached hereto as Exhibit A and that include the information called for by
footnotes 1 and 3 thereof and that are deposited with the Depositary or its
custodian and registered in the name of, the Depositary or its nominee.

         "HOLDER" OR "SECURITYHOLDER" means a person in whose name a Security is
registered on the Registrar's books.

         "INDEBTEDNESS" has the meaning set forth in Section 2.14.

         "INDENTURE" means this Indenture, as amended or supplemented from time
to time in accordance with the terms hereof, including the provisions of the TIA
that are explicitly incorporated in this Indenture by reference to the TIA.

         "INITIAL PURCHASERS" mean UBS Warburg LLC, C.E. Unterberg, Towbin (a
California limited partnership) and Morgan Stanley & Co. Incorporated.

         "INTEREST PAYMENT DATE" has the meaning set forth in the Securities.

         "ISSUE DATE" of any Security means the date on which such Security was
originally issued or deemed issued as set forth on the face of the Security.

         "LEGAL HOLIDAY" means any day other than a Business Day.

         "MARKET PRICE" means:

               (a)  with respect to Securities, as of any date of determination,
     the average of the secondary market bid quotations per $1,000 principal
     amount of Securities obtained by the Bid Solicitation Agent (which shall
     initially be the Trustee) for $1,000,000 principal amount of Securities at
     approximately 4:00 p.m., New York City time, on such date of determination
     from three securities dealers (none of which shall be an Affiliate of the
     Company) selected by the Company, which may include any of the Initial
     Purchasers, provided, that if at least three such bids cannot be reasonably
     obtained by the Bid Solicitation Agent, but two bids are obtained, then the
     average of the two bids shall be used, and if only one such bid can be
     reasonably obtained by the Bid Solicitation Agent, this one bid will be
     used; provided, however, if (a) the Bid Solicitation Agent,

                                       4

<PAGE>

     through the exercise of reasonable efforts, is unable to obtain at least
     one bid from a securities dealer, or (b) in the Company's reasonable
     judgment, the bid quotations are not indicative of the secondary market
     value of the Securities as of such date of determination, then the Market
     Price of a Security for such date of determination shall equal (1) the
     Conversion Rate in effect as of such date of determination multiplied by
     (2) the average Sale Price of a share of Common Stock for the five Trading
     Days ending on such date of determination;

               (b)  with respect to Common Stock, the average of the Sale Price
     of one share of Common Stock for the 20-Trading Day period immediately
     preceding and including the third Business Day immediately preceding the
     applicable Repurchase Date (or if the third Business Day immediately
     preceding the relevant date of determination is not a Trading Day, then on
     the last Trading Day immediately preceding such third Business Day).

               (c)  with respect to Applicable Stock, the average of the Sale
     Price of one share of Applicable Stock for the 20-Trading Day period
     immediately preceding and including the third Business Day immediately
     preceding the Fundamental Change Repurchase Date (or if the third Business
     Day immediately preceding the relevant date of determination is not a
     Trading Day, then on the last Trading Day immediately preceding such third
     Business Day), appropriately adjusted to take into account the occurrence,
     during the period commencing on the first of such Trading Days during such
     20-Trading Day period and ending on the date of determination, as the case
     may be, of any event described in Sections 12.3 or 12.4.

         "MEASUREMENT PERIOD" means the last 30 consecutive Trading Days in a
fiscal quarter, beginning with the second fiscal quarter of 2003.

         "NON-ELECTING SHARE" has the meaning set forth Section 12.4.

         "NON-RECOURSE INDEBTEDNESS" means indebtedness the terms of which
provide that the lender's claim for repayment of such indebtedness is limited
solely to a claim against the property which secures such indebtedness.

         "NOTICE OF DEFAULT" has the meaning set forth in Section 8.1.

         "NYSE" means The New York Stock Exchange, Inc.

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

         "OFFICERS' CERTIFICATE" means a written certificate containing the
information specified in Sections 14.4 and 14.5, signed in the name of the
Company by any two Officers, at least one of whom is the Chief Executive
Officer, the President, the Chief Financial Officer, an Executive Vice President
or a Senior Vice President and delivered to the Trustee. An Officers'
Certificate given pursuant to Section 6.3 shall be signed by the principal
financial or accounting Officer of the Company and one other Officer.

                                       5

<PAGE>

         "OPINION OF COUNSEL" means a written opinion containing the information
specified in Sections 14.4 and 14.5, from legal counsel. The counsel may be an
employee of, or counsel to, the Company.

         "PAYING AGENT" has the meaning set forth in Section 2.3.

         "PERSON" OR "PERSON" 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.

         "PURCHASE AGREEMENT" means the Purchase Agreement dated as of May 29,
2003 among the Company and the Initial Purchasers.

         "QIB" means a "qualified institutional buyer" as defined in Rule 144A.

         "RECORD DATE" has the meaning set forth in Section 12.3(f).

         "REDEMPTION DATE" means, when used with respect to any Security to be
redeemed, the date fixed for redemption pursuant to this Indenture.

         "REDEMPTION PRICE" has the meaning set forth in Section 3.1.

         "REFERENCE PERIOD" has the meaning set forth in Section 12.3(d).

         "REGISTRAR" has the meaning set forth in Section 2.3.

         "REGISTRATION RIGHTS AGREEMENT" means the Registration Rights
Agreement, dated as of June 4, 2003, between the Company and the Initial
Purchasers.

         "REGULAR RECORD DATE" has the meaning set forth in the Securities.

         "REPURCHASE DATE" has the meaning set forth in Section 4.1(a).

         "REPURCHASE NOTICE" has the meaning set forth in Section 4.1(c).

         "REPURCHASE PRICE" has the meaning set forth in Section 4.1(a).

         "RESPONSIBLE OFFICER" means, when used with respect to the Trustee, any
officer within the corporate trust department of the Trustee, including any vice
president, assistant vice president or assistant treasurer or any other officer
of the Trustee who customarily performs functions similar to those performed by
the persons who at the time shall be such officers, respectively, or to whom any
corporate trust matter is referred because of such person's knowledge of and
familiarity with the particular subject and who shall have direct responsibility
for the administration of this Indenture.

         "RESTRICTED CERTIFICATED SECURITY" means a Certificated Security which
is a Transfer Restricted Security.

                                       6

<PAGE>

         "RESTRICTED GLOBAL SECURITY" means a Global Security that is a Transfer
Restricted Security.

         "RESTRICTED SECURITY" means a Restricted Certificated Security or a
Restricted Global Security.

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

         "SALE PRICE" of one share of Common Stock or one share of Applicable
Stock on any date means the closing per share sale price of such Common Stock or
Applicable Stock, as applicable (or, if no closing sale price is reported, the
average of the bid and ask prices or, if there is more than one bid or ask
price, the average of the average bid and the average ask prices) on such date
as reported in composite transactions on the Nasdaq National Market or, if the
shares of Applicable Stock are not quoted on the Nasdaq National Market, as
reported on a U.S. national or regional securities exchange, or if not listed on
a U.S. national or regional securities exchange, as reported by the National
Association of Securities Dealers Automated Quotation System or by the National
Quotation Bureau Incorporated. In the absence of such a quotation, the Board of
Directors of the Company shall be entitled to make a good faith determination of
the sale price on the basis it considers appropriate.

         "SEC" means the United States Securities and Exchange Commission.

         "SECURITY" OR "SECURITIES" means any of the Company's 1.50% Convertible
Senior Debentures due 2023, as amended or supplemented from time to time, issued
under this Indenture.

         "SECURITIES ACT" means the United States Securities Act of 1933, as
amended.

         "SIGNIFICANT SUBSIDIARY" has the meaning set forth in Rule 1-02(w) of
Regulation S-X.

         "SPECIAL RECORD DATE" has the meaning set forth in Exhibit A attached
hereto.

         "SPIN-OFF" has the meaning set forth in Section 12.3(d).

         "STATED MATURITY", when used with respect to any Security, means June
1, 2023.

         "SUBSIDIARY" means any Person of which at least a majority of the
outstanding voting stock shall at the time directly or indirectly be owned by
the Company or by one or more Subsidiaries thereof or by the Company and one or
more Subsidiaries.

         "TIA" means the United States 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:

                                       7

<PAGE>

               (a)  if the applicable security is quoted on the Nasdaq National
     Market, a day on which trades may be made on the Nasdaq National Market;

               (b)  if the applicable security is listed or admitted for trading
     on the quoted on the NYSE, a day on which the NYSE is open for business; or

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

         "TRANSFER CERTIFICATE" has the meaning set forth in Section 2.12(f).

         "TRANSFER RESTRICTED SECURITY" has the meaning set forth in Section
2.12(f).

         "TRIGGER EVENT" has the meaning set forth in Section 12.3(d).

         "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.

         "UNRESTRICTED CERTIFICATED SECURITY" means a Certificated Security that
is not a Transfer Restricted Security.

         "UNRESTRICTED GLOBAL SECURITY" means a Global Security that is not a
Transfer Restricted Security.

         Section 1.2.   Incorporation by Reference of Trust Indenture Act.

         Whenever this Indenture refers to a provision of the TIA, the provision
is incorporated by reference in and made a part of this Indenture. The following
TIA terms used in this Indenture have the following meanings:

         "COMMISSION" means the SEC.

         "INDENTURE SECURITIES" means the Securities.

         "INDENTURE SECURITY HOLDER" means a Securityholder.

         "INDENTURE TO BE QUALIFIED" means this Indenture.

         "INDENTURE TRUSTEE" or "institutional trustee" means the Trustee.

         "OBLIGOR" on the indenture securities means the Company.

         All other TIA terms used but not defined in this Indenture that are
defined by the TIA, defined by TIA reference to another statute or defined by
SEC rule have the meanings assigned to them by such definitions.

                                       8

<PAGE>

         Section 1.3.   Rules of Construction.

         Unless the context otherwise requires:

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

         (b)   an accounting term not otherwise defined has the meaning assigned
to it in accordance with accounting principles generally accepted in the United
States as in effect from time to time;

         (c)   "or" is not exclusive;

         (d)   "including" means including, without limitation; and

         (e)   words in the singular include the plural, and words in the plural
include the singular.

         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, as
described in Section 14.2. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the
"Act" of 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 conclusive in favor of the
Trustee and the Company, if made in the manner provided in this Section.

         (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 such officer the execution thereof.
Where such execution is by a signer acting in a capacity other than such
signer's individual capacity, such certificate or affidavit shall also
constitute sufficient proof of such signer's authority, if it so states. 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.

         (c)   The principal amount and serial number of any Security and the
ownership of Securities shall be proved by the register maintained by the
Registrar for the Securities.

          (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

                                       9

<PAGE>

Trustee or the Company in reliance thereon, whether or not notation of such
action is made upon such Security.

         (e)   If the Company shall solicit from the Holders any request,
demand, authorization, direction, notice, consent, waiver or other Act, the
Company may, at its option, by or pursuant to a Board Resolution, fix in advance
a record date for the determination of Holders entitled to give such request,
demand, authorization, direction, notice, consent, waiver or other Act, but the
Company shall have no obligation to do so. If such a record date is fixed, such
request, demand, authorization, direction, notice, consent, waiver or other Act
may be given before or after such record date, but only the Holders of record at
the close of business on such record date shall be deemed to be Holders for the
purposes of determining whether Holders of the requisite proportion of
Outstanding Securities have authorized or agreed or consented to such request,
demand, authorization, direction, notice, consent, waiver or other Act, and for
that purpose the Outstanding Securities shall be computed as of such record
date; provided that no such authorization, agreement or consent by the Holders
on such record date shall be deemed effective unless it shall become effective
pursuant to the provisions of this Indenture not later than six months after the
record date.

                                   ARTICLE II

                                 THE SECURITIES

         Section 2.1.   Form and Dating.

         The Securities and the Trustee's certificate of authentication shall be
substantially in the form of Exhibit A attached hereto, which is a part of this
Indenture. The Securities may have notations, legends or endorsements required
by law, stock exchange rule or usage (provided that any such notation, legend or
endorsement required by usage is in a form acceptable to the Company). The
Company shall provide any such notations, legends or endorsements to the Trustee
in writing. Each Security shall be dated the date of its authentication.

         (a)   Restricted Global Securities. All of the Securities are being
offered and sold to QIBs in reliance on Rule 144A and shall be issued initially
in the form of one or more Restricted Global Securities, which shall be
deposited with the Trustee at its Corporate Trust Office, as custodian for the
Depositary and registered in the name of DTC or the nominee thereof, duly
executed by the Company and authenticated by the Trustee as hereinafter
provided. The aggregate principal amount of the Restricted Global Securities may
from time to time be increased or decreased by adjustments made on the records
of the Trustee and the Depositary as hereinafter provided.

         (b)   Global Securities in General. Each Global Security shall
represent such of the outstanding Securities as shall be specified therein and
each shall provide that it shall initially represent the aggregate amount of
outstanding Securities stated thereon, but that the aggregate amount of
outstanding Securities represented thereby may from time to time be reduced or
increased, as appropriate, to reflect exchanges, redemptions, repurchases and
conversions of such Securities.

                                       10

<PAGE>

         Any adjustment of the aggregate principal amount of a Global Security
to reflect the amount of any increase or decrease in the amount of outstanding
Securities represented thereby shall be made by the Trustee in accordance with
instructions given by the Holder thereof as required by Section 2.12 and shall
be made on the records of the Trustee and the Depositary.

         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 contained
herein shall (A) prevent the Company, the Trustee or any agent of the Company or
the Trustee from giving effect to any written certification, proxy or other
authorization furnished by the Depositary or such nominee, as the case may be,
or (B) 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.

         (c)   Certificated Securities. Certificated Securities will be issued
only under the limited circumstances provided in Section 2.12(a)(i).

         Section 2.2.   Execution and Authentication.

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

         A Security bearing the manual or facsimile signature of an individual
who was at the time of the execution of the Security an Officer shall bind the
Company, notwithstanding that such individual has ceased to hold such office(s)
prior to the authentication and delivery of such Securities or did not hold such
office(s) 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 signatory, and such
certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered
hereunder.

         The Trustee shall authenticate and deliver the Securities for original
issue in an aggregate principal amount of up to $200,000,000 (up to $240,000,000
aggregate principal amount if the Initial Purchasers' option set forth in the
Purchase Agreement is exercised in full) upon one or more Company Orders without
any further action by the Company (other than as contemplated in Section 14.4
and Section 14.5). Subject to the preceding sentence, at any time and from time
to time after the execution and delivery of this Indenture, the Company may
deliver Securities executed by the Company to the Trustee for authentication.
Except as otherwise provided in this Article Three, the Trustee shall thereupon
authenticate and make available for delivery said Securities to or upon Company
Order. The aggregate principal amount of the Securities due at the Stated
Maturity thereof outstanding at any time may not

                                       11

<PAGE>

exceed the amount set forth in this paragraph except as provided in Section 2.7.
In authenticating such Securities, and accepting the additional responsibilities
under this Indenture in relation to such Securities, the Trustee shall receive
and shall be fully protected in relying upon:

               (a)  a copy of the Board Resolution in or pursuant to which the
     terms and form of the Securities were established, the issuance and sale of
     the Securities was authorized, this Indenture was authorized and specified
     Officers were authorized to establish the form and determine the terms of
     the Securities and the form of this Indenture, to execute the Securities
     and this Indenture on behalf of the Company and to take any other necessary
     actions relating thereto and evidence of any actions taken by authorized
     Officers pursuant to that Board Resolution, each certified by the Secretary
     or an Assistant Secretary of the Company to have been duly adopted by the
     Board of Directors or taken by any authorized Officer and to be in full
     force and effect as of the date of such certificate;

               (b)  an Officers' Certificate delivered in accordance with
     Sections 14.4 and 14.5; and

                    (i)  an Opinion of Counsel reasonably satisfactory to the
         Trustee.

         The Trustee shall act as the initial authenticating agent. Thereafter,
the Trustee may appoint an authenticating agent acceptable to the Company to
authenticate Securities. An authenticating agent may authenticate Securities
whenever the Trustee may do so. Each reference in this Indenture to
authentication by the Trustee includes authentication by such agent.

         The Securities shall be issued only in registered form without coupons
and only in denominations of $1,000 of principal amount and any multiple of
$1,000.

         Section 2.3.  Registrar, Paying Agent, Conversion Agent and Bid
Solicitation 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 redemption, repurchase or
payment ("PAYING AGENT"), an office or agency where Securities may be presented
for conversion ("CONVERSION AGENT") and an office or agency where notices and
demands to or upon the Company in respect of the Securities and this Indenture
may be served. The Company shall also appoint a bid solicitation agent ("BID
SOLICITATION AGENT") to act as set forth in Section 1 of the Securities.
Pursuant to Section 6.5, the Company will at all times maintain a Registrar,
Paying Agent, Conversion Agent, and Bid Solicitation Agent and an office or
agency where notices and demands to or upon the Company in respect of the
Securities and this Indenture may be served in the Borough of Manhattan, New
York City. 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, one or more additional conversion agents and one or more
additional Bid Solicitation

                                       12

<PAGE>

Agents. The term Paying Agent includes any additional paying agent, including
any named pursuant to Section 6.5. The term Conversion Agent includes any
additional conversion agent, including any named pursuant to Section 6.5.

         The Company shall enter into an appropriate limited agency agreement
with any Registrar, Paying Agent, Conversion Agent, Bid Solicitation Agent or
co-registrar (in each case, if such Person is a Person other than the Trustee).
The agreement shall implement the provisions of this Indenture that relate to
such agent. The Company shall notify the Trustee of the name and address of any
such agent. If the Company fails to maintain a Registrar, Paying Agent,
Conversion Agent or Bid Solicitation Agent, the Trustee shall act as such and
shall be entitled to appropriate compensation therefor pursuant to Section 9.7.
The Company or any Subsidiary or an Affiliate of either of them may act as
Paying Agent, Registrar, Conversion Agent or co-registrar. None of the Company
or any Subsidiary or any Affiliate of any of them may act as Bid Solicitation
Agent.

         The Company hereby initially appoints the Trustee as Registrar, Paying
Agent, Conversion Agent and Bid Solicitation Agent in connection with the
Securities.

         Section 2.4.   Paying Agent to Hold Cash and Securities in Trust.

         Except as otherwise provided herein, prior to 10:00 a.m., New York City
time, on each due date of payments in respect of any Security, the Company shall
deposit with the Paying Agent Cash (in immediately available funds if deposited
on the due date) or number of shares of Common Stock and/or Applicable Stock
sufficient to make such payments when so becoming due. The Company shall require
each Paying Agent (other than the Trustee) to agree in writing that the Paying
Agent shall hold in trust for the benefit of Securityholders or the Trustee all
Cash, Common Stock and Applicable Stock 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. If the Company, a Subsidiary
or an Affiliate of any of them acts as Paying Agent, it shall segregate the
money, Common Stock and Applicable Stock 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 Cash,
Common Stock and Applicable Stock held by it to the Trustee, and to account for
any funds and Common Stock or Applicable Stock disbursed by it, and the Trustee
may at any time during the continuance of any such default, upon the written
request to the Paying Agent, require such Paying Agent to forthwith pay to the
Trustee all Cash, Common Stock and Applicable Stock so held in trust. Upon doing
so, the Paying Agent shall have no further liability for the Cash, Common Stock
or Applicable Stock.

         Section 2.5.   Securityholder Lists.

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

                                       13

<PAGE>

list in such form and as of such date as the Trustee may reasonably require of
the names and addresses of Securityholders.

         Section 2.6.   Transfer and Exchange.

         (a)   Subject to compliance with any applicable additional requirements
contained in Section 2.12, when a Security is presented to the Registrar with a
request to register a transfer thereof or to exchange such Security for an equal
principal amount of Securities of other authorized denominations, the Registrar
shall register the transfer or make the exchange as requested; provided,
however, that every Security presented or surrendered for registration of
transfer or exchange shall be duly endorsed or accompanied by an assignment form
and, if applicable, a transfer certificate, each in the form included in Exhibit
A attached hereto and in form satisfactory to the Registrar and each duly
executed by the Holder thereof or its attorney duly authorized in writing. To
permit registration of transfers and exchanges, upon surrender of any Security
for registration of transfer or exchange at an office or agency maintained for
such purpose pursuant to Section 2.3, the Company shall execute, and the Trustee
shall authenticate Securities of a like aggregate principal amount at the
Registrar's request. Any transfer or exchange shall be without charge, except
that the Company or the Registrar 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
Securityholder requesting such transfer or exchange.

         Neither the Company, the Registrar nor the Trustee shall be required to
exchange or register a transfer of (i) any Securities selected for redemption
(except, in the case of Securities to be redeemed in part, the portion thereof
not to be redeemed), (ii) any Securities in respect of which a Repurchase Notice
or a Fundamental Change Repurchase 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 repurchased in part, the portion thereof not to be
repurchased) or (iii) any Securities for a period of 15 days before the mailing
of a notice of redemption of Securities to be redeemed.

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

         (b)   Any Registrar appointed pursuant to Section 2.3 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.

         (c)   Each Holder of a Security agrees to indemnify the Company, the
Registrar and the Trustee against any liability that may result from the
transfer, exchange or assignment of such Holder's Security in violation of any
provision of this Indenture and/or applicable United States federal or state
securities law.

         The Trustee shall have no obligation or duty to monitor, determine or
inquire as to compliance with any restrictions on transfer imposed under this
Indenture or under applicable law with respect to any transfer of any interest
in any Security (including any transfers between

                                       14

<PAGE>

or among Agent Members or other beneficial owners of interests in any Global
Security) other than to require delivery of such certificates and other
documentation or evidence as are expressly required by, and to do so if and when
expressly required by the terms of, this Indenture, and to examine the same to
determine substantial compliance as to form with the express requirements
hereof.

         Section 2.7.   Replacement Securities.

         If (a) any mutilated Security is surrendered to the Company, the
Registrar or the Trustee, or (b) the Company, the Registrar and the Trustee
receive evidence to their satisfaction of the destruction, loss or theft of any
Security, and there is delivered to the Company, the Registrar and the Trustee
such security or indemnity as may be required by them to save each of them
harmless, then, in the absence of notice to the Company, the Registrar or the
Trustee that such Security has been acquired by a bona fide or protected
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 principal amount, bearing a certificate 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 redeemed by the
Company pursuant to Article III or repurchased by the Company pursuant to
Article IV or V, the Company in its discretion may, instead of issuing a new
Security, pay, redeem or repurchase such Security, as the case may be.

         Upon the issuance of any new Securities under this Section 2.7, the
Company may require the payment of a sum sufficient to cover any tax, assessment
or other governmental charge that may be imposed in relation thereto and any
other expenses (including the fees and expenses of the Trustee or the Registrar)
connected therewith.

         Every new Security issued pursuant to this Section 2.7 in lieu of any
mutilated, destroyed, lost or stolen Security shall constitute an original
additional contractual obligation of the Company, whether or not the 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 2.7 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 2.8.   Outstanding Securities; Determinations of Holders'
Action.

         Securities outstanding at any time are all the Securities authenticated
by the Trustee, except for those cancelled by it, those paid, redeemed or
repurchased pursuant to Section 2.7, those delivered to it for cancellation and
those described in this Section 2.8 as not outstanding.

                                       15

<PAGE>

         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 principal amount of Securities have given
or concurred in any request, demand, authorization, direction, notice, consent,
waiver, or other Act hereunder, Securities owned by the Company or any other
obligor upon the Securities or any Affiliate of the Company or such other
obligor shall be disregarded and deemed not to be outstanding, except that, in
determining whether the Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent, waiver or other Act,
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.

         If a Security is replaced pursuant to Section 2.7, the replaced
Security ceases to be outstanding unless the Trustee receives proof satisfactory
to it that the replaced Security is held by a bona fide or protected purchaser
unaware that such Security has been replaced.

         If the Paying Agent holds, in accordance with the terms of this
Indenture, prior to 10:00 a.m., New York City time, on the Stated Maturity or a
Redemption Date or on the Business Day immediately following a Repurchase Date
or a Fundamental Change Repurchase Date, as the case may be, Cash or securities,
if permitted hereunder, sufficient to pay Securities payable, then immediately
after such Stated Maturity, Redemption Date, Repurchase Date or Fundamental
Change Repurchase Date, as the case may be, such Securities shall cease to be
outstanding and interest and Additional Interest Amounts, if any, on such
Securities shall cease to accrue.

         If a Security is converted in accordance with Article XII, then from
and after the time of conversion on the date of conversion, such Security shall
cease to be outstanding and interest (including Contingent Interest, if any) and
Additional Interest Amounts, if any, on such Security shall cease to accrue.

         Section 2.9.   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 principal amount of
definitive Securities of authorized

                                       16

<PAGE>

denominations. Until so exchanged the temporary Securities shall in all respects
be entitled to the same benefits under this Indenture as definitive Securities.

         Section 2.10.  Cancellation.

         All Securities surrendered for payment, repurchase by the Company
pursuant to Articles IV or V, conversion, redemption or registration of transfer
or exchange shall, if surrendered to any person other than the Trustee, be
delivered to the Trustee and shall be promptly cancelled by it. The Company may
at any time deliver to the Trustee for cancellation any Securities previously
authenticated and delivered hereunder which the Company may have acquired in any
manner whatsoever, and all Securities so delivered shall be promptly cancelled
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 XII. No Securities shall be authenticated in lieu
of or in exchange for any Securities cancelled as provided in this Section,
except as expressly permitted by this Indenture. All cancelled Securities held
by the Trustee shall be disposed of by the Trustee in accordance with the
Trustee's customary procedure.

         Section 2.11.  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 (whether in Cash, Common Stock or
Applicable Stock) of principal of, Redemption Price, Repurchase Price or
Fundamental Change Repurchase Price, and interest and Additional Interest
Amounts, if any, on, the Security, for the purpose of receiving Cash, Common
Stock or Applicable Stock upon conversion and for all other purposes whatsoever,
whether or not such Security is 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 2.12.  Additional Transfer and Exchange Requirements.

         (a)   Transfer and Exchange of Global Securities.

               (i)  Certificated Securities shall be issued in exchange for
     interests in the Global Securities only if (x) the Depositary notifies the
     Company that it is unwilling or unable to continue as Depositary for the
     Global Securities or if it at any time ceases to be a "clearing agency"
     registered under the Exchange Act, if so required by applicable law or
     regulation and a successor Depositary is not appointed by the Company
     within 90 days, (y) the Company decides to discontinue use of the system of
     book-entry transfer through DTC (or any successor depositary) or (z) an
     Event of Default has occurred and is continuing. In either case, the
     Company shall execute, and the Trustee shall, upon receipt of a Company
     Order (which the Company agrees to deliver promptly), authenticate and
     deliver Certificated Securities in an aggregate principal amount equal to
     the principal amount of such Global Securities in exchange therefor. Only
     Restricted Certificated Securities shall be issued in exchange for
     beneficial interests in Restricted Global Securities, and only Unrestricted
     Certificated Securities shall be issued in exchange for

                                       17

<PAGE>

     beneficial interests in Unrestricted Global Securities. Certificated
     Securities issued in exchange for beneficial interests in Global Securities
     shall be registered in such names and shall be in such authorized
     denominations as the Depositary, pursuant to instructions from its direct
     or indirect participants or otherwise, shall instruct the Trustee. The
     Trustee shall deliver or cause to be delivered such Certificated Securities
     to the Persons in whose name such Securities are so registered. Such
     exchange shall be effected in accordance with the Applicable Procedures.

               (ii) Notwithstanding any other provisions of this Indenture other
     than the provisions set forth in Section 2.12(a)(i), a Global Security may
     not be transferred except as a whole by the Depositary to a nominee of the
     Depositary or by a nominee of the Depositary to the Depositary or another
     nominee of the Depositary or by the Depositary or any such nominee to a
     successor Depositary or a nominee of such successor Depositary.

         (b)   Transfer and Exchange of Certificated Securities. In the event
that Certificated Securities are issued in exchange for beneficial interests in
Global Securities in accordance with Section 2.12(a)(i), and, on or after such
event, Certificated Securities are presented by a Holder to the Registrar with a
request:

          (x)  to register the transfer of the Certificated Securities to a
     person who will take delivery thereof in the form of Certificated
     Securities only; or

          (y)  to exchange such Certificated Securities for an equal principal
     amount of Certificated Securities of other authorized denominations,

such Registrar shall register the transfer or make the exchange as requested;
provided, however, that the Certificated Securities presented or surrendered for
register of transfer or exchange:

               (i)  shall be duly endorsed or accompanied by a written
     instrument of transfer in accordance with the proviso to the first
     paragraph of Section 2.6; and

               (ii) in the case of a Restricted Certificated Security, such
     request shall be accompanied by the following additional information and
     documents, as applicable:

                    (A)  if such Restricted Certificated Security is being
          delivered to the Registrar by a Holder for registration in the name of
          such Holder, without transfer, or such Restricted Certificated
          Security is being transferred to the Company or a Subsidiary of the
          Company, a certification to that effect from such Holder (in
          substantially the form set forth in the Transfer Certificate);

                    (B)  if such Restricted Certificated Security is being
          transferred to a person the Holder reasonably believes is a QIB in
          accordance with Rule 144A, or pursuant to an effective registration
          statement under the Securities Act or in compliance with Rule 904
          under the Securities Act, a certification to that effect from such
          Holder (in substantially the form set forth in the Transfer
          Certificate);

                                       18

<PAGE>

                    (C)  if such Restricted Certificated Security is being
               issued to an institutional "accredited investor" (as defined in
               Rule 501(a)(1), (2), (3) or (7) under the Securities Act), a
               certificate to that effect from the Holder (in substantially the
               form set forth in the Transfer Certificate) and a signed letter
               containing certain representations and agreements relating to the
               restrictions on transfer of the Securities in the form obtained
               from the Trustee;

                    (D)  if such Restricted Certificated Security is being
               transferred pursuant to an exemption from the registration
               requirements of the Securities Act in accordance with Rule 144
               pursuant to and in compliance with an exemption from the
               registration requirements under the Securities Act, a
               certification to that effect from the Holder (in substantially
               the form set forth in the Transfer Certificate) and if the
               Company or the Registrar so requests, a customary Opinion of
               Counsel, certificates and other information reasonably acceptable
               to the Company and the Registrar to the effect that such transfer
               does not require registration under the Securities Act.

               (c)  Transfer of a Beneficial Interest in a Restricted Global
Security for a Beneficial Interest in an Unrestricted Global Security. Any
person having a beneficial interest in a Restricted Global Security may upon
request, subject to the Applicable Procedures, transfer such beneficial interest
to a person who is required or permitted to take delivery thereof in the form of
an Unrestricted Global Security. Upon receipt by the Trustee of written
instructions, or such other form of instructions as is customary for the
Depositary, from the Depositary or its nominee on behalf of any person having a
beneficial interest in a Restricted Global Security and the following additional
information and documents in such form as is customary for the Depositary from
the Depositary or its nominee on behalf of the person having such beneficial
interest in the Restricted Global Security (all of which may be submitted by
facsimile or electronically):

                    (i)  if such beneficial interest is being transferred
          pursuant to an effective registration statement under the Securities
          Act, a certification to that effect from the Holder (in substantially
          the form set forth in the Transfer Certificate); or

                    (ii) if such beneficial interest is being transferred
          pursuant to an exemption from the registration requirements of the
          Securities Act in accordance with Rule 144, a certification to that
          effect from the Holder (in substantially the form set forth in the
          Transfer Certificate) and, if the Company or the Trustee so requests,
          a customary Opinion of Counsel, certificates and other information
          reasonably acceptable to the Company and the Register to the effect
          that such transfer does not require registration under the Securities
          Act,

the Registrar shall reduce or cause to be reduced the aggregate principal amount
of the Restricted Global Security by the appropriate principal amount and shall
increase or cause to be increased the aggregate principal amount of the
Unrestricted Global Security by a like principal amount. Such transfer shall
otherwise be effected in accordance with the Applicable Procedures. If no
Unrestricted Global Security is then outstanding, the Company shall execute and
the Trustee

                                       19

<PAGE>

shall, upon receipt of a Company Order (which the Company agrees to
deliver promptly), authenticate and deliver an Unrestricted Global Security.

                    (d)  Transfer of a Beneficial Interest in an Unrestricted
Global Security for a Beneficial Interest in a Restricted Global Security. Any
person having a beneficial interest in an Unrestricted Global Security may upon
request, subject to the Applicable Procedures, transfer such beneficial interest
to a person who is required or permitted to take delivery thereof in the form of
a Restricted Global Security (it being understood that only QIBs may own
beneficial interests in Restricted Global Securities). Upon receipt by the
Trustee of written instructions, or such other form of instructions as is
customary for the Depositary, from the Depository or its nominee on behalf of
any person having a beneficial interest in an Unrestricted Global Security and
the following additional information and documents in such form as is customary
for the Depositary, from the Depositary or its nominee on behalf of the person
having such beneficial interest in the Unrestricted Global Security (all of
which may be submitted by facsimile or electronically):

                         (i)  a certification from the Holder (in substantially
the form set forth in the Transfer Certificate) to the effect that such
beneficial interest is being transferred to a person that the transferor
reasonably believes is a QIB in accordance with Rule 144A; or

                         (ii) a certification from the Holder (in substantially
the form set forth in the Transfer Certificate) to the effect that such
beneficial interest is being transferred in compliance with Rule 904 under the
Act; or

                         (iii) a certification from the Holder (in substantially
the form set forth in the Transfer Certificate) to the effect that such
beneficial interest is being transferred to an institutional "accredited
investor" (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities
Act) and a signed letter containing certain representations and agreements
relating to the restrictions on transfer of the Securities in the form obtained
from the Trustee.

The Registrar shall reduce or cause to be reduced the aggregate principal amount
of the Unrestricted Global Security by the appropriate principal amount and
shall increase or cause to be increased the aggregate principal amount of the
Restricted Global Security by a like principal amount. Such transfer shall
otherwise be effected in accordance with the Applicable Procedures. If no
Restricted Global Security is then outstanding, the Company shall execute and
the Trustee shall, upon receipt of a Company Order (which the Company agrees to
deliver promptly), authenticate and deliver a Restricted Global Security.

                    (e)  Transfers of Certificated Securities for Beneficial
Interest in Global Securities. In the event that Certificated Securities are
issued in exchange for beneficial interests in Global Securities and,
thereafter, the events or conditions specified in Section 2.12(a)(i) which
required such exchange shall cease to exist, the Company shall mail notice to
the Trustee and to the Holders stating that Holders may exchange Certificated
Securities or interests in Global Securities by complying with the procedures
set forth in this Indenture and briefly describing

                                       20

<PAGE>

such procedures and the events or circumstances requiring that such notice be
given. Thereafter, if Certificated Securities are presented by a Holder to a
Registrar with a request:

          (x)  to register the transfer of such Certificated Securities to a
     person who will take delivery thereof in the form of a beneficial interest
     in a Global Security, which request shall specify whether such Global
     Security will be a Restricted Global Security or an Unrestricted Global
     Security, or

          (y)  to exchange such Certificated Securities for an equal principal
     amount of beneficial interests in a Global Security, which beneficial
     interests will be owned by the Holder transferring such Certificated
     Securities (provided that in the case of such an exchange, Restricted
     Certificated Securities may be exchanged only for Restricted Global
     Securities and Unrestricted Certificated Securities may be exchanged only
     for Unrestricted Global Securities), the Registrar shall register the
     transfer or make the exchange as requested by canceling such Certificated
     Security and causing the aggregate principal amount of the applicable
     Global Security to be increased accordingly and, if no such Global Security
     is then outstanding, the Company shall issue and the Trustee shall, upon
     receipt of a Company Order (which the Company agrees to deliver promptly)
     authenticate and deliver a new Global Security;

provided, however, that the Certificated Securities presented or surrendered for
registration of transfer or exchange:

                    (1)  shall be duly endorsed or accompanied by a written
          instrument of transfer in accordance with the proviso to Section
          2.6(a);

                    (2)  in the case of a Restricted Certificated Security to be
          transferred for a beneficial interest in an Unrestricted Global
          Security, such request shall be accompanied by the following
          additional information and documents, as applicable:

                        (i)  if such Restricted Certificated Security is being
                    transferred pursuant to an effective registration statement
                    under the Securities Act, a certification to that effect
                    from such Holder (in substantially the form set forth in the
                    Transfer Certificate); or

                       (ii) if such Restricted Certificated Security is being
                    transferred pursuant to an exemption from the registration
                    requirements of the Securities Act in accordance with Rule
                    144, a certification to that effect from such Holder (in
                    substantially the form set forth in the Transfer
                    Certificate) and, if the Company or the Registrar so
                    requests, a customary Opinion of Counsel, certificates and
                    other information reasonably acceptable to the Company and
                    the Trustee to the effect that such transfer does not
                    require registration under of the Securities Act;

                                       21
<PAGE>

                    (3)  in the case of a Restricted Certificated Security to be
          transferred or exchanged for a beneficial interest in a Restricted
          Global Security, such request shall be accompanied by the following
          information and documents, as applicable:

                        (i)  if such Restricted Certificated Security is being
                    transferred to a person the Holder reasonably believes is a
                    QIB (which, in the case of an exchange, shall be such
                    Holder) in accordance with Rule 144A, a certification to
                    that effect from such Holder (in substantially the form set
                    forth in the Transfer Certificate); or

                        (ii) if such Restricted Certificated Security is being
                    transferred in compliance with Rule 904 under the Act,
                    certification to that effect from such Holder (in
                    substantially the form set forth in the Transfer
                    Certificate); or

                        (iii) if such Restricted Certificated Security is being
                    transferred to an institutional "accredited investor" (as
                    defined in Rule 501(a)(1), (2), (3) or (7) under the
                    Securities Act), certification to that effect from such
                    Holder (in substantially the form set forth in the Transfer
                    Certificate) and a signed letter containing certain
                    representations and agreements relating to the restrictions
                    on transfer of the Securities in the form obtained from the
                    Trustee;

                    (4)  in the case of an Unrestricted Certificated Security to
          be transferred or exchanged for a beneficial interest in an
          Unrestricted Global Security, such request need not be accompanied by
          any additional information or documents; and

                    (5)  in the case of an Unrestricted Certificated Security to
          be transferred or exchanged for a beneficial interest in a Restricted
          Global Security, such request shall be accompanied by the following
          additional information and documents, as applicable:

                        (i)  if such Unrestricted Certificated Security is being
                    transferred to a person the Holder reasonably believes is a
                    QIB (which, in the case of an exchange, shall be such
                    Holder) in accordance with Rule 144A, a certification to
                    that effect from such Holder (in substantially the form set
                    forth in the Transfer Certificate); or

                                       22
<PAGE>

                        (ii) if such Unrestricted Certificated Security is being
                    transferred in compliance with Rule 904 under the Act,
                    certification to that effect from such Holder (in
                    substantially the form set forth in the Transfer
                    Certificate); or

                        (iii) if such Unrestricted Certificated Security is
                    being transferred to an institutional "accredited investor"
                    (as defined in Rule 501(a)(1), (2), (3) or (7) under the
                    Securities Act), certification to that effect from such
                    Holder (in substantially the form set forth in the Transfer
                    Certificate) and a signed letter containing certain
                    representations and agreements relating to the restrictions
                    on transfer of the Securities in the form obtained from the
                    Trustee;

          (f)  Legends.

                    (1)  Except as permitted by the following paragraphs (2),
          (3) and (4), each Global Security and Certificated Security (and all
          Securities issued in exchange therefor or upon registration of
          transfer or replacement thereof) shall bear a legend in substantially
          the form called for by footnote 2 to Exhibit A attached hereto (each a
          "TRANSFER RESTRICTED SECURITY"), for so long as it is required by this
          Indenture to bear such legend. Each Transfer Restricted Security shall
          have attached thereto a certificate (a "TRANSFER CERTIFICATE") in
          substantially the form called for by footnote 5 to Exhibit A attached
          hereto.

                    (2)  Upon any sale or transfer of a Transfer Restricted
          Security (x) after the expiration of the holding period applicable to
          sales of the Securities under Rule 144(k) of the Securities Act, (y)
          pursuant to Rule 144 or (z) pursuant to an effective registration
          statement under the Securities Act:

                        (i)  in the case of any Restricted Certificated
                    Security, any Registrar shall permit the Holder thereof to
                    exchange such Restricted Certificated Security for an
                    Unrestricted Certificated Security, or (under the
                    circumstances described in Section 2.12(e)) to transfer such
                    Restricted Certificated Security to a transferee who shall
                    take such Security in the form of a beneficial interest in
                    an Unrestricted Global Security, and in each case shall
                    rescind any restriction on the transfer of such Security;
                    provided, however, that the Holder of such Restricted
                    Certificated Security shall, in connection with such
                    exchange or transfer, comply with the other applicable
                    provisions of this Section 2.12; and

                                       23
<PAGE>

                        (ii) in the case of any beneficial interest in a
                    Restricted Global Security, the Trustee shall permit the
                    beneficial owner thereof to transfer such beneficial
                    interest to a transferee who shall take such interest in the
                    form of a beneficial interest in an Unrestricted Global
                    Security and shall rescind any restriction on transfer of
                    such beneficial interest; provided, however, that such
                    Unrestricted Global Security shall continue to be subject to
                    the provisions of Section 2.12(a)(ii); and provided,
                    further, that the owner of such beneficial interest shall,
                    in connection with such transfer, comply with the other
                    applicable provisions of this Section 2.12.

                    (3)  Upon the exchange, registration of transfer or
          replacement of Securities not bearing the legend described in
          paragraph (1) above, the Company shall execute, and the Trustee shall
          authenticate and deliver, Securities that do not bear such legend and
          that do not have a Transfer Certificate attached thereto.

                    (4)  After the expiration of the holding period pursuant to
          Rule 144(k) of the Securities Act, the Company may with the consent of
          the Holder of a Restricted Global Security or a Restricted
          Certificated Security, remove any restriction of transfer on such
          Security, and the Company shall execute, and the Trustee shall
          authenticate and deliver, Securities that do not bear such legend and
          that do not have a Transfer Certificate attached thereto.

                    (5)  Until the expiration of the holding period applicable
          to sales of the Securities under Rule 144(k) of the Securities Act or
          a transfer pursuant to Rule 144 or pursuant to an effective
          registration statement under the Securities Act, the shares of Common
          Stock issued upon conversion of the Securities shall bear the legend
          in substantially the form called for by Exhibit B attached hereto.

          (g)  Transfers to the Company. Nothing contained 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 cancelled in accordance
with Section 2.10.

          Section 2.13. CUSIP Numbers.

          The Company may issue the Securities with one or more "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, however, 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

                                       24
<PAGE>

affected by any defect in or omission of such numbers. The Company will promptly
notify the Trustee of any change in the CUSIP numbers.

          Section 2.14. Ranking.

          The indebtedness of the Company arising under or in connection with
this Indenture and every outstanding Security issued under this Indenture from
time to time constitutes and will constitute a senior unsecured general
obligation of the Company, ranking equally with other existing and future senior
unsecured Indebtedness of the Company and ranking senior in right of payment to
any future Indebtedness of the Company that is expressly made subordinate to the
Securities by the terms of such Indebtedness.

          For purposes of this Section 2.14 only, "INDEBTEDNESS" means, without
duplication, the principal or face amount of:

          (a)  all obligations for borrowed money;

          (b)  all obligations evidenced by notes or other similar instruments;

          (c)  all obligations in respect of letters of credit or bankers
acceptances or similar instruments (or reimbursement obligations with respect
thereto);

          (d)  all obligations to pay the deferred purchase price of property or
services, except trade accounts payable arising in the ordinary course of
business;

          (e)  all obligations as lessee which are capitalized in accordance
with generally accepted accounting principles; and

          (f)  all Indebtedness of others guaranteed by the Company or any of
its Subsidiaries or for which the Company or any of its Subsidiaries is legally
responsible or liable (whether by agreement to purchase indebtedness of, or to
supply funds or to invest in, others).

                                  ARTICLE III
                                   REDEMPTION

          Section 3.1. The Company's Right to Redeem; Notice to Trustee.

          Prior to June 1, 2008, the Securities will not be redeemable at the
Company's option. Beginning on June 1, 2008, the Company, at its option, may
redeem the Securities in accordance with this Article III for Cash at any time
as a whole, or from time to time in part, at a redemption price equal to 100% of
the principal amount of Securities to be redeemed plus any accrued and unpaid
interest (including Contingent Interest, if any) and Additional Interest
Amounts, if any, on those Securities to, but not including, the Redemption Date
(the "REDEMPTION PRICE").

          In the event that the Company elects to redeem the Securities on a
date that is on or after any Regular Record Date but before the corresponding
Interest Payment Date, the Company shall be required to pay any accrued and
unpaid interest (including Contingent Interest,

                                       25
<PAGE>

if any) and Additional Interest Amounts, if any, to the same Holder to whom the
Company pays the principal of such Security regardless of whether such Holder
was the registered Holder on the Regular Record Date immediately preceding such
Redemption Date.

          If the Company elects to redeem Securities, it shall notify the
Trustee in writing of the Redemption Date, the principal amount of Securities to
be redeemed and the Redemption Price. The Company shall give this notice to the
Trustee by a Company Order at least 40 days before the Redemption Date (unless a
shorter notice shall be satisfactory to the Trustee).

          Section 3.2. Selection of Securities to Be Redeemed.

          If fewer than all of the outstanding Securities are to be redeemed,
unless the procedures of the Depositary provide otherwise, the Trustee shall
select the Securities to be redeemed by lot or on a pro rata basis. The Trustee
shall make the selection within five Business Days after it receives the notice
provided for in Section 3.1 from outstanding Securities not previously called
for redemption.

          Securities and portions of Securities that the Trustee selects shall
be in principal amounts of $1,000 or a 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 Trustee shall notify the Company
promptly of the Securities or portions of the Securities to be redeemed.

          Securities and portions of Securities that are to be redeemed are
convertible by the Holder until 5:00 p.m., New York City time, on the Business
Day immediately preceding the Redemption Date. 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 Trustee as outstanding for
the purpose of such selection.

          Section 3.3. 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 of redemption shall identify the Securities to be redeemed
and shall state:

          (a)  the Redemption Date;

          (b)  the Redemption Price;

          (c)  the Conversion Rate;

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

                                       26
<PAGE>

         (e)  that Securities called for redemption may be converted at any
time prior to 5:00 p.m., New York City time, on the Business Day preceding the
Redemption Date;

          (f)  that Holders who want to convert their Securities must satisfy
the requirements set forth in Article XII;

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

          (h)  in the case of any Security redeemed in part, that the Holder of
such Security will receive a new Security or Securities, of authorized
denominations for the principal amount thereof remaining unredeemed;

          (i)  if fewer than all of the outstanding Securities are to be
redeemed, the certificate numbers, if any, and principal amounts of the
particular Securities to be redeemed;

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

          (k)  the CUSIP number(s) of the Securities; and

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

          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,
however, that the Company makes such request at least five Business Days (unless
a shorter period shall be satisfactory to the Trustee) prior to the date by
which such notice of redemption must be given to Holders in accordance with this
Section 3.3; provided, further, that the text of the notice of redemption shall
be prepared by the Company.

          Section 3.4. 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,
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.

          Section 3.5. Deposit of Redemption Price.

          Prior to 10:00 a.m., New York City time, on the applicable Redemption
Date, the Company shall deposit with the Paying Agent (or if the Company or a
Subsidiary or an Affiliate of any of them is acting as the Paying Agent, shall
segregate and hold in trust as provided in Section 2.4) an amount of Cash (in
immediately available funds if deposited on the Redemption Date) sufficient to
pay the aggregate Redemption Price of all Securities or portions thereof which
are to be redeemed as of such Redemption 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.

                                       27
<PAGE>

          If the Paying Agent holds, in accordance with the terms hereof, at
10:00 a.m., New York City time, on the applicable Redemption Date, Cash
sufficient to pay the Redemption Price of any Securities for which notice of
redemption is given, then, on such Redemption Date, such Securities will cease
to be outstanding and interest (including Contingent Interest, if any) and
Additional Interest Amounts, if any, on such Securities will cease to accrue,
whether or not such Securities are delivered to the Paying Agent, and the rights
of the Holders in respect thereof shall terminate (other than the right to
receive the Redemption Price upon delivery of such Securities).

          Section 3.6. Securities Redeemed in Part.

          Any Certificated Security which is to be redeemed only in part shall
be surrendered at the office of the Paying Agent and the Company shall execute
and the Trustee shall authenticate and deliver to the Holder of such Security,
without charge, a new Security or Securities, of any authorized denomination as
requested by such Holder in aggregate principal amount equal to the unredeemed
portion of the Security surrendered.

          Section 3.7. Repayment to the Company.

          To the extent that the aggregate amount of Cash deposited by the
Company pursuant to Section 3.5 exceeds the aggregate Redemption Price of the
Securities or portions thereof which the Company is redeeming as of the
Redemption Date, then, promptly after the Redemption Date, the Paying Agent
shall return any such excess to the Company.

                                   ARTICLE IV

                            REPURCHASE OF SECURITIES
                            AT THE OPTION OF HOLDERS
                                ON SPECIFIC DATES

          Section 4.1. Optional Put.

          (a)  Securities shall be repurchased by the Company, at the option of
the Holder thereof, on June 1, 2008, June 1, 2013 and June 1, 2018 (each, a
"REPURCHASE DATE"), at a repurchase price equal to 100% of the principal amount
of those Securities plus accrued and unpaid interest (including Contingent
Interest, if any) and Additional Interest Amounts, if any, to, but not
including, such Repurchase Date (the "REPURCHASE PRICE"), subject to
satisfaction by or on behalf of the Holder of the requirements set forth in
Section 4.1(c).

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

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

               (ii) the Repurchase Date;

                                       28
<PAGE>

               (iii) the Repurchase Price;

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

               (v)  if the Company elects to pay the Repurchase Price in shares
     of Common Stock or a combination of Cash and shares of Common Stock, that
     the number of shares of Common Stock each Holder will receive will equal
     the portion of the Repurchase Price to be paid in shares of Common Stock
     divided by the Market Price of one share of Common Stock;

               (vi) if the Company elects to pay the Repurchase Price in shares
     of Common Stock or a combination of Cash and shares of Common Stock, the
     method of calculating the Market Price of the shares of Common Stock;

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

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

               (ix) the Conversion Rate and any adjustments thereto;

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

               (xi) that the Securities must be surrendered to the Paying Agent
     to collect payment;

               (xii) that the Repurchase Price for any Security as to which a
     Repurchase Notice has been duly given and not withdrawn will be paid
     promptly following the later of the Repurchase Date and the time of
     surrender of such Security;

               (xiii) the procedures the Holder must follow to exercise its put
     right under this Section 4.1;

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

               (xv) the procedures for withdrawing a Repurchase Notice;

               (xvi) that, unless the Company defaults in making payment of such
     Repurchase Price, interest (including Contingent Interest, if any) and
     Additional Interest Amounts, if any, on Securities surrendered for
     repurchase by the Company will cease to accrue on and after the Repurchase
     Date; and

                                       29
<PAGE>

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

          At the Company's request, the Trustee shall give the notice of
repurchase right in the Company's name and at the Company's expense; provided,
however, that the Company makes such request at least three Business Days
(unless a shorter period shall be satisfactory to the Trustee) prior to the date
by which such notice of repurchase right must be given to the Holder in
accordance with this Section 4.1(b); provided, further, that the text of the
notice of repurchase right shall be prepared by the Company.

          (c)  A Holder may exercise its right specified in Section 4.1(a) upon
delivery of a written notice of repurchase (a "REPURCHASE NOTICE") to the Paying
Agent at any time during the period beginning at 9:00 a.m., New York City time,
on the date that is 20 Business Days immediately preceding the relevant
Repurchase Date until 5:00 p.m., New York City time, on the Business Day
immediately preceding such Repurchase Date, stating:

               (i)  the certificate number of the Security which the Holder will
     deliver to be repurchased or the appropriate Depositary procedures if
     Certificated Securities have not been issued;

               (ii) the portion of the principal amount of the Security which
     the Holder will deliver to be repurchased, which portion must be in
     principal amounts of $1,000 or a multiple of $1,000;

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

               (iv) in the event the Company elects, pursuant to Section 4.2(b),
     to pay the Repurchase Price, in whole or in part, in shares of Common Stock
     but such portion of the Repurchase Price shall ultimately be paid to such
     Holder entirely in Cash because any of the conditions to payment of the
     Repurchase Price in shares of Common Stock is not satisfied prior to 5:00
     p.m., New York City time, on the Business Day immediately preceding the
     relevant Repurchase Date, as set forth in Section 4.2(b), whether such
     Holder elects to (A) withdraw such Repurchase Notice as to some or all of
     the Securities to which such Repurchase Notice relates (stating the
     principal amount and certificate numbers, if any or the appropriate
     Depositary procedures, if applicable, of the Securities as to which such
     withdrawal shall relate), or (B) receive Cash in respect of the entire
     Repurchase Price for all Securities (or portions thereof) to which such
     Repurchase Notice relates.

          The delivery of such Security to the Paying Agent with, or at any time
after delivery of, the Repurchase Notice (together with all necessary
endorsements) at the offices of the Paying Agent shall be a condition to the
receipt by the Holder of the Repurchase Price therefor; provided, however, that
such Repurchase Price shall be so paid pursuant to this Section 4.1 only if the
Security so delivered to the Paying Agent shall conform in all respects to the
description thereof in the related Repurchase Notice.

                                       30
<PAGE>

          If a Holder, in such Holder's Repurchase Notice and in any written
notice of withdrawal delivered by such Holder pursuant to the terms of Section
4.3, fails to indicate such Holder's choice with respect to the election set
forth in Section 4.1(c)(iv), such Holder shall be deemed to have elected to
receive Cash in respect of the entire Repurchase Price for all Securities
subject to such Repurchase Notice in the circumstances set forth in such Section
4.1(c)(iv).

          The Company shall repurchase from the Holder thereof, pursuant to this
Section 4.1, a portion of a Security, so long as the principal amount of such
portion is $1,000 or a multiple of $1,000. Provisions of this Indenture that
apply to the repurchase of all of a Security also apply to the repurchase of
such portion of such Security.

          Any repurchase by the Company contemplated pursuant to the provisions
of this Section 4.1 shall be consummated by the delivery of the consideration to
be received by the Holder promptly following the later of the Repurchase Date
and the time of delivery of the Security.

          Notwithstanding anything contained herein to the contrary, any Holder
delivering to the Paying Agent the Repurchase Notice contemplated by this
Section 4.1(c) shall have the right to withdraw such Repurchase Notice at any
applicable time prior to 5:00 p.m., New York City time, on the Business Day
immediately preceding the Repurchase Date by delivery of a written notice of
withdrawal to the Paying Agent in accordance with Section 4.3.

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

          Section 4.2. The Company's Right to Elect Manner of Payment of
Repurchase Price.

          (a)  If the Securities are to be repurchased on June 1, 2008 pursuant
to Section 4.1(a), the Repurchase Price must be paid in Cash. If the Securities
to be repurchased on June 1, 2013 or June 1, 2018, pursuant to Section 4.1(a),
the Repurchase Price may be paid for at the election of the Company, in Cash or
shares of Common Stock, or in any combination of Cash and shares of Common
Stock, subject to the conditions set forth in Section 4.2(b). The Company shall
designate, in the notice of repurchase right delivered pursuant to Section
4.1(b), whether the Company will repurchase the Securities for Cash or, if
permitted hereunder, shares of Common Stock, or, if a combination thereof, the
percentages of the Repurchase Price in respect of which it will pay in Cash or
shares of Common Stock; provided, however, that the Company will pay Cash for
fractional interests in a share of Common Stock. For purposes of determining the
existence of potential fractional interests, all Securities subject to
repurchase by the Company held by a Holder shall be considered together (no
matter how many separate certificates are to be presented). Each Holder whose
Securities are repurchased pursuant to Section 4.1 shall receive the same
percentage of Cash or, if permitted hereunder, shares of Common Stock in payment
of the Repurchase Price for such Securities, (i) except as provided in this
Section 4.2(a) with regard to the payment of Cash in lieu of fractional shares
of Common Stock, (ii) in the event that the Company is unable to purchase the
Securities of the Holder or Holders for shares of Common Stock because any
necessary qualifications or registration of the shares of Common Stock under

                                       31
<PAGE>

applicable securities laws cannot be obtained, the Company may purchase the
Securities of such Holder or Holders for Cash. The Company may not change its
election with respect to the consideration (or components or percentages of
components thereof) to be paid once the Company has given its notice of
repurchase right to Holders except in the event of a failure to satisfy, prior
to 5:00 p.m., New York City time, on the Business Day immediately preceding the
Repurchase Date, any condition to the payment of the Repurchase Price in whole
or in part, in shares of Common Stock.

          (b)  If the Company elects to pay all or a portion of the Repurchase
Price of Securities in respect of which a Repurchase Notice pursuant to Section
4.1(c) has been given in shares of Common Stock, the number of shares of Common
Stock to be issued shall be equal to the portion of the Repurchase Price to be
paid in shares of Common Stock divided by the Market Price of one share of
Common Stock, subject to satisfaction of the conditions set forth in the second
succeeding paragraph.

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

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

               (i)  the registration of such shares of Common Stock under the
     Securities Act and the Exchange Act, in each case, if required;

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

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

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

                                       32
<PAGE>

     on the first Trading Day of the PERIOD during which the Market Price is
     calculated and ending on the Trading Day immediately preceding the
     Repurchase Date; and

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

          If the foregoing conditions are not satisfied with respect to a Holder
or Holders prior to 5:00 p.m., New York City time, on the Business Day
immediately preceding the Repurchase Date, and the Company has elected to
repurchase the Securities pursuant to this Section 4.2 through the issuance of
Common Stock, the Company shall pay the entire Repurchase Price of the
Securities of such Holder or Holders in Cash.

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

          (c)  Covenants of the Company. All shares of Common Stock delivered
upon repurchase 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.

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

          Section 4.3. Effect of Repurchase Notice.

          Upon receipt by the Paying Agent of the Repurchase Notice specified in
Section 4.1(c), the Holder of the Security in respect of which such Repurchase
Notice was given shall (unless such Repurchase Notice is withdrawn as specified
in the following paragraph) thereafter be entitled to receive solely the
Repurchase Price with respect to such Security. Such Repurchase Price shall be
paid to such Holder, subject to receipts of Cash and/or securities by the Paying
Agent, promptly following the later of (a) the Repurchase Date with respect to
such Security (provided the conditions in Section 4.1 (c) have been satisfied)
and (b) the time of delivery of such Security to the Paying Agent by the Holder

                                       33
<PAGE>

thereof in the manner required by Section 4.1(c). Securities in respect of which
a Repurchase Notice has been given by the Holder thereof may not be converted
pursuant to Article XII on or after the date of the delivery of such Repurchase
Notice unless such Repurchase Notice has first been validly withdrawn as
specified in the following paragraph.

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

          (a)  the certificate number, if any, or the appropriate Depositary
procedures, if applicable, of the Security in respect of which such notice of
withdrawal is being submitted;

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

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

          Section 4.4. Deposit of Repurchase Price.

          Prior to 10:00 a.m., New York City time, on the applicable Repurchase
Date, the Company shall deposit with the Paying Agent (or if the Company or a
Subsidiary or an Affiliate of any of them is acting as the Paying Agent, shall
segregate and hold in trust as provided in Section 2.4) an amount of Cash (in
immediately available funds if deposited on such Business Day) and/or shares of
Common Stock, if permitted hereunder, sufficient to pay the aggregate Repurchase
Price of all the Securities or portions thereof which are to be repurchased on
such Repurchase Date.

          If the Paying Agent holds, in accordance with the terms hereof, at
10:00 a.m., New York City time, on the Business Day immediately following the
applicable Repurchase Date, Cash and/or shares of Common Stock, if permitted
hereunder, sufficient to pay the Repurchase Price of any Securities for which a
Repurchase Notice has been tendered and not withdrawn pursuant to Section 4.3,
then, immediately after such Repurchase Date, such Securities will cease to be
outstanding and interest (including, Contingent Interest, if any) and Additional
Interest Amounts, if any, on such Securities will cease to accrue, whether or
not such Securities are delivered to the Paying Agent, and the rights of the
Holders in respect thereof shall terminate (other than the right to receive the
Repurchase Price upon delivery of such Securities).

          As soon as practicable on and after the Repurchase Date, the Company
shall deliver to each Holder entitled to receive shares of Common Stock through
the Paying Agent, a certificate (other than in the case of Holders of Securities
in book-entry form with DTC, which shares shall be delivered in accordance with
DTC customary practices) for the number of full shares of Common Stock issuable
in payment of the Repurchase Price and Cash in lieu of any fractional interests.
The person in whose name the certificate for the shares of Common Stock is
registered shall be treated as a holder of record of shares of Common Stock on
the Repurchase Date. No payment or adjustment will be made for dividends on the
shares of Common Stock the record date for which occurred on or prior to the
Repurchase Date.

                                       34
<PAGE>

          Section 4.5. Securities Repurchased in Part.

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

          Section 4.6. Covenant to Comply With Securities Laws Upon Repurchase
of Securities.

          When complying with the provisions of Section 4.1 hereof (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), and
subject to any exemptions available under applicable law, the Company shall:

          (a)  comply with Rule 13e-4 and Rule 14e-1 (or any successor
provision) under the Exchange Act;

          (b)  file the related Schedule TO (or any successor schedule, form or
report) under the Exchange Act; and

          (c)  otherwise comply with all federal and state securities laws so as
to permit the rights and obligations under Article IV to be exercised in the
time and in the manner specified therein.

          To the extent that the provisions of any securities laws or
regulations conflict with the provisions of this Article IV, the Company's
compliance with such laws and regulations shall not in and of itself cause a
breach of its obligations under this Article IV.

          Section 4.7. Repayment to the Company.

          To the extent that the aggregate amount of Cash or shares of Common
Stock deposited by the Company pursuant to Section 4.4 exceeds the aggregate
Repurchase Price of the Securities or portions thereof which the Company is
obligated to repurchase on the Repurchase Date, then, promptly after the
Repurchase Date, the Paying Agent shall return any such excess to the Company.

                                       35
<PAGE>

                                   ARTICLE V

                       REPURCHASE AT THE OPTION OF HOLDERS
                            UPON A FUNDAMENTAL CHANGE

          Section 5.1. Fundamental Change Put.

          (a)  General. If a Fundamental Change occurs at any time prior to June
1, 2008, the Securities not previously repurchased by the Company shall be
repurchased by the Company at the option of the Holder thereof at a repurchase
price equal to 100% of the principal amount of the Securities to be repurchased,
plus accrued and unpaid interest, including Contingent Interest, if any, and
Additional Interest Amounts, if any, on those notes to, but not including, the
Fundamental Change Repurchase Date (the "FUNDAMENTAL CHANGE REPURCHASE PRICE"),
subject to satisfaction by or on behalf of any Holder of the requirements set
forth in Section 5.2(c). The fundamental change repurchase date must be within
30 days after the date of the mailing of the Fundamental Change Company Notice
under Section 5.1 (b) (the "FUNDAMENTAL CHANGE REPURCHASE DATE"). No Holder
shall have the right to require the Company to repurchase its Securities under
this Article V if a Fundamental Change occurs on or after June 1, 2008.

     A "FUNDAMENTAL CHANGE" is any transaction or event (whether by means of an
exchange offer, liquidation, tender offer, consolidation, merger, combination,
reclassification, recapitalization or otherwise) in connection with which any of
the following occur:

               (i)  any "person" or "group" is or becomes the "beneficial
     owner," directly or indirectly, of shares of the Company's voting stock
     representing 50% or more of the total voting power of all outstanding
     classes of the Company's stock or has the power, directly or indirectly, to
     elect a majority of the members of the Board of Directors;

              (ii) the holders of the Company's capital stock approve any plan
     or proposal for the liquidation or dissolution of the Company (whether or
     not otherwise in compliance with this Indenture); or

               (iii) all or substantially all of the Common Stock is exchanged
     for, converted into, acquired for or constitutes solely the right to
     receive, consideration (excluding cash payments for fractional shares)
     which is not all or substantially all common stock that is listed on, or
     immediately after the transaction or event will be listed on, a United
     States national securities exchange, or is approved, or immediately after
     the transaction or event will be approved, for quotation on the Nasdaq
     National Market or any similar United States system of automated
     dissemination of quotations of securities prices.

          (b)  Notice of Fundamental Change. No later than 30 days after the
occurrence of a Fundamental Change that occurs prior to June 1, 2008, the
Company shall mail a written notice of Fundamental Change (the "FUNDAMENTAL
CHANGE COMPANY NOTICE") by first class mail to the Trustee and to each Holder
(and to beneficial owners as required by applicable

                                       36
<PAGE>

law). The notice shall include a form of Fundamental Change Repurchase Notice to
be completed by the Holder and shall briefly state, as applicable:

               (i)  the events causing a Fundamental Change and the date of such
     Fundamental Change;

               (ii) that the Holder has a right to require the Company to
     repurchase the Holder's Securities;

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

               (iv) the Fundamental Change Repurchase Date;

               (v)  the Fundamental Change Repurchase Price;

               (vi) whether the Fundamental Change Repurchase Price will be paid
     in Cash or shares of Applicable Stock, or a combination thereof and, in the
     case of a combination, the percentage of each;

               (vii) if the Company elects to pay the Fundamental Change
     Repurchase Price in shares of Applicable Stock or a combination of Cash and
     shares of Applicable Stock, that the number of shares of Applicable Stock
     each Holder will receive will equal the portion of the Fundamental Change
     Repurchase Price to be paid in shares of Applicable Stock divided by the
     Market Price of one share of Applicable Stock;

               (viii) if the Company elects to pay the Fundamental Change
     Repurchase Price in shares of Applicable Stock or a combination of Cash and
     shares of Applicable Stock, the method of calculating the Market Price of
     the shares of Applicable Stock;

               (ix) that because the Market Price of one share of Applicable
     Stock will be determined prior to the Fundamental Change Repurchase Date,
     Holders of the Securities will bear the market risk that the shares of
     Applicable Stock to be received will decline in value between the date such
     Market Price is determined and the Fundamental Change Repurchase Date;

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

               (xi) the Conversion Rate applicable on the Fundamental Change
     Company Notice Date;

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

                                       37
<PAGE>

               (xiii) that the Securities must be surrendered to the Paying
     Agent to collect payment;

               (xiv) that the Fundamental Change Repurchase Price for any
     Security as to which a Fundamental Change Repurchase Notice has been duly
     given and not withdrawn will be paid promptly following the later of the
     Fundamental Repurchase Date and the time of surrender of such Security;

               (xv) the procedures the Holder must follow to exercise its put
     right under this Section 5.1;

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

               (xvii) the procedures for withdrawing a Fundamental Change
     Repurchase Notice;

               (xviii) that, unless the Company defaults in making payment of
     such Fundamental Change Repurchase Price, interest and Additional Interest
     Amounts, if any, on Securities surrendered for repurchase by the Company
     will cease to accrue on and after the Fundamental Change Repurchase Price;
     and

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

          At the Company's request, the Trustee shall give the Fundamental
Change Company Notice in the Company's name and at the Company's expense;
provided, however, the Company makes such request at least three Business Days
(unless a shorter period shall be satisfactory to the Trustee) prior to the date
by which such Fundamental Change Company Notice must be given to the Holders in
accordance with this Section 5.1(b); provided, further, that the text of the
Fundamental Change Company Notice shall be prepared by the Company.

          (c)  Fundamental Change Repurchase Notice. A Holder may exercise its
right specified in Section 5.1 (a) upon delivery of a written notice of
repurchase (a "FUNDAMENTAL CHANGE REPURCHASE NOTICE"), substantially in the form
of EXHIBIT C hereto, to the Paying Agent at any time prior to 5:00 p.m., New
York City time, on the Business Day immediately preceding the Fundamental Change
Repurchase Date, stating:

               (i)  the certificate number of the Security which the Holder will
     deliver to be repurchased or the appropriate depositary procedures if
     Certificated Securities have not been issued;

               (ii) the portion of the principal amount of the Security which
     the Holder will deliver to be repurchased, which portion must be $1,000 or
     a multiple of $1,000;

               (iii) that such Security shall be repurchased on the Fundamental
     Change Repurchase Date pursuant to the terms and conditions specified in
     the Securities and in this Indenture; and

                                       38
<PAGE>

               (iv) in the event the Company elects, pursuant to Section 5.2, to
     pay the Fundamental Change Repurchase Price, in whole or in part, in shares
     of Applicable Stock but such portion of the Fundamental Change Repurchase
     Price shall ultimately be paid to such Holder entirely in Cash because any
     of the conditions to payment of the Fundamental Change Repurchase Price in
     shares of Applicable Stock is not satisfied prior to 5:00 p.m., New York
     City time, on the Business Day immediately preceding the Fundamental Change
     Repurchase Date, as set forth in Section 5.2(b), whether such Holder elects
     to (A) withdraw such Fundamental Change Repurchase Notice as to some or all
     of the Securities to which such Fundamental Change Repurchase Notice
     relates (stating the principal amount and certificate numbers, if any, or
     the appropriate Depositary procedures, if applicable, of the Securities as
     to which such withdrawal shall relate), or (B) receive Cash in respect of
     the entire Fundamental Change Repurchase Price for all Securities (or
     portions thereof) to which such Fundamental Change Repurchase Notice
     relates.

          The delivery of such Security to the Paying Agent with, or at any time
after delivery of, the Fundamental Change Repurchase Notice (together with all
necessary endorsements) at the offices of the Paying Agent shall be a condition
to the receipt by the Holder of the Fundamental Change Repurchase Price
therefor; provided, however, that such Fundamental Change Repurchase Price shall
be so paid pursuant to this Section 5.1 only if the Security so delivered to the
Paying Agent shall conform in all respects to the description thereof set forth
in the related Fundamental Change Repurchase Notice.

          If a Holder, in such Holder's Fundamental Change Repurchase Notice and
in any written notice of withdrawal delivered by such Holder pursuant to the
terms of Section 5.3, fails to indicate such Holder's choice with respect to the
election set forth in Section 5.1(c)(iv), such Holder shall be deemed to have
elected to receive Cash in respect of the entire Fundamental Change Repurchase
Price for all Securities subject to such Fundamental Change Repurchase Notice in
the circumstances set forth in such Section 5.1 (c) (iv).

          The Company shall repurchase from the Holder thereof, pursuant to this
Section 5.1, a portion of a Security, so long as the principal amount of such
portion is $1,000 or a multiple of $1,000. Provisions of this Indenture that
apply to the repurchase of all of a Security also apply to the repurchase of
such portion of such Security.

          Any repurchase by the Company contemplated pursuant to the provisions
of this Section 5.1 shall be consummated by the delivery of the consideration to
be received by the Holder promptly following the later of the Fundamental Change
Repurchase Date and the time of delivery of the Security.

          Notwithstanding anything contained herein to the contrary, any Holder
delivering to the Paying Agent the Fundamental Change Repurchase Notice
contemplated by this Section 5.1(c) shall have the right to withdraw such
Fundamental Change Repurchase Notice at any time prior to 5:00 p.m., New York
City time, on the Business Day immediately preceding the Fundamental Change
Repurchase Date by delivery of a written notice of withdrawal to the Paying
Agent in accordance with Section 5.3.

                                       39
<PAGE>

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

          Section 5.2. The Company's Right to Elect Manner of Payment of
Fundamental Change Repurchase Price.

          (a)  The Securities to be repurchased with respect to any Fundamental
Change Repurchase Date pursuant to Section 5.1(a) may be paid for at the
election of the Company in Cash or shares of Applicable Stock, or in any
combination of Cash and shares of Applicable Stock, subject to the conditions
set forth in Section 5.2(b). The Company shall designate, in the Fundamental
Change Company Notice delivered pursuant to Section 5.1(b), whether the Company
will repurchase the Securities for Cash or shares of Applicable Stock, or, if a
combination thereof, the percentages of the Fundamental Change Repurchase Price
in respect of which it will pay in Cash or shares of Applicable Stock; provided,
however, that the Company will pay Cash for fractional interests in shares of
Applicable Stock. For purposes of determining the existence of potential
fractional interests, all Securities subject to repurchase by the Company held
by a Holder shall be considered together (no matter how many separate
certificates are to be presented). Each Holder whose Securities are repurchased
pursuant to Section 5.1 shall receive the same percentage of Cash or shares of
Applicable Stock in payment of the Fundamental Change Repurchase Price for such
Securities, except (i) as provided in this Section 5.2(a) with regard to the
payment of Cash in lieu of fractional shares of Applicable Stock and (ii) in the
event that the Company is unable to purchase the Securities of a Holder or
Holders for shares of Applicable Stock because any necessary qualifications or
registrations of the shares of Applicable Stock under applicable securities laws
cannot be obtained, the Company may purchase the Securities of such Holder or
Holders for Cash. The Company may not change its election with respect to the
consideration (or components or percentages of components thereof) to be paid
once the Company has given its Fundamental Change Company Notice to Holders
except in the event of a failure to satisfy, prior to 5:00 p.m., New York City
time, on the Business Day immediately preceding the Fundamental Change
Repurchase Date, any condition to the payment of the Fundamental Change
Repurchase Price in whole or in part, in shares of Applicable Stock.

          (b)  If the Company elects to pay all or a portion of the Fundamental
Change Repurchase Price of Securities in respect of which a Fundamental Change
Repurchase Notice pursuant to Section 5.1(c) has been given in Applicable Stock,
the number of shares of Applicable Stock to be issued shall be equal to (i) the
portion of the Fundamental Change Repurchase Price to be paid in Applicable
Stock divided by (ii) the Market Price of one share of Applicable Stock, subject
to satisfaction of the conditions set forth in the second succeeding paragraph.

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

                                       40
<PAGE>

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

          (i)  the registration of such shares of Applicable Stock under the
     Securities Act and the Exchange Act, in each case, if required; and

          (ii) any qualification or registration of such shares of Applicable
     Stock under applicable state securities laws, if necessary, or the
     availability of an exemption from such qualification and registration;

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

          (iv) the receipt by the Trustee of an Officers' Certificate stating
     (A): that the terms of the issuance of the shares of Applicable Stock are
     in conformity with this Indenture; (B) that the shares of Applicable Stock
     to be issued in payment of the Fundamental Change Repurchase Price in
     respect of Securities have been duly authorized and, when issued and
     delivered pursuant to the terms of this Indenture in payment of the
     Fundamental Change Repurchase Price in respect of Securities, will be
     validly issued, fully paid, non-assessable and free from preemptive rights;
     (C) that the conditions above, the conditions in clauses (i)-(iii) above
     and the condition set forth in the second succeeding sentence regarding
     issuance of a press release have been satisfied in all material respects;
     and (D) the number of shares of Applicable Stock to be issued for each
     $1,000 principal amount of Securities and the Sale Price of a share of
     Applicable Stock on each Trading Day during the period commencing on the
     first Trading Day of the period during which the Market Price is calculated
     and ending on the Trading Day immediately preceding the Fundamental Change
     Repurchase Date; and

          (v)  the receipt by the Trustee of an Opinion of Counsel stating that:
     (A) the shares of Applicable Stock to be issued by the Company in payment
     of the Fundamental Change Repurchase Price in respect of Securities have
     been duly authorized, and when issued and delivered pursuant to the terms
     of this Indenture in payment of the Fundamental Change Repurchase Price in
     respect of Securities, will be validly issued, fully paid and
     non-assessable and, to the best of such counsel's knowledge, free from
     preemptive rights; and (B) the conditions in clauses (i) and (iii) above
     have been satisfied in all material respects.

          If the foregoing conditions are not satisfied with respect to a Holder
or Holders prior to 5:00 p.m., New York City time, on the Business Day
immediately preceding the Fundamental Change Repurchase Date, and the Company
has elected to repurchase the Securities pursuant to this Section 5.2 through
the issuance of shares of Applicable Stock, the Company shall pay the entire
Fundamental Change Repurchase Price of the Securities of such Holder or Holders
in Cash. Upon determination of the actual number of shares of Applicable Stock
to be issued upon repurchase of Securities, the Company shall be required to
disseminate a press release through a public medium as is customary for such a
press release.

                                       41
<PAGE>

          (c)  Covenants of the Company. All shares of Applicable Stock
delivered upon repurchase 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.

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

          Section 5.3. Effect of Fundamental Change Repurchase Notice.

          Upon receipt by the Paying Agent of the Fundamental Change Repurchase
Notice specified in Section 5.1(c), the Holder of the Security in respect of
which such Fundamental Change Repurchase Notice was given shall (unless such
Fundamental Change Repurchase Notice is withdrawn as specified in the following
paragraph) thereafter be entitled to receive solely the Fundamental Change
Repurchase Price with respect to such Security. Such Fundamental Change
Repurchase Price shall be paid to such Holder, subject to receipts of Cash
and/or securities by the Paying Agent, promptly following the later of (a) the
Fundamental Change Repurchase Date with respect to such Security (provided the
conditions in Section 5.1 (c) have been satisfied) and (b) the time of delivery
of such Security to the Paying Agent by the Holder thereof in the manner
required by Section 5.1(c). Securities in respect of which a Fundamental Change
Repurchase Notice has been given by the Holder thereof may not be converted
pursuant to Article XII on or after the date of the delivery of such Fundamental
Change Repurchase Notice unless such Fundamental Change Repurchase Notice has
first been validly withdrawn as specified in the following paragraph.

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

          (a)  the principal amount of the Security with respect to which such
notice of withdrawal is being submitted;

          (b)  the certificate number, if any, or the appropriate Depository
procedures, if applicable, of the Security in respect of which such notice of
withdrawal is being submitted; and

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

                                       42
<PAGE>

          Section 5.4. Deposit of Fundamental Change Repurchase Price.

          Prior to 10:00 a.m., New York City time, on the applicable Fundamental
Change Repurchase Date, the Company shall deposit with the Paying Agent (or if
the Company or a Subsidiary or an Affiliate of any of them is acting as the
Paying Agent, shall segregate and hold in trust as provided in Section 2.4) an
amount of Cash (in immediately available funds if deposited on such Business
Day) and/or Applicable Stock, if permitted hereunder, sufficient to pay the
aggregate Fundamental Change Repurchase Price of all the Securities or portions
thereof which are to be repurchased on such Fundamental Change Repurchase Date.

          If the Paying Agent holds, in accordance with the terms hereof, at
10:00 a.m., New York City time, on the Business Day immediately following the
applicable Fundamental Change Repurchase Date, Cash and/or Applicable Stock, if
permitted hereunder, sufficient to pay the Fundamental Change Repurchase Price
of any Securities for which a Fundamental Change Repurchase Notice has been
tendered and not withdrawn pursuant to Section 5.3, then, immediately after such
Fundamental Change Repurchase Date, such Securities will cease to be outstanding
and interest and Additional Interest Amounts, if any, on such Securities will
cease to accrue, whether or not such Securities are delivered to the Paying
Agent, and the rights of the Holders in respect thereof shall terminate (other
than the right to receive the Fundamental Change Repurchase Price upon delivery
of such Securities).

          As soon as practicable on and after the Fundamental Change Repurchase
Date, the Company shall deliver to each Holder entitled to receive shares of
Applicable Stock through the Paying Agent, a certificate (other than in the case
of Holders of Securities in book-entry form with the Depositary, which shares
shall be delivered in accordance with the Depositary customary practices) for
the number of full shares of Applicable Stock issuable in payment of the
Fundamental Change Repurchase Price and Cash in lieu of any fractional
interests. The person in whose name the certificate for the shares of Applicable
Stock is registered shall be treated as a holder of record of Applicable Stock
on the Fundamental Change Repurchase Date. No payment or adjustment will be made
for dividends on the shares of Applicable Stock the record date for which
occurred on or prior to the Fundamental Change Repurchase Date.

          Section 5.5. Securities Repurchased in Part.

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

                                       43
<PAGE>

          Section 5.6. Covenant to Comply With Securities Laws Upon Repurchase
of Securities.

          When complying with the provisions of Section 5.1 hereof (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), and
subject to any exemptions available under applicable law, the Company shall:

          (a)  comply with Rule 13e- 4 and Rule 14e-1 (or any successor
provision) under the Exchange Act;

          (b)  file the related Schedule TO (or any successor schedule, form or
report) under the Exchange Act; and

          (c)  otherwise comply with all federal and state securities laws so as
to permit the rights and obligations under Article V to be exercised in the time
and in the manner specified therein.

          To the extent that the provisions of any securities laws or
regulations conflict with the provisions of this Article V, the Company's
compliance with such laws and regulations shall not in and of itself cause a
breach of its obligations under this Article V.

          Section 5.7. Repayment to the Company.

          To the extent that the aggregate amount of Cash or shares of
Applicable Stock deposited by the Company pursuant to Section 5.4 exceeds the
aggregate Fundamental Change Repurchase Price of the Securities or portions
thereof which the Company is obligated to repurchase as of the Fundamental
Change Repurchase Date then, promptly after the Fundamental Change Repurchase
Date, the Paying Agent shall return any such excess to the Company.

                                   ARTICLE VI

                                    COVENANTS

          Section 6.1. Payment of Securities.

          The Company shall promptly make all payments in respect of the
Securities on the dates and in the manner provided in the Securities or pursuant
to this Indenture. Principal amount, Redemption Price, Repurchase Price and
Fundamental Change Repurchase Price and accrued and unpaid interest (including
Contingent Interest, if any) and Additional Interest Amounts, if any, shall be
considered paid on the applicable date due if by 10:00 a.m., New York City time,
on such date the Paying Agent holds, in accordance with this Indenture, Cash or
securities, if permitted hereunder, sufficient to pay all such amounts then due.
The Company shall, to the fullest extent permitted by law, pay interest on
overdue principal and overdue installments of interest and Additional Interest
Amounts, if any, at the rate borne by the Securities per annum. All references
in this Indenture or the Securities to interest shall be

                                       44
<PAGE>

deemed to include Additional Interest Amounts, if any, payable pursuant to the
Registration Rights Agreement.

          Payment of the principal of and interest (including Contingent
Interest, if any) and Additional Interest Amounts, if any, on the Securities
shall be in Cash except as otherwise provided herein.

          The Company shall pay interest (including Contingent Interest, if any)
and Additional Interest Amounts, if any, on the Securities to the Person in
whose name the Securities are registered at the close of business on the Regular
Record Date next preceding the corresponding Interest Payment Date. Any such
interest and Additional Interest Amounts, if any, not so punctually paid or duly
provided for will forthwith cease to be payable to the Holder on such Regular
Record Date and may be paid (a) to the Person in whose name the Securities are
registered at the close of business on a Special Record Date for the payment of
such defaulted interest and Additional Interest Amounts, if any, to be fixed by
the Trustee, notice whereof will be given to the Holders not less than 10 days
prior to such Special Record Date or (b) 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.

          If a Security is redeemed pursuant to Article III hereof or the Holder
elects to require the Company to repurchase such Security pursuant to either
Article IV or Article V hereof on a date that is after the Regular Record Date
and prior to the corresponding Interest Payment Date, interest (including
Contingent Interest, if any) and Additional Interest Amounts, if any, accrued
and unpaid on such Security to, but not including, the applicable Redemption
Date, Repurchase Date or Fundamental Change Repurchase Date will be paid to the
same Holder to whom the Company pays the principal of such Security regardless
of whether such Holder was the registered Holder on the Regular Record Date
immediately preceding the applicable Redemption Date, Repurchase Date or
Fundamental Change Repurchase Date.

          Holders must surrender the Securities to the Paying Agent to collect
payment of principal. Payment of interest (including Contingent Interest, if
any) and Additional Interest Amounts, if any, on Certificated Securities will be
made by (i) check mailed to the address of the Person entitled thereto as such
address appears in the Register if such surrendered Securities have an aggregate
principal amount of $5 million or less or (ii) wire transfer of immediately
available funds to an account designated by such Person if such surrendered
Securities have an aggregate principal amount in excess of $5 million.
Notwithstanding the foregoing, so long as the Securities are registered in the
name of a Depositary or its nominee, all payments with respect to the Securities
shall be made by wire transfer of immediately available funds to the account of
the Depositary or its nominee.

          Upon a determination by the Company that Holders will be entitled to
receive Contingent Interest which will become payable during a Contingent
Interest Period, on or prior to the first day of such Contingent Interest
Period, the Company shall deliver an Officer's Certificate to the Trustee
setting forth the amount of such Contingent Interest per $1,000 principal amount
of Securities and shall issue a press release through a public medium as is
customary for such a press release.

                                       45
<PAGE>

          Section 6.2. SEC and Other Reports to the Trustee.

          The Company shall ensure delivery to the Trustee within 15 days after
it files such annual and quarterly reports, information, documents and other
reports with the SEC, 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 SEC may by rules and regulations prescribe) which the Company is required
to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act in
accordance with TIA Section 314(a); provided, however, that the Company shall
not be required to deliver to the Trustee any material for which the Company has
sought and received confidential treatment by the SEC. In the event the Company
is at any time no longer subject to the reporting requirements of Section 13 or
15(d) of the Exchange Act, it shall continue to provide the Trustee with annual
and quarterly reports containing substantially the same information as would
have been required to be filed with the SEC 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).

          Section 6.3. Compliance Certificate.

          The Company shall deliver to the Trustee within 120 days after the end
of each fiscal year of the Company (beginning with the fiscal year ending
December 31, 2003) an Officers' Certificate, stating whether or not to the
knowledge of the signers thereof, the Company is in Default in the performance
and observance of any of the terms, provisions and conditions of this Indenture
and if the Company shall be in Default, specifying all such Defaults and the
nature and status thereof of which they may have knowledge.

          Section 6.4. Further Instruments and Acts.

          Upon reasonable request of the Trustee, or as otherwise necessary, the
Company will execute and deliver such further instruments and do such further
acts as may be reasonably necessary or proper to carry out more effectively the
purposes of this Indenture.

          Section 6.5. Maintenance of Office or Agency of the Trustee,
Registrar, Paying Agent and Conversion Agent.

          The Company will maintain in the Borough of Manhattan, The City of New
York, an office or agency of the Trustee, Registrar, Paying Agent and Conversion
Agent where Securities may be presented or surrendered for payment, where
Securities may be surrendered for registration of transfer, exchange,
redemption, repurchase or conversion and where notices and demands to or upon
the Company in respect of the Securities and this Indenture may be served. An
office of the Trustee shall initially be such office or agency for all of the
aforesaid purposes. The Company shall give prompt written notice to the Trustee
of the location, and of

                                       46
<PAGE>

any change in the location, of any such office or agency (other than a change in
the location of the office of the Trustee). If at any time the Company shall
fail to maintain any such required office or agency or shall fail to furnish the
Trustee with the address thereof, such presentations, surrenders, notices and
demands may be made or served at the address of the Trustee set forth in Section
14.2.

          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 6.6. Delivery of Information Required Under Rule 144A.

          At any time when the Company is not subject to Section 13 or 15(d) of
the Exchange Act, upon the request of a Holder or any beneficial owner of
Securities or holder or beneficial owner of shares of Common Stock issued upon
conversion thereof, the Company will make available the information required
pursuant to Rule 144A(d)(4) under the Securities Act to such Holder or any
beneficial owner of Securities or holder or beneficial owner of shares of Common
Stock issued upon conversion thereof, or to a prospective purchaser of any such
security designated by any such holder, as the case may be, to the extent
required to permit compliance by such Holder or holder with Rule 144A under the
Securities Act in connection with the resale of any such security; provided,
however, that the Company shall not be required to furnish such information in
connection with any request made on or after the date which is two years from
the later of the date such security was last acquired from the Company or an
"affiliate" (as defined under Rule 144 under the Securities Act) of the Company.
Whether a person is a beneficial owner shall be determined by the Company to the
Company's reasonable satisfaction.

          Section 6.7. Waiver of Stay, Extension or Usury Laws.

          The Company covenants (to the extent that it may lawfully do so) that
it will not at any time insist upon, or plead, or in any manner whatsoever claim
or take the benefit or advantage of, any stay or extension law or any usury or
other law wherever enacted, now or at any time hereafter in force, which would
prohibit or forgive the Company from paying all or any portion of the principal
amount, Redemption Price, Repurchase Price or Fundamental Change Repurchase
Price in respect of Securities, or any interest (including Contingent Interest,
if any) and Additional Interest Amounts, if any, on such amounts, 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.

                                       47
<PAGE>

          Section 6.8. Statement by Officers as to Default.

          The Company shall deliver to the Trustee, as soon as practicable and
in any event within five Business Days after the Company becomes aware of the
occurrence of any Default or Event of Default or, an Officers' Certificate
setting forth the details of such Default or Event of Default and the action
which the Company proposes to take with respect thereto.

                                  ARTICLE VII

                              SUCCESSOR CORPORATION

          Section 7.1. When Company May Merge or Transfer Assets.

          The Company shall not consolidate with, merge with or into, or sell,
assign, convey, transfer or lease its properties and assets substantially in
their entirety (computed on a consolidated basis) to any Person, unless:

          (a)  either (i) the Company is the surviving entity or (ii) the
successor or transferee (the "successor corporation") is a corporation organized
and existing under the laws of the United States, any State thereof, or the
District of Columbia and shall expressly assume, by an indenture supplemental
hereto, executed and delivered to the Trustee, all of the obligation of the
Company under the Securities and the Indenture;

          (b)  immediately after giving effect to such transaction, no Default
shall exist; and

          (c)  the Company shall have delivered to the Trustee an Officers'
Certificate and, if requested by the Trustee, an Opinion of Counsel, each
stating that such consolidation, merger, conveyance, transfer, sale, lease or
other disposition 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.

          Section 7.2. Successor Corporation Substituted

          Upon any consolidation with or merger into any corporation, or any
conveyance, transfer or lease of the properties and assets of the Company
substantially in their entirety in accordance with Section 7.1, the successor
corporation formed by such consolidation or 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 corporation had been
named as the Company herein, and in the case of a conveyance, transfer, or lease
of the properties and assets of the Company substantially in their entirety, the
Company shall be irrevocably released from its liabilities as obligor and maker
of the Securities and from its obligations under this Indenture.

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                                  ARTICLE VIII

                              DEFAULTS AND REMEDIES

          Section 8.1. Events of Default.

          So long as any Securities are outstanding, each of the following shall
be an "EVENT OF DEFAULT":

          (a)  the Company defaults in the payment of the principal amount (or
premium, if any), with respect to the Securities, when the same become due and
payable;

          (b)  the Company defaults in the payment of any accrued and unpaid
interest (including Contingent Interest, if any) and Additional Interest
Amounts, if any, in each case, when due and payable, and continuance of such
default for a period of 30 days;

          (c)  the Company fails to satisfy its conversion obligation with
respect to any portion of the principal amount of any Security following the
exercise by the Holder of the right to convert such Security into shares of
Common Stock (or Cash or a combination of shares of Common Stock and Cash, if
the Company so elects) pursuant to and in accordance with Article XII;

          (d)  the Company defaults in its obligation to redeem any Security, or
any portion thereof, called for redemption by the Company pursuant to and in
accordance with Article III;

          (e)  the Company defaults in its obligation to pay the Repurchase
Price or the Fundamental Change Repurchase Price, as applicable, with respect to
any Security, or any portion thereof, upon the exercise by the Holder of such
Holder's right to require the Company to repurchase such Securities pursuant to
and in accordance with Article IV or V, as applicable;

          (f)  the Company fails to comply with any of its agreements or
covenants in the Securities or this Indenture (other than those referred to in
clause (a) through (e) above) and such failure continues for 60 days after
receipt by the Company of a Notice of Default (defined below);

          (g)  the Company fails or any Significant Subsidiary fails to make any
payment at maturity on any indebtedness, including any applicable grace periods,
in an amount in excess of $10.0 million in the aggregate for all such
indebtedness and such amount has not been paid or discharged within 30 days
after receipt by the Company of a Notice of Default;

          (h)  a default by the Company or any Significant Subsidiary that
results in the acceleration of maturity of any indebtedness of the Company or
any significant subsidiary (other than Non-Recourse Indebtedness), at any one
time, in an amount in excess of $10,000,000 unless the acceleration is
rescinded, stayed or annulled within 30 days after receipt by the Company of a
Notice of Default;

                                       49
<PAGE>

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

               (i)  commences a voluntary case or proceeding;

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

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

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

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

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

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

               (i)  is for relief against the Company or any Significant
     Subsidiary, in an involuntary case or proceeding;

               (ii) appoints a Custodian of the Company or any Significant
     Subsidiary, or for any substantial part of its property; or

               (iii) orders the winding up or liquidation of the Company or any
     Significant Subsidiary,

     and the order of decree remains unstayed and in effect for 60 days.

          A Default under clause (f), (g) or (h) above is not an Event of
Default until the Trustee notifies the Company, or the Holders of at least 25%
in aggregate principal amount of the Securities at the time outstanding notify
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
(f), (g) or (h) 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."

          Section 8.2. Acceleration.

          If an Event of Default (other than an Event of Default specified in
Section 8.1 (h) or (i)) occurs and is continuing, the Trustee by notice to the
Company, or the Holders of at least 25% in aggregate principal amount of the
Securities at the time outstanding by notice to the Company and the Trustee, may
declare the principal amount plus accrued and unpaid interest (including
Contingent Interest, if any) and Additional Interest Amounts, if any, on all the

                                       50
<PAGE>

Securities to be immediately due and payable. Upon such a declaration, such
accelerated amount shall be due and payable immediately.

          If an Event of Default specified in Section 8.1 (h) or (i) occurs and
is continuing, the principal amount plus accrued and unpaid interest (including
Contingent Interest, if any) and Additional Interest Amounts, if any, on all the
Securities shall become and be immediately due and payable without any
declaration or other act on the part of the Trustee or any Securityholders.

          The Holders of not less than a majority in aggregate principal amount
of the Securities at the time outstanding, by notice to the Trustee (and without
notice to any other Securityholder) may rescind an acceleration and its
consequences if the rescission would not conflict with any judgment or decree
and if all existing Events of Default have been cured or waived except
nonpayment of the principal amount plus accrued and unpaid interest (including
Contingent Interest, if any) and Additional Interest Amounts, if any, that have
become due solely as a result of acceleration and if all amounts due to the
Trustee under Section 9.7 have been paid. No such rescission shall affect any
subsequent Default or impair any right consequent thereto.

          Section 8.3. Other Remedies.

          If an Event of Default occurs and is continuing, the Trustee may, but
shall not be obligated to, pursue any available remedy to collect the payment of
the principal amount plus accrued and unpaid interest (including Contingent
Interest, if any) and Additional Interest Amounts, if any, on the Securities or
to enforce the performance of any provision of the Securities or this Indenture.

          The Trustee may maintain a proceeding even if the Trustee does not
possess any of the Securities or does not produce any of the Securities in the
proceeding. A delay or omission by the Trustee or any Securityholder in
exercising any right or remedy accruing upon an Event of Default shall not
impair the right or remedy or constitute a waiver of, or acquiescence in, the
Event of Default. No remedy is exclusive of any other remedy. All available
remedies are cumulative.

          Section 8.4. Waiver of Past Defaults.

          Subject to Sections 8.7 and 11.2, the Holders of not less than a
majority in aggregate principal amount of the Securities at the time
outstanding, by notice to the Trustee (and without notice to any other
Securityholder), may waive an existing Default and its consequences except:

          (a)  an Event of Default in the payment of the principal of, any
premium or interest (including Contingent Interest, if any) on, or any
Additional Interest Amounts with respect to, any Security or the payment of any
applicable Repurchase Price, Fundamental Change Repurchase Price or Redemption
Price; or

          (b)  a Default in respect of any provision of this Indenture or the
Securities, which, under Section 11.2, cannot be amended or modified without the
consent of each Securityholder affected thereby.

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<PAGE>

          When a Default is waived, it is deemed cured, but no such waiver shall
extend to any subsequent or other Default or impair any consequent right. This
Section 8.4 shall be in lieu of Section 316(a)1(B) of the TIA and such Section
316(a)1(B) is hereby expressly excluded from this Indenture, as permitted by the
TIA.

          Section 8.5. Control by Majority.

          The Holders of a majority in aggregate principal amount of the
Securities at the time outstanding may direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or of
exercising any trust or power conferred on the Trustee. However, the Trustee may
refuse to follow any direction that conflicts with law or this Indenture or that
the Trustee determines in good faith is prejudicial to the rights of other
Securityholders or would involve the Trustee in personal liability unless the
Trustee is offered indemnity or security satisfactory to it. This Section 8.5
shall be in lieu of Section 316(a)1(A) of the TIA and such Section 316(a)1(A) is
hereby expressly excluded from this Indenture, as permitted by the TIA.

          Section 8.6. Limitation on Suits.

          A Securityholder may not pursue any remedy with respect to this
Indenture or the Securities unless:

          (a)  the Holder gives to the Trustee written notice stating that an
Event of Default is continuing;

          (b)  the Holders of at least 25% in aggregate principal amount of the
Securities at the time outstanding make a written request to the Trustee to
pursue the remedy;

          (c)  such Holder or Holders offer to the Trustee security or indemnity
satisfactory to the Trustee against any loss, liability or expense;

          (d)  the Trustee does not comply with the request within 60 days after
receipt of such notice, request and offer of security or indemnity; and

          (e)  the Holders of a majority in aggregate principal amount of the
Securities at the time outstanding do not give the Trustee a direction
inconsistent with the request during such 60-day period.

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

          Section 8.7. Rights of Holders to Receive Payment or to Convert.

          Notwithstanding any other provision of this Indenture, the right of
any Holder to receive payment of the principal amount, Redemption Price,
Repurchase Price, Fundamental Change Repurchase Price or interest (including
Contingent Interest, if any) and Additional Interest Amounts, if any, in respect
of the Securities held by such Holder, on or after the respective due dates
expressed in the Securities and in this Indenture, and to convert such
Securities in accordance with Article XII, or to bring suit for the enforcement
of any such

                                       52

<PAGE>

payment on or after such respective dates or the right to convert, is absolute
and unconditional and shall not be impaired or affected adversely without the
consent of such Holder.

          Section 8.8. Collection Suit by Trustee.

          If an Event of Default described in Section 8.1(a), (b), (d) or (e)
occurs and is continuing, the Trustee may recover judgment in its own name and
as trustee of an express trust against the Company or another obligor on the
Securities for the whole amount owing with respect to the Securities and the
amounts provided for in Section 9.7.

          Section 8.9. Trustee May File Proofs of Claim.

          In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceeding relative to the Company or any other obligor upon the
Securities or the property of the Company or of such other obligor or their
creditors, the Trustee (irrespective of whether the principal amount, Redemption
Price, Repurchase Price, Fundamental Change Repurchase Price or interest and
Additional Interest Amounts, 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:

          (a)  to file and prove a claim for the whole amount of the principal
amount, Redemption Price, Repurchase Price, Fundamental Change Repurchase Price,
or interest and Additional Interest Amounts, if any, 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 or any other
amounts due the Trustee under Section 9.7) and of the Holders allowed in such
judicial proceeding, and

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

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
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 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 9.7.

          Nothing contained herein 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.

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<PAGE>

          Section 8.10. Priorities.

          (a)  If the Trustee collects any money pursuant to this Article VIII,
it shall pay out the money in the following order:

          FIRST: to the Trustee for amounts due under Section 9.7;

          SECOND: to Securityholders for amounts due and unpaid on the
     Securities for the principal amount, Redemption Price, Repurchase Price,
     Fundamental Change Repurchase Price or interest (including Contingent
     Interest, if any) and Additional Interest Amounts, if any, as the case may
     be, ratably, without preference or priority of any kind, according to such
     amounts due and payable on the Securities; and

          THIRD: the balance, if any, to the Company.

          The Trustee may fix a record date and payment date for any payment to
Securityholders pursuant to this Section 8.10. At least 15 days before such
record date, the Trustee shall mail to each Securityholder and the Company a
notice that states the record date, the payment date and the amount to be paid.

          Section 8.11. Undertaking for Costs.

          In any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken or omitted by
it as Trustee, a court in its discretion may require the filing by any party
litigant (other than the Trustee) in the suit of an undertaking to pay the costs
of the suit, and the court in its discretion may assess reasonable costs,
including reasonable attorneys' fees and expenses, against any party litigant in
the suit, having due regard to the merits and good faith of the claims or
defenses made by the party litigant. This Section 8.11 does not apply to a suit
by the Trustee, a suit by a Holder pursuant to Section 8.7 or a suit by Holders
of more than 10% in aggregate principal amount of the Securities at the time
outstanding. This Section 8.11 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 8.12. Restoration of Rights and Remedies.

          If the Trustee or any Holder has instituted any proceedings 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 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.

                                       54

<PAGE>

                                   ARTICLE IX

                                     TRUSTEE

          Section 9.1. 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 of those rights and powers
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:

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

               (ii) in the absence of bad faith on its part, the Trustee may
     conclusively rely, as to the truth of the statements and the correctness of
     the opinions expressed therein, upon certificates or opinions furnished to
     the Trustee and conforming to the requirements of this Indenture, but in
     the case of any such certificates or opinions which by any provision hereof
     are specifically required to be furnished to the Trustee, the Trustee shall
     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 9.1(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
grossly negligent action, its own grossly negligent failure to act or its own
willful misconduct, except that:

               (i)  this Section (c) does not limit the effect of Section (b) of
     this Section 9.1;

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

               (iii) the Trustee shall not be liable with respect to any action
          it takes or omits to take in good faith in accordance with a direction
          received by it pursuant to Section 8.5.

Subparagraphs (c)(i), (ii) and (iii) shall be in lieu of Sections 315(d)(1),
315(d)(2) and 315(d)(3) of the TIA, respectively, 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.

                                       55

<PAGE>

          (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 9.1.

          (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 or security satisfactory to it against
any loss, liability or 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 9.2. Rights of Trustee.

          Subject to its duties and responsibilities under Section 9.1 and under
the TIA,

          (a)  the Trustee may conclusively rely and shall be protected in
acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, note, other evidence of indebtedness or other paper or document
believed by it to be genuine and to have been signed or presented by the proper
party or parties;

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

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

          (d)  the Trustee shall not be liable for any action taken, suffered,
or omitted to be taken by it in good faith which it believes to be authorized or
within its rights or powers conferred under this Indenture;

          (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 reliance on 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;

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<PAGE>

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

          (h)  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;

          (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 such a
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 enforceable by, the Trustee in each
of its capacities hereunder, and to each agent, custodian and other person
employed to act hereunder; and

          (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.

          Section 9.3. 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 9.10 and 9.11.

          Section 9.4. 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 any registration statement for the Securities
under the Securities Act or in any offering document for the Securities, this
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.

                                       57

<PAGE>

          Section 9.5. Notice of Defaults.

          If a Default occurs and if it is known to the Trustee, the Trustee
shall give to each Securityholder notice of the Default within 90 days after it
occurs or, if later, within 15 days after it is known to the Trustee, unless
such Default shall have been cured or waived before the giving of such notice.
Notwithstanding the preceding sentence, except in the case of a Default
described in Section 8.1(a), (b) (d) or (e), 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 interest of the Securityholders
and provided, further, that in the case of any Default described in Section
8.1(f), no such notice shall be given to Holders until at least 30 days after
the occurrence thereof. The preceding sentence 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 9.6. Reports by Trustee to Holders.

          Within 60 days after each May 15 beginning with the May 15 following
the date of this Indenture, the Trustee shall mail to each Securityholder 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 Securityholders
shall be filed with the SEC and each securities exchange, if any, on which the
Securities and Common Stock are listed. The Company agrees to notify the Trustee
promptly whenever the Securities become listed on any securities exchange and of
any delisting thereof.

          Section 9.7. Compensation and Indemnity.

          The Company agrees to:

          (a)  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)  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 may be
attributable to its own negligence or willful misconduct or bad faith; and

          (c)  fully indemnify the Trustee, any predecessor Trustee and each of
their directors and officers for, and to hold each of them harmless against, any
and all 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 or bad faith on the part of the Person so indemnified,
arising out of or in connection with the acceptance or administration of this
trust, including the reasonable costs and expenses of defending against any
claim (whether asserted by the Company

                                       58

<PAGE>

or any Holder or any other person) or liability in connection with the exercise
or performance of any powers or duties hereunder, or in connection with
enforcing the provisions of this Section 9.7.

          The Trustee shall notify the Company promptly of any claim for which
it may seek indemnity hereunder; provided, that a failure to notify shall not
relieve the Company of its obligations hereunder except to the extent the
Company is materially prejudiced by such failure. The Trustee shall have the
right to employ one separate counsel in any such action or proceeding and
participate in the investigation and defense thereof, and the Company shall pay
the reasonable fees and expenses of such separate counsel; provided, however,
that the Trustee may only employ such separate counsel at the expense of the
Company if in the reasonable judgment of the outside counsel to the Trustee (i)
a conflict of interest exists by reason of common representation or (ii) there
are legal defenses available to the Trustee that are different from or are in
addition to those available to the Company or if all parties commonly
represented do not agree as to the action (or inaction) of counsel.

          To secure the Company's payment obligations in this Section 9.7, 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 principal
amount, Redemption Price, Repurchase Price, Fundamental Change Repurchase Price
or interest (including Contingent Interest, if any) and Additional Interest
Amounts, if any, as the case may be, on particular Securities.

          The Company's payment obligations pursuant to this Section 9.7 shall
survive the discharge of this Indenture and the resignation or removal of the
Trustee. When the Trustee incurs expenses after the occurrence of a Default
specified in Section 8.1 (h) or (i), the expenses including the reasonable
charges and expenses of its counsel, are intended to constitute expenses of
administration under any Bankruptcy Law.

          Section 9.8. Replacement of Trustee.

          The Trustee may resign by so notifying the Company; provided, however,
that no such resignation shall be effective until a successor Trustee has
accepted its appointment pursuant to this Section 9.8. The Holders of a majority
in aggregate 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 9.10;

          (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.

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          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
Securityholders. The retiring Trustee shall promptly transfer all property held
by it as Trustee to the successor Trustee, subject to the lien provided for in
Section 9.7.

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

          If the Trustee fails to comply with Section 9.10, any Securityholder
may petition any court of competent jurisdiction for the removal of the Trustee
and the appointment of a successor Trustee.

          Section 9.9. 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 or company, the resulting, surviving or transferee
corporation without any further act shall be the successor Trustee.

          Section 9.10. Eligibility; Disqualification.

          The Trustee shall at all times satisfy the requirements of TIA
Sections 310(a)(1) and 310(b). The Trustee (or its parent holding company) 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 contained herein shall
prevent the Trustee from filing with the Commission the application referred to
in the penultimate paragraph of TIA Section 310(b).

          Section 9.11. 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.

                                    ARTICLE X

                             DISCHARGE OF INDENTURE

          Section 10.1. Discharge of Liability on Securities.

          When (i) the Company delivers to the Trustee all outstanding
Securities (other than Securities replaced or repaid pursuant to Section 2.7)
for cancellation or (ii) all outstanding Securities have become due and payable
(whether at the Stated Maturity or upon acceleration, or

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on any Redemption Date, or with respect to any Repurchase Date or Fundamental
Change Repurchase Date, or upon conversion) and the Company deposits with the
Paying Agent or Conversion Agent Cash, Common Stock or Applicable Stock, as
applicable, sufficient to pay all amounts due and owing on all outstanding
Securities (other than Securities replaced pursuant to Section 2.7), and if in
either case the Company pays all other sums payable hereunder by the Company,
then this Indenture shall, subject to Section 9.7, cease to be of further
effect. 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 cost and expense of the Company.

          Notwithstanding the discharge of this Indenture, Article XIII shall
survive until the Securities have been paid in full.

          Section 10.2. Repayment to the Company.

          The Trustee and the Paying Agent shall return to the Company upon
written request any Cash 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 Cash or securities must look to the Company for payment
as general creditors unless an applicable abandoned property law designates
another person and the Trustee and the Paying Agent shall have no further
liability to the Securityholders with respect to such Cash or securities for
that period commencing after the return thereof.

                                   ARTICLE XI

                                   AMENDMENTS

          Section 11.1. Without Consent of Holders.

          The Company and the Trustee may amend this Indenture or the Securities
without the consent of any Securityholder to:

          (a)  add to the covenants of the Company for the benefit of the
Holders of Securities;

          (b)  surrender any right or power herein conferred upon the Company by
the Indenture;

          (c)  provide for the assumption of the Company's obligations to the
Holders of Securities in the case of a merger, consolidation, conveyance,
transfer, sale, lease or other disposition pursuant to Article VII;

          (d)  increase the Conversion Rate or reduce the Conversion Price;
provided, however, that such increase in the Conversion Rate or reduction in the
Conversion Price, as the case may be, is in accordance with the terms of this
Indenture or shall not adversely affect the interests of the Holders of
Securities;

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          (e)  provide for a successor Trustee with respect to the Securities;

          (f)  add any additional Events of Default with respect to all or any
of the Securities;

          (g)  secure the Securities;

          (h)  supplement any of the provisions of the Indenture to such extent
as shall be necessary to permit or facilitate the discharge of the Securities,
provided that such change or modification does not adversely affect the
interests of the Holders of the Securities;

          (i)  make any changes or modifications necessary in connection with
the registration of the Securities under the Securities Act as contemplated in
the Registration Rights Agreement; provided, however, that such action does not
adversely affect the interests of the Holders of Securities in any material
respect;

          (j)  cure any ambiguity, correct or supplement any provision herein
which may be inconsistent with any other provision herein or which is otherwise
defective, or to make any other provisions with respect to matters or questions
arising under this Indenture which the Company may deem necessary or desirable
and which shall not be inconsistent with the provisions of this Indenture;
provided, however, that such action does not adversely affect the interests of
the Holders of Securities;

          (k)  add or modify any other provisions herein with respect to matters
or questions arising hereunder which the Company and the Trustee may deem
necessary or desirable and which would not adversely affect the interests of the
Holders of Securities; and

          (l)  comply with the requirements of the SEC in order to effect or
maintain the qualification of this Indenture under the TIA.

          Section 11.2. With Consent of Holders.

          Except as provided below in this Section 11.2, this Indenture or the
Securities may be amended, modified or supplemented, and noncompliance in any
particular instance with any provision of this Indenture or the Securities may
be waived, in each case with the written consent or affirmative vote of the
Holders of not less than a majority of the principal amount of the Securities at
the time outstanding.

          Without the written consent or the affirmative vote of each Holder of
Securities affected thereby (in addition to the written consent or the
affirmative vote of the Holders of at least a majority of the principal amount
of the Securities at the time outstanding), an amendment or waiver under this
Section 11.2 may not:

          (a)  change the maturity of the principal amount of, or any premium
due on, or the payment date of any installment of interest (including Contingent
Interest, if any) or Additional Interest Amounts, if any, on, any Security;

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          (b)  reduce the principal amount of, or rate of interest (including
Contingent Interest, if any) or Additional Interest Amounts, if any, on, or the
premium amount, Redemption Price, Repurchase Price or Fundamental Change
Repurchase Price of, any Security;

          (c)  change the currency of payment of principal amount of, or
interest (including Contingent Interest, if any) or Additional Interest Amounts,
if any, on, or the Redemption Price, Repurchase Price or Fundamental Change
Repurchase Price of, any Security from U.S. Dollars or shares of Common Stock or
Applicable Stock as provided herein;

          (d)  alter the manner of calculation or rate of accrual of Contingent
Interest, on any Security;

          (e)  impair the right of any Holder to institute suit for the
enforcement of any repurchase of, payment on or with respect to, or conversion
of, any Security, including any payment on or after the stated maturity of the
Securities, in the case of redemption, on or after the Redemption Date, or in
the case of repayment at the option of the Holder, on or after the Repurchase
Date or Fundamental Change Repurchase Date;

          (f)  modify the obligation of the Company to maintain an agency in The
City of New York pursuant to Section 6.5;

          (g)  adversely affect the right of Holders of the Securities to
convert such Securities as provided in Article XII;

          (h)  adversely affect the right of Holders of the Securities to
require the Company to repurchase such Securities as provided in Articles IV and
V;

          (i)  modify the optional redemption provisions of Article III in a
manner that adversely affects the Holders of the Securities;

          (j)  reduce the percentage of the principal amount of the outstanding
Securities the written consent or affirmative vote of whose Holders is required
to take specific actions under the Indenture;

          (k)  reduce the percentage of the principal amount of the outstanding
Securities the written consent or affirmative vote of whose Holders is required
for any waiver of any past Default provided for in this Indenture; or

          (l)  modify any of (a)-(k) above.

          It shall not be necessary for the consent of the Holders under this
Section 11.2 to approve the particular form of any proposed amendment, but it
shall be sufficient if such consent approves the substance thereof.

          After an amendment under this Section 11.2 becomes effective, the
Company shall mail to each Holder a notice briefly describing the amendment.

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          Nothing contained in this Section 11.2 shall impair the ability of the
Company and the Trustee to amend this Indenture or the Securities without the
consent of any Securityholder to provide for the assumption of the Company's
obligations to the Holders of Securities in the case of a merger, consolidation,
conveyance, transfer, sale, lease or other disposition pursuant to Article VII.

          Section 11.3. Compliance with Trust Indenture Act.

          Every supplemental indenture executed pursuant to this Article shall
comply with the TIA.

          Section 11.4. Revocation and Effect of Consents, Waivers and Actions.

          Until an amendment, waiver or other action by Holders becomes
effective, a consent thereto by a Holder of a Security hereunder is a continuing
consent by the Holder and every subsequent Holder of that Security or portion of
the Security that evidences the same obligation as the consenting Holder's
Security, even if notation of the consent, waiver or action is not made on the
Security. However, any such Holder or subsequent Holder may revoke the consent,
waiver or action as to such Holder's Security or portion of the Security if the
Trustee receives the notice of revocation before the date the amendment, waiver
or action becomes effective. After an amendment, waiver or action becomes
effective, it shall bind every Securityholder.

          Section 11.5. Notation on or Exchange of Securities.

          Securities authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article XI 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
Board of Directors, to any such supplemental indenture may be prepared and
executed by the Company and authenticated and delivered by the Trustee in
exchange for outstanding Securities.

          Section 11.6. Trustee to Sign Supplemental Indentures.

          The Trustee shall sign any supplemental indenture authorized pursuant
to this Article XI if the amendment contained therein does not affect the
rights, duties, liabilities or immunities of the Trustee. If it does, the
Trustee may, but need not, sign such supplemental indenture. In signing such
supplemental indenture the Trustee shall receive, and (subject to the provisions
of Section 9.1) shall be fully protected in relying upon, an Officers'
Certificate and an Opinion of Counsel stating that such amendment is authorized
or permitted by this Indenture.

          Section 11.7. Effect of Supplemental Indentures.

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

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                                   ARTICLE XII

                                   CONVERSION

          Section 12.1. Conversion Privilege.

          (a)  Subject to and upon compliance with the provisions of this
Article XII, a Holder of a Security shall have the right, at such Holder's
option, to convert all or any portion (if the portion to be converted is $1,000
or a multiple of $1,000) of such Security into shares of Common Stock at the
Conversion Rate in effect on the date of conversion only as follows:

               (i)  during any fiscal quarter (beginning with the third quarter
     of 2003) if the Sale Price of the Common Stock for at least 20 consecutive
     Trading Days in the Measurement Period of the immediately preceding fiscal
     quarter exceeds 120% of the Conversion Price in effect on the last Trading
     Day of such Measurement Period (in the event that the Conversion Price on
     such last Trading Day of such Measurement Period is not the same as the
     Conversion Price in effect for each of the Trading Days in such Measurement
     Period, the Conversion Agent shall make such adjustments as it, in its
     discretion, deems appropriate in determining whether the foregoing
     condition has been met);

               (ii) during any five consecutive Trading Day period immediately
     following any five consecutive Trading Day period (the "DEBENTURE
     MEASUREMENT PERIOD") in which the average Market Price per $1,000 principal
     amount of Securities during such Debenture Measurement Period was less than
     97% of the average Conversion Value during such Debenture Measurement
     Period; provided, however, that a Holder shall not have the right to
     convert any Security pursuant to this Section 12.1(a)(ii) after June 1,
     2018 if on any Trading Day during such Debenture Measurement Period the
     Sale Price was more than the then current Conversion Price and less than
     120% of the then current Conversion Price;

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

               (iv) as provided in Section 12.1(b).

          The Conversion Agent shall, on behalf of the Company, determine at the
end of each applicable period whether the Securities shall be convertible as a
result of the occurrence of an event specified in clause (a) or (b) above and,
if the Securities shall be so convertible, the Conversion Agent shall promptly
deliver to the Company and the Trustee written notice thereof. Whenever the
Securities shall become convertible pursuant to Section 12.1, the Company or, at
the Company's request, the Trustee in the name and at the expense of the
Company, shall notify the Holders in writing of the event triggering such
convertibility in the manner provided in Section 14.2, and the Company shall
also publicly announce such information and publish it on the Company's website.
Any notice so given shall be conclusively presumed to have been duly given,
whether or not the Holder receives such notice.

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          (b)  In addition, in the event that:

               (i)

                    (A)  the Company distributes to all holders of Common Stock
          rights or warrants entitling them to purchase Common Stock at less
          than the average Sale Price of the Common Stock for the 10 Trading
          Days immediately preceding the declaration for such distribution; or

                    (B)  the Company distributes to all holders of Common Stock
          cash or other assets, debt securities or certain rights to purchase
          the Company's securities, which distribution has a per share value as
          determined by the Board of Directors of the Company exceeding 15% of
          the Sale Price of the Common Stock on the Business Day immediately
          preceding the declaration for such distribution;

     then, in each case, the Company must notify, in writing, Holders of
     Securities of the occurrence of such an event at least 20 days prior to the
     Ex-Dividend Date for any such distribution. Once the Company has given such
     notice, Holders may surrender their Securities for conversion at any time
     until the earlier of the close of business on the Business Day immediately
     preceding the Ex-Dividend Date or the date of announcement by the Company
     that the distribution will not take place. No adjustment shall be made to
     the ability of a Holder of Securities to convert if such Holder may
     participate in the distribution without conversion.

               (ii) the Company becomes party to a consolidation, merger or
     binding share exchange pursuant to which the Common Stock of the Company
     would be converted into cash, securities or other property, a Holder may
     surrender the Securities for conversion at any time from and after the date
     which is 15 days prior to the anticipated effective date of the transaction
     until 15 days after the actual date of the transaction. If the Company
     becomes party to a consolidation, merger or binding share exchange pursuant
     to which the Common Stock of the Company would be converted into cash,
     securities or other property, then at the effective time of the
     transaction, the right to convert the Securities into Common Stock shall be
     changed into a right to convert such Securities into the kind and amount of
     cash, securities or other property which the Holder would have received if
     the Holder had converted such Securities immediately prior to the
     transaction. If the transaction occurs prior to June 1, 2008 and also
     constitutes a Fundamental Change, the Holder shall have the rights set
     forth in Article V above.

          Section 12.2. Conversion Procedure; Conversion Rate; Fractional
Shares.

          (a)  Subject to Section 12.2(e), each Security shall be convertible at
the office of the Conversion Agent into fully paid and nonassessable shares
(calculated to the nearest 1/100th of a share) of Common Stock. Subject to
Section 12.2(e), the Security will be converted into shares of Common Stock at
the Conversion Rate therefore.

          No payment or adjustment shall be made in respect of dividends on the
Common Stock or accrued interest or accrued and unpaid Contingent Interest, if
any, on a converted Security, except as described in Section 12.9 hereof.

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          The Company shall not issue any fraction of a share of Common Stock in
connection with any conversion of Securities, but instead shall, subject to
Section 12.3(g) hereof, make a Cash payment (calculated to the nearest cent)
equal to such fraction multiplied by the Sale Price of the Common Stock on the
last Trading Day prior to the date of conversion.

          Notwithstanding the foregoing, a Security in respect of which a Holder
has delivered a Purchase Notice or Fundamental Change Purchase Notice exercising
such Holder's option to require the Company to repurchase such Security may be
converted only if such notice of exercise is withdrawn in accordance with
Sections 4.3 or 5.3 hereof, as the case may be, prior to the close of business
on the Business Day immediately preceding the applicable Repurchase Date or
Fundamental Change Repurchase Date, as the case may be.

          (b)  Before any Holder of a Security shall be entitled to convert the
same into Common Stock, such Holder shall, in the case of Securities issued in
global form, comply with the procedures of the Depositary in effect at that
time, and in the case of certificated Securities, surrender such Securities,
duly endorsed to the Company or in blank, at the office of the Conversion Agent,
and shall give written notice to the Company at said office or place in the form
of the Conversion Notice attached to the Security (the "CONVERSION NOTICE") that
such Holder elects to convert the same and shall state in writing therein the
principal amount of Security to be converted and the name or names (with
addresses) in which such Holder wishes the certificate or certificates for
Common Stock to be issued.

          Before any such conversion, a Holder also shall pay all funds
required, if any, relating to interest on the Securities, as provided in Section
12.9, and all taxes or duties, if any, as provided in Section 12.8.

          If more than one Security shall be surrendered for conversion at one
time by the same Holder, the number of full shares of Common Stock which shall
be deliverable upon conversion shall be computed on the basis of the aggregate
principal amount of the Security (or specified portions thereof to the extent
permitted thereby) so surrendered. Subject to the next succeeding sentence, the
Company will, as soon as practicable thereafter, issue and deliver at said
office or place to such Holder of a Security, or to such Holder's nominee or
nominees, certificates (other than in the case of Holders of Securities in
book-entry form with the Depositary, which shares shall be delivered in
accordance with the Depositary customary practices) for the number of full
shares of Common Stock to which such Holder shall be entitled as aforesaid,
together with Cash in lieu of any fraction of a share to which such Holder would
otherwise be entitled. The Company shall not be required to deliver certificates
for shares of Common Stock while the stock transfer books for such stock or the
security register are duly closed for any purpose, but certificates for shares
of Common Stock shall be issued and delivered as soon as practicable after the
opening of such books or security register; provided, that in the case of
issuances of Common Stock described in Section 12.2(e), such issuances shall be
made in accordance with the provisions of such section.

          If shares of Common Stock to be issued upon conversion of a Restricted
Security are to be issued in the name of a Person other than the Holder of such
Restricted Security, such Holder must deliver to the Conversion Agent a
certification in substantially the form set forth in a Transfer Certificate
dated the date of surrender of such Restricted Security and signed by such

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Holder, as to compliance with the restrictions on transfer applicable to such
Restricted Security. The Company shall not be required to issue Common Stock
upon conversion of any such Restricted Security to a Person other than the
Holder if such Restricted Security is not so accompanied by a properly completed
certification, and the Registrar shall not be required to register Common Stock
upon conversion of any such Restricted Security in the name of a Person other
than the Holder if such Restricted Security is not so accompanied by a properly
completed certification.

          (c)  A Security shall be deemed to have been converted as of the close
of business on the date of the surrender of such Security for conversion as
provided above, and the person or persons entitled to receive the Common Stock
issuable upon such conversion shall be treated for all purposes as the record
Holder or Holders of such Common Stock as of the close of business on such date.
Upon conversion, all obligations under the Securities so converted will be
deemed satisfied, including with respect to any accrued and unpaid interest
(including Contingent Interest, if any) and Additional Interest Amounts, if any.

          (d)  In case any Certificated Security shall be surrendered for
partial conversion, the Company shall execute and the Trustee shall authenticate
and deliver to or upon the written order of the Holder of the Security so
surrendered, without charge to such Holder (subject to the provisions of Section
12.8 hereof), a new Security or Securities in authorized denominations in an
aggregate principal amount equal to the unconverted portion of the surrendered
Certificated Securities.

          Section 12.3. Adjustment of Conversion Rate for Common Stock.

          The Conversion Rate shall be adjusted from time to time as follows:

          (a)  In case the Company shall, at any time or from time to time while
any of the Securities are outstanding, pay a dividend or make a distribution in
shares of Common Stock to all holders of its outstanding shares of Common Stock,
then the Conversion Rate in effect at the opening of business on the date next
following the Record Date fixed for the determination of stockholders entitled
to receive such dividend or other distribution shall be increased by multiplying
such Conversion Rate by a fraction:

               (i)  the numerator of which shall be the sum of the number of
     shares of Common Stock outstanding at the close of business on such Record
     Date fixed for such determination and the total number of shares
     constituting such dividend or other distribution; and

               (ii) the denominator of which shall be the number of shares of
     Common Stock outstanding at the close of business on such Record Date fixed
     for such determination.

          Such increase shall become effective immediately after the opening of
business on the day following the Record Date fixed for such determination.

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          If any dividend or distribution of the type described in this Section
12.3(a) is declared but not so paid or made, the Conversion Rate shall again be
adjusted to the Conversion Rate which would then be in effect if such dividend
or distribution had not been declared.

          (b)  In case the Company shall, at any time or from time to time while
any of the Securities are outstanding, subdivide its outstanding shares of
Common Stock into a greater number of shares of Common Stock, then the
Conversion Rate in effect at the opening of business on the day following the
day upon which such subdivision becomes effective shall be proportionately
increased, and conversely, in case the Company shall, at any time or from time
to time while any of the Securities are outstanding, combine its outstanding
shares of Common Stock into a smaller number of shares of Common Stock, then the
Conversion Rate in effect at the opening of business on the day following the
day upon which such combination becomes effective shall be proportionately
decreased. In each such case, the Conversion Rate shall be adjusted by
multiplying such Conversion Rate by a fraction, the numerator of which shall be
the number of shares of Common Stock outstanding immediately after giving effect
to such subdivision or combination and the denominator of which shall be the
number of shares of Common Stock outstanding immediately prior to such
subdivision or combination. Such increase or reduction, as the case may be,
shall become effective immediately after the opening of business on the day
following the day upon which such subdivision or combination becomes effective.

          (c)  In case the Company shall, at any time or from time to time while
any of the Securities are outstanding, issue rights or warrants (other than
pursuant to a shareholders rights plan) for a period expiring within 60 days
after the date of announcement of such issuance (other than any rights or
warrants referred to in Section 12.3(d)), to all holders of its shares of Common
Stock entitling them to subscribe for or purchase shares of Common Stock (or
securities convertible into or exchangeable or exercisable for shares of Common
Stock), at a price per share (or having a conversion, exchange or exercise price
per share) less than the Sale Price of the Common Stock on the Trading Day
immediately preceding the date of the announcement of such issuance (treating
the conversion, exchange or exercise price per share of the securities
convertible into or exchangeable or exercisable for Common Stock as equal to the
quotient of (x) the sum of (i) the price for a unit of the security convertible
into or exchangeable or exercisable for Common Stock and (ii) any additional
consideration initially payable upon the conversion, exchange or exercise of
such security into Common Stock divided by (y) the number of shares of Common
Stock initially underlying such convertible, exchangeable or exercisable
security), then the Conversion Rate shall be adjusted so that the same shall
equal the rate determined by multiplying the Conversion Rate in effect at the
opening of business on the date after such date of announcement by a fraction:

               (i)  the numerator of which shall be the number of shares of
     Common Stock outstanding at the close of business on the date of
     announcement, plus the total number of additional shares of Common Stock so
     offered for subscription or purchase (or into which the convertible,
     exchangeable or exercisable securities so offered are convertible,
     exchangeable or exercisable); and

               (ii) the denominator of which shall be the number of shares of
     Common Stock outstanding on the close of business on the date of
     announcement, plus

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<PAGE>

     the number of shares (or convertible, exchangeable or exercisable
     securities) which the aggregate offering price of the total number of
     shares (or convertible, exchangeable or exercisable securities) so offered
     for subscription or purchase (or the aggregate conversion, exchange or
     exercise price of the convertible securities so offered) would purchase at
     the Sale Price of the Common Stock on the Business Day immediately
     preceding the date of the announcement of such issuance (determined by
     multiplying such total number of shares so offered by the exercise price of
     such rights or warrants and dividing the product so obtained by such Sale
     Price).

          Such adjustment shall become effective immediately after the opening
     of business on the day following the date of announcement of such issuance.

          To the extent that shares of Common Stock (or securities convertible
     into or exchangeable or exercisable for shares of Common Stock) are not
     delivered pursuant to such rights or warrants, upon the expiration or
     termination of such rights or warrants, the Conversion Rate shall be
     readjusted to the Conversion Rate which would then be in effect had the
     adjustments made upon the issuance of such rights or warrants been made on
     the basis of the delivery of only the number of shares of Common Stock (or
     securities convertible into or exchangeable or exercisable for shares of
     Common Stock) actually delivered. In the event that such rights or warrants
     are not so issued, the Conversion Rate shall again be adjusted to be the
     Conversion Rate which would then be in effect if the date fixed for the
     determination of stockholders entitled to receive such rights or warrants
     had not been fixed. In determining whether any rights or warrants entitle
     the holders to subscribe for or purchase shares of Common Stock at less
     than such Sale Price, and in determining the aggregate offering price of
     such shares of Common Stock, there shall be taken into account any
     consideration received for such rights or warrants and the value of such
     consideration if other than Cash, to be determined in good faith by the
     Board of Directors of the Company.

          (d)  (i) In case the Company shall, at any time or from time to time
while any of the Securities are outstanding, by dividend or otherwise,
distribute to all holders of its shares of Common Stock (including any such
distribution made in connection with a consolidation or merger in which the
Company is the continuing corporation and the Common Stock is not changed or
exchanged), shares of its Capital Stock (other than any dividends or
distributions to which Section 12.3(a) applies), evidences of its Indebtedness
or other non-Cash assets, including securities, but excluding (x) any rights or
warrants referred to in Section 12.3(c), (y) dividends or distributions of stock
referred to in Section 12.3(a) and (z) dividends and distributions paid
exclusively in Cash (such capital stock, evidence of its indebtedness, other
non-Cash assets or securities being distributed hereinafter in this Section
12.3(d) called the "DISTRIBUTED ASSETS"), then, in each such case, subject to
the other provisions of this Section 12.3(d), 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:

                    (A)  the numerator of which shall be the Current Market
          Price of the Common Stock; and

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                    (B)  the denominator of which shall be such Current Market
          Price, less 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 provided in Section
          12.3(f)).

          Such increase shall become effective immediately prior to the opening
of business on the day following the Record Date for such 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.

               (ii) If the Board of Directors determines the Fair Market Value
     of any distribution for purposes of this Section 12.3(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 12.3(f) 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.

               (iii) 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 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 Trading Day of those securities after the
     effectiveness of the Spin-Off, 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.

               (iv) 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"), (x) are deemed to be
     transferred with such shares of Common Stock, (y) are not exercisable and
     (z) 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 12.3(d) (and no adjustment to the Conversion Rate under this
     Section 12.3(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

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     warrant (and a termination or expiration of the existing right or warrant
     without exercise by the holder thereof). Pursuant to rights issued under
     any Company shareholder's rights plan, if holders of the Securities
     exercising the right of conversion after the date the rights separate from
     the underlying Common Stock are not entitled to receive the rights that
     would otherwise be attributable to the shares of Common Stock received upon
     conversion, the Conversion Rate will be adjusted as though the rights were
     being distributed to holders of Common Stock on the date of such
     separation. If such an adjustment is made and the rights are later
     redeemed, invalidated or terminated, then a corresponding reversing
     adjustment will be made to the conversion rate on an equitable basis.

               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
     12.3(d):

                    (A)  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

                    (B)  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.

               (v)  For purposes of this Section 12.3(d) and Sections 12.3(a),
     12.3(b) and 12.3(c), any dividend or distribution to which this Section
     12.3(d) is applicable that also includes (x) shares of Common Stock, (y) a
     subdivision or combination of shares of Common Stock to which Section
     12.3(b) applies or (z) rights or warrants to subscribe for or purchase
     shares of Common Stock or securities convertible into or exercisable or
     exchangeable for Common Stock to which Section 12.3(c) applies (or any
     combination thereof), shall be deemed instead to be:

                    (A)  a dividend or distribution of the evidences of
          indebtedness, assets, shares of capital stock, rights or warrants,
          other than such shares of Common Stock, such subdivision or
          combination or such rights or warrants or securities convertible into
          or exercisable or exchangeable for Common Stock to which Sections
          12.3(a), 12.3(b) and 12.3(c) apply, respectively (and any Conversion
          Rate increase required by this Section 12.3(d) with respect to such
          dividend or distribution shall then be made), immediately followed by

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                    (B)  a dividend or distribution of such shares of Common
          Stock, such subdivision or combination or such rights or warrants or
          securities convertible into or exercisable or exchangeable for Common
          Stock (and any further Conversion Rate increase required by Sections
          12.3(a), 12.3(b) and 12.3(c) with respect to such dividend or
          distribution shall then be made), except:

                         (1)  the Record Date of such dividend or distribution
          shall be substituted as (x) "the date fixed for the determination of
          stockholders entitled to receive such dividend or other distribution,"
          "Record Date fixed for such determinations" and "Record Date" within
          the meaning of Section 12.3(a), (y) "the day upon which such
          subdivision becomes effective" and "the day upon which such
          combination becomes effective" within the meaning of Section 12.3(b),
          and (z) as "the date fixed for the determination of stockholders
          entitled to receive such rights or warrants," "the Record Date fixed
          for the determination of the stockholders entitled to receive such
          rights or warrants" and such "Record Date" within the meaning of
          Section 12.3(c); and

                         (2)  any shares of Common Stock included in such
          dividend or distribution shall not be deemed "outstanding at the close
          of business on the date fixed for such determination" within the
          meaning of Section 12.3(a) and any reduction or increase in the number
          of shares of Common Stock resulting from such subdivision or
          combination shall be disregarded in connection with such dividend or
          distribution.

          (e)  In case the Company shall, at any time or from time to time while
any of the Securities are outstanding, by dividend or otherwise, distribute to
all holders of its shares of Common Stock, Cash (excluding any Cash that is
distributed upon a reclassification, change, merger, consolidation, statutory
share exchange, combination, sale or conveyance to which Section 12.4 applies or
as part of a distribution referred to in Section 12.3(d)), in an aggregate
amount that, combined together with:

               (i)  the aggregate amount of any other such distributions to all
     holders of shares of Common Stock made exclusively in Cash within the 12
     months preceding the date of payment of such distribution, and in respect
     of which no adjustment pursuant to this Section 12.3(e) has been made; and

               (ii) the aggregate amount of any Cash, plus the Fair Market
     Value, as of the expiration of any tender offer, of any other consideration
     paid in respect of any tender offer by the Company or any of its
     Subsidiaries for all or any portion of the shares of Common Stock concluded
     within the 12 months preceding the date of such distribution;

exceeds 10% of the product of (x) the Sale Price of the Common Stock on the
Record Date with respect to such distribution, multiplied by (y) the number of
shares of Common Stock outstanding on such date (such excess over 10%, the
"EXCESS AMOUNT"), then, and in each case, immediately after the close of
business on such date, the Conversion Rate shall be increased so

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that the same shall equal the rate determined by multiplying the Conversion Rate
in effect immediately prior to the close of business of such Record Date by a
fraction:

                    (A)  the numerator of which shall be equal to the Current
          Market Price on the Record Date; and

                    (B)  the denominator of which shall be equal to the Current
          Market Price on such date, less an amount equal to the quotient of (y)
          the Excess Amount and (z) the number of shares of Common Stock
          outstanding on the Record Date.

          (f)  For purposes of this Article XII, the following terms shall have
the meanings indicated:

               (i)  "CURRENT MARKET PRICE" on any date means the average of the
     daily Sale Prices per share of Common Stock for the ten consecutive Trading
     Days immediately prior to such date; provided, however, that if the "ex"
     date (as hereinafter defined) for any event (other than the issuance or
     distribution requiring such computation) that requires an adjustment to the
     Conversion Rate pursuant to Section 12.3(a), (b), (c), (d) of (e) occurs
     during such ten consecutive Trading Days, "CURRENT MARKET PRICE" shall be
     calculated for such period in a manner determined in good faith by the
     Board of Directors to reflect the impact of such event on the Closing Price
     of the Common Stock during such period.

For purposes of this paragraph, the term "ex" date, when used:

               (i)  with respect to any issuance or distribution, means the
     first date on which the shares of Common Stock trade regular way on the
     relevant exchange or in the relevant market from which the Sale Price was
     obtained without the right to receive such issuance or distribution;

               (ii) with respect to any subdivision or combination of shares of
     Common Stock, means the first date on which the shares of Common Stock
     trade regular way on such exchange or in such market after the time at
     which such subdivision or combination becomes effective; and

               (iii) with respect to any tender or exchange offer, means the
     first date on which the shares of Common Stock trade regular way on such
     exchange or in such market after the expiration of such offer.

Notwithstanding the foregoing, whenever successive adjustments to the Conversion
Rate are called for pursuant to this Section 12.3, such adjustments shall be
made to the Current Market Price as may be necessary or appropriate to
effectuate the intent of this Section 12.3 and to avoid unjust or inequitable
results as determined in good faith by the Board of Directors.

          "FAIR MARKET VALUE" shall mean the amount which a willing buyer would
pay a willing seller in an arm's length transaction (as determined in good faith
by the Board of Directors, whose good faith determination shall be conclusive).

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          "RECORD DATE" shall mean, with respect to any dividend, distribution
or other transaction or event in which the holders of shares of Common Stock
have the right to receive any Cash, securities or other property or in which the
shares of Common Stock (or other applicable security) is exchanged for or
converted into any combination of Cash, securities or other property, the date
fixed for determination of stockholders entitled to receive such Cash,
securities or other property (whether such date is fixed by the Board of
Directors or by statute, contract or otherwise).

          (g)  The Company shall be entitled at its election to make such
additional increases in the Conversion Rate, in addition to those required by
Sections 12.3(a), (b), (c), (d) and (e), as shall be necessary in order that any
dividend or distribution of Common Stock, any subdivision, reclassification or
combination of shares of Common Stock or any issuance of rights or warrants
referred to above shall not be taxable to the holders of Common Stock for United
States federal income tax purposes.

          (h)  To the extent permitted by applicable law, the Company may, from
time to time, increase the Conversion Rate by any amount for any period of time,
if such period is at least 20 days, the Board of Directors determines that the
increase in the Conversion Rate is in the best interest of the Company, and the
increase is irrevocable during the period. Whenever the Conversion Rate is
increased pursuant to the preceding sentence, the Company shall mail to the
Trustee and each Holder at the address of such Holder as it appears in the
register of the Securities maintained by the Registrar, at least 15 days prior
to the date the increased Conversion Rate takes effect, a notice of the increase
stating the increased Conversion Rate and the period during which it will be in
effect.

          (i)  In any case in which this Section 12.3 shall require that any
adjustment be made effective as of or retroactively immediately following a
Record Date, the Company may elect to defer (but only for five Trading Days
following the filing of the statement referred to in Section 12.5) issuing to
the Holder of any Securities converted after such Record Date the shares of
Common Stock issuable upon such conversion over and above the shares of Common
Stock issuable upon such conversion on the basis of the Conversion Rate prior to
adjustment; provided, however, that the Company shall deliver to such Holder a
due bill or other appropriate instrument evidencing such Holder's right to
receive such additional shares upon the occurrence of the event requiring such
adjustment.

          (j)  All calculations under this Section 12.3 shall be made to the
nearest cent or one-hundredth of a share, with one-half cent and 0.005 of a
share, respectively, being rounded upward. Notwithstanding any other provision
of this Section 12.3, the Company shall not be required to make any adjustment
of the Conversion Rate unless such adjustment would require an increase or
decrease of at least 1% of such rate. Any lesser adjustment shall be carried
forward and shall be made at the time of and together with the next subsequent
adjustment which, together with any adjustment or adjustments so carried
forward, shall amount to an increase or decrease of at least 1% in such rate.
Any adjustments under this Section 12.3 shall be made successively whenever an
event requiring such an adjustment occurs.

          (k)  In the event that at any time, as a result of an adjustment made
pursuant to this Section 12.3, the Holder of any Securities thereafter
surrendered for conversion shall

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become entitled to receive any shares of stock of the Company other than shares
of Common Stock into which the Securities originally were convertible, the
Conversion Rate of such other shares so receivable upon conversion of any such
Security shall be subject to adjustment from time to time in a manner and on
terms as nearly equivalent as practicable to the provisions with respect to
Common Stock contained in subparagraphs (a) through (j) of this Section 12.3,
and the provision of Sections 12.1, 12.2 and 12.4 through 12.9 with respect to
the Common Stock shall apply on like or similar terms to any such other shares
and the good faith determination of the Board of Directors as to any such
adjustment shall be conclusive.

                  (l)      No adjustment shall be made pursuant to this Section
12.3 if the Holders of the Securities may participate in the transaction that
would otherwise give rise to an adjustment pursuant to this Section 12.3.

                  Section 12.4. Consolidation or Merger of the Company.

                  If any of the following events occurs, namely:

                  (a)      any reclassification or change of the outstanding
Common Stock (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 merger, consolidation, statutory share exchange
or combination of the Company with another corporation as a result of which all
of the holders of Common Stock shall be entitled to receive stock, securities or
other property or assets (including Cash or any combination thereof) with
respect to or in exchange for all of their Common Stock; or

                  (c)      any sale or conveyance of the properties and assets
of the Company as, or substantially as, an entirety to any other person as a
result of which all of the holders of Common Stock shall be entitled to receive
stock, securities or other property or assets (including Cash or any combination
thereof) with respect to or in exchange for all of their Common Stock;

the Company or the successor or purchasing person, as the case may be, shall
execute with the Trustee a supplemental indenture (which shall comply with the
Trust Indenture Act as in force at the date of execution of such supplemental
indenture, if such supplemental indenture is then required to so comply)
providing that the Holder's right to convert a Security into Common Stock shall
be changed to a right to convert a Security into the kind and amount of shares
of stock and other securities or property or assets (including Cash) which such
Holder would have been entitled to receive upon such reclassification, change,
merger, consolidation, statutory share exchange, combination, sale or conveyance
had such Securities been converted into Common Stock immediately prior to such
reclassification, change, merger, consolidation, statutory share exchange,
combination, sale or conveyance assuming such holder of Common Stock did not
exercise its rights of election, if any, as to the kind or amount of securities,
Cash or other property receivable upon such merger, consolidation, statutory
share exchange, sale or conveyance (provided, that if the kind or amount of
securities, Cash or other property receivable upon such merger, consolidation,
statutory share exchange, sale or conveyance is not the same for each share of
Common Stock in respect of which such rights of election shall not have been
exercised ("NON-ELECTING SHARE"), then for the purposes of this Section 12.4,
the kind and

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<PAGE>

amount of securities, Cash or other property receivable upon such merger,
consolidation, statutory share exchange, sale or conveyance for each
Non-Electing Share shall be deemed to be the kind and amount so receivable per
share by a plurality of the Non-Electing Shares). Such supplemental indenture
shall provide for adjustments which shall be as nearly equivalent as may be
practicable to the adjustments provided for in this Article XII. If, in the case
of any such reclassification, change, merger, consolidation, statutory share
exchange, combination, sale or conveyance, the stock or other securities and
assets receivable thereupon by a holder of Common Stock includes shares of stock
or other securities and assets of a corporation other than the successor or
purchasing corporation, as the case may be, in such reclassification, change,
merger, consolidation, statutory share exchange, combination, sale or
conveyance, then such supplemental indenture shall also be executed by such
other corporation 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 Company shall cause notice of the execution of such
supplemental indenture to be mailed to each Holder, at the address of such
Holder as it appears on the register of the Securities maintained by the
Registrar, within 20 days after execution thereof. Failure to deliver such
notice shall not affect the legality or validity of such supplemental indenture.

                  The above provisions of this Section 12.4 shall similarly
apply to successive reclassifications, changes, mergers, consolidations,
statutory share exchanges, combinations, sales and conveyances.

                  If this Section 12.4 applies to any event or occurrence,
Section 12.3 shall not apply.

                  Section 12.5. Notice of Adjustment.

                  Whenever an adjustment in the Conversion Rate with respect to
the Securities is required:

                  (a)      the Company shall forthwith place on file with the
Trustee and any Conversion Agent for such securities a certificate of the
Treasurer of the Company, stating the adjusted Conversion Rate determined as
provided herein and setting forth in reasonable detail such facts as shall be
necessary to show the reason for and the manner of computing such adjustment;
and

                  (b)      a notice stating that the Conversion Rate has been
adjusted and setting forth the adjusted Conversion Rate shall forthwith be given
by the Company or, at the Company's request, by the Trustee in the name and at
the expense of the Company, to each Holder in the manner provided in Section
14.2 hereof. Any notice so given shall be conclusively presumed to have been
duly given, whether or not the Holder receives such notice.

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                  Section 12.6. Notice in Certain Events.

                  In case:

                  (a)      of a consolidation or merger to which the Company is
a party and for which approval of any stockholders of the Company is required,
or of the sale or conveyance to another Person or entity or group of Persons or
entities acting in concert as a partnership, limited partnership, syndicate or
other group (within the meaning of Rule 13d-3 under the Exchange Act) of all or
substantially all of the property and assets of the Company; or

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

                  (c)      of any action triggering an adjustment of the
Conversion Rate referred to in clauses (y) or (z) below;

then, in each case, the Company shall cause to be filed with the Trustee and the
Conversion Agent, and shall cause to be given, to the Holders of the Securities
in the manner provided in Section 14.2 hereof, at least 15 days prior to the
applicable date hereinafter specified, a notice stating:

                  (y) the date on which a record is to be taken for the purpose
of any distribution or grant of rights or warrants or other securities
triggering an adjustment to the Conversion Rate pursuant to this Article XII,
or, if a record is not to be taken, the date as of which the holders of record
of Common Stock entitled to such distribution, rights or warrants or other
securities are to be determined, or

                  (z) the date on which any reclassification, consolidation,
merger, sale, conveyance, dissolution, liquidation or winding up described under
clauses (a), (b) and (c) of Section 12.4 that changes a Holder's right to
convert its Common Stock to a right to convert into another kind and amount of
securities or other property or assets is expected to become effective, and the
date as of which it is expected that holders of Common Stock of record shall be
entitled to exchange their Common Stock for securities or other property
deliverable upon such reclassification, consolidation, merger sale, conveyance,
dissolution, liquidation or winding up.

                  Failure to give such notice or any defect therein shall not
affect the legality or validity of the proceedings described in clause (a), (b)
or (c) of this Section 12.6.

                  Section 12.7. Company To Reserve Stock: Registration;
Listing.

                  (a)      The Company shall at all times reserve and keep
available, free from preemptive rights, out of its authorized but unissued
shares of Common Stock for the purpose of effecting the conversion of the
Securities, such number of its duly authorized shares of Common Stock as shall
from time to time be sufficient to effect the conversion of all Securities then
outstanding into such Common Stock at any time (assuming that, at the time of
the computation of such number of shares or securities, all such Securities
would be held by a single Holder). The Company covenants that all shares of
Common Stock which may be issued upon conversion of Securities will upon issue
be fully paid and nonassessable and free from all liens and charges and, except
as provided in Section 12.8, taxes with respect to the issue thereof.

                  (b)      If any shares of Common Stock which would be issuable
upon conversion of Securities hereunder require registration with or approval of
any governmental authority

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<PAGE>

before such shares or securities may be issued upon such conversion, the Company
will use its commercially reasonable efforts 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 quoted on the Nasdaq
National Market, the Company will use its commercially reasonable efforts, if
permitted by the rules of the Nasdaq National Market, to quote and keep quoted
all Common Stock issuable upon conversion of the Securities, and the Company
will use its commercially reasonable efforts 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 12.8. Taxes on Conversion.

                  The issue of stock certificates on conversion of Securities
shall be made without charge to the converting Holder for any documentary, stamp
or similar issue or transfer taxes in respect of the issue thereof, and the
Company shall pay any and all documentary, stamp or similar issue or transfer
taxes that may be payable in respect of the issue or delivery of shares of
Common Stock on conversion of Securities pursuant hereto. The Company shall not,
however, be required to pay any such tax which may be payable in respect of any
transfer involved in the issue or delivery of shares of Common Stock or the
portion, if any, of the Securities which are not so converted in a name other
than that in which the Securities so converted were registered, and no such
issue or delivery shall be made unless and until the Person requesting such
issue has paid to the Company the amount of such tax or has established to the
satisfaction of the Company that such tax has been paid.

                  The Company agrees, and each Holder is deemed to agree, that
delivery to such Holder of the full number of shares of Common Stock into which
each Security is convertible, together with any Cash payment of such Holder's
fractional shares or otherwise in accordance with Section 12.13, will be treated
as a contingent payment (in an amount equal to the sum of the then Fair Market
Value of such Common Stock and such Cash payment, if any) on the Securities for
purposes of the Contingent Payment Debt Regulations governing contingent payment
debt obligations.

                  Section 12.9. Conversion After Record Date.

                  Except as provided in this Section 12.9, a converting Holder
of Securities shall not be entitled to receive any accrued and unpaid interest
(including Contingent Interest, if any) on any such Securities being converted.
By delivery to the Holder of the number of shares of Common Stock or other
consideration issuable or payable upon conversion in accordance with this
Article XII, any accrued and unpaid interest (including Contingent Interest, if
any) and Additional Interest Amounts, if any, on such Securities will be deemed
to have been paid in full. If any Securities are surrendered for conversion
subsequent to the Record Date preceding an Interest Payment Date but prior to
such Interest Payment Date, the Holder of such Securities at the close of
business on such Record Date shall receive the interest payable on such Security
on such Interest Payment Date notwithstanding the conversion thereof. Securities
surrendered for conversion during the period from the close of business on any
Record Date preceding any Interest Payment Date to the opening of business on
such Interest Payment Date shall (except in the case of Securities which have
been called for redemption on a Redemption Date within such

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period) be accompanied by payment from converting Holders, for the account of
the Company, in New York Clearing House funds, or other funds of an amount equal
to the interest payable on such Interest Payment Date (excluding any overdue
interest, if applicable) on the Securities being surrendered for conversion.

                  Except as provided in this Section 12.9, no adjustments in
respect of payments of interest, including Contingent Interest, if any, and
Additional Interest Amounts, if any, on Securities surrendered for conversion or
any dividends or distributions or interest on the Common Stock issued upon
conversion shall be made upon the conversion of any Securities.

                  Section 12.10. Company Determination Final.

                  Any determination that the Company or the Board of Directors
must make pursuant to this Article XII shall be conclusive if made in good faith
and in accordance with the provisions of this Article, absent manifest error,
and set forth in a Board Resolution.

                  Section 12.11. Responsibility of Trustee for Conversion
Provisions.

                  The Trustee has no duty to determine when an adjustment under
this Article XII should be made, how it should be made or what it should be. The
Trustee makes no representation as to the validity or value of any securities or
assets issued upon conversion of Securities. The Trustee shall not be
responsible for any failure of the Company to comply with this Article XII. Each
Conversion Agent other than the Company shall have the same protection under
this Section 12.11 as the Trustee.

                  The rights, privileges, protections, immunities and benefits
given to the Trustee under this Indenture including, without limitation, its
rights to be indemnified, are extended to, and shall be enforceable by, the
Trustee in each of its capacities hereunder, and each Paying Agent or Conversion
Agent acting hereunder.

                  Section 12.12. Unconditional Right of Holders to Convert.

                  Notwithstanding any other provision in this Indenture, the
Holder of any Security shall have the right, which is absolute and
unconditional, to convert its Security in accordance with this Article XII and
to bring an action for the enforcement of any such right to convert, and such
rights shall not be impaired or affected without the consent of such Holder.

                                  ARTICLE XIII

                                  TAX TREATMENT

                  Section 13.1.  Tax Treatment.

                  (a)      The parties hereto hereby agree, and each Holder and
any beneficial holder of a Security by its purchase of a Security hereby agrees
(in the absence of administrative pronouncement or judicial ruling to the
contrary):

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

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

                           (iii)    to treat the delivery of Common Stock or
         Cash (including Cash delivered in lieu of a fractional share) to a
         Holder of a Security upon conversion of such Security, or upon a
         repurchase or redemption of such Security by the Company, as a
         contingent payment (in an amount equal to the sum of the Fair Market
         Value of such Common Stock and any Cash received) under Treasury
         Regulation section 1.1275-4(b).

                  Section 13.2. Comparable Yield and Projected Payment
Schedule.

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

                           (i)      for United States federal income tax
         purposes, the Company shall accrue interest with respect to outstanding
         Securities as original issue discount according to the "noncontingent
         bond method," as set forth in Treasury Regulation section 1.1275-4(b)
         using a comparable yield of 7.90%, compounded semiannually, and the
         projected payment schedule attached as Annex 1 to this Indenture;

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

                           (iii)    the Company acknowledges and agrees, and
         each Holder and any beneficial holder of a Security, by its purchase of
         a Security shall be deemed to acknowledge and agree, that (A) the
         comparable yield and the projected payment schedule are determined on
         the basis of an assumption of linear growth of stock price, (B) the
         comparable yield and the projected payment schedule are not determined
         for any purpose other than for the purpose of applying Treasury
         Regulation section 1.1275-4(b)(4) to the Security, (C) the comparable
         yield and the projected payment schedule do not constitute a projection
         or representation regarding the actual amounts payable on the
         Securities, and (D) the Company's application of Treasury Regulation
         section 1.1275-4(b) shall be binding on each Holder and any beneficial
         holder of a Security, including the Company's determination of the
         comparable yield and the projected payment schedule attached as Annex 1
         to this Indenture.

                                       81
<PAGE>

                                   ARTICLE XIV

                                  MISCELLANEOUS

                  Section 14.1. Trust Indenture Act Controls. If any provision
of this Indenture limits, qualifies, or conflicts with the duties imposed by TIA
Section 318(c), such section of the TIA shall control. If any provision of this
Indenture expressly modifies or excludes any provision of the TIA that may be so
modified or excluded, the Indenture provision so modifying or excluding such
provision of the TIA shall be deemed to apply.

                  Section 14.2. Notices. Any request, demand, authorization,
notice, waiver, consent or communication shall be in writing and delivered in
person, mailed by first-class mail, postage prepaid, addressed as follows or
transmitted by facsimile transmission (confirmed by guaranteed overnight
courier) to the following facsimile numbers:

         if to the Company:

         Electronics For Imaging, Inc.
         303 Velocity Way
         Foster City, California  94404
         Attn:  Joseph Cutts and Jim Etheridge
         Facsimile No.:  (650) 357- 3832

if to the Trustee:

         U.S. Bank National Association
         180 East Fifth Street
         St. Paul, Minnesota  55101
         Attn: Corporate Trust Department (Electronics For Imaging, Inc. - 1.50%
         Convertible Senior Debentures)
         Facsimile No.:  (651) 244-0711

                  The Company or the Trustee by notice given to the other in the
manner provided above may designate additional or different addresses for
subsequent notices or communications.

                  Any notice or communication given to a Securityholder shall be
mailed to the Securityholder, by first-class mail, postage prepaid, at the
Securityholder's address as it appears on the registration books of the
Registrar and shall be sufficiently given if so mailed within the time
prescribed.

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

                  If the Company mails a notice or communication to the
Securityholders, it shall mail a copy to the Trustee and each Registrar, Paying
Agent, Conversion Agent or co-registrar.

                                       82
<PAGE>

                  Section 14.3. Communication by Holders with Other Holders.

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

                  Section 14.4. Certificate and Opinion as to Conditions
Precedent.

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

                  (a)      an Officers' Certificate stating that, in the opinion
of the signers, all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with; and

                  (b)      an Opinion of Counsel stating that, in the opinion of
such counsel, all such conditions precedent have been complied with.

                  Section 14.5. Statements Required in Certificate or Opinion.

                  Each Officers' Certificate or Opinion of Counsel with respect
to compliance with a covenant or condition provided for in this Indenture shall
include:

                  (a)      a statement that each person making such Officers'
Certificate or Opinion of Counsel has read such covenant or condition;

                  (b)      a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in
such Officers' Certificate or Opinion of Counsel are based;

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

                  (d)      a statement that, in the opinion of such person, such
covenant or condition has been complied with.

                  Section 14.6. Separability Clause.

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

                                       83
<PAGE>

                  Section 14.7. Rules by Trustee, Paying Agent, Conversion
Agent and Registrar.

                  The Trustee may make reasonable rules for action by or a
meeting of Securityholders. The Registrar, the Conversion Agent, the Bid
Solicitation Agent and the Paying Agent may make reasonable rules for their
functions.

                  Section 14.8. Legal Holidays.

                  If any specified date (including a date for giving notice) is
a Legal Holiday, the action shall be taken on the next succeeding day that is
not a Legal Holiday, and, if the action to be taken on such date is a payment in
respect of the Securities, no interest, if any, shall accrue for the intervening
period.

                  Section  14.9. Governing Law; Submission to Jurisdiction;
Service of Process.

                  This Indenture and the Securities shall be governed by, and
construed in accordance with, the laws of the State of New York.

                  The Company submits to the nonexclusive jurisdiction of the
courts of the State of New York and the courts of the United States of America,
in each case located in the Borough of Manhattan, The City of New York and State
of New York over any suit, action or proceeding arising under or in connection
with this Indenture or the transactions contemplated hereby or the Securities.
The Company waives any objection that it may have to the venue of any suit,
action or proceeding arising under or in connection with this Indenture or the
transactions contemplated hereby or the Securities in the courts of the State of
New York or the courts of the United States of America, in each case located in
the Borough of Manhattan, City of New York and State of New York, or that such
suit, action or proceeding brought in the courts of the State of New York or the
courts of the United States of America, in each case located in the Borough of
Manhattan, City of New York and State of New York, was brought in an
inconvenient court and agrees not to plead or claim the same.

                  Section 14.10. No Recourse Against Others.

                  No recourse under or upon any obligation, covenant or
agreement contained in this Indenture, or in any Security, or because of any
indebtedness evidenced thereby, shall be had against any incorporator, as such,
or against any past, present or future stockholder, officer or director, as
such, of the Company or of any successor, either directly or through the Company
or any successor, under any rule of law, statute or constitutional provision or
by the enforcement of any assessment or by any legal or equitable proceeding or
otherwise, all such liability being expressly waived and released by the
acceptance of the Securities by the Holders and as part of the consideration for
the issue of the Securities.

                  Section 14.11. Successors.

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

                                       84
<PAGE>

                  Section 14.12. Multiple Originals.

                  The parties may sign any number of copies of this Indenture.
Each signed copy shall be an original, but all of them together represent the
same agreement. One signed copy is enough to prove this Indenture.

                  Section 14.13. 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 the Holders
of the Securities, any benefit or any legal or equitable right, remedy or claim
under this Indenture or the Securities.

                                       85
<PAGE>

                  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.

                                        ELECTRONICS FOR IMAGING, INC.

                                        By:_____________________________________
                                           Name:
                                           Title:

                                        U.S. BANK NATIONAL ASSOCIATION,
                                        As Trustee

                                        By:_____________________________________
                                           Name:
                                           Title:

<PAGE>

                                                                         ANNEX 1

                           PROJECTED PAYMENT SCHEDULE

<TABLE>
<CAPTION>
                                          Projected Interest Payment per $1,000
 Six Month Period Ending               Principal Amount at Maturity of Securities
------------------------               ------------------------------------------
<S>                                    <C>
  June 4, 2003                                    $1,000.00
December 1, 2003                                     ($7.38)
  June 1, 2004                                       ($7.50)
December 1, 2004                                     ($7.50)
  June 1, 2005                                       ($7.50)
December 1, 2005                                     ($7.50)
  June 1, 2006                                       ($7.50)
December 1, 2006                                     ($7.50)
  June 1, 2007                                       ($7.50)
December 1, 2007                                     ($7.50)
  June 1, 2008                                       ($7.50)
December 1, 2008                                     ($7.50)
  June 1, 2009                                       ($7.50)
December 1, 2009                                     ($7.50)
  June 1, 2010                                       ($9.25)
December 1, 2010                                     ($9.25)
  June 1, 2011                                       ($9.25)
December 1, 2011                                     ($9.25)
  June 1, 2012                                       ($9.25)
December 1, 2012                                     ($9.25)
  June 1, 2013                                       ($9.25)
December 1, 2013                                     ($9.25)
  June 1, 2014                                       ($9.25)
December 1, 2014                                     ($9.25)
  June 1, 2015                                       ($9.25)
December 1, 2015                                     ($9.25)
  June 1, 2016                                       ($9.25)
December 1, 2016                                     ($9.25)
  June 1, 2017                                       ($9.25)
December 1, 2017                                     ($9.25)
  June 1, 2018                                       ($9.25)
December 1, 2018                                     ($9.25)
  June 1, 2019                                       ($9.25)
December 1, 2019                                     ($9.25)
  June 1, 2020                                       ($9.25)
December 1, 2020                                     ($9.25)
  June 1, 2021                                       ($9.25)
December 1, 2021                                     ($9.25)
  June 1, 2022                                       ($9.25)
December 1, 2022                                     ($9.25)
  June 1, 2023                                   ($3,930.19)
                  Comparable yield is 7.90%
</TABLE>
<PAGE>

                                    EXHIBIT A

                           [FORM OF FACE OF SECURITY]

         THIS DEBENTURE HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT, FOR
PURPOSES OF SECTIONS 1272, 1273, AND 1275 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED. THE ISSUE PRICE OF THIS DEBENTURE IS $1,000 PER $1,000 OF PRINCIPAL
AMOUNT AT MATURITY; THE ISSUE DATE OF THIS NOTE IS JUNE 4, 2003; AND THE
COMPARABLE YIELD FOR THE PURPOSES OF ACCRUING ORIGINAL ISSUE DISCOUNT IS 7.90%
PER ANNUM, CALCULATED ON A SEMIANNUAL BOND EQUIVALENT BASIS. HOLDERS OF THIS
DEBENTURE MAY OBTAIN INFORMATION REGARDING THE AMOUNT OF ORIGINAL ISSUE
DISCOUNT, YIELD TO MATURITY AND THE PROJECTED PAYMENT SCHEDULE FOR THIS
DEBENTURE BY SUBMITTING A WRITTEN REQUEST FOR SUCH INFORMATION TO: ELECTRONICS
FOR IMAGING, INC., CORPORATE SECRETARY, 303 VELOCITY WAY, FOSTER CITY,
CALIFORNIA 94404.

         [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF 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. THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY IS
EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR
SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITARY.](1)

         [THIS DEBENTURE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A
TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF
1933 (THE "SECURITIES ACT"), AND THIS DEBENTURE AND

---------------------
(1)      This legend should be included only if the Security is a Global
         Security.

                                      A-1

<PAGE>

THE COMMON STOCK ISSUABLE UPON CONVERSION HEREOF MAY NOT BE OFFERED, SOLD OR
OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE
EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE
SELLER OF THIS DEBENTURE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF
SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF
THIS DEBENTURE AGREES FOR THE BENEFIT OF ELECTRONICS FOR IMAGING, INC., THAT (A)
THIS DEBENTURE AND THE COMMON STOCK ISSUABLE UPON CONVERSION HEREOF MAY BE
OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN THE UNITED STATES
TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL
BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A, (II) INSIDE THE UNITED STATES TO AN
INSTITUTIONAL ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES TO
U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE (OR A SUCCESSOR TRUSTEE, AS
APPLICABLE), A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS
RELATING TO THE RESTRICTIONS ON TRANSFER OF THE DEBENTURES (THE FORM OF WHICH
LETTER CAN BE OBTAINED FROM SUCH TRUSTEE OR SUCCESSOR TRUSTEE, AS APPLICABLE),
(III) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH
RULE 904 UNDER THE SECURITIES ACT, (IV) PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF
AVAILABLE ( OR (V) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT, IN EACH OF CASES (I) THROUGH (V) IN ACCORDANCE WITH ANY
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER
WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS
DEBENTURE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. IN ANY
CASE, THE HOLDER HEREOF WILL NOT, DIRECTLY OR INDIRECTLY, ENGAGE IN ANY HEDGING
TRANSACTIONS WITH REGARD TO THE SECURITIES EXCEPT AS PERMITTED UNDER THE
SECURITIES ACT(2)]

                  [THE HOLDER OF THIS SECURITY IS ENTITLED TO THE BENEFITS OF A
REGISTRATION RIGHTS AGREEMENT (AS SUCH TERM IS DEFINED IN THE INDENTURE REFERRED
TO ON THE REVERSE HEREOF) AND, BY ITS ACCEPTANCE HEREOF, AGREES TO BE BOUND BY
AND TO COMPLY WITH THE PROVISIONS OF SUCH REGISTRATION RIGHTS AGREEMENT.](2)

---------------------
(2)      This legend should be included only if the Security is a Transfer
         Restricted Security.

                                      A-2

<PAGE>

                          ELECTRONICS FOR IMAGING, INC.

                  1.50% CONVERTIBLE SENIOR DEBENTURES DUE 2023

   No.                                              CUSIP:______________________

ELECTRONICS FOR IMAGING, INC., a Delaware corporation (the "Company", which term
shall include any successor corporation under the Indenture referred to on the
reverse hereof), promises to pay to___________ , or registered assigns, the
principal amount of___________ Dollars ($______________ ) [, or such greater or
lesser amount as is indicated in the records of the Trustee and the
Depositary,](3) on June 1, 2023, and to pay interest thereon from June 4, 2003
or from the most recent Interest Payment Date to which interest has been paid or
duly provided for, on June 1 and December 1 in each year (each, an "Interest
Payment Date"), commencing on December 1, 2003, at the rate of 1.50% per annum,
until the principal hereof is paid or made available for payment at June 1, 2023
or upon acceleration, or until such date on which the Securities are converted,
redeemed or repurchased as provided herein, and at the rate of 1.50% per annum
on any overdue principal and on any overdue installment of interest and
Additional Interest Amounts, if any. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in the
Indenture (as hereinafter defined), 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 will be the May 15
or November 15 (whether or not a Business Day), as the case may be, next
preceding the corresponding Interest Payment Date (a "Regular Record Date"). Any
such interest and Additional Interest Amounts, if any, not so punctually paid or
duly provided for will forthwith cease to be payable to the Holder on such
Regular Record Date and may be paid (a) 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 Trustee (a "Special Record Date"), notice whereof will be given
to Holders not less than 10 days prior to such Special Record Date, or (b) 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.

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

---------------------
(3)      This phrase should be included only if the Security is a Global
         Security.

                                      A-3

<PAGE>

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

Dated: June 4, 2003                            ELECTRONICS FOR IMAGING, INC.

                                               By:______________________________
                                               Title:

                                      A-4

<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Dated: June 4, 2003                            U.S. BANK NATIONAL ASSOCIATION,
                                               as Trustee

                                               By:______________________________
                                                   Authorized Signatory

                                      A-5

<PAGE>

                          [FORM OF REVERSE OF SECURITY]

                  1.50% Convertible Senior Debentures due 2023

                  This Security is one of a duly authorized issue of 1.50%
Convertible Senior Debentures due 2023 (the "Securities") of ELECTRONICS FOR
IMAGING, INC., a Delaware corporation (including any successor corporation under
the Indenture hereinafter referred to, the "Company"), issued under an
Indenture, dated as of June 4, 2003 (the "Indenture"), between the Company and
U.S. Bank National Association, as trustee (the "Trustee"). The terms of the
Security include those stated in the Indenture, those made part of the Indenture
by reference to the Trust Indenture Act of 1939, as amended ("TIA"), and those
set forth in this Security. This Security is subject to all such terms, and
Holders are referred to the Indenture and the TIA for a statement of all such
terms. To the extent permitted by applicable law, in the event of any
inconsistency between the terms of this Security and the terms of the Indenture,
the terms of the Indenture shall control. Capitalized terms used but not defined
herein have the meanings assigned to them in the Indenture referred to below
unless otherwise indicated.

1.  Interest.

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

                  In addition, the Company shall pay contingent interest
("CONTINGENT INTEREST") to the Holders during any six-month period (a
"CONTINGENT INTEREST PERIOD") from June 1 to November 30 and from December 1 to
May 31, commencing June 1, 2008, if the average Market Price of a Security for
the five Trading Day period ending on the third Trading Day immediately
preceding the first day of such Contingent Interest Period equals $1,200 (120%
of the principal amount of a Security) or more.

                  Upon a determination by the Company that Holders will be
entitled to receive Contingent Interest which will become payable during a
Contingent Interest Period, on or prior to the first day of such Contingent
Interest Period, the Company shall deliver an Officer's Certificate to the
Trustee setting forth the amount of such Contingent Interest per $1,000
principal amount of Securities and shall issue a press release through a public
medium as is customary for such a press release.

                  The amount of Contingent Interest payable per $1,000 principal
amount of Securities in respect of any Contingent Interest Period shall equal
0.35% per annum. Contingent Interest, if any, will accrue and be payable to
Holders in the same manner as regular Cash interest as provided in Section 6.1.
Regular Cash interest will continue to accrue at the rate of 1.50% per year on
the principal amount of the Securities whether or not Contingent Interest is
paid.

                  If this Security is redeemed pursuant to Section 5 of this
Security or the Holder elects to require the Company to repurchase this Security
pursuant to Section 6 of this Security, on a date that is after the Regular
Record Date and prior to the corresponding Interest Payment Date, interest
(including Contingent Interest, if any) and Additional Interest Amounts, if any,
accrued and unpaid hereon to, but not including, the applicable Redemption Date,
Repurchase

                                      A-6

<PAGE>

Date or Fundamental Change Repurchase Date will be paid to the same Holder to
whom the Company pays the principal of such Security regardless of whether such
Holder was the registered Holder on the Regular Record Date immediately
preceding the applicable Redemption Date, Repurchase Date or Fundamental Change
Repurchase Date.

                  Interest (including Contingent Interest, if any) and
Additional Interest Amounts, if any, on Securities converted after the close of
business on a Regular Record Date but prior to the opening of business on the
corresponding Interest Payment Date will be paid to the Holder of the Securities
on the Regular Record Date but, upon conversion, the Holder must pay the Company
the interest (including Contingent Interest, if any) and Additional Interest
Amounts, if any, which have accrued and will be paid on such Interest Payment
Date. No such payment need be made with respect to Securities which will be
converted after a Regular Record Date and prior to the corresponding Interest
Payment Date after being called for redemption by the Company.

                  Any reference herein to interest accrued or payable as of any
date shall include any Additional Interest Amounts accrued or payable on such
date as provided in the Registration Rights Agreement.

2.  Method of Payment.

                  Payment of the principal of and interest (including Contingent
Interest, if any) and Additional Interest Amounts, if any, on the Securities
shall be in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts or in
Applicable Stock, as the case may be, as permitted in the Indenture. The Holder
must surrender the Securities to the Paying Agent to collect payment of
principal. Payment of interest (including Contingent Interest, if any) and
Additional Interest Amounts, if any, on Certificated Securities will be made by
check mailed to the address of the Person entitled thereto as such address
appears in the Register. Notwithstanding the foregoing, so long as the
Securities are registered in the name of a Depositary or its nominee, all
payments with respect to the Securities shall be made by wire transfer of
immediately available funds to the account of the Depositary or its nominee.

3.  Paying Agent, Registrar, Conversion Agent and Bid Solicitation Agent.

                  Initially, U.S. Bank National Association will act as Paying
Agent, Conversion Agent and Bid Solicitation Agent. The Company may appoint and
change any Paying Agent, Registrar, Conversion Agent or Bid Solicitation Agent
without notice, other than notice to the Trustee; provided that the Company will
maintain at least one Paying Agent in the State of New York, The City of New
York, Borough of Manhattan, which shall initially be an office or agency of the
Trustee. The Company or any of its Subsidiaries or any of their Affiliates may
act as Paying Agent, Registrar or Conversion Agent. None of the Company or any
Subsidiary or any Affiliate of any of them may act as Bid Solicitation Agent.

4.   Indenture.

                  The Securities are general unsecured obligations of the
Company limited to up to $240,000,000 aggregate principal amount. The Indenture
does not limit other indebtedness of the Company, secured or unsecured.

                                      A-7

<PAGE>

5.  Redemption at the Option of the Company.

                  The Company may, at its option, redeem the Securities for Cash
at any time as a whole, or from time to time in part, on or after June 1, 2008,
at a redemption price equal to 100% of the principal amount of Securities to be
redeemed plus any accrued and unpaid interest (including Contingent Interest, if
any) and Additional Interest Amounts, if any, on those Securities to, but not
including, the Redemption Date (the "REDEMPTION PRICE").

                  Notice of redemption pursuant to this Section of this Security
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 Cash 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 10:00 a.m., New York City time, on the Redemption Date,
then on such Redemption Date interest (including Contingent Interest, if any)
and Additional Interest Amounts, if any, cease to accrue on such Securities or
portions thereof. Securities in denominations larger than $1,000 of principal
amount may be redeemed in part but only in multiples of $1,000 of principal
amount.

6.  Repurchase By the Company at the Option of the Holder or Upon a Fundamental
    Change.

                  Subject to the terms and conditions of the Indenture, the
Company shall become obligated to repurchase, at the option of the Holder, all
or any portion of the Securities held by such Holder on June 1, 2008, June 1,
2013 and June 1, 2018 in multiples of $1,000 at a repurchase price equal to 100%
of the principal amount of those Securities plus accrued and unpaid interest
(including Contingent Interest, if any) and Additional Interest Amounts, if any,
to, but not including, such Repurchase Date (the "REPURCHASE PRICE"). To
exercise such right, a Holder shall deliver to the Paying Agent a Repurchase
Notice containing the information set forth in the Indenture, at any time from
9:00 a.m., New York City time, on the date that is 20 Business Days immediately
preceding such Repurchase Date until 5:00 p.m., New York City time, on the
Business Day immediately preceding such Repurchase Date, and shall deliver the
Securities to the Paying Agent as set forth in the Indenture.

                  If the Securities are to be repurchased on June 1, 2008, the
Repurchase Price must be paid in Cash. If the Securities are to be repurchased
on the June 1, 2013 or June 1, 2018 Repurchase Date, the Repurchase Price may be
paid, at the option of the Company, in Cash or by the issuance and delivery of
shares of Common Stock, or in any combination thereof, subject to the terms and
conditions of the Indenture.

                  Subject to the terms and conditions of the Indenture, the
Company shall become obligated to repurchase, at the option of the Holder, all
or any portion of the Securities held by such Holder upon a Fundamental Change
of the Company that occurs prior to June 1, 2008 in multiples of $1,000 at the
Fundamental Change Repurchase Price. To exercise such right, a Holder shall
deliver to the Paying Agent a Fundamental Change Repurchase Notice containing
the information set forth in the Indenture, at any time prior to 5:00 p.m., New
York City time, on the Business Day immediately preceding the Fundamental Change
Repurchase Date, and shall deliver the Securities to the Paying Agent as set
forth in the Indenture.

                                      A-8

<PAGE>

                  The Fundamental Change Repurchase Price may be paid, at the
option of the Company, in Cash or by the issuance and delivery of shares of
Applicable Stock, or in any combination thereof, subject to the terms and
conditions of the Indenture.

                  Holders have the right to withdraw any Repurchase Notice or
Fundamental Change Repurchase Notice by delivering to the Paying Agent a written
notice of withdrawal in accordance with the provisions of the Indenture.

                  If Cash and/or Applicable Stock, if permitted under the
Indenture, sufficient to pay the Repurchase Price or Fundamental Change
Repurchase Price, as the case may be, of all Securities or portions thereof to
be repurchased with respect to a Repurchase Date or Fundamental Change
Repurchase Date, as the case may be, has been deposited with the Paying Agent,
at 10:00 a.m., New York City time, on the Business Day immediately following the
Repurchase Date or Fundamental Change Repurchase Date, as the case may be, then,
immediately after the Repurchase Date or Fundamental Change Repurchase Date, as
applicable, such Securities will cease to be outstanding and interest (including
Contingent Interest, if any) and Additional Interest Amounts, if any, on such
Securities will cease to accrue and the Holder thereof shall have no other
rights as such other than the right to receive the Repurchase Price or
Fundamental Change Repurchase Price upon surrender of such Security.

7.  Conversion.

                  Subject to and in compliance with the provisions of the
Indenture (including, without limitation, the conditions to conversion of this
Security set forth in Section 12.1 thereof), a Holder is entitled, at such
Holder's option, to convert the Holder's Security (or any portion of the
principal amount thereof that is $1,000 or a multiple of $1,000), into fully
paid and nonassessable shares of Common Stock at the Conversion Rate in effect
on the date of conversion.

                  The Company will notify Holders of any event triggering the
right to convert the Securities as specified above in accordance with the
Indenture.

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

                  The initial Conversion Rate is 37.8508 shares per $1,000
principal amount of Securities, subject to adjustment in certain events
described in the Indenture.

                  To surrender a Security for conversion, a Holder must, in the
case of Global Securities, comply with the Applicable Procedures of the
Depositary in effect at that time, and in the case of Certificated Securities,
(1) surrender the Security to the Conversion Agent, (2) complete and manually
sign the conversion notice below (or complete and manually sign a facsimile of
such notice) and deliver such notice to the Conversion Agent, (3) furnish
appropriate endorsements and transfer documents and (4) pay all funds required,
if any, relating to interest

                                      A-9

<PAGE>

(including Contingent Interest, if any) or Additional Interest Amounts, if any,
and any transfer or similar tax, if required.

                  No fractional share of Common Stock shall be issued upon
conversion of any Security. Instead, the Company shall pay a Cash adjustment as
provided in the Indenture.

                  No payment or adjustment will be made for accrued and unpaid
interest (including Contingent Interest, if any) and Additional Interest
Amounts, if any, or dividends on the shares of Common Stock, except as provided
in the Indenture.

                  If the Company (i) is a party to a consolidation, merger,
statutory share exchange or combination of the Company with another corporation
as a result of which all the holders of Common Stock shall be entitled to
receive stock, securities or other property or assets (including Cash or a
combination thereof) with respect to or in exchange for all of their Common
Stock, (ii) reclassifies or changes the shares of Common Stock or (iii) conveys,
transfers or leases its properties and assets as, or substantially as, an
entirety to any person, the right to convert a Security into shares of Common
Stock may be changed to a right to convert a Security into the kind and amount
of shares of stock and other securities or property or assets (including Cash)
which such Holder would have been entitled to receive upon such
reclassification, change, merger, consolidation, statutory share exchange,
combination, sale or conveyance had such Holder converted its Security into
Common Stock immediately prior to such transaction, in each case, in accordance
with the Indenture.

8.  Denominations; Transfer; Exchange.

                  The Securities are in fully registered form, without coupons,
in denominations of $1,000 of principal amount and 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 Repurchase Notice or Fundamental Change
Repurchase Notice has been given and not withdrawn (except, in the case of a
Security to be repurchased in part, the portion of the Security not to be
repurchased) or any Securities for a period of 15 days before the mailing of a
notice of redemption of Securities to be redeemed.

9.  Persons Deemed Owners.

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

10. Unclaimed Money or Securities.

                  The Trustee and the Paying Agent shall return to the Company
upon written request any Cash 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

                                      A-10

<PAGE>

Company for payment as general creditors unless an applicable abandoned property
law designates another person.

11. Amendment; Waiver.

                  Subject to certain exceptions set forth in the Indenture, (i)
the Indenture or the Securities may be amended with the written consent or
affirmative vote of the Holders of not less than a majority in aggregate
principal amount of the outstanding Securities and (ii) certain Defaults may be
waived with the written consent or affirmative vote of the Holders of not less
than a majority in aggregate principal amount of the outstanding Securities.

                  Without the consent of any Securityholder, the Company and the
Trustee may amend the Indenture or the Securities to (i) add to the covenants of
the Company for the benefit of the Holders of Securities, (ii) surrender any
right or power conferred upon the Company in the Indenture, (iii) provide for
the assumption of the Company's obligations to the Holders of Securities in the
case of a merger, consolidation, conveyance, transfer, sale, lease or other
disposition pursuant to Article VII of the Indenture, (iv) increase the
Conversion Rate or reduce the Conversion Price; provided, however, that such
increase in the Conversion Rate or reduction in the Conversion Price is in
accordance with the terms of the Indenture or shall not adversely affect the
interest of the Holders of Securities, (v) provide for a successor Trustee with
respect to the Securities, (vi) add any additional Events of Default with
respect to all or any of the Securities, (vii) secure the Securities, (viii)
supplement any of the provisions of the Indenture to such extent as shall be
necessary to permit or facilitate the discharge of the Securities, provided that
such change or modification does not adversely affect the interests of the
Holders of the Securities, (ix) make any changes or modifications necessary in
connection with the registration of the Securities under the Securities Act as
contemplated in the Registration Rights Agreement; provided, however, that such
action pursuant to this clause does not adversely affect the interests of the
Holders of Securities in any material respect, (x) cure any ambiguity, correct
or supplement any provision in the Indenture which may be inconsistent with any
other provision therein or which is otherwise defective, or to make any other
provisions with respect to matters or questions arising under the Indenture
which the Company may deem necessary or desirable and which shall not be
inconsistent with the provisions of the Indenture; provided, however, that such
action pursuant to this clause does not adversely affect the interests of the
Holders of Securities, (xi) add or modify any other provisions in the Indenture
with respect to matters or questions arising thereunder which the Company and
the Trustee may deem necessary or desirable and which would not adversely affect
the interests of the Holders of Securities, and (xii) comply with the
requirements of the SEC in order to effect or maintain the qualification of this
Indenture under the TIA.

12. Defaults and Remedies.

                  If any Event of Default other than as a result of certain
events of bankruptcy, insolvency or reorganization of the Company or its
Significant Subsidiaries occurs and is continuing, the principal of all the
Securities may be declared due and payable in the manner and with the effect
provided in the Indenture. If an Event of Default occurs as a result of certain
events of bankruptcy, insolvency or reorganization of the Company or its
Significant Subsidiaries, the principal of all the Securities shall become due
and payable immediately

                                      A-11

<PAGE>

without any declaration or other act on the part of the Trustee or any Holder,
all as and to the extent provided in the Indenture.

13. 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.

14. Calculations in Respect of Securities.

                  The Company or its agents will be responsible for making all
calculations called for under the Securities including, but not limited to,
determination of the Market Price and Sale Price of the Applicable Stock, the
number of shares of Applicable Stock and/or the amount of Cash issuable or
payable upon conversion and the amounts of interest and Additional Interest
Amounts, if any, on the Securities. Any calculations made in good faith and
without manifest error will be final and binding on Holders of the Securities.
The Company or its agents will be required to deliver to the Trustee a schedule
of its calculations and the Trustee will be entitled to conclusively rely upon
the accuracy of such calculations without independent verification.

15. No Recourse Against Others.

                  No recourse under or upon any obligation, covenant or
agreement contained in the Indenture, or in this Security, or because of any
indebtedness evidenced thereby, shall be had against any incorporator, as such,
or against any past, present or future stockholder, officer or director, as
such, of the Company or of any successor, either directly or through the Company
or any successor, under any rule of law, statute or constitutional provision or
by the enforcement of any assessment or by any legal or equitable proceeding or
otherwise, all such liability being expressly waived and released by the
acceptance of the Securities by the Holders and as part of the consideration for
the issue of the Securities.

16. Authentication.

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

17. Abbreviations.

                  Customary abbreviations may be used in the name of a
Securityholder 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).

18. INDENTURE TO CONTROL; GOVERNING LAW.

                                      A-12

<PAGE>

                  IN THE CASE OF ANY CONFLICT BETWEEN THE PROVISIONS OF THIS
SECURITY AND THE INDENTURE, THE PROVISIONS OF THE INDENTURE SHALL CONTROL. THE
INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK.

                  The Company will furnish to any Securityholder upon written
request and without charge a copy of the Indenture. Requests may be made to:

                  ELECTRONICS FOR IMAGING, INC.
                  303 Velocity Way
                  Foster City, CA 94404
                  Attn: Joseph Cutts and Jim Etheridge
                  Facsimile No. (650) 351-3832

19. Registration Rights.(4)

                  The Holders of the Securities are entitled to the benefits of
a Registration Rights Agreement, dated as of June 4, 2003, between the Company
and the Initial Purchasers named therein, including the receipt of Additional
Interest Amounts upon a registration default (as defined in such agreement).

---------------------
(4)      This section shall be deleted from any Securities that are not Transfer
         Restricted Securities.

                                      A-13

<PAGE>

                                 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.

                                       Your Signature:

Date:_____________________              ________________________________________
                                       (Sign exactly as your name appears on the
                                       other side of this Security)
Signature Guaranteed

_______________________________________________
Participant in a Recognized Signature Guarantee
Medallion Program

By:___________________________
       Authorized Signatory

                                      A-14

<PAGE>

                                CONVERSION NOTICE

To convert this Security into shares of Common Stock (or Cash or a combination
of shares of Common Stock and Cash, if the Company so elects) of the Company,
check the box [ ]

To convert only part of this Security, state the principal amount to be
converted (which must be $1,000 or a multiple of $1,000):

If you want the stock certificate made out in another person's name fill in the
form below:

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

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
              (Print or type assignee's name, address and zip code)

                                       Your Signature:

Date:_________________                 _________________________________________
                                       (Sign exactly as your name appears on the
                                       other side of this Security)
Signature Guaranteed

_______________________________________________
Participant in a Recognized Signature Guarantee
Medallion Program

By:_______________________________
        Authorized Signatory

                                      A-15

<PAGE>

                             TRANSFER CERTIFICATE(5)

                Re: 1.50% Convertible Senior Debentures due 2023
       (the "Securities") of Electronics For Imaging, Inc. (the "Company")

                  This certificate relates to $   principal amount of Securities
owned in (check applicable box)

                  [ ] book-entry or       [ ] definitive form by________(the
                                          "Transferor").

                  The Transferor has requested a Registrar or the Trustee to
exchange or register the transfer of such Securities.

                  In connection with such request and in respect of each such
Security, the Transferor does hereby certify that the Transferor is familiar
with transfer restrictions relating to the Securities as provided in Sections
2.6 and 2.12 of the Indenture dated June 4, 2003 between the Company and U.S.
Bank National Association, as trustee (the "Indenture"), and the transfer of
such Security is being made pursuant to an effective registration statement
under the Securities Act of 1933, as amended (the "Securities Act"), or the
transfer or exchange, as the case may be, of such Security does not require
registration under the Securities Act because (check applicable box):

                  [ ]      Such Security is being transferred pursuant to an
                           effective registration statement under the Securities
                           Act; or

                  [ ]      Such Security is being transferred to the Company or
                           a Subsidiary; or

                  [ ]      Such Security is being transferred inside the United
                           States to a "qualified institutional buyer" in
                           compliance with Rule 144A under the Securities Act;
                           or

                  [ ]      Such Security is being transferred inside the United
                           Stated to an "institutional accredited investor" that
                           prior to such transfer has furnished to U.S. Bank
                           National Association as Trustee (or a successor
                           trustee, as applicable) a signed letter containing
                           certain representations and agreements relating to
                           the restrictions on transfer of the Securities (in
                           the form obtained from such Trustee or successor
                           trustee, as applicable); or

                  [ ]      Such Security is being transferred outside the United
                           States in compliance with Rule 904 under the
                           Securities Act; or
---------------------
(5)      This certificate should only be included if this Security is a Transfer
         Restricted Security.

                                      A-16

<PAGE>

                  [ ]      Such Security is being transferred pursuant to and in
                           compliance with an exemption from the registration
                           requirements under the Securities Act in accordance
                           with Rule 144 (or any successor thereto) ("Rule 144")
                           under the Securities Act; or

                  [ ]      Such Security is being acquired for the Transferor's
                           own account, without transfer;

                                      A-17

<PAGE>

and unless the Such Security is being transferred to the Company or a Subsidiary
box is checked, the undersigned confirms that such Security is not being
transferred to an "affiliate" of the Company as defined in Rule 144 under the
Securities Act.

DATE:
                             ___________________________________________________
                             Signature(s) of Transferor

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

                             Signature Guaranteed

                             ___________________________________________________
                             Participant in a Recognized Signature

                                      A-18

<PAGE>

                                    EXHIBIT B

                         [FORM OF RESTRICTIVE LEGEND FOR
                      COMMON STOCK ISSUED UPON CONVERSION]

         [THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933 (THE "SECURITIES ACT"), AND MAY NOT BE OFFERED, SOLD OR
OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE
EXEMPTION THEREFROM. THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF
ELECTRONICS FOR IMAGING, INC., THAT (A) THIS SECURITY MAY BE OFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN THE UNITED STATES TO A PERSON WHOM
THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF
RULE 144A, (II) INSIDE THE UNITED STATES TO AN INSTITUTIONAL ACCREDITED INVESTOR
THAT, PRIOR TO SUCH TRANSFER, FURNISHES TO AMERICAN STOCK AND TRANSFER COMPANY,
AS TRANSFER AGENT (OR A SUCCESSOR SECURITIES, AS APPLICABLE), A SIGNED LETTER
CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS
ON TRANSFER OF THE SECURITIES (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM
SUCH TRANSFER AGENT OR A SUCCESSOR TRANSFER AGENT, AS APPLICABLE), (III) OUTSIDE
THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER
THE SECURITIES ACT, (IV) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (V) PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES
(I) THROUGH (V) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE
OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS
REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY FROM IT OF THE RESALE
RESTRICTIONS REFERRED TO IN (A) ABOVE. IN ANY CASE, THE HOLDER HEREOF WILL NOT,
DIRECTLY OR INDIRECTLY, ENGAGE IN ANY HEDGING TRANSACTIONS WITH REGARD TO THE
SECURITIES EXCEPT AS PERMITTED UNDER THE SECURITIES ACT.]

                                      B-1

<PAGE>

                                    EXHIBIT C

                 [FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE]

                                                        _________________,______
U.S. Bank National Association
180 East Fifth Street
St. Paul, Minnesota 55101
Attn: Corporate Trust Department (Electronics For Imaging, Inc. - 1.50%
Convertible Senior Debentures due 2023)
Fax: (651) 244-0711

                   Re:   Electronics For Imaging, Inc. (the "COMPANY")
                         1.50% Convertible Senior Debentures due 2023

                  This is a Fundamental Change Repurchase Notice as defined in
Section 5.1 of the Indenture dated as of June 4, 2003 (the "INDENTURE") between
the Company and U.S. Bank National Association, as Trustee. Terms used but not
defined herein shall have the meanings ascribed to them in the Indenture.

Certificate No(s). of Securities: _____________________________________________

I intend to deliver the following aggregate Principal Amount of Securities for
purchase by the Company pursuant to Section 5.1 of the Indenture (in multiples
of $1,000):

$________________________________

         I hereby agree that the Securities will be purchased on the Fundamental
Change Repurchase Date pursuant to the terms and conditions specified in the
Securities and the Indenture.

         In the event the Company elects, pursuant to Section 5.2 of the
Indenture, to pay the Fundamental Change Repurchase Price, in whole or in part,
in shares of Applicable Stock but such portion of the Fundamental Change
Repurchase Price shall ultimately be paid to such Holder entirely in Cash
because any of the conditions to payment of the Fundamental Change Repurchase
Price in shares of Applicable Stock is not satisfied prior to 5:00 p.m., New
York City time, on the Business Day immediately preceding the Fundamental Change
Repurchase Date, as set forth in Section 5.2(b) of the Indenture, I hereby elect
to:

         [ ] withdraw this Fundamental Change Repurchase Notice as to $_________
in principal amount of Securities with the following certificate
numbers:________________________________ to which this Fundamental Change
Repurchase Notice relates;

<PAGE>

         [ ] receive Cash in respect of the entire Fundamental Change Repurchase
Price for all Securities (or portions thereof) to which this Fundamental Change
Repurchase Notice relates.

                                                     Signed:____________________

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